SEC NEWS DIGEST


   Issue 2007-113                                           June 13, 2007


   COMMISSION ANNOUNCEMENTS


   SEC VOTES ON REGULATION SHO AMENDMENTS AND PROPOSALS;  ALSO  VOTES  TO
   ELIMINATE "TICK" TEST

   The Securities and Exchange Commission today voted to take  additional
   steps to better safeguard investors and protect the integrity  of  the
   markets during short selling  transactions  by  closing  loopholes  in
   Regulation SHO and further reducing  persistent  failures  to  deliver
   stock by the end of  the  standard  three-day  settlement  period  for
   trades.

   Erik Sirri, Director of the SEC's Division of Market Regulation, said,
   "Today the Commission voted on steps to streamline and  tighten  short
   selling provisions so that markets and investors are better served  by
   our rules."

   1. Final Amendments to Rules 200 and 203 of Regulation SHO

   The Securities and Exchange Commission voted to adopt final amendments
   to Rules 200 and 203 of Regulation SHO (17 CFR 242.200  and  242.203).
   The amendments will further reduce fails to deliver in certain  equity
   securities by eliminating the grandfather  provision.  The  amendments
   also modify the close-out requirement for fails to  deliver  resulting
   from sales of  threshold  securities  pursuant  to  Rule  144  of  the
   Securities Act of 1933 (Securities Act). In addition,  the  amendments
   update the market decline limitation referenced in Regulation SHO. The
   amendments will be effective 60 days from the date of  publication  of
   the amendments in the Federal Register.

   Regulation SHO, which became fully effective in January 2005, provides
   a regulatory framework governing short sales of securities and,  among
   other things, includes the following:

   * A definition of ownership for short sale purposes and a  requirement
   to determine a short seller's net aggregate position.

   * A locate  requirement,  which  requires  that  before  accepting  or
   effecting a short sale order, brokers  and  dealers  must  (i)  borrow
   securities, (ii) make arrangements to borrow securities, or (iii) have
   a reasonable basis to believe that securities can be borrowed in order
   to make timely delivery.

   "* Additional  delivery  or  close-out   requirements   on   designated
   "threshold securities." A threshold security means an equity  security
   registered or required to file reports with the Commission  for  which
   there is an aggregate fail to deliver position  for  five  consecutive
   settlement days at a registered clearing agency of  10,000  shares  or
   more and that is equal to at least 0.5% of the  issue's  total  shares
   outstanding. Where a clearing agency participant has a fail to deliver
   position in threshold securities  that  persists  for  13  consecutive
   settlement days, the participant must take action  to  close  out  the
   position. Until the position is closed out, the participant,  and  any
   broker-dealer for  which  it  clears  transactions,  including  market
   makers, may not effect further short sales in the particular threshold
   security without borrowing or entering into a bona fide arrangement to
   borrow the security.

   * A grandfather provision that provides that the requirement to close-
   out fail to deliver positions in threshold securities that remain  for
   13 consecutive settlement days does not apply to positions  that  were
   established prior to the security becoming  a  threshold  security  or
   prior to  the  effective  date  of  Regulation  SHO.  The  grandfather
   provision was adopted  because  the  Commission  was  concerned  about
   creating volatility  where  there  were  large  pre-existing  fail  to
   deliver positions.

   The amendments voted on today will:

   * Eliminate the grandfather provision in Rule 203(b)(3)(i) so that all
   fail to deliver positions in threshold  securities  will  have  to  be
   closed out  within  13  consecutive  settlement  days,  regardless  of
   whether they occurred before the security became a threshold security.


   * Permit previously-excepted grandfather positions that are  threshold
   securities on the effective date of the amendment  to  be  closed  out
   within 35 settlement days of the effective date of the amendment.

   * Amend Rule 203 of Regulation SHO to extend the close out requirement
   from 13 to  35  consecutive  settlement  days  for  fails  to  deliver
   resulting from sales of threshold securities pursuant to Rule  144  of
   the Securities Act.

   * Amend Rule 200(e)(3) to (i) reference the NYSE Composite Index (NYA)
   instead of the Dow Jones Industrial Average (DJIA); (ii) add  language
   to clarify that the two-percent limitation  is  to  be  calculated  in
   accordance with NYSE Rule 80A;  and  (iii)  provide  that  the  market
   decline limitation will remain in effect  for  the  remainder  of  the
   trading day.

   2. Proposed and Re-proposed Amendments to Regulation SHO

   The Commission voted to propose amendments to Rule 200 and  re-propose
   amendments to Rule 203 of Regulation SHO (17 CFR 242.200 and 242.203).
   The  proposed  amendments  would  modify   the   long   sale   marking
   requirements of Regulation SHO to require that broker-dealers  marking
   a sale as "long" document the present location of the securities being
   sold. The re-proposed amendments are intended to further reduce  fails
   to deliver in certain equity securities  by  eliminating  the  options
   market maker exception to the close-out requirement of Regulation SHO.
   In addition, the Commission voted to  solicit  comment  regarding  two
   narrowly-tailored alternatives to elimination of  the  options  market
   maker exception.

   The comment period for the proposals will end 30 days from the date of
   publication of the proposed rules in the Federal Register.

   The options market maker exception provides that any fail  to  deliver
   position in a threshold security resulting from short  sales  effected
   by a registered options market maker to establish or maintain a  hedge
   on options positions that were created before the underlying  security
   became a threshold security do not have  to  be  closed  out.  Today's
   proposed amendments would eliminate this exception  to  the  close-out
   requirement of Regulation SHO. In addition, the proposed amendments to
   eliminate the options market maker exception would include a  one-time
   35 consecutive settlement day phase-in period for  previously-excepted
   fail to deliver positions.

