Monday, May 25, 2009


Tollgrade Communications, a network-testing company based in Pittsburgh, has responded to the prospect of a proxy contest. The possible dissidents in this case would be Ramius.

Tollgrade's chairman and CEO, Joseph Ferrara, has written to Ramius's principals, along these lines: "Since last spring, after learning that affiliates of Ramius had accumulated close to 10% of the common stock of Tollgrade, we have sought to constructively and respectfully engage with you and other representatives from Ramius. While we remain open to continuing to have those discussions and listening to any ideas and suggestions that Ramius may have on how we may continue to increase value for all shareholders, the disparaging and pejorative tone of your letter and the related press release, together with your overt threat to launch a proxy contest against Tollgrade, does not advance our ability to constructively engage with you or other representatives from Ramius to advance those discussions."

That's too polite folks. Mix it up a bit.

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