SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934
(AMENDMENT NO. )
Filed by the Registrant |_| Filed by a Party other than the Registrant |X|
Check the appropriate box:
|X| Preliminary Proxy Statement
|_| Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
|_| Definitive Proxy Statement
|_| Definitive Additional Materials
|_| Soliciting Material Pursuant to ss.240.14a-12
DELCATH SYSTEMS, INC.
-----------------------------------------------
(Name of Registrant as Specified In Its Charter)
LADDCAP VALUE PARTNERS LP
-------------------------------------------------------------------------
(Name(s) of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
|X| No fee required.
|_| Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
N/A
(2) Aggregate number of securities to which transaction applies: N/A
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on
which the filing fee is calculated and state how it was
determined): N/A
(4) Proposed maximum aggregate value of transaction: N/A (5) Total
fee paid: N/A
|_| Fee paid previously with preliminary materials.
|_| Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
(1) Amount Previously Paid: N/A
(2) Form, Schedule or Registration Statement No.: N/A
(3) Filing Party: N/A
(4) Date Filed: N/A
LADDCAP VALUE PARTNERS LP
650 FIFTH AVENUE, SUITE 600
NEW YORK, NY 10019
(212) 259-2070
Dear Fellow Delcath Stockholders:
The enclosed preliminary proxy statement is being furnished to
stockholders of Delcath Systems, Inc., a Delaware corporation ("Delcath" or the
"Company"), by Laddcap Value Partners LP ("Laddcap") in connection with the
solicitation of stockholders of Delcath (the "Stockholders") for the 2006 Annual
Meeting of Stockholders, including any adjournments or postponements thereof,
to:
(1) withhold votes for the election of two (2) Class III Directors to
Delcath's Board of Directors to hold office until the 2009 Annual Meeting of
Stockholders of the Company or until their respective successors shall be duly
elected and qualified; and
(2) support the stockholder proposal recommending that the Board of
Directors retain a nationally recognized investment banking and/or merger
advisory firm.
Laddcap does not believe that the current Board of Directors is acting
in your best interests, and is therefore asking you to withhold your vote for
the election of the nominees to the Delcath Board of Directors, and to vote for
the stockholder proposal recommending that the Board of Directors retain a
nationally recognized investment banking and/or merger advisory firm, at the
annual meeting of stockholders scheduled to be held on Tuesday, June 13, 2006 at
11:00 a.m. at the Holiday Inn Select, 700 Main Street, Stamford, Connecticut.
You may have received, or will be receiving, a proxy solicitation from
the Company. For all of the reasons discussed in the materials included with
this letter or as otherwise provided pursuant to Regulation 14A, Laddcap
strongly urges you to WITHHOLD YOUR VOTE for the elections of Directors to
Delcath's Board of Directors and TO SUPPORT the stockholder proposal
recommending that the Board of Directors retain a nationally recognized
investment banking and/or merger advisory firm.
IF YOU HAVE ALREADY RETURNED A PROXY CARD, YOU HAVE EVERY RIGHT TO
CHANGE YOUR VOTES BY SIGNING AND RETURNING A LATER DATED PROXY CARD, REVOKING
YOUR PRIOR PROXY OR YOU MAY ATTEND THE ANNUAL MEETING AND VOTE IN PERSON.
If you have any questions regarding the procedures by which you can
change your vote, if you have already voted, or if you have any questions,
kindly contact either Robert Ladd at (212) 259-2070 or The Altman Group, Inc. at
(800) 581-5375 (Banks and Brokerage Firms please call (201) 806-7300). The
Altman Group, Inc. is assisting Laddcap with its effort to solicit votes.
It is important that your shares of Delcath common stock be represented
and voted at the Annual Meeting. Accordingly, regardless of whether you plan to
attend the Annual Meeting in person, please complete, date, sign the proxy card
that has been provided by the Company and WITHHOLD YOUR VOTE for the election of
Directors to Delcath's Board of Directors and vote TO SUPPORT the stockholder
proposal recommending that the Board of Directors retain a nationally recognized
investment banking and/or merger advisory firm.
Even if you return a signed proxy card, you may still attend the Annual
Meeting and vote your shares in person. Every stockholder's vote is important,
whether you own a few shares or many.
Thank you for your support.
