Activist hedge fund managers may feel they face a losing battle in image relations. Mutual funds advocating change in firms are 'white knights' fighting for unit holders, while their hedge funds are short-term, profiteering "locusts".
Not so, says Phil Goldstein, head of US activist Bulldog Investors, as some agitating produces mutually beneficial outcomes.
Goldstein cites the example of a $330m, 90-year old Pennsylvanian firm, Blaire Corp.
BLAIRE STITCH PROJECT
Blaire, which sells apparel to th