X0202 4 2007-12-11 0 0001325281 KAPSTONE PAPER & PACKAGING CORP KPPC 0001264694 GLASER JONATHAN M 11601 WILSHIRE BLVD., SUITE 2180 LOS ANGELES CA 90025 0 0 1 0 Common Stock 2007-12-11 4 S 0 5000 7.3 D 40000 I See Note Mr. Glaser is a control person of JMG Capital Management, Inc., a California corporation ("JMG"), JMG Capital Management, LLC, a Delaware limited liability company ("JMG LLC"), Pacific Capital Management, Inc., a California corporation ("PCM") and Pacific Assets Management, LLC, a Delaware limited liability company ("PAM"). PAM is the investment adviser to an investment fund and PCM is a member of PAM. JMG LLC is the investment adviser and general partner of an investment limited partnership and JMG is a member of JMG LLC. These securities are held directly by the investment limited partnership of which JMG LLC is investment adviser and general partner and the investment fund of which PAM is the investment adviser, for the benefit of the investors in that partnership and that fund. Mr. Glaser disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. Jonathan M. Glaser 2007-12-13