Take-Two board facing investor suit and possible coup

According to this, a Take-Two investor is bringing legal action again ZelnickMedia - the company in charge of Take-Two - for giving itself a substantial financial reward in the instance of a take-over and "asks for the enforcement of stockholders' right to nominate and elect directors at Take-Two's 2008 annual meeting."

"While the original management agreement was negotiated with stockholders owning 46% of Take-Two's stock, the amendment was entered into without stockholder approval," the suit alleges. "The amendment itself is not subject to stockholder approval."

The new agreement allows for a hike in ZelnickMedia's monthly management fee from $62,500 a month to $208,333 a month, said the suit. The maximum annual bonus for ZelnickMedia also was increased to $2.5 million a year from $750,000.

The company's annual meeting takes place on April 10.