SEC Announces Charges From Investigation of Secondary Market Trading of Private Company Shares
The Securities and Exchange Commission today charged two managers of private investment funds established solely to acquire the shares of Facebook and other Silicon Valley firms with misleading investors and pocketing undisclosed fees and commissions. The SEC alleges that the fund managers collectively raised more than $70 million from investors.
Separately, the SEC charged SharesPost, an online service that matches buyers and sellers of pre-IPO stock, with engaging in securities transactions without registering as a broker-dealer.
The charges stem from the SEC’s yearlong investigation of the fast-growing business of trading pre-IPO shares on the secondary market.
“While we applaud innovation in the capital markets, new platforms and products must obey the rules and ensure the basic fairness and disclosure that are the hallmarks of sound financial regulation,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.
“Fund managers must fully disclose their compensation and material conflicts of interest. Investors deserve better than the kind of undisclosed self-dealing present in these cases,” said Robert Kaplan, Co-Chief of the SEC Enforcement Division’s Asset Management Unit.
SEC v. Frank Mazzola, Felix Investments LLC, and Facie Libre Management Associates LLC
The SEC alleges that Mazzola, who lives in Upper Saddle River, N.J., and his firms created two funds to buy securities of Facebook and other high profile technology companies. However, Mazzola and his firms engaged in improper self-dealing – earning secret commissions above the 5 percent disclosed in offering materials on the funds’ acquisition of Facebook stock and on re-sales of fund interests to new investors. The hidden charges essentially raised the prices paid by their investors for Facebook stock because it created a disincentive for Mazzola and his firms to negotiate a lower price for fund investors. They also sold Facie Libre fund interests despite knowing the funds lacked ownership of certain Facebook shares.
According to the SEC’s complaint filed in federal court in San Francisco, Mazzola and his firms also made false statements to investors in other funds they created to invest in various pre-IPO companies. For instance, they misled one investor into believing a Felix fund had successfully acquired stock of Zynga. They also made false representations about Twitter’s revenue to attract investors to their Twitter fund.
The SEC’s lawsuit against Mazzola, Felix Investments, and Facie Libre seeks court orders prohibiting them from engaging in securities fraud and requiring them to disgorge their ill-gotten gains and pay financial penalties.
In the Matter of EB Financial Group LLC and Laurence Albukerk
According to the SEC’s administrative proceeding against Laurence Albukerk, who lives in San Francisco, he and his firm hid from investors significant compensation earned in connection with two Facebook funds they managed. In written offering materials for the funds, Albukerk told investors he charged only a 5 percent fee for an initial investment and a 5 percent fee when the shares were distributed to fund investors upon a Facebook IPO. However, Albukerk obtained additional compensation by using an entity controlled by his wife to purchase the Facebook stock and then buying interests in that entity for the EB Funds while charging investors a mark-up. Albukerk also earned a brokerage fee on the acquisition of Facebook shares from the original stockholders. As a result of the fee and mark-up, investors in Albukerk’s two Facebook funds ultimately paid significantly more than the fees disclosed in the offering materials.
Without admitting or denying the SEC’s findings, Albukerk and EB Financial consented to entry of a SEC order finding that they violated Section 17(a)(2) of the Securities Act of 1933 and Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. Albukerk and EB Financial also agreed to pay disgorgement and prejudgment interest of $210,499 and a penalty of $100,000.
In the Matter of SharesPost Inc. and Greg Brogger
According to the SEC’s administrative proceeding against SharesPost and its CEO Greg Brogger of Park City, Utah, the online platform facilitated securities transactions without registering with the SEC as a broker-dealer. SharesPost engaged in a series of activities that constituted the business of effecting securities transactions and thus were required to register as a broker-dealer. SharesPost held itself out to the public as an online service to help match buyers and sellers of pre-IPO stock and allowed registered representatives of other broker-dealers to hold themselves out as SharesPost employees and earn commissions on transactions they facilitated through the SharesPost platform. SharesPost and affiliated broker-dealers also created a commission pool that was distributed by an executive to employees who were representatives of these broker-dealers. The company also collected and published on its website third-party information concerning issuers’ financial metrics, SharesPost-funded research reports, and a SharesPost-created valuation index. Additionally, the SharesPost platform was used to create an auction process for interests in funds managed by a SharesPost affiliate and designed to buy stock in pre-IPO companies.
“The newly emerging secondary marketplace for pre-IPO stock presents risk for even savvy investors,” said Marc Fagel, Director of the SEC’s San Francisco Regional Office. “Broker-dealer registration helps ensure those who effect securities transactions can be relied upon to understand and faithfully execute their obligations to customers and the markets. SharesPost skirted these important provisions.”
