Costa Brava Partnership III offered to pay $3.90 a share for all outstanding Orange 21 equity interests it doesn't already own. Costa Brava believes stockholders will "respond favorably to this proposal, which not only offers a substantial premium, but also provides liquidity generally not available due to low trading volume." It also said that it could start due diligence immediately and could commence negotiations on a definitive purchase agreement in tandem with its diligence efforts. Costa Brava currently holds 771,595 shares (9.44% of the total outstanding).

Greenlight Capital is concerned about MI Development's investment in Magna Entertainment (MECA). Greenlight said that MIM must enforce or preserve the value of its $267 million senior-debt investment in Magna and shouldn't continue to fund Magna or extend the existing debt's maturity. Greenlight said that Magna had been "a case-study in mismanagement," and that its prospects were "dim even before the cycle turned against the U.S. consumer and... gaming." It wants MIM to explore all alternatives with regard to Magna, including foreclosing on the senior debt or selling it to a third party. Greenlight owns 5,036,335 shares (10.9%).

Lawndale Capital Management sent a letter to Sparton formally recommending that the company consider adding four independent directors to its board. Lawndale also wants the board to hire experienced turnaround management from outside its "historically ineffective managerial culture." The investor also provided the required notice of its intent, absent a satisfactory settlement of differing viewpoints, to directly nominate candidates for board seats via an alternative proxy slate at the next annual meeting. Lawndale holds 968,810 shares (9.9%).

A group of Orient-Express Hotels shareholders want the company to convene a special meeting of shareholders to vote on certain resolutions that would eliminate the hotel chain's circular ownership structure. Under that structure, a wholly owned unit of Orient-Express controls the company through ownership of all of its super-voting Class B shares. The group, including CR Intrinsic Investments, Steven A. Cohen, and D.E. Shaw & Co., owns 6,053,670 shares (14.3%).

An Israeli investor, Radvision Chairman Zohar Zisapel, raised his stake to 3,229,332 shares (15.93%), by buying 405,596 from Aug. 4 to 22 at prices that ranged from $5.84 to $6.91.

Mario Gabelli's Gamco Investors (GBL) owns 2,109,740 shares (5.05%), after buying 291,400 from June 30 to Aug. 25 at $21.60 to $35.07 a share.

Castine Capital Management raised its stake to 236,981 shares (6.7%), from the 197,476 (5.6%) reported in January.

Funds run by Gamco Investors (GBL) cut their stake to 3.52 million shares (7.29%), from the 3.97 million (8.29%) reported in April.