-----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, RNpzxXKPztTAYAvIbwFuSllFKZGYpj0n4PDIl0rsoL3IpuEPyGpIt/lric55i609 cr5HOnDqfLfD+IaQc1qGtw== 0000894579-06-000122.txt : 20060323 0000894579-06-000122.hdr.sgml : 20060323 20060323172529 ACCESSION NUMBER: 0000894579-06-000122 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060323 DATE AS OF CHANGE: 20060323 GROUP MEMBERS: ENDOWMENT CAPITAL GROUP, L.P. GROUP MEMBERS: ENDOWMENT CAPITAL GROUP, LLC GROUP MEMBERS: ENDOWMENT CAPITAL MANAGEMENT, LLC GROUP MEMBERS: ENDOWMENT CAPITAL, L.P. GROUP MEMBERS: LONG DRIVE L.P. GROUP MEMBERS: PHILIP TIMON SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TNS INC CENTRAL INDEX KEY: 0001268671 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 364430020 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-79770 FILM NUMBER: 06706958 BUSINESS ADDRESS: STREET 1: 11480 COMMERCE PARK DR. STREET 2: SUITE 600 CITY: RESTON STATE: VA ZIP: 20191-1406 BUSINESS PHONE: 7034538300 MAIL ADDRESS: STREET 1: 11480 COMMERCE PARK DR. STREET 2: SUITE 600 CITY: RESTON STATE: VA ZIP: 20191-1406 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ENDOWMENT CAPITAL GROUP LLC CENTRAL INDEX KEY: 0001283815 IRS NUMBER: 770621719 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 1105 NORTH MARKET STREET STREET 2: 15TH FLOOR CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 302-472-8000 MAIL ADDRESS: STREET 1: 1105 NORTH MARKET STREET STREET 2: 15TH FLOOR CITY: WILMINGTON STATE: DE ZIP: 19801 SC 13D 1 ec33917913d.txt SCHEDULE 13D - ENDOWMENT CAPITAL GROUP, LLC - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 1 of 16 pages - ------------------------------- ------------------------------- OMB APPROVAL OMB Number: 3235-0145 Expires: February 28, 2006 Estimated average burden hours per response. . . 15 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 TNS, Inc. ---------------- (Name of Issuer) Common Stock ------------ (Title of Class of Securities) 872960109 --------- (CUSIP Number) Direct any Notices and Communications to: ----------------------------------------- George J. Mazin, Esq. Dechert LLP 30 Rockefeller Plaza New York, NY 10112 March 21, 2006 ---------------- (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. [X] The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. Page 1 of 16 Pages
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 2 of 16 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ENDOWMENT CAPITAL, L.P. 77-0621714 --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] 2 (b) [ ] --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS WC --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 DELAWARE ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 3,519,650 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 3,519,650 ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14.68% ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.68% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ----------- ----------------------------------------------------------------------------------------------------
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 3 of 16 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON LONG DRIVE, L.P. 84-1639266 --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] 2 (b) [ ] --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS WC --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 DELAWARE ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 3,519,650 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 3,519,650 ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14.68% ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.68% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ----------- ----------------------------------------------------------------------------------------------------
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 4 of 16 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ENDOWMENT CAPITAL GROUP, LLC 77-0621719 --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] 2 (b) [ ] --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS AF --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 DELAWARE ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 3,519,650 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 3,519,650 ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14.68% ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.68% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO ----------- ----------------------------------------------------------------------------------------------------
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 5 of 16 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ENDOWMENT CAPITAL GROUP, L.P. 04-377119 --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] 2 (b) [ ] --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS AF --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 DELAWARE ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 3,519,650 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 3,519,650 ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14.68% ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.68% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ----------- ----------------------------------------------------------------------------------------------------
