Nelson Peltz has a new ally in his efforts to get a seat on the Disney board: the activist investor Ancora.

The boutique investment firm, which typically focuses on family wealth and asset management, penned a letter to fellow Disney shareholders supporting Peltz and his firm, Trian Fund Management in the quest for access to the boardroom.

“We believe Disney is saying the right things about restructuring and transforming the enterprise,” Ancora Holdings Group Chairman and CEO Frederick DiSanto and Ancora Alternatives President James Chadwick wrote in the letter dated Tuesday. “Nonetheless, the addition of a shareholder representative or investor-designated directors to the board can help ensure that these efforts are carried out in the most effective way.”

Hoping to “avert an election contest following a year of distractions and disappointing performance” the letter called for shareholders to encourage the board “to pursue a viable compromise” with Peltz and Trian, the letter said.

Peltz’s Trian Fund Management said Disney shareholders have lost about $70 billion in value since the activist ended its first campaign in February. Trian said that it spoke to Disney CEO Bob Iger on Thursday and that the company’s board agreed to meet with the investment firm but wouldn’t grant its request for board representation.

Trian controls roughly $3 billion worth of Disney stock and is seeking multiple directors. The activist investor said it plans to take its case directly to shareholders, without specifying what changes it seeks. Disney said in response to Peltz’s announcement that it is moving from a period of fixing to one of building, has a strong balance sheet and continues to refresh its board.

Investors have finally started to notice Disney’s creativity is NOT what it used to be. Now Disney is focused on pushing agendas, not creating memorable stories and characters and it’s becoming widely criticized among the investment meda. The Financial Times, the UK version of the Wall Street Journal is asking, “Can Disney rediscover the magic?” They are questioning the obvious lack of creativity that’s destroying what used to be the greatest creative brand in American business.

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