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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(A)
(Amendment No. )1
Teamstaff Inc.
--------------
(Name of Issuer)
Common Stock, par value $.001 per share
(Title of Class of Securities)
87815U204
---------
(CUSIP Number)
Paul D. Sonkin
Hummingbird Management, LLC
(f/k/a Morningside Value Investors, LLC)
460 Park Avenue, 12th Floor
New York, New York 10022
------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 18, 2004
-----------------
(Date of Event Which Requires Filing of This Statement)
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 Rule 13d-1(e), 13d-1(f) or 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 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 12 Pages)
- --------
1 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 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).
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 2 of 12 Pages
- ------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Management, LLC
(f/k/a Morningside Value Investors, LLC)
IRS No. 13-4082842
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,335,110(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,335,110(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,335,110(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
(1) Includes: (a) 118,750 shares issuable upon exercise of warrants to purchase
shares of Common Stock held by HVF and (b) 118,750 shares issuable upon exercise
of warrants to purchase shares of Common Stock held by Microcap Fund.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 3 of 12 Pages
- ------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul D. Sonkin
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,335,110(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,335,110(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,335,110(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
(1) Includes: (a) 118,750 shares issuable upon exercise of warrants to purchase
shares of Common Stock held by HVF and (b) 118,750 shares issuable upon exercise
of warrants to purchase shares of Common Stock held by Microcap Fund.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 4 of 12 Pages
- ------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Capital, LLC
(f/k/a Morningside Capital, LLC)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,335,110(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,335,110(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,335,110(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
(1) Includes: (a) 118,750 shares issuable upon exercise of warrants to purchase
shares of Common Stock held by HVF and (b) 118,750 shares issuable upon exercise
of warrants to purchase shares of Common Stock held by Microcap Fund.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 5 of 12 Pages
- ------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Value Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 698,995(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
698,995(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
698,995(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
LP
================================================================================
(1) Includes 118,750 shares issuable upon exercise of warrants to purchase
shares of Common Stock held by HVF.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 6 of 12 Pages
- ------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Microcap Value Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 636,115(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
636,115(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
636,115(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
(1) Includes 118,750 shares issuable upon exercise of warrants to purchase
shares of Common Stock held by HVF.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 7 of 12 Pages
- ------------------------ ----------------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
ITEM 1 SECURITY AND ISSUER
Title of Class of Securities
Common Stock $.001 par value per share (the "Shares")
Name and Address of Issuer
Teamstaff, Inc (the "Company" or the "Issuer")
300 Atrium Drive
Somerset, NJ 08873
ITEM 2 IDENTITY AND BACKGROUND
This statement is being filed by Hummingbird Management, LLC (f/k/a
Morningside Value Investors, LLC), a Delaware limited liability
company("Hummingbird"), whose principal business and principal office address is
460 Park Avenue, 12th Floor, New York, New York 10022. Hummingbird acts as
investment manager to The Hummingbird Value Fund, L.P. ("HVF") and to The
Hummingbird Microcap Value Fund, L.P. (the "Microcap Fund") and has the sole
investment discretion and voting authority with respect to the investments owned
of record by each of HVF and Microcap Fund. Accordingly, Hummingbird may be
deemed for purposes of Rule 13d-3 of the Securities and Exchange Act of 1934, as
amended ("Rule 13d-3"), to be the beneficial owner of the Shares owned by HVF
and Microcap Fund. The managing member of Hummingbird is Paul Sonkin. Mr. Sonkin
is also the managing member of Hummingbird Capital, LLC (f/k/a Morningside
Capital, LLC), a Delaware limited liability company ("HC", and together with
Hummingbird, HVF, Microcap Fund and Mr. Sonkin, the "Reporting Persons"), the
general partner of each of HVF and Microcap Fund.
Both HVF and Microcap Fund are Delaware limited partnerships whose
principal business and principal office address is 460 Park Avenue, 12th Floor,
New York, New York, 10022 and whose principal business is investing in
securities in order to achieve its investment objectives.
Mr. Sonkin is a citizen of the United States and HC is a Delaware
limited liability company. The principal business of Mr. Sonkin is acting a
managing member of each of Hummingbird and HC. The principal business of HC is
acting as general partner of each of HVF and Microcap Fund. The principal office
address of each of Mr. Sonkin and HC is 460 Park Avenue, 12th Floor, New York,
New York 10022.
During the past five years none of Hummingbird, HVF, Microcap Fund,
Mr. Sonkin or HC has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or has been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a result of
which any of the foregoing was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 8 of 12 Pages
- ------------------------ ----------------------------
subject to, Federal or State securities laws, or finding any violation with
respect to such laws.
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of November 19, 2004, Hummingbird has caused HVF and Microcap to
invest approximately $1,131,640 and $939,730, respectively, in the Shares of the
Issuer using its working capital.
