American Capital Strategies (ACAS) said that Merisel hasn't satisfied the closing conditions of their merger agreement and that it reserves the right to terminate the deal. American Capital maintains that Merisel has experienced a "company material adverse effect" because its first-quarter results were worse than those that had been previously indicated, and that this isn't allowed under the agreement. Merisel has said that American Capital would have to pay it a $2.5 million termination fee if it doesn't consummate the merger. American Capital owns 6,590,893 shares (68.5% of the total outstanding).

Trinad Capital Master Fund denounced the appointment of Michael Fleming as NTN's chairman and interim CEO. Trinad, a hedge fund, demanded that the board "immediately rescind" the letter of agreement with Fleming and that he resign. Trinad maintains that the board hadn't searched for a qualified candidate and that the decision to appoint one of its own members was a breach of fiduciary duty. It also called for the board to consider its slate of directors for election at the annual meeting. The nominees are Jay Wolf and Robert S. Ellin, Trinad's co-founders; Bruce Stein, the CEO of Mandalay Media (MNDL); and Ian Aaron, chief executive of Twistbox Entertainment. Trinad holds 4,934,375 shares (8.8%).

Lane Five Capital Management disagrees with the company's decision to put itself up for sale, calling it "short-sighted." Lane Five contends that the decision "represents more an effort to provide liquidity to the founders in the short term than realization of full or optimal value for the public shareholders in the long term." Lane Five Capital owns 1.1 million shares (6.6%).

Billionaire investor Edward Lampert has raised his stake to about 71.25 million shares (39.9%) by buying approximately 2.1 million from May 16 to 28, at a total cost of $33.3 million.

Loeb Partners and its affiliates have cut their holdings to 673,592 shares (6.4%) from the 775,944 (7.44%) they reported owning on March 11. The investors say they may discuss Core-Mark's business with management or the board.

Steel Partners trimmed its holdings to about 1.91 million shares (9.5%) from the 2.43 million (11.1%) it had reported owning in mid-April. On April 11, EnPro and Steel Partners agreed to settle the contested election of directors at the company's 2008 annual meeting, scheduled for June 9. EnPro said that it had agreed to expand its board to nine members from eight and that it will add Don DeFosset, the former chief executive of Walter Industries (WLT), to the board, following the annual meeting.

A group including Mario Gabelli's Gamco Investors (GBL) now owns about 3.84 million shares (18.05%), down from the 4.11 million (19.63%) it had reported owning on May 7.

Ramius Capital is having ongoing discussions with management, the board and other stockholders concerning Agilysys' operations, plus representation on, and potential changes to, the board. Ramius reserves the right to nominate candidates for election to the board at the 2008 annual meeting, if it and Agilysys disagree on the board's composition.