SEC Adopts Net Worth Standard for Accredited Investors Under Dodd-Frank Act
The Securities and Exchange Commission has amended its rules to exclude the value of a person’s home from net worth calculations used to determine whether an individual may invest in certain unregistered securities offerings. The changes were made to conform the SEC’s definition of an “accredited investor” to the requirements of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Under the amended rule, the value of an individual’s primary residence will not count as an asset when calculating net worth to determine “accredited investor” status. The amendments also clarify the treatment of borrowing secured by a primary residence for purposes of the net worth calculation. Under certain circumstances, they also permit individuals who qualified as accredited investors under the pre-Dodd-Frank Act definition of net worth to use that prior net worth standard for certain follow-on investments.
SEC rules permit certain private and limited offerings to be made without registration, and without requiring specified disclosures, if sales are made only to “accredited investors.” One way individuals may qualify as “accredited investors” is by having a net worth, alone or together with their spouse, of at least $1 million. The Dodd-Frank Act requires that the value of a person’s primary residence be excluded from the net worth calculation used to determine the person’s “accredited investor” status.
Under the amended net worth calculation, indebtedness secured by the person’s primary residence, up to the estimated fair market value of the primary residence, is not treated as a liability, unless the borrowing occurs in the 60 days preceding the purchase of securities in the exempt offering and is not in connection with the acquisition of the primary residence. In such cases, the debt secured by the primary residence must be treated as a liability in the net worth calculation. This is intended to prevent manipulation of the net worth standard, by eliminating the ability of individuals to artificially inflate net worth under the new definition by borrowing against home equity shortly before participating in an exempt securities offering. In addition, any indebtedness secured by a person’s primary residence in excess of the property’s estimated fair market value is treated as a liability under the new definition.
The amended net worth standard will take effect 60 days after publication in the Federal Register. Beginning in 2014, and every four years thereafter, the Dodd-Frank Act requires the Commission to review the “accredited investor” definition in its entirety and to engage in further rulemaking to the extent it deems appropriate.
SEC has now proposed or adopted more than three-quarters of the rules that the Dodd-Frank Act required the agency to write. (Press Rel. 2011-274)
In the Matter of Eric Jon Strasser
On December 21, 2011, the Commission issued an Order of Suspension Pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice (Order) against Eric Jon Strasser. The Order finds that Strasser has been convicted of a felony and forthwith suspends him from appearing or practicing before the Commission. (Rel. 34-66024; AAE Rel. 3349; File No. 3-14674)
Delinquent Filers’ Stock Registrations Revoked
The registrations of the registered securities of Medarts Medical System, Inc., and New Fiber Cloth Technology, Inc. (f/k/a Park Hill Capital III), have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-66025; File No. 3-14601)
In the Matter of Rovac Corp.
An Administrative Law Judge has issued an Order Making Findings and Revoking Registrations by Default (Default Order) in Rovac Corp., Admin. Proc. No. 3-14617. The Order Instituting Proceedings alleged that Respondents repeatedly failed to file required annual and quarterly reports while their securities were registered with the Securities and Exchange Commission. The Default Order finds these allegations to be true and revokes the registration of each class of registered securities of Rovac Corp., RS Group of Companies, Inc., Rymer Foods, Inc., Stratus Services Group, Inc., Sun Cal Energy, Inc., Sun Motor International, Inc., Surebet Casinos, Inc., and Swiss Medica, Inc., pursuant to Section 12(j) of the Securities Exchange Act of 1934. (Rel. 34-66026; File No. 3-14617)
Commission Revokes Registration of Securities of Stelax Industries, Ltd. For Failure to Make Required Periodic Filings
On December 22, 2011, the Commission revoked the registration of each class of registered securities of Stelax Industries, Ltd. (Stelax Industries) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Stelax Industries consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Stelax Industries, Ltd. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of Stelax Industries’ securities pursuant to Section 12(j) of the Exchange Act. This Order settled the proceedings brought against Stelax Industries in In the Matter of RMD Technologies, Inc., et al., Administrative Proceeding File No. 3-14616.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of RMD Technologies, Inc., et al., Administrative Proceeding File No. 3-14616, Exchange Act Release No. 65714, November 9, 2011. (Rel. 34-66027; File No. 3-14616)
Commission Revokes Registration of Securities of Singer Co. N.V. For Failure to Make Required Periodic Filings
On December 22, 2011, the Commission revoked the registration of each class of registered securities of Singer Co. N.V. (Singer Co.) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Singer Co. consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Singer Co. N.V. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 or 13a-16 thereunder and revoking the registration of each class of Singer Co.’s securities pursuant to Section 12(j) of the Exchange Act. This Order settled the proceedings brought against Singer Co. in In the Matter of Shengtai Power International, Inc., et al., Administrative Proceeding File No. 3-14637.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Shengtai Power International, Inc., et al., Administrative Proceeding File No. 3-14637, Exchange Act Release No. 65801, November 21, 2011. (Rel. 34-66028; File No. 3-14637)
SEC Obtains Judgment in Case Involving Promotion of China Voice Holding Corp.
The Commission today announced the entry of a judgment against Robert Wilson and two of his companies, Strategic Capital and Green Horseshoe Holdings, Inc. The Commission previously alleged that Wilson and Strategic Capital conducted a blast fax campaign concerning China Voice Holding Corp., which contained false and misleading statements and failed to accurately disclose the amount and source of the compensation Wilson, Strategic Capital, and Green Horseshoe Holdings, Inc. received.
