He holds more than 11 percent of the diversified steel company, and might be able to persuade dissatisfied shareholders to elect sympathetic directors.

Another new session will deal with proxy fights: how dissatisfied shareholders can organize to replace the board, balanced by board strategies to remain in place.

They argue that corporations may spend money on politics without offering a rebate to dissatisfied shareholders.

The defiance from the top ranks of its biggest newspaper presented the Tribune Company with a potential public relations problem just as it was considering asset sales, under pressure from dissatisfied shareholders.

He advises any group of dissatisfied shareholders to take a strategic, businesslike approach to achieve objectives.

Since then, Mr. Wolf said, he has received stacks of letters from dissatisfied shareholders.

Mr. Golub, who has been president since 1991, was named chief executive in February after James D. Robinson 3d resigned amid increasing complaints from a number of dissatisfied shareholders.

Facing things like labor strikes, dissatisfied shareholders, and the ambition of men like Lauris and Engelbert Olsen, Odin works to keep the factory on an even keel.

Finally, he said, since the Business Corporation Law gives the courts broad power to review elections, any dissatisfied shareholder can theoretically start a lawsuit to challenge the election.

But the Pennsylvania law would make it more difficult not only for hostile predators to buy a company with headquarters in the state but also for dissatisfied shareholders to change management through tactics like proxy fights.