-----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, BJ3JZYLTSBBSvoIy40r7W846bLLmtbbHE7iqSJOwhMLNdUZTbO02Ye3NHTbecEaK eVMG7oyGOf2ApVDboZ6EUQ== 0000030697-07-000105.txt : 20070511 0000030697-07-000105.hdr.sgml : 20070511 20070511111312 ACCESSION NUMBER: 0000030697-07-000105 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070511 DATE AS OF CHANGE: 20070511 GROUP MEMBERS: MADISON WEST ASSOCIATES CORP. GROUP MEMBERS: NELSON PELTZ GROUP MEMBERS: PETER W. MAY GROUP MEMBERS: TRIARC COMPANIES, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ENCORE CAPITAL GROUP INC CENTRAL INDEX KEY: 0001084961 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 481090909 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-58347 FILM NUMBER: 07840637 BUSINESS ADDRESS: STREET 1: 8875 AERO DRIVE, SUITE 200 CITY: SAN DIEGO STATE: CA ZIP: 92123 BUSINESS PHONE: 8007590327 MAIL ADDRESS: STREET 1: 8875 AERO DRIVE, SUITE 200 CITY: SAN DIEGO STATE: CA ZIP: 92123 FORMER COMPANY: FORMER CONFORMED NAME: MCM CAPITAL GROUP INC DATE OF NAME CHANGE: 19990430 FORMER COMPANY: FORMER CONFORMED NAME: MIDLAND CORP OF KANSAS DATE OF NAME CHANGE: 19990423 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TRIARC COMPANIES INC CENTRAL INDEX KEY: 0000030697 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] IRS NUMBER: 380471180 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-451-3000 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: DWG CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: DEISEL WEMMER GILBERT CORP DATE OF NAME CHANGE: 19680820 FORMER COMPANY: FORMER CONFORMED NAME: DWG CIGAR CORP DATE OF NAME CHANGE: 19680820 SC 13D/A 1 sch13d.txt AMENDMENT NO. 13 TO THE SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 13)* Encore Capital Group, Inc. (Name of Issuer) Common Stock ($.01 par value) (Title of Class of Securities) 292554 10 2 (CUSIP Number) Stuart I. Rosen Senior Vice President and Associate General Counsel Triarc Companies, Inc. 280 Park Avenue New York, New York 10017 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) May 10, 2007 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), (f) or (g), check the following box [ ]. 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 to whom copies are to be sent. * 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 disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purposes 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). (1) Name of Reporting Person Madison West Associates Corp. I.R.S. Identification No. of Above Person - -------------------------------------------------------------------------------- (2) Check the Appropriate Box (a) if a Member of a Group --------------------------------------- (b) X --------------------------------------- - -------------------------------------------------------------------------------- (3) SEC Use Only - -------------------------------------------------------------------------------- (4) Source of Funds OO - -------------------------------------------------------------------------------- (5) Check Box if Disclosure of [ ] Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------------------------------------------------------------------------------- (6) Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of (7) Sole Voting Power None Shares ------------------------------------------------------------- Beneficially (8) Shared Voting Power 87,500 Owned by Each ------------------------------------------------------------- Reporting (9) Sole Dispositive Power None Person With ------------------------------------------------------------- (10) Shared Dispositive Power 87,500 - -------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 87,500 - -------------------------------------------------------------------------------- (12) Check Box if the Aggregate Amount in Row (11) Excludes [ ] Certain Shares - -------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0.4%* - -------------------------------------------------------------------------------- (14) Type of Reporting Person CO * Based on 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on May 10, 2007. (1) Name of Reporting Person Triarc Companies, Inc. I.R.S. Identification No. of Above Person - -------------------------------------------------------------------------------- (2) Check the Appropriate Box (a) if a Member of a Group --------------------------------------- (b) X --------------------------------------- - -------------------------------------------------------------------------------- (3) SEC Use Only - -------------------------------------------------------------------------------- (4) Source of Funds OO - -------------------------------------------------------------------------------- (5) Check Box if Disclosure of [ ] Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------------------------------------------------------------------------------- (6) Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of (7) Sole Voting Power None Shares ------------------------------------------------------------- Beneficially (8) Shared Voting Power 97,500 Owned by Each ------------------------------------------------------------- Reporting (9) Sole Dispositive Power None Person With ------------------------------------------------------------- (10) Shared Dispositive Power 97,500 - -------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 97,500 - -------------------------------------------------------------------------------- (12) Check Box if the Aggregate Amount in Row (11) Excludes [ ] Certain Shares - -------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0.4%* - -------------------------------------------------------------------------------- (14) Type of Reporting Person CO * Based on 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007. (1) Name of Reporting Person Nelson Peltz I.R.S. Identification No. of Above Person - -------------------------------------------------------------------------------- (2) Check the Appropriate Box (a) if a Member of a Group --------------------------------------- (b) X --------------------------------------- - -------------------------------------------------------------------------------- (3) SEC Use Only - -------------------------------------------------------------------------------- (4) Source of Funds OO - -------------------------------------------------------------------------------- (5) Check Box if Disclosure of [ ] Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------------------------------------------------------------------------------- (6) Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- Number of (7) Sole Voting Power None Shares ------------------------------------------------------------- Beneficially (8) Shared Voting Power 191,500 Owned by Each ------------------------------------------------------------- Reporting (9) Sole Dispositive Power None Person With ------------------------------------------------------------- (10) Shared Dispositive Power 191,500 - -------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 191,500 - -------------------------------------------------------------------------------- (12) Check Box if the Aggregate Amount in Row (11) Excludes [ ] Certain Shares - -------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0.8%* - -------------------------------------------------------------------------------- (14) Type of Reporting Person IN * Based on 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007. (1) Name of Reporting Person Peter W. May I.R.S. Identification No. of Above Person - -------------------------------------------------------------------------------- (2) Check the Appropriate Box (a) if a Member of a Group --------------------------------------- (b) X --------------------------------------- - -------------------------------------------------------------------------------- (3) SEC Use Only - -------------------------------------------------------------------------------- (4) Source of Funds OO - -------------------------------------------------------------------------------- (5) Check Box if Disclosure of [ ] Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------------------------------------------------------------------------------- (6) Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- Number of (7) Sole Voting Power 0 Shares ------------------------------------------------------------- Beneficially (8) Shared Voting Power 97,500 Owned by Each ------------------------------------------------------------- Reporting (9) Sole Dispositive Power 0 Person With ------------------------------------------------------------- (10) Shared Dispositive Power 97,500 - -------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 97,500 - -------------------------------------------------------------------------------- (12) Check Box if the Aggregate Amount in Row (11) Excludes [ ] Certain Shares - -------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0.4%* - -------------------------------------------------------------------------------- (14) Type of Reporting Person IN * Based on 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007. Amendment No. 13 to Schedule 13D This Amendment No. 13 to Schedule 13D ("Amendment No. 13") amends the Schedule 13D originally filed on March 4, 2002 (the "Original Statement"), as supplemented and amended by Amendment No. 1, dated October 31, 2002, Amendment No. 2, dated September 4, 2003, Amendment No. 3, dated September 29, 2003, Amendment No. 4 dated October 9, 2003, Amendment No. 5 dated October 16, 2003 and Amendment No. 6 dated December 23, 2004, Amendment No. 7 dated January 20, 2005, Amendment No. 8 dated May 12, 2005, Amendment No. 9 dated June 17, 2005, Amendment No. 10 dated January 23, 2006, Amendment No. 11 dated March 21, 2006 and April 20, 2007 (the Original Statement, as so amended, the "Schedule 13D"). Unless otherwise indicated, all capitalized terms shall have the same meaning as provided in the Schedule 13D. Except as set forth below, there are no changes to the information set forth in the Schedule 13D. Item 2. Identity and Background Schedules I and II are hereby amended and restated as set forth herein and are incorporated herein by reference. Item 4. Purpose of Transaction Item 4 of the Schedule 13D is hereby amended by adding the following: On May 10, 2007, Madison West, Triarc, the Peltz LP, and the May Foundation sold 788,381 shares, 91,275 shares, 850,369 shares and 15,000 