Napster (NSDQ: NAPS) reports earnings after the close today, and once again it’s expected to post a loss. So far, anyway, its subscription music business hasn’t been a hit, and its DRM-free music store probably won’t be enough to turn the company around. With its shares languishing at $1.65, near all-time lows, some shareholders/subscribers are hoping to install themselves on the board. Independent investor Perry H. Rod has nominated himself and two friends for election onto the company’s board. Among their demands: Better strategy with regard to device manufacturers, transformation of the Napster brand and greater use of social nets. Don’t expect this to go very far: Between the three of them, they control less than 500,000 shares, and without a Carl Icahn-like megaphone, it’s going to be hard for them to get the notice of shareholders. Perhaps they would’ve been wise to find the equivalent of a Mark Cuban surprise nominee to join the slate… Shawn Fanning perhaps? Writers would’ve eaten that up.

From the SEC filing: “In our view, the current Board, while impressive in experience, has not been effective in inspiring the progress we believe is required for success. Since January 2005, common stock value has fallen by approximately 85%.  We sincerely hope that management and the board will discover that our intent and purpose are positive and that our addition to the board will be constructive.  We believe the shareholders of Napster deserve better representation and that the company would benefit from fresh perspectives.” Among the current board members include Ross Levinsohn, partner at Velocity Interactive Group, and former president of Fox Interactive Media...the full list of board members is here.

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