Gateway Communications Inc.: A major shareholder of...

Gateway Communications Inc.: A major shareholder of the beleaguered Irvine computer equipment manufacturer said it may suggest that the company transfer or sell some of its assets, according to a document filed with federal regulators.

Steel Partners II L.P., part of a group of shareholders that threatened last month to seize control of the company, "intends to continue to evaluate strategic alternatives" for Gateway that include "a sale or transfer" of its possessions, stated the document filed with the Securities and Exchange Commission.

Steel Partners, a New York securities company, holds a 14.5% stake in Gateway and has two candidates nominated for director slots at Gateway's annual meeting on Thursday.

Gateway lost $2.3 million last year on sales of $10.4 million.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
51°