former director David S. Barlow, who resigned from the board in January, wants the company to explore strategic alternatives to maximize shareholder value. Barlow is concerned about the election of John Babich as chief executive and president. Barlow owns 2,735,447 shares (10.9% of the total outstanding).

Greenlight Capital plans to vote against the company's proposed reorganization plan. In late November, MI Developments said it planned to spin off Magna Entertainment (MECA) to shareholders, with the Stronach Group purchasing direct voting control of Magna, among other things. The Stronach Group is controlled by MI Chairman Frank Stronach. Greenlight, which holds 5,387,535 shares (11.7%), said the majority of shareholders don't support the use of MI's cash flows to fund Magna.

DellaCamera Capital Management wants Enzon to add former ImClone Systems board members Dr. Alexander J. Denner and Professor Richard C. Mulligan to its board. DellaCamera wants Enzon to hold its 2009 meeting in New York and to seek guidance from a new financial adviser. DellaCamera and affiliates own 3,446,558 shares (7.6%).

Foxhill Master Fund submitted a nonbinding shareholder proposal recommending that directors should be elected annually rather than serving for three-year staggered terms. Foxhill owns 4,074,721 shares (6.5%).

Tennenbaum Capital Partners plans to nominate John Dorman, Edward D. Horowitz and Bruce A. Jaffe for the three board seats to be filled at the annual meeting, scheduled for May 6. Tennenbaum wants the board to consider strategic alternatives and improved corporate governance. It has 7,447,570 shares (21.9%).

Indian engineering and construction firm Larsen & Toubro said it bought 81,132,714 shares (12%) from Dec. 30 to Jan. 23.

Billionaire activist investor Carl Icahn and his affiliates raised their stake to about 12.24 million shares (10.56%) by buying 1.04 million at $4.53 a share.

Microsoft (MSFT) co-founder Bill Gates boosted his holdings to 47.7 million shares (12.6%) by buying 3.85 million for an aggregate price of $98.6 million from Jan. 27 to Feb. 5.