Without admitting or denying the allegations in the complaint, Wilson and Strategic Capital consented to entry of a judgment enjoining them from violations of Section 17(b) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment also provided that upon motion of the Commission, the Court may order disgorgement of ill-gotten gains and prejudgment interest thereon against Wilson, Strategic Capital, and Green Horseshoe Holdings, Inc., civil penalties in amounts the Court deems appropriate against Wilson and Strategic Capital, and a penny stock bar against Wilson. The judgment was entered on December 21, 2011. [SEC v. David Ronald Allen, et al., Civil Action No. 3:11-CV-882-O (N.D. Tex.)] (LR-22208)
Court Enters $49 Million Final Judgment Against Alfred S. Teo, Sr. and MAAA Trust
The Securities and Exchange Commission announced that on December 21, 2011, United States District Court Judge Susan D. Wigenton entered a final judgment ordering defendants Alfred S. Teo, Sr. and the MAAA Trust, a trust Teo controlled, to pay a total of $49,493,143.15 in disgorgement, prejudgment interest and penalties for false filings regarding their Musicland Stores Corporation stock. In particular, the Court ordered Teo and the Trust to pay $17,422,054.13 in disgorgement plus $14,649,034.89 in prejudgment interest, and civil penalties of $17,422,054.13. These amounts are in addition to (i) $996,782.68 in disgorgement and prejudgment interest Teo paid for his insider trading violations pursuant to the Court’s previous order of March 15, 2010, and (ii) a $1 million fine that Teo paid in a parallel criminal action for insider trading. The Court also enjoined Teo and the Trust from further violations of Sections 13(d) and 16(a) of the Securities Exchange Act of 1934 and Rules 13d-1, 13d-2 and 16a-3 thereunder. Previously, the Court had enjoined Teo from further violations of Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 thereunder, and barred him from serving as an officer and director of a public company.
On May 25, 2011, following a ten day trial, a jury sitting in Newark, New Jersey returned a verdict in favor of the Commission finding Teo liable for securities fraud and disclosure violations on all counts against him and finding the Trust liable for disclosure violations. Prior to the trial, on August 10, 2010, the Court granted the Commission’s motion for summary judgment against Teo finding him liable for violations of Section 16(a) of the Exchange Act and Rule 16a-3 thereunder.
The Commission’s complaint, filed on April 22, 2004, charged Teo and others with insider trading and making false Commission filings. Specifically, Teo and ten of his relatives, friends and colleagues engaged in insider trading in Musicland and C-Cube Microsystems, Inc. stock. Teo, a major Musicland shareholder, learned about a tender offer for Musicland, and in breach of a duty of trust and confidence to Musicland, he purchased Musicland stock on the basis of this information prior to the company’s December 7, 2000 public announcement of the tender offer. Teo tipped eight others with this information, who purchased Musicland stock prior to the Musicland announcement. Teo also engaged in insider trading in the securities of C-Cube. Teo, a director of Cirrus Logic, Inc., which had been negotiating to acquire C-Cube, misappropriated from Cirrus material, non-public information regarding the negotiations, and he purchased C-Cube stock shortly before C-Cube announced on March 26, 2001 that it had agreed to be acquired by another company. Teo tipped his business partner, defendant Mitch Sacks, with this information, who purchased C-Cube stock prior to the C-Cube announcement. Teo also filed false information with the Commission and deceived the investing public regarding his Musicland stock ownership. Between July 1998 and January 2001, Teo, the Trust, and Teren Seto Handelman, the Trust’s trustee and Teo’s sister-in-law, filed multiple false and misleading Forms 13D with the Commission, and failed to make required filings, thereby materially misrepresenting their ownership of Musicland stock. Teo made false filings to avoid triggering Musicland’s shareholders rights plan, or “poison pill,” which Teo understood would have significantly diluted his stock causing massive losses to him. Instead, Teo’s fraud enabled him to secretly purchase millions of Musicland shares well above the poison pill threshold, which he eventually sold, receiving illicit profits.
Between May 3, 2004, and January 3, 2011, the Court entered final judgments against Teo’s tippees: defendants Teren Seto Handelman (Teo’s sister-in-law), Mitch Sacks (Teo’s business partner), Phil Sacks (Teo’s tennis partner and Mitch Sacks’ father), John Reier (CFO of Teo’s companies), Larry Rosen (Teo’s friend), Rich Herron (Teo’s yachting friend), Charles Fortune, Jerrold Johnston and Mark Lauzon (Teo’s business associates), David Ross (Teo’s yacht builder), and relief defendant James Ruffolo. These defendants and relief defendant consented to the entry of judgments without admitting or denying the allegations in the Commission’s complaint. On March 15, 2010, the Court entered a partial judgment on consent against Teo to settle the Commission’s insider trading charges against him, and the Court ordered him to pay $996,782.68 in disgorgement plus prejudgment interest, enjoined him against further violations of Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 thereunder, and barred him from serving as an officer or director of any public company. Prior to the December 21, 2011 final judgment, the Court ordered a total of $3,869,647.76 in disgorgement, prejudgment interest and civil penalties against Teo and his tippees.
In a separate action, the United States Attorney’s Office for the District of New Jersey prosecuted Teo for violations of the federal securities laws. On June 27, 2006, after a six week trial, Teo pled guilty to insider trading charges. Thereafter, on February 6, 2007, Teo was sentenced to 30 months in prison, followed by two years supervised release and ordered to pay a $1 million fine. United States v. Alfred S. Teo, 04-Cr.-583 (KSH) (D.N.J.)
