Hedge fund Stadium Capital Management says it "remain[s] distressed" with the recapitalization plan that the building products maker and distributor is asking shareholders to approve. In a letter, the firm also complains about the ongoing governance of Builders FirstSource and the actions of two its largest shareholders, private-equity outfits Warburg Pincus and JLL Partners. "The terms of the recapitalization, although certainly an improvement from the initial and egregiously self-serving proposal made by[Warburg] and [JLL], are inappropriate," according to Stadium Capital. "We remain confused about how the special committee [of Builders FirstSource's board] can recommend a rights offering at $3.50 per share, which represents a discount of more than 50% to the average price of [the company's] stock for the 30 days prior to the initial Warburg/JLL announcement," Stadium Capital wrote to Builders FirstSource Chairman and CEO Floyd Sherman. Stadium Capital owns 5,367,140 shares (14.9% of the total outstanding), and is Builders FirstSource's third largest shareholder.

The Carlyle Group now owns 1,392,768 shares (16.5%), as well as warrants to purchase an additional 928,514. The firm paid $15 million to acquire the holding directly from the company. The warrants have an exercise price of $10.77 a share. China Agritech must meet a target of $11.5 million net income for the fiscal year ended Dec. 31, 2009. If the target isn't met, the company will issue warrants for an additional 2,333,331 shares, and the strike price on all the warrants will drop to $3.0657 a share.

Ramius Capital holds 4,168,043 shares (11.9%). The firm most recently purchased 617,816 shares from Oct. to Nov. 2 at $2.30 apiece.

Gamco Investors (GBL) has 1,501,040 shares (5.19%). The firm paid a little more than $76.8 million, or $51.17 a share to acquire the stake. In early October, Varian shareholders approved the sale of the company to Agilent Technologies (A) for $52 a share in cash. The transaction remains subject to regulatory approvals and other closing conditions.

Crestview Partners increased the size of its position to 10,216,734 shares (16.1%), by buying 1,000,000 on Oct. 23 at $6 per share in a secondary offering.

Mill Road Capital raised its holdings to 4,177,559 shares (7.7%), by purchasing 742,501 from Oct. 8 through Oct. 28 at 85 cents to 91 cents per share.

SPO Partners boosted its holdings to 18,283,491 (29.6%), by acquiring 1,081,500 shares from Oct. 5 to Oct. 29 at $10.40 each.

Billionaire investor Philip Anschutz reduced his holdings to 5,754,799 shares (5.1%), by delivering to a third party 327,875 shares that had been pledged via a forward-sale contract entered into in 2007.