Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
- Peter Lynch
What is insider trading>>
UNITED
STATES
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. 3)*
FORWARD
INDUSTRIES, INC.
(Name of
Issuer)
Common
Stock
(Title of
Class of Securities)
349862300
(CUSIP
Number)
Jay A.
Wolf
c/o
Trinad Management, LLC
2121
Avenue of the Stars, Suite 2550
Los
Angeles, California 90067
(310)
601-2500
(Name,
Address and Telephone Number of Person Authorized to
Receive
Notices and Communications)
January
6, 2008
(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(c), 13d-1(f) or 13d-1(g), check the following
box. o
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.
* 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 the
disclosures provided in a prior cover page.
The
information required in 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.
349862300
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad
Capital Master Fund, Ltd.
|
||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)x (joint
filers)
|
||
|
3
|
SEC
USE ONLY
|
||
|
4
|
SOURCE
OF FUNDS
WC
|
||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or
2(e)
o
|
||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Cayman
Islands
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
|
|
|
8
|
SHARED
VOTING POWER
315,267
|
||
|
9
|
SOLE
DISPOSITIVE POWER
|
||
|
10
|
SHARED
DISPOSITIVE POWER
315,267
|
||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
315,267
|
||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
|
||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
|
||
|
14
|
TYPE
OF REPORTING PERSON
CO
|
||
2
CUSIP
No. 349862300
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad
Capital LP
|
||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)x (joint
filers)
|
||
|
3
|
SEC
USE ONLY
|
||
|
4
|
SOURCE
OF FUNDS
AF
|
||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or
2(e)
o
|
||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
|
|
|
8
|
SHARED
VOTING POWER
266,495
|
||
|
9
|
SOLE
DISPOSITIVE POWER
|
||
|
10
|
SHARED
DISPOSITIVE POWER
266,495
|
||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
266,495
|
||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
|
||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
|
||
|
14
|
TYPE
OF REPORTING PERSON
PN
|
||
3
CUSIP No.
349862300
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad
Management, LLC
|
||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)x (joint
filers)
|
||
|
3
|
SEC
USE ONLY
|
||
|
4
|
SOURCE
OF FUNDS
AF
|
||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or
2(e)
o
|
||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
|
|
|
8
|
SHARED
VOTING POWER
315,267
|
||
|
9
|
SOLE
DISPOSITIVE POWER
|
||
|
10
|
SHARED
DISPOSITIVE POWER
315,267
|
||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
315,267
|
||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
|
||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
|
||
|
14
|
TYPE
OF REPORTING PERSON
IA
|
||
4
CUSIP No.
349862300
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad
Advisors II, LLC
|
||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)x (joint
filers)
|
||
|
3
|
SEC
USE ONLY
|
||
|
4
|
SOURCE
OF FUNDS
AF
|
||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or
2(e)o
|
||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
|
|
|
8
|
SHARED
VOTING POWER
266,495
|
||
|
9
|
SOLE
DISPOSITIVE POWER
|
||
|
10
|
SHARED
DISPOSITIVE POWER
266,495
|
||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
266,495
|
||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
|
||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
|
||
|
14
|
TYPE
OF REPORTING PERSON
OO
|
||
5
CUSIP
No. 349862300
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Robert
S. Ellin
|
||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)x (joint
filers)
|
||
|
3
|
SEC
USE ONLY
|
||
|
4
|
SOURCE
OF FUNDS
AF
|
||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or
2(e)
o
|
||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
|
|
|
8
|
SHARED
VOTING POWER
315,267
|
||
|
9
|
SOLE
DISPOSITIVE POWER
|
||
|
10
|
SHARED
DISPOSITIVE POWER
315,267
|
||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
315,267
|
||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
|
||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
|
||
|
14
|
TYPE
OF REPORTING PERSON
IN
|
||
6
CUSIP
No. 349862300
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Jay
A. Wolf
|
||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)x (joint
filers)
|
||
|
3
|
SEC
USE ONLY
|
||
|
4
|
SOURCE
OF FUNDS
AF
|
||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or
2(e)