Very truly yours,
LADDCAP VALUE PARTNERS LP
By: /s/ Robert Ladd
-------------------------------
Robert Ladd, in his capacity as
the managing member of Laddcap
Value Associates LLC, the
general partner of Laddcap
Value Partners LP
PRELIMINARY COPY
DATED MAY ___, 2006
LADDCAP VALUE PARTNERS LP
650 FIFTH AVENUE, SUITE 600
NEW YORK, NY 10019
(212) 259-2070
----------------
PRELIMINARY PROXY STATEMENT
----------------
TO WITHHOLD VOTES FOR THE ELECTION OF THE NOMINEES
TO THE BOARD OF DIRECTORS,
AND
IN SUPPORT OF THE STOCKHOLDER PROPOSAL RECOMMENDING THAT THE BOARD OF
DIRECTORS RETAIN A NATIONALLY RECOGNIZED INVESTMENT BANKING AND/OR MERGER
ADVISORY FIRM
To Fellow Stockholders of Delcath Systems, Inc.:
This Preliminary Proxy Statement is furnished by Laddcap Value Partners
LP ("Laddcap") in connection with the solicitation of stockholders for the 2006
Annual Meeting of Stockholders of Delcath Systems, Inc. ("Delcath" or the
"Company") to be held on Tuesday, June 13, 2006 at 11:00 a.m. at the Holiday Inn
Select, 700 Main Street, Stamford, Connecticut, including any adjournments or
postponements thereof (the "Annual Meeting"). This Preliminary Proxy Statement
is first being sent to stockholders by Laddcap on or about May _____, 2006. Only
stockholders of record at the close of business on April 17, 2006 are entitled
to notice of, and to vote at, the Annual Meeting.
Laddcap is soliciting stockholders to:
(1) withhold votes for the election of two (2) Class III Directors to
Delcath's Board of Directors to hold office until the 2009 Annual Meeting of
Stockholders of the Company or until their respective successors shall be duly
elected and qualified; and
(2) support the stockholder proposal recommending that the Board of
Directors retain a nationally recognized investment banking and/or merger
advisory firm.
Laddcap strongly urges you to WITHHOLD YOUR VOTE for the election of
Directors to Delcath's Board of Directors and TO SUPPORT the stockholder
proposal recommending that the Board of Directors retain a nationally recognized
investment banking and/or merger advisory firm.
According to Delcath's proxy statement, as of the close of business on
April 17, 2006 (the "Record Date"), there were 19,541,674 shares of Delcath's
common stock, par value $0.01 per share (the "Common Stock"), outstanding, each
share of Common Stock being entitled to one vote on all matters presented at the
Annual Meeting. The principal executive offices of the Company, a Delaware
corporation, are located at 1100 Summer Street, Stamford, Connecticut 06905.
As of May ____, 2006, Laddcap is the record owner of an aggregate of
2,033,539 shares of Common Stock, representing approximately 10.4% of the
outstanding shares of Common Stock. As of the Record Date, Laddcap was the
beneficial owner of an aggregate of 1,952,100 shares of Common Stock,
representing approximately 9.9% of the outstanding shares of Common Stock.
Laddcap intends to WITHHOLD ITS votes for the election of two (2) Class III
Directors to Delcath's Board of Directors; and vote to SUPPORT the stockholder
proposal recommending that the Board of Directors retain a nationally recognized
investment banking and/or merger advisory firm.
IF YOU HAVE ALREADY RETURNED A PROXY CARD, YOU HAVE EVERY RIGHT TO
CHANGE YOUR VOTES BY SIGNING AND RETURNING A LATER DATED PROXY CARD. IF YOU HAVE
ANY QUESTIONS REGARDING THE PROCEDURES BY WHICH YOU CAN CHANGE YOUR VOTE, IF YOU
HAVE ALREADY VOTED, OR IF YOU HAVE ANY QUESTIONS, KINDLY CONTACT THE ALTMAN
GROUP, INC. AT (800) 581-5375 (BANKS AND BROKERAGE FIRMS PLEASE CALL (201)
806-7300). THE ALTMAN GROUP, INC. IS ASSISTING LADDCAP WITH ITS SOLICITATION
EFFORTS.