SharesPost and Brogger consented to an SEC order finding that SharesPost committed and Brogger caused a violation of Section 15(a) of the Exchange Act of 1934. They agreed to pay penalties of $80,000 and $20,000 respectively. Subsequent to the SEC’s investigation, SharesPost acquired a broker-dealer and its membership agreement was approved by the Financial Industry Regulatory Authority (FINRA).
These cases were investigated by Michael E. Liftik, Erin E. Schneider and Robert S. Leach of the San Francisco Regional Office. Ms. Schneider and Mr. Leach are members of the SEC’s Asset Management Unit. Fred Jolivet of the San Francisco Regional Office’s broker-dealer program conducted an examination relating to the SharesPost matter. The SEC’s litigation effort will be led by Robert L. Mitchell and Robert L. Tashjian of the San Francisco Regional Office.
The SEC thanks FINRA for its assistance in this matter.
Commission Revokes Registration of Securities of JC Acquisition Corp. For Failure To Make Required Periodic Filings
On March 14, 2012, the Commission revoked the registration of each class of registered securities of JC Acquisition Corp. (JC Acquisition) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Ablest consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to JC Acquisition Corp. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of JC Acquisition’s securities pursuant to Section 12(j) of the Exchange Act. This Order settled the proceedings brought against JC Acquisition in In the Matter of JC Acquisition Corp., et al., Administrative Proceeding File No. 3-14771.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of JC Acquisition Corp., et al., Administrative Proceeding File No. 3-14771, Exchange Act Release No. 66470, February 27, 2012. (Rel. 34-66587; File No. 3-14771)
Commission Revokes Registration of Securities of Calypso Wireless, Inc. For Failure to Make Required Periodic Filings
On March 14, 2012, the Commission revoked the registration of each class of registered securities of Calypso Wireless, Inc. (CLYW) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, CLYW consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Calypso Wireless, Inc. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of CLYW’s securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against CLYW in In the Matter of Aduddell Industries, Inc., et al., Administrative Proceeding File No. 3-14782.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Aduddell Industries, Inc., et al., Administrative Proceeding File No. 3-14782, Exchange Act Release No. 66492 (March 1, 2012). (Rel. 34-66588; File No. 3-14782)
SEC Suspends Attorney in the Matter of John B. Frohling, Esq.
The U.S. Securities and Exchange Commission announced today that it has suspended John Frohling from appearing or practicing before the Commission. This action follows Frohling’s disbarment from the practice of law in New Jersey.
