The mechanics of the Chemours spin is just a small piece of Trian and DuPont's standoff. The bigger question is whether the activist fund will succeed in gaining entry into DuPont's boardroom this proxy season. Trian wants to keep CEO Kullman in place but use significant board representation to take hand in the company's strategy and operations. Fearing a shadow board of directors, DuPont has only offered a single seat.