Trian's $25 million battle for Disney board seats could be Nelson Peltz's last fight as the most powerful activist investor on the market

• Nelson Peltz's hedge fund, Trian Partners, is waging a $25 million war for Disney board seats.
• Trian was once the "most feared" activist hedge fund, but its power may be waning, The Journal reported.
• If the bid for control at Disney fails, the outlet noted it might be Trian's last major proxy fight.

As Trian Partners — Nelson Peltz's hedge fund — wages a multimillion-dollar proxy war over two Disney board seats, some wonder whether this is the last big fight for the 81-year-old activist investor, The Wall Street Journal reported.