SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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)
Under the Securities Exchange Act of 1934
(Amendment No. )*
Nabi Biopharmaceuticals
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.10 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
629519109
- --------------------------------------------------------------------------------
(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 2, 2006
- --------------------------------------------------------------------------------
(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. [X]
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 11 Pages)
--------------------------
* 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).
- ------------------------------ ---------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 2 OF 11 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HARVEST MANAGEMENT, L.L.C.
- --------------------------------------------------------------------------------
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 PROCEEDINGS 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 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
- ------------------------------ ---------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 3 OF 11 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JAMES MORGAN RUTMAN
- --------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
- ------------------------------ ---------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 4 OF 11 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NATHANIEL BOHRER
- --------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
- ------------------------------ ---------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 5 OF 11 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MARJORIE GOCHBERG KELLNER
- --------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
- ------------------------------ ---------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 6 OF 11 PAGES
- ------------------------------ ---------------------
Item 1. SECURITY AND ISSUER
This statement relates to the shares of common stock, par value $0.10
(the "Shares"), of Nabi Biopharmaceuticals (the "Issuer"). The principal
executive office of the Issuer is located at 5800 Park of Commerce Boulevard
N.W., Boca Raton, Florida 33487.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by Harvest Management, L.L.C. ("Harvest
Management"), James Morgan Rutman, Nathaniel Bohrer and Marjorie Gochberg
Kellner (collectively, the "Reporting Persons"). Harvest Management is filing
this Schedule 13D with respect to the Shares beneficially owned by the following
accounts under its management, which Harvest Management may be deemed to
beneficially own: Harvest Capital, L.P., Harvest Offshore Investors Ltd., CL
Harvest, LLC, Harvest AA Capital, L.P., New Americans, L.L.C. and TE Harvest
Portfolio, Ltd (collectively, the "Holders"). James Morgan Rutman, Nathaniel
Bohrer and Marjorie Gochberg Kellner are each principals of Harvest Management
and thus may be deemed to beneficially own the Shares beneficially owned by
Harvest Management. The Reporting Persons disclaim that they and/or the Holders
are members of a group as defined in Regulation 13D-G.
(b) The principal business address of the Reporting Persons is c/o
Harvest Management, L.L.C., 600 Madison Avenue, 11th Floor, New York, New York
10022.
(c) The principal business of Harvest Management is providing investment
management services to accounts under their management. James Morgan Rutman,
Nathaniel Bohrer and Marjorie Gochberg Kellner are each principals of Harvest
Management.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Each of James Morgan Rutman, Nathaniel Bohrer and Marjorie Gochberg
Kellner is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Funds for the purchase of the Shares reported herein were derived from
the available capital of the Holders. A total of approximately $24,482,815 was
paid to acquire such Shares.
- --------------------------- -------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 7 OF 11 PAGES
- --------------------------- -------------------
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons previously filed a Schedule 13G with respect to
the Shares on February 10, 2006.
The Reporting Persons originally acquired the Shares for investment in
the ordinary course of business because they believed that the Shares, when
purchased, were undervalued and represented an attractive investment
opportunity.
On May 1, 2006, the Issuer sent a letter to another large shareholder
stating that the Issuer's current management remains committed to attempting to
execute its strategic plan for the next two years as opposed to considering
other avenues to maximize shareholder value in the near term. The Reporting
Persons believe that the current investment environment is extremely attractive
for vaccine products and thus should greatly favor the Issuer. However, the
Reporting Persons are concerned that the Issuer's current management and board
of directors is not the best qualified to maximize the value of the scientific
work of the Issuer's excellent research personnel. Specifically, the Issuer's
current management has twice failed to successfully complete a pivotal
confirmatory trial for StaphVax, and also has been unable to even secure
European approvals for currently marketed products PhosLo and Nabi-HB, both of
which were expected long ago. The Issuer's stock is now trading at approximately
half of the level it traded ten years ago. Accordingly, the Reporting Persons
believe that the significant intrinsic value of the Issuer's assets can be much
better realized as part of a larger, more experienced organization.
The Issuer's 2006 annual meeting of stockholders (the "Annual Meeting")
is scheduled to be held on May 12, 2006. The Reporting Persons will not attend
or vote the Shares at the Annual Meeting and intend to encourage certain other
of the Issuer's shareholders to take similar actions in an effort to deny the
presence of a quorum and force the Issuer to reschedule the Annual Meeting. The
Reporting Persons believe, based on the Issuer's By-Laws, that should such
rescheduling require the issuance of a new notice of meeting by the Issuer, then
the Reporting Persons would be entitled to give notice to the Issuer of their
intention to propose certain actions to be included on the agenda at the
rescheduled Annual Meeting. If entitled to do so, the Reporting Persons
currently intend to give such notice, which may include the nomination of
persons to be elected to the Issuer's board of directors and/or propose other
actions designed to seek to maximize shareholder value of the Issuer.
