Borders has amended a deal to potentially sell certain U.K.-based businesses to Pershing Square Capital Management to clarify that its 17% stake in Bookshop Acquisitions isn't included in the transaction. Pershing Square, run by activist William Ackman, will allow Borders to "put" its stake in U.K.-based Paperchase Products to Pershing Square for $65 million, subject to certain conditions. The Borders put expires on Feb. 16. Pershing Square holds 25,297,880 shares (33.6% of the total outstanding).

ORCC responded to holder Tennenbaum Capital Partners, saying that it will take the holder's suggestions under advisement. Tennenbaum, in a Dec. 23 letter, asked the company to separate the chief executive and chairman positions to "eliminate any possibility of bias or undue influence" in potential merger-and-acquisition opportunities. Tennenbaum also asked the company to "publicly acknowledge" that it can't adopt a shareholder-rights plan, or poison pill, without shareholder approval. Tennenbaum owns 7,447,570 shares (21.9%).

Massey Services reiterated its offer to acquire all the Sunair Services shares it doesn't already own for $3 each in cash. Massey advised Sunair's board that it would withdraw the offer if the board didn't agree to begin negotiating by Jan. 26. Massey said its financing sources will have four weeks to complete their due diligence, and that Sunair could have a 20-day "go-shop" period following the execution of the definitive agreement. In early December, Massey had already offered to acquire Sunair for a cash payment of $3 a share but was rebuffed. Massey currently holds 1,260,972 shares (9.63%).

Sun Mackie said it is unable to complete its proposed going-private transaction with Loud. In early November, Sun Mackie proposed acquiring all of the shares it didn't already own for $1.45 apiece. Sun Mackie said the two parties couldn't agree on the proposed transaction. As previously announced, Loud's board is voluntarily delisting its common stock from the Nasdaq Capital Market and terminating the registration of its stock under the Securities Exchange Act. Sun Mackie has 5,388,355 shares (82.3%).

Shamrock Activist Value Fund sent a letter to CLCT's chairman, opposing the board's adoption of a so-called poison pill. Shamrock urged the board to immediately rescind its decision to adopt the poison pill and put the matter to a shareholder vote at the 2009 annual meeting. Shamrock holds 806,005 shares (8.85%).

Nanes Balkany Partners recently sent a letter to Toreador nominating three directors for election to the company's board: Julien Balkany, Craig McKenzie and Marc Senges. If elected, they will constitute a minority of the board. The investor previously called for Toreador to initiate a share-buyback program for at least two million shares and to retain an investment bank to initiate an open-bid process to sell certain assets. It also called for Toreador to trim its debt and overhead expenses. Nanes Balkany holds 1,082,439 shares (5.3%).

Bill Gates, Microsoft 's co-founder, raised his holdings to 39.98 million shares, or 10.6%, from the 36.22 million (9.6%) he had reported owning in mid-December. Gates holds his shares via his investment vehicle, Cascade Investment.

TRT Holdings expects to nominate four individuals to the board. TRT would focus on: (1) a disciplined business approach; (2) accountability to shareholders and (3) a fresh perspective, based on their industry experience. TRT also believes that Gaylord should separate the roles of chairman and CEO, and that management compensation is excessive.