Blackwells' challenge pits it against Nelson Peltz's Trian Fund Management, which owns a 16% stake in Wendy's. : Activist hedge fund Blackwells Capital is preparing to challenge Wendy’s board of directors in a push for improvements to the fast food chain’s financial performance, people familiar with the matter said on Friday. Blackwells, run by Jason Aintabi, plans to nominate several directors to Wendy’s 12-member board, said the sources, who asked not to be identified discussing confidential deliberations.