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Telos board member and Costa Brava principal seeks information from company
By Lisa Kerner
Charlotte, N.C., July 26 - Seth Hamot, Telos Corp. board member and principal of Costa Brava Partnership III, LP, demanded immediate delivery to him of a consolidated trial balance of the corporation and its subsidiaries as of June 30, any draft financial statements related to the filing of a 10-Q for the second quarter of 2007 and company correspondence with its prior auditor, Goodman & Co. LLC during the second quarter of 2007.
Hamot made his request in a letter to Michele Nakazawa, Telos' chief financial officer, saying the information is needed to fulfill his duties as a director of Telos and asking for a response by July 30.
In a separate letter to Telos vice president, corporate counsel and secretary Therese K. Hathaway, Hamot clarified that Costa Brava's second amended complaint "alleges misconduct on the part of Telos' officers and directors which has directly and seriously damaged Telos, and such alleged misconduct has been adverse to Telos."
Both letters were included as part of a schedule 13D filing with the Securities and Exchange Commission.
As previously reported, Telos board member Andrew R. Siegel, also a principal of Costa Brava Partnership III, hired a law firm to gain access to board minutes from 2005 to 2007, a copy of the company's 2007 budget, the company's strategic business plan and the current proxy agreement between Telos, the Department of Defense and John Porter.
Siegel had requested the materials on July 5. Telos was given until July 25 to provide Siegel with hard copies of the documents he requested or the law firm "will take action to enforce his rights."
Costa Bravo beneficially owns 506,811 shares, or 15.9%, of the Ashburn, Va., IT solutions and services provider.
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