Frohling consented to disbarment following an October 14, 2010 recommendation by the New Jersey Supreme Court Disciplinary Review Board to the New Jersey Supreme Court that Frohling receive a “strong censure” for engaging in unethical behavior. In its recommendation, the review board found that, in connection with fraudulent real estate transactions, Frohling had violated Rule of Professional Conduct (“RPC”) 1.1(a) (gross neglect); RPC 1.7(a), 1.7(b) and 1.9(a) (past and concurrent conflict of interest); RPC 5.3(b) (failure to supervise a nonlawyer); and RPC 8.4(c) (conduct involving dishonesty, fraud, deceit, or misrepresentation).
Today, the Commission issued an Order of Forthwith Suspension Pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice that suspends John B. Frohling from appearing or practicing before the Commission. The Commission’s Order was based on Frohling’s disbarment from practicing law in New Jersey. (Rel. 34-66598; File. 3-14802)
Proposed Rule Changes
The Financial Industry Regulatory Authority, Inc. filed a proposed rule change (SR-FINRA-2012-020) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder relating to post-trade transparency for agency pass-through mortgage-backed securities traded TBA. Publication is expected in the Federal Register during the week of March 12. (Rel. 34-66577)
ICE Clear Europe Limited (“ICE Clear Europe”) filed a proposed rule change (SR-ICEEU-2012-04) under Section 19(b)(1) of the Securities Exchange Act of 1934 to provide for a T+1 settlement of the Initial Payment related to the CDS contracts cleared by ICE Clear Europe. Publication is expected in the Federal Register during the week of March 12. (Rel. 34-66581)
International Securities Exchange, LLC filed a proposed rule change (SR-ISE-2012-16) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, and Rule 19b-4 thereunder, to amend ISE Rule 722 (Complex Orders) to modify its procedures for executing the stock leg(s) of stock-option orders. Publication is expected in the Federal Register during the week of March 12. (Rel. 34-66582)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change (SR-BATS-2012-012) filed by the BATS Exchange, Inc. (“BATS”) to adopt new Rule 14.3(e) that would impose certain reporting requirements on BATS should BATS or an affiliate of BATS list a security on BATS has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of March 12. (Rel. 34-66580)
A proposed rule change filed by NASDAQ OMX PHLX LLC (SR-Phlx-2012-32) relating to Price Improvement XL (“PIXLSM”) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of March 12. (Rel. 34-66583)
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
Registration statements may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