Except as set forth herein or as would occur upon completion of any of
the actions discussed herein the Reporting Persons have no present plan or
proposal that would relate to or result in any of the matters set forth in
subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to
review their investment in the Issuer on a continuing basis and may engage in
discussions with management, the Board, other shareholders of the Issuer and
other relevant parties concerning the business, operations, board composition,
management, strategy and future plans of the Issuer. Depending on various
factors including, without limitation, the Issuer's financial position and
strategic direction, the outcome of the discussions and actions referenced
above, actions taken by the Board, price levels of the Shares, other investment
opportunities available to the Reporting Persons, conditions in the securities
market and general economic and industry conditions, the Reporting Persons may
in the future take such actions with respect to their investment in the Issuer
as they deem appropriate including, without limitation, purchasing additional
Shares or selling some or all of their Shares, engaging in short selling of or
any hedging or similar transactions with respect to the Shares and/or otherwise
changing their intention with respect to any and all matters referred to in Item
4 of Schedule 13D.
- --------------------------- -------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 8 OF 11 PAGES
- --------------------------- -------------------
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on May 1, 2006, Harvest Management may
be deemed to beneficially own the 5,615,658 Shares beneficially owned by the
following accounts under its management, constituting approximately 9.4% of the
Shares outstanding: 1,039,409 Shares beneficially owned by Harvest Capital,
L.P.; 2,073,583 Shares beneficially owned by Harvest Offshore Investors Ltd.;
140,747 Shares beneficially owned by CL Harvest, LLC; 177,158 Shares
beneficially owned by Harvest AA Capital, L.P.; 320,376 Shares beneficially
owned by New Americans, L.L.C.; and 1,864,385 Shares beneficially owned by TE
Harvest Portfolio, Ltd. James Morgan Rutman, Nathaniel Bohrer and Marjorie
Gochberg Kellner are each principals of Harvest Management and thus may be
deemed to beneficially own the 5,615,658 beneficially owned by Harvest
Management, constituting approximately 9.4% of the Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 59,517,041 Shares outstanding, which is the total number
of Shares outstanding as of March 24, 2006 as reported in the Issuer's Proxy
Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934 filed
on April 7, 2006.
(b) Each of the Reporting Persons have shared voting and dispositive
powers over the 5,615,658 Shares.
(c) Information concerning transactions in the Shares effected by the
Reporting Person during the past sixty days is set forth in Schedule A hereto
and is incorporated herein by reference. All of the transactions in Shares
listed on Schedule A hereto were effected on the open market.
(d) No person other than the Reporting Persons and the Holders is known
to have the right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, the Shares.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A - Joint Acquisition Statement, dated May 2, 2006
- --------------------------- -------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 9 OF 11 PAGES
- --------------------------- -------------------
SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 2, 2006
HARVEST MANAGEMENT, L.L.C.
By: /s/ Marjorie Gochberg Kellner
------------------------------------
Name: Marjorie Gochberg Kellner
Title: Managing Member
/s/ James Morgan Rutman
-----------------------------------------
JAMES MORGAN RUTMAN
/s/ Nathaniel Bohrer
-----------------------------------------
NATHANIEL BOHRER
/s/ Marjorie Gochberg Kellner
-----------------------------------------
MARJORIE GOCHBERG KELLNER
- --------------------------- -------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 10 OF 11 PAGES
- --------------------------- -------------------
EXHIBIT INDEX
1. Exhibit A - Joint Acquisition Statement, dated May 2, 2006
- --------------------------- -------------------
CUSIP NO. 629519109 SCHEDULE 13D PAGE 11 OF 11 PAGES
- --------------------------- -------------------
SCHEDULE A
TRANSACTIONS IN THE SHARES BY THE REPORTING
PERSON DURING THE PAST 60 DAYS
HARVEST CAPITAL, L.P.
Date of Transaction Shares Purchased (Sold) Price Per Share
------------------- ----------------------- ---------------
3/6/2006 9,072 $4.18
3/7/2006 17,964 $4.10
3/8/2006 5,000 $4.07
3/13/2006 10,332 $4.27
3/16/2006 4,493 $4.69
3/17/2006 6,290 $4.97
3/17/2006 13,479 $4.98
3/20/2006 4,495 $4.93
3/21/2006 8,991 $5.37
3/22/2006 17,981 $5.63
3/23/2006 899 $5.45
3/23/2006 13,213 $5.39
3/24/2006 17,979 $5.61
3/27/2006 17,978 $5.68
3/28/2006 32,362 $5.43
3/28/2006 3,596 $5.38
3/29/2006 17,978 $5.55
3/30/2006 22,977 $5.58
3/31/2006 8,990 $5.66
4/3/2006 44,057 $5.52
4/6/2006 19,536 $5.63
4/7/2006 6,494 $5.75
4/10/2006 18,714 $5.73
4/11/2006 27,638 $5.53
4/17/2006 2,138 $5.60
4/18/2006 14,529 $6.15
4/18/2006 20,857 $6.05
(16,551) Shares underlying the sale of
4/18/2006 237 convertible notes $869.00*
(36,803) Shares underlying the sale of
4/18/2006 527 convertible notes $869.00*
(28,353) Shares underlying the sale of
4/18/2006 406 convertible notes $869.00*
4/19/2006 4,151 $6.65
4/26/2006 4,772 $6.23
4/27/2006 6,992 $6.01
*Represents the sale price per convertible note.
