Loeb Partners Requests Sale or Complete Liquidation of ESS Technology (ESST)

In a 13D filing on ESS Technology, Inc. (Nasdaq: ESST), Loeb Partners disclosed an 8.83% stake in the company and said, "In light of the history of the Issuer, Loeb is of the firm belief that the Issuer has only one viable option, a sale or complete liquidation of the Issuer on a timely and cost-effective basis." The firm said it may engage in talks with the company or seek Board representation if this option is notpursued vigorously.

Riley Investment Wants ESS Technology (ESST) Liquidated

In a 13D filing after the close on ESS Technology Inc. (Nasdaq: ESST), Riley Investment Management (RIM) discloses a 1.3 million share stake in the company.

RIM believes that the shares are undervalued and that the current restructuring should be expedited with the ultimate resolution of a liquidation of the company. RIM believes that a liquidation of the company could result in a 100% appreciation of ESST shares, however that value deteriorates every day the company functions in its current structure.

RIM believes that the current operating model is flawed, will lead to continued shareholder deterioration and that the Board of Directors’ oversight has not been in shareholders’ interests. RIM is also concerned that the company may make an acquisition that will further deteriorate the remaining equity value. RIM said it has attempted to communicate these concerns with the company and will more fully describe their position in a letter to the Board in the next 48 hours. RIM will consider all options including nominating a new Board or tendering in the open market for more shares.