0000899140-08-000321.txt : 20080201
<SEC-HEADER>0000899140-08-000321.hdr.sgml : 20080201
<ACCEPTANCE-DATETIME>20080201172849
ACCESSION NUMBER: 0000899140-08-000321
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20080201
DATE AS OF CHANGE: 20080201
GROUP MEMBERS: GLENN H. TONGUE
GROUP MEMBERS: KENNETH H. SHUBIN STEIN, MD, CFA
GROUP MEMBERS: T2 PARTNERS MANAGEMENT, LP
GROUP MEMBERS: WHITNEY R. TILSON
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: BORDERS GROUP INC
CENTRAL INDEX KEY: 0000940510
STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
IRS NUMBER: 383294588
STATE OF INCORPORATION: MI
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-52269
FILM NUMBER: 08569686
BUSINESS ADDRESS:
STREET 1: 100 PHOENIX DRIVE
CITY: ANN ARBOR
STATE: MI
ZIP: 48108
BUSINESS PHONE: (734) 477-1100
MAIL ADDRESS:
STREET 1: 100 PHOENIX DRIVE
CITY: ANN ARBOR
STATE: MI
ZIP: 48108
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: Spencer Capital Management, LLC
CENTRAL INDEX KEY: 0001311910
IRS NUMBER: 820581852
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 200 W. 57TH STREET, SUITE 602
CITY: NEW YORK
STATE: NY
ZIP: 10019
BUSINESS PHONE: 212-586-4198
MAIL ADDRESS:
STREET 1: 200 W. 57TH STREET, SUITE 602
CITY: NEW YORK
STATE: NY
ZIP: 10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>b4111330b.txt
<DESCRIPTION>AMENDMENT NO. 3
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 3)
Under the Securities Exchange Act of 1934*
Borders Group, Inc.
---------------------------------------------------------------------
(Name of Issuer)
Common Stock
---------------------------------------------------------------------
(Title of Class of Securities)
099709107
---------------------------------------------------------------------
(CUSIP Number)
Kenneth H. Shubin Stein, MD, CFA Glenn H. Tongue
Spencer Capital Management, LLC T2 Partners Group, LLC
1995 Broadway, Suite 1801 145 East 57th St.
New York, New York 10023 New York, New York 10022
Telephone: (212) 586-4190 Telephone: (212) 386-7160
---------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
January 29, 2008
---------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
- -------------------------------- ------------------
CUSIP No. 099709107 Page 2 of 14 Pages
- -------------------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Kenneth H. Shubin Stein, MD, CFA
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,782,801
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,782,801
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,782,801
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- -------------------------------- ------------------
CUSIP No. 099709107 Page 3 of 14 Pages
- -------------------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Spencer Capital Management, LLC
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,782,801
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,782,801
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,782,801
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------- --------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- -------------------------------- ------------------
CUSIP No. 099709107 Page 4 of 14 Pages
- -------------------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Glenn H. Tongue
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 526,650
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
526,650
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
526,650
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- -------------------------------- ------------------
CUSIP No. 099709107 Page 5 of 14 Pages
- -------------------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Whitney R. Tilson
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 526,650
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
526,650
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
526,650
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- -------------------------------- ------------------
CUSIP No. 099709107 Page 6 of 14 Pages
- -------------------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
T2 Partners Management, LP
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 526,650
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
526,650
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
526,650
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
<PAGE>
This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") is being
filed with respect to the beneficial ownership of common stock (the "Common
Stock") of Borders Group, Inc., a Michigan corporation (the "Company"), to amend
the Schedule 13D filed on July 9, 2007 (as amended by Amendment No. 1 thereto
filed on August 3, 2007, and Amendment No. 2 thereto filed on September 27,
2007, and this Amendment No. 3, the "Schedule 13D"). This Amendment No. 3 is
filed on behalf of Kenneth H. Shubin Stein, MD, CFA, Spencer Capital Management,
LLC, a Delaware limited liability company ("SCM" and, together with Dr. Shubin
Stein, the "Spencer Capital Filers"), Glenn H. Tongue, Whitney R. Tilson and T2
Partners Management, LP, a Delaware limited partnership ("T2 IM" and, together
with Mr. Tongue and Mr. Tilson, the "T2 Filers"). The Spencer Capital Filers and
T2 Filers may hereinafter be referred to collectively as the "Filers."