Teo, age 65 and a resident of Kinnelon, New Jersey and Fisher Island, Florida, is the Chairman of several private companies which produce industrial plastics. Teo’s companies are some of the largest producers of plastic bags in North America. Teo was a director and audit committee member of two public companies: Navarre Corp. from May 1, 1998 to April 22, 2004; and Cirrus from July 21, 1998 to April 10, 2001.
The Commission expresses its appreciation to the United States Attorney’s Office for the District of New Jersey and the New York Stock Exchange for their assistance in this matter. [SEC v. Alfred S. Teo, Sr., et al., Civil Action No. 04-1815-SDW-MCA (D. N.J.) (LR-22209)
AllianceBernstein Cap Fund, Inc., AllianceBernstein L.P. and AllianceBernstein Investments, Inc.
An order has been issued on an application filed by AllianceBernstein Cap Fund, Inc., AllianceBernstein L.P. and AllianceBernstein Investments, Inc. under Section 6(c) of the Investment Company Act of 1940 (Act) for an exemption from Rule 12d1-2(a) under the Act. The order permits open-end management investment companies relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-29892 - December 21)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change submitted by The NASDAQ Stock Market LLC to modify fees for co-location services (SR-NASDAQ-2011-160) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66010)
A proposed rule change submitted by NASDAQ OMX BX, Inc. to modify fees for co-location services (SR-BX-2011-081) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66015)
A proposed rule change submitted by NASDAQ OMX PHLX LLC to modify the fee schedule for co-location services (SR-Phlx-2011-164) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66016)
A proposed rule change filed by the Financial Industry Regulatory Authority, Inc. related to the extension of a TRACE pilot program (SR-FINRA-2011-072) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66018)
Approval of Proposed Rule Changes
The Commission approved a proposed rule change submitted by NASDAQ OMX PHLX LLC (SR-Phlx-2011-142), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, to modify its co-location fee schedule regarding low latency network connections. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66011)
The Commission approved a proposed rule change submitted by NASDAQ OMX BX, Inc. (SR-BX-2011-073), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, to modify Rule 7034 regarding low latency network connections. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66012)
The Commission approved a proposed rule change submitted by the NASDAQ Stock Market LLC (SR-NASDAQ-2011-146), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, to modify Rule 7034 regarding low latency network connections. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66013)
The Commission approved a proposed rule change submitted under Rule 19b-4 by the Financial Industry Regulatory Authority, Inc. (SR-FINRA-2011-063) relating to amendments to the Order Audit Trail System Rules. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66021)
The Commission approved a proposed rule change filed by NASDAQ OMX PHLX LLC (SR-Phlx-2011-136) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 relating to transfer of exchange house accounts. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66022)
