Buffalo Wild Wings just torched a San Francisco hedge fund

The ongoing war between Buffalo Wild Wings and Marcato Capital, a San Francisco-based hedge fund is heating up.

On Tuesday the casual dining chain released a presentation to shareholders that emphasized the firm's strength and took shots at recent criticisms flung at the wing maker by Marcato. The hedge fund currently has a 6.1% stake in the company.

Marcato released a deck in April in which they outlined some of the company's failures and urged fellow shareholders to vote for a board shake-up. Marcato's wants the company to transition more towards franchise ownership, which it claims leads to more efficient management. The deck also included quotes from former Buffalo Wild Wings employees and customers bashing the company.

Buffalo Wild Wings said Marcato's belief that the company should move to a franchise model is based on flawed assumptions.

"For purposes of its buyback math, Marcato assumes the stock appreciates at 15% per year," the company said.

The presentation called out Mick McGuire, a managing partner at Marcato, for his "track record of losses in the boardroom," citing his tenure on the boards of NCR, a consumer technology company, and Borders, the now defunct bookstore.

"McGuire 'plan' to create value for Borders was unsuccessful, and Borders was eventually liquidated in a bankruptcy process," the company said.

The presentation referred to McGuire's time on NCR's board as "the lost year."

Ouch.

Below are the slides from the deck that respond directly to Marcato and McGuire.