Vitesse - Chapman Files Updated 13D

Robert Chapman filed another colorful 13D yesterday which disclosed a reduction in the number of Vitesse (VTSS.pk) shares he controls (7.3% to 6.2%). This time, it is his trading activity, not his prose, that is most interesting.

The 13D is filled with correspondence between him and Vitesse execs over the previous months, specifically calling for the removal of Lou Tomasetta and Jim Cole from the Vitesse Board of Directors. I must admit that I was disappointed- I expected more shock and awe in his correspondence. Chapman outlines what he believes are conflicts on interest between Jim Cole, Lou Tomasetta, and Gene Hovanec. There’s little here that wasn’t already in the public domain, but he chose to amend his 13D. I do not understand why.

It’s interesting to look at C