o
|
||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
|
|
|
8
|
SHARED
VOTING POWER
315,267
|
||
|
9
|
SOLE
DISPOSITIVE POWER
|
||
|
10
|
SHARED
DISPOSITIVE POWER
315,267
|
||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
315,267
|
||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
|
||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
|
||
|
14
|
TYPE
OF REPORTING PERSON
IN
|
||
7
Item
1. Security and Issuer.
The class
of equity securities to which this statement relates is the Common Stock, $0.01
par value per share of Forward Industries, Inc., a New York corporation (the
"Issuer"). The principal executive offices of the Issuer are located at
1801 Green Rd., Suite E, Pompano Beach, FL 33064.
Item
2. Identity and Background.
(a), (c)
and (f)
This
Schedule is being filed by:
|
(i)
|
Trinad
Capital Master Fund, Ltd., a Cayman Islands corporation, which is a hedge
fund dedicated to investing in micro-cap companies, with respect to shares
directly and beneficially owned by Trinad Capital Master Fund,
Ltd.
|
|
(ii)
|
Trinad
Capital LP, a Delaware limited partnership, which is principally engaged
in investing in Trinad Capital Master Fund, Ltd., with respect to shares
indirectly and beneficially owned by Trinad Capital
LP.
|
|
(iii)
|
Trinad
Management, LLC, a Delaware limited liability company, which is
principally engaged in the business of managing the investments of the
Trinad Capital Master Fund, Ltd. and Trinad Capital LP, with respect to
the shares directly and beneficially owned by Trinad Capital Master Fund,
Ltd. and indirectly and beneficially owned by Trinad Capital
LP.
|
|
(iv)
|
Trinad
Advisors II, LLC, a Delaware limited liability company (successor to
Trinad Advisors GP, LLC) and the general partner of Trinad Capital LP,
which principally serves as the general partner of Trinad Capital LP, with
respect to the shares indirectly and beneficially owned by Trinad Capital
LP.
|
|
(v)
|
Robert
S. Ellin, an individual, whose principal occupation is to serve as
portfolio manager for Trinad Management, LLC. Mr. Ellin is the managing
member of Trinad Advisors II, LLC; Trinad Advisors II, LLC is the general
partner of Trinad Capital LP that is a principal stockholder of Trinad
Capital Master Fund, Ltd. and Mr. Ellin is the managing member of Trinad
Management, LLC that is the manager of Trinad Capital Master Fund, Ltd.
Mr. Ellin is a United States
citizen.
|
|
(vi)
|
Jay
A. Wolf, an individual, whose principal occupation is to serve as
portfolio manager for Trinad Management, LLC. Mr. Wolf is a member of
Trinad Advisors II, LLC; Trinad Advisors II, LLC is the general partner of
Trinad Capital LP that is a principal stockholder of Trinad Capital Master
Fund, Ltd. and Mr. Wolf is a member of Trinad Management, LLC that is the
manager of Trinad Capital Master Fund, Ltd. Mr. Wolf is a United States
citizen.
|
Each of
the foregoing is referred to as a "Reporting Person" and collectively as the
"Reporting Persons."
Although
this Schedule is being made jointly by the Reporting Persons, each of them
expressly disaffirms membership in any group under Rule 13d-5 under the
Securities Exchange Act of 1934, as amended (the ("Exchange Act"), or
otherwise.
8
(b)
The
address of the principal business office of Trinad Capital Master Fund, Ltd,
Trinad Capital LP, Trinad Management, LLC, Trinad Advisors II, LLC, and of
Robert S. Ellin and Jay A. Wolf is 2121 Avenue of the Stars, Suite 2550, Los
Angeles, California 90067.
(d)-(e)
During
the last five years, none of the Reporting Persons have, nor, to the best of
their knowledge, have any of the directors, executive officers, control persons,
general partners or members of such Reporting Persons, (i) been convicted in any
criminal proceeding or (ii) been a party to any civil proceeding of a judicial
or administrative body of competent jurisdiction 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.
Item
3. Source and Amount of Funds or Other Consideration.
Trinad
Capital Master Fund, Ltd. used its working capital to acquire 315,267 shares of
Common Stock representing 4.0% of the Issuer.
Item
4. Purpose of Transaction.
All of
the Common Stock was acquired for investment purposes only.
The
Reporting Persons intend to continuously assess the Issuer's business, financial
conditions, results of operations and prospects, general economic conditions,
the securities markets in general and those for the Issuer's securities.
Depending on such assessments, the Reporting Persons may, from time to time,
acquire additional Shares or may determine to sell or otherwise dispose of all
or some of its holdings of Shares.
The
Reporting Persons have elected to sell shares at this time.