The Commission approved a proposed rule change filed by NASDAQ OMX PHLX LLC (SR-Phlx-2011-118), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, relating to transfer of positions off the floor. Publication is expected in the Federal Register during the week of December 26. (Rel. 34-66023)
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
Registration statements may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
S-11 United Realty Trust Inc, 44 WALL STREET, 2ND FLOOR, NEW YORK, NY, 10005, 212-400-3050 - 0 ($1,287,250,000.00) Equity, (File 333-178651 - Dec. 21) (BR. 08) S-1 MARKETINGMOBILETEXT, INC., 501 SANTIAGO AVE, LONG BEACH, CA, 90814, 562-498-5880 - 6,000,000 ($600,000.00) Equity, (File 333-178652 - Dec. 21) (BR. 03) S-3 SYNAGEVA BIOPHARMA CORP, 128 SPRING STREET, SUITE 520, LEXINGTON, MA, 02421, (781) 357-9900 - 0 ($100,000,000.00) Unallocated (Universal) Shelf, (File 333-178653 - Dec. 21) (BR. 01B) S-1 Cytosorbents Corp, 7 DEER PARK DRIVE, SUITE K, MONMOUTH JUNCTION, NJ, 08852, 973-329-8885 - 39,634,615 ($5,548,846.00) Equity, (File 333-178654 - Dec. 21) (BR. 10B) S-1 Chineseinvestors.com, Inc., 411 E. HUNTINGTON DRIVE, #107-228, ARCADIA, CA, 91006, 626-589-2468 - 0 ($1,500,000.00) Equity, (File 333-178655 - Dec. 21) (BR. 11A) S-3 TITAN PHARMACEUTICALS INC, 400 OYSTER POINT BLVD, SUITE 505, SAN FRANCISCO, CA, 94080, 4152444990 - 0 ($25,000,000.00) Equity, (File 333-178656 - Dec. 21) (BR. 01A) F-1 AVAST Software B.V., TRIANON OFFICE BUILDING, BUDEJOVICKA 1518/13A, PRAGUE 4, 2N, 140 00, 00420274005777 - 0 ($200,000,000.00) Equity, (File 333-178658 - Dec. 21) (BR. 03) S-8 INERGY MIDSTREAM, L.P., 816-842-8181 - 0 ($134,942,600.00) Limited Partnership Interests, (File 333-178659 - Dec. 21) (BR. 02C) S-4 NBT BANCORP INC, 52 S BROAD ST, NORWICH, NY, 13815, 6073372265 - 0 ($18,400,000.00) Equity, (File 333-178661 - Dec. 21) (BR. 07B) S-8 NaturalNano, Inc., 15 SCHOEN PLACE, PITTSFORD, NY, 14534, (585) 267-4850 - 0 ($33,000.00) Debt, (File 333-178662 - Dec. 21) (BR. 06C) S-8 BT GROUP PLC, BT CENTRE - 81 NEWGATE ST, LONDON ENGLAND, X0, EC1A 7AJ, 4402073566372 - 18,000,000 ($53,100,000.00) Equity, (File 333-178663 - Dec. 21) (BR. 11C) S-8 Anheuser-Busch InBev S.A., BROUWERIJPLEIN 1, 3000 LEUVEN, BELGIUM, C9, 00000, 0113216315769 - 0 ($71,937,500.00) Equity, (File 333-178664 - Dec. 21) (BR. 09B) S-8 ENPRO INDUSTRIES, INC, 5605 CARNEGIE BOULEVARD, SUITE 500, CHARLOTTE, NC, 28209, 704-731-1524 - 600,000 ($19,746,000.00) Equity, (File 333-178668 - Dec. 21) (BR. 06A) S-8 SYKES ENTERPRISES INC, 400 NORTH ASHLEY DRIVE, TAMPA, FL, 33602, 8132741000 - 4,000,000 ($60,240,000.00) Equity, (File 333-178670 - Dec. 21) (BR. 03C) S-8 PIONEER NATURAL RESOURCES CO, 200 WILLIAMS SQUARE WEST, 5205 N OCONNOR BLVD, IRVING, TX, 75039, 9724449001 - 0 ($35,000,000.00) Debt, 2,000,000 ($165,260,000.00) Equity, (File 333-178671 - Dec. 21) (BR. 04B) S-8 APACHE CORP, 2000 POST OAK BLVD, STE 100, HOUSTON, TX, 77056-4400, 7132966000 - 0 ($35,000,000.00) Equity, (File 333-178672 - Dec. 21) (BR. 04B) S-3 POZEN INC /NC, 1414 RALEIGH ROAD, SUITE 400, CHAPEL HILL, NC, 27517, 919-913-1030 - 0 ($33,150,000.00) Equity, (File 333-178673 - Dec. 21) (BR. 01B) S-8 BENIHANA INC, 8685 NW 53RD TERRACE, MIAMI, FL, 33166, 3055930770 - 2,741,184 ($27,122,193.00) Equity, (File 333-178674 - Dec. 21) (BR. 05A) S-3 CHESAPEAKE UTILITIES CORP, 909 SILVER LAKE BLVD, PO BOX 615, DOVER, DE, 19903-0615, 3027346799 - 546,343 ($23,378,016.97) Equity, (File 333-178678 - Dec. 21) (BR. 02B) S-1 Celsion CORP, 10220 OLD COLUMBIA ROAD, SUITE L, COLUMBIA, MD, 21046-1705, 4102905390 - 9,729,732 ($19,329,734.24) Equity, (File 333-178679 - Dec. 