Some Funds Taking Role Far Beyond Just Investor
Growing number of hedge fund managers have taken up tactics to wage populist battles against chief executives, taking advantage of regulatory changes and public mood oriented toward rooting out corporate misdeeds; funds are demanding that executives sell off units, pay dividends or take other actions to raise stock prices quickly; one such activist is Carl C Icahn; some of his recent deals noted; another activist Daniel S Loeb, managing member of Third Point, hedge fund manager, who helped convince Star Gas chief executive Irik P Sevin to resign; photo (M)