Investment advisor Duquesne Capital Management will oppose Alpha's proposed merger with Foundation Coal Holdings (FCL), which it contends is "against the best long-term interests of [Alpha] shareholders." Duquesne, headed by veteran fund manager Stanley Druckenmiller, said it had done a detailed financial analysis and has had discussions with senior managers of Alpha and Foundation since the deal was announced in May. Its conclusion: "...The proposed transaction is financially dilutive to Alpha shareholders by $10-$15 per share, increases balance sheet risk to Alpha via the assumption of Foundation's $650 million OPEB/pension liability and $530 million in net financial debt, and reduces financial flexibility via the highly restrictive covenants in Foundation bonds.... The transaction is grossly dilutive to Alpha's favorable business posture -- its valuable exposure to the international metallurgical and thermal coal markets, and its favorable employee profile." Under the deal's terms, Alpha shareholders would get one share of stock in the combined company for each share they now hold. Foundation shareholders would receive 1.084 shares. The companies' shareholders will vote on the transaction on July 31. Duquesne, with 5,927,300 shares (8.31% of the total outstanding), is Alpha's largest stockholder.

Lime Rock Partners disclosed that it now holds 5,234,516 shares (13.9%). The firm purchased 4,990,416 shares on July 13 at $7.45 a share from a group of shareholders led by Centennial Energy Partners, and 244,100 shares from July 9 to July 16 at $7.08 each on the open market.

Nova A/S increased its holdings to 3,729,065 shares (17.1%), after purchasing 343,406 shares on June 25 at $8.50 each in a private placement.

ESL Investments decreased its holdings to 20,206,018 shares (37.6%), after selling 750,085 shares from July 15 to July 17 at $157.83 per share.

ValueAct Capital cut its stake to 6,223,659 shares (4.9%), by selling 3,365,000 from July 8 to July 17 at prices ranging from $25.26 to $25.73.

Owl Creek Asset Management owns 3,204,079 shares after selling 803,900 from June 22 to July 16 at prices ranging from $27.57 to $31.98.

Steel Partners reduced its holdings to 4,321,611 shares (3.8%), after distributing 5,556,608 to indirect investors of one of its funds on July 15.

After examining PRG-Schultz's performance, JANA Partners determined that the company should pursue all avenues to increase shareholder value, including a review of strategic alternatives. JANA reserves the right to take steps to increase shareholder value, which may include changes in PRG-Schultz's board, strategy and plans.