Thursday, December 14, 2006

Chapman Capital Liquidates More of its Vitess Semi (VTSS) Position

In an amended 13D filing after the close on Vitesse Semiconductor (OTC: VTSS), Chapman Capital disclosed a 2.5% (5.6 million shares) stake in the company. The is down from the 6.2% stake the firm disclosed in December.

The firm said based on the increased percentage of the Funds' capital being invested in semiconductor-related equities, they determined it prudent to reduce their long semiconductor sector exposure via sales of Common Stock.

In addition, the firm reduced their combined ownership position in the Issuer below the 5% threshold in order to relieve themselves of certain reporting requirements associated with Section 13D of the Securities Exchange Act of 1934

The firm noted that on December 12 they were informed that the company determined to replace Mr. Hassel as Chief Financial Officer, an action that Chapman Capital had advocated for several months.

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