According to a Schedule 13-D filed on Monday, Packeteer chief executive David Cote got a call on Monday from Robert L. Chapman, of Chapman Capital, a private investment firm based in El Segundo, CA.
Chapman wanted to pass along some news. First, Chapman has spent about $25 million over the past month or so to buy about 9.9 percent of Packeteer’s stock. And second, he wants Packeteer to “hire an investment bank to maximize shareholder value.”
Cote “refused to return Mr. Chapman’s telephone call,” according to the filing.
So, Chapman contacted Packeteer’s chief financial officer, David C. Yntema. And wouldn’t you know, Yntema “refused to record a written message for Mr. Cote regarding Chapman Capital’s demand that the Issuer hire an investment bank to maximize shareholder value” to even give Cote a message all.
Even better: “Mr. Yntema stated that Mr. Cote would not be returning Mr. Chapman’s telephone call at any time in the future.”
So, then Chapman contacted Packeteer’s chairman Steven J. Campbell, who “refused to provide his E-mail address to allow Chapman Capital to provide, unilaterally and thus completely outside the venue of Regulation FD, information to the Issuer’s Board of Directors such as that within the forthcoming Original 13D Filing.”
“Following Mr. Chapman’s conveyance of Chapman Capital’s demand regarding the maximization of shareholder value, the conversation between Mr. Chapman and Mr. Campbell terminated abruptly.”
Packeteer’s stock has fallen by about half since the start of the year, closing at $7.19 per share.