   3. Amendments to Rule 10a-1 and Regulation SHO

   The Commission voted  to  adopt  amendments  to  Rule  10a-1  (17  CFR
   240.10a-1) and Regulation SHO (17  CFR  242.200  et  seq.)  that  will
   remove Rule 10a-1 as well as any short sale price test  of  any  self-
   regulatory  organization  (SRO).  In  addition,  the  amendments  will
   prohibit any SRO from having a price test. The  amendments  will  also
   include a technical amendment to Rule 200(g) of  Regulation  SHO  that
   will remove the "short exempt" marking requirement of that  rule.  The
   amendments will be  effective  immediately  upon  publication  of  the
   release in the Federal Register.

   The Commission adopted Rule 10a-1  in  1938  after  several  years  of
   considering the effects of short selling in a declining  market.  Rule
   10a-1 provides that, subject to certain exceptions, a security may  be
   sold short (A) at a price above the price  at  which  the  immediately
   preceding sale was effected (plus tick), or (B) at the last sale price
   if it is higher that the last different price (zero-plus tick).  Short
   sales are not permitted on minus ticks or zero-minus ticks, subject to
   narrow exceptions. The  operation  of  these  provisions  is  commonly
   described as the "tick test." The tick test  applies  only  to  listed
   securities,  other  than  Nasdaq-listed  securities,  traded   on   an
   exchange, or otherwise.

   In addition to the tick test of Rule 10a-1, the NASD and  Nasdaq  have
   adopted their own short sale price tests based on the last bid  rather
   than on the  last  reported  sale  for  purposes  of  determining  the
   execution prices of short sales. These bid tests apply only to  Nasdaq
   Global Market securities that are traded on Nasdaq  or  the  over-the-
   counter market and reported to a NASD facility.

   On July 28, 2004, the Commission issued an order creating  a  one-year
   pilot temporarily suspending the tick test and any  short  sale  price
   test of any exchange or national securities  association  for  certain
   securities. The pilot was created so that the Commission  could  study
   the effectiveness of short sale price tests. The  Commission's  Office
   of Economic Analysis and academic researchers provided the  Commission
   with analyses of the  empirical  data  obtained  from  the  pilot.  In
   addition, the Commission held a roundtable to discuss the  results  of
   the  pilot.  The  general  consensus  from  these  analyses  and   the
   roundtable  was  that  the  Commission  should   remove   price   test
   restrictions because they modestly reduce liquidity and do not  appear
   necessary to prevent manipulation. In addition, the empirical evidence
   did not provide strong support for extending a price  test  to  either
   small or thinly-traded securities not currently  subject  to  a  price
   test. (Press Rel. 2007-114)

   SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN  SECURITIES  OF
   FIVE COMPANIES FOR FAILURE TO MAKE REQUIRED PERIODIC FILINGS

   The U.S. Securities and Exchange Commission  announced  the  temporary
   suspension of trading of the  securities  of  the  following  issuers,
   commencing at 9:30 a.m. EDT on June 13, 2007, and terminating at 11:59
   p.m. EDT on June 26, 2007:

   * Global  Datatel,  Inc.  (n/k/a  Xcana  Petroleum,  Inc.)  (XCPT)
   * Laminaire Corp. (n/k/a Cavico Corp.) (CVCP) 
   * Military  Communications Technologies, Inc. (n/k/a Carbon  Race  
     Corporation)  (CBRJ)  
   * TAM Restaurants,  Inc.  (n/k/a  Aerofoam  Metals,  Inc.)  (AFML)  
   * Upside Development, Inc. (n/k/a Amorocorp) (AORO)

   The Commission temporarily suspended trading in the securities of  the
   foregoing companies due to a lack of current and accurate  information
   about the companies because  they  have  not  filed  certain  periodic
   reports with the  Commission.  This  order  was  entered  pursuant  to
   Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).

   The Commission cautions brokers, dealers, shareholders and prospective
   purchasers  that  they  should  carefully   consider   the   foregoing
   information along with all other currently available  information  and
   any information subsequently issued by these  companies.  Brokers  and
   dealers should be alert to the fact that,  pursuant  to  Exchange  Act
   Rule 15c2-11, at  the  termination  of  the  trading  suspensions,  no
   quotation may be entered relating to the  securities  of  the  subject
   companies unless and until the broker or dealer has strictly  complied
   with all of the provisions of the rule. If any  broker  or  dealer  is
   uncertain as to what is required by the rule, it should  refrain  from
   entering quotations relating to the securities of these companies that
   have been subject to trading suspensions until such  time  as  it  has
   familiarized itself with the rule and  is  certain  that  all  of  its
   provisions  have  been  met.  Any  broker  or  dealer  with  questions
   regarding the rule should contact the  staff  of  the  Securities  and
   Exchange Commission in Washington, DC at (202) 551-5720. If any broker
   or dealer enters any quotation which is in violation of the rule,  the
   Commission will consider the need for prompt enforcement action. (Rel.
   34-55902)

   SEC ANNOUNCES SECOND OF THREE DISBURSEMENTS FROM $267 MILLION  PILGRIM
   BAXTER FAIR FUND

   The  Securities  and   Exchange   Commission   today   announced   the
   distribution of $73 million to a second group of investors  harmed  by
   fraudulent market timing in the  PBHG  Funds  between  June  1998  and
   December 2001. Pilgrim Baxter & Associates, Ltd.  was  the  investment
   adviser to the PBHG Funds during this period.

