Vajra Fund III LLC, which owns about a 9.1% stake in , sent a letterto the company's board asking for, among other things, the resignation of two directors,including the chairman, for pledging company shares "as collateral to securea debt."

Vajra Fund asked for the resignation of John Chuang, chairmanof the board, and Steven Kapner, as both of them have pledged nearly all of theircompany holdings, amounting to about 19.7% of Angie's List's outstanding shares,for their own debt.

The investor urged Angie's List to ask the board to eliminatethis pledging policy, "which continues to put at risk the value of the company'sshares."

Vajra Fund also proposed a reduction in the size of the boardto 10 from 12, according to a July 21 SEC filing. The investor said the board istoo large for the company and also asked the company to end its "staggeredboard election policy."