EVEN IF YOU RETURN A SIGNED PROXY CARD, YOU MAY STILL ATTEND THE ANNUAL
MEETING AND VOTE YOUR SHARES IN PERSON. EVERY STOCKHOLDER'S VOTE IS IMPORTANT,
WHETHER YOU OWN A FEW SHARES OR MANY.
IF YOUR SHARES ARE HELD IN THE NAME OF A BROKERAGE FIRM, BANK, BANK
NOMINEE OR OTHER INSTITUTION ON THE RECORD DATE, ONLY THEY CAN VOTE SUCH SHARES
AND ONLY UPON RECEIPT OF YOUR SPECIFIC INSTRUCTIONS. ACCORDINGLY, PLEASE CONTACT
THE PERSON RESPONSIBLE FOR YOUR ACCOUNT AND INSTRUCT THAT PERSON TO, (I) VOTE TO
WITHHOLD YOUR VOTES FOR THE COMPANY'S SLATE OF DIRECTORS, AND (II) IN SUPPORT OF
THE STOCKHOLDER PROPOSAL RECOMMENDING THAT THE BOARD OF DIRECTORS RETAIN A
NATIONALLY RECOGNIZED INVESTMENT BANKING AND/OR MERGER ADVISORY FIRM, AS SOON AS
POSSIBLE.
Any proxy executed by a holder of Common Stock may be revoked at any
time prior to its exercise by filing a written notice of revocation with the
Secretary of Delcath prior to the Annual Meeting or with the secretary of the
Annual Meeting during the Annual Meeting or by submitting a later dated proxy.
Attendance at the Annual Meeting will not be sufficient to revoke a proxy unless
the stockholder files a written notice of revocation with the secretary of the
Annual Meeting.
Laddcap has retained The Altman Group, Inc. to assist it in
communicating with stockholders in connection with this solicitation. If you
have any questions about this solicitation or any other questions, The Altman
Group, Inc. will be pleased to assist you.
THE ALTMAN GROUP, INC.
(800) 581-5375
Banks and Brokers Call Collect: (201) 806-7300
LADDCAP VALUE PARTNERS LP
650 Fifth Avenue, Suite 600
New York, NY 10019
(212) 259-2070
2
REASONS FOR THE SOLICITATION
We are Delcath Systems, Inc.'s largest stockholder, owning more than
2,000,000 shares, which represents over 10% of the outstanding stock. We own
more Delcath shares than all of Delcath's directors and officers combined.
For more than a year, we have been trying to engage in a meaningful
dialogue with Delcath's board and management to explore various ways that we can
work with Delcath in enhancing value for all stockholders. To our surprise,
Delcath's Board and its President, Mr. M.S. Koly, have effectively rejected our
efforts.
Because of Delcath's and Mr. Koly's refusal to engage in a meaningful
dialogue, we felt that we were left with no choice but to publicly state our
opinions concerning Delcath via alternate means (the cost of which will be borne
exclusively by us) and to solicit withhold votes against Mark Corigliano and
Victor Nevins, the directors currently standing for reelection at Delcath's
annual meeting.
Additionally, we are soliciting support for our stockholder proposal
that Delcath retain a nationally recognized investment banking and/or merger
advisory firm.
To assist you in understanding our position, outlined below are some of
the events and facts that have led us to take this action:
o We believe that Delcath's board lacks any material independent
experience regarding development stage public companies and/or
the medical device industry. A review of Delcath's proxy will
demonstrate that Delcath's independent directors have zero
discernable or stated experience with development stage public
companies or with the medical device industry. Rather their
experience relates to microcomputers, restaurant management,
real estate and children's residential summer camps.
o We think it is appropriate that Delcath avail itself of true
expertise. We submitted a stockholder proposal that asked
Delcath to do just that. However, as with our requests to
participate in a dialogue with management, Delcath has rejected
the proposal. We think that gaining the perspective of qualified
financial and medical device industry professionals would
provide Delcath's directors with information and options that it
otherwise would not be provided. In our view, Delcath can only
benefit from such advice.
o The stockholder proposal does not compel the board to sell or
merge Delcath now or at any time in the future. In contrast,
approval of the stockholder proposal merely allows Delcath and
the board to be provided with expert advice from one of the many
highly regarded investment banking firms with expertise with
development stage public companies and/or the medical device
industry. In our experience, the cost/benefit ratio of retaining
such a firm will manifest itself in many ways including more
favorable capital raising opportunities, more visibility with
research analysts, and more visibility within the medical device
industry.
