-----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, WM2TOKH2JjHw4tCmC5om0pZxtImg6cwnrx44TeBCBaKjlxJr6iPpYSWk3nE/uO9l Iv8jXrsR9L8ePGirb7ZccA== 0001058854-04-000164.txt : 20041115 0001058854-04-000164.hdr.sgml : 20041115 20041112181953 ACCESSION NUMBER: 0001058854-04-000164 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20041115 DATE AS OF CHANGE: 20041112 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: OPINION RESEARCH CORP CENTRAL INDEX KEY: 0000911673 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700] IRS NUMBER: 223118960 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-50891 FILM NUMBER: 041141067 BUSINESS ADDRESS: STREET 1: 600 COLLEGE ROAD EAST STREET 2: SUITE 4100 CITY: PRINCETON STATE: NJ ZIP: 08540 BUSINESS PHONE: 609-452-5272 MAIL ADDRESS: STREET 1: 600 COLLEGE ROAD EAST STREET 2: SUITE 4100 CITY: PRINCETON STATE: NJ ZIP: 08540 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CANNELL CAPITAL LLC CENTRAL INDEX KEY: 0001058854 IRS NUMBER: 943366999 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 150 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4158358300 MAIL ADDRESS: STREET 1: 150 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: CANNELL J CARLO DBA CANNELL CAPITAL MGMT DATE OF NAME CHANGE: 19980330 SC 13D/A 1 orci13d04-10.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) Opinion Research Corporation - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class Securities) 683755102 ------------------------------------ (CUSIP Number) Carlo Cannell Cannell Capital, LLC, 150 California Street, 5th Floor, San Francisco, CA 94111 (415) 835-8300 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 11, 2004 - -------------------------------------------------------------------------------- (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. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.240.13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosure provided in a prior cover page. 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 (however, see the Notes). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a current valid OMB control number. CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Cannell Capital, LLC 94-3366999 - -------------------------------------------------------------------------------- 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) OO................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization California................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0............................... ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 566,799........................ -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 566,799..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 566,799 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 9.0% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- IA....................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). J. Carlo Cannell - -------------------------------------------------------------------------------- 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) OO................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization USA.......................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 .............................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 566,799........................ -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 566,799..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 566,799 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 9.0% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- IN/HC.................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). The Cuttyhunk Fund Limited - -------------------------------------------------------------------------------- 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) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Bermuda...................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 ............................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 51,500........................ -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 51,500..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 51,500 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 0.8% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- CO....................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). The Anegada Master Fund Limited - -------------------------------------------------------------------------------- 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) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Cayman Islands............... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 .............................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 93,891....................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 93,891..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 93,891 ----------- 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 1.5% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- CO....................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). GS Cannell, LLC 98-0232642 - -------------------------------------------------------------------------------- 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) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware..................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0............................... ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 91,082......................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 91,082......................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 91,082 ----------- 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 1.4% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- OO....................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Tonga Partners, L.P. 94-3164039 - -------------------------------------------------------------------------------- 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) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware..................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 ............................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 294,956.................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 294,956..