DellaCamera Capital Master Fund may consider a "public consent solicitation" to amend Enzon's bylaws to let shareholders have a stronger voice in overseeing the company. DellaCamera also urged Enzon to take certain actions to boost shareholder value, including looking at an $80 million share-repurchase program, monetizing a minimum of $70 million of its royalty streams and soliciting bids for Enzon's marketed products and royalty segments. DellaCamera owns 2,881,632 shares of Enzon (6.4% of the total outstanding).

Newcastle Partners sued Philips Electronics (PHG), CBay Systems Holdings (CBAY), and MedQuist's former and current directors in connection with a proposed sale of Philips' stock in MedQuist to CBay. Newcastle alleges that MedQuist's directors breached their fiduciary duty to MedQuist's minority shareholders by facilitating a private sale of the stock. Newcastle wants a court to enjoin the transaction. Newcastle Partners has a 7.1% stake in MedQuist.

Mario Gabelli's Gamco Investors (GBL) sent a letter to Kelly Capital concerning Kelly's interest in acquiring Earl Scheib, an auto-painting company. Gabelli said that Earl Scheib has an obligation to make shareholders aware of Kelly Capital's proposal, and that, if management endorses the bid and makes it "a part of a free-market process," Gabelli would vote accordingly. Earl Scheib announced in March that it had hired an investment bank to explore strategic alternatives. Gamco Investors owns about 1.66 million Scheib shares (37.76%).

Legatum Global Holdings accused the company of having adopted a poison pill simply to fend off Legatum's complaints. Legatum said that Sonus' portrayal of the move as being in shareholders' interests highlights the chasm between the board's perception of what is in the company's best interest and the contrasting view of market pros and the company's owners. Legatum owns 67,295,079 shares (24.8%).

MatlinPatterson Capital Management, which has 2,200,599 shares (10.8%), suggested the Dallas energy company be sold.

Money manager Steven A. Cohen reported owning 4,809,782 shares (5.2%) and said he supports the company's agreement to buy Applera's Applied Biosystems Group (ABI) for $6.7 billion, or $38 a share, in cash and stock. Both companies make tools used in the life sciences.

Mill Road Capital said that Kona Grill had rejected its non-binding $10.75-a-share purchase offer. To fend off a potential hostile takeover, Kona Grill on May 28 adopted a poison-pill plan, under which it will declare a dividend distribution of preferred-share purchase rights to stockholders if any person or group acquires 20% or more of its common stock. Mill Road raised its stake to 544,227 shares (8.2%) by buying 219,167 from June 11 to 25 at $6.21 to $7.44 a share.

The SRM Global Master hedge fund cut its stake to 14.2 million shares (2.44%) from the 47.2 million (8.13%) it reported owning in mid-April. SRM Global has criticized Bank of America's (BAC) planned acquisition of Countrywide as not in Countrywide shareholders' best interests.