California Capital said that it holds 4,650,000 shares (9.7%) of the real-estate investment trust, bought from Sept. 29 to Oct. 7 at prices ranging from $5.81 to $6.23.

JMB Capital Partners Master Fund intends to nominate a slate of candidates to replace at least a majority of the Southern California real-estate investment trust's board at the 2008 annual meeting slated for Oct. 2. JMB said this is an effort to "provide the company with a board free from involvement with issues inherited from prior management." (Chairman and Chief Executive Robert Maguire III recently gave up an effort to buy the company he founded.) JMB Capital holds 4,650,000 shares (9.7%).

In a separate filing involving Maguire, New York hedge-fund manager Daniel Loeb urged the property company's board to take the necessary steps to facilitate its sale. Loeb said he won't support a board that doesn't exercise its fiduciary obligation to maximize shareholder value and will take whatever steps required to protect and maximize his investment in the company. Maguire Properties recently rejected a $20.25-a-share buyout offer from a private real-estate company, Pacific Office Properties Trust, saying that the proposed deal "was not in the best interest of shareholders." Loeb, through his Third Point fund, holds 4,225,000 shares (8.8%).

Hedge fund Third Point originally acquired the shares for investment, without any purpose of changing or influencing control of MPG, but Maguire's recent announcement of dropping plans of a sale prompted the fund to proclaim itself an activist. Third Point said it raised its stake to 4.05 million shares (8.4%), from 3.35 million (7.1%).

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In response to a 13D filing by hedge-fund JMB Capital, the company decided to focus on strategic alternatives for achieving shareholder value, including the possible sale of the company. Shortly thereafter, the company announced that due to "the lack of any viable acquisition proposal" and current market conditions, it is no longer pursuing a sale of the company. In addition, stakeholder Third Point, an activist hedge fund, promptly filed a 13D stating that, in light of that announcement, Third Point may no longer be considered a passive investor.

Third Point, a hedge fund run by Daniel S. Loeb, originally acquired Maguire Properties shares for investment, without any purpose of changing or influencing control of the company. But, Third Point says, Maguire Properties' recent announcement of dropping plans to sell itself prompted it to register itself as an activist investor. Third Point may engage in communications with Maguire Properties and with other shareholders regarding Maguire's strategic alternatives. Third Point currently holds 3,350,000 shares (7.1% of the total outstanding).

JMB Capital Partners Master Fund increased its position to 2,993,000 shares (6.34%), from the 2,452,700 (5.2%) it reported owning on Nov. 13.

"JMB Capital Partners Master Fund wants Maguire to create an independent committee to evaluate strategic options and add two JMB representatives to the board to participate. JMB also wants Maguire to separate the positions of chairman and CEO and void all current standstill arrangements with prospective buyers. JMB owns about 2.45 million shares (5.2% of total outstanding)."

Proxy Fight.JMP and Scoggin Capital want mpg to put itself for sale.

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