Lawndale Capital Management is pushing the board at P&F Industries (PFIN +0.1%) to take several incremental capital allocation steps seen as maximizing value for all shareholders, including aggressively repurchasing shares, re-initiating an expired 10b5-1 stock buyback plan and increasing the sustainable dividend payout. The hedge fund also suggests corporate governance actions to better align directors and management with shareowners, including the adoption of "best practices" minimum share ownership requirements for all board members and senior management, by-law changes and the elimination of change-of-control protections that are seen as completely unnecessary.