Investment-management firm Arnhold and S. Bleichroeder Advisers (ARBA) said it will vote against Entrust's proposed sale to private-equity firm Thoma Bravo -- which in April agreed to pay $1.85 a share, or $114 million, for the digital-security company. In a letter to Entrust's board, representatives of ARBA said: "We find the board's case for selling [Entrust] at this point in time unconvincing. [It] has ample cash, a sustainable and robust government line of business, and several highly regarded products with potential to add growth to the business model in the near term." ARBA's stake is 3,200,000 shares (5.2% of the total outstanding), for which it paid about $6.1 million. The firm can only vote 2 million shares, however, due to record-date restrictions. (Also see Spotlight at right.)

Edinburgh Partners disclosed that it now owns 4,422,927 shares (5.04%).

Crestview Partners said it has 9,216,734 shares (14.1%), after buying 1,000,000 on June 16 at $4.65 in a secondary offering.

W.L. Ross & Co. now holds warrants for 3,377,903 shares (16.2%). The firm acquired the warrants at a strike price of $6 a share, and agreed to buy an additional $1.5 million worth of common stock as part of a $75 million term loan that it extended to Greenbrier Companies.

Shah Capital Management announced it currently has 6,460,491 shares (5.05%).

Harbinger Capital disclosed that it now holds 9,888,684 shares (51.3%). The firm paid $7.50 a share to acquire the stock from Malcolm Glazer and his family.

Kojaian Ventures increased its position to 16,045,322 shares (24.62%), after buying 700,000 from June 9 to June 15 at an average of 86 cents per share.

Broadwood Capital increased its holdings to 6,028,638 shares (17.4%), after purchasing 1,159,362 on June 16 at $1.88 apiece in a secondary offering.