World Air Holdings (WLDA) Investor Clinton Group said that Global Aero Logistics' $12.50-a-share offer to take World Air Holdings private is too low. Clinton Group said that the offer would provide a premium of "only" 11.1% to World Air's stock price on April 5. The deal was announced after the market closed that day. The Clinton Group currently has 1.35 million shares (6% of the total outstanding).

Stonepath Group (STG) A group including Strategic Turnaround Equity Partners said that it had sent Stonepath Group a letter seeking board representation. The group said that it is also concerned about default letters that Stonepath Group has recently received, and is worried about the company's failure to take steps to relist its common stock on another exchange, despite the investor group's offer to help arrange financing and hire a turnaround firm. Strategic Turnaround currently holds 4,819,789 shares (11%).

DHB Industries (DHBT) Harbinger Capital Partners Master Fund I said that the U.S. District Court for the District of Delaware had dismissed its lawsuit against DHB Industries over the scheduled date of the company's annual meeting. Harbinger sued the company in November, alleging that it is "attempting to unlawfully strip shareholders of their fundamental right" by making it impossible for any shareholder to nominate a slate of directors by the date of the annual meeting set by the company. Harbinger said that it has had discussions with representatives of DHB Industries to resolve their differences. As a result, the court dismissed the lawsuit without prejudice at the request of both parties. Harbinger Capital currently holds 5,899,524 shares (11.6%).

Flow International (FLOW) Daniel S. Loeb, Flow International's largest shareholder, repeatedly has called for a sale of the company, and now says that he is prepared to purchase it himself. Loeb said that he can present to the board an attractive option that the board can weigh against other possibilities. Flow International's chairman, Kathryn L. Munro, said that the company will consider Third Point's suggestions at it continues its strategic review. Loeb, through Third Point -- of which he is chief executive officer -- currently holds 5,060,000 shares (13.6%).

Peoples BancTrust (PBTC) A shareholder group consisting of Richard Plant Morthland and Mary Ann Morthland Patterson said that they had nominated nine candidates for election as directors at the annual meeting. The shareholder group said that the current board hasn't acted in the best interests of stockholders and "has failed to take advantage of significant corporate opportunities at substantial cost to the stockholders in terms of stockholder value." The group and its affiliates own 1,162,775 shares (19.6%).

North Pittsburgh Systems (NPSI) An investor group called the North Pittsburgh Systems Shareholder Committee said that a sale of the telephone company is "inevitable" in the face of intense competition from larger companies. The committee said that a sale of the company now would lead to a "nice premium" for shareholders, but that the price would be lower if the company waits. The company said last month that the objectives of the shareholder group, which it referred to as "hedge-fund activists with a long record of disruptive behavior," are not consistent with those of North Pittsburgh Systems. The committee currently holds 494,122 shares (6.58%).

Harris Interactive (HPOL) French billionaire Vincent Bollore, though his Financière de Sainte-Marine, raised his stake to 3,438,589 shares (6.4%) by buying 2,876,343 from Feb. 20 to April 20 at prices ranging from $5.13 to $5.70 a share.

Quipp (QUIP) Boston Avenue Capital raised its holdings to 96,041 shares (6.6%) by buying 28,641 from April 3 to 11 at $7.08 to $7.40 each.