OSS Capital Management intends to nominate three people for election to the company's board at the 2008 annual meeting. The three are Edward A. Blechschmidt, Timothy D. Leuliette and J.V. Hirsch. OSS also delivered to Hexcel a demand to inspect the company's shareholders list and related materials. In July, OSS urged the Hexcel board to retain an investment bank to explore strategic alternatives. OSS Capital currently holds 5,285,900 shares (5.53% of the total outstanding).

On Nov. 28, Trans World Chairman and CEO Robert Higgins and shareholder Bryant R. Riley entered into a nonbinding letter of intent to acquire the company. Higgins, who is also the largest shareholder of Trans World, has proposed an offer to acquire all of the company's outstanding shares for $5 each in cash. He has indicated that he would consider working with Riley Investment Management, which holds an 11.9% stake in the entertainment-software retailer. Higgins and Riley will jointly form a limited-liability company for the purpose of making a bid to acquire the shares held by Trans World's public stockholders. Higgins and his entities hold a 40% stake.

Arbor Realty Trust (ABR) is requesting a meeting with CBRE Realty's management and directors to discuss the merits of Arbor's unsolicited $8-a-share offer for the commercial real-estate finance company. Arbor Realty said it believes that its proposed offer is the "optimal" way for CBRE shareholders to realize value from their investment, according to a letter it sent to CBRE. Arbor Realty currently owns 2,900,756 shares (9.4%)

Mario Gabelli's Gamco Investors (GBL), the largest shareholder of Fisher Communications, submitted a proposal that could lead to the Seattle broadcasting company's changing its bylaws. Gamco said that the bylaws should be amended so that any decision by Fisher to spend $25 million or more to acquire any assets requires a majority vote of shareholders. Gamco submitted the proposal for inclusion in Fisher's proxy statement for the 2008 annual meeting. Funds managed by Gamco hold 1.33 million shares (15.28%).

New York investment adviser David J. Greene & Co. reported ownership of 274,600 shares (9.38%), but provided no details of the transactions. Lior Bregman, Merrimac's second-largest shareholder, liquidated his holdings after selling most of his stake on Nov. 19 at $9 a share. Bregman owned 313,600 shares (10.78%) as of Feb. 17, 2006.

ValueAct Capital raised its stake to 1,277,646 shares (5.9%), after buying 384,041 from Oct. 1 to Nov. 20 at prices that ranged from $9.25 to $11.20.

Billionaire investor Edward Lampert raised his stake to 55.3 million shares (30%) by buying 2.87 million from Nov. 13 to 26 for an aggregate price of $47.57 million.

Philippine conglomerate Ayala raised its holdings to 5.53 million shares (19.22%) from the 3.95 million (13.73%) it had reported owning on Nov. 20. Ayala has said that it intends to consider increasing its position in eTelecare.