SCIENCE / TECHNOLOGY

Proxy Fight: Martin E. Tash is asking the shareholders of Gradco Systems Inc. to trust him.

Tash, chairman and chief executive of Plenum Publishing Corp. in New York, has launched a proxy fight for control of Gradco’s board. But he won’t say what he and his slate of directors would do to turn around Gradco, the struggling maker of copy machine sorters and computer printer products that is based in Irvine..

Tash, who with Plenum controls 9.4% of Gradco stock, has incurred a $3-million paper loss since investing in Gradco last fall. He said in a recent interview, however, that he did not have enough information on the company to formulate a business plan. “If I had my druthers, I would druther not be doing this,” he said. “I’ve walked away from a loss before, but I decided to take action when I got the proxy, which screamed out for somebody to do something. I want to protect the interests of shareholders. I may win or lose (the proxy fight), but I’m not going away.”

Tash said, however, that he does not want to manage the company. He also said his team of directors, which includes former Sony Corp. of America executive Harvey L. Schein, has ample experience in generating returns for stockholders.

Tash has also filed a shareholder lawsuit against the company. Gradco officials have criticized Tash for failing to disclose his plans.