SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
OSMAN RONALD E
(Last) (First) (Middle)
1602 WEST KIMMEL STREET
(Street)
MARION IL 62959
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BIOVEST INTERNATIONAL INC [ BVTI.OB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
11/23/2010
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock(1) 11/23/2010 J(2) 264,810 A $0.00 345,688 D(3)
Common Stock(1) 11/23/2010 J(4) 608,224 A $0.00 953,912 D(3)
Common Stock(1) 11/23/2010 J(5) 211,454 A $0.00 1,165,366 D(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Secured Convertible Promissory Note $0.75 11/23/2010 J(7) $2,309,223.44 11/23/2010 11/23/2012 Secured Convertible Promissory Note $2,309,223.44 $0.00 $2,309,223.44 I By: Corp Real, LLC(6)
Secured Convertible Debenture $0.32 11/23/2010 J(2) $400,000 09/26/2008 03/31/2010 Secured Convertible Debenture $400,000 $400,000 $400,000 D
Explanation of Responses:
1. Represents shares of common stock of Issuer issued pursuant to the Issuer's First Amended Joint Plan of Reorganization, as modified and effective as of November 17, 2010.
2. The reporting person elected to convert his bankruptcy claim (Class 4), which was his entire outstanding principal balance plus accrued interest as a holder of the Issuer's 2008 secured debentures, into the Issuer's common stock at a conversion rate equal to $1.66 per share, in accordance with the Issuer's First Amended Joint Plan of Reorganization, as modified, which was previously filed as an exhibit to Form 8-K filed on November 2, 2010.
3. The reporting person agreed to a Lock-Up Agreement which imposes a 90-day "stop transfer" instruction on all of the Issuer's common stock owned by the reporting person. The 90-day period began on November 17, 2010 and will end on February 15, 2011.
4. The reporting person elected to convert his bankruptcy claim (Class 7), which was his entire outstanding principal balance under the Company's May 9, 2008 promissory note plus accrued interest, into the Issuer's common stock at a conversion rate equal to $1.66 per share, in accordance with the Issuer's First Amended Joint Plan of Reorganization, as modified, which was previously filed as an exhibit to Form 8-K filed on November 2, 2010.
5. The reporting person elected to convert his bankruptcy claim (Class 8), into the Issuer's common stock at a conversion rate equal to $1.66 per share, in accordance with the Issuer's First Amended Joint Plan of Reorganization, as modified, which was previously filed as an exhibit to Form 8-K filed on November 2, 2010.
6. The reporting person is the managing member in Corp Real, LLC and disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
7. The Issuer executed and delivered in favor of Corps Real, LLC, ("Corp Real") a secured convertible promissory note (the "DIP Lender Plan Note") in an original principal amount equal to $2,309,223.44. The DIP Lender Plan Note amends and restates the $3,000,000.00 secured promissory note dated December 22, 2008, previously executed by the Issuer in favor of Corp Real, in accordance with the Issuer's First Amended Joint Plan of Reorganization, as modified, which was previously filed as an exhibit to Form 8-K filed on November 2, 2010.
Ronald E. Osman 11/26/2010
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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