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Two hedge funds aren't hedging about CPI board Battle for control comes as company's stock price has quintupled in months.

Publication: St Louis Post-Dispatch (MO)
Publication Date: 23-JUN-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Two hedge funds aren't hedging about CPI board Battle for control comes as company's stock price has quintupled in months.(Business)

Article Excerpt
Byline: david nicklaus dnicklaus@post-dispatch.com > 314-340-8213

When a company's stock quintuples in less than six months, you'd think board members and major shareholders would be patting themselves on the back.

At CPI Corp., they're firing poison-pen letters at each other.

Ramius, a hedge fund that owns 23 percent of the portrait-studio company, wants to oust two of CPI's six board members. It says that the board needs more members with retail experience and that another hedge fund, Knightspoint Partners, wields too much influence. Two Knightspoint employees sit on the...

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