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Chapman Demands Independent Audit of eSpeed (ESPD) – Cantor Fitzgerald Agreement

From 13DTracker Large eSpeed, Inc. (Nasdaq: ESPD) holder, Chapman Capital LLC, demanded that the company’s Board of Directors retain an independent auditor, distinct from eSpeed/BGC Partners/Cantor Fitzgerald’s shared financial auditor Deloitte & Touche LLP, to review the Joint Services Agreement…

By Douglas A. McIntyre
Published March 22, 2007, 3:03am ET · 1 min read

From 13DTracker

Large eSpeed, Inc. (Nasdaq: ESPD) holder, Chapman Capital LLC, demanded that the company’s Board of Directors retain an independent auditor, distinct from eSpeed/BGC Partners/Cantor Fitzgerald’s shared financial auditor Deloitte & Touche LLP, to review the Joint Services Agreement between eSpeed and Cantor Fitzgerald-related entities.

Chapman Capital said the goal of the audit would be to confirm or invalidate the related parties’ claims that the Joint Services Agreement were negotiated and have been executed in an arms-length fashion.
Commenting on a recent patent ruling, Robert L. Chapman, Jr., Managing Member of Chapman Capital, siad, "This ruling fortifies Chapman Capital’s apprehension that eSpeed itself may continue to incur significant licensing and other expenses, or may relinquish significant market data and other revenues, unnecessarily or improperly for the benefit of Cantor Fitzgerald."

Chapman Capital also reiterated its demand that the value of eSpeed’s Class A shares be maximized via conversion of all Class B common shares into Class A common stock, followed by the full scale auction of the Company.

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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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