Pentwater Capital Management is looking to shake up the board of Leap Wireless (LEAP.O) and has vowed to nominate three directors, citing what it called years of management mistakes. Pentwater, which says it is the fifth-largest institutional investor in the wireless operator with ownership of almost 5 percent of Leap shares, complained about Leap's rejection of a 2007 takeover offer by MetroPCS Communications Inc (PCS.N) and also accused the company of "incorrect operational decisions." Leap shares rose 9.5 percent on Thursday after Pentwater released a letter addressed to the Leap board, as some investors bet the move would lead to management changes or a sale. At least one analyst was skeptical that would happen, however.
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