The fight for the future of the Dundee-based Alliance Trust has become a war of attrition.
Rebel shareholder Elliott Advisors, which has raised concerns over costs, corporate governance and general underperformance by the Trust, has been uncharacteristically quiet in recent days.
But a lack of public pronouncements should not be mistaken for a lack of action.
They are a company with huge financial muscle and I know that strings are being pulled behind the scenes in an effort to muster support for its requisition to elect three new non-executive directors to the board.
Again, and just as uncharacteristically, the Trust has hardly gone a day without making its view on Elliott’s challenge clear.
For a company that has spent decades beavering away quietly in the background, this has been tantamount to a communications revolution.
We’ve had individual videos released by chairman Karin Forseke and chief executive officer Katherine Garrett-Cox and that has been backed up by shareholder circulars, letters, press interviews and, no doubt, meetings with investors both big and small.
When Laxey Partners made a similar requisition at the annual general meeting four years ago the trust adopted a “keep calm and carry on” attitude.
They knew Laxey, which had less than a 1% holding, would enjoy their 15 minutes of fame but it was obvious they were confident their challenge would ultimately melt away.
And that is exactly what happened when Laxey lost and later sold out its holding.
But Elliott is a different proposition altogether and, as an outsider looking in, I sense a distinctly heightened nervousness this time round.
I would still put money on the trust emerging from this crisis as victors, but I’m not sure I’d bet the house on it right now.
Elliott has a track record of agitation and they are not accustomed to being denied their way.
If you don’t believe me, just ask Argentina.
The second largest economy in South America defaulted for the second time in 13 years last year after talks broke down with creditors.
Among those creditors was NML Capital, a subsidiary of Elliott Management which was founded in 1979 by Paul Singer, whose net worth lists him among the global elite of billionaires.
Many, and I include myself in this, simply concluded that Elliott’s motivation in its battle with Alliance was to turn a quick buck on their investment and move on.
My reading of Elliott’s position was this buy at discount, push and prod to drive performance then exit as soon as the returns were healthy enough.
To be honest, I thought that scenario would ultimately suit both sides.
Elliott would have its cash and the Trust would have the monkey off its back.
But Elliott has not stated what its intentions are post the annual general meeting vote on April 29.
Should Elliott not get its way, will it simply keep (and possibly increase) its holding in Alliance and return to its grievances in 12 months’ time?
If that should be the case then no wonder there is such nervousness in the air.
A protracted period of uncertainty would do no one any favours.