Responding to accusations from Esopus Creek Advisors, Syms said that it hadn't undervalued its real-estate holdings and that its public disclosures are accurate. Syms said it would meet with Esopus Creek if it it indicated that it would "engage in a good-faith dialogue." Esopus Creek has 464,700 shares (3.76% of the total outstanding).

Barington Capital Group stepped up pressure on Lancaster Colony, saying that the company should live up to its agreement with the hedge fund to publicly disclose its plan to improve its operations and profitability. Barington, run by investor James Mitarotonda, said it intends to closely monitor the company's compliance with the terms of the agreement, as well as its financial and share-price performance. Barington recently cut its stake to about 1.4 million shares (4.9%), from the 1.7 million (5.6%) reported in October 2007.

Amalgamated Gadget sent a letter to XO Chairman Carl Icahn, contending that Icahn is "in clear violation of his fiduciary duties to minority shareholders" and calling for his resignation from the board. Amalgamated said that Icahn and his affiliates "act to advantage improperly their XO debt to the detriment of XO's minority shareholders." Amalgamated Gadget also said that Icahn and his affiliates should put their XO common stock in a blind voting trust and refrain from exercising any managerial control of the company. Icahn and his affiliates own 129,466,420 shares (59%) of XO. Amalgamated Gadget has 12,152,195 shares (6.6%)

Billionaire investor Carl Icahn entered into an agreement with Guaranty Financial under which the company will sell him about 1.06 million shares of its Series B convertible preferred stock for $55 million. Icahn also entered into a purchase agreement under which Guaranty Bank will sell him units consisting of Guaranty Bank subordinated notes -- with an original principal amount of $175 million -- and 406,000 shares of Series B preferred stock. Icahn will pay $175 million for the units. The investor also entered into a letter agreement with Guaranty Financial under which he and the nominating and governance committee will work to identify a qualified candidate to serve as a director. Icahn will also have certain pre-emptive rights with regard to the issuance of specified securities for one year following the issuance of the Series B preferred. Icahn has 3,455,493 shares (7.74%).

Discovery Group I said that it wants to examine the results of the stockholder voting for director nominees at the company's 2008 annual meeting. Discovery Group said the company has refused to disclose the results of the voting despite requests from Discovery and other shareholders. Discovery previously had requested that Spanish Broadcasting's shareholders withhold their votes from all director nominees at the company's 2008 annual meeting. It said it wanted stockholders to "demonstrate their discontent with the management," and show their support for the investor's recommendation that the board form a special committee to evaluate strategic alternatives. Discovery previously had said that it wanted Spanish Broadcasting to hire an investment bank to look at a going-private transaction or sale to a strategic party. Discovery Group holds 3,999,029 shares (9.7%).

Money manager Steven A. Cohen cut his stake in Applied Biosystems to 5.82 million shares (3.5%), from 8.6 million (5.1%) in April. Cohen had suggested a sale of the life-science research company in April. Cohen holds the stake through his S.A.C. Capital Management and CR Intrinsic Investors.

Quercus Trust cut its holdings to about 2.9 million shares (8.8%), from 3.25 million (9.9%) reported in mid-April.

Senate Limited suggested that the company implement certain corporate-governance reforms, expand the size of its board to add independent directors and grant Senate the right to appoint two members, pursue a potential strategic acquisition that Senate believes would be accretive to earnings and buy back a portion of its common stock. Senate also said that it would withhold its vote for Sonus' nominees for election to the company's board at the annual meeting, which was held Friday.