21) (BR. 01A) S-8 MTR GAMING GROUP INC, ROUTE 2, PO BOX 356, CHESTER, WV, 26034, 3043875712 - 0 ($6,346,804.00) Equity, (File 333-178680 - Dec. 21) (BR. 08C) S-1 AXION INTERNATIONAL HOLDINGS, INC., 180 SOUTH STREET, ., NEW PROVIDENCE, NJ, 07974, 908-542-0888 - 0 ($10,000,000.00) Equity, (File 333-178681 - Dec. 21) (BR. 06B) S-3 World Omni Auto Leasing LLC, 190 JIM MORAN BOULEVARD, DEERFIELD BEACH, FL, 33442, 954-429-2200 - 0 ($1.00) Asset-Backed Securities, (File 333-178682 - Dec. 21) (BR. OSF) S-8 SOUNDBITE COMMUNICATIONS INC, 22 CROSBY DRIVE, BEDFORD, MA, 01730, 781-897-2500 - 819,065 ($1,785,561.70) Equity, (File 333-178683 - Dec. 21) (BR. 08C)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT AAA PUBLIC ADJUSTING GROUP, INC. FL 1.01 03/02/11 AMEND ABERCROMBIE & FITCH CO /DE/ DE 8.01,9.01 12/19/11 ACE MARKETING & PROMOTIONS INC NY 5.02,7.01,9.01 12/20/11 ACI WORLDWIDE, INC. DE 1.02 12/16/11 ACORDA THERAPEUTICS INC 5.03,9.01 12/15/11 ACTIVE NETWORK INC DE 1.01,1.02,2.03,5.08, 12/16/11 9.01 ACTUANT CORP WI 2.02,9.01 12/21/11 ADA-ES INC CO 1.01,1.02 12/15/11 Adama Technologies Corp DE 1.01,9.01 12/15/11 AIR METHODS CORP DE 1.01,9.01 12/15/11 AIR METHODS CORP DE 5.07 06/14/11 AMEND Alamo Energy Corp. NV 1.01,8.01,9.01 12/21/11 ALLEGHANY CORP /DE DE 8.01,9.01 12/21/11 ALSERES PHARMACEUTICALS INC /DE DE 1.01 12/16/11 AMERICAN BAR ASSOCIATION MEMBERS / NO IL 1.01,9.01 12/19/11 AMERICAN REALTY CAPITAL HEALTHCARE TR MD 2.01,2.03,9.01 12/19/11 Ampio Pharmaceuticals, Inc. DE 1.01,9.01 12/20/11 Amtrust Financial Services, Inc. DE 1.01,2.03,3.02,8.01, 12/16/11 9.01 Anchor Bancorp WA 8.01 12/20/11 ANGEION CORP/MN MN 5.02,8.01 12/15/11 Apple REIT Ten, Inc. VA 2.01,9.01 12/19/11 Approach Resources Inc DE 1.01,9.01 12/20/11 Aptalis Pharma Inc DE 4.01,9.01 12/21/11 Archipelago Learning, Inc. DE 5.07 06/08/11 AMEND ARENA PHARMACEUTICALS INC DE 8.01 12/16/11 ARTESIAN RESOURCES CORP DE 8.01 12/21/11 ARTS WAY MANUFACTURING CO INC DE 5.02,9.01 12/20/11 ASHLAND INC. KY 7.01,9.01 12/21/11 ASSURED GUARANTY LTD D0 7.01 12/21/11 ATMEL CORP DE 5.02 12/16/11 AURORA GOLD CORP DE 1.01,3.02,7.01,9.01 12/15/11 AVALONBAY COMMUNITIES INC MD 5.02,9.01 12/16/11 AvWorks Aviation Corp 2.01,3.02,5.01,5.02, 10/03/11 AMEND 5.03,5.06,9.01 BAKKEN RESOURCES INC NV 5.02 12/15/11 BALDWIN TECHNOLOGY CO INC DE 1.01,2.03,9.01 12/15/11 BANCTRUST FINANCIAL GROUP INC AL 1.01 12/19/11 Bank of Commerce Holdings CA 7.01,9.01 12/21/11 BEACON ROOFING SUPPLY INC DE 5.02 12/21/11 BED BATH & BEYOND INC NY 2.02,9.01 12/21/11 BIODELIVERY SCIENCES INTERNATIONAL IN DE 8.01,9.01 12/21/11 BIOTIME INC CA 1.01,9.01 12/15/11 BIOZONE PHARMACEUTICALS, INC. NV 3.02,9.01 11/30/11 AMEND Black Tusk Minerals Inc. NV 1.01,9.01 12/15/11 Bonds.com Group, Inc. DE 5.01,9.01 12/15/11 BRIDGE BANCORP INC NY 8.01 12/20/11 Bridgepoint Education Inc DE 5.02 12/15/11 CA, INC. DE 5.02 12/20/11 CAMCO FINANCIAL CORP DE 5.02 12/15/11 CANO PETROLEUM, INC 3.01 12/20/11 Capitol Federal Financial Inc MD 7.01 12/21/11 CARMAX INC VA 2.02,9.01 12/21/11 CASCADE BANCORP OR 4.01,5.03,9.01 12/19/11 CASTLE A M & CO MD 1.01,2.01,2.03,3.02, 12/15/11 9.01 CENTURY BANCORP INC MA 5.02 12/20/11 CHESAPEAKE ENERGY CORP OK 5.02,9.01 12/15/11 China Growth CORP E9 5.07,9.01 12/15/11 CITY HOLDING CO WV 5.02,9.01 12/19/11 Cole Credit Property Trust Inc MD 2.01 12/15/11 Colonial Financial Services, Inc. MD 5.02 12/15/11 COMMERCEFIRST BANCORP INC MD 1.01,5.03,9.01 12/20/11 COMPASS BIOTECHNOLOGIES INC. NV 1.01,3.02,9.01 11/15/11 COMSCORE, INC. DE 1.01,3.02,9.01 12/20/11 