S-8 SOCKET MOBILE, INC., 39700 EUREKA DRIVE, NEWARK, CA, 94560-4808, 5109333000 - 193,283 ($452,282.22) Equity, (File 333-180055 - Mar. 13) (BR. 03B) S-1 LIBERTY STAR URANIUM & METALS CORP., 5610 E SUTLER LANE, TUCSON, AZ, 85712, 520-731-8786 - 200,000,000 ($6,200,000.00) Equity, (File 333-180056 - Mar. 13) (BR. 09A) S-8 SMITH & WESSON HOLDING CORP, 2100 ROOSEVELT AVENUE, SPRINGFIELD, MA, 01104, 4137473573 - 6,000,000 ($32,160,000.00) Equity, (File 333-180057 - Mar. 13) (BR. 06C) S-3ASR PS BUSINESS PARKS INC/CA, 701 WESTERN AVE, SUITE 200, GLENDALE, CA, 91201-2397, (818) 244-8080 - 0 ($0.00) Unallocated (Universal) Shelf, (File 333-180058 - Mar. 13) (BR. 08C) S-3 NET 1 UEPS TECHNOLOGIES INC, 4TH FLOOR, PRESIDENT PLACE, CNR. JAN SMUTS & BOLTON, ROSEBANK, JOHANNESBURG, T3, 00000, 27 11 343 2000 - 0 ($557,201,138.00) Equity, (File 333-180059 - Mar. 13) (BR. 07C) S-1 MONY LIFE INSURANCE CO OF AMERICA, 1290 AVENUE OF THE AMERICAS, MAIL STOP 11-18, NEW YORK, NY, 10104, 2125541234 - 23,000,000 ($18,750,000.00) Equity, (File 333-180068 - Mar. 13) (BR. 01A) S-3ASR FLEETCOR TECHNOLOGIES INC, 5445 TRIANGLE PARKWAY, SUITE 400, NORCROSS, GA, 30092, 800-877-9019 - 0 ($0.00) Equity, (File 333-180069 - Mar. 13) (BR. 03A) S-3 HARBINGER GROUP INC., 450 PARK AVENUE, 27TH FLOOR, NEW YORK, NY, 10022, 347 840 8677 - 50,000,000 ($190,250,000.00) Equity, (File 333-180070 - Mar. 13) (BR. 10B) S-1 INTERMOUNTAIN COMMUNITY BANCORP, PO BOX 967, SANDPOINT, ID, 83864, 206-263-0505 - 0 ($8,700,000.00) Equity, (File 333-180071 - Mar. 13) (BR. 07C) S-1 INTERMOUNTAIN COMMUNITY BANCORP, PO BOX 967, SANDPOINT, ID, 83864, 206-263-0505 - 0 ($60,132,968.00) Equity, (File 333-180072 - Mar. 13) (BR. 07C) S-8 CORCEPT THERAPEUTICS INC, 149 COMMONWEALTH DRIVE, MENLO PARK, CA, 94025, 650.688.8803 - 3,369,249 ($13,510,688.49) Equity, (File 333-180073 - Mar. 13) (BR. 01B) S-8 GALLERY MANAGEMENT HOLDING CORP, 4 GROUSE TERRACE, LAKE OSWEGO, OR, 97035, 503-789-0316 - 5,000,000 ($5,000,000.00) Equity, (File 333-180074 - Mar. 13) (BR. 02B)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT ----------------------------------------------------------------------------------------- 3D SYSTEMS CORP DE 9.01 01/03/12 AMEND ACE MARKETING & PROMOTIONS INC NY 7.01,9.01 02/09/12 ACTIVECARE, INC. DE 1.01,2.01,3.02,7.01, 03/08/12 9.01 ADA-ES INC CO 2.02,9.01 03/13/12 ADA-ES INC CO 7.01,9.01 03/13/12 ADDVANTAGE TECHNOLOGIES GROUP INC OK 5.07,8.01 03/07/12 AIR LEASE CORP DE 8.01,9.01 03/13/12 AK STEEL HOLDING CORP DE 7.01,9.01 03/12/12 ALASKA AIR GROUP INC DE 7.01,9.01 03/13/12 AMARILLO BIOSCIENCES INC TX 5.02 03/12/12 American Capital Agency Corp 1.01,9.01 03/13/12 AMERICAN EXPRESS CO NY 7.01 03/13/12 AMERICAN INTERNATIONAL GROUP INC DE 8.01,9.01 03/13/12 AMERICAN INTERNATIONAL GROUP INC DE 2.01,9.01 03/07/12 AMERICAN PACIFIC CORP DE 5.07,7.01,9.01 03/13/12 AMERICAN REALTY CAPITAL NEW YORK RECO MD 1.01,5.02 03/13/12 American Renal Associates Holdings, I DE 5.02 03/06/12 AMERIGON INC MI 2.02,9.01 03/12/12 AMP Holding Inc. NV 1.01,3.02,9.01 02/23/12 AMEND Anacor Pharmaceuticals Inc DE 2.02,9.01 03/13/12 ANADARKO PETROLEUM CORP DE 7.01,9.01 03/12/12 Apollo Medical Holdings, Inc. DE 2.03,3.02,5.02,7.01, 03/07/12 9.01 ARBITRON INC DE 7.01 03/12/12 ARCH COAL INC DE 5.02,7.01,9.01 03/07/12 ARDEN GROUP INC DE 8.01 03/12/12 ARMSTRONG WORLD INDUSTRIES INC PA 8.01,9.01 03/12/12 Ascena Retail Group, Inc. DE 5.02 03/08/12 Astex Pharmaceuticals, Inc DE 5.02 03/07/12 AUTODESK INC DE 5.02,9.01 03/08/12 