Gradco Systems Inc.: A group of New...

Gradco Systems Inc.: A group of New York investors led by investment manager Rohit Desai has cut its stake in Gradco Systems Inc., the Irvine maker of microprocessor sorters, to 2%, or 136,264 common shares, according to filings with the Securities and Exchange Commission. The group has sold 325,000 Gradco shares since Sept. 22 for an undisclosed amount. Gradco Chairman Keith Stewart recently announced that he is pursuing a possible management-led buyout of the company.