HARVEST OFFSHORE INVESTORS LTD.
Date of Transaction Shares Purchased (Sold) Price Per Share
------------------- ----------------------- ---------------
3/6/2006 19,154 $4.18
3/7/2006 37,928 $4.10
3/8/2006 11,000 $4.07
3/13/2006 21,811 $4.27
3/16/2006 9,481 $4.69
3/17/2006 13,272 $4.97
3/17/2006 28,440 $4.98
3/20/2006 9,483 $4.93
3/21/2006 18,970 $5.37
3/22/2006 37,941 $5.63
3/23/2006 1,897 $5.45
3/23/2006 27,891 $5.39
3/24/2006 37,944 $5.61
3/27/2006 37,949 $5.68
3/28/2006 68,310 $5.43
3/28/2006 7,590 $5.38
3/29/2006 37,947 $5.55
3/30/2006 48,485 $5.58
3/31/2006 18,972 $5.66
4/6/2006 38,954 $5.63
4/7/2006 12,949 $5.75
4/10/2006 23,243 $5.73
4/11/2006 55,115 $5.53
4/17/2006 4,262 $5.60
4/18/2006 28,791 $6.15
4/18/2006 41,335 $6.05
(14,805) Shares underlying the sale of
4/18/2006 232 convertible notes $869.00*
(85,687) Shares underlying the sale of
4/18/2006 1,227 convertible notes $869.00*
(65,854) Shares underlying the sale of
4/18/2006 943 convertible notes $869.00*
4/19/2006 8,228 $6.65
4/26/2006 9,467 $6.23
4/27/2006 13,925 $6.01
*Represents the sale price per convertible note.
CL HARVEST, LLC
Date of Transaction Shares Purchased (Sold) Price Per Share
------------------- ----------------------- ---------------
3/6/2006 1,287 $4.18
3/7/2006 2,548 $4.10
3/8/2006 1,000 $4.07
3/13/2006 1,465 $4.27
3/16/2006 637 $4.69
3/17/2006 891 $4.97
3/17/2006 1,911 $4.98
3/20/2006 637 $4.93
3/21/2006 1,274 $5.37
3/22/2006 2,549 $5.63
3/23/2006 128 $5.45
3/23/2006 1,872 $5.39
3/24/2006 2,547 $5.61
3/27/2006 2,547 $5.68
3/28/2006 4,586 $5.43
3/28/2006 509 $5.38
3/29/2006 2,547 $5.55
3/30/2006 3,256 $5.58
3/31/2006 1,274 $5.66
4/3/2006 109 $5.52
4/6/2006 2,644 $5.63
4/7/2006 879 $5.75
4/10/2006 2,584 $5.73
4/11/2006 3,740 $5.53
4/17/2006 289 $5.60
4/18/2006 1,959 $6.15
4/18/2006 2,340 $6.10
(2,025) Shares underlying the sale of
4/18/2006 29 convertible notes $869.00*
(4,749) Shares underlying the sale of
4/18/2006 68 convertible notes $869.00*
(3,701) Shares underlying the sale of
4/18/2006 53 convertible notes $869.00*
4/19/2006 1,336 $6.24
4/26/2006 1,373 $6.17
4/27/2006 1,854 $6.09
*Represents the sale price per convertible note.
HARVEST AA CAPITAL, L.P.
