The hedge fund KVO Capital Management expects to propose an alternate slate of directors at Kana Software's next annual meeting. KVO said that it might engage in discussions with Kana's bank about purchasing the company's outstanding bank debt, and seek to raise financing to pursue the purchase of Kana. KVO stated: "Kana has chosen to ignore the obvious business imperative requiring significant cuts in its operations and instead has determined to continue to pursue its failed 13-year business strategy reliant on equity raises and bank financing." In November 2008, KVO Capital Management urged Kana Software to consider an immediate sale of the company. KVO Capital holds 3,354,343 shares (8.14% of the total outstanding).

Shamrock Activist Value said that it has had discussions with Jackson Hewitt about the company's performance and the need to change its board composition. Shamrock Activist Value wants one or more board members replaced and plans to continue the discussions. Shamrock, an investment firm run by Roy E. Disney, a member of the Walt Disney (DIS) founding family, owns about 2.4 million shares (8.3%).

Strategic Turnaround Equity Partners said that it wants United American Healthcare to reduce the amount of cash it is burning, by cutting salaries and expenses, as well as instituting a "clawback" on all bonuses. Strategic Turnaround added that, while it has supported management of the Detroit-based health-care company in the past, it is "extremely disappointed" with recent results. United American Healthcare lost almost $3 million in its fiscal third quarter, and Strategic Turnaround contends that it hasn't taken the steps needed to improve its performance. Strategic Turnaround holds 737,732 shares (9%).

Terra Industries (TRA) Money manager Steven Cohen reported ownership of 5,150,500 shares (5.2%). Cohen holds the shares through his S.A.C. Capital Advisors and CR Intrinsic Investors. In March, Terra rejected rival CF Industries ' (CF) merger offer -- after rejecting CF's initial offer in January. Cohen said he had acquired the Terra shares for investment purposes and that he didn't have any agreement with any third party for the purpose of acquiring the company.

Berkshire Hathaway (BRKA) Chairman Warren Buffett reduced his holdings in Constellation Energy to 12.48 million shares (6.26%), from the 14.83 million (7.45%) he reported owning on Feb. 9.

Both Carl Icahn and Eastbourne Capital had nominated five directors to the company's 12-person board. However, the election of a majority of new directors would constitute a change of control under the company's debt agreements, resulting in a default. To prevent this possibility, Icahn and Eastbourne (although not acting as a group) received no-action relief from the Securities and Exchange Commission, allowing them to amend their proxies so that each would effectively include the same two Icahn nominees, three Eastbourne nominees and seven incumbent directors.