SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

BONANZA MASTER FUND LTD

(Last)

(First)

(Middle)

WALKER HOUSE, PO BOX 908GT

(Street)

GRAND CAYMAN

BWI

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/26/2005

3. Issuer Name and Ticker or Trading Symbol
NEXT INC/TN [ NXTI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001 per share	2,000,000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrant⁽¹⁾	01/26/2005	01/26/2009	Common Stock	0	$1.75	D

Explanation of Responses:

1. The exercise of the Warrant is contractually capped such that any exercise of the Warrant shall not cause the holder's beneficial ownership to exceed 4.9%. Accordingly, the Warrant is not currently exercisable into Common Stock.

Remarks:

For explanation of responses, see attached Exhibit 99-1 to Form 3, which is hereby incorporated by reference. Exhibits 24-1 Power of Attorney of Bonanza Capital, Ltd. 24-2 Power of Attorney of Bonanza Fund Management, Inc. 24-3 Power of Attorney of Bernay Box 99-1 Explanation of Responses 99-2 Joint Filing Agreement

	/s/ Don Seymour, Director, Bonanza Master Fund, Ltd., an exempted company incorporated in the Cayman Islands with limited liability	02/03/2005
	/s/ Aldo Ghisletta, Director, Bonanza Master Fund, Ltd., an exempted company incorporated in the Cayman Islands with limited liability	02/03/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.