X0202 3/A 2007-01-25 2007-02-05 0 0001335249 HIGHBURY FINANCIAL INC HBRF 0001301396 Context Capital Management, LLC 12626 HIGH BLUFF DRIVE SUITE 440 SAN DIEGO CA 92130 0 0 1 0 0001389347 Context Advantage Master Fund, L.P. P.O. BOX 1343GT, STRATHVALE HOUSE GROUND FLOOR, NORTH CHURCH STREET GEORGE TOWN, GRAND CAYMAN E9 KY1-1108 CAYMAN ISLANDS 0 0 1 0 0001245878 ROSEN MICHAEL S CONTEXT CAPITAL MANAGEMENT LLC 12626 HIGH BLUFF DRIVE STE 440 SAN DIEGO CA 92130 0 0 1 0 0001227681 FERTIG WILLIAM D CONTEXT CAPITAL MANAGEMENT, LLC 12626 HIGH BLUFF DRIVE, SUITE 440 SAN DIEGO CA 92130 0 0 1 0 Common Stock 703500 I See Notes Warrants 5 2007-01-25 2010-01-25 Common Stock 1841700 I See Notes The reporting persons are Context Capital Management, LLC, a Delaware limited liability company ("LLC"), Context Advantage Master Fund, L.P., a Cayman Islands limited partnership ("LP"), Michael S. Rosen and William D. Fertig. LLC is a registered investment adviser. Mr. Rosen and Mr. Fertig are the control persons of LLC. LP is an investment fund of which LLC is the general partner. LLC, LP, Mr. Rosen and Mr. Fertig are filing this Form 3 jointly. LLC, Mr. Rosen and Mr. Fertig constitute a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), but disclaim membership in a group with any other person. These securities are held directly by LP and by other investment funds and accounts of which LLC is the investment adviser or general partner, for the benefit of the investors in that partnership, those funds and those accounts. LP directly holds 624,500 shares of common stock and 1,076,850 warrants. All of the securities reported here are indirectly beneficially owned by LLC, Rosen and Fertig, who disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein. /s/ Context Capital Management, LLC, by Michael S. Rosen, Manager 2007-02-08 /s/ Context Advantage Master Fund, L.P., by Context Capital Management, LLC, General Partner, by Michael S. Rosen, Manager 2007-02-08 /s/ Michael S. Rosen 2007-02-08 /s/ William D. Fertig 2007-02-08