Large Bisys (BSG) Holder Okumus Wants a Board Seat

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By Douglas A. McIntyre Published
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From 13D Tracker

In a 13D filing on Bisys Group (NYSE: BSG), Okumus Capital disclosed a 10.4% stake (12.6M shares) in the company. The firm disclosed a letter to the Board of Directors of the company from its President Ahmet H. Okumus indicating his desire to be added to the Board. The firm changed their filing status from 13G (passive) to 13D, indicating their more active stance with the investment.

A Copy of the Letter:

To the Board of the BISYS Group:
Okumus Capital LLC currently beneficially owns approximately 10.4% of the outstanding shares of The BISYS Group (the "Company"). I am the President of Okumus Capital and I would like to join the Board of Directors of the Company.

While I have the utmost confidence in the ability and intentions of the current Board and Management, I believe that my perspective as a financial professional and representative of a significant shareholder on the Board would provide theBoard with practical insight and guidance in considering the Company’s strategic alternatives.

I have attached information on my background in the investment management field. I strongly feel that my experience in identifying undervalued assets, along with my knowledge of financial engineering and capital allocation can make an immediate positive impact to the Board during this critical period.

I look forward to a response shortly.

Sincerely,

Ahmet H. Okumus
President
Okumus Capital LLC

http://13dtracker.blogspot.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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