Hawk Corporation (AMEX: HWK) may see some more buying if one large shareholder gets its wish. Gamco Investors, which owns more than 10% of the company, requested that the company remove its poison pill provisions to allow it to purchase more than 15% of the company in a Schedule 13D filing with the SEC. The move would pave the way for future investment from Gamco, but may also open the door to unwanted hostile actions if not done properly.

The move to purchase more shares of Hawk Corporation comes despite negative sentiment by management. The company noted during its 2008 earnings release that its record results were driven by the first three quarters and the impact of the recession began to hit in the fourth quarter. As a result, the company reduced its guidance by 26% to 33% for 2009. The company also took proactive actions by cutting costs, controlling discretionary spending, reducing its headcount and freezing pay levels.

Hawk Corporation is a supplier of friction products for industrial, aerospace, agricultural and performance applications. Through its subsidiaries, the Company operates in the friction products segment. Its friction products include parts for brakes, clutches and transmissions used in construction and mining vehicles, agricultural vehicles, trucks, motorcycles and race cars, and brake parts for landing systems used in commercial and general aviation. The friction products are made principally from formulations and designs of composite materials and metal powders.