PL Capital and its affiliates said they recently had submitted a notice to CFS Bancorp nominating John W. Palmer for election as a director at the company's 2010 annual meeting. The PL Capital group plans to ask management about its operating and strategic plans for managing its holdings of loan participations and syndications, and managing other credit risks in the current economic downturn. The investor group also plans to ask the company about its plan for maximizing shareholder value. The PL Capital group holds 1,001,151 shares (9.4% of the total outstanding).

Tracinda, the investment vehicle controlled by billionaire Kirk Kerkorian, reported holding 93,797,701 shares (34.1%). At the request of Tracinda, Delta recently repurchased certain contingent payment rights, or CPRs, held by Tracinda for $26 million. The contingent payment rights entitle Tracinda to receive about $27.9 million of the net proceeds that Delta is expected to get in connection with a court case concerning its Amber Resources of Colorado unit. In that case, Amber Resources and other energy companies sued the federal government, which had granted them offshore drilling rights in various areas along the U.S. coast, but then prevented them from drilling after passage of a law that tightly restricted such operations.

Hedge fund Mill Road Capital said it had sent a non-binding offer to Kona Grill, which operates "upscale casual" restaurants, to acquire all of the company's capital stock for $27.9 million, or $4.60 a share. Mill Road said the offer isn't conditioned on the receipt of any outside financing. The hedge fund added that if Kona decides to proceed with its rights offering, and if the deal is fully subscribed, it will increase the consideration that it pays to shareholders by $3.5 million, or the amount raised in the rights offering. In addition, Mill Road said that, given the large increase in shares outstanding, the price paid per share probably will fall. Mill Road, which is Kona's second-largest shareholder, said it is prepared to commence negotiations "immediately," and believes it could reach a definitive acquisition agreement in less than 30 days. Mill Road holds 640,062 shares (9.8%).

MathStar shareholder Salvatore Muoio said he intends to seek to acquire control of the company. MathStar has said that it is looking for a merger, but has rejected proposals from PureChoice. Muoio had called for the company's liquidation in a letter disclosed last Dec. 16. He holds 675,100 shares (7.35%).

Italian entrepreneur Diego Della Valle, who is chairman and chief executive of Tod's, an Italian luxury-shoe maker, bought 8.48 million shares of the upscale retailer Saks for a total of $30 million during the period from Feb. 20 to May 7.

ValueAct Capital has a seat on Valeant's board and has been instrumental in effecting an ongoing restructuring of the company. From May 7 through May 15, ValueAct purchased 2.6 million common shares, bringing its ownership to 19.3%. On May 15, Valeant amended its poison pill so investors like ValueAct could own up to 30% of its common.