0001005794-05-000199.txt : 20120618 0001005794-05-000199.hdr.sgml : 20120618 20050318160741 ACCESSION NUMBER: 0001005794-05-000199 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050318 DATE AS OF CHANGE: 20050318 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KRISPY KREME DOUGHNUTS INC CENTRAL INDEX KEY: 0001100270 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FOOD STORES [5400] IRS NUMBER: 562169715 STATE OF INCORPORATION: NC FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-60259 FILM NUMBER: 05691837 BUSINESS ADDRESS: STREET 1: 370 KNOLLWOOD ST. STREET 2: SUITE 500 CITY: WINSTON SALEM STATE: NC ZIP: 27103 BUSINESS PHONE: 3367222981 MAIL ADDRESS: STREET 1: 370 KNOLLWOOD ST STREET 2: SUITE 500 CITY: WINSTON SALEM STATE: NC ZIP: 27103 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: COURAGE CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001119376 IRS NUMBER: 621749393 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 4400 HARDING ROAD CITY: NASHVILLE STATE: TN ZIP: 37205 BUSINESS PHONE: 6157426280 MAIL ADDRESS: STREET 1: 4400 HARDING ROAD CITY: NASHVILLE STATE: TN ZIP: 37205 SC 13D/A 1 schedule13da.txt SCHEDULE 13D AMENDMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) Krispy Kreme Doughnuts Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, no par value -------------------------------------------------------------------------------- (Title of Class of Securities) 501014104 -------------------------------------------------------------------------------- (CUSIP Number) Paul Mercer, 4400 Harding Road, Nashville, Tennessee 37205, (615) 298-8315 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 17, 2005 -------------------------------------------------------------------------------- (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.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] The information required on 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). Page 1 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Courage Special Situations Master Fund, L.P............................................................... -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00......................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Cayman Islands -------------------------------------------------------------------------------- 7. Sole Voting Power.................None....................... Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power...............None*...................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power............None....................... Person ------------------------------------------------------------------ With 10. Shared Dispositive Power..........None*...................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person .....................4,071,380*................................... -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)......6.59%..... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)..........PN........... *The shares are beneficially owned by Courage Special Situations Master Fund, L.P. (the "Fund"), of which Courage Investments Inc., is the General Partner. By contract, the Fund has given Courage Capital Management, LLC ("Courage Capital"), as investment manager, the discretion to vote and dispose of those shares. Page 2 fo 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Courage Special Situations Fund-II, L.P. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only..................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00.......................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Delaware -------------------------------------------------------------------------------- 7. Sole Voting Power....................None.................... Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power..................None*................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power........... ...None.................... Person ------------------------------------------------------------------ With 10. Shared Dispositive Power..............None*.................. -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person .........................47,380*.................................. -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)...0.08%........ -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)..........00........... *The shares are beneficially owned by Courage Special Situations Fund-II, L.P. ("Courage-II"). By contract, Courage-II has given Courage Capital, as investment manager, the discretion to vote and dispose of those shares. Page 3 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Courage Investments Inc................. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00.......................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Delaware -------------------------------------------------------------------------------- 7. Voting Power....................None......................... Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power.............None*........................ Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power...........None........................ Person ------------------------------------------------------------------ With 10. Shared Dispositive Power.........None*....................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ..........................4,118,760*.............................. -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)......6.67%..... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)..........CO........... *4,071,380 of shares are beneficially owned by Courage Special Situations Master Fund, L.P. and 47,380 of shares are beneficially owned by Courage Special Situations Fund-II, L.P. (collectively, the "Funds"), of which Courage Investments Inc., is the General Partner. By contract, the Funds have given Courage Capital, as investment manager, the discretion to vote and dispose of those shares. Page 4 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). HFR ED Special Situations Master Trust.. