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Riley elected to Transmeta board of directors
By Lisa Kerner
Charlotte, N.C., Sept. 24 - Riley Investment Management, LLC's Bryant R. Riley was elected to the board of directors of Transmeta Corp. at the company's 2008 annual meeting on Sept. 18, according to a schedule 13D filed with the Securities and Exchange Commission.
In July, Transmeta announced an agreement with Riley Investment resolving all proxy matters related to the election of directors to Transmeta's board.
It was previously reported that Transmeta would increase the size of its board of directors to nine from seven, divided evenly among its three classes.
Transmeta's board would elect J. Michael Gullard to join the board as a class I director and appoint him to its compensation committee.
The agreement called for Riley, an 11.2% shareholder, to be included in Transmeta's proxy materials as a nominee for election to the board as a class II director.
Riley is founder and chairman of the brokerage firm of B. Riley & Co., Inc.
Gullard is a general partner of Cornerstone Management, a venture capital and consulting firm.
Riley Investment and its affiliates agreed to vote their shares in favor of Transmeta's slate of nominees.
In February 2008, it was reported that Transmeta turned down an offer from Riley Investment to acquire the company for $15.50 per share.
Riley Investment has been critical of Transmeta's strategic direction and had filed a shareholder derivative lawsuit against Transmeta and its board members regarding bonus payments, option grants and the company's refusal to provide requested information, prior SEC filings noted.
Santa Clara, Calif.-based Transmeta develops computing, microprocessor and semiconductor technologies and related intellectual property.
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