   Today's distribution is the second in a series of three  disbursements
   from a Fair Fund that ultimately will provide  $267  million  to  more
   than 384,000 account holders in the affected  PBHG  Funds.  The  first
   disbursement  of  $125  million  occurred  on  April  23,  2007.   The
   Commission anticipates that the third disbursement will be made before
   Sept. 30, 2007, to the remaining eligible account holders.

   To date, the SEC has distributed more than $1.8 billion in Fair  Funds
   to investors.

   Investors can obtain additional  information  about  the  distribution
   process, including a  copy  of  the  Distribution  Plan,  by  visiting
   http://www.pbafairfundsettlements.com or by calling the  Administrator
   of the Distribution Plan at (800) 920-5408.

   For further information contact:

   Daniel M. Hawke, Regional  Director  Elaine  C.  Greenberg,  Associate
   Regional Director Amy J. Greer, Regional Trial  Counsel  Catherine  E.
   Pappas, Senior Trial Counsel SEC Philadelphia  Regional  Office  (215)
   597-3100

   Distribution Plan:  http://www.sec.gov/litigation/admin/2006/34-54812-
   dp.pdf

   Order Approving the Distribution Plan:
   http://www.sec.gov/litigation/admin/2006/34-54812.pdf

   Related Orders Instituting Proceedings:
   http://www.sec.gov/litigation/admin/33-8506.htm
   http://www.sec.gov/litigation/admin/33-8505.htm
   http://www.sec.gov/litigation/admin/ia-2251.htm

   Additional Documents and Background:
   http://www.sec.gov/divisions/enforce/claims/pilgrimbaxter.htm   
  (Press Rel. 2007-113)

   COMMISSION MEETINGS

   Following  is  a  schedule  of  Commission  meetings,  which  will  be
   conducted under provisions of the  Government  in  the  Sunshine  Act.
   Meetings will be scheduled according to  the  requirements  of  agenda
   items under consideration.

   Open meetings will be held  in  the  Auditorium,  Room  L-002  at  the
   Commission's headquarters building, 100 F  Street,  N.E.,  Washington,
   D.C. Visitors are welcome at all open meetings, insofar  as  space  is
   available. Persons  wishing  to  photograph  or  videotape  Commission
   meetings must obtain permission in advance from the Secretary  of  the
   Commission. Persons wishing to tape record a Commission meeting should
   notify the Secretary's office 48 hours in advance of the meeting.

   Any member of the public who requires auxiliary aids such  as  a  sign
   language interpreter or material on tape to attend  a  public  meeting
   should contact Rochelle Franks, Office of  Human  Resources,  to  make
   arrangements. Ms. Franks can be reached at TTY number (202)  551-4106.
   In  the  event  Ms.  Franks  cannot  be  reached,  you  may  call  the
   interpreter directly at (202) 551-4158. If you are calling from a  non
   TTY number, please call the Relay Service at 1 866 377 8642.

   OPEN MEETING - TUESDAY, JUNE 19, 2007 - 9:00 A.M.

   The subject matter of the open meeting on Tuesday, June 19, will be:

   The Commission will hold a roundtable discussion regarding rule  12b-1
   under the Investment Company of 1940. The discussion will address: (i)
   the historical circumstances that led to the adoption of  rule  12b-1,
   and the original intended purpose of the rule; (ii) the rule's current
   role in fund distribution practices; (iii) the costs and  benefits  of
   the current use of rule 12b-1; and (iv)  the  options  for  reform  or
   rescission of rule 12b-1.

   OPEN MEETING - WEDNESDAY, JUNE 20, 2007 - 10:00 A.M.

   The subject matter of the open meeting on Wednesday, June 20, will be:

   1. The Commission will consider whether to adopt amendments to  expand
   its interactive data voluntary  reporting  program  to  permit  mutual
   funds  to  submit  as  exhibits  to  their   registration   statements
   supplemental tagged information contained in the  risk/return  summary
   section  of  their  prospectuses.  The  risk/return  summary   section
   contains key mutual fund information, including investment  objectives
   and strategies, risks, and costs.

   2. The Commission will consider whether to propose amendments to  Form
   20-F, Rules 3-10 and 4-01 of Regulation S-X, Forms F-4  and  S-4,  and
   Rule 701 under the Securities  Act,  to  accept  financial  statements
   prepared  in  accordance  with   International   Financial   Reporting
   Standards as published by the International Accounting Standards Board
   without reconciliation to generally accepted accounting principles  as
   used in the United States when contained in  the  filings  of  foreign
   private issuers with the Commission.

   3. The Commission will consider whether to  adopt  amendments  to  the
   proxy rules under the Exchange Act to provide  shareholders  with  the
   ability to choose the means by  which  they  access  proxy  materials.
   Under the amendments, issuers and other soliciting persons  will  post
   their proxy materials on an Internet Web site and provide shareholders
   with a notice of the  Internet  availability  of  the  materials.  The
   issuer or soliciting person may choose to furnish paper copies of  the
   proxy materials along with the notice. If  the  issuer  or  soliciting
   person chooses not to furnish a paper  copy  of  the  proxy  materials
   along with the notice, a shareholder may request delivery of a copy at
   no charge to the shareholder.

   CHANGE IN THE MEETING: DELETION OF AN ITEM

   The following item was not  considered  during  the  open  meeting  on
   Wednesday, June 13, at 10:00 a.m.:

   The Commission will consider whether to adopt amendments to  Rule  105
   of Regulation M that would further  safeguard  the  integrity  of  the
   capital raising process and protect issuers from manipulative activity
   that can reduce issuers' offering proceeds and dilute security  holder
   value.

