0001058854-05-000095.txt : 20120625
0001058854-05-000095.hdr.sgml : 20120625
20050411160159
ACCESSION NUMBER: 0001058854-05-000095
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20050411
DATE AS OF CHANGE: 20050411
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: 05744112
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
orci13d05-04v3.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
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)
April 8, 2005
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.
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 371,799........................
--------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
9. Sole Dispositive Power 0............................
-----------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
10. Shared Dispositive Power 371,799.....................
----------------------------------
-------------------------------------------------------------------
--------------------------------------------------------------------------------
11.Aggregate Amount Beneficially Owned by Each Reporting Person 371,799
------------
12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 5.8%
---------
--------------------------------------------------------------------------------
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 371,799........................
--------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
9. Sole Dispositive Power 0............................
-----------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
10. Shared Dispositive Power 371,799.....................
----------------------------------
-------------------------------------------------------------------
--------------------------------------------------------------------------------
11.Aggregate Amount Beneficially Owned by Each Reporting Person 371,799
------------
12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 5.8%
---------
--------------------------------------------------------------------------------
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 88,991.......................
--------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
9. Sole Dispositive Power 0 ............................
-----------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
10. Shared Dispositive Power 88,991.....................
----------------------------------
-------------------------------------------------------------------
--------------------------------------------------------------------------------
11.Aggregate Amount Beneficially Owned by Each Reporting Person 88,991
-----------
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)
--------------------------------------------------------------------------------
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 66,882.........................
--------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
9. Sole Dispositive Power 0 ............................
-----------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
10. Shared Dispositive Power 66,882.........................
----------------------------------
-------------------------------------------------------------------
--------------------------------------------------------------------------------
11.Aggregate Amount Beneficially Owned by Each Reporting Person 66,882
-----------
12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 1.0%
---------
--------------------------------------------------------------------------------
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 137,956....................
--------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
9. Sole Dispositive Power 0............................
-----------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
10. Shared Dispositive Power 137,956.....................
----------------------------------
-------------------------------------------------------------------
--------------------------------------------------------------------------------
11.Aggregate Amount Beneficially Owned by Each Reporting Person 137,956
------------
12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 2.2%
---------
--------------------------------------------------------------------------------
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 26,470..........................
--------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
9. Sole Dispositive Power 0............................
-----------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------------------
10. Shared Dispositive Power 26,470......................
----------------------------------
-------------------------------------------------------------------
--------------------------------------------------------------------------------
11.Aggregate Amount Beneficially Owned by Each Reporting Person 26,470
-----------
12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 0.4%
---------
--------------------------------------------------------------------------------
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 88,991 shares
of Common Stock owned by it was approximately $548,693. Such amount was
derived from working capital.
The aggregate amount of funds used by GSC to purchase 66,882 shares of
Common Stock owned by it was approximately $455,245. Such amount was
derived from working capital.
The aggregate amount of funds used by Tonga to purchase 137,956 shares
of Common Stock owned by it was approximately $724,651. Such amount
was derived from working capital.
The aggregate amount of funds used by Pleiades to purchase 26,470 shares
of Common Stock owned by it was approximately $184,524. Such amount was
derived from working capital.
Item 4 Purpose of Transaction
The Common Stock was sold in the ordinary course of the Adviser's
management of the accounts of its investment advisory clients. As of
April 7, 2005 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 April 7, 2005, the Reporting Persons directly or indirectly
beneficially owned 371,799 shares, or 5.8%, of Common Stock
of Opinion Research Corporation (the approximate percentage of the
shares of Common Stock owned is based on 6,409,346 shares of common
stock outstanding by Opinion Research Corporation, on March 24, 2005).
(1) Cuttyhunk owns 51,500 shares (0.8%) (2) Anegada owns 88,991
shares (1.4%) (3) GS Cannell owns 66,882 shares (1.0%) (4) Tonga owns
137,956 shares (2.2%) (5) Pleiades owns 26,470 shares (0.4%)
(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.