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 6 of 16 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ENDOWMENT CAPITAL MANAGEMENT, LLC 05-0630772 --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] 2 (b) [ ] --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS AF --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 DELAWARE ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 3,519,650 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 3,519,650 ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14.68% ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.68% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO ----------- ----------------------------------------------------------------------------------------------------
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 7 of 16 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON PHILIP TIMON ###-##-#### --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] 2 (b) [ ] --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS AF --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 UNITED STATES OF AMERICA ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 3,519,650 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 3,519,650 ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14.68% ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.68% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ----------- ----------------------------------------------------------------------------------------------------
- ------------------------------- ------------------------------- CUSIP No. 872960109 Page 8 of 16 pages - ------------------------------- ------------------------------- ITEM 1. (a). Name of Issuer: TNS, Inc. (b). Address of Issuer's Principal Executive Offices: 11480 Commerce Park Drive, Suite 600 Reston, VA 20191 (c). Title of Class of Securities: Common Stock (d). CUSIP Number: 872960109 ITEM 2. This Statement is being filed jointly by each of the following persons (i) Endowment Capital, L.P., is a Delaware limited partnership ("Endowment"), which is engaged in the private investment fund business. The address of its principal business office is 1105 North Market Street, 15th Floor, Wilmington, DE 19801. Endowment has not, during the past five years, been convicted in a criminal proceeding of any nature whatsoever, nor has Endowment been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction of any nature whatsoever during the past five years; (ii) Long Drive, L.P., a Delaware limited partnership ("Long Drive"), which is engaged in the private investment fund business. The address of its principal business office is 1105 North Market Street, 15th Floor, Wilmington, DE 19801. Long Drive has not, during the past five years, been convicted in a criminal proceeding of any nature whatsoever, nor has Long Drive been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction of any nature whatsoever during the past five years; (iii) Endowment Capital Group, LLC, a Delaware limited liability company, which serves as general partner to Endowment and Long Drive (the "General Partner"), and is engaged in the business of managing the business affairs of each. The address of its principal business office is 1105 North Market Street, 15th Floor, Wilmington, DE 19801. The General Partner has not, during the past five years, been convicted in a criminal proceeding of any nature whatsoever, nor has the General Partner been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction of any nature whatsoever during the past five years; (iv) Endowment Capital Group, L.P., a Delaware limited partnership, which serves as investment manager to Endowment and Long Drive (the "Manager"). The address of its principal business office is 1105 North Market Street, 15th Floor, Wilmington, DE 19801. The Manager has not, during the past five years, been convicted in a criminal proceeding of any nature whatsoever, nor has the Manager been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws, during the past five years; (v) Endowment Capital Management, LLC, a Delaware limited liability company (the "Managing Partner"), which serves as general partner to Endowment Capital Group, L.P., and is engaged in the business of - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 9 of 16 pages - ------------------------------- ------------------------------- managing the business affairs of The Manager. The address of its principal business office is 1105 North Market Street, 15th Floor, Wilmington, DE 19801. The Managing Partner has not, during the past five years, been convicted in a criminal proceeding of any nature whatsoever, nor has the Managing Partner been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction of any nature whatsoever during the past five years; and (vi) Mr. Philip Timon, whose business address is 1105 North Market Street, 15th Floor, Wilmington, DE 19801, who serves as the managing member of the General Partner and the managing member of the Manager's general partner, and in such capacity is principally responsible for the management of