Investors including Davidson Kempner Partners own 4.86 million Class A shares ( 5.9% of the total outstanding). The group has been analyzing Sun-Times Media's operations, obligations and governance structure with a view to determining how best to maximize value for shareholders.

Germany's Edelmann reported owning 1.57 million shares (7.6%). It may seek representation on Chesapeake's board.

Investor Charles Mathewson boosted his stake to 2.76 million shares (25.78%) from 905,947 (10.25%). He recently bought 5,000 shares of Series C convertible preferred and a warrant to purchase 600,000 shares at $4 each.

Third Point cut its holdings to 3.85 million shares (9.98%) from 4.71 million (12.5%), selling 775,800 from Aug. 29 through Sept. 9, at prices ranging from $5.33 to $6.79.

SRM Global Fund holds 13.2 million shares (4.04%), after selling 12.6 million on Sept. 3 for $12 per share.

Quercus Trust owns 26,673 shares (0.1%) after selling 257,355 from Aug. 11 through Aug. 28, at prices ranging from $2.96 to $3.46, and 1.8 million on Aug. 28

In its May 13D filing, Discovery Group urged Tier Technologies' board to engage an investment bank to explore all strategic alternatives, including the potential sale of the company. Discovery recently submitted a shareholder proposal for the 2009 annual meeting that urges the board to terminate the company's poison-pill provisions and reinstate the ability for a special meeting to be called if at least 10% of stockholders call for one.