PHH (PHH) Pennant Capital Management opposes a merger with GE Capital Solutions and Blackstone Group because, it contends, the price doesn't reflect PHH's value. Pennant said the merger isn't in the best interest of the shareholders, and it urged the board to pursue a separation of the company's mortgage and fleet businesses through a spinoff. Pennant holds 4,169,800 shares (7.8% of the total outstanding).

Hexcel (HXL) O.S.S. Capital Management asked the company to form a committee of independent directors and retain an investment bank to advise the committee to maximize shareholder value. O.S.S. said HXL is "under-earning," and the shareholders are "suffering from this situation." O.S.S. Capital currently holds 4.81 million shares (5.1%).

Riviera Holdings (RIV) Flag Leisure Group intends to nominate a slate of five directors to the board at the 2007 annual meeting of stockholders. The nominees are Michael D. Rumbolz, chief executive of Las Vegas cash- access company Cash Systems (CKNN); Larry duBoef, a former president of the American Cancer Society; Dan Reichartz, the general partner of DR&DR, a private firm that provides strategic planning, marketing and management services to the gaming, hotel and resort industry; Thalia M. Dondero, who serves on the Board of Regents of the Nevada System of Higher Education; and Daniel Yih, chief operating officer of private-equity firm GTCR Golder Rauner. The Flag Leisure Group sent a letter to the company demanding access to a list of stockholders and other related materials for the purpose of soliciting proxies. The Flag Leisure Group currently holds 836,588 shares (6.71%).

Universal Power Group (UPG) 3V Capital Management asked UPG for representation on its board. 3V Capital also requested a meeting with the company's board to discuss its views with regard to creating shareholder value and improving the market's impression of its intrinsic value. It also said that it wants to work "constructively and consensually" with Universal Power's executive management team and board to help "refine" the company's business strategy and operating plan and "better communicate" it to the investor community. 3V Capital currently holds 628,700 shares (12.6%).

Lamson & Sessions (LMS) A group including Ramius Capital Group called for the company to promptly set a date for its 2007 annual meeting or add two of its representatives to the board. The Ramius group said it believes that the board may have delayed scheduling the 2007 annual meeting because of the exploration of strategic alternatives currently under way. The Ramius group currently holds 1,569,338 shares (9.9%).

DHB Industries (DHBT) A group including Harbinger Capital Partners Master Fund I raised its holdings to 6,833,225 shares (13.4%), after buying 933,701 from April 24 to 26 at $5.37 to $5.57 each.