Hedge fund activism is all the rage these days. But sometimes the turnaround artists get it wrong.<br /> <br /> Take the case of activist hedge fund Casablanca Capital and its successful ouster of the board of Cliffs Natural Resources CLF -3.79% in June after it won a heated proxy contest. Casablanca, which is headed by former Ronald Perelman lieutenant Donald Drapkin, crafted a detailed plan to not only spin or sell the company&rsquo;s money losing Bloom Lake mine in Quebec but also to convert the company&rsquo;s U.S. mining operations into a master limited partnership, which would open up the 167 year old company&rsquo;s cash flow to its shareholders.