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 294,956 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 4.7% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- PN....................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- CUSIP No. 683755102 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Pleiades Investment Partners, LP 23-2688812 - -------------------------------------------------------------------------------- 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) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware..................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 ............................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 35,370.......................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 35,370...................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 35,370 ----------- 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 0.6% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- PN....................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- Item 1 Security and Issuer This statement relates to Common Stock ("Common Stock"), issued by Opinion Research Corporation. The address of the principal executive offices of Opinion Research Corporation is 600 College Road East, Suite 4100, Princeton, NJ 08540. Item 2 Identity and Background Name: Cannell Capital, LLC ("Adviser") Place of Organization: California Principal Business: Investment Adviser Address: 150 California Street, 5th Floor, San Francisco, CA 94111 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: The Cuttyhunk Fund Limited ("Cuttyhunk") Place of Organization: Bermuda Principal Business: Investment Address: 73 Front Street, Hamilton, Bermuda HM 12 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: The Anegada Master Fund Limited ("Anegada") Place of Organization: Cayman Islands Principal Business: Investment Address: c/o Bank of Butterfield International (Cayman) Ltd., 68 Fort Street, PO Box 705, George Town, Grand Cayman, Cayman Islands Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: Tonga Partners, L.P. ("Tonga") Place of Organization: Delaware Principal Business: Investment Address: 150 California Street, 5th Floor, San Francisco, CA 94111 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: GS Cannell, LLC ("GSC") Place of Organization: Delaware Principal Business: Investment Address: 701 Mount Lucas Road, CN 850, Princeton, NJ 08542 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: Pleiades Investment Partners, LP ("Pleiades") Place of Organization: Delaware Principal Business: Investment Address: 6022 West Chester Pike, Newtown Square, PA 19073 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: J. Carlo Cannell Address: 150 California Street, 5th Floor, San Francisco, CA 94111 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Citizenship: United States J Carlo Cannell is the controlling and managing member of Adviser. Adviser serves as investment adviser to Cuttyhunk, Anegada Master, GSC, and Pleiades. Adviser is general partner and investment adviser to Tonga. Item 3 Source and amount of Funds or other Consideration The aggregate amount of funds used by Cuttyhunk to purchase 51,500 shares of Common Stock owned by it was approximately $315,265. Such amount was derived from working capital. The aggregate amount of funds used by Anegada to purchase 93,891 shares of Common Stock owned by it was approximately $591,383. Such amount was derived from working capital. The aggregate amount of funds used by GSC to purchase 91,082 shares of Common Stock owned by it was approximately $636,211. Such amount was derived from working capital. The aggregate amount of funds used by Tonga to purchase 294,956 shares of Common Stock owned by it was approximately $1,851,331. Such amount was derived from working capital. The aggregate amount of funds used by Pleiades to purchase 35,370 shares of Common Stock owned by it was approximately $256,356. Such amount was derived from working capital. Item 4 Purpose of Transaction The Common Stock was bought in the ordinary course of the Adviser's management of the accounts of its investment advisory clients. As of November 9, 2004 the Reporting Persons commenced the formulation of plans to seek maximization of the value of the Common Stock. Such plans may include, but may not necessarily be limited to, pursuit of strategic initiatives to enhance shareholder value. Subject to availability at prices deemed favorable and in accordance with applicable laws and regulations, the Reporting Persons may acquire shares of Common Stock of the Company from time to time in the open market, in privately negotiated transactions or otherwise. The Reporting Persons may dispose of shares of Common Stock of the Company from time to time in the open market, in privately negotiated transactions or otherwise. Except as set forth above, the Reporting Persons has no present plans or intentions that relate to or that would result in any of the transactions described in clauses (a) through (j) of item 4 of Schedule 13D. Item 5 Interest in Securities of the Issuer (a) As of November 9, 2004, the Reporting Persons directly or indirectly beneficially owned 566,799 shares, or 9.0%, of Common Stock of Opinion Research Corporation (the approximate percentage of the shares of Common Stock owned is based on 6,310,971 shares of common stock outstanding by Opinion Research Corporation, on October 29, 2004). (1) Cuttyhunk owns 51,500 shares (0.8%) (2) Anegada owns 93,891 shares (1.5%) (3) GS Cannell owns 91,082 shares (1.4%) (4) Tonga owns 294,956 shares (4.7%) (5) Pleiades owns 35,370 shares (0.6%) (b) The responses of the Reporting Persons to Items 7 through 11 of the portions of the cover page of this Schedule 13D which relate to beneficial ownership of shares of the Common Stock are incorporated herein by reference. (c) A list of transactions during the past 60 days. None (d) Not Applicable (e) Not Applicable Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer J. Carlo Cannell controls and manages the Adviser who makes voting and dispositive decisions for Cuttyhunk, Anegada, GS Cannell, Tonga, and Pleiades. Item 7 Material to Be Filed as Exhibits Exhibit 7.1- Letter to Mr. John F. Short, Chairman of of the Board of Opinion Research Corporation. 