AVIV REIT, INC. MD 2.02,9.01 03/13/12 BALLANTYNE STRONG, INC. DE 2.02,9.01 03/12/12 BankFinancial CORP 7.01,8.01,9.01 03/13/12 BARRETT BUSINESS SERVICES INC MD 1.01,9.01 03/09/12 BB&T CORP NC 8.01,9.01 03/13/12 BE AEROSPACE INC DE 1.01,2.03,9.01 03/08/12 BEAZER HOMES USA INC DE 8.01,9.01 03/13/12 BENIHANA INC DE 7.01,9.01 03/13/12 BIOCRYST PHARMACEUTICALS INC DE 7.01 03/12/12 BIONOVO INC DE 1.01,9.01 03/12/12 AMEND BIOSANTE PHARMACEUTICALS INC DE 2.02,9.01 03/13/12 Bitstream Inc. DE 8.01,9.01 03/13/12 Blueknight Energy Partners, L.P. DE 2.02,9.01 03/13/12 BON TON STORES INC PA 8.01,9.01 03/13/12 BONANZA GOLD CORP. DE 3.02 03/09/12 BOOKS A MILLION INC DE 2.02,9.01 03/13/12 BOTTOMLINE TECHNOLOGIES INC /DE/ DE 8.01 03/13/12 BRAINSTORM CELL THERAPEUTICS INC 7.01,9.01 03/12/12 Brekford Corp. DE 2.02,8.01,9.01 03/12/12 BROADWIND ENERGY, INC. DE 2.02,7.01,9.01 03/13/12 CABOT CORP DE 5.02,5.07 03/08/12 CANO PETROLEUM, INC 1.03,2.04,7.01,9.01 03/07/12 Car Charging Group, Inc. NV 1.01,8.01,9.01 02/06/12 Cardiovascular Systems Inc DE 5.07 10/25/11 AMEND CCA INDUSTRIES INC DE 8.01,9.01 03/12/12 CEDAR FAIR L P DE 5.05,9.01 03/07/12 CENTRAL EUROPEAN DISTRIBUTION CORP DE 8.01,9.01 03/12/12 CHENIERE ENERGY INC DE 7.01,9.01 03/13/12 China Energy Recovery, Inc. DE 1.01 03/06/12 China TransInfo Technology Corp. NV 8.01,9.01 03/13/12 CHINDEX INTERNATIONAL INC DE 2.02,7.01,9.01 03/13/12 CHYRON CORP NY 5.02,9.01 03/07/12 CIGNA CORP DE 7.01 03/13/12 CITIZENS SOUTH BANKING CORP DE 7.01,9.01 03/13/12 COLUMBIA LABORATORIES INC DE 7.01,9.01 03/13/12 COMMERCETEL CORP NV 4.01,9.01 02/20/12 AMEND CommonWealth REIT MD 1.01,2.03,5.02,8.01, 03/12/12 9.01 COMPUTER SCIENCES CORP NV 8.01 03/12/12 Comstock Homebuilding Companies, Inc. DE 1.01,9.01 03/13/12 CONSOL Energy Inc DE 5.02 03/08/12 CONSOLIDATED EDISON INC NY 8.01,9.01 03/08/12 CORNERSTONE THERAPEUTICS INC DE 1.01 03/07/12 COVANCE INC DE 1.01,2.03,9.01 03/07/12 CRYOLIFE INC FL 5.02,9.01 03/07/12 CYTRX CORP DE 2.02,9.01 03/12/12 DATA I/O CORP WA 7.01 03/12/12 DATA I/O CORP WA 5.02,9.01 03/08/12 DCP Midstream Partners, LP DE 1.01,2.03,9.01 03/13/12 DELPHI FINANCIAL GROUP INC/DE DE 5.07,8.01,9.01 03/13/12 DELTA AIR LINES INC /DE/ DE 7.01,9.01 03/13/12 DERMA SCIENCES, INC. PA 5.02,9.01 03/07/12 Digital Realty Trust, Inc. 7.01 03/13/12 DJO Finance LLC DE 8.01,9.01 03/12/12 Dorman Products, Inc. PA 5.04,9.01 03/13/12 DOUGLAS DYNAMICS, INC DE 5.02,8.01 03/07/12 Dresser-Rand Group Inc. DE 5.02,9.01 03/09/12 Eastern Environment Solutions Corp. 4.01 03/07/12 EDELMAN FINANCIAL GROUP INC. TX 2.02,7.01,9.01 03/12/12 ELITE PHARMACEUTICALS INC /NV/ NV 8.01,9.01 03/12/12 EMCORE CORP NJ 5.02,5.07 03/09/12 ENDOCYTE INC DE 2.02,9.01 03/13/12 ENERGY INCOME & GROWTH FUND 7.01,9.01 03/13/12 Essex Rental Corp. DE 2.02,9.01 03/12/12 EV Energy Partners, LP DE 1.01,2.03,7.01,9.01 03/08/12 EVOLVING SYSTEMS INC DE 2.02 03/13/12 EXACTECH INC FL 1.01,1.02,5.02,9.01 03/07/12 Exelis Inc. IN 7.01,9.01 03/13/12 EXTERRAN HOLDINGS INC. DE 1.01,7.01,9.01 03/07/12 EXTERRAN PARTNERS, L.P. DE 1.01,2.01,2.03,3.02, 03/07/12 