Capitalized terms used but not defined in this Amendment No. 3 shall have the
meanings ascribed thereto in the Schedule 13D as amended to the date hereof.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is hereby amended and restated as follows:
The Spencer Capital Funds have expended an aggregate of approximately
$24,375,560 in order to acquire the one share of Common Stock held by them and
the options to purchase 2,782,801 shares of Common Stock held by them. The
Spencer Capital Funds purchased such Common Stock and options with their working
capital, which may, at any given time, include margin loans made by brokerage
firms in the ordinary course of business. The Spencer Capital Filers effect
purchases of securities primarily through margin accounts maintained for them
with Goldman, Sachs & Co. (the "SC Prime Broker"), which may extend margin
credit to the Spencer Capital Filers as and when required to open or carry
positions in the margin accounts, subject to applicable federal margin
regulations, stock exchange rules and the SC Prime Broker's credit policies. In
such instances, the positions held in the margin accounts are pledged as
collateral security for the repayment of debit balances in the accounts.
The T2 Funds have expended an aggregate of approximately $6,920,180 in
order to purchase the 526,650 shares of Common Stock held by them. The T2 Funds
purchased such Common Stock with their working capital, which may, at any given
time, except in the case of the investment companies registered under the
Investment Company Act of 1940, as amended, include margin loans made by
brokerage firms in the ordinary course of business. The T2 Filers (with respect
to the T2 Funds other than the investment companies registered under the
Investment Company Act of 1940, as amended) effect purchases of securities
primarily through margin accounts maintained for them with Goldman, Sachs & Co.
(the "T2 Prime Broker"), which may extend margin credit to the T2 Filers as and
when required to open or carry positions in the margin accounts, subject to
applicable federal margin regulations, stock exchange rules and the T2 Prime
Broker's credit policies. In such instances, the positions held in the margin
accounts are pledged as collateral security for the repayment of debit balances
in the accounts.
7
<PAGE>
Item 4. Purpose of Transaction
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer
Item 4 and Item 6 of the Schedule 13D are hereby supplemented by the adding
the following thereto:
In September 2007, Dr. Shubin Stein and Mr. Tongue had agreed that the
Spencer Capital Filers and T2 Filers would work together to seek representation
on the Board of Directors of the Company (the "Board") through the addition of
Mr. Tongue to the Board. In light of developments concerning the Company,
including the addition to the Board of a representative of the Company's largest
shareholder, the Spencer Capital Filers and the T2 Filers no longer have such
intentions and have decided to end any efforts toward that goal. As a result,
the Spencer Capital Filers and the T2 Filers are no longer acting in concert and
do not presently intend to act together with respect to the acquiring, holding,
voting or disposing of shares of the Common Stock. Accordingly, there is no
longer any basis on which the Spencer Capital Filers and the T2 Filers might be
deemed to constitute a "group" for purposes of Section 13(d) and 13(g) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). Following the
filing of this Amendment No. 3, the T2 Filers will cease to be filing persons
with respect to the Schedule 13D. The Spencer Capital Filers will continue
filing amendments to the Schedule 13D with respect to their beneficial ownership
of Common Stock to the extent required by applicable law.
The T2 Filers may consider purchasing additional shares of Common Stock,
but will have no obligation to file statements under Section 13(d) and 13(g) of
the Exchange Act unless and until they become the beneficial owners of more than
5% of the Common Stock outstanding.
Item 5. Interest in Securities of the Issuer.
