Activist hedge fund Blackwells Capital, which issued a statement on Thursday criticizing Nelson Peltz's Trian Fund Management for its attempted board challenge against Disney ( DIS ), is preparing to challenge Wendy's ( WEN ) board of directors in a push for improvements to the company's financial performance, reported Reuters, citing people familiar with the matter. Blackwells, run by Jason Aintabi, plans to nominate several directors to Wendy's 12-member board, though the size of Blackwells' stake in Wendy's could not be learned, the report said. Reuters noted that Trian owns a 16% stake in Wendy's and has three representatives serving on the fast-food company's board.