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00.......................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Bermuda -------------------------------------------------------------------------------- 7. Sole Voting Power....................None.................... Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power..................None*................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power...............None.................... Person ------------------------------------------------------------------ With 10. Shared Dispositive Power.............None*................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ............................378,640*.............................. -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11).....0.61%...... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)........00............. *The shares are beneficially owned by HFR ED Special Situations Master Trust ("HFR"). By contract, HFR has given Courage Capital, as investment manager, the discretion to vote and dispose of those shares. Page 5 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Dryden Investments BV................... -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00........................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Netherlands Antilles -------------------------------------------------------------------------------- 7. Sole Voting Power.....................None................... Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power...................None*.................. Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power.................None.................. Person ------------------------------------------------------------------ With 10. Shared Dispositive Power..............None*.................. -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ...........................236,700*............................... -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11).....0.38%...... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)..........00........... *The shares are beneficially owned by Dryden Investments BV ("Dryden"). By contract, Dryden has given Courage Capital, as investment manager, the discretion to vote and dispose of those shares. Page 6 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Robin Ingram Patton..................... -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00........................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: United States -------------------------------------------------------------------------------- 7. Sole Voting Power................None........................ Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power..............None*....................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power...........None........................ Person ------------------------------------------------------------------ With 10. Shared Dispositive Power..........None*...................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person .........................21,200*.................................. -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11).....0.03%...... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)..........IN........... *These shares are beneficially owned by Robin Ingram Patton, however, Courage Capital exercises sole discretion with respect to voting and disposition of these shares. Page 7 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). The Community Foundation of Middle Tennessee......................................................... -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00........................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Tennessee -------------------------------------------------------------------------------- 7. Sole Voting Power................None........................ Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power..............None*....................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power...........None........................ Person ------------------------------------------------------------------ With 10. Shared Dispositive Power.........None*....................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ............................23,700*............................... -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11).......0.04%.... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions).........CO............ *These shares are beneficially owned by The Community Foundation of Middle Tennessee, however, Courage Capital exercises sole discretion with respect to voting and disposition of these shares. Page 8 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Courage Capital Management, LLC......... -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00.......................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Tennessee -------------------------------------------------------------------------------- 7. Sole Voting Power.....................None................... Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power...................None*.................. Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power.................None.................. Person ------------------------------------------------------------------ With 10. Shared Dispositive Power...............None*................. -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ........................4,779,000*................................ -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)......7.74%... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)..........00........... *4,071,380 of shares are beneficially owned by Courage Special Situations Master Fund, L.P. and 47,380 of shares are beneficially owned by Courage Special Situations Fund-II, L.P. (collectively, the "Funds"), both of which Courage Investments Inc., is the General Partner. 378,640 shares are beneficially owned by HFR and 236,700 shares are beneficially owned by Dryden. By contract, Courage Capital, as investment manager, has sole discretion with respect to voting and disposition of all of these shares. 