Items 5 of the Schedule 13D is hereby amended and restated as follows:
(a) As of the date hereof, Dr. Shubin Stein and SCM beneficially own
2,782,801 shares of Common Stock, consisting of one share of Common Stock and
2,782,800 shares of Common Stock acquirable upon exercise of options held by the
Funds, together representing 4.7% of the Common Stock. As of the date hereof,
Mr. Tongue, Mr. Tilson and T2 IM beneficially own 526,650 shares of Common
Stock, representing 0.9% of the Common Stock.
The percentages set forth above and in the rest of this Schedule 13D were
calculated based on a total of 58,751,655 shares of Common Stock outstanding as
of November 29, 2007, as reported in the Company's Quarterly Report on Form 10-Q
for the quarterly period ended November 3, 2007.
(b) Dr. Shubin Stein and SCM share voting and dispositive power over the
2,782,801 shares of Common Stock directly beneficially owned by the Spencer
Capital Funds. Mr. Tongue, Mr. Tilson and T2 IM share voting and dispositive
power over the 526,650 shares of Common Stock directly beneficially owned by the
T2 Funds. Each of the Spencer Capital Filers disclaims beneficial ownership of
the Common Stock beneficially owned by the T2 Filers and any pecuniary interest
therein, and each of the T2 Filers disclaims beneficial ownership of the
8
<PAGE>
Common Stock beneficially owned by each of the Spencer Capital Filers and any
pecuniary interest therein.
(c) Transactions in the Common Stock and in call options to purchase Common
Stock effected by the Spencer Capital Funds (all of which were made at the
direction of Dr. Shubin Stein and SCM) during the past 60 days are described on
Schedules A and B hereto. Transactions in the Common Stock effected by the T2
Funds (all of which were made at the direction of Mr. Tongue, Mr. Tilson and T2
IM) during the past 60 days are described on Schedule C hereto. The information
on Schedules A, B and C is hereby incorporated by reference. The transactions
set forth on Schedule B were effected in open market transactions on various
domestic options exchanges. All of the transactions set forth on Schedules A and
C were effected in open market transactions on the New York Stock Exchange.
(d) Not applicable.
(e) As a result of the events reported in Item 4, each of the T2 Filers
ceased to be the beneficial owner of more than 5% of the Common Stock on January
29, 2008. On February 1, 2008, each of the Spencer Capital Filers ceased to be
the beneficial owner of more than five percent of the outstanding Common Stock.
[Signature page follows]
9
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: February 1, 2008
SPENCER CAPITAL MANAGEMENT, LLC
By: /s/ Kenneth H. Shubin Stein, MD, CFA
-----------------------------------------------
Name: Kenneth H. Shubin Stein, MD, CFA
Title: Managing Member
/s/ Kenneth H. Shubin Stein, MD, CFA
--------------------------------------------------
Kenneth H. Shubin Stein, MD, CFA
T2 PARTNERS MANAGEMENT, LP
By: T2 Partners Group, LLC, its General Partner
By: /s/ Glenn H. Tongue
-----------------------------------------------
Name: Glenn H. Tongue
Title: Managing Member
/s/ Glenn H. Tongue
--------------------------------------------------
Glenn H. Tongue
/s/ Whitney R. Tilson
--------------------------------------------------
Whitney R. Tilson
[SIGNATURE PAGE TO AMENDMENT NO. 3 TO
SCHEDULE 13D WITH RESPECT TO BORDERS GROUP, INC.]
