As successful activist investors can attest, transforming or ousting the board of directors when a company runs amok (or just runs afoul of expectations) can be one way to force change for the better. But what happens when an investor hit with horrific returns and redemption gates tries to round up fellow hedge fund shareholders to throw out the bums? Apparently very little — as a growing number of investors are beginning to figure out — because the fine print in a hedge fund charter usually makes...
