Hedge fund Blum Capital wants the digital-printing firm to return $100 million to shareholders via a one-time dividend. The money, Blum says, represents the after-tax equivalent of the proceeds from Electronics For Imaging's sale of California real-estate assets to Gilead Sciences (GILD) this year and is "excess liquidity." The firm said that a dividend of roughly $2.00 a share would effectively yield 18% and would be more beneficial to shareholders, and easier to implement, than continued stock repurchases. "Moreover, we note that while the company's current share-repurchase program involves fees and/or commissions, a special dividend requires no ancillary costs for the company to execute," wrote John Park, partner and co-chief investment officer at Blum, in a Sept. 28 letter to Electronics For Imaging's board. The company had about $279 million in cash and equivalents, and no debt as of June 30. Blum owns 4,619,906 shares (9.4% of the total outstanding).

Hedge fund BVF Partners says that it has been in talks with Biogen Idec (BIIB), but doesn't intend to sell its stake in Facet to that company for $14.50 per share. Biogen Idec launched a hostile bid for Facet on Sept. 21 at that price. Facet's board has recommended that shareholders take no action on the offer. BVF Partners owns 3,683,521 shares (14.99%) and is Facet's largest stockholder.

Sandler O'Neill Asset Management disclosed that it owns one million shares (5.13%). The firm bought its entire holding on Sept. 16 at $8.20 per share via a secondary offering.

Peninsula Investment Partners increased its holdings to 1,601,379 shares (22.2%), by purchasing 862,069 shares and warrants for another 129,310 shares on Sept. 24 at $29 apiece.

Harbinger Capital decreased its stake to 66,980,047 shares (15.1%), by selling 20 million on Sept. 28 at $11.40 a share in a secondary offering.

Farallon Capital cut its position to 18,576,341 shares (5.7%), by selling 8,084,481 from Aug. 14 to Sept. 28 at prices ranging from $3.66 to $4.87.

Millennium Management sold all of its 2,121,899 shares on Sept. 24, at prices ranging from $1.50 to $2.64.

Stadium Capital Management is urging the board to reject a recapitalization proposal from Warburg Pincus and JLL Partners. Stadium says that the recapitalization is unfair to minority holders and unnecessary, and adds that it represents self-dealing by Warburg and JLL and an abuse of their position as controlling stockholders. Stadium also asks that two minority stockholder representatives be add- ed to the board.