Parallan Computer Inc is in deep trouble since IBM Corp scaled back its commitment to buy Parallan servers after Parallan stopped making the things itself and handed manufacture over to IBM – and it is in even more trouble now, because an investment group wants to kick out the present management and install its own: the group, which includes Steel Partners II LP says it holds 8.1% of Parallan and will seek to replace the board; it will try to rally the support of enough shareholders for the 10% it needs to call a special meeting to replace the board, but if it fails to convince enough, it will buy sufficient shares to call a meet itself.
