SCIENCE / TECHNOLOGY

Still Trying: Give James Arabia one thing: He’s persistent.

After five months of stalemate and a crushing defeat in a proxy fight, Arabia, president of the San Diego holding company Calvary Partners L.P., is still trying to buy Irvine-based Diceon Electronics Inc., a financially struggling maker of computer circuit boards.

Arabia said last week that Calvary has extended its $5.25-a-share offer for Diceon through May, in part because the two companies are involved in litigation over the disclosure of certain stock transactions.

Calvary also filed an amended lawsuit last week in federal court in Los Angeles, alleging that Diceon’s directors, in an effort to thwart a hostile takeover, conspired to illegally conceal their control of a 13% stake in Diceon stock.

Diceon has denied the charges, saying it has complied with the reporting requirements of the Securities and Exchange Commission.

“I don’t know why he’s continuing to run up his legal costs,” said Peter S. Jonas, Diceon vice chairman. “Every judge we have been before on this matter has ruled in our favor. I don’t understand where he’s coming from.”

In its countersuit, Diceon alleges that Calvary’s offer for Diceon is a “sham.” Not surprisingly, Arabia disagrees.

“As far as this being a joke offer, no. We want to put the light on management’s actions,” Arabia said.

In January, Diceon rejected the initial Calvary offer, and at the company’s annual meeting shareholders voted down Calvary’s proposal to acquire the firm by a 9-to-1 margin.