Third Point LLC, a New York hedge fund run by Daniel S. Loeb, cut its stake in Maguire Properties to 2.41 million shares (5.02%) from the 2.9 million (6.03%) it reported on April 16.

Winthrop Realty Trust (FUR) has been denied a request for a waiver that would have allowed it to acquire preferred shares in excess of the ownership limit set by Maguire. Winthrop CEO Michael Ashner had recently requested that his company obtain an exemption to increase its stake, up to a level of 25%. Winthrop currently holds 9.45% of the Series A preferred stock.

Winthrop Realty Trust (FUR) is seeking an exemption from Maguire to increase its stake to up to 25%. Winthrop said it would agree to limit its ownership such that no "individual" -- as defined in Internal Revenue Service regulations -- would have beneficial ownership of more than the existing 9.8% limit. Winthrop believes that its ownership structure is such that the preferred stock is deemed to be owned proportionally by all of the shareholders of Winthrop; and even if Winthrop were to acquire 25% of the preferred stock, that ownership wouldn't cause Maguire to fail to qualify as a real-estate investment trust under tax laws. Winthrop Realty currently holds 9.45% of the Series A cumulative redeemable preferred stock.

Third Point reduced its stake to about 3.25 million shares (6.8%), from about 4.23 million (8.8%) reported July 18.

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).