shares, respectively, of Common Stock to FPK for $9.75 per share pursuant to the Stock Purchase Agreement, dated April 20, 2007, with FPK. In connection with the sale to FPK Mr. May resigned from the Board of Directors of the Company. Item 5. Interest in Securities of the Issuer. Paragraphs (i), (ii) (iv) and (v) of Part (a)-(b) of Item 5 are amended and restated to read in their entirety as follows: (i) Pursuant to Rule 13d-3 of the Exchange Act, Madison West may be deemed the beneficial owner of 87,500 shares of Common Stock, which constitute approximately 0.4% of the Company's outstanding shares of Common Stock (computed in accordance with Rule 13d-3 of the Exchange Act and on the basis of 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007. Madison West shares with Triarc, Mr. Peltz and Mr. May voting and dispositive power over the 87,500 shares of Common Stock directly owned by Madison West; (ii) Pursuant to Rule 13d-3 of the Exchange Act, Triarc may be deemed the beneficial owner of 97,500 shares of Common Stock, including (i) 87,500 shares of Common Stock directly owned by Madison West and (ii) 10,000 shares of Common Stock directly owned by Triarc. The aggregate holdings of Triarc constitute approximately 0.43% of the Company's outstanding shares of Common Stock (computed in accordance with Rule 13d-3 of the Exchange Act and on the basis of 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007. Triarc shares with Madison West, Mr. Peltz and Mr. May voting and dispositive power over the 87,500 shares of Common Stock directly owned by Madison West and shares with Mr. Peltz and Mr. May voting and dispositive power over the 10,000 shares of Common Stock directly owned by Triarc; (iv) On May 9, 2004 Mr. Peltz transferred all of his general partnership interests in the Peltz LP to Claudia Peltz, his wife, as a result of which Mrs. Peltz became the sole general partner of the Peltz LP. Immediately thereafter, Mrs. Peltz contributed all of the general partnership interests in the Peltz LP to a limited liability company of which she is the sole member. Accordingly, Mr. Peltz may be deemed to beneficially own 94,000 shares of Common Stock directly owned by the Peltz LP. As a result of the Voting Agreement, Mr. Peltz and Mr. May may be deemed to beneficially own, in the aggregate, approximately 34.4% of the voting power of the outstanding Class A Common Stock and Class B Common Stock, of Triarc (computed in accordance with Rule 13d-3 of the Exchange Act and on the basis of 28,857,341 shares of Class A Common Stock and 63,755,575 shares of Class B Common Stock of Triarc outstanding as of April 12, 2007, as reported in Triarc's Proxy Statement filed with the Securities and Exchange Commission on April 30, 2007), and thus Mr. Peltz shares voting and dispositive power with Triarc and Mr. May over the 97,500 shares of Common Stock beneficially owned by Triarc (see (ii) above). As a result, pursuant to Rule 13d-3 of the Exchange Act, Mr. Peltz may be deemed the indirect beneficial owner of (i) the 94,000 shares of Common Stock directly owned by the Peltz LP, and (ii) the 97,500 shares of Common Stock beneficially owned by Triarc, which, in the aggregate, constitute approximately 0.8% of the Company's outstanding shares of Common Stock (computed in accordance with Rule 13d-3 of the Exchange Act and on the basis of 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007). Mr. Peltz disclaims beneficial ownership of such shares; and (v) As a result of the Voting Agreement, Mr. Peltz and Mr. May may be deemed to beneficially own approximately 34.4% of the voting power of the outstanding Class A Common Stock and Class B Common Stock, of Triarc (computed in accordance with Rule 13d-3 of the Exchange Act and on the basis of 28,857,341 shares of Class A Common Stock and 63,755,575 shares of Class B Common Stock of Triarc outstanding as of April 12, 2007, as reported in Triarc's Proxy Statement filed with the Securities and Exchange Commission on April 30, 2007), and thus, Mr. May shares with Triarc and Mr. Peltz voting and dispositive power over the 97,500 shares of Common Stock beneficially owned by Triarc (see (ii) above). As a result, pursuant to Rule 13d-3 of the Exchange Act, Mr. May may be deemed the beneficial owner of the 97,500 shares of Common Stock beneficially owned by Triarc which, in the aggregate, constitute approximately 0.4% of the Company's outstanding shares of Common Stock (computed in accordance with Rule 13d-3 of the Exchange Act and on the basis of 22,782,477 shares of Common Stock outstanding as of February 5, 2007, as reported in the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2007). Mr. May disclaims beneficial ownership of all such shares. Item 5 is also hereby amended by adding the following: On May 10, 2007, the reporting persons ceased to be the beneficial owners of more than 5% of the Company's Common Stock. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement with respect to the undersigned is true, complete and correct. Date: May 11, 2007 MADISON WEST ASSOCIATES CORP. By:/s/STUART ROSEN --------------------------------- Name: Stuart I. Rosen Title: Senior Vice President and Secretary TRIARC COMPANIES, INC. By:/s/STUART ROSEN --------------------------------- Name: Stuart I. Rosen Title: Senior Vice President and Secretary /s/NELSON PELTZ ----------------------------------- Nelson Peltz /s/PETER MAY ----------------------------------- Peter W. May
