Buyer for Slice of Anaheim Computer Firm Is Sought

An investor group that owns a 9% stake in Distributed Logic Corp., an Anaheim computer manufacturer, may hire an investment banker to find a buyer for its interest, according to a Securities and Exchange Commission filing.

The group is led by James Marquez, a Connecticut investor who owns 225,226 shares of Distributed Logic stock.

“We don’t know what his intentions are,” Don J. Elg, Distributed Logic president, said Friday.

At the company’s shareholders meeting Thursday, shareholder David Karetsky of Aspen, Colo., won a seat on the firm’s five-member board of directors against the wishes of management, Elg said. Karetsky defeated board nominee Don Duke.

Karetsky solicited proxy votes representing at least 20% of all shares present at the meeting, Elg said. By arranging to cast all their shares for one candidate, Karetsky, the shareholders had enough votes to win him a place on the board. The voting method is known as cumulative voting.

Elg said he was unaware of any prior public solicitation of proxy votes by Karetsky for the director’s seat.

“We were unaware of the solicitation attempt until five minutes before the meeting,” he said. “In order to have all those proxies, he would have to have done some work prior to the (Thursday) meeting.”

According to Elg, Karetsky’s voting block included Marquez’s shares.

Neither Marquez nor Karetsky could be reached for comment Friday afternoon.

Distributed, a manufacturer of computer peripheral products, lost $385,000 on revenues of $15.9 million for its fiscal year ended Oct. 31, 1987.