By Pete Gallo
At Ramius, this may be remembered as the summer of the proxy war. The event-driven fund manager recently executed two major proxy offensives, one a decisive win; the other a temporary stalemate that could reignite weeks or months from now.
First the win: Filings with the Securities and Exchange Commission show that in early August, Ramius and its wholly owned subsidiary fund, RCG Starboard Advisors, swept a boardroom election, replacing three of Tollgrade Communications' directors. (Ramius has been a major investor in the Pittsburgh-area telecom-parts supplier since 2005 and owned a 15% stake at the time of the August 4 board elections, regulatory filings show.)
Ramius had a reason to seek changes. The stock, which had traded at a high of $6.96 in August 2008, fell to a low of $3 in October of that year. Subsequently, the...