X0202 4 2006-02-28 0 0000828747 COLLEGIATE PACIFIC INC BOO 0001332636 Nelson Kerry C/O SKYSTONE ADVISORS LLC TWO INTERNATIONAL PLACE, SUITE 1800 BOSTON MA 02110 0 0 1 0 0001332634 Skystone Advisors LLC TWO INTERNATIONAL PLACE SUITE 1800 BOSTON MA 02110 0 0 1 0 0001332633 HSO LIMITED PARTNERSHIP THE CAYMAN CORPORATE CENTRE, 4TH FLOOR 27 HOSPITAL ROAD GEORGE TOWN, GRAND CAYMAN E9 00000 CAYMAN ISLANDS 0 0 1 0 Common Stock $.01 par value per share ("Common Stock") 2006-02-28 4 P 0 20000 10.2577 A 1628937.5 I See footnote Kerry Nelson is the Managing Member of Skystone Advisors LLC. Skystone Advisors LLC is the investment member of the general partner of HSO Limited Partnership, a Cayman Islands limited partnership and, as such, it is solely responsible for, among other things, investment activities of HSO Limited Partnership. An affiliate of Skystone Advisors LLC controlled by Kerry Nelson is an investment advisor registered under Section 203 of the Investment Advisers Act of 1940, as amended. HSO Limited Partnership holds 1,355,900 shares of Common Stock of Collegiate Pacific Inc., and a 5.75% Convertible Senior Subordinated Note due in 2009 (the "Note") in the principal amount of $4,000,000, convertible into 273,037.5 shares of Common Stock of Collegiate Pacific Inc., together representing approximately 13.3015.98% of the company's Common Stock (based on the company's proxy statement filed on January 26, 2006 on form DEF 14A, as of January 23, 2006 there were 10,196,393 shares of common stock outstanding.) Neither Kerry Nelson nor Skystone Advisors LLC directly holds any shares of Common Stock of Collegiate Pacific Inc. Each of Kerry Nelson and Skystone Advisors LLC may be deemed to beneficially own the 1,628,937.5 shares of Common Stock held by, or issuable upon conversion of the Note to, HSO Limited Partnership. Each of Kerry Nelson and Skystone Advisors LLC disclaims beneficial ownership of the shares of Common Stock held by HSO Limited Partnership for purposes of Section 16 and for any other purpose. /s/ Kerry Nelson 2006-03-02