Franklin Electronic Publishers Chief Executive Barry J. Lipsky submitted a going-private plan to the board, proposing to acquire the company for $2.35 a share. The company's board has formed a special committee of independent directors to consider the terms and conditions of the proposal and to recommend to the board whether to approve the proposal. The proposal was submitted by a group of shareholders consisting of Lipsky, Chairman Howard L. Morgan and several other executives. The group owns 1,684,638 shares (20.4% of the total outstanding).

Mario Gabelli's Gamco Investors (GBL) intends to submit recommendations of one or more individuals as director nominees to Myers Industries' board for election at the company's 2010 annual meeting. Last month, Gamco nominated four candidates for election to Myers' board at the company's 2009 annual meeting, but they didn't get elected. The Gabelli group currently holds 3,277,475 shares (9.3%).

Hedge fund Mill Road Capital recently sent Kona a $3.5 million financing proposal which could replace the company's currently planned rights offering. Mill Road said the proposal is intended as a "replacement" for the currently planned rights offering, and would provide the same proceeds to the company with no dilution to any shareholders. It said it could provide $3.5 million in unsecured subordinated notes to the company, with an interest rate of 12%. In mid-May, Mill Road made a "nonbinding" offer to acquire all of Kona's capital stock for $27.9 million in cash, or $4.60 a share. Mill Road previously said the offer wasn't conditioned on the receipt of any outside financing. Mill Road holds 640,062 shares (9.8%).

Prescott Group Capital Management reported holding 1,865,383 shares (12%) after buying those shares on May 28, no transaction details were provided.

Longview Asset Management reported ownership of 6,639,368 shares (5.2%) after buying 601,100 on May 21 at $20.32 each.

Mario Gabelli's Gamco Investors (GBL) reduced its stake to 6,351,611 shares (28.5%) after selling 18,399 from April 7 to May 28 at $2.05 to $3.38 each.

Third Point LLC, a New York hedge fund run by Daniel S. Loeb, cut its stake in Maguire Properties to 2.41 million shares (5.02%) from the 2.9 million (6.03%) it reported on April 16.

Steven Cohen's S.A.C. Capital Advisors and affiliates cut their holdings of the fertilizer maker to 3.96 million shares (4%) from the 5.15 million (5.2%) reported on May 11.