   At times, changes in Commission priorities require alterations in  the
   scheduling of meeting items. For further information and to  ascertain
   what, if any, matters have been added, deleted  or  postponed,  please
   contact: The Office of the Secretary at (202) 551-5400.


   ENFORCEMENT PROCEEDINGS


   COMMISSION ORDERS HEARINGS ON REGISTRATION  REVOCATION  AGAINST  THREE
   DELINQUENT COMPANIES FOR FAILURE TO MAKE REQUIRED PERIODIC FILINGS

   In conjunction  with  the  above-referenced  trading  suspension,  the
   Commission also today instituted public administrative proceedings  to
   determine whether to revoke or suspend  for  a  period  not  exceeding
   twelve months the registration of each  class  of  the  securities  of
   three companies for failure to make required periodic filings with the
   Commission:

   * Laminaire Corp. (n/k/a Cavico Corp.)
   * TAM Restaurants, Inc.  (n/k/a Aerofoam Metals, Inc.) 
   * Upside Development, Inc. (n/k/a Amorocorp)

   In this Order, the Division of Enforcement (Division) alleges that the
   three issuers are delinquent in their required periodic  filings  with
   the Commission.

   In this proceeding, instituted pursuant to Exchange Act Section 12(j),
   a hearing will be scheduled before an Administrative Law Judge. At the
   hearing, the judge will  hear  evidence  from  the  Division  and  the
   respondents to determine  whether  the  allegations  of  the  Division
   contained in the Order, which the Division alleges constitute failures
   to comply with Exchange Act Section 13(a) and Rules 13a-1  and  13a-13
   thereunder, are true. The judge in the proceeding will then  determine
   whether the registrations pursuant to Exchange Act Section 12  of  the
   securities of these respondents should be revoked or suspended  for  a
   period not exceeding twelve months. The Commission  ordered  that  the
   Administrative Law Judge in this proceeding issue an initial  decision
   not later than 120  days  from  the  date  of  service  of  the  order
   instituting proceedings.

   If any broker, dealer or other person has any  information  which  may
   relate to this matter, they should immediately communicate it  to  the
   Delinquent Filings Branch of the Division of Enforcement at (202) 551-
   5466, or by e-mail at DelinquentFilings@sec.gov.

   For further information see Order of  Suspension  of  Trading  In  the
   Matter of Global Datatel (n/k/a Xcana Petroleum, Inc.), et  al.,  File
   No. 500-1 (June 13, 2007). (Rel. 34-55901; File No. 3-12658)

   IN THE MATTER OF DANIEL LOVAGLIO

   On June 13, the Commission issued an Order Instituting  Administrative
   Proceedings Pursuant to Section 15(b) of the Securities  Exchange  Act
   of  1934  and  Notice  of  Hearing  (Order)  against  Daniel  Lovaglio
   (Lovaglio). In the Order, the Division of Enforcement alleges that  on
   July 30, 2003, Lovaglio pled guilty to  one  count  of  conspiracy  to
   commit securities  fraud  before  the  U.S.  District  Court  for  the
   District of New Jersey, United States v. Daniel Lovaglio, 03  Cr.  562
   (D.N.J.).

   The Order  further  alleges  that  the  sole  count  of  the  criminal
   information to which Lovaglio pled guilty alleged, among other things,
   that Lovaglio, while employed as  an  unregistered  representative  at
   Valley  Forge  Securities,  Inc.  (Valley  Forge),   a   broker-dealer
   registered with the  Commission,  contacted  Valley  Forge  customers,
   posed as a registered broker, and  used  false  and  misleading  sales
   practices to sell securities to Valley Forge customers in exchange for
   undisclosed commissions.

   A hearing will be scheduled before  an  administrative  law  judge  to
   determine whether the allegations contained in the Order are true,  to
   provide Lovaglio an opportunity to dispute these allegations,  and  to
   determine what,  if  any,  remedial  sanctions  against  Lovaglio  are
   appropriate and in the public interest pursuant to the  Exchange  Act.
   The Commission directed that an  administrative  law  judge  issue  an
   initial decision in this matter within  210  days  from  the  date  of
   service of the Order Instituting Proceedings. (Rel. 34-55905; File No.
   3-12613)

   FINAL JUDGMENTS OF  PERMANENT  INJUNCTION  AND  OTHER  RELIEF  ENTERED
   AGAINST DEFENDANTS MUTUAL  BENEFITS  CORP.  AND  STEVEN  STEINER,  AND
   RELIEF DEFENDANTS CAMDEN CONSULTING, INC., AND SKS CONSULTING, INC.

   The Commission  announced  that  on  April  10,  2007,  the  Honorable
   Federico Moreno, U.S. District Judge  for  the  Southern  District  of
   Florida entered Final Judgments  of  Permanent  Injunction  and  Other
   Relief against Defendants, Mutual Benefits Corp. and  Steven  Steiner,
   and Relief Defendants Camden  Consulting,  Inc.  and  SKS  Consulting,
   Inc., respectively. The Final Judgments, which were entered  with  the
   consents of Steiner and Mutual Benefits, enjoin them  from  violations
   of Sections 5(a), 5(c) and 17(a) of the Securities Act  of  1933,  and
   Section 10(b) and Rule 10b-5 of the Securities Exchange Act  of  1934.
   The Final Judgment against Steiner, Camden and SKS finds them  jointly
   and severally liable for disgorgement and prejudgment interest in  the
   amount of $5,000,000, but orders them to pay $3,925,000 based on their
   financial  statements  and  other   information   submitted   to   the
   Commission. The Final Judgment against Mutual Benefits  dismisses  the
   Commission's remaining claims for disgorgement,  prejudgment  interest
   and civil penalties. Additionally, on April 13, 2007,  the  Commission
   filed a notice of  voluntary  dismissal  of  its  disgorgement  claims
   against Relief  Defendants  Viatical  Benefactors,  LLC  and  Viatical
   Services, Inc. because these entities are under  the  control  of  the
   court-appointed receiver who will  be  distributing  their  assets  to
   defrauded investors. [SEC v. Mutual  Benefits  Corp.,  et  al.,  Civil
   Action No. 04-60573-CIV-MORENO (S.D. Fla.)] (LR-20151)

