SiliconBeat

We’ve followed with great interest the continuing saga of Ampex (ticker:AMPX) and its ongoing butting of heads with its largest shareholder, ValueVest of San Francisco.

For months, the two sides have been going back and forth over how best to exploit the vast patent portfolio amassed by Ampex. This culminated in an unorthodox hostile bid by ValueVest to buy Ampex patents and spin them off into a new company.

But now ValueVest is making nice. In a 13-D/A filed on Wednesday, the company disclosed that it was possibly willing to help the company as it renegotiates its payments to fulfill its pension obligations. In July, Ampex was notified that it was possibly in default on those payments, something that could have caused an even greater cash crunch at the company.

It appears that Ampex has reached a deal with the pension company, Hillside, that requires it to raise more equity. ValueVest said it would consider helping raise the necessary money. Of course, that love is not unconditional. In the filing, a ValueVest manager writes:

“Any such assistance would, however, be contingent upon the Investment Manager being satisfied with (Ampex’s) future operating plans, management and board of directors.”