Activist hedge fund Stillwell Value Partners had been having trouble with one of its investments, Harvard Savings Bank (a tiny bank with branches two branches in Illinois). Now, though, we're pretty confident those problems have gone away. Mainly because of this picture:
That's Harvard chairman Donn Claussen, right in front of the sign saying 'Winning with Teamwork'. Oh, the irony.
The image was made public in an SEC filing submitted under 'definitive additional materials' by Joseph Stilwell, Stilwell's director. The fund has been trying to persuade Harvard to elect a new chairman
In a letter accompanying the photo, Stilwell said:
'Dear Fellow Shareholder,
Below is a picture taken at last year's annual shareholder meeting of our Bank's Chairman. None of the other board members bothered to wake him up.
If you, like me, believe it's time to bring a fresh influence to our Bank's board of directors, please vote the GREEN proxy card for Mark Saladdin.
That's definitely one way to get your way. Carl Icahn: take note...