   SEC FILES SETTLED INSIDER  TRADING  CHARGES  AGAINST  FORMER  MANAGING
   PARTNER OF NATIONAL LAW FIRM'S WASHINGTON, D.C. OFFICE

   The Commission today filed a settled civil injunctive  action  in  the
   U.S. District Court for the District  of  Columbia  against  David  A.
   Schwinger, an attorney and former managing partner  of  Katten  Muchin
   Rosenman LLP's (KMR) Washington, D.C. office.  Schwinger  was  charged
   with engaging in illegal  insider  trading  by  purchasing  shares  of
   Vastera, Inc. (Vastera), a Virginia-based company assisting businesses
   in tracking information about international shipments, in violation of
   the antifraud provisions  of  the  federal  securities  laws.  Without
   admitting or denying the allegations in  the  Commission's  complaint,
   Schwinger has agreed to settle this matter by consenting to the  entry
   of a final judgment against him which imposes injunctive and  monetary
   relief.

   The complaint alleges that Schwinger purchased Vastera common stock on
   Nov. 5, 2004, on the basis of material, nonpublic information that  an
   acquisition of Vastera was imminent.  The  complaint  further  alleges
   that Schwinger learned of  the  impending  merger  while  interviewing
   Vastera's Chief Counsel, who was then seeking to be hired by KMR as  a
   partner. In responding to Schwinger's inquiries during  the  interview
   process about the Chief Counsel's reasons  for  leaving  Vastera,  the
   Chief Counsel allegedly disclosed to Schwinger no later than Oct.  27,
   2004, that Vastera's acquisition was imminent. On the  basis  of  that
   material, nonpublic information, the complaint alleges that  Schwinger
   purchased 10,000 shares of Vastera common stock on Nov. 5, 2004, at an
   average price of $1.70 per share. The complaint further  alleges  that
   Schwinger knew that Vastera was a  KMR  client  at  the  time  of  the
   purchase.

   According to the complaint, Vastera announced on Jan. 7, 2005, that it
   was being acquired by JP Morgan Chase Bank N.A. Vastera's share price,
   which had closed at $2.00 on January 6, rose 50% to $3 a share by  the
   close of the market on January  7  on  approximately  four  times  the
   historical average daily trading volume.

   The complaint alleges that Schwinger knew,  or  was  reckless  in  not
   knowing, that he purchased Vastera shares based on material, nonpublic
   information obtained during the interview process and in breach  of  a
   fiduciary duty owed to his firm, KMR. Schwinger  is  alleged  to  have
   imputed profits of $13,027. Based on the facts alleged, the Commission
   charged Schwinger with  violating  Section  10(b)  of  the  Securities
   Exchange Act of 1934 and Rule 10b-5 thereunder.

   Without  admitting  or  denying  the  allegations  in  the  complaint,
   Schwinger has consented to the entry of a  final  judgment  that:  (i)
   permanently enjoins him from violating Section 10(b) of  the  Exchange
   Act and Rule 10b-5 thereunder; (ii) requires him to  disgorge  $13,027
   in illicit gains and $1,940 in prejudgment interest thereon; and (iii)
   orders him to pay a civil penalty of $26,054.

   The Commission acknowledges the assistance of the National Association
   of Securities Dealers in this matter. [SEC v. David A. Schwinger, C.A.
   No. 1:07-cv-01047, D.D.C. (RMC)] (LR-20152)

   COMMISSION CHARGES JOSEPH GALAMB WITH INSIDER TRADING

   The Commission announced that on June 13 it filed a  civil  action  in
   the U.S. District Court for the District of New Jersey against  Joseph
   Galamb, of Marlboro, New Jersey,  for  engaging  in  unlawful  insider
   trading in the securities of Hudson United  Bancorp  (Hudson  United).
   The complaint alleges that  the  defendant,  a  former  Hudson  United
   Assistant Vice President, purchased securities of Hudson United on the
   basis of  material,  nonpublic  information  concerning  an  impending
   acquisition of Hudson United by TD Banknorth, Inc.  Without  admitting
   or denying the allegations of the complaint, Galamb has  consented  to
   the entry of a final judgment permanently enjoining him from  engaging
   in  the  violations  set  forth  below,  and  ordering  him   to   pay
   disgorgement of $7,125, plus prejudgment interest of $412, and a civil
   penalty of $7,125.

   The Commission's complaint alleges  that  Hudson  United  was  a  bank
   holding company headquartered in Mahwah,  New  Jersey,  operating  204
   bank branches throughout several states. Sometime in June 2005, Galamb
   learned that Hudson United  was  in  the  process  of  being  sold  or
   acquired. At or around that time, another Hudson United employee, with
   whom Galamb had a close working relationship and who worked in  Hudson
   United's  corporate  offices,  told  Galamb  that,  based  on  certain
   activity she had witnessed, she believed the  bank  was  going  to  be
   sold. The employee told Galamb  that  there  had  been  a  "flurry  of
   activity" that, from her experience, was consistent  with  acquisition
   and merger negotiations.