<PAGE>
SCHEDULE A
Schedule of Transactions in Common Stock by the Funds
-----------------------------------------------------
The following transactions were effected by the Funds at the direction of
Dr. Shubin Stein and SCM:
- --------------------- ---------------- ----------------- ----------------------
Type of Date Number of Price per Share in
Transaction Shares $US
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 11.72
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 11.725
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.74
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.75
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 11.76
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 500 11.77
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 400 11.81
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 600 11.82
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,000 11.83
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 100 11.84
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 11.845
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,000 11.85
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 11.855
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,400 11.86
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,200 11.87
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,500 11.88
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 700 11.885
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 600 11.89
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 400 11.895
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,300 11.90
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.905
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 2,250 11.91
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 400 11.915
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,000 11.92
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 800 11.925
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 8,250 11.93
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.935
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.94
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 400 11.945
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.95
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.955
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,100 11.96
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 100 11.962
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 600 11.97
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 11.975
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 11.995
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 2,600 12.00
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 12.005
- --------------------- ---------------- ----------------- ----------------------
<PAGE>
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 2,950 12.01
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 12.015
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,900 12.02
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,500 12.025
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,300 12.03
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,200 12.035
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,200 12.04
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 200 12.045
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,200 12.055
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,700 12.06
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 400 12.07
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 300 12.075
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 400 12.08
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,900 12.085
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 100 12.09
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,100 12.095
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 1,600 12.10
- --------------------- ---------------- ----------------- ----------------------
Buy 11/20/2007 800 12.11
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 2,000 12.00
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 3,000 12.01
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 2,000 12.02
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 2,500 12.03
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 2,500 12.04
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 2,500 12.05
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 4,500 12.06
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 2,500 12.08
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 5,000 12.09
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 3,900 12.10
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 1,600 12.105
- --------------------- ---------------- ----------------- ----------------------
Buy 11/27/2007 9,000 12.11
- --------------------- ---------------- ----------------- ----------------------
Sell 12/06/2007 1,515,366 12.13
- --------------------- ---------------- ----------------- ----------------------
Sell 12/11/2007 1,072,997 12.80
- --------------------- ---------------- ----------------- ----------------------
<PAGE>
<TABLE>
SCHEDULE B
Schedule of Transactions in Call Options to Purchase Common Stock by the Funds
------------------------------------------------------------------------------
The followinansactions in call options were effected by the Funds at the direction of Dhubin Stein and SCM:
<CAPTION>
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
Date Transaction Option Price per Shares Acquirable Strike Price per
Share ($) Acquirable Upon Share ($)
Exercise
<S> <C> <C> <C> <C>
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
12/06/2007 Buy 4.25 3,107,000 $ 10.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
12/06/2007 Sell 1.75 1,591,600 $ 15.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
12/07/2007 Buy 8.20 3,107,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
12/07/2007 Sell 4.30 3,107,000 $ 10.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
12/11/2007 Sell 2.00 568,800 $ 15.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
12/11/2007 Buy 8.40 1,445,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/03/2008 Sell 5.55 96,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/08/2008 Buy 5.70 29,600 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/08/2008 Buy 5.95 280,400 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/29/2008 Sell 5.50 752,600 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/29/2008 Sell 5.60 50,600 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/29/2008 Sell 6.00 150,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/31/2008 Sell 6.50 100,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
1/31/2008 Sell 6.35 30,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
2/01/2008 Sell 6.10 850,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
2/01/2008 Sell 6.15 50,000 $ 5.00
- --------------------- ---------------------- ----------------------- ---------------------- ----------------------
</TABLE>
<PAGE>
SCHEDULE C
Schedule of Transactions in Common Stock by the T2 Funds
--------------------------------------------------------
The following transactions were effected by the T2 Funds at the direction
of Mr. Tongue, Mr. Tilson and T2 IM:
- --------------------- ---------------- ----------------- ----------------------
Type of Date Number of Price per Share in
Transaction Shares $US
- --------------------- ---------------- ----------------- ----------------------
Buy 1/15/2008 44,000 9.294
- --------------------- ---------------- ----------------- ----------------------
Buy 1/17/2008 110,000 10.352
- --------------------- ---------------- ----------------- ----------------------
Buy 1/18/2008 25,750 9.240
- --------------------- ---------------- ----------------- ----------------------
</TEXT>
</DOCUMENT>
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