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