7.01,9.01 FACTSET RESEARCH SYSTEMS INC DE 2.02,9.01 03/13/12 FALCONSTOR SOFTWARE INC DE 2.02 03/13/12 FARMER BROTHERS CO CA 1.01,5.02,9.01 03/09/12 Federal Home Loan Bank of Atlanta X1 2.03 03/13/12 Federal Home Loan Bank of Boston X1 2.03 03/07/12 Federal Home Loan Bank of Chicago X1 2.03 03/07/12 Federal Home Loan Bank of Cincinnati X1 2.03,9.01 03/09/12 Federal Home Loan Bank of Des Moines X1 2.03,9.01 03/09/12 Federal Home Loan Bank of Indianapoli X1 2.03,9.01 03/13/12 Federal Home Loan Bank of New York X1 2.03,9.01 03/07/12 Federal Home Loan Bank of Pittsburgh PA 2.03,9.01 03/07/12 Federal Home Loan Bank of San Francis X1 2.03 03/07/12 Federal Home Loan Bank of Seattle 2.03 03/07/12 Federal Home Loan Bank of Topeka 2.03,9.01 03/07/12 FIRST BUSINESS FINANCIAL SERVICES, IN WI 7.01,9.01 03/13/12 FIRST FINANCIAL BANCORP /OH/ OH 8.01 03/13/12 FLEETCOR TECHNOLOGIES INC DE 8.01,9.01 03/13/12 FRISCHS RESTAURANTS INC OH 8.01,9.01 03/12/12 FS Energy & Power Fund DE 2.02,5.03,8.01,9.01 03/07/12 FUEL DOCTOR HOLDINGS, INC. DE 1.01,2.01,3.02,3.03, 08/24/11 AMEND 5.01,5.02,5.06,9.01 GALLAGHER ARTHUR J & CO DE 8.01,9.01 03/13/12 GENERAL DYNAMICS CORP DE 5.02 03/07/12 Genie Energy Ltd. DE 2.02,8.01,9.01 03/13/12 GENWORTH FINANCIAL INC DE 1.01,8.01,9.01 03/08/12 GeoMet, Inc. DE 7.01,9.01 03/09/12 GIBRALTAR INDUSTRIES, INC. DE 5.03,8.01,9.01 03/09/12 GMX RESOURCES INC OK 3.02 03/12/12 GNC HOLDINGS, INC. DE 2.02,7.01 03/12/12 AMEND GOODRICH CORP NY 5.07,8.01,9.01 03/13/12 GRANITE CITY FOOD & BREWERY LTD. MN 2.02,9.01 03/13/12 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01,9.01 03/09/12 GREAT SOUTHERN BANCORP INC MD 7.01 03/13/12 Great Wolf Resorts, Inc. DE 1.01,3.03,5.03,8.01, 03/12/12 9.01 Great Wolf Resorts, Inc. DE 1.01,1.02,2.03 03/12/12 GREENWAY MEDICAL TECHNOLOGIES INC 2.02,9.01 03/13/12 Guidewire Software, Inc. DE 2.02,9.01 03/13/12 H&E Equipment Services, Inc. DE 7.01 03/13/12 HALCON RESOURCES CORP DE 3.01,9.01 03/13/12 HALLMARK FINANCIAL SERVICES INC NV 7.01,9.01 03/13/12 HARSCO CORP DE 8.01,9.01 03/12/12 HAWKER BEECHCRAFT ACQUISITION CO LLC DE 5.02 03/07/12 HEARTLAND EXPRESS INC NV 8.01,9.01 03/12/12 Heckmann Corp DE 1.01,9.01 03/07/12 HESS CORP DE 5.02,9.01 03/12/12 HORACE MANN EDUCATORS CORP /DE/ DE 1.01,9.01 03/07/12 HOTEL OUTSOURCE MANAGEMENT INTERNATIO DE 1.01 03/11/12 ICAHN ENTERPRISES L.P. DE 5.02 03/13/12 ICON ECI FUND FIFTEEN, L.P. DE 8.01 03/13/12 ICON Equipment & Corporate Infrastruc DE 8.01 03/13/12 IMATION CORP DE 5.02,9.01 03/12/12 INFINITY PHARMACEUTICALS, INC. DE 2.02,5.02,9.01 03/08/12 INFRAX SYSTEMS, INC. NV 5.02 03/13/12 INSMED INC VA 2.02,9.01 03/13/12 InspireMD, Inc. DE 2.02,9.01 03/06/12 INTERNET MEDIA SERVICES, INC. DE 1.01,9.01 03/07/12 Invesco Ltd. D0 7.01,9.01 03/12/12 ION GEOPHYSICAL CORP DE 7.01 03/13/12 Iridium Communications Inc. DE 5.02,9.01 03/07/12 IRON MOUNTAIN INC DE 5.02,9.01 03/07/12 ISECURETRAC CORP DE 5.02 03/07/12 Islet Sciences, Inc NV 5.02 03/06/12 KAMAN CORP CT 7.01,9.01 03/13/12 Kennedy-Wilson Holdings, Inc. DE 2.02,9.01 03/12/12 KENSEY NASH CORP DE 