Comstock Mining Inc. NV 5.02,9.01 12/21/11 CONCEPTUS INC DE 8.01 12/21/11 CONNECTICUT WATER SERVICE INC / CT CT 1.01,2.03 12/21/11 CONVERSION SERVICES INTERNATIONAL INC DE 5.02,9.01 12/16/11 CORPORATE BOND BACKED CERT TR SER 199 8.01,9.01 12/15/11 CORRECTIONS CORP OF AMERICA MD 8.01,9.01 12/19/11 Crexendo, Inc. DE 8.01,9.01 12/21/11 Crexendo, Inc. DE 8.01,9.01 12/21/11 AMEND CROWN CASTLE INTERNATIONAL CORP DE 1.01,9.01 12/15/11 Crumbs Bake Shop, Inc. DE 5.02,9.01 12/21/11 CRYOLIFE INC FL 5.02 12/21/11 CTS CORP IN 5.02 12/21/11 DATALINK CORP MN 1.01,2.03,5.02 12/16/11 DealerTrack Holdings, Inc. DE 1.01,5.07,8.01,9.01 12/19/11 DELPHI FINANCIAL GROUP INC/DE DE 1.01,8.01,9.01 12/21/11 DELTATHREE INC DE 2.03 12/15/11 DENALI CONCRETE MANAGEMENT INC NV 5.07,7.01,9.01 12/19/11 DIAL GLOBAL, INC. /DE/ DE 1.01,5.02,9.01 12/19/11 Discovery Communications, Inc. DE 5.02,9.01 12/15/11 DRI CORP NC 3.01 12/21/11 DYNAVAX TECHNOLOGIES CORP DE 8.01,9.01 12/21/11 E TRADE FINANCIAL Corp DE 8.01 12/17/11 Eagle Ford Oil & Gas Corp NV 5.02 12/21/11 EDGEWATER TECHNOLOGY INC/DE/ DE 2.05,2.06,9.01 12/16/11 EDISON MISSION ENERGY DE 8.01,9.01 12/21/11 EMERSON ELECTRIC CO MO 7.01 12/21/11 Energizer Resources, Inc. MN 5.02,5.03,5.07,9.01 12/21/11 EnerJex Resources, Inc. NV 2.01,9.01 12/16/11 ESB FINANCIAL CORP PA 8.01,9.01 12/20/11 EXELIXIS INC DE 1.01 12/20/11 EXELON CORP PA 8.01,9.01 12/21/11 EXPRESS SCRIPTS INC DE 5.07 12/21/11 Extra Space Storage Inc. MD 5.02 12/16/11 Federal Home Loan Bank of Dallas 2.03,9.01 12/16/11 Federal Home Loan Bank of Topeka 5.02,9.01 12/15/11 FIELDPOINT PETROLEUM CORP CO 7.01,9.01 12/19/11 FINISH LINE INC /IN/ IN 2.02,9.01 12/21/11 FIRST CHINA PHARMACEUTICAL GROUP, INC NV 8.01 12/21/11 FIRST FINANCIAL HOLDINGS INC /DE/ DE 5.03,8.01,9.01 12/20/11 FIRSTENERGY CORP OH 5.02,9.01 12/20/11 FIRSTFED FINANCIAL CORP DE 8.01,9.01 12/16/11 FISHER COMMUNICATIONS INC WA 1.01,2.01,2.03,7.01, 12/15/11 9.01 FIVE STAR QUALITY CARE INC 8.01,9.01 12/15/11 Forex International Trading Corp. NV 5.02 12/20/11 Forex International Trading Corp. NV 2.02,7.01,9.01 12/19/11 Fortress Investment Group LLC DE 5.02,9.01 12/21/11 FORWARD INDUSTRIES INC NY 2.02,9.01 12/15/11 FOSTER L B CO PA 5.02,9.01 12/21/11 FRANKLIN COVEY CO UT 5.03,8.01,9.01 12/16/11 FUEL DOCTOR HOLDINGS, INC. DE 8.01 12/20/11 FUELCELL ENERGY INC DE 5.03,9.01 12/15/11 Full Circle Capital Corp MD 5.07 12/21/11 GAMETECH INTERNATIONAL INC DE 1.01 12/16/11 GANNETT CO INC /DE/ DE 2.05 12/15/11 GARDNER DENVER INC DE 2.01,7.01,9.01 12/15/11 Gas Natural Inc. OH 1.01,9.01 12/08/11 GENERAL EMPLOYMENT ENTERPRISES INC IL 2.02,9.01 12/20/11 General Maritime Corp / MI 1.01,8.01,9.01 12/15/11 GlyEco, Inc. NV 1.01,9.01 12/16/11 GMX RESOURCES INC OK 1.01,2.03,3.02,3.03, 12/15/11 8.01,9.01 Gold Holding Corp. 5.02 12/21/11 GOLDMAN SACHS GROUP INC DE 9.01 12/21/11 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01,9.01 12/16/11 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01,9.01 11/30/11 Graystone Co DE 1.01,2.03,3.02,4.01, 12/08/11 AMEND 9.01 Greektown Superholdings, Inc. DE 5.02 12/16/11 GREENLIGHT CAPITAL RE, LTD. 1.01 12/16/11 HARMAN INTERNATIONAL INDUSTRIES INC / DE 1.01,9.01 12/15/11 HECLA MINING CO/DE/ DE 8.01,9.01 12/21/11 HERCULES OFFSHORE, INC. DE 5.02,9.01 12/15/11 Hines Global REIT, Inc. MD 2.01,7.01,9.01 12/15/11 HOLLYWOOD MEDIA CORP FL 5.07,9.01 12/19/11 HUB GROUP INC DE 5.02 12/14/11 HUNTINGTON BANCSHARES INC/MD MD 8.01,9.01 12/21/11 ICG GROUP, INC. DE 1.01,9.01 12/16/11 IMAGEWARE SYSTEMS INC DE 1.01,3.02,8.01,9.01 