--------------------------------------------------------------------------------
Party Date Amount Price per Where & How
Bought Share Effected
(Sold)
--------------------------------------------------------------------------------
ANEGADA 3/7/2005 (1,600) 6.97 Open Market
ANEGADA 3/8/2005 (150) 6.99 Open Market
ANEGADA 3/10/2005 (300) 7.04 Open Market
ANEGADA 3/11/2005 (600) 6.96 Open Market
ANEGADA 3/16/2005 (1,150) 6.97 Open Market
ANEGADA 3/16/2005 (1,100) 6.97 Open Market
GS CANNELL 3/7/2005 (1,800) 6.97 Open Market
GS CANNELL 3/7/2005 (6,000) 6.97 Open Market
GS CANNELL 3/7/2005 (200) 6.97 Open Market
GS CANNELL 3/8/2005 (400) 6.99 Open Market
GS CANNELL 3/10/2005 (400) 7.04 Open Market
GS CANNELL 3/10/2005 (1,400) 7.04 Open Market
GS CANNELL 3/11/2005 (100) 6.96 Open Market
GS CANNELL 3/11/2005 (2,000) 6.96 Open Market
GS CANNELL 3/11/2005 (1,000) 6.96 Open Market
GS CANNELL 3/16/2005 (2,000) 6.97 Open Market
GS CANNELL 3/16/2005 (1,500) 6.97 Open Market
GS CANNELL 3/16/2005 (2,000) 6.97 Open Market
GS CANNELL 3/16/2005 (1,000) 6.97 Open Market
GS CANNELL 3/16/2005 (3,000) 6.97 Open Market
GS CANNELL 3/16/2005 (1,400) 6.97 Open Market
PLEIADES 3/7/2005 (1,700) 6.97 Open Market
PLEIADES 3/7/2005 (1,200) 6.97 Open Market
PLEIADES 3/8/2005 (100) 6.99 Open Market
PLEIADES 3/10/2005 (700) 7.04 Open Market
PLEIADES 3/11/2005 (1,100) 6.96 Open Market
PLEIADES 3/16/2005 (1,900) 6.97 Open Market
PLEIADES 3/16/2005 (1,000) 6.97 Open Market
PLEIADES 3/16/2005 (1,200) 6.97 Open Market
TONGA 3/7/2005 (5,000) 6.97 Open Market
TONGA 3/7/2005 (3,500) 6.97 Open Market
TONGA 3/7/2005 (7,000) 6.97 Open Market
TONGA 3/7/2005 (2,000) 6.97 Open Market
TONGA 3/7/2005 (1,500) 6.97 Open Market
TONGA 3/7/2005 (5,000) 6.97 Open Market
TONGA 3/7/2005 (10,000) 6.97 Open Market
TONGA 3/7/2005 (10,200) 6.97 Open Market
TONGA 3/7/2005 (4,000) 6.97 Open Market
TONGA 3/7/2005 (3,600) 6.97 Open Market
TONGA 3/8/2005 (700) 6.99 Open Market
TONGA 3/8/2005 (1,700) 6.99 Open Market
TONGA 3/10/2005 (400) 7.04 Open Market
TONGA 3/10/2005 (2,100) 7.04 Open Market
TONGA 3/10/2005 (4,200) 7.04 Open Market
TONGA 3/10/2005 (1,000) 7.04 Open Market
TONGA 3/10/2005 (1,700) 7.04 Open Market
TONGA 3/10/2005 (2,000) 7.04 Open Market
TONGA 3/11/2005 (4,500) 6.96 Open Market
TONGA 3/11/2005 (2,700) 6.96 Open Market
TONGA 3/11/2005 (3,200) 6.96 Open Market
TONGA 3/11/2005 (2,000) 6.96 Open Market
TONGA 3/11/2005 (3,000) 6.96 Open Market
TONGA 3/11/2005 (3,800) 6.96 Open Market
TONGA 3/11/2005 (1,000) 6.96 Open Market
TONGA 3/16/2005 (3,300) 6.97 Open Market
TONGA 3/16/2005 (4,200) 6.97 Open Market
TONGA 3/16/2005 (4,000) 6.97 Open Market
TONGA 3/16/2005 (16,900) 6.97 Open Market
TONGA 3/16/2005 (2,100) 6.97 Open Market
TONGA 3/16/2005 (5,900) 6.97 Open Market
TONGA 3/16/2005 (7,600) 6.97 Open Market
TONGA 3/16/2005 (3,800) 6.97 Open Market
TONGA 3/16/2005 (3,800) 6.97 Open Market
TONGA 3/16/2005 (19,100) 6.97 Open Market
TONGA 3/16/2005 (500) 6.97 Open Market
(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
See Exhibit 7.1- Letter to Mr. John F. Short, Chairman 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: April 11, 2005
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
Exhibit 7.1
CANNELL CAPITAL LLC
150 California Street
San Francisco, Calif. 94111
------------
Tel (415) 835-8300 Fax (443) 606-0067
info@cannellcap.com
April 11, 2005
John F. Short
The Board of Directors
Opinion Research Corporation
600 College Road East, Suite 4100
Princeton, NJ 08540
Gentlemen:
As your fourth largest shareholder, owning 371,799 shares of Opinion Research
Corporation ("ORC"), I am dismayed over the revival of your Purchase Agreement
with the LLR Partnerships ("LLR") and the equally outrageous prospect of a
dilutive common stock offering to finance it.
I have, over the last two decades of money management, observed but fortunately
not been a victim of, many transparent efforts designed to enrich the coffers of
management. The proposal of ORC to buy stock at a 105% premium from one, and
only one, of it shareholders, and to finance the purchase at the expense of all
other shareholders adds a new chapter to the shameful annals of management
self-dealing that I hoped had passed with Adelphia, Enron, and Worldcom.
Let us review some facts. You propose to purchase from LLR some 943,949 shares
of common stock (1,216,058 shares less some 272,109 shares having a value of
$2.0 million), 740,500 warrants with a $12.00 strike price (the "Warrants"), and
certain other securities and rights (together, the "LLR Transaction"). These
other securities and rights include 10 shares of Series B Preferred Stock,
certain anti-dilution warrants and the right to exchange common stock into
Series C Preferred Stock on a two-for-one basis.
