Former Marconi boss and key shareholder Lord Weinstock is leading an attack on the people he believes were responsible for the troubled telco's share crisis.
Weinstock was in charge of the company five years ago but entered the Marconi row this week by calling on shareholders to block the re-appointment of non-executive directors Raymon Seitz and Sir Alan Rudge at the troubled telco's annual meeting this Wednesday.
Industry observers also suspect that Weinstock is trying to influence the appointment of the company's next chief executive.
The current chief executive, Lord Simpson, is under fire for his stewardship of Marconi. He is due to retire next July.
Shares in Marconi crashed 50 per cent earlier this month after the firm finally admitted it had been hit hard by the slowdown in IT spending after previously insisting it was in good shape.
It is facing possible strike action at the Dorset plant it wants to close, and lawsuits from angry US investors.
According to The Times on Monday insiders close to Weinstock have said that Marconi sees him as "an interfering old fart", especially since he has said he will vote his shares against the re-appointment of the two non-executive board members.
"I consider that the non-executives have failed conspicuously in their obligations to the company. Attempts are being made to shovel all the blame on particular individuals, as if no-one else was around", he has said.
Such a vote would embarrass Lord Simpson, who is expected to face calls for his own head at the meeting.
So far only John Mayo, the chief executive designate, has been forced to resign.
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