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*
Becker Drapkin Management, L.P.

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
NAVARRE CORP /MN/ [ NAVR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
Officer (give title below) X Other (specify below)
Member of a 13(d) 10% Group
3. Date of Earliest Transaction (Month/Day/Year)
06/17/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X 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 06/17/2011 P 53,000 A $1.77 915,389 I See Footnotes (1) (2) (3) (4) (5)
Common Stock 06/17/2011 P 138,926 A $1.79 1,054,315 I See Footnotes (1) (2) (3) (4) (5)
Common Stock 06/17/2011 P 53,000 A $1.77 159,579 I See Footnotes (1) (2) (3) (4) (6)
Common Stock 06/17/2011 P 20,374 A $1.79 179,953 I See Footnotes (1) (2) (3) (4) (6)
Common Stock 06/17/2011 P 44,000 A $1.77 654,383 I See Footnotes (1) (2) (3) (4) (7)
Common Stock 2,042,350 I See Footnotes (1) (2) (3) (4) (8)
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
1. Name and Address of Reporting Person*
Becker Drapkin Management, L.P.

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
1. Name and Address of Reporting Person*
BECKER DRAPKIN PARTNERS (QP), L.P.

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
1. Name and Address of Reporting Person*
BECKER DRAPKIN PARTNERS, L.P.

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
1. Name and Address of Reporting Person*
BD Partners II, L.P.

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
1. Name and Address of Reporting Person*
BC Advisors LLC

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Becker Steven R

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Drapkin Matthew A

(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1111

(Street)
DALLAS TX 75201

(City) (State) (Zip)
Explanation of Responses:
1. This statement is jointly filed by and on behalf of each of Becker Drapkin Management, L.P. ("BD Management"), Becker Drapkin Partners (QP), L.P. ("QP Fund"), Becker Drapkin Partners, L.P. ("LP Fund"), BD Partners II, L.P. ("BD Partners II"), BC Advisors, LLC ("BC Advisors"), Steven R. Becker and Matthew A. Drapkin. QP Fund, LP Fund, BD Partners II and a managed account (the "Managed Account") are the direct beneficial owners of the securities covered by this statement.
2. (continued from Footnote 1) BD Management is the general partner of each of QP Fund, LP Fund and BD Partners II and provides investment advisory services for the Managed Account. BD Management may be deemed to beneficially own securities owned by QP Fund, LP Fund, BD Partners II and the Managed Account. BC Advisors is the general partner of BD Management and may be deemed to beneficially own securities owned by BD Management. Mr. Becker and Mr. Drapkin are the co-managing members of BC Advisors and may be deemed to beneficially own securities owned by BC Advisors.
3. Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Act") or otherwise, the beneficial owner of any securities covered by this statement. Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.
4. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, a member of a group with respect to the issuer or securities of the issuer.
5. Represents shares directly beneficially owned by QP Fund.
6. Represents shares directly beneficially owned by LP Fund.
7. Represents shares directly beneficially owned by BD Partners II.
8. Represents shares beneficially owned by BD Management, as investment manager for the Managed Account, and in which BD Management may have a pecuniary interest as a result of performance related fees.
Remarks:
Exhibit Index Exhibit 24.1 - Joint Filing Agreement and Power of Attorney (furnished herewith) Exhibit 99.1 - Joint Filer Information (furnished herewith)
BECKER DRAPKIN MANAGEMENT, L.P., By: BC Advisors, LLC, Its: General Partner, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
BECKER DRAPKIN PARTNERS (QP), L.P., By: Becker Drapkin Management, L.P., Its: General Partner, By: BC Advisors, LLC, Its: General Partner, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
BECKER DRAPKIN PARTNERS, L.P., By: Becker Drapkin Management, L.P., Its: General Partner, By: BC Advisors, LLC, Its: General Partner, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
BD PARTNERS II, L.P., By: Becker Drapkin Management, L.P., Its: General Partner, By: BC Advisors, LLC, Its: General Partner, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
BC ADVISORS, LLC, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
Steven R. Becker, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
Matthew A. Drapkin, By: /s/ Ashley Sekimoto, Title: Attorney-in-Fact 06/20/2011
** 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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