Youbet.com (UBET) New World Opportunity Partners I may seek representation on the company's board. If it does, it may nominate Jay R. Pritzker as a director. New World Opportunity Partners I holds 3,914,143 shares (9.3% of the total outstanding).

Idaho General Mines (GMO) Shareholder Coghill Capital Management said it had notified Idaho General Mines of possible business combinations that it believes may be of interest to the company. Coghill also asked Idaho General's board to develop a plan to "achieve the highest quartile of corporate governance within the next six months." Coghill has 15.5 million shares (27.4%).

World Air Holdings (WLDA) Riley Investment Management wants the company to be sold or go private. Riley said it is concerned about World Air's financial controls, late public filings, allocation of shareholder capital and its board's "lack of oversight and diligence" and absence of shareholder representation. Riley Investment owns about 1.42 million shares (5.9%).

Brink's (BCO) MMI Investments remains "frustrated" over the company's "longstanding, significant undervaluation, relative to its peers" and called for a tax-free spinoff of Brink's two business segments. MMI believes the spinoff would result in an aggregate value of $79 a share for the two companies. MMI holds about four million shares (8.3%).

FSI International (FSII) Chapman Capital intends to solicit interest in acquiring the company by prospective strategic buyers and to recruit personnel who would replace the current management. Chapman has become "increasingly disconcerted by the apparent divergence between ownership and management" of the Minneapolis maker of capital equipment for the microelectronics industry. Chapman holds about 1.99 million shares (6.5%).

American Bank Note Holographics (ABHH) An investor group including Levy, Harkins & Co. said it had nominated five candidates for election to the board: Randall C. Bassett, J. Patrick Collins, Eric Haskell, David F. Waguespack and Peter Woodward. The group wants the new directors to consider a possible sale of American Bank Note Holographics. The group reported holdings of about 3.96 million shares (20.9%).

Mueller Water Products (MWAB) Fairholme Capital Management raised its stake to 9,524,500 Class B common shares (11.1%), by buying 1,475,500 from Jan. 29 to March 30 at $13.42 to $15.16 each.

NetManage (NETM) Riley Investment Management raised its position to 668,752 shares (7%) from the 536,111 reported on Feb. 6. No transaction details were provided.