Shamrock Activist Value Fund believes the company has "governance deficiencies." Shamrock suggested that the bakery-cafe chain adopt a majority-voting standard for electing directors, replace its staggered board system with annual election of all directors, and convert outstanding shares of multiple-vote Class B common shares into Class A, so that all common shares have the same voting rights. Shamrock said it has had and will have discussions with the company's senior managers and directors on ways to enhance stockholder value. Shamrock owns 1,349,372 shares (4.67% of the total outstanding).

Oracle (ORCL) CEO Larry Ellison reported liquidating his stake in Nobel. He had held about one million shares of the private-school operator. On July 21, Nobel adopted a plan to protect shareholders in the event of a takeover attempt.

LS Power Equity Partners recently offered to acquire all of the company's outstanding shares for Canadian$39 cash. LS said that in a private-company structure, Trans-Alta's leadership would have "significant flexibility in making long-term investments and plans that benefit stakeholders." Trans-Alta's chairman, Donna Soble Kaufman, said that a special committee of independent directors "will carefully consider the letter and respond in due course." LS said that its goal is to "consummate a consensual, negotiated transaction" supported by TransAlta's board and management. LS Power holds 17,915,800 shares (9%).

Daniel Loeb's Third Point hedge fund said that it had "productive" conversations with Baseline and proposed to add three directors to the company's board. Third Point previously planned to contact the company to discuss obtaining majority control of the board. It proposed that Bradley L. Radoff, Todd Q. Swanson and John V. Lovoi be promptly added. Third Point holds 64.3 million shares (66.9%) and $3.21 million in convertible notes.

Aquifer Capital Group said it has been a shareholder for almost a year and has increased its position, as it sees "solid management execution" reflected in recent financial performance. Aquifer intends to discuss with management the steps necessary to move the stock to more appropriate valuation levels. Aquifer Capital reported holding 402,475 shares (5.06%).

Aquifer Capital Group believes AIXD must balance its "emerging satellite, advertising and content businesses with the current market's fiscal realities," and intends to express its views on how to return the stock to more appropriate valuation levels. Aquifer reported ownership of 1,687,828 shares (6.28%), after buying 1,161,497 from May 29 to July 15 at $1.70 to $2.40 a share.

TRT Holdings raised its stake to 5,757,500 shares (14.1%), by buying 3,757,500 from July 9 to 17 at $21.16 to $26.10 each.

Daniel S. Loeb's Third Point raised its holdings to 10 million shares (8.7%), from the 7.75 million (6.8%) reported on July 11.