Hedge fund Bulldog Investors wants the special-purpose acquisition company (SPAC) headed by leveraged-buyout veteran and Texas Rangers owner Tom Hicks to liquidate and return money to shareholders now, saying it believes that a proposed acquisition of Graham Packaging won't be completed in a timely manner. SPACs, also known as "blank-check companies," raise money through initial public offerings with the intention of acquiring an already-established operating company. If such a transaction isn't completed within a prescribed period of time, the SPAC must liquidate and return cash to shareholders. In June 2008, Hicks Acquisition agreed to acquire plastic-container maker Graham Packaging from its majority owner, the Blackstone Group (BX). If the proposed $3.2 billion transaction isn't completed by Sept. 29, Hicks Acquisition's certificate of incorporation will force the company to liquidate. Blackstone and Hicks amended their agreement in January, allowing either party to drop out of the deal without penalty. Meanwhile, Graham Packaging extended its credit agreement with its lenders in late May. "Given the abysmal market environment for financing private-equity transactions and with less than four months to go before Hicks Acquisition must complete a transaction, liquidation seems to be virtually inevitable. If so, it makes no sense to throw good money after bad," Bulldog Principal Phillip Goldstein wrote in a previously unreleased June 3 letter to Hicks Acquisition. Goldstein followed up with a June 29 letter informing Hicks Acquisition that his firm intends to file a petition in the Delaware Court of Chancery to ask the Court to order the SPAC to hold an annual meeting to elect directors, at which time Bulldog intends to "nominate candidates who are committed to a prompt windup of [Hicks Acquisition]." Bulldog owns 1,267,000 shares (1.84% of the total outstanding) of Hicks Acquisition.

Discovery Group disclosed that it now holds 544,543 shares (5.2%) of the operator of a network of nonsectarian preschools, elementary schools, middle schools and specialty high schools. The firm purchased the stock between May 7 and July 1, paying a little more than $6.5 million, or $11.94 per share.

Altius Resources disclosed that it now owns 4,226,072 shares (5.38%) in the acquirer of natural resources royalties. The company paid more than $15.35 million, or $3.63 per share.

Mario Gabelli's Gamco Investors increased its holdings to 5,676,250 shares (13.93%) of the newspaper, broadcasting and online operator, after buying 287,800 shares from May 6 through July 2 at $1.06 to $1.64 per share.

Steel Partners decreased its holdings to 12,939,157 shares (7.0%) in the supplemental health insurer, after selling 2,737,303 shares from June 25 to June 30 at prices of $1.83 to $2.39 each.

Prides Capital decreased its holdings to 367,473 shares (2.1%) in the payday- and consumer-loan provider, after selling 916,400 shares in the period from June 26 to June 30, at prices ranging from $5.03 to $6.23 per share.