the affairs of Endowment, Long Drive, the General Partner and the Manager. Mr. Timon has not, during the past five years, been convicted in a criminal proceeding of any nature whatsoever, nor has Mr. Timon been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction of any nature whatsoever during the past five years. Mr. Timon is a United States citizen. Endowment, Long Drive, the General Partner, the Manager, the Managing Partner and Philip Timon are sometimes also referred to herein individually as a "Reporting Person" and collectively as "Reporting Persons". ITEM 3. Source and Amount of Funds or Other Consideration. The Reporting Persons have invested an aggregate amount of $70,387,056.62 (exclusive of brokerage commissions) in the securities of the Issuer reported hereunder. The sources of the funds used to purchase the shares of the Issuer held by the Reporting Persons are the partnership assets of each of Endowment and Long Drive, representing the capital contributions of the General Partner and each limited partner of Endowment and Long Drive (including Philip Timon). ITEM 4. Purpose of Transaction. The securities of the Issuer reported hereunder by the Reporting Persons were acquired as a long-term investment in the Issuer by Endowment and Long Drive. In managing the investment portfolio of Endowment and Long Drive, the Manager utilizes a fundamental, research-driven process to identify companies as being fundamentally undervalued and possessing the potential for high growth. In implementing this process, the Manager identified the Issuer as a company satisfying its rigorous investment criteria. The Reporting Persons reserve the right to discuss various views and opinions with respect to the Issuer and its business plans with the Issuer or the members of its senior management. The discussion of such views and opinions may extend from ordinary day-to-day business operations to matters such as nominees for representation on the Issuer's board of directors, senior management decisions and extraordinary business transactions. The Reporting Persons are continuing to analyze the recently proposed management buyout transaction concerning the Issuer and are evaluating a number of alternatives, including potential discussions of adequacy of the price as well as possibly joining the group of buyers.. - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 10 of 16 pages - ------------------------------- ------------------------------- In addition to the actions set forth above, the Reporting Persons may engage in any of the iterms 9b) through (j) of Item 4 of Schedule 13D. ITEM 5. Interest in Securities of the Issuer. (a). Aggregate shares held by each Reporting Person Endowment Capital, L.P. 3,519,650 Long Drive, L.P. 3,519,650 Endowment Capital Group, LLC(1) 3,519,650 Endowment Capital Group, L.P.(2) 3,519,650 Endowment Capital Management, LLC(3) 3,519,650 Philip Timon(4) 3,519,650 Percentage of class: Endowment Capital, L.P. 14.68% Long Drive, L.P. 14.68% Endowment Capital Group, LLC 14.68% Endowment Capital Group, L.P. 14.68% Endowment Capital Management, LLC 14.68% Philip Timon 14.68% - ------------------------------ (1) Endowment Capital Group, LLC is the General Partner of Endowment Capital, L.P. and Long Drive, L.P., subject to the overall control of the managing member, Philip Timon. (2) Endowment Capital Group, L.P. is the investment manager of Endowment Capital, L.P. and Long Drive, L.P., subject to the overall control of Philip Timon, the managing member of its general partner, and thus could be deemed to share the power to vote and dispose or direct the disposition of such Shares. (3) Endowment Capital Management, LLC is the general partner of Endowment Capital Group, L.P. subject to the overall control of Philip Timon, its managing member, and thus could be deemed to share the power to vote and dispose or direct the disposition of such Shares. (4) Philip Timon as the managing member of Endowment Capital Group, LLC and Endowment Capital Management, LlC is deemed to possess a controlling interest in the General Partner, the Managing partner and the Manager and thus could be deemed to share the power to vote and dispose or direct the disposition of such Shares. - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 11 of 16 pages - ------------------------------- ------------------------------- (b). Number of shares as to which such person has: (1) Sole power to vote or to direct the vote: (i) Endowment Capital, L.P. 0 (ii) Long Drive, L.P. 0 (iii) Endowment Capital Group, LLC 0 (iv) Endowment Capital Group, L.P. 0 (v) Endowment Capital Management, LLC 0 (vi) Philip Timon 0 (2) Shared power to vote or to direct the vote: (i) Endowment Capital, L.P. 3,519,650 (ii) Long Drive, L.P. 3,519,650 (iii) Endowment Capital Group, LLC 3,519,650 (iv) Endowment Capital Group, L.P. 3,519,650 (v) Endowment Capital Management, LLC 3,519,650 (vi) Philip Timon 3,519,650 (3) Sole power to dispose or to direct the disposition of: (i) Endowment Capital, L.P. 0 (ii) Long Drive, L.P. 0 (iii) Endowment Capital Group, LLC 0 (iv) Endowment Capital Group, L.P. 0 (v) Endowment Capital Management, LLC 0 (vi) Philip Timon 0 - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 