Meadow Valley (MVCO) North Atlantic Value is urging Meadow Valley's board to come up with a strategy to maximize shareholder value. North Atlantic said that, unless the board produces a clear plan to be discussed with all major shareholders by June 1, it will vote against the reappointment of current board members at Meadow Valley's annual meeting, scheduled for June 11. North Atlantic also intends to vote for a shareholder proposal to sell Meadow Valley's interest in Ready Mix and to distribute the proceeds to shareholders. North Atlantic Value currently holds 411,900 shares (8% of the total outstanding).

Natus Medical (BABY) Investor David Nierenberg and his D3 Family Funds plan to vote against the reappointment of Deloitte & Touche as the company's auditor. The Nierenberg group said that Deloitte's audit bill for 2006 was "extraordinary and excessive" and may have contributed to the company's first-quarter earnings miss. Deloitte's bill for 2006 ballooned to $1.37 million, from $584,000 in 2005. The Nierenberg group has about 4.08 million shares (18.9%).

Orbit International (ORBT) Chadwick Capital Management said that it intends to communicate with management to explore measures for enhancing shareholder value. Chadwick Capital owns 280,815 shares (6.12%) and says that it might acquire more.

Viewpoint (VWPT) DG FastChannel (ticker: DGIT) reported holding 0.75 million shares (13.2%), along with warrants to buy an additional 2,687,500 at 45 cents each, beginning Nov. 11. DG FastChannel intends to continually evaluate Viewpoint's business and may have discussions with the company or propose changes in its management or board.

Delta Air Lines (DAL) The federal Pension Benefit Guaranty Corp. reported a 20.7% stake as a result of a distribution of about 49.5 million Delta shares, based on an unsecured claim against Delta. The PBGC is the federal guarantor of pension benefits. Its ownership position is related to the airlines' statutory liability arising from the termination of the company's pilots' retirement plan, which the agency took over on Dec. 31, 2006. Under Delta's reorganization plan, Delta is expected to make additional distributions to holders of allowed unsecured claims. The Pension Benefit Guaranty Corp. might receive additional Delta shares in future distributions.

Modine Manufacturing (MOD) A group including Shamrock Activist Value Fund raised its holdings to 2.09 million shares (6.37%), from the 1.73 million (5.27%) reported in November 2006.

Consolidated-Tomoka Land (CTO) Wintergreen Advisers, the company's largest shareholder, raised its stake to 1,067,127 shares (18.7%) by buying 35,205 from March 15 to May 14, at prices ranging from $74.38 to $75.18.

Advanced Medical Optics (EYE) ValueAct Capital boosted its holdings to 4,393,235 shares (7.3%) by purchasing 2,182,900 from March 12 to May 10, at $37.57 to $41.47 per share.