New Yorkers Move on Irvine Firm
A New York City businessman who plans to take “an active role” in the management of financially ailing Computer Automation Inc. has acquired an option to buy a 23.5% stake in the Irvine computer-products company.
Computer Automation, which has lost more than $12 million in the last three years, recently retained investment bankers from PaineWebber Inc. to evaluate the company’s management and develop new strategies.
Larry Doskocil, chairman of New York City-based Doskocil Companies Inc., and his wife, Jacquelin, have purchased an option--good until Sept. 30--to buy 484,700 common shares of Computer Automation common stock for $7 per share, according to Securities and Exchange Commission documents released late Friday. The option was purchased from American Financial Corp. of Cincinnati on Aug. 20.
According to the documents, the Doskocils purchased the option for “investment purposes.” The pair also plan to purchase a number of subordinated debentures and nominate two representatives to fill existing vacancies on Computer Automation’s board. The Doskocil Companies are involved in manufacturing and shipping of goods and commodities, according to Standard & Poor’s Register.
The Doskocils could not be reached for comment late Friday, and Computer Automation executives also were unavailable. A company spokesman said Computer Automation is aware of the Doskocils’ option but would have no comment until a statement is released next week.