The
Reporting Persons may also engage in and may plan for their engagement any of
the items discussed in clauses (a) through (j) of Item 4 of the instructions to
Schedule 13D.
Item
5. Interest in Securities of the Issuer.
(a)
Unless
otherwise indicated, as of the date hereof:
Trinad
Capital Master Fund, Ltd. is the beneficial owner of 315,267 shares of the
Common Stock, representing approxima
tely 4.0% of the Common Stock of the
Issuer.
Trinad
Capital LP (as the owner of 84% of the shares of Trinad Capital Master Fund,
Ltd. as of September 30, 2008) and Trinad Advisors II, LLC (as the general
partner of Trinad Capital LP), may each be deemed the beneficial owner of 84.53%
of the shares of the 315,267 shares of the Common Stock held by Trinad Capital
Master Fund, Ltd., representing 266,495 shares or 3.4% of the Common Stock of
the Issuer.
Trinad
Management, LLC (as the manager of the Trinad Capital Master Fund, Ltd. and
Trinad Capital LP) and Robert S. Ellin, the managing director of and portfolio
manager for Trinad Management, LLC and the managing director of Trinad Advisors
II LLC, and Jay A. Wolf a managing director of and portfolio manager for Trinad
Management, LLC may be deemed the beneficial owners of 315,267 shares of the
Common Stock held by Trinad Capital Master Fund, Ltd. representing approximately
4.0% of the Common Stock of the Issuer.
9
Jay A.
Wolf disclaims beneficial ownership of the shares of Common Stock directly
and beneficially owned by Trinad Capital Master Fund, Ltd. except
to the extent of his pecuniary interest therein.
Mr. Ellin
disclaims beneficial ownership of the shares of Common Stock directly and
beneficially owned by Trinad Capital Master Fund, Ltd. except to the extent of
his pecuniary interests therein.
The
percentages herein were calculated based on the 7,915,522 shares of the Issuer's
common stock, $0.01 par value, reported by the Issuer to be issued and
outstanding as of November 19, 2008 in the Issuer’s latest 10-K filed with the
Securities and Exchange Commission on December 16, 2008.
(b)
Each of
the Reporting Persons share the power to vote or to direct the vote and to
dispose or to direct the disposition of the Common Stock it or he may be deemed
to beneficially own.
(c)
Set forth
below are the transactions in the Shares effected by the Master Fund during the
past sixty days:
|
Date
|
#
of Shares
|
Transaction
|
Cost
Per Share Inclusive of Transaction Charges
|
|
11/13/2008
|
2,000
|
Acquired
|
$2.8300
|
|
11/17/2008
|
-18000
|
Dispose
|
$2.2791
|
|
11/21/2008
|
-28878
|
Dispose
|
$2.1105
|
|
11/24/2008
|
-14806
|
Dispose
|
$2.1437
|
|
11/25/2008
|
-48739
|
Dispose
|
$2.3086
|
|
11/26/2008
|
-10000
|
Dispose
|
$2.3575
|
|
11/28/2008
|
-35000
|
Dispose
|
$2.7182
|
|
12/1/2008
|
-35032
|
Dispose
|
$3.0365
|
|
12/3/2008
|
-1777
|
Dispose
|
$2.9090
|
|
12/4/2008
|
-36212
|
Dispose
|
$2.7524
|
|
12/5/2008
|
-10000
|
Dispose
|
$2.7014
|
|
12/5/2008
|
-8500
|
Dispose
|
$2.7538
|
|
12/8/2008
|
1000
|
Acquire
|
$3.1500
|
|
12/8/2008
|
-20000
|
Dispose
|
$3.0203
|
|
12/8/2008
|
-10000
|
Dispose
|
$3.0225
|
|
12/8/2008
|
-20000
|
Dispose
|
$3.0013
|
|
12/9/2008
|
-5000
|
Dispose
|
$2.9500
|
|
12/9/2008
|
-10000
|
Dispose
|
$3.0000
|
|
12/10/2008
|
-11362
|
Dispose
|
$3.0793
|
|
12/11/2008
|
-5000
|
Dispose
|
$3.0000
|
|
12/11/2008
|
-12200
|
Dispose
|
$2.7592
|
|
12/11/2008
|
-15039
|
Dispose
|
$2.9292
|
|
12/15/2008
|
-533
|
Dispose
|
$2.6400
|
|
12/15/2008
|
-5800
|
Dispose
|
$2.5000
|
|
12/16/2008
|
-8332
|
Dispose
|
$2.5017
|
|
12/17/2008
|
-8268
|
Dispose
|
$2.3540
|
|
12/18/2008
|
-1000
|
Dispose
|
$2.3500
|
|
12/18/2008
|
-10000
|
Dispose
|
$2.3610
|
|
12/19/2008
|
-15000
|
Dispose
|
$2.3103
|
|
12/26/2008
|
-6921
|
Dispose
|
$2.3000
|
|
12/29/2008
|
-17123
|
Dispose
|
$2.2777
|
|
12/30/2008
|
-7575
|
Dispose
|
$2.3109
|
|
12/31/2008
|
1000
|
Acquire
|
$2.1900
|
|
1/6/2009
|
-5000
|
Dispose
|
$2.3120
|
|
1/7/2009
|
-15000
|
Dispose
|
$2.2463
|
|
1/9/2009
|
-68,882
|
Dispose
|
$2.1980
|
10
(d)
Not
applicable.