We believe that our interests are aligned with yours - to see
enhancement in the value of Delcath for all stockholders. We hope that you will
join Laddcap in questioning the people who are leading our company and in
demanding accountability from them.
VOTING AND REVOCATION OF PROXIES
Laddcap is not requesting a form of proxy from any Delcath stockholder
and this Schedule 14A is not accompanied by a form of proxy. Rather Laddcap is
soliciting Delcath's stockholders to use Delcath's proxy card and to WITHHOLD
VOTES for the election of the nominees to the Board of Directors, and TO SUPPORT
THE STOCKHOLDER PROPOSAL recommending that the board of directors retain a
nationally recognized investment banking and/or merger advisory firm.
3
Execution of Delcath's proxy card will not affect a stockholder's right
to attend the Annual Meeting and to vote in person. In addition, execution of
the Delcath's proxy card does not affect a stockholder's right to revoke that
proxy and execute a subsequent proxy card. A stockholder who executes and
delivers a proxy may revoke it at any time prior to its exercise by filing a
written notice of revocation with the Secretary of Delcath at any time prior to
the exercise of the proxy during the Annual Meeting or by submitting a later
dated proxy. Attendance at the Annual Meeting will not be sufficient to revoke a
proxy unless the stockholder files a written notice of revocation with the
Secretary at the Annual Meeting.
VOTE REQUIRED
The presence, in person or by proxy, of at least a majority of the
issued and outstanding shares of Common Stock entitled to vote at the meeting is
necessary to establish a quorum for the transaction of business. Shares
represented by proxies pursuant to which votes have been withheld for one or
both of the nominees for directors, or which contain one or more abstentions, as
well as broker non-vote shares (i.e., shares held in street name which cannot be
voted by a broker on specific matters in the absence of instructions from the
beneficial owner of the shares) are counted as present for purposes of
determining the presence or absence of a quorum for the meeting.
All properly executed proxies not revoked will be voted at the meeting
as specified in such proxies. As noted above, if no contrary instructions are
provided, proxies will be voted for each director nominee and against the
stockholder proposal and will be voted in the discretion of the proxy holder on
any other matters that properly come before the meeting.
The directors will be elected by a plurality of the votes cast, in
person or by proxy, at the meeting. The nominees receiving the highest number of
affirmative votes of the shares voting on the election of directors will be
elected as directors. Only shares that are voted in favor of a particular
nominee will be counted toward that nominee's achievement of a plurality. Shares
present at the meeting that are not voted for a particular nominee or shares
present by proxy where the stockholder properly withholds authority to vote for
such nominee will not be counted toward that nominee's achievement of a
plurality.
For all other matters that may be submitted to stockholders at the
meeting, the affirmative vote of a majority of shares present (in person or
represented by proxy) and voting on that matter will be required for approval.
Shares abstaining and broker non-votes, since they are not voting on a matter,
will not have the same effect as votes against the matter.
Votes at the meeting will be tabulated by one or more inspectors of
election appointed by Delcath's President and Chief Executive Officer.
SOLICITATION EXPENSES
The expenses of preparing, printing and distributing this Preliminary
Proxy Statement and the cost of soliciting will be borne by Laddcap. Such
expenses are estimated to be approximately $______ of which $_____ have been
incurred to date. If it is successful, Laddcap does not intend to seek
reimbursement from Delcath for expenses incurred in connection with its proxy
solicitation.
In addition to the use of the mails, solicitation may be made by means
of personal calls upon, or telephonic, telegraphic or facsimile communications
to or with, stockholders or their personal representatives by certain of
Laddcap's participants, none of whom will be specifically compensated for such
services. Additionally, the Laddcap participants may use various Internet sites
to communicate with Delcath stockholders. Copies of soliciting materials will be
furnished to banks, brokerage houses and other custodians, nominees and
fiduciaries for forwarding to the beneficial owners of shares of Common Stock
for whom they hold shares, and Laddcap will reimburse them for their reasonable
out-of-pocket expenses in connection therewith.
