Another potential equity event, an acquisition of MTI, will probably not happen quickly either, due to a complex ownership situation. Though public since 1993, MTI is still mostly owned by Ray Noorda, whose investment arm, the Canopy Group, controls 45 percent of MTI's stock. Noorda, the former Novell (Nasdaq: NOVL) CEO, has also saddled MTI with some questionable historical investment baggage -- including a large stake in Caldera (Nasdaq: CALD), another Noorda company -- that guarantees wariness.
A recent shareholder lawsuit, as well as layoffs this past May, are generating a lot of ill will on stock-room chat boards, all warning signs that may drive potential MTI suitors away.
Raimondi says MTI is looking to add some new vertical markets, including the legal and digital cinema arenas, to its customer base. Analysts like Riggs note that MTI needs to find more sales channels and expand its partnerships (like its current agreement with Brocade Communications Systems Inc. [Nasdaq: BRCD], to resell that company's SAN switches) to increase business or acquisition attractiveness.
Given the tough market conditions that are hurting even market leaders like EMC (see EMC Posts Low Q2 Estimates
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