12 of 16 pages - ------------------------------- ------------------------------- (4) Shared power to dispose or to direct the disposition of: (i) Endowment Capital, L.P. 3,519,650 (ii) Long Drive, L.P. 3,519,650 (iii) Endowment Capital Group, LLC 3,519,650 (iv) Endowment Capital Group, L.P. 3,519,650 (v) Endowment Capital Management, LLC 3,519,650 (vi) Philip Timon 3,519,650 (c). Transactions in Securities of the Issuer during the past 60 days. The following transactions are sales that were effected on the open market during the past 60 days: Reporting Person Date # of Shares Price per Share ($) Endowment March 7, 2006 32,100 16.1900 Long Drive March 7, 2006 17,900 16.1900 Endowment March 8, 2006 3,420 15.8780 Long Drive March 8, 2006 1,580 15.8780 Endowment March 9, 2006 78,583 16.1400 Long Drive March 9, 2006 43,867 16.1400 Endowment March 14, 2006 39,014 20.3095 Long Drive March 14, 2006 21,786 20.3095 Endowment March 14, 2006 7,054 20.5909 Long Drive March 14, 2006 3,946 20.5909 Endowment March 14, 2006 3,658 20.3692 Long Drive March 14, 2006 2,042 20.3692 Endowment March 14, 2006 78,586 20.7130 Long Drive March 14, 2006 43,914 20.7130 Endowment March 15, 2006 583 20.3500 Long Drive March 15, 2006 317 20.3500 Endowment March 15, 2006 46,004 20.1500 Long Drive March 15, 2006 25,696 20.1500 Endowment March 15, 2006 44,923 20.2132 Long Drive March 15, 2006 25,077 20.2132 Endowment March 16, 2006 32,082 20.2500 Long Drive March 16, 2006 17,918 20.2500 Endowment March 17, 2006 48,379 20.2804 Long Drive March 17, 2006 27,021 20.2804 Endowment March 20, 2006 32,075 20.6397 Long Drive March 20, 2006 17,925 20.6397 - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 13 of 16 pages - ------------------------------- ------------------------------- Reporting Person Date # of Shares Price per Share ($) Endowment March 20, 2006 19,309 20.6270 Long Drive March 20, 2006 10,791 20.6270 Endowment March 21, 2006 17,776 20.8527 Long Drive March 21, 2006 9,924 20.8527 Endowment March 21, 2006 12,770 20.8880 Long Drive March 21, 2006 7,130 20.8880 ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer There are no contracts, arrangements, understandings or relationships in place among any of the Reporting Persons with respect to the Securities of the Issuer. The General Partner serves as the General Partner to both Endowment and Long Drive. The Manager serves as the investment manager to both Endowment and Long Drive. Each of the General Partner and the Manager are subject to the overall control of Philip Timon, as managing member of the General Partner and managing member of the general partner of the Manager, and thus could be deemed to share the power to vote and dispose or direct the disposition of such Shares. Thus, the Reporting Persons could be deemed a "group" pursuant to Rule 13d-1(k) of Regulation 13D-G; however, the Reporting Persons neither admit nor deny that any such group exists. Nothing in this Schedule 13D shall be deemed an admission by any of the Reporting Persons that such person is a "beneficial owner" of the securities covered by this Schedule 13D. - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 14 of 16 pages - ------------------------------- ------------------------------- SIGNATURES 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. ENDOWMENT CAPITAL, L.P. Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member of Endowment Capital Group, LLC, general partner LONG DRIVE, L.P. Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member of Endowment Capital Group, LLC, general partner ENDOWMENT CAPITAL GROUP, LLC Date: March 3, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member ENDOWMENT CAPITAL GROUP, L.P. Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member of Endowment Capital Management, LLC, general partner ENDOWMENT CAPITAL MANAGEMENT, LLC Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member PHILIP TIMON Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 16 of 16 pages - ------------------------------- ------------------------------- EXHIBIT 1 -- AGREEMENT OF JOINT FILING In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agrees that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. IN WITNESS WHEREOF, the undersigned hereby execute this Agreement on the 23rd day of March, 2006. ENDOWMENT CAPITAL, L.P. Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member of Endowment Capital Group, LLC, general partner LONG DRIVE, L.P. Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member of Endowment Capital Group, LLC, general partner ENDOWMENT CAPITAL GROUP, LLC Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member ENDOWMENT CAPITAL GROUP, L.P. Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member of Endowment Capital Management, LLC, general partner - ------------------------------- ------------------------------- CUSIP No. 872960109 Page 16 of 16 pages - ------------------------------- ------------------------------- ENDOWMENT CAPITAL MANAGEMENT, LLC Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- Philip Timon, managing member PHILIP TIMON Date: March 23, 2006 By: /s/ Philip Timon ----------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----