Mario Gabelli's Gamco Investors (GBL) and its funds said that they intend to vote against Fisher Communications' 2008 equity-incentive plan at the annual meeting on April 30. Last week, another major Fisher shareholder, TowerView, also said that it would oppose the proposal, which it criticized as "excessive and egregious." According to Fisher's proxy, that company's board would authorize 1.06 million common shares in connection with awards granted under the 2008 equity incentive plan. Gamco Investors own 1,552,997 shares (17.79% of the total outstanding).

Whippoorwill Associates wants the company to consider ways to unlock shareholder value, including the possibility of going private. Whippoorwill said that it believes that the large concentration of ownership by the company's top shareholders has resulted in a share price that doesn't fully reflect the intrinsic value of Silicon Graphics or the substantial operating progress that the company has achieved over the past year. Whippoorwill added that the top seven holders of Silicon Graphics own 77% of the company's outstanding shares. Whippoorwill currently holds about 1.13 million shares (9.8%).

K Capital Partners said that it is considering alternatives with respect to its investment in Sun-Times Media, a Chicago-based newspaper publisher, as well as a possible means to maximize shareholder value. The proposals include changing certain corporate-governance rules, merging or selling the company or taking it private. K Capital has engaged Imperial Capital as its financial adviser in connection with these efforts. The shareholder said that it is also evaluating proposals that it might make at the next annual meeting. K Capital Partners holds (12.4%) of Sun Times Media Group's class A stock.

Emancipation Capital wants Captaris to "expeditiously move forward" in signing an acquisition agreement with Vector Capital. Captaris confirmed that it had received an unsolicited offer from Vector to acquire it for $4.75 a share. Emancipation said that, by entering an agreement with Vector, the company's shareholders "are assured of a price premium, have a reasonable probability of yet a higher price and have eliminated the risk of a failed auction." Emancipation encouraged Captaris to seek a higher price from Vector as a condition of entering an agreement. Emancipation holds 1,752,541 shares (6.65%).

Third Point, a hedge fund run by Daniel S. Loeb, originally acquired Maguire Properties shares for investment, without any purpose of changing or influencing control of the company. But, Third Point says, Maguire Properties' recent announcement of dropping plans to sell itself prompted it to register itself as an activist investor. Third Point may engage in communications with Maguire Properties and with other shareholders regarding Maguire's strategic alternatives. Third Point currently holds 3,350,000 shares (7.1% of the total outstanding).

Friedman Fleischer & Lowe GP II and its affiliates reported ownership of 4,474,220 shares (6%). The firm said that it had engaged or may in the future engage legal and financial advisers to assist it in evaluating strategic alternatives.

Billionaire financier George Soros disclosed that his affiliates had entered into a commitment to provide Bluefly with $3 million in debt financing on a standby basis. Under the agreement, Bluefly may draw upon the commitment at any time before March 26, 2009, and any drawdowns will be made through a note-purchase agreement. In return, Bluefly issued to Soros a warrant to purchase 327,023 shares and additional warrants to Soros affiliates to buy an additional 160,254. The exercise price of the warrants is 44 cents. Soros and his affiliates currently hold about 50.68 million shares (38.1%).

David Nierenberg's D3 Family Funds raised its holdings to about 2.92 million shares (9.6%), from the 2.59 million (8.5%) that they had reported owning on March 24.