Waterside, which specializes in investing in small businesses, said in a filing with the Securities and Exchange Commission that its board accepted the resignation of J. Alan Lindauer, who was instrumental in organizing the company in 1993. Lindauer served as Waterside’s president and chief executive officer until April, when he became chairman.

In addition to reporting Lindauer’s departure at the end of its June 30 fiscal year, Waterside said directors Roger L. Frost and O.L. Everett have stepped down. Frost, who is retired, had been a senior partner in the Norfolkbased CPA firm Goodman & Co. Everett is CEO of Jones & Frank Corp., a petroleumequipment contractor and service company in Norfolk.

The three resignations didn't result from any disagreements with the company, said Lin Earley, Waterside's CEO.

Their departures bring to six the number of directors who have left the 12-member board since December. In addition, four directors resigned from Waterside's board during the fiscal year that ended in June 2006. Earley said Tuesday that the company will likely fill most of the vacancies.

Waterside has been hobbled in recent years by litigation costs and poor returns on several of its investments. The company said its portfolio now consists of $28.3 million of loans and investments in 19 companies.

Earley, former Hampton Roads regional president of Bank of America, said he expects the company to report its financial results for the latest fiscal year in early August. Waterside plans to hold its annual meeting of shareholders in early fall, he said.

The company's share price rose 14 cents in light trading Tuesday to close at $4.72.