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. Date: November 12, 2004 J. Carlo Cannell /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell Cannell Capital, LLC /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell, Managing Member The Anegada Master Fund, Limited /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell, Managing Member Cannell Capital, LLC, Investment Adviser The Cuttyhunk Fund Limited /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell, Managing Member Cannell Capital, LLC, Investment Adviser GS Cannell, LLC /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell, Managing Member Cannell Capital, LLC, Investment Adviser Tonga Partners, L.P. /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell, Managing Member Cannell Capital, LLC, General Partner Pleiades Investment Partners, LP /s/ J. Carlo Cannell ------------------------------- J. Carlo Cannell, Managing Member Cannell Capital, LLC, Investment Adviser EX-7 2 opinionltr.txt EXHIBIT 7.1 CHAIRMAN LETTER - ------------------------------------------------------------------------------- Press Release Source: Cannell Capital LLC Nine Percent Shareholder Cannell Capital LLC Sends Letter to Board: Calls ORCI on Attempt to Bury Premium Offers and Dilute Shareholders with "Greenmail" SAN FRANCISCO, November 11, 2004 -Cannell Capital LLC "CC" announces it has sent a letter to John Short, the Chairman of the Board of Opinion Research (Nasdaq: ORCI), calling on the Company to consider premium offers received and terminate the pending, dilutive equity offering. CC is a longstanding, significant shareholder of the Company and in its letter stated that "by issuing shares today, the Company is selling shares at a material discount to intrinsic value". The letter notes that $18M of proceeds from the equity issuance will be paid to LLR and asks "How is the payment of over $18 a share to one shareholder in the best interests of all shareholders?" CC further notified the Company that rather than watch the Board and Management ignore their fiduciary obligations to shareholders, it will seek to maximize the value of its shares. The text of the letter from Cannell Capital LLC to Mr. Short follows: - ------------------------------------------------------------------------------- CANNELL CAPITAL LLC 150 California Street San Francisco, Calif. 94111 ------------ Tel (415) 835-8300 Fax (443) 606-0067 info@cannellcap.com November 11, 2004 Mr. John F. Short Chairman of the Board Opinion Research Corporation 600 College Road East, Suite 4100 Princeton, NJ 08540 Dear Mr. Short, Why dilute? Sell the Company! I am writing to suggest that you terminate the proposed offering of 7,690,000 shares of common stock (the "Offering") announced on October 21, 2004, and to request the appointment of an independent advisor to conduct a full review of value-maximizing alternatives. Cannell Capital LLC currently owns about 565,000 shares - about 9% of Opinion Research Corporation (the "Company.") Why are we at the back of the bus? 55% Dilution. Why? The Offering prospectus says the purpose is to repurchase certain securities held by LLR Equity Partners and its affiliates. The LLR securities include 908,366 shares of convertible common stock, 740,500 warrants with an exercise price of $12 per share, and 10 shares of Series B Preferred with an aggregate liquidation preference of $100. At $6.50 per share, these securities are valued at less than $7.0 million. In exchange for these securities and for canceling certain conversion and other rights held by LLR, the Company proposes to pay LLR $18 million. How is the payment of over $18 a share to one shareholder in the best interests of all shareholders? Why the prejudicial behavior? Can we sell our shares at this price too? If so, how? If not, why not? Did Taylor Nelson once offer $16 a share? We understand that the Company has in the past received credible offers from interested companies at prices representing a premium to the Company's current share price. Please confirm or deny the offer of $16 per share in 1999 by a British public company, Taylor Nelson ("TNN"). Have you proposed selling shares to Taylor Nelson at that valuation instead of selling shares in the Offering? What about other offers? In September 2000, in a complaint filed in the Court of Chancery of the State of Delaware, Dr. Michael R. Cooper, your predecessor as Chief Executive Officer of the Company, said, "Management resisted these offers because such a potential acquisition would threaten their position of incumbency." To view the complaint, visit http://www.cannellcapital.com. Since the offers, the Company has grown and business is improving. Above and beyond the selective scheme repurchase, by issuing shares today, the Company is selling shares at a material discount to intrinsic value. Just don't do it. At $6.50, ORCI is trading at nine times the Company's most recent earnings per share guidance for 2004, excluding one-off refinancing related charges. "We believe that the outlook for our commercial market research business is improving, based on increasing backlog, the volume of new business inquiries we are receiving and the proposals we are submitting to potential clients. We also expect our social research business to continue to meet our expectations," you stated on October 28, 2004. Less than two months ago, Harris Interactive paid 80% of sales and 7-8x EBITDA for WirthlinWorldwide, an opinion research and strategic consulting firm. Ascribing these multiples to ORCI's financials generates a price of about $13 per share (7.5x EBITDA is approximately $10 per share, 80% of sales is over $16 per share). I do not see how selling shares at 50% of this value is in the best interests of shareholders, particularly if business is improving as you suggest. We oppose the proposed Offering which suggests a pattern of a Board ignoring their fiduciary obligations to shareholders, as described in the complaint by Dr. Cooper. While you personally earned more than $1.5 million over the last three years, the Company generated cumulative losses of $10 million, and the stock declined. You work for the majority of shareholders, not just a few. We offer our shares to you at $17, below that of LLR. We will seek to maximize the value of our shares and suspect that other shareholders may follow suit when they consider how they are being treated. Sincerely, /s/ J. Carlo Cannell Managing Member -----END PRIVACY-ENHANCED MESSAGE-----