SCHEDULE I DIRECTORS AND EXECUTIVE OFFICERS TRIARC COMPANIES, INC. Set forth below are the names, citizenship, addresses and, to the best knowledge of the Reporting Persons, the beneficial ownership in the securities of the Company of each of the directors and executive officers of Triarc, other than Messrs. Peltz and May who are also Reporting Persons.(1) - ------------------------------- --------------------- --------------------------------- ------------------------- Name Citizenship Residence or Business Address Beneficial Ownership - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Hugh L. Carey USA 805 Third Avenue New York, NY 10022 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Clive Chajet USA 575 Madison Avenue, New York, NY 10022 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Joseph A. Levato USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Gregory H. Sachs USA 6250 N. River Road, 9th Floor Rosemont, IL 60018 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- David E. Schwab II USA 1133 Avenue of the Americas New York, NY 10036 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Raymond S. Troubh USA 10 Rockefeller Plaza New York, NY 10020 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Gerald Tsai, Jr. USA 200 Park Avenue New York, NY 10166 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Jack G. Wasserman USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Edward Garden USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Russell V. Umphenour, Jr. USA 5995 Barfield Road Atlanta, GA 30328 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Brian L. Schorr USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Francis T. McCarron USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Greg Essner USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Stuart I. Rosen USA 280 Park Avenue New York, NY 10017 10,000 (2) - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Fred H. Schaefer USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Anne A. Tarbell USA 280 Park Avenue New York, NY 10017 0 - ------------------------------- --------------------- --------------------------------- ------------------------- - ------------------------------- --------------------- --------------------------------- ------------------------- Roland C. Smith USA 1155 Perimeter Center West Atlanta, Georgia 30338 0 - ------------------------------- --------------------- --------------------------------- ------------------------- 1) To the best knowledge of the Reporting Persons, except where otherwise noted, each of the directors and executive officers of Triarc listed above (i) funded their purchase of shares of Common Stock reported herein from personal funds; (ii) acquired the shares of Common Stock for investment purposes; (iii) has sole voting and dispositive power over the shares listed on this Schedule I and (iv) has the sole right to receive dividends from, or the proceeds from the sale of the shares listed on this Schedule I. 2) Consists of Common Stock.
SCHEDULE II DIRECTORS AND EXECUTIVE OFFICERS MADISON WEST ASSOCIATES CORP. Set forth below are the names, citizenship, addresses and, to the best knowledge of the Reporting Persons, the beneficial ownership in the securities of the Company of each of the directors and executive officers of Madison West.(1) - ---------------------------- -------------------------- -------------------------- -------------------------- Name Citizenship Residence or Business Beneficial Ownership Address - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Edward Garden USA 280 Park Avenue New York, NY 10017 0 - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Francis T. McCarron USA 280 Park Avenue New York, NY 10017 0 - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Brian L. Schorr USA 280 Park Avenue New York, NY 10017 0 - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Greg Essner USA 280 Park Avenue New York, NY 10017 0 - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Stuart I. Rosen USA 280 Park Avenue New York, NY 10017 10,000 (2) - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Fred H. Schaefer USA 280 Park Avenue New York, NY 10017 0 - ---------------------------- -------------------------- -------------------------- -------------------------- - ---------------------------- -------------------------- -------------------------- -------------------------- Anne A. Tarbell USA 280 Park Avenue New York, NY 10017 0 - ---------------------------- -------------------------- -------------------------- -------------------------- 1) To the best knowledge of the Reporting Persons, except where otherwise noted, each of the directors and executive officers of Madison West listed above (i) funded their purchase of shares of Common Stock reported herein from personal funds; (ii) acquired the shares of Common Stock for investment purposes; and (iii) has sole voting and dispositive power over the shares listed on this Schedule II. 2) See Schedule I.
-----END PRIVACY-ENHANCED MESSAGE-----