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April 26, 2006
Bubblegum maker stuck with a hedge fund...
Pembridge Capital Management LLC, 1 percent shareholder in Topps Co.Inc.,the maker of Bazooka bubblegum and baseball cards has pulled up the Topps management for the second year in a row into a legal tangle.
The hedge fund accused Topps management for extremely poor operating performance, declining stock price and misuse of its balance sheet. To intensify the fight, Pembridge management has notified Topps Co. on the nomination of three of their members to Topps' Board.
The immediate action on cards, if these nominees are elected would be the possible consideration of sale of Topps or a large special dividend or significant share repurchase.
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