NEW YORK (AP) - A shareholder of i2 Technologies Inc. on Wednesday said it
plans to nominate two candidates for election to the software company's board,
according to a filing with the Securities and Exchange Commission.
Amalgamated Gadget LP, which owns 106,614 shares of the company's Series B
convertible preferred stock, said it plans to nominate J. Coley Clark and
Richard L. Hunter at the company's 2008 annual shareholder meeting.
Clark, 62, is currently chairman and chief executive of BancTec Inc., a
provider of document and payment processing solutions. Hunter, 55, is vice
president of Dell Inc.'s global consumer services and support team, which is
responsible for customer contact centers in the Americas.
"The nominees selected are proven business leaders with a successful track
record of delivering shareholder value," Amalgamated said. "These qualified
independent directors will bring not only their experience as nationally
recognized experts in supply chain management and software business leadership,
but will bring the new energy to the board required to meet fresh challenges and
position (i2) for future opportunities."
Amalgamated's interest in i2 is equivalent to 4.6 million shares of common
stock, or a 17.7 percent stake based on 26 million shares outstanding, according
to the filing. Amalgamated's stake gives it the right to elect two board
members.
In November, i2's board created a committee of independent directors to
evaluate strategic options for increasing shareholder value, including a
possible sale or merger involving the company, and imposed a deadline of Jan.
31, 2008, to complete the review.
Amalgamated said if a sale cannot be executed by this deadline, it believes
it will be necessary for a new group of directors to oversee i2's continued
operation as a stand-alone company.
Amalgamated previously called for a possible sale of the Dallas-based
company in September, saying i2 is too small to survive on its own and the value
of its assets cannot be maximized as long as it remains independent.
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