   The complaint further alleges that on July 7, 2005,  in  violation  of
   his fiduciary duties to Hudson United  and  its  shareholders,  Galamb
   purchased 1,450 shares of  Hudson  United  stock,  paying  $36.50  per
   share. Prior to the market opening on  July  12,  2005,  TD  Banknorth
   announced that it would acquire Hudson United  in  a  cash  and  stock
   transaction valued at approximately $42.78 per Hudson United share. On
   July 12, 2005, Hudson United's stock closed at $41.64 per share, an 11
   percent increase over the previous day. On that same  day,  after  the
   announcement, Galamb sold his shares, realizing an unlawful profit  of
   $7,125.

   The complaint alleges that by his  conduct,  Galamb  violated  Section
   10(b)  of  the  Securities  Exchange  Act  of  1934  and  Rule   10b-5
   thereunder, and seeks a permanent  injunction,  disgorgement  together
   with prejudgment interest, and a civil penalty against Galamb. [SEC v.
   Joseph Galamb, Civil Action No. 07-cv-2743 (D.N.J.)] (LR-20153)


   SELF-REGULATORY ORGANIZATIONS


   ACCELERATED APPROVAL OF PROPOSED RULE CHANGE

   The Commission granted accelerated approval to a proposed rule  change
   (SR-NYSEArca-2007-37) submitted by the NYSE Arca  to  list  and  trade
   shares of four funds of StateShares, Inc. Publication is  expected  in
   the Federal Register during the week of June 11. (Rel. 34-55890)

   IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGES

   A proposed rule change (SR-Phlx-2007-39)  filed  by  the  Philadelphia
   Stock Exchange relating to its payment for order  flow  pilot  program
   has become effective pursuant to Section 19(b)(3)(A) of the Securities
   Exchange Act of 1934. Publication is expected in the Federal  Register
   during the week of June 18. (Rel. 34-55891)

   A proposed rule change (SR-CBOE-2007-57) filed by  the  Chicago  Board
   Options Exchange to adopt an interpretation  to  CBOE  Rule  8.95  has
   become effective pursuant to Section  19(b)(3)(A)  of  the  Securities
   Exchange Act of 1934. Publication is expected in the Federal  Register
   during the week of June 18. (Rel. 34-55894)

   A proposed rule change (SR-ISE-2007-38)  filed  by  the  International
   Securities Exchange relating to payment for order flow fees has become
   effective pursuant to Section 19(b)(3)(A) of the  Securities  Exchange
   Act of 1934. Publication is expected in the  Federal  Register  during
   the week of June 18. (Rel. 34-55895)

   A proposed rule change (SR-ISE-2007-41)  filed  by  the  International
   Securities Exchange relating to non-ISE market maker fees  has  become
   effective pursuant to Section 19(b)(3)(A) of the  Securities  Exchange
   Act of 1934. Publication is expected in the  Federal  Register  during
   the week of June 18. (Rel. 34-55897)

   PROPOSED RULE CHANGES

   The NASDAQ Stock Market filed a proposed rule change  (SR-NASDAQ-2007-
   043) and Amendments No. 1 and 2 thereto under Section 19(b)(1) of  the
   Securities Exchange Act of 1934 to remove from  its  rules  provisions
   governing the operation of the ACES service. Publication  is  expected
   in the Federal Register during the week of June 18. (Rel. 34-55892)

   The National Stock Exchange filed a proposed rule change (SR-NSX-2007-
   05) under Rule 19b-4 of the Securities Exchange Act of 1934 to  modify
   Chapter VII of the exchange's rules regarding suspensions  of  an  ETP
   Holder by certain exchange officers. Publication is  expected  in  the
   Federal Register during the week of June 18. (Rel. 34-55893)


   SECURITIES ACT REGISTRATIONS


   The following registration statements have been  filed  with  the  SEC
   under the Securities Act of 1933. The reported information appears  as
   follows: Form, Name, Address and Phone Number (if  available)  of  the
   issuer of the security; Title and the number and/or face amount of the
   securities  being  offered;  Name  of  the  managing  underwriter   or
   depositor (if  applicable);  File  number  and  date  filed;  Assigned
   Branch; and a designation if the statement is a New Issue.

   Registration statements may be obtained in person or by writing to the
   Commission's  Public  Reference  Branch  at  100   F   Street,   N.E.,
   Washington, D.C. 20549-1090 or at the following  e-mail  box  address:
   <publicinfo@sec.gov>.  In  most  cases,  this  information   is   also
   available on the Commission's website: <www.sec.gov>.


S-1     HEPALIFE TECHNOLOGIES INC, 60 STATE STREET, SUITE 700, BOSTON, MA, 
        02109, 800-518-4879 - 5,181,444 ($5,238,832.92) Equity, 
        (File 333-143665 - Jun. 12) (BR. 10B)

S-3ASR  WEBSTER FINANCIAL CORP, WEBSTER PLAZA, 145 BANK ST, WATERBURY, CT, 
        06720, 2037532921 - 0 ($0.00) Other, (File 333-143668 - Jun. 12) 
        (BR. 07B)

S-8     PROGENICS PHARMACEUTICALS INC, 777 OLD SAW MILL RIVER ROAD, TARRYTOWN, 
        NY, 10591, 9147892800 - 1,950,000 ($43,017,000.00) Equity, 
        (File 333-143670 - Jun. 12) (BR. 01B)