21,200 of the shares are beneficially owned by Robin Ingram Patton and the remaining 23,700 of the shares are beneficially owned by The Community Foundation Of Middle Tennessee, however, Courage Capital exercises sole discretion with respect to voting and disposition of these shares. Page 9 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Richard C. Patton........................ -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00........................... -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: United States -------------------------------------------------------------------------------- 7. Sole Voting Power................4,779,000*.................. Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power.......................................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power...........4,779,000*.................. Person ------------------------------------------------------------------ With 10. Shared Dispositive Power..................................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ........................4,779,000*................................ -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11).....7.74%...... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions)...........IN.......... *4,071,380 of shares are beneficially owned by Courage Special Situations Master Fund, L.P. and 47,380 of shares are beneficially owned by Courage Special Situations Fund-II, L.P. (collectively, the "Funds"), both of which Courage Investments Inc., is the General Partner. 378,640 shares are beneficially owned by HFR and 236,700 shares are beneficially owned by Dryden. By contract, Courage Capital, as investment manager, has sole discretion with respect to voting and disposition of all of these shares. 21,200 of the shares are beneficially owned by Robin Ingram Patton and the remaining 23,700 of the shares are beneficially owned by The Community Foundation Of Middle Tennessee, however, Courage Capital exercises sole discretion with respect to voting and disposition of these shares. Richard C. Patton is a principal of Courage Capital. Page 10 of 16 CUSIP No. 501014104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Donald Farris........................... -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) X........................................................... (b) ............................................................ -------------------------------------------------------------------------------- 3. SEC Use Only...................................................... -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) 00............................ -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)................................................ -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: United States -------------------------------------------------------------------------------- 7. Sole Voting Power................4,779,000*.................. Number of ------------------------------------------------------------------ Shares Beneficially 8. Shared Voting Power.......................................... Owned by ------------------------------------------------------------------ Each Reporting 9. Sole Dispositive Power............4,779,000*................. Person ------------------------------------------------------------------ With 10. Shared Dispositive Power..................................... -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person ..........................4,779,000*.............................. -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)................................................ -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)......7.74%..... -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions).........IN............ *4,071,380 of shares are beneficially owned by Courage Special Situations Master Fund, L.P. and 47,380 of shares are beneficially owned by Courage Special Situations Fund-II, L.P. (collectively, the "Funds"), both of which Courage Investments Inc., is the General Partner. 378,640 shares are beneficially owned by HFR and 236,700 shares are beneficially owned by Dryden. By contract, Courage Capital, as investment manager, has sole discretion with respect to voting and disposition of all of these shares. 21,200 of the shares are beneficially owned by Robin Ingram Patton and the remaining 23,700 of the shares are beneficially owned by The Community Foundation Of Middle Tennessee, however, Courage Capital exercises sole discretion with respect to voting and disposition of these shares. Donald Farris is a principal of Courage Capital. Page 11 of 16 Item 1. Security and Issuer Common Stock, no par value Krispy Kreme Doughnuts Inc. ("Issuer") 370 Knollwood St., Ste. 500 Winston-Salem, North Carolina 27103 Item 2. Identity and Background (a) Names: Courage Special Situations Master Fund, L.P. ("Master Fund"); Courage Special Situations Fund-II, L.P. ("Courage-II"); HFR ED Special Situations Master Trust ("HFR"); Dryden Investments BV ("Dryden"); Robin Ingram Patton; The Community Foundation of Middle Tennessee ("Community Foundation"); Courage Capital Management, LLC ("Courage Capital"); Richard C. Patton; and Donald Farris (collectively "the Filers") (b) See page 13 for addresses. (c) Investment Management; Private Investment Funds; and Individual Investors (d) None. (e) None. (f) Robin Ingram Patton, Richard Patton and Donald Farris are citizens of the United States. See pages 2 - 11 of cover pages for place of organization of each entity. Item 3. Source and Amount of Funds or Other Consideration Funds were provided by limited partners investing in the private investment funds and funds from separately managed investment accounts. Page 12 of 16 HFR ED Special Situations Master Trust c/o HFR Asset Management, L.L.C. 10 S. Riverside Plaza, Suite 1450 Chicago, IL 60606 Dryden Investments BV c/o Intimis Management Company NV John B. Gorsiraweg 14 