4
Laddcap has retained The Altman Group, Inc. to assist it in the
solicitation. The Altman Group will solicit on behalf of Laddcap from
individuals, brokers, bank nominees and other institutional holders in the same
manner described above. The Altman Group will receive a fee of $_____ for its
services to Laddcap for the solicitation.
PARTICIPANTS IN THE SOLICITATION
Under applicable regulations of the Securities and Exchange Commission,
Laddcap is deemed to be a "participant" in the solicitation. In addition,
Laddcap Value Advisors LLC ("Advisors"), the investment adviser to Laddcap and
Laddcap Value Associates LLC ("Associates"), the general partner of Laddcap may
be deemed to be a participant. As a result of Robert Ladd being the managing
member of Associates, the general partner of Laddcap, he possesses the sole
power to vote and the sole power to dispose of the shares of Common Stock held
by Laddcap and accordingly for the purposes of Reg. Section 240.13d-3 is deemed
to beneficially own such shares.
In connection with the participants, Laddcap furnishes the following
information. Laddcap is a Delaware limited partnership and Associates and
Advisors are each a Delaware limited liability company, and all such entities
together with Robert Ladd have a business address at 650 Fifth Avenue, Suite
600, New York, New York 10019. As of May _____, 2006, Laddcap is the record
holder of 2,033,539 shares of Common Stock. As of the Record Date, Laddcap was
the beneficial owner of 1,952,100 shares of Common Stock. Information about
transactions by Laddcap in Delcath's Common Stock during the past two years can
be found in Appendix A to this Preliminary Proxy Statement. Except as otherwise
set forth in this Preliminary Proxy Statement or in Appendix A hereto, none of
Laddcap or any of their respective "associates" has any arrangement or
understanding with any person with respect to future employment or future
transactions with Delcath.
THE ALTMAN GROUP, INC.
(800) 581-5375
Banks and Brokers Call Collect: (201) 806-7300
LADDCAP VALUE PARTNERS LP
650 Fifth Avenue, Suite 600
New York, NY 10019
(212) 259-2070
YOUR VOTE IS VERY IMPORTANT!
--------------------------------------------------------------------------------
* Please vote to WITHHOLD your votes from Delcath's two nominees, Mark
Corigliano and Victor Nevins on Delcath's proxy card today.
* Please vote FOR Proposal #2 on Delcath's proxy card today.
* Even if you have previously voted on Delcath's proxy card, you still
have every right to change your vote. But you must act quickly. Please
remember - only your LATEST DATED PROXY will determine how your shares
are to be voted at the Annual Meeting.
* If any of your shares are held in the name of a bank, broker or other
nominee, please contact the party responsible for your account and
instruct them to vote WITHHOLD on the Delcath's two nominees and to vote
FOR Proposal #2 on the Delcath's proxy card ASAP.
* If you have a copy of the Voting Instruction Form that was sent to you
by your bank or broker, you can change your vote by calling the
toll-free number on that form or by using the Internet instructions also
located on the Voting Instruction Form.
--------------------------------------------------------------------------------
5
APPENDIX A
RECENT TRANSACTIONS INVOLVING SECURITIES OF DELCATH
BY LADDCAP
--------------------------------------------------------------------------------
PURCHASE OR SALE NUMBER OF SHARES DATE
--------------------------------------------------------------------------------
purchase 20,000 12/30/04
purchase 5,000 1/6/05
purchase 30,000 1/20/05
