NEW YORK (HedgeWorld.com)–Pembridge Capital Management notified Topps Company Inc. that it has added the managing director of Crescendo Partners to its nomination slate, replacing Eric Newman.
Mr. Newman, an attorney, was nominated for election to the Topps board of directors on April 28 along with John J. Jones, another attorney, and Timothy Brog, president of Pembridge Capital Partners, an activist hedge fund.
“I want to thank Eric Newman for his assistance and insightful analysis relating to Topps,” said Mr. Brog in a statement. “He would have made an excellent member of the board of directors.”
Crescendo’s Arnaud Ajdler is now on the election slate for the upcoming 2006 Topps shareholder meeting. In addition to Mr. Ajdler’s nomination, Crescendo Capital Partners II LP and Pembridge are sharing expenses in relation to the proxy solicitation process.
Mr. Brog’s issues with Topps management stem from the company’s refusal to sell its confectionary business.
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