New York-based hedge fund advisor Spencer Capital a fund that specializes in deep value investing through investment tools including equities issued a press release announcing their intention to seek to restructure of Trident Microsystems board of directors by putting forth a slate of candidates for election at the next annual meeting. Trident Microsystems (TRID): Trident Microsystems is a $1.42 stock with a market cap of around $90 million dollars; the company is evolved with the development and manufacturing of integrated circuits associated with digital TV & liquid crystal displays. Trident is actually trading with a negative Enterprise Value of $131.08 million dollars as Trident is actually trading for below its cash on hand. The company has $212 million dollars in cash ($3.37 per share), and zero debt. While they are not profitable, Trident did have revenue of $150 million in 2008.

The saga between Dialectic Capital Management California Micro Devices (CAMD) continues, as Dialectic who currently owns 8.6% of California Micro nominated four people for election in hopes of maximizing shareholder value. Since the start of 2009, Dialectic Capital has filed several notable documents relating to California Micro, including in early January asking the current board to hire B. Riley, a boutique investment bank to help the company explore alternatives, issue a special $1.42 per-share dividend to all shareholders, and asking management to remove several misguided strategies which Dialectic believes has hurt shareholder value. California Micro has a stated market capitalization of $43 million dollars, with $48 million dollars in cash sitting in the bank, which equates to $2.09 in cash per share, and zero debt. For the full year 2008 California Micro reported revenue of $55.12 million dollars.

DellaCamera Capital has nominated two people for election to CuraGen Corp (CRGN) board at the company’s next annual meeting. On February 18th, CuraGen Corp said its “undertaking a review of a broad range of strategic alternatives to enhance shareholder value” The official statement from CuraGen said: “The Board believes that management is making exciting progress as CR011 moves through the current Phase II clinical trials and that it has taken the necessary actions over the past two years to ensure that CuraGen is a well capitalized organization in a difficult external financing environment. The Board further believes we should consider strategic alternatives that could enhance shareholder value. These alternatives range from selling or licensing CR011, to acquiring additional assets or business lines, to selling the company” CuraGen has hired an investment bank to asset the board with its strategic review.

On March 3rd, Andrew Baker the Chairman and Chief Executive Officer of Life Science Research (LSR) submitted a non-binding proposal to acquire Life Science Research for $7.50 per share. Currently Life Science is trading at $6.62 offering investors a 13.4% arbitrage opportunity between the current market price and the offer price from Andrew Baker.

On March 5th Kistefos, a Norwegian private-equity fund, nominated two people for election to Trico Marine Services (TRMA) at the boards next annual meeting. We cover Trico Marine in greater detail here: http://www.stockpickr.com/problog/1266/

Despite losing 93% of its initial investment, Bill Ackman of Pershing Square Capital Management is seeking to obtain several board of directors seats on Target’s board. For more activist news visit the Latest Activist Filings portfolio on Stockpickr.com