Curacao, Netherlands Antilles Courage Capital Management, LLC Richard C. Patton and Donald Farris 4400 Harding Road Nashville, TN 37205 Courage Special Situations Master Fund, L.P. Scotiatrust, 3rd Floor Scotia Center, Cardinal Avenue P.O. Box 501GT George Town, Grand Cayman Cayman Islands Courage Special Situations Fund-II, L.P. and Courage Investments Inc. 1403 Foulk Road, Suite 106-D Wilmington, Delaware 19803 Robin Ingram Patton 1600 Chickering Road Nashville, Tennessee 37215 The Community Foundation of Middle Tennessee 3833 Cleghorn Avenue, Suite 400 Nashville, Tennessee 35215 Page 13 of 16 Item 4. Purpose of Transaction (a) The Filers have no express plans for the acquisition or disposition of securities of Issuer, other than as prudent for proper investment management of the Funds and as otherwise may be obtained as a result of item (e) below. (b) See item (e). (c) None. (d) None. (e) The Filers continue to acquire Issuer's common stock in the ordinary course of business as disclosed in 4(a) above. No additional contact between Richard Patton and management of Issuer has been made since March 11, 2005, the date the initial Schedule 13D was filed with the Securities and Exchange Commission. As previously stated in the initial Schedule 13D, if requested by Issuer, Courage Capital would be willing to assist Issuer in its capital raising efforts by causing accounts it manages to provide capital to the Issuer. Any such transaction might entail a provision whereby accounts managed by Courage Capital would acquire additional equity securities of Issuer. (f) None. (g) None. (h) None. (i) None. (j) None. Item 5. Interest in Securities of the Issuer (a) See pages 2 - 11 of cover pages. (b) See pages 2 - 11 of cover pages. (c) The following identifies open-market transactions made by or on behalf of Filers involving Issuer's common stock since March 11, 2005, the date Filers initially filed the Schedule 13D with the Securities and Exchange Commission: ----------------------------------------------------------------- MasterFund ----------------------------------------------------------------- Date Shares Price Buy /Sell ---- ------ ----- --------- ----------------------------------------------------------------- 03/11/05 86,000 7.18 Buy ----------------------------------------------------------------- 03/14/05 103,200 7.89 Buy ----------------------------------------------------------------- 03/16/05 209,840 7.51 Buy ----------------------------------------------------------------- Page 14 of 16 03/17/05 344,000 7.46 Buy ----------------------------------------------------------------- ----------------------------------------------------------------- Courage-II ----------------------------------------------------------------- Date Shares Price Buy /Sell ---- ------ ----- --------- ----------------------------------------------------------------- 03/11/05 1,000 7.18 Buy ----------------------------------------------------------------- 03/14/05 1,200 7.89 Buy ----------------------------------------------------------------- 03/16/05 2,440 7.51 Buy ----------------------------------------------------------------- 03/17/05 4,000 7.46 Buy ----------------------------------------------------------------- ----------------------------------------------------------------- HFR ----------------------------------------------------------------- Date Shares Price Buy /Sell ---- ------- ----- --------- ----------------------------------------------------------------- 03/11/05 8,000 7.18 Buy ----------------------------------------------------------------- 03/14/05 9,600 7.89 Buy ----------------------------------------------------------------- 03/16/05 19,520 7.51 Buy ----------------------------------------------------------------- 03/17/05 32,000 7.46 Buy ----------------------------------------------------------------- ----------------------------------------------------------------- Dryden ----------------------------------------------------------------- Date Shares Price Buy /Sell ---- ------ ----- --------- ----------------------------------------------------------------- 03/11/05 5,000 7.18 Buy ----------------------------------------------------------------- 03/14/05 6,000 7.89 Buy ----------------------------------------------------------------- 03/16/05 12,200 7.51 Buy ----------------------------------------------------------------- 03/17/05 20,000 7.46 Buy ----------------------------------------------------------------- ----------------------------------------------------------------- Robin Ingram Patton ----------------------------------------------------------------- Date Shares Price Buy /Sell ---- ------ ----- --------- ----------------------------------------------------------------- 03/03/05 21,200 5.98 Buy ----------------------------------------------------------------- ----------------------------------------------------------------- Community Foundation ----------------------------------------------------------------- Date Shares Price Buy /Sell ---- ------ ----- --------- ----------------------------------------------------------------- 03/03/05 21,300 5.98 Buy ----------------------------------------------------------------- 03/09/05 2,400 7.55 Buy ----------------------------------------------------------------- (d) Limited partners of the funds will be allocated their proportionate share of dividends and proceeds, as will individually managed accounts. No single limited partner interest or individual account relates to more than 5% of the class of securities. (e) N/A. Page 15 of 16 Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer None. Item 7. Material to Be Filed as Exhibits N/A 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. March 18, 2005 -------------------------------------------------------------------------------- Date /s/ Richard C. Patton -------------------------------------------------------------------------------- Signature Richard C. Patton, Chief Manager of Courage Capital Management, LLC -------------------------------------------------------------------------------- Name/Title Page 16 of 16