(e)
The
Reporting Persons ceased to be the beneficial owner of more than five percent of
the Shares on January 6, 2009.
Item
6. Contracts, Arrangements, Understandings or Relationships with the
Issuer.
None.
Item
7. Material to be Filed as Exhibits.
The
following exhibit is filed as part of this 13D:
Exhibit
A: Joint Filing Agreement, dated as of January 12, 2008.
11
SIGNATURE
After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
|
TRINAD
CAPITAL MASTER FUND, LTD.
a
Cayman Islands exempted company
By: /s/ Robert S.
Ellin
Robert S. Ellin,
Director
Date:
January 12, 2008
|
TRINAD
MANAGEMENT, LLC
a
Delaware limited liability company
By: /s/ Robert S.
Ellin
Robert S. Ellin, Managing
Member
Date:
January 12, 2008
|
|
TRINAD
CAPITAL LP
a
Delaware limited partnership
By: TRINAD
ADVISORS II, LLC
a
Delaware limited liability company
As
its General Partner
By: /s/ Robert S.
Ellin
Robert S. Ellin, Managing
Member
Date:
January 12, 2008
|
By: TRINAD
ADVISORS II, LLC
a
Delaware limited liability company
By: /s/ Robert S.
Ellin
Robert S. Ellin, Managing
Member
Date:
January 12, 2008
|
|
By: /s/ Jay A.
Wolf
Jay A. Wolf, an
individual
Date:
January 12, 2008
|
By: /s/ Robert S.
Ellin
Robert S. Ellin, an
individual
Date:
January 12, 2008
|
--------------------------------
The
original statement shall be signed by each person on whose behalf the statement
is filed or his authorized representative. If the statement is signed on behalf
of a person by his authorized representative (other than an executive officer or
general partner of the filing person), evidence of the representative's
authority to sign on behalf of such person shall be filed with the statement,
provided, however, that a power of attorney for this purpose which is already on
file with the Commission may be incorporated by reference. The name and any
title of each person who signs the statement shall be typed or printed beneath
his signature.
Attention.
Intentional misstatements or omissions of fact constitute Federal criminal
violations (See 18 U.S.C. 1001).
12
EXHIBIT
A
JOINT
FILING AGREEMENT
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 others, except to the extent
that he or it knows or has reason to believe that such information is
inaccurate.
|
TRINAD
CAPITAL MASTER FUND, LTD.
a
Cayman Islands exempted company
By: /s/ Robert S.
Ellin
Robert S. Ellin,
Director
Date:
January 12, 2008
|
TRINAD
MANAGEMENT, LLC
a
Delaware limited liability company
By: /s/ Robert S.
Ellin
Robert S. Ellin, Managing
Member
Date:
January 12, 2008
|
|
TRINAD
CAPITAL LP
a
Delaware limited partnership
By: TRINAD
ADVISORS II, LLC
a
Delaware limited liability company
As
its General Partner
By: /s/ Robert S.
Ellin
Robert S. Ellin, Managing
Member
Date:
January 12, 2008
|
By: TRINAD
ADVISORS II, LLC
a
Delaware limited liability company
By: /s/ Robert S.
Ellin
Robert S. Ellin, Managing
Member
Date:
January 12, 2008
|
|
By: /s/ Jay A.
Wolf
Jay A. Wolf, an
individual
Date:
January 12, 2008
|
By: /s/ Robert S.
Ellin
Robert S. Ellin, an
individual
Date:
January 12, 2008
|
13