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			<nameOfIssuer>AGILYSYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00847J105</cusip>
			<value>74408</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>AGILYSYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00847J105</cusip>
			<value>24954</value>
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			<otherManager>01</otherManager>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BLOCK H &amp; R INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>093671105</cusip>
			<value>4579</value>
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				<sshPrnamt>136600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>136600</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BLOCK H &amp; R INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>093671105</cusip>
			<value>2327</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>0</Sole>
				<Shared>69427</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTERPUBLIC GROUP COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460690100</cusip>
			<value>13479</value>
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				<sshPrnamt>690900</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>690900</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTERPUBLIC GROUP COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460690100</cusip>
			<value>6814</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>0</Sole>
				<Shared>349258</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>LOUISIANA PAC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>546347105</cusip>
			<value>20146</value>
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				<sshPrnamt>1341300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1341300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>LOUISIANA PAC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>546347105</cusip>
			<value>10203</value>
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				<sshPrnamt>679303</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>679303</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>NEWPORT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651824104</cusip>
			<value>5445</value>
			<shrsOrPrnAmt>
				<sshPrnamt>294298</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>294298</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ORBOTECH LTD</nameOfIssuer>
			<titleOfClass>ORD</titleOfClass>
			<cusip>M75253100</cusip>
			<value>12582</value>
			<shrsOrPrnAmt>
				<sshPrnamt>828883</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>828883</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ORBOTECH LTD</nameOfIssuer>
			<titleOfClass>ORD</titleOfClass>
			<cusip>M75253100</cusip>
			<value>5712</value>
			<shrsOrPrnAmt>
				<sshPrnamt>376292</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>376292</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>REGIS CORP MINN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>758932107</cusip>
			<value>2509</value>
			<shrsOrPrnAmt>
				<sshPrnamt>178200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>178200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGIS CORP MINN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>758932107</cusip>
			<value>1273</value>
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				<sshPrnamt>90396</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>90396</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SENOMYX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81724Q107</cusip>
			<value>452</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>52300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SENOMYX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81724Q107</cusip>
			<value>225</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26063</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>26063</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>26289</value>
			<shrsOrPrnAmt>
				<sshPrnamt>577900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>577900</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>13346</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>0</Sole>
				<Shared>293394</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ULTRA PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>903914109</cusip>
			<value>20759</value>
			<shrsOrPrnAmt>
				<sshPrnamt>777800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>777800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ULTRA PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>903914109</cusip>
			<value>10546</value>
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				<sshPrnamt>395125</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>395125</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEST MARINE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>954235107</cusip>
			<value>911</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>88800</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEST MARINE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>954235107</cusip>
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			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>0</Sole>
				<Shared>44514</Shared>
				<None>0</None>
			</votingAuthority>
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</informationTable>
