An investor has acquired 7% of Rusty Pelican.

Edward Grace III, president of Phelps-Grace Co. of East Providence, R.I., said he is seriously considering a takeover attempt for control of the Irvine-based restaurant company. Grace blamed “sleepy management” at Rusty Pelican restaurants for the seafood dinner-house chain’s recent financial struggles. The company reported a $256,000 net loss for the 1986 fiscal year ended Aug. 3. Rusty Pelican officials could not be reached for comment. About 38% of the company’s common stock is controlled by management.