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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Rudolf John C 500 108TH AVENUE SUITE 905 BELLEVUE, WA 98004 |
X | X | ||
Glacier Peak U.S. Value Fund, L.P. 500 108TH AVENUE NE SUITE 905 BELLEVUE, WA 98004 |
X | |||
Glacier Peak Capital LLC 500 108TH AVENUE NE SUITE 905 BELLEVUE, WA 98004 |
X |
/s/ John C. Rudolf | 04/02/2015 | |
**Signature of Reporting Person | Date | |
Glacier Peak U.S. Value Fund, L.P.; By: Glacier Peak Capital LLC; By: /s/ John C. Rudolf, as President | 04/02/2015 | |
**Signature of Reporting Person | Date | |
Glacier Peak Capital LLC; By: /s/ John C. Rudolf, as President | 04/02/2015 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | This Form 4 is filed jointly by Glacier Peak U.S. Value Fund, L.P. (the "Fund"), Glacier Peak Capital LLC ("GPC"), and John C. Rudolf (collectively, the "Reporting Persons"). Each Reporting Person is a member of a reporting group that owns in the aggregate more than 10% of the Issuer's outstanding shares of Common Stock. As such, each Reporting Person may be deemed to beneficially own more than 10% of the Issuer's outstanding shares of Common Stock. |
(2) | Each Reporting Person disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such shares of Common Stock for purposes of Section 16 or for any other purpose. |
(3) | Mr. Rudolf directly owns 220,397 Shares of Common Stock, may be deemed to beneficially own 5,000 Shares of Common Stock that are held in an IRA account that he controls, may be deemed to beneficially own 30,000 Shares of Common Stock that are held in an account he controls for the benefit of his wife, and may be deemed to beneficially own 151,317 Shares of Common Stock held in various accounts he controls for the benefit of other family members. |
(4) | Shares of Common Stock beneficially owned by the Fund. GPC, as the general partner of the Fund, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by the Fund. Mr Rudolf, as President of GPC, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by the Fund. |
(5) | On October 28, 2014, GPC entered into a Voting Agreement and Irrevocable Proxy dated October 28, 2014 (the "Agreement and Proxy") with Jerome Shaw, Joyce Cutler-Shaw, The Jerome and Joyce Shaw Family Trust U/D/T dated 8/6/1969, and The Rachel Lynn Shaw Trust U/D/T dated 11/23/2001 (collectively, the "Shaws"), whereby the Shaws granted John Rudolf, in his capacity as President of GPC, or any other designee of GPC (each a "Proxy Holder") an irrevocable proxy to vote all shares beneficially owned by the Shaws, in accordance with the Proxy Holder's sole and absolute discretion on all matters brought before a vote of shareholders at the 2015 Annual Meeting of Shareholders of the Issuer or any meeting (or consent in lieu of a meeting) which may be called in lieu thereof. |
(6) | Solely as a result of the Agreement and Proxy, GPC and Mr. Rudolf may be deemed to beneficially own the 2,472,130 shares (including 8,000 shares underlying stock options) owned by the Shaws. Each of GPC and Mr. Rudolf expressly disclaim beneficial ownership of the shares beneficially owned by the Shaws. Except for the Agreement and Proxy, the Reporting Persons and Shaws have no other arrangements, understandings or relationships regarding the shares. The Reporting Persons disclaim the formation of a group with the Shaws, except to the extent that they may be deemed to be members of a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934, as amended. The Reporting Persons have no pecuniary interest in the shares subject to the Agreement and Proxy granted by the Shaws. |