12/20/11 IMPERIAL OIL LTD 2.02,9.01 12/21/11 Information Services Group Inc. DE 5.02,9.01 12/21/11 INREIT Real Estate Investment Trust ND 5.02 12/15/11 IntelGenx Technologies Corp. DE 1.01,9.01 12/21/11 Intelimax Media Inc. 1.01,3.02,9.01 12/20/11 Intellicell Biosciences, Inc. NV 1.01,2.01,3.02,5.01, 06/03/11 AMEND 5.02,5.03,8.01 Internal Fixation Systems, Inc. FL 5.02,5.03,9.01 12/15/11 INTERNATIONAL PAPER CO /NEW/ NY 8.01,9.01 12/18/11 INTERSIL CORP/DE DE 5.02,9.01 12/20/11 ISA INTERNATIONALE INC DE 4.01 09/30/11 JBI, INC. NV 5.02,8.01,9.01 12/19/11 JBI, INC. NV 8.01,9.01 12/21/11 John Bean Technologies CORP DE 5.02,9.01 12/21/11 JUNIATA VALLEY FINANCIAL CORP PA 5.02 12/21/11 KAMAN CORP CT 8.01,9.01 12/21/11 KB HOME DE 2.02,9.01 12/21/11 KBS Real Estate Investment Trust II, MD 7.01,8.01,9.01 12/19/11 KeyOn Communications Holdings Inc. DE 5.02 12/16/11 Keyuan Petrochemicals, Inc. NV 3.01 12/16/11 Kosmos Energy Ltd. D0 5.02,7.01,9.01 12/15/11 LABORATORY CORP OF AMERICA HOLDINGS DE 1.01,1.02,3.03,9.01 12/21/11 LEGGETT & PLATT INC MO 1.01,7.01,9.01 12/20/11 Lender Processing Services, Inc. DE 5.02 12/20/11 LIBERTY SILVER CORP NV 3.02,8.01 12/19/11 LIBERTY SILVER CORP NV 8.01,9.01 12/21/11 LIGAND PHARMACEUTICALS INC DE 1.01,8.01,9.01 12/16/11 LITTELFUSE INC /DE DE 5.02 12/16/11 LONGWEI PETROLEUM INVESTMENT HOLDING CO 5.07 12/15/11 LUCAS ENERGY, INC. NV 5.07 12/16/11 Lumber Liquidators Holdings, Inc. 5.02,9.01 12/21/11 Lumos Networks Corp. VA 5.02 12/15/11 MAC-GRAY CORP DE 8.01,9.01 12/20/11 MAKEMUSIC, INC. MN 5.02 12/20/11 MATTRESS FIRM HOLDING CORP. DE 2.02,9.01 12/21/11 MDU RESOURCES GROUP INC DE 8.01 12/19/11 MEDCO HEALTH SOLUTIONS INC DE 5.07 12/21/11 Merck & Co. Inc. NJ 5.03,9.01 12/21/11 MICRON TECHNOLOGY INC DE 2.02,9.01 12/01/11 MILLER HERMAN INC MI 2.02,9.01 12/21/11 MISSION WEST PROPERTIES INC CA 8.01,9.01 12/21/11 MONMOUTH REAL ESTATE INVESTMENT CORP MD 7.01,9.01 12/21/11 Motors Liquidation Co DE 8.01 12/15/11 MSC INDUSTRIAL DIRECT CO INC NY 8.01,9.01 12/21/11 NEOPROBE CORP DE 5.03,9.01 12/16/11 NETREIT, INC. MD 8.01 12/15/11 NETWORK ENGINES INC DE 5.02 12/15/11 NEUROLOGIX INC/DE DE 1.01,2.03,9.01 12/16/11 NEW YORK COMMUNITY BANCORP INC DE 5.02,9.01 12/20/11 NISOURCE INC/DE DE 8.01 12/21/11 NORTEK INC DE 5.02,7.01,9.01 12/15/11 NORTHERN STATES FINANCIAL CORP /DE/ DE 5.02,9.01 12/20/11 NUTRACEA CA 2.03 12/15/11 Oasis Petroleum Inc. DE 8.01 12/20/11 OFFICEMAX INC DE 5.02,9.01 12/19/11 Oilsands Quest Inc 5.02,8.01,9.01 12/20/11 Opko Health, Inc. DE 1.01,7.01,9.01 12/20/11 Orange 21 Inc. DE 5.02,9.01 12/15/11 ORASURE TECHNOLOGIES INC DE 5.02,9.01 12/19/11 OSL HOLDINGS INC. 2.01,3.02,8.01,9.01 12/15/11 PARK ELECTROCHEMICAL CORP NY 2.02,9.01 12/21/11 PEPCO HOLDINGS INC DE 5.03,9.01 12/15/11 PERKINELMER INC MA 1.01,1.02,9.01 12/16/11 PHH CORP MD 1.01,8.01,9.01 12/15/11 PMC COMMERCIAL TRUST /TX TX 5.02,9.01 12/15/11 Power of The Dream Ventures Inc DE 8.01 11/23/11 Power of The Dream Ventures Inc DE 1.01,3.02 10/26/11 AMEND PPLUS Trust Series GSC-2 DE 1.01,9.01 12/21/11 PPLUS Trust Series JPM-1 DE 1.01,9.01 12/21/11 PRECISION OPTICS Corp INC MA 8.01,9.01 12/15/11 PRESSURE BIOSCIENCES INC MA 5.02 12/20/11 PS BUSINESS PARKS INC/CA CA 7.01,9.01 12/20/11 PUBLIC SERVICE ENTERPRISE GROUP INC NJ 7.01,9.01 12/21/11 PVH CORP. /DE/ DE 5.02 12/20/11 QUANTUM FUEL SYSTEMS TECHNOLOGIES WOR DE 7.01,9.01 12/21/11 Radius Health, Inc. DE 1.01,9.01 12/15/11 RAMBUS INC DE 8.01,9.01 12/21/11 Raptor Pharmaceutical Corp DE 1.01,8.01,9.01 12/15/11 RAYMOND JAMES FINANCIAL INC