Angeion restructures board to quell proxy fight with investor
Troubled diagnostic systems maker Angeion Corp. (NASDAQ: ANGN) has restructured its board of directors to quell a proxy fight with activist shareholder BlueLine Partners LLC. Danville, California-based BlueLine Partners, which owns 7.2 percent of Angeion's outstanding shares, was gathering shareholder signatures in an effort to remove Angeion's directors --whose "advice and consent" style of corporate governance is failing to turn around the company -- and replace them with a new board nominated by shareholders.