Institutional Shareholder Services today recommended investors vote for management's team of directors at RJR Nabisco Holdings' annual meeting April 17. Dissident investors Bennett LeBow and Carl C. Icahn, who had vowed to press for an immediate spinoff of the company's tobacco operations, are fielding their own slate. Mr. LeBow heads Liggett Group. ISS, a consulting firm that advises many of the country's largest pension funds on proxy voting, noted Mr. LeBow's proposed recent settlement of tobacco-related lawsuits makes it clear his main motive in attempting to unseat RJR's board is to allow Liggett to take over RJR and merge the two companies. ISS suggests there's ``no value in a Liggett/RJR merger to RJR shareholders, either operationally or legally.''