There is a time when it is improper for hedge funds to attack companies to enrich themselves. Such is the case with PAR Capital Management and Altimeter Capital Management, which own 7.1% of United Continental Holdings Inc. (NYSE: UAL) and have nominated six directors to join the board, setting up a proxy fight. The move comes just days before Chief Executive Officer Oscar Munoz returned after being put out of commission by a heart attack and heart transplant. Should compassion be part of the hedge fund play book?

PAR Capital Management and Altimeter Capital Management can make the claim that there is only a narrow window during which a new slate of directors can be nominated, based on the date of the annual meeting. Missing the window means wasting a year. In the case of Munoz, many people said he was too sick to run the airline. But that is academic. He is coming back.

PAR Capital Management and Altimeter Capital Management have made the case to themselves, almost certainly, that the shares of United Continental have underperformed those of other carriers. Although that is true, investors immediately rejected the effectiveness of their raid. United Continental shares dropped 0.5% to $57.33 on Tuesday. The six board members have not impressed shareholders.

United Continental management said the proxy fight will undercut its efforts to turn around the airline. It’s more than that. Let the CEO back in the door. For goodness sake, he had a heart transplant.

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