S-8     PROGENICS PHARMACEUTICALS INC, 777 OLD SAW MILL RIVER ROAD, TARRYTOWN, 
        NY, 10591, 9147892800 - 800,000 ($17,648,000.00) Equity, 
        (File 333-143671 - Jun. 12) (BR. 01B)

SB-2    Pacific Software, Inc., 6517 GERKE PLACE, NANAIMO, A1, V9V1V8, 
        250-246-6258 - 300,000 ($150,000.00) Face Amount Certificates, 
        (File 333-143672 - Jun. 12) (BR. 03)

S-8     UFP TECHNOLOGIES INC, 172 EAST MAIN ST, GEORGETOWN, MA, 01833, 
        5083522200 - 0 ($3,840,000.00) Equity, (File 333-143673 - Jun. 12) 
        (BR. 06A)

S-4     PROSPERITY BANCSHARES INC, 4295 SAN FELIPE, N/A, HOUSTON, TX, 77027, 
        7136939300 - 0 ($375,075.00) Equity, (File 333-143674 - Jun. 12) 
        (BR. 07B)

S-8     BORLAND SOFTWARE CORP, 100 ENTERPRISE WAY, SCOTTS VALLEY, CA, 
        95066-3249, 8314311000 - 0 ($14,775,000.00) Equity, (File 333-143675 - 
        Jun. 12) (BR. 03B)

S-8     Porter Bancorp, Inc., 2500 EASTPOINT PARKWAY, LOUISVILLE, KY, 40223, 
        502-499-4800 - 0 ($2,294,000.00) Equity, (File 333-143676 - Jun. 12) 
        (BR. 07A)

S-8     LA JOLLA PHARMACEUTICAL CO, 6455 NANCY RIDGE DR, SAN DIEGO, CA, 92121, 
        8584526600 - 1,100,000 ($5,742,000.00) Equity, (File 333-143677 - 
        Jun. 12) (BR. 01B)

S-8     Porter Bancorp, Inc., 2500 EASTPOINT PARKWAY, LOUISVILLE, KY, 40223, 
        502-499-4800 - 0 ($13,626,451.76) Equity, (File 333-143678 - Jun. 12) 
        (BR. 07A)

S-8     DreamWorks Animation SKG, Inc., GRANDVIEW BUILDING, 1000 FLOWER STREET, 
        GLENDALE, CA, 91201, (818) 695-5000 - 0 ($50,000,000.00) Other, 
        (File 333-143679 - Jun. 12) (BR. 05A)

S-3     MOTIENT CORP, 12010 SUNSET HILLS ROAD,, 6TH FLOOR, RESTON, VA, 20190, 
        703-483-7806 - 39,689,102 ($11.38) Equity, (File 333-143680 - Jun. 12) 
        (BR. 11C)

S-8     ACTIVIDENTITY CORP, 6623 DUMBARTON CIRCLE, FREMONT, CA, 94555, 
        5105741792 - 0 ($18,720,000.00) Equity, (File 333-143681 - Jun. 12) 
        (BR. 03A)

S-8     CODORUS VALLEY BANCORP INC, CODORUS VALLEY CORPORATE CENTER, 
        105 LEADER HEIGHTS ROAD, YORK, PA, 17403, 717-846-1970 - 
        175,000 ($3,386,250.00) Equity, (File 333-143682 - Jun. 12) (BR. 07B)

S-8     CODORUS VALLEY BANCORP INC, CODORUS VALLEY CORPORATE CENTER, 
        105 LEADER HEIGHTS ROAD, YORK, PA, 17403, 717-846-1970 - 
        175,000 ($3,386,250.00) Equity, (File 333-143683 - Jun. 12) (BR. 07B)

S-1     CENTRA FINANCIAL HOLDINGS INC, 990 ELMER PRINCE DR, 
        POST OFFICE BOX 656, MORGANTOWN, WV, 26507-0656, 3045998121 - 
        1,000,000 ($20,000,000.00) Equity, (File 333-143684 - Jun. 12) (BR. 07B)


RECENT 8K FILINGS


Form 8-K is used by companies to file current reports on the following events:
	
1.01	Entry into a Material Definitive Agreement		
1.02	Termination of a Material Definitive Agreement		
1.03	Bankruptcy or Receivership	
2.01	Completion of Acquisition or Disposition of Assets	
2.02	Results of Operations and Financial Condition	
2.03	Creation of a Direct Financial Obligation or an Obligation under an 
	Off-Balance Sheet Arrangement of a Registrant		
2.04	Triggering Events That Accelerate or Increase a Direct Financial Obligation 
	under an Off-Balance Sheet Arrangement		
2.05	Cost Associated with Exit or Disposal Activities		
2.06	Material Impairments		
3.01	Notice of Delisting or Failure to Satisfy a Continued Listing Rule or 
	Standard; Transfer of Listing		
3.02	Unregistered Sales of Equity Securities		
3.03	Material Modifications to Rights of Security Holders		
4.01	Changes in Registrant's Certifying Accountant	
4.02	Non-Reliance on Previously Issued Financial Statements or a Related Audit
	Report or Completed Interim Review		
5.01	Changes in Control of Registrant	
5.02	Departure of Directors or Principal Officers; Election of Directors; 
	Appointment of Principal Officers	
5.03	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
5.04	Temporary Suspension of Trading Under Registrant's Employee Benefit Plans
5.05	Amendments to the Registrant's Code of Ethics, or Waiver of a 
	Provision of the Code of Ethics	
6.01. 	ABS Informational and Computational Material.
6.02.  	Change of Servicer or Trustee.
6.03.  	Change in Credit Enhancement or Other External Support.
6.04. 	Failure to Make a Required Distribution.
6.05.  	Securities Act Updating Disclosure.
7.01	Regulation FD Disclosure	
8.01	Other Events	
9.01	Financial Statements and Exhibits	

   8-K  reports  may  be  obtained  in  person  or  by  writing  to   the
   Commission's  Public  Reference  Branch  at  100   F   Street,   N.E.,
   Washington, D.C. 20549-1090 or at the following  e-mail  box  address:
   <publicinfo@sec.gov>.  In  most  cases,  this  information   is   also
   available on the Commission's website: <www.sec.gov>.


