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Luby's casual dining chain is using Sloane & Co. as it fends off a proxy fight by hedge fund Bandera Partners.
Jeff Gramm, partner of Bandera, rapped Luby's business strategy as one that is "simply not working."
He claims since the Houston-based company has refused his request for substantive discussions to shake up Luby's board, he has "no choice" but to run his own slate of directors.
Bandera nominees include Gramm's dad, Phil. The elder Gramm was a Texas Senator and UBS investment unit vice chairman.
Luby's, which reported declining sales and profits, owns 142 restaurants including 82 Luby's Cafeterias, 58 Fuddruckers and a Cheeseburger in Paradise.
Sloane's managing director Dan Zacchei and senior VP Joe Germani rep Luby's
MDC Partners owns Sloane.
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