7.01,9.01 03/13/12 KIMCO REALTY CORP MD 1.01,9.01 03/09/12 LAKES ENTERTAINMENT INC MN 1.02,9.01 03/13/12 LANTRONIX INC DE 7.01,9.01 03/13/12 LINN ENERGY, LLC DE 1.01,9.01 03/13/12 LSB FINANCIAL CORP IN 2.02,9.01 03/09/12 LUMINEX CORP DE 1.02,5.02,9.01 03/13/12 LYDALL INC /DE/ DE 2.02,9.01 03/13/12 MAGNEGAS CORP DE 1.01,3.02,9.01 01/10/12 MAGNETEK, INC. DE 5.02 03/12/12 Market Leader, Inc. WA 1.01,9.01 03/08/12 McEwen Mining Inc. CO 7.01,9.01 03/13/12 MGP INGREDIENTS INC KS 2.02,7.01,9.01 03/13/12 MICHAEL BAKER CORP PA 2.02,9.01 03/13/12 MIMVI, INC. NV 4.02 03/08/12 MModal Inc. DE 1.01,2.03,9.01 03/07/12 MONMOUTH REAL ESTATE INVESTMENT CORP MD 7.01,9.01 03/13/12 Monotype Imaging Holdings Inc. DE 8.01 03/13/12 NATIONAL FUEL GAS CO NJ 5.02,5.07,7.01 03/08/12 Nationstar Mortgage LLC DE 1.01,9.01 03/07/12 NATURALLY ADVANCED TECHNOLOGIES INC A1 8.01,9.01 03/12/12 NATURALLY ADVANCED TECHNOLOGIES INC A1 7.01,9.01 03/13/12 NCO Group, Inc. DE 7.01,8.01,9.01 03/13/12 Neonode, Inc DE 2.02,9.01 03/13/12 NeurogesX Inc CA 5.02 03/07/12 NeuroMetrix, Inc. DE 8.01,9.01 03/12/12 NEW HAMPSHIRE THRIFT BANCSHARES INC DE 5.02 03/09/12 NEWS CORP 8.01,9.01 03/13/12 NN INC DE 5.02,9.01 03/10/12 NORTH CENTRAL BANCSHARES INC IA 1.01,7.01,9.01 03/12/12 NORTHEAST UTILITIES MA 1.01,9.01 03/13/12 Obagi Medical Products, Inc. DE 7.01,9.01 03/13/12 OHIO LEGACY CORP OH 2.02,9.01 03/13/12 OMEROS CORP WA 8.01,9.01 03/13/12 OmniAmerican Bancorp, Inc. MD 4.01,9.01 03/13/12 OPENTABLE INC DE 5.02 03/07/12 OSI RESTAURANT PARTNERS, LLC DE 7.01,9.01 03/13/12 OWENS MORTGAGE INVESTMENT FUND A CALI CA 4.02 02/06/12 AMEND OXIGENE INC DE 2.02,5.02,9.01 03/13/12 PACIFIC SUNWEAR OF CALIFORNIA INC CA 2.02,9.01 03/13/12 PARK CITY GROUP INC 7.01,8.01 03/13/12 PDL BIOPHARMA, INC. DE 7.01,9.01 03/13/12 PG&E CORP CA 8.01 03/12/12 PHOTOMEDEX INC DE 9.01 03/12/12 PIEDMONT NATURAL GAS CO INC NC 5.07 03/08/12 Pinnacle Foods Finance LLC DE 2.02,9.01 03/13/12 PLANAR SYSTEMS INC OR 5.07 03/08/11 PMC SIERRA INC DE 8.01,9.01 03/13/12 POKERTEK, INC. NC 2.02,9.01 03/13/12 POTASH CORP OF SASKATCHEWAN INC Z4 5.02,9.01 03/12/12 POWERSECURE INTERNATIONAL, INC. DE 7.01,9.01 03/09/12 PowerShares DB US Dollar Index Trust DE 8.01 03/13/12 PREFORMED LINE PRODUCTS CO OH 2.02,9.01 03/13/12 PROTEONOMIX, INC. DE 1.01,3.02 03/13/12 PRUDENTIAL FINANCIAL INC NJ 5.02,9.01 03/13/12 Q Holdings, Inc. DE 1.01,2.01,3.02,4.01, 10/13/11 AMEND 5.01,5.02,5.03,5.06, 9.01 QUANTUM FUEL SYSTEMS TECHNOLOGIES WOR DE 3.02 03/07/12 RealD Inc. DE 8.01 03/13/12 RED TRAIL ENERGY, LLC 5.07 03/07/12 REGIONS FINANCIAL CORP DE 7.01,8.01,9.01 03/13/12 REINSURANCE GROUP OF AMERICA INC MO 7.01,9.01 03/13/12 RESOURCE AMERICA, INC. DE 5.02,5.07 03/08/12 Resource Real Estate Opportunity REIT MD 1.01 03/07/12 REX AMERICAN RESOURCES Corp DE 2.02,9.01 03/13/12 Rockville Financial, Inc. /CT/ CT 8.01,9.01 03/13/12 ROOMLINX INC NV 1.01,8.01,9.01 03/12/12 ROTECH HEALTHCARE INC DE 1.01 03/13/12 RR Donnelley & Sons Co DE 8.01,9.01 03/13/12 SAGA COMMUNICATIONS INC DE 2.02,9.01 03/13/12 SALIX PHARMACEUTICALS LTD 1.01,7.01,8.01,9.01 