Chapman Capital applauds resignation of Vitesse board member, seeks investigation

By Lisa Kerner

Charlotte, N.C., June 27 - Vitesse Semiconductor Corp. investors led by Chapman Capital LLC support the termination of board member James A. Cole.

Cole, along with Moshe Gavrielov, resigned from Vitesse's board effective June 26, according to a company news release.

Chapman Capital said it also seeks a formal investigation into any role Cole may have played in fraud against the company and its owners. The investor has sought to oust Cole, a managing partner of Windward Ventures, for almost a year.

Los Angeles-based Chapman Capital advises two funds that together own more than 13 million, or 5.9%, of Vitesse's common shares.

"Dozens of investors with claims to ownership in Vitesse have contacted Chapman Capital literally pleading with our firm to take whatever actions necessary to force Mr. Cole's resignation," Chapman managing member Robert L. Chapman, Jr., said in the release.

"Today, for the first time in nearly two decades, Vitesse's owners can sleep at night knowing that the infliction upon Vitesse of Jim Cole and his disconcerting code of ethics has ended."

Vitesse is a Camarillo, Calif., developer of semiconductor solutions for communications and storage networks.

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