X0202 4 2007-05-31 0 0000784199 CRYOLIFE INC CRY 0001218321 OSS CAPITAL MANAGEMENT 605 THIRD AVE NEW YORK NY 10158 0 0 1 0 Common Stock 2007-05-31 4 S 0 82000 14.74 D 1918000 I See Footnote This Form 4 is being filed to report that O.S.S. Capital Management LP, a Delaware limited partnership (the "Investment Manager"), Schafer Brothers LLC, a Delaware limited liability company (the "SB LLC") and Mr. Oscar S. Schafer ("Mr. Schafer" collectively with the Investment Manager and SB LLC, the "Reporting Persons") disclaim beneficial ownership of Cryolife, Inc.'s (the "Issuer") securities for the purposes of Section 16. Each of the Investment Manager, SB LLC and Mr. Schafer may be deemed to beneficially own 1,918,000 shares of common stock and 85,000 shares of Preferred Stock convertible into 528,607 shares of common stock, which represent, together, approximately 9.5% of the outstanding shares of common stock. The Reporting Persons hereby check the box and are not subject to further reporting requirements of Section 16. This report shall not be deemed an admission that the Reporting Persons are or have been the beneficial owners of such securities. /s/ Oscar S. Schafer 2007-06-04