ITEM 4 PURPOSE OF TRANSACTION
The Shares were acquired for investment purposes. However, Hummingbird
may hold discussions with various parties, including, but not limited to, the
Issuer's management, its board of directors and other shareholders on a variety
of possible subjects regarding ways to increase shareholder value. Some of the
suggestions Hummingbird might make could affect control of the Issuer and/or may
relate to the following: the merger, acquisition or liquidation of the Issuer to
third parties, the sale or transfer of assets of the Issuer to third parties,
operational matters, a change in the board of directors or the management of the
Issuer, a change in the present capitalization or dividend policy of the Issuer
or a change in the Issuer's charter or by-laws. Hummingbird intends to pay close
attention to developments at and pertaining to the Issuer, and, subject to
market conditions and other factors deemed relevant by Hummingbird, Hummingbird
may, directly or indirectly, purchase additional Shares of the Issuer or dispose
of some or such Shares in open-market transaction or privately negotiated
transactions. The Reporting Persons have no present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) - (j)
of Item 4 of Schedule 13D except as set forth herein or such as would occur upon
completion of any of the actions discussed above.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a) As investment manager of HVF and Microcap Fund, Hummingbird may be
deemed to have the sole voting and investment authority over the Shares owned by
HVF and the Microcap Fund and, for purposes of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended ("Rule 13d-3"), may be deemed to be the
beneficial owner of 1,335,110 Shares (which includes 118,750 Shares issuable
upon exercise of warrants held by HVF and 118,750 Shares issuable upon the
exercise of Warrants held by Microcap Fund) representing approximately 7.3% of
the outstanding shares of the Issuer (based upon 18,106,229 shares of Common
Stock outstanding as of November 12, 2004 computed as follows: (i) 15,714,229
shares of Common Stock as reported on Form 10-Q for the period ended June 30,
2004 plus (ii) 2,392,000 shares of Common Stock issued in the private placement
reported by the Issuer on its Current Report on Form 8-K filed on November 12,
2004). Hummingbird disclaims any beneficial ownership of the Shares covered by
this Statement.
Mr. Sonkin, as the managing member and control person of Hummingbird,
may be deemed to have the sole voting and investment authority over the Shares
beneficially owned by Hummingbird and, for purposes of Rule 13d-3, may be deemed
to be the beneficial owner of 1,335,110 Shares (which includes 118,750 Shares
issuable upon exercise of warrants held by HVF and 118,750 Shares upon the
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 9 of 12 Pages
- ------------------------ ----------------------------
exercise of Warrants held by Microcap Fund) representing approximately 7.3% of
the outstanding shares of the Issuer. Mr. Sonkin disclaims any beneficial
ownership of the Shares covered by this Statement.
HC, as the general partner of each of HVF and Mircocap Fund, may be
deemed to have the sole voting and investment authority over the Shares
beneficially owned by each of HVF and Microcap Fund and, for purposes of Rule
13d-3, may be deemed the beneficial owner of 1,335,110 Shares (which includes
118,750 Shares issuable upon exercise of warrants held by HVF and 118,750 Shares
issuable upon the exercise of Warrants held by Microcap Fund) representing
approximately 7.3% of the outstanding shares of the Issuer. HC disclaims any
beneficial ownership of the Shares covered by this Statement.
HVF is the beneficial owner of 698,995 Shares (which includes 118,750
Shares issuable upon exercise of warrants held by HVF) or 3.8% of the
outstanding shares of the Issue.
Microcap Fund is the beneficial owner of 636,115 Shares (which
includes 118,750 Shares issuable upon exercise of warrants held by Microcap
Fund) or 3.5% of the outstanding shares of the Issue.
(c) Hummingbird caused HVF to effect transactions in the Shares during
the past 60 days as set forth below:
NUMBER OF
DATE TYPE UNITS* PRICE/UNIT
---- ---- ------ ----------
11/18/2004 Private Placement 475,000 1.80
* Each unit consists of one share of Common Stock and a warrant to
purchase 1/4 of a share of Common Stock. The warrants are currently exercisable
at $2.50 per share and terminate on November 9, 2007.
Hummingbird caused the Microcap Fund to effect transactions in the
Shares during the past 60 days as set forth below:
NUMBER OF
DATE TYPE UNITS* PRICE/UNIT
---- ---- ------ ----------
11/18/2004 Private Placement 475,000 1.80
* Each unit consists of one share of common stock and a warrant to purchase 1/4
of a share of Common Stock. The warrants are currently exercisable at $2.50 per
share and terminate on November 9, 2007.
(d) Inapplicable.
(e) Inapplicable.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 10 of 12 Pages
- ------------------------ ----------------------------
ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
On November 10, 2004, each of HVF and Microcap Fund entered into a
Securities Purchase Agreement with the Issuer (the "Securities Purchase
Agreement"). The Securities Purchase Agreement provided that, among other
things, that each of HVF and Microcap Fund will not effect any disposition of
the shares of Common Stock and the associated warrants to purchase shares of
Common Stock purchased therein unless the Company has filed a registration
statement which has been declared effective by the Securities and Exchange
Commission registering such shares of Common Stock.
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Exhibit Exhibit
No. Description
--- ---------------------------------------------------------------
1 Joint Filing Agreement dated November 23, 2004 by and among
Hummingbird Management, LLC (f/ka Morningside Value Investors,
LLC), Hummingbird Value Fund, L.P., Hummingbird Mircocap Value
Fund, L.P., Hummingbird Capital, LLC (f/k/a Morningside
Capital, LLC) and Paul Sonkin.
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 11 of 12 Pages
- ------------------------ ----------------------------
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: November 23, 2004 HUMMINGBIRD MANAGEMENT, LLC
(f/k/a Morningside Value Investors, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
(f/k/a Morningside Capital, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
- ------------------------ ----------------------------
CUSIP No. 87815U204 13D Page 12 of 12 Pages
- ------------------------ ----------------------------
Exhibit No. 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a Statement on Schedule 13D dated November 23, 2004
(including amendments thereto) with respect to the Common Stock of Teamstaff,
Inc. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.
Dated: November 23, 2004 HUMMINGBIRD MANAGEMENT, LLC
(f/k/a Morningside Value Investors, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
(f/k/a Morningside Capital, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member