Tricord is waste of space – shareholder suit
Wind it up call
Tricord Systems, the niche supplier of cluster server appliances, has been slapped with a very embarrassing lawsuit, which among other things, reckons the company is a waste of space.
Preferred investor Rose Glen International LLC accuses the US company of breaching "certain representations made to Rose Glen when it invested in the company in February 2001 and that the continuation of business by the company constitutes a waste of its assets. Rose Glen is seeking damages of $25 million plus interest and the appointment of a receiver to wind up the affairs of the company", Tricord says in a statement.
Tricord, its directors, and Joan Wrabetz, a former CEO and director of the company.
Tricord says the suit is without merit and that it will defend itself vigorously, while continuing to build its business. ®