Majesco May Get Funds

According to thestreet.com the investment company that already owns 9 percent of game publisher Majesco wants a little more. Trinad Advisors has proposed to invest $5 million into the struggling publisher in return for 3.3 million shares of their stock, which would calculate to about $1.50 a share. The firm also demands that it be allowed to name a majority of directors to Majesco's board.

Majesco carved a name for itself largely through games and movies for the Game Boy Advance, even developing the movie technology for viewing movies on the handheld system. The company has since hit hard times while it tried to diversify its portfolio to PS2, Xbox and PC.

"We have long been proponents of, and believers in, the significant potential of the company," Robert Ellin, Trinad's managing member stated. But he added, "We believe that the company now faces danger to its continued existence and prosperity. ... The time has clearly come for the board to take decisive and aggressive action to begin to deal with the enormity of problems that now face the company."

Source: TheStreet Article