I have summarized the market values of the securities included in the LLR
Transaction below:
Security Number Value per share Market value
-------- ------ --------------- ------------
Common stock 943,949 $7.35 $6.9 million
Warrants 740,500 $2.52 $1.9 million
Series B Preferred 10 $10.00 $100
------------
$8.8 million
What fantasy world, devoid of gravity or math, would support an $18 million
valuation for securities worth only $8.8 million? Anti-dilution warrants and the
right to convert common stock into Series C Preferred Stock are not worth an
extra $9.2 million - unless the delighted seller has something on you and your
job, something not adequately disclosed in the prospectus.
You spent nearly a quarter million dollars of shareholders' money on an
"opinion" from Janney Montgomery Scott ("Janney") and that opinion shows what
kind of bias money can buy. Only a firm on the take could render such a deeply
flawed notion of "fairness."
Janney ascribed value to the anti-dilution warrants (the "Contingent Warrant"),
exercisable by LLR in the event of a dilutive common stock offering at a price
of less than $8.50 per share. Janney also reduced the strike price of the
Warrants to account for a dilutive common stock offering. In each case, the
dilutive stock offering is that very same offering that will be used to retire
both the Contingent Warrants and the Warrant. Is this not an example of circular
logic?
In addition, Janney valued both the common stock held by LLR and the value of
the Series C Preferred Stock into which it is convertible. Is this not
double-counting?
You disclose in your registration statement filed on April 6, 2005, that you
seek to raise over $41 million, and intend to use the incremental proceeds to
pay down borrowings under your revolving credit facility. Borrowings under this
facility currently bear interest at only 6.04% per year. Why would you raise
equity to replace cheap debt when you have adequate financial flexibility?
In the February 24, 2005 announcement of the Company's 2004 results, you
indicated that 2005 revenues are expected to be in the range of $200 and $205
million, net income to be between $4.4 and $4.9 million and diluted earnings per
share to be between $0.65 and $0.73. Adjusting for $1.3 million in pre-tax
interest savings arising from the recent refinancing, the Company should achieve
2005 diluted earnings per share of between $0.76 and $0.83. At $7.35 per share,
the Company's common stock is trading at a multiple of pro forma earnings of
only 8.9x to 9.7x, a substantial discount to its peer group. With your stock so
undervalued, how can you justify selling equity at this price? I really want to
know.
The Janney fairness opinion assumed a $50 million equity offering. If you do a
smaller offering, this "opinion" no longer stands. A different offering would
require a different opinion -- or even an "opinion" -- circular logic,
double-counting and self-dealing aside.
It appears that neither you nor Janney considered alternatives to the proposed
transaction. Janney's opinion admits:
"This opinion does not address the relative merits of the Transaction, any
alternatives to the Transaction available to ORC or any other underlying
decision of ORC to proceed with or effect the Transaction." (Emphasis added.)
Shouldn't you retain an independent financial advisor to advise you on the
relative merits of this versus other potential transactions, including the
potential sale of the Company?
The only clear benefit of these dealings is keeping John Short ensconced in his
position as Chairman and CEO. I choose the word "ensconced" (Merriam-Websters:
"sheltered or concealed") over "in control," because it is clear that Short has
clearly lost control of this once-promising company. In six years, the employees
at Opinion Research have worked mightily. They've racked up over a billion
dollars in sales. And yet Short has squandered their hard work and the time
they've taken away from their families. But not before pocketing more money in
salary and bonus (yes, bonus) in six years as CEO than the company has made in
profits. As if the $3.6 million in salary, bonuses and other perks weren't
enough, Short also dipped into the company coffers for a $155,539 personal loan
- even though current company policy "prohibits the making of loans to all
officers and directors."
The gravy-train doesn't end there: he's also milked 215,000 stock options from
the company. Opinion Research's own filings say a modest 10% gain in the
company's stock would put the value of Mr. Short's options at $1.4 million -
more money than the company has made in the last decade.
It is clear that the expensive transactions proposed in the filings were
concocted to keep Short and his cronies in control. But it is time for him to
loosen his white-knuckled grip from the personal piggy bank that is Opinion
Research, for the good of the company, for the good of employees and, yes, for
the good of shareholders.
As you know, we are lead plaintiffs in a case in the Court of Chancery of the
State of Delaware seeking to enjoin or rescind the LLR Transaction and common
stock offering if consummated. We will continue to pursue the case until you
cease to pursue the LLR Transaction and the common stock offering. If the Board
proceeds with the Transactions, we will consider nominating a slate of directors
for election at the next annual meeting of stockholders.
We therefore urge you to act in accordance with your fiduciary obligations,
cancel the LLR Transaction and the common stock offering, and retain an
independent financial advisor to pursue the value maximizing alternative for
your stockholders.
On your deathbeds you will be glad to have modified your behavior to that of
lesser scoundrels.
Sincerely,
/s/ J. Carlo Cannell
J. Carlo Cannell
Managing Member