FL 7.01,9.01 12/21/11 RAYONIER INC NC 5.02 12/16/11 Real Goods Solar, Inc. CO 1.01,2.01,2.03,3.02, 12/19/11 9.01 REALGOLD INTERNATIONAL INC NV 1.01,3.02,8.01,9.01 12/14/11 REALGOLD INTERNATIONAL INC NV 1.01,3.02,9.01 12/16/11 REGENERON PHARMACEUTICALS INC NY 7.01 12/21/11 REPUBLIC FIRST BANCORP INC PA 8.01 12/19/11 Rhino Productions, Inc. NV 2.01,3.02,5.06,9.01 09/13/11 AMEND River Rock Entertainment Authority XX 8.01,9.01 12/19/11 ROBERTS REALTY INVESTORS INC GA 1.01,9.01 12/19/11 RSC Holdings Inc. DE 1.01,5.02,9.01 12/15/11 Sally Beauty Holdings, Inc. 1.01,2.03 12/20/11 SALLY HOLDINGS LLC DE 8.01 12/20/11 SAN JUAN BASIN ROYALTY TRUST TX 2.02,9.01 12/21/11 SANTARUS INC DE 1.01,9.01 12/21/11 SEALED AIR CORP/DE DE 5.02 12/16/11 SELECT COMFORT CORP MN 5.02,9.01 12/21/11 SELECTICA INC DE 8.01 12/20/11 SENIOR HOUSING PROPERTIES TRUST MD 2.01,8.01,9.01 12/15/11 SHAW GROUP INC LA 2.02,9.01 12/21/11 Silver Falcon Mining, Inc. DE 8.01 12/20/11 Six Flags Entertainment Corp 1.01 12/21/11 AMEND SM Energy Co DE 7.01 12/20/11 SMTP, Inc. DE 5.02,9.01 12/21/11 SNYDER'S-LANCE, INC. NC 1.01,9.01 12/19/11 SOUTHWEST GEORGIA FINANCIAL CORP GA 5.02,9.01 12/21/11 Spectrum Brands Holdings, Inc. DE 1.01,9.01 12/15/11 Spectrum Brands, Inc. DE 1.01,9.01 12/15/11 STEELCASE INC MI 2.02,7.01,9.01 12/21/11 STEIN MART INC FL 5.02,9.01 12/20/11 STONERIDGE INC OH 5.02,9.01 12/15/11 STRATEGIC AMERICAN OIL CORP NV 7.01,9.01 12/21/11 SUFFOLK BANCORP NY 2.02 12/20/11 SUN RIVER ENERGY, INC CO 8.01 12/19/11 SYNAGEVA BIOPHARMA CORP DE 9.01 12/20/11 AMEND SYNERGY RESOURCES CORP CO 8.01,9.01 12/21/11 TBS International plc L2 7.01,9.01 12/20/11 TE Connectivity Ltd. V8 1.01,1.02,2.03,9.01 12/20/11 TEAM INC TX 3.01,8.01,9.01 12/21/11 TEMPUR PEDIC INTERNATIONAL INC DE 5.07 12/21/11 AMEND TESORO CORP /NEW/ DE 5.02 12/20/11 TESSERA TECHNOLOGIES INC DE 8.01 12/21/11 THESTREET, INC. DE 5.02,8.01,9.01 12/21/11 THOMAS PROPERTIES GROUP INC DE 2.01,9.01 12/19/11 TIBCO SOFTWARE INC DE 2.02,9.01 12/21/11 TIBCO SOFTWARE INC DE 1.01,2.03,9.01 12/19/11 TIDELANDS BANCSHARES INC 5.07 12/21/11 TITAN PHARMACEUTICALS INC DE 1.01,3.03,5.03,9.01 12/20/11 TODA INTERNATIONAL HOLDINGS INC. E9 1.01,2.01,3.02,4.01, 03/15/11 AMEND 5.01,5.02,5.06,9.01 TOP GEAR INC DE 1.01,3.02,9.01 12/15/11 TRANSATLANTIC HOLDINGS INC DE 8.01,9.01 12/21/11 Transcept Pharmaceuticals Inc DE 8.01,9.01 12/21/11 TransMontaigne Partners L.P. DE 4.01,9.01 12/15/11 TREDEGAR CORP VA 5.02 12/15/11 TRI CITY BANKSHARES CORP WI 8.01,9.01 12/19/11 TRINITY CAPITAL CORP NM 8.01,9.01 12/21/11 United eSystems, Inc. NV 9.01 11/22/11 AMEND UNITED RENTALS INC /DE DE 1.01,2.03,9.01 12/15/11 UNIVERSAL FOREST PRODUCTS INC MI 5.02 12/20/11 UNIVERSAL HEALTH REALTY INCOME TRUST MD 8.01 10/07/11 UNIVERSAL TECHNICAL INSTITUTE INC DE 8.01,9.01 12/20/11 US ENERGY CORP WY 1.01,7.01,9.01 12/15/11 VALMONT INDUSTRIES INC DE 8.01,9.01 12/20/11 VENTRUS BIOSCIENCES INC DE 8.01,9.01 12/21/11 VIRTUAL MEDICAL INTERNATIONAL, INC. NV 5.06,7.01,9.01 12/20/11 VIVUS INC CA 8.01,9.01 12/21/11 VSE CORP DE 8.01 12/08/11 WALGREEN CO IL 2.02,7.01,9.01 12/21/11 WASHINGTON FEDERAL INC WA 8.01 12/16/11 WASHINGTON GAS LIGHT CO DC 5.02,5.03,9.01 12/16/11 WAUSAU PAPER CORP. WI 5.02 12/15/11 AMEND WCA WASTE CORP DE 1.01,7.01,9.01 12/21/11 WESTELL TECHNOLOGIES INC DE 1.01,9.01 12/20/11 WGL HOLDINGS INC VA 5.02,8.01 12/16/11 WILLIS GROUP HOLDINGS PLC L2 9.01 12/20/11 Zagg INC NV 7.01,8.01 12/20/11 ZOGENIX, INC. DE 1.01,1.02 12/20/11 ZOOM TECHNOLOGIES INC DE 5.07 12/16/11 ZYNGA INC DE 5.03,9.01 12/21/11