Proxy Firm Backs Hedge Fund in Topps Feud

Hedge funds trying to shake up the board at baseball card maker Topps got a boost on Tuesday when Institutional Shareholder Services, an influential proxy advisory firm, came out in support of the funds’ nominees for director. Despite Topps’ repeated assertions that the candidates are not qualified, the proxy firm has recommended that Topps’ shareholders vote for the rival slate at the company’s annual meeting later this month.
ISS issued a report that said in part that “the presence of the dissidents on the Topps’ board would likely prove beneficial to long-term shareholder value. The long-term financial and operational performance of the company and the dissidents’ skill sets and track record established both the need for change and the dissidents’ ability to effect change.”