Good job on selling $1 billion worth of patents, AOL, but Starboard Value, the activist shareholder thorn in your side, isn’t impressed. In a letter to the company, Starboard outlined plans to launch a proxy battle over AOL’s board seats in the next shareholder meeting. Starboard said it was concerned AOL would only use the money for “poorly conceived acquisitions and investments into money-losing initiatives like Patch and other Display properties.” [Source: Dealbook]