Sham Gad has provided an update on his earlier guest post on Paragon Technologies (OTCBB: PGNT), which Daniel Rudewicz of Furlong Samex also covered in January. Sham is the managing partner of Gad Capital Management, a value-focused investment firm modeled after the Buffett Partnerships based in Athens, Georgia. Gad is also the author of the recently released, ”The Business of Value Investing: Six Essential Elements to Buying Companies Like Warren Buffett.” He earned his BBA and MBA at the University of Georgia. Here’s the update:
Gad Capital Initiates Proxy Contest for Control of Paragon Technologies
Today, Gad Capital iniated a proxy contest to nominate a new board of directors for Paragon Technologies at the company’s annual meeting on December 15, 2010.
The board Gad Capital has nominated, including himself, consists of:
Jack Jacobs, age 65, has been a principal of The Fitzroy Group, Ltd., a firm that specializes in the development of residential real estate in London and invests both for its own account and in joint ventures with other institutions, for the past five years. He has held the McDermott Chair of Politics at West Point since 2005 and has served as an NBC military analyst since 2002. Mr. Jacobs was a co-founder and Chief Operating Officer of AutoFinance Group Inc., one of the firms to pioneer the securitization of debt instruments, from 1988 to 1989; the firm was subsequently sold to KeyBank. He was a Managing Director of Bankers Trust Corporation, a diversified financial institution and investment bank, where he ran foreign exchange options worldwide and was a partner in the institutional hedge fund business. He retired in 1996 to pursue investments.
Mr. Jacobs’ military career included two tours of duty in Vietnam where he was among the most highly decorated soldiers earning three Bronze Stars, two Silver Stars and the Medal of Honor, the nation’s highest combat decoration. He retired from active military duty as a Colonel in 1987. Since January 2007, Mr. Jacobs has served as a member of the Board of Directors of Xedar Corporation, a public company; since June 2006, he has been a director of Visual Management Systems, a private company; and since 2009 to the present, he has been a director of Premier Exhibitions(Nasdaq: PRXI).
Michael Levin, age 48, is an independent investor and advisor with substantial expertise in corporate governance and corporate finance, with significant experience in U.S. public companies as a finance executive and independent management consultant. Mr. Levin is currently the Chief Financial Officer of AbaStar MDx, a start-up medical diagnostics company. Mr. Levin has served as a Risk Executive Nicor, natural gas utility from 2003-2006. He was the Chief Risk and Credit Officer, CNH Capital, farm and construction equipment manufacturer from 2002-2003. Prior to that was a corporate finance and risk consultant with global management consulting firm BearingPoint and global accounting firm Deloitte & Touche. Mr. Levin holds a B.A. and M.A. from the University of Chicago.
Samuel Weiser, age 50, served as a member and Chief Operating Officer of Sellers Capital LLC, an investment management firm from 2007-2010. From 2005-2007, he was a Managing Director responsible for the Hedge Fund Consulting Group within Citigroup’s Inc. Global Prime Brokerage Division. From 2002 to April 2005, he was the President and Chief Executive Officer of Foxdale Management, LLC, a consulting firm founded by Mr. Weiser that provided operational consulting to hedge funds and litigation support services in hedge fund related securities disputes. Mr. Weiser also served as Chairman of the Managed Funds Association, a lobbying organization for the hedge fund industry, from 2001 to 2003. Mr. Weiser is also a former partner in Ernest and Young. He received his B.A in Economics from Colby College and a M.Sc. in Accounting from George Washington University.
Paragon Technologies, a material handlings systems compnay based in Easton, PA, curren sports a market cap of $3.7 million, $5.4 million in cash, and over $5 milion in tangible net equity.
Interested shareholders should contact Gad Capital at email@example.com.