03/13/12 SANTARUS INC DE 7.01 03/13/12 SCBT FINANCIAL CORP SC 8.01,9.01 03/13/12 SCHWAB CHARLES CORP DE 5.02,9.01 03/07/12 SCICLONE PHARMACEUTICALS INC DE 2.02,9.01 03/13/12 SCRIPPS E W CO /DE OH 2.01,9.01 12/30/11 AMEND SEARS HOLDINGS CORP DE 5.02 03/07/12 SentiSearch, Inc. DE 8.01 03/13/12 SIGMATRON INTERNATIONAL INC DE 2.02,9.01 03/13/12 SIMON PROPERTY GROUP L P /DE/ DE 1.01,2.03,9.01 03/08/12 SOUTHSIDE BANCSHARES INC TX 4.02 03/08/12 SOUTHWEST BANCORP INC OK 8.01 03/13/12 SPARTAN STORES INC MI 7.01 03/13/12 SPEEDWAY MOTORSPORTS INC DE 5.02 03/07/12 SPHERIX INC DE 7.01,9.01 03/12/12 SPORT CHALET INC DE 5.02 03/08/12 ST JOE CO FL 5.02,9.01 03/07/12 STEMCELLS INC DE 2.02,9.01 03/13/12 STEVIA NUTRA CORP. NV 1.01,2.01,5.06,9.01 03/09/12 Strategic Storage Trust, Inc. MD 9.01 12/27/11 AMEND STRUCTURED PRODUCTS CORP CORTS TRUST DE 8.01,9.01 03/12/12 Sucampo Pharmaceuticals, Inc. 2.02,9.01 03/13/12 SUFFOLK BANCORP NY 5.02,9.01 03/08/12 SUNLINK HEALTH SYSTEMS INC OH 1.01,9.01 03/08/12 Symmetry Medical Inc. DE 8.01,9.01 03/13/12 SYNERGETICS USA INC 2.02,9.01 03/12/12 SYPRIS SOLUTIONS INC DE 2.02,7.01,9.01 03/13/12 Target Acquisitions I, Inc. DE 2.01,3.02,5.01,5.06, 09/30/11 AMEND 9.01 TCF FINANCIAL CORP DE 2.01,7.01,9.01 03/12/12 TEAM HEALTH HOLDINGS INC. DE 7.01,9.01 03/12/12 TELETECH HOLDINGS INC DE 5.02,9.01 03/08/12 TELOS CORP MD 8.01 03/07/12 TELOS CORP MD 5.07 11/14/11 AMEND Texas Gulf Energy Inc NV 4.01,9.01 03/09/12 TNP Strategic Retail Trust, Inc. MD 7.01,8.01,9.01 03/12/12 TORTOISE CAPITAL RESOURCES CORP 8.01,9.01 03/13/12 Tower International, Inc. DE 5.08 03/07/12 TOWN SPORTS INTERNATIONAL HOLDINGS IN DE 5.02,9.01 03/12/12 TRANS1 INC 2.02,9.01 03/08/12 Transcept Pharmaceuticals Inc DE 7.01,9.01 03/13/12 TransMontaigne Partners L.P. DE 2.02,9.01 03/13/12 Trius Therapeutics Inc DE 2.02,9.01 03/13/12 Trunity Holdings, Inc. DE 1.01,2.01,3.02,4.01, 01/24/12 AMEND 5.01,5.02,5.06,8.01, 9.01 United Continental Holdings, Inc. DE 7.01,9.01 03/13/12 UNITED STATES STEEL CORP DE 1.01,9.01 03/12/12 UNIVERSAL HOSPITAL SERVICES INC MN 2.02,7.01,9.01 03/13/12 Univest Tech Inc. CO 5.02,5.03,8.01 03/13/12 URBAN OUTFITTERS INC PA 2.02,9.01 03/12/12 USEC INC DE 1.01,2.03,5.03,8.01, 03/13/12 9.01 VALIDUS HOLDINGS LTD 1.01,1.02,2.03,9.01 03/09/12 VERAMARK TECHNOLOGIES INC DE 5.02 03/07/12 Viacom Inc. DE 5.07 03/08/12 VIRGIN MEDIA INC. DE 1.01,8.01,9.01 03/13/12 VISA INC. DE 7.01 03/13/12 VISION INDUSTRIES CORP FL 5.02 03/05/12 Voyager Oil & Gas, Inc. DE 2.02,9.01 03/13/12 VSUS TECHNOLOGIES INC DE 4.01,9.01 03/07/12 Warner Chilcott plc 8.01 03/12/12 WELLPOINT, INC IN 7.01 03/13/12 WEST PHARMACEUTICAL SERVICES INC PA 7.01,9.01 03/13/12 WESTERN LIBERTY BANCORP DE 5.02 03/09/12 WESTMORELAND COAL Co DE 5.02 03/12/12 WYNN RESORTS LTD 1.01,2.03,9.01 03/12/12 XERIUM TECHNOLOGIES INC DE 2.02,9.01 03/13/12 XILINX INC DE 7.01,9.01 03/13/12 YOUNG INNOVATIONS INC MO 5.03 03/08/12 ZIPREALTY INC 1.01,8.01,9.01 03/08/12 Zoom Telephonics, Inc. DE 2.02,9.01 12/20/11 Zurvita Holdings, Inc. DE 5.02 03/07/12 ZYNEX INC NV 1.01,3.02,9.01 03/09/12