SGI shares more than double over last two weeks

Shares of Silicon Graphics have jumped more than 20 percent in three of its last six trading days. They closed today at $11.94, more than doubling over the last two weeks.

Funds associated the New York investment firm Lampe, Conway & Co. have purchased more than $1 million worth of SGI’s shares since May, paying an average of $6.48 each, and bringing their ownership stake in the company to 12.3 percent.

Silicon Graphics layed workers off in July and gave a bonus to its chief executive, who in turn was given responsibility for doling out $3.44 million in extra cash to executives, even though no payments would be made under the company’s pre-established bonus plan.

A year ago, Southpaw Asset Management was urging SGI to “unlock value for shareholders” through “strategic alternatives” at a time when it owned 5.3 percent of shares outstanding. According to its most recent filings, Southpaw owned no shares according to an Aug. 14 SEC filing.

 

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