purchase 10,000 1/25/05
purchase 30,000 1/28/05
purchase 30,330 1/31/05
purchase 7,170 2/1/05
purchase 3,000 2/2/05
purchase 1,800 2/3/05
purchase 23,000 2/4/05
purchase 5,000 2/9/05
purchase 4,700 2/11/05
purchase 5,000 2/18/05
purchase 4,100 2/25/05
purchase 30,300 3/7/05
sale 1,000 3/7/05
purchase 13,600 3/8/05
purchase 12,300 3/9/05
purchase 38,700 3/10/05
purchase 3,000 3/11/05
purchase 7,000 3/14/05
purchase 2,600 3/16/05
purchase 2,000 3/21/05
purchase 2,400 3/23/05
purchase 5,000 4/1/05
purchase 1,000 4/29/05
purchase 7,400 5/6/05
sale 6,000 5/6/05
purchase 2,600 5/9/05
purchase 50,000 5/11/05
sale 60,000 5/11/05
purchase 76,000 5/12/05
purchase 32,600 5/13/05
purchase 14,400 5/16/05
purchase 8,000 5/17/05
purchase 3,400 5/18/05
purchase 10,600 5/25/05
purchase 10,000 6/1/05
purchase 5,000 6/2/05
purchase 4,950 6/7/05
PURCHASE OR SALE NUMBER OF SHARES DATE
------------------------------------------------------------------------------
purchase 3,100 6/8/05
purchase 17,150 6/10/05
purchase 4,800 6/13/05
purchase 16,500 6/14/05
purchase 13,500 6/15/05
sale 3,000 6/16/05
sale 3,400 6/17/05
purchase 9,000 6/21/05
purchase 24,000 6/23/05
sale 1,000 6/24/05
purchase 2,920 6/27/05
sale 4,400 6/27/05
purchase 5,820 6/30/05
purchase 10,060 7/8/05
purchase 100 7/12/05
purchase 47,876 7/19/05
purchase 2,024 7/20/05
purchase 12,400 7/21/05
purchase 8,100 7/26/05
purchase 9,380 7/27/05
purchase 28,770 7/28/05
purchase 13,491 7/29/05
purchase 16,441 8/1/05
purchase 500 8/3/05
purchase 12,430 8/4/05
purchase 18,100 8/10/05
purchase 6,625 8/11/05
purchase 40,502 8/12/05
purchase 21,100 8/15/05
purchase 10,000 8/16/05
purchase 6,000 8/18/05
purchase 19,353 8/22/05
purchase 5,408 8/25/05
purchase 14,640 10/7/05
purchase 43,200 10/10/05
purchase 27,303 10/11/05
purchase 7,800 10/13/05
purchase 8,500 10/14/05
purchase 19,148 10/18/05
purchase 42,900 10/19/05
purchase 44,140 10/20/05
purchase 9,000 10/25/05
purchase 29,000 10/31/05
purchase 51,053 11/1/05
purchase 8,416 11/2/05
purchase 26,794 11/3/05
6
PURCHASE OR SALE NUMBER OF SHARES DATE
--------------------------------------------------------------------------------
purchase 3,477 11/4/05
purchase 4,100 11/7/05
purchase 7,200 11/8/05
purchase 52,040 11/9/05
purchase 12,000 11/10/05
purchase 45,000 11/11/05
purchase 11,240 11/21/05
purchase 30,150 11/23/05
purchase 7,100 11/25/05
purchase 6,000 11/28/05
purchase 18,125 11/30/05
purchase 9,100 12/1/05
purchase 24,200 12/2/05
purchase 1,000 12/5/05
purchase 58,500 12/12/05
purchase 41,210 12/13/05
purchase 37,167 12/14/05
purchase 4,500 12/20/05
purchase 3,000 12/21/05
purchase 16,420 12/22/05
purchase 24,615 12/23/05
purchase 3,300 12/27/05
purchase 82,374 12/28/05
purchase 64,389 12/30/05
purchase 27,512 1/6/06
purchase 79,467 1/9/06
sale 79,467 1/9/06
purchase 12,435 1/11/06
sale 15,000 1/24/06
purchase 800 1/25/06
sale 17,448 1/27/06
sale 22,150 1/30/06
purchase 27,200 2/1/06
purchase 58,500 2/2/06
sale 34,450 2/7/06
sale 11,000 2/8/06
sale 14,900 2/15/06
purchase 46,049 2/16/06
sale 9,249 2/17/06
purchase 103,500 2/22/06
sale 30,000 3/14/06
purchase 36,000 3/15/06
sale 48,500 3/15/06
purchase 10,000 3/16/06
purchase 11,475 3/17/06
purchase 7,525 3/20/06
purchase 1,000 3/23/06
7
PURCHASE OR SALE NUMBER OF SHARES DATE
------------------------------------------------------------------------------
purchase 3,200 3/29/06
sale 12,100 3/29/06
purchase 1,400 3/30/06
purchase 31,600 4/3/06
purchase 25,000 4/4/06
purchase 10,000 4/5/06
purchase 5,000 4/6/06
purchase 22,000 4/17/06
purchase 6,891 4/21/06
purchase 27,300 4/28/06
purchase 23,548 5/10/06
purchase 23,700 5/19/06
8