Barington Capital Group stepped up pressure on Lancaster Colony, saying that the company should live up to its agreement with the hedge fund to publicly disclose its plan to improve its operations and profitability. Barington, run by investor James Mitarotonda, said it intends to closely monitor the company's compliance with the terms of the agreement, as well as its financial and share-price performance. Barington recently cut its stake to about 1.4 million shares (4.9%), from the 1.7 million (5.6%) reported in October 2007.

"Barington Capital Group intends to nominate alternative candidates for election to Lancaster's board at the 2007 annual meeting. Barington said it had found Lancaster Colony's "disappointing share- price performance, decreasing profitably and poor record in the area of corporate governance to be entirely unacceptable and eroding value for the public shareholders of the company." Barington has about 1.58 million shares (5.2%)."

From Barron's 7-30-07:

"Barington Cos. Equity Partners wants certain records from the company so that it can investigate what it says are potential improprieties in management, operations and board oversight. Barington has suggested that Lancaster take measures that it says would create value for shareholders, including selling its automotive, glassware and candle businesses. Barington also has questioned Lancaster's staggered-board structure and poison-pill provision. Barington has 1.67 million shares (5.33%)."

From Barron's 6-25-07:

"Barington Cos. Equity Partners wants the company to dispose of its automotive, glassware and candle businesses. Barington said the company's "failure to promptly divest these business segments has prolonged the time" that Lancaster has operated under an "inefficient 'holding company' structure," which has imposed additional expenses on the company and its shareholders. Barington owns about 1.66 million shares (5.29%)."

Poor dividends