Fight for Cryo-Cell heats up

OLDSMAR — A minority investor is fighting to take control of a Gulf Coast company with $17 million in revenues, while the firm's CEO asks for renewed confidence in the current leadership.

The business in the middle is Cryo-Cell International Inc., an Oldsmar-based blood bank management firm. Last week, the firm's board announced that it had begun negotiating a sale to an outside buyer, but the news did little to quiet complaints over the company's current leadership.

David Portnoy, who owns 16% of Cryo-Cell's outstanding stock (symbol: CCEL.OB), sent a letter to shareholders this week asking for support in electing him to Cryo-Cell's board. In the letter, Portnoy points to statements issued by two proxy advisory firms supporting his election to the board — even though the same two firms declined to support the election of the other directors nominated by Portnoy.