Bulldog Threatens Proxy Fight

Feb 6 2013 | 12:42pm ET

Bulldog Investors is living up to its name as it readies a proxy fight with a closed-end fund.

The New Jersey-based activist hedge fund has called on Firsthand Technology Value Fund to launch a share buyback to deal with its discount to net asset value, which stood at 26% this week. Bulldog owns 8.9% of the fund.

"If we do go forward with a proxy fight, if there's an actual shareholder vote, I think we would prevail," Bulldog founder Phillip Goldstein told Bloomberg News.

Firsthand Technology Value invests in privately-held technology and clean-energy companies, frequently focusing on those preparing to go public. It currently owns stakes in Facebook Inc. and Twitter Inc.

Bulldog began building up its stake in the fund after Facebook's May initial public offering. The social-networking Web site's shares have swooned and taken Firsthand Technology Value's shares down with it.

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