Date of Transaction Shares Purchased (Sold) Price Per Share
------------------- ----------------------- ---------------
3/6/2006 1,555 $4.18
3/7/2006 3,079 $4.10
3/8/2006 1,000 $4.07
3/13/2006 1,770 $4.27
3/16/2006 770 $4.69
3/17/2006 1,078 $4.97
3/17/2006 2,310 $4.98
3/20/2006 770 $4.93
3/21/2006 1,539 $5.37
3/22/2006 3,079 $5.63
3/23/2006 154 $5.45
3/23/2006 2,263 $5.39
3/24/2006 3,079 $5.61
3/27/2006 3,079 $5.68
3/28/2006 5,542 $5.43
3/28/2006 616 $5.38
3/29/2006 3,078 $5.55
3/30/2006 3,934 $5.58
3/31/2006 1,539 $5.66
4/3/2006 6,409 $5.52
4/6/2006 3,328 $5.63
4/7/2006 1,106 $5.75
4/10/2006 3,391 $5.73
4/11/2006 4,707 $5.53
4/17/2006 364 $5.60
4/18/2006 2,466 $6.15
4/18/2006 2,944 $6.10
(349) Shares underlying the sale of
4/18/2006 5 convertible notes $869.00*
(7,612) Shares underlying the sale of
4/18/2006 109 convertible notes $869.00*
(5,866) Shares underlying the sale of
4/18/2006 84 convertible notes $869.00*
4/19/2006 1,681 $6.24
4/26/2006 1,727 $6.17
4/27/2006 2,330 $6.09
*Represents the sale price per convertible note.
NEW AMERICANS, L.L.C.
Date of Transaction Shares Purchased (Sold) Price Per Share
------------------- ----------------------- ---------------
3/6/2006 2,783 $4.18
3/7/2006 5,511 $4.10
3/8/2006 2,000 $4.07
3/13/2006 3,169 $4.27
3/16/2006 1,377 $4.69
3/17/2006 1,929 $4.97
3/17/2006 4,133 $4.98
3/20/2006 1,377 $4.93
3/21/2006 2,755 $5.37
3/22/2006 5,507 $5.63
3/23/2006 275 $5.45
3/23/2006 4,050 $5.39
3/24/2006 5,510 $5.61
3/27/2006 5,509 $5.68
3/28/2006 9,917 $5.43
3/28/2006 1,102 $5.38
3/29/2006 5,510 $5.55
3/30/2006 7,041 $5.58
3/31/2006 2,755 $5.66
4/3/2006 17,859 $5.52
4/6/2006 6,092 $5.63
4/7/2006 2,025 $5.75
4/10/2006 5,954 $5.73
4/11/2006 8,620 $5.53
4/17/2006 667 $5.60
4/18/2006 3,279 $6.15
4/18/2006 4,156 $6.08
(1,467) Shares underlying the sale of
4/18/2006 21 convertible notes $869.00*
(8,939) Shares underlying the sale of
4/18/2006 128 convertible notes $869.00*
(6,844) Shares underlying the sale of
4/18/2006 98 convertible notes $869.00*
4/19/2006 1,843 $6.31
4/26/2006 1,929 $6.18
4/27/2006 3,035 $6.07
*Represents the sale price per convertible note.
TE HARVEST PORTFOLIO, LTD.
Date of Transaction Shares Purchased (Sold) Price Per Share
------------------- ----------------------- ---------------
3/6/2006 16,649 $4.18
3/7/2006 32,970 $4.10
3/8/2006 10,000 $4.07
3/13/2006 18,953 $4.27
3/16/2006 8,242 $4.69
3/17/2006 11,540 $4.97
3/17/2006 24,727 $4.98
3/20/2006 8,238 $4.93
3/21/2006 1,000 $4.83
3/21/2006 16,471 $5.37
3/22/2006 32,943 $5.63
3/23/2006 1,647 $5.45
3/23/2006 24,211 $5.39
3/24/2006 32,941 $5.61
3/27/2006 32,938 $5.68
3/28/2006 59,283 $5.43
3/28/2006 6,587 $5.38
3/29/2006 32,940 $5.55
3/30/2006 42,090 $5.58
3/31/2006 16,470 $5.66
4/3/2006 61,566 $5.52
4/6/2006 35,446 $5.63
4/7/2006 11,782 $5.75
4/10/2006 34,914 $5.73
4/11/2006 50,180 $5.53
4/17/2006 3,880 $5.60
4/18/2006 18,976 $6.15
4/18/2006 24,077 $6.08
(29,051) Shares underlying the sale of
4/18/2006 416 convertible notes $869.00*
(37,781) Shares underlying the sale of
4/18/2006 541 convertible notes $869.00*
(34,368) Shares underlying the sale of
4/18/2006 496 convertible notes $869.00*
4/19/2006 10,614 $6.31
4/26/2006 11,118 $6.18
4/27/2006 17,554 $6.07
*Represents the sale price per convertible note.
EXHIBIT A
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
Dated: May 2, 2006
HARVEST MANAGEMENT, L.L.C.
By: /s/ Marjorie Gochberg Kellner
------------------------------------
Name: Marjorie Gochberg Kellner
Title: Managing Member
/s/ James Morgan Rutman
-----------------------------------------
JAMES MORGAN RUTMAN
/s/ Nathaniel Bohrer
-----------------------------------------
NATHANIEL BOHRER
/s/ Marjorie Gochberg Kellner
-----------------------------------------
MARJORIE GOCHBERG KELLNER