Chapman Capital's Embarcadero Financial Filing: Profanities And All

A financial filing last week from activist fund Chapman Capital contained some unusual stuff. The fund has been working to get software company investee Embarcadero Technologies (EMBT) to put itself up for sale, and Chapman's not happy with the lack of progress.

That, according to Chapman, led to an awkward conversation on March 7th between Chapman and Embarcadero CFO Michael Shahbazian, one that made it, profanities and all, into the Chapman filing last week. Apparently Chapman conveyed to Shahbazian his unhappiness about the non-merger, and helpfully, you know, mentioned to Shahbazian that he had heard other previous employers weren't really big fans of his CFO-ish work either. That allegedly led to this:

Mr. Shahbazian reacted temperamentally to Mr. Chapman with the eloquent response, “F@%k you!” Mr. Chapman then forcefully informed Mr. Shahbazian that it was inappropriate and inadvisable for the Chief Financial Officer of a public company to utter such blasphemy to the advisor of a 9.3% ownership stakeholder in the Issuer.

The 11th Commandment: Thou shalt not blaspheme >9% shareholders.

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