Former SEC Chairman Richard Breeden, polishing his credentials as a rebel investor, is gearing up for a proxy battle with jewelry giant Zale, The Post has learned. Breeden Capital Management is laying a claim as the biggest shareholder in Dallas-based Zale Corp., with a 15.9 percent stake, according to a filing yesterday with the Securities and Exchange Commission.

The Greenwich, Conn.-based hedge fund, which said it has met with Zale's management recently, is planning to launch a public campaign to enhance the value of its $136.4 million investment, according to sources familiar with Breeden's investment strategy...

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