A Dallas-based hedge fund that specializes in merger arbitrage and similar "event-driven investments" has declared a 5.1 percent stake in J. Alexander's, which has risen more than 25 percent since the day after Fidelity National Financial first said it planned to buy the restaurant chain. Slotnik Capital Management, which was launched in the spring of 2010, first began piling into J. Alexander's on Aug. 8 and was still buying as recently as last week. A back-of-the-napkin calculation suggests founder Charles Slotnik and his team — who paid an average of $13.67 per share — will book a profit of about $250,000 (or more than 5 percent on his initial outlay) for his investors when Fidelity National pays $14.50 per share in the coming weeks.