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Fangs Exposed

Around the State – Central JerseyEDISON Video-game publisher Majesco Entertainment may be on the verge of a boardroom bloodletting. The publisher of the popular action-game series “BloodRayne,” last week received a letter from a group of investors led by New York City hedge fund Trinad Capital Master Fund. They want to buy an additional 2 million, or 10%, of Majesco’s outstanding shares for $3 million, or $1.50 per share. Trinad also sent a notice of its intent to nominate three directors. The investment group says it currently owns about 2.76 million shares, or 12.4%, of Majesco.

Majesco rejected the offer and asserts that Trinad, which made an unsuccessful attempt last September to gain seats on the board, is attempting to gain control of the company without paying any consideration to its shareholders. In its latest letter to Majesco, Trinad asked for the removal or resignation of two company officers: Jesse Sutton, president, and Joey Sutton, vice president of product development. Both are sons of founder, chairman and interim CEO Morris Sutton. Trinad has threatened to sue Majesco as well as current and former officers and directors. Shares of Majesco traded for about $1.30 last week.

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