Hedge fund KSA Capital Management wants the plastic-packaging maker to unlock shareholder value, through a sale if necessary. "According to Bank of America/Merrill Lynch, packaging stocks currently trade at 12.2 times the median [price/earnings] multiple and 7.6 times the median [enterprise value/earnings before interest, taxes, depreciation and amortization] multiple. Using the same 12.2 times P/E multiple and 7.6 times EV/ Ebitda multiple on our 2010 estimate for AEP yields a share price of $110 per share. This is over 200% greater than the current share price....The Board's lack of action on what is an egregiously undervalued stock needs immediate attention," wrote KSA's Daniel Khoshaba, a former packaging-industry analyst, in a Nov. 10 letter to AEP's CEO. KSA owns 955,267 shares (14.01% of total outstanding), after purchasing 146,679 from Oct. 1 to Nov. 4 at $33.39 to $39.18 each. For more on KSA's filing, see Spotlight at right.

Investment advisor Palo Alto Investors flipped from a passive investor to an active one, "in order to obtain flexibility to express [its] views and to take actions" with respect to Gastar, its business, and its directors and officers. Palo Alto made no comments, demands or suggestions in its filing. However, the firm said it has discussed with Gastar "the potential for several proactive measures...including changes to the board of directors and management of [the company] and other strategic alternatives." Palo Alto owns 8,674,744 shares (17.4%), and is the independent-energy company's largest shareholder.

RioCan Real Estate Investment Trust disclosed that it owns 8,095,236 shares (15.2%). The Canadian firm acquired the holdings Oct. 30, when it purchased 6,666,666 shares at $6 apiece and warrants for 1,428,570 shares at $7, exercisable over two years, in a $40 million private placement. Cedar and RioCan also entered into a joint venture for seven supermarket-anchored properties owned by Cedar and an agreement to acquire primarily supermarket-anchored properties in the eastern U.S. in the next two years, in amounts anticipated at up to $500 million. RioCan owns 80% of the joint venture and will own 80% of the future venture. Cedar owns and will own the balance.

Sandler O'Neill Asset Management reported that it owns 445,600 shares (a 5.09% stake).

Arbiter Partners increased its holdings to 3,584,739 shares (4.4%), after buying 700,000 Nov. 2 at $5.60 each. The stock was purchased through a public secondary offering.

Ramius Capital increased its stake to 4,678,578 shares (13.4%) after purchasing 510,535 Nov. 3 to Nov. 5 at $2.48 each.

Marathon Asset Management decreased its holdings to 2,275,127 shares (2.7%), after selling 1,568,302 from Aug. 12 to Sept. 25 at $9.58 to $11.23 apiece.

Billionaire Philip Anschutz reduced his holdings to 195,178,000 shares (11.3%), after selling 17,200,000 on Oct. 28 at $3.47 each. The shares sold were subject to call options which Anschutz sold in June 2006. Anschutz's holdings also declined by 34,330,000 shares between Sept. 21 and Oct. 28 after he settled forward-sale agreements, delivering shares to a third-party lender in exchange for cash that he received upfront in 2006.