-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LZ6eiKy0OiTJTh6TRQAID2pH8+NUGKh3GkYCM1d1ovPyAoClhtDu5FjbRe69NaxQ ONxGoNz9NJtOraYgYPY6tg== 0000898432-07-000113.txt : 20070207 0000898432-07-000113.hdr.sgml : 20070207 20070207151910 ACCESSION NUMBER: 0000898432-07-000113 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070207 DATE AS OF CHANGE: 20070207 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ABOVENET INC CENTRAL INDEX KEY: 0001043533 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 113168327 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-52465 FILM NUMBER: 07587842 BUSINESS ADDRESS: STREET 1: 360 HAMILTON AVE STREET 2: 1 NORTH LEXINGTON AVE CITY: WHITE PLAINS STATE: NY ZIP: 10601 BUSINESS PHONE: 9144216700 MAIL ADDRESS: STREET 1: 360 HAMILTON AVE STREET 2: 1 NORTH LEXINGTON AVE CITY: WHITE PLAINS STATE: NY ZIP: 10601 FORMER COMPANY: FORMER CONFORMED NAME: METROMEDIA FIBER NETWORK INC DATE OF NAME CHANGE: 19970925 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL FIBER NETWORK INC DATE OF NAME CHANGE: 19970806 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STONEHILL INSTITUTIONAL PARTNERS LP CENTRAL INDEX KEY: 0001052161 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 110 EAST 59TH STREET CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2123555200 MAIL ADDRESS: STREET 1: 126 EAST 56TH STREET STREET 2: 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G 1 stonehill_sc13g.txt --------------------------- OMB APPROVAL --------------------------- OMB Number: 3235-0145 --------------------------- Expires: February 28, 2009 --------------------------- Estimated average burden hours per response... 10.4 --------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 AboveNet, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 00374N107 - -------------------------------------------------------------------------------- (CUSIP Number) January 25, 2007 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [x] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Stonehill Institutional Partners, L.P. I.R.S. Identification Nos. of above persons (entities only). 13-3982121 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: Delaware, USA - -------------------------------------------------------------------------------- 5. Sole Voting Power: 0 Number of Shares ------------------------------------------------------------------- Beneficially Owned by 6. Shared Voting Power: 405,533 Each Reporting ------------------------------------------------------------------- Person With 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 405,533 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 405,533 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 3.8% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): PN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Stonehill Offshore Partners Limited I.R.S. Identification Nos. of above persons (entities only). N/A - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: Cayman Islands - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by Each 6. Shared Voting Power: 404,556 Reporting Person With ------------------------------------------------------------------- 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 404,556 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 404,556 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 3.8% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): CO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Stonehill Advisers LLC I.R.S. Identification Nos. of above persons (entities only). 13-4090347 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: Idaho, USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares ------------------------------------------------------------------- Beneficially Owned by 6. Shared Voting Power: 404,556 Each Reporting ------------------------------------------------------------------- Person With 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 404,556 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 404,556 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 3.8% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): PN, HC - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Stonehill Capital Management LLC I.R.S. Identification Nos. of above persons (entities only). 13-4091243 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: Delaware, USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by 6. Shared Voting Power: 810,089 Each Reporting ------------------------------------------------------------------- Person With 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 810,089 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 810,089 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 7.7% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): PN, HC - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Stonehill General Partner, LLC I.R.S. Identification Nos. of above persons (entities only). 20-8376904 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a)X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: Delaware, USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by Each 6. Shared Voting Power: 405,533 Reporting Person With ------------------------------------------------------------------- 7. Sole Dispositive Power: 0 ---------------------------------------------------------------- 8. Shared Dispositive Power: 405,533 - ----------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 405,533 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 3.8% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): PN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: John Motulsky I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by Each 6. Shared Voting Power: 810,089 Reporting Person With ------------------------------------------------------------------- 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 810,089 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 810,089 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 7.7% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): IN, HC - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Christopher Wilson I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by Each 6. Shared Voting Power: 810,089 Reporting Person With ------------------------------------------------------------------- 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 810,089 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 810,089 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 7.7% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): IN, HC - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Wayne Teetsel I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares ------------------------------------------------------------------- Beneficially Owned by 6. Shared Voting Power: 810,089 Each Reporting ------------------------------------------------------------------- Person With 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 810,089 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 810,089 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 7.7% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): IN, HC - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Thomas Varkey I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by Each 6. Shared Voting Power: 810,089 Reporting Person With ------------------------------------------------------------------- 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 810,089 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 810,089 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 7.7% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): IN, HC - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 00374N107 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons: Jonathan Sacks I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X (b) - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization: USA - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power: 0 Shares Beneficially ------------------------------------------------------------------- Owned by Each 6. Shared Voting Power: 810,089 Reporting Person With ------------------------------------------------------------------- 7. Sole Dispositive Power: 0 ------------------------------------------------------------------- 8. Shared Dispositive Power: 810,089 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 810,089 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9): 7.7% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions): IN, HC - -------------------------------------------------------------------------------- Item 1. (a) Name of Issuer AboveNet, Inc. (b) Address of Issuer's Principal Executive Offices 360 Hamilton Avenue White Plains, NY 10601 Item 2. Name of Person Filing (a) Stonehill Institutional Partners, L.P., Stonehill Offshore Partners Limited, Stonehill Advisers LLC, Stonehill Capital Management LLC, Stonehill General Partner, LLC, John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey, Jonathan Sacks. Address of Principal Business Office: (b) c/o Stonehill Capital Management LLC 885 Third Avenue 30th Floor New York, NY 10022 (c) Citizenship Stonehill Institutional Partners, L.P.: Delaware limited partnership Stonehill Offshore Partners Limited: Cayman Islands exempted company Stonehill Advisers LLC: Idaho limited liability company Stonehill Capital Management LLC: Delaware limited liability company Stonehill General Partner, LLC: Delaware limited liability company John Motulsky ("Motulsky"): US Citizen Christopher Wilson ("Wilson"): US Citizen Wayne Teetsel ("Teetsel"): US Citizen Thomas Varkey ("Varkey"): US Citizen Jonathan Sacks ("Sacks"): US Citizen (d) Title of Class of Securities Common Stock (e) CUSIP Number 00374N107 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO ss. 240.13d-1(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) [ ] An investment adviser in accordance with ss. 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with ss. 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with ss. 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J). ITEM 4. Ownership. Stonehill Capital Management LLC, John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey, Jonathan Sacks: (a) Amount beneficially owned: Common Stock: (b) Percent of class: 7.7% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 Shared power to vote or to direct the vote: (ii) Common Stock: 810,089 (iii) Sole power to dispose or to direct the disposition of: 0 Shared power to dispose or to direct the disposition of: (iv) Common Stock: 810,089 Stonehill Institutional Partners, L.P., Stonehill General Partner, LLC (a) Amount beneficially owned: Common Stock 405,553 (b) Percent of class: 3.8% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 405,553 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 405,553 Stonehill Offshore Partners Limited, Stonehill Advisers LLC (a) Amount beneficially owned: Common Stock 404,556 (b) Percent of class: 3.8% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 404,556 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 404,556 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS Not Applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Not Applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON. Stonehill Advisers LLC is the investment adviser to Stonehill Offshore Partners Limited. Stonehill Capital Management LLC is the investment adviser to Stonehill Institutional Partners, L.P. and Stonehill Offshore Partners Limited. Stonehill General Partner, LLC is the general partner of Stonehill Institutional Partners, L.P. Motulsky, Wilson, Teetsel, Varkey and Sacks are managing members of Stonehill General Partner, LLC, Stonehill Capital Management LLC and Stonehill Advisers LLC. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Stonehill Institutional Partners, L.P., Stonehill Offshore Partners Limited, Stonehill Capital Management LLC, Stonehill General Partner, LLC, John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey and Jonathan Sacks. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not Applicable. ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated this 7th Day of February 2007. STONEHILL INSTITUTIONAL PARTNERS, L.P. By: /s/ John Motulsky ----------------- a Managing Member of Stonehill General Partner, LLC, its general partner STONEHILL OFFSHORE PARTNERS LIMITED By: /s/ John Motulsky ----------------- a Managing Member of Stonehill Advisers LLC, its investment adviser STONEHILL ADVISERS LLC By: /s/ John Motulsky ----------------- a Managing Member STONEHILL CAPITAL MANAGEMENT LLC By: /s/ John Motulsky ----------------- a Managing Member STONEHILL GENERAL PARTNER, LLC By: /s/ John Motulsky ----------------- a Managing Member JOHN MOTULSKY /s/ John Motulsky - ----------------- CHRISTOPHER WILSON /s/ Christopher Wilson - ---------------------- WAYNE TEETSEL /s/ Wayne Teetsel - ----------------- THOMAS VARKEY /s/ Thomas Varkey - ----------------- JONATHAN SACKS /s/ Jonathan Sacks - ------------------ The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. SEE ss.240.13d-7 for other parties for whom copies are to be sent. ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001) EXHIBIT 1 AGREEMENT OF JOINT FILING Stonehill Institutional Partners, L.P., Stonehill Offshore Partners Limited, Stonehill Advisers LLC, Stonehill Capital Management LLC, Stonehill General Partner, LLC, John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey and Jonathan Sacks hereby agree that the Statement on Schedule 13G to which this agreement is attached as an exhibit as well as all future amendments to such Statement, shall be filed jointly on behalf of each of them. This agreement is intended to satisfy the requirements of Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended. Dated: February 7, 2007 STONEHILL INSTITUTIONAL PARTNERS, L.P. By: /s/ John Motulsky ----------------- a Managing Member of Stonehill General Partner, LLC, its general partner STONEHILL OFFSHORE PARTNERS LIMITED By: /s/ John Motulsky ----------------- a Managing Member of Stonehill Advisers LLC, its investment adviser STONEHILL ADVISERS LLC By: /s/ John Motulsky ----------------- a Managing Member STONEHILL CAPITAL MANAGEMENT LLC By: /s/ John Motulsky ----------------- a Managing Member STONEHILL GENERAL PARTNER, LLC By: /s/ John Motulsky ----------------- a Managing Member JOHN MOTULSKY /s/ John Motulsky - ----------------- CHRISTOPHER WILSON /s/ Christopher Wilson - ---------------------- WAYNE TEETSEL /s/ Wayne Teetsel - ----------------- THOMAS VARKEY /s/ Thomas Varkey - ----------------- JONATHAN SACKS /s/ Jonathan Sacks - ------------------ -----END PRIVACY-ENHANCED MESSAGE-----