Robino Stortini Holdings, a hedge fund managed by Charles Robino and Michael Stortini, said it will seek effective or actual control of the company, either alone or with members of the company's management. The hedge fund will consider purchasing all or a portion of Investors Capital's common shares held by its controlling stockholder in a negotiated transaction, or try to obtain a majority stake through a tender offer. ICH has both broker-dealer and investment advisory servicing arms. Robino Stortini also said that it will keep the financial-services holding company public. Robino Stortini met with ICH's controlling stockholder last month to discuss a buyout proposal, but the company's management didn't wish to proceed further with a transaction. Robino Stortini holds 761,404 shares (11.7% of the total outstanding).

Discovery Group I plans to withhold its votes for two director nominees at the supply-chain and integrated-product management company's annual meeting, scheduled for July 24. The two nominees are Robert B. Barnhill, Jr. and Benn R. Konsynski. Discovery said that it opposes the board's adoption of a "poison pill" and an amendment to the company's bylaws that increased the percentage of stockholders required to call a special meeting to 50% from 25%. Discovery said it believes both items are "material to the rights and ownership value of Tessco shares and, therefore, should have been voted upon by the stockholders." The investment firm also plans to withhold its votes because of Tessco's repurchase of shares held by a potential strategic acquirer, and what it views as an "emerging corporate governance crisis at the company." Discovery holds 635,399 shares (13.1%).

JMB Capital Partners Master Fund intends to nominate a slate of candidates to replace at least a majority of the Southern California real-estate investment trust's board at the 2008 annual meeting slated for Oct. 2. JMB said this is an effort to "provide the company with a board free from involvement with issues inherited from prior management." (Chairman and Chief Executive Robert Maguire III recently gave up an effort to buy the company he founded.) JMB Capital holds 4,650,000 shares (9.7%). In a separate filing involving Maguire, New York hedge-fund manager Daniel Loeb urged the property company's board to take the necessary steps to facilitate its sale. Loeb said he won't support a board that doesn't exercise its fiduciary obligation to maximize shareholder value and will take whatever steps required to protect and maximize his investment in the company. Maguire Properties recently rejected a $20.25-a-share buyout offer from a private real-estate company, Pacific Office Properties Trust, saying that the proposed deal "was not in the best interest of shareholders." Loeb, through his Third Point fund, holds 4,225,000 shares (8.8%).

A group of funds managed by Mario Gabelli's Gamco Investors reported holdings of about 3.06 million shares (6.94%) in the molecular diagnostics company. It purchased the stake from June 9 to July 2 at $11.11 to $11.20 a share.

MTR Gaming Group Director Jeffrey Jacobs said that he wants to purchase up to $5 million of the company's common stock at a 25% premium to the market price. Jacobs is interested in buying the shares for $6.25 to $10 each prior to Jan. 15, 2009. Jacobs also may hold discussions with third parties or with the company's management, or suggest or take a position on potential changes in the company's casino and racetrack operations, management or capital structure as a means of enhancing shareholder value. Jacobs was elected to serve on the company's seven-person board on May 6. He was also appointed to serve on the company's succession committee. Jacobs holds 4,091,253 shares (14.9%).

Hedge-fund manager Steven A. Cohen cut his stake to about 3.38 million (4.4%) from 4.1 million shares (5.3%) reported on June 25. Cohen's disclosure comes as options traders question whether Electronic Arts (ERTS) will succeed in its $2 billion hostile bid for the video game maker and distributor. Cohen heads SAC Capital.

After just recently reporting ownership of 2,820,200 (8%) of this biopharmaceutical company, Steven A. Cohen, and his SAC Capital said late last Thursday they'd cut their stake to about 426,555 shares (1.21%). On June 23, privately-held Stiefel Laboratories, which specializes in dermatological products, announced that it agreed to acquire Barrier for $4.15 a share in a deal valued at about $148 million.

Sageview Capital is discussing with management, and may make suggestions concerning the beauty company's operations, prospects, business and financial strategies, assets and liabilities, and any other matters the firm deems relevant to its investment.