				       STATE     
NAME OF ISSUER                         CODE   	8K ITEM NO.		    	  DATE     COMMENT

ACA Capital Holdings Inc                         5.02,9.01                      06/07/07

ACTUANT CORP                            WI       1.01,8.01,9.01                 06/06/07

ACUSPHERE INC                           DE       1.01,7.01,9.01                 06/11/07

ADVANTA BUSINESS RECEIVABLES CORP                8.01,9.01                      06/12/07

AFV SOLUTIONS, INC.                     NV       4.01,9.01                      06/07/07

Aircastle LTD                           D0       1.01,2.03,9.01                 06/08/07

ALLIANCE DATA SYSTEMS CORP              DE       8.01                           06/06/07

ALLIANCE ONE INTERNATIONAL, INC.        VA       2.02,9.01                      06/12/07

ALLIED CAPITAL CORP                     MD       8.01                           06/07/07

ALONG MOBILE TECHNOLOGIES INC           NV       1.01,8.01,9.01                 05/17/07

Alpha Security Group CORP               DE       8.01,9.01                      06/12/07

Altra Holdings, Inc.                    DE       5.02                           06/12/07    AMEND

Altra Holdings, Inc.                    DE       8.01,9.01                      06/12/07    AMEND

AMEDIA NETWORKS, INC.                   DE       1.01,9.01                      05/30/07

AMEREN CORP                             MO       8.01                           05/31/07

AMERICAN METAL & TECHNOLOGY, INC.       DE       2.01,4.01,5.01,5.02,5.03,9.01  05/22/07    AMEND

AMERICAN VANGUARD CORP                  DE       5.02                           06/07/07

AMERISTAR CASINOS INC                   NV       5.02                           06/08/07

ANTHRACITE CAPITAL INC                  MD       1.01,9.01                      06/06/07

ARBINET THEXCHANGE INC                  DE       5.02,8.01,9.01                 06/11/07

ARBOR REALTY TRUST INC                  MD       1.01,9.01                      06/07/07

ARBOR REALTY TRUST INC                  MD       8.01,9.01                      06/12/07

Arbutus Resources, Inc.                          3.02                           05/29/07

ARCH COAL INC                           DE       7.01,9.01                      06/12/07

ARCHSTONE SMITH OPERATING TRUST                  1.01,2.03                      06/12/07

ARCHSTONE SMITH TRUST                   MD       1.01,2.03                      06/12/07

ASHWORTH INC                            DE       1.01,9.01                      06/06/07

ASPECT MEDICAL SYSTEMS INC              DE       1.01,1.02,7.01,9.01            06/11/07

ASTEC INDUSTRIES INC                    TN       1.01,9.01                      06/12/07

ATWOOD OCEANICS INC                     TX       5.03,9.01                      06/12/07

AURELIO RESOURCE CORP                   NV       3.02                           06/08/07

BACK YARD BURGERS INC                   DE       1.01,7.01,9.01                 06/10/07

BB&T CORP                               NC       8.01,9.01                      06/12/07

BEAR STEARNS DEPOSITOR INC TRUST CERT            8.01,9.01                      06/01/07

BEARD CO /OK                            OK       1.01,2.03,8.01,9.01            06/12/07

Behringer Harvard Opportunity REIT I,   MD       2.01,2.03,9.01                 06/06/07

BELL INDUSTRIES INC /NEW/               CA       8.01,9.01                      06/11/07

BHIT INC                                DE       3.02                           06/08/07

BIONOVO INC                             DE       5.02,9.01                      06/12/07

BOTTLING GROUP LLC                      DE       5.02                           06/11/07

Bronco Drilling Company, Inc.           DE       7.01,9.01                      06/12/07

BROOKE CORP                             KS       1.01,5.02,7.01,9.01            06/06/07

CABOT CORP                              DE       2.05                           06/11/07

Cal Dive International, Inc.            DE       1.01,8.01,9.01                 06/11/07

CALPINE CORP                            DE       7.01,9.01                      04/30/07

CANO PETROLEUM, INC                              1.01,9.01                      06/11/07

Cape Fear Bank CORP                     NC       7.01,9.01                      06/12/07

CAPITAL GOLD CORP                       NV       5.02                           06/06/07

CAPITAL ONE MASTER TRUST                NY       8.01,9.01                      06/11/07

CAPITAL PROPERTIES INC /RI/             RI       5.02,9.01                      06/11/07

CAPITAL RESOURCE FUNDING INC            NC       7.01,9.01                      06/11/07

CAPITAL TRUST INC                       MD       5.02,9.01                      06/07/07

CARLISLE COMPANIES INC                  DE       5.02,9.01                      06/12/07

CATALYST SEMICONDUCTOR INC              DE       5.03,9.01                      06/06/07

CATO CORP                               DE       5.02,9.01                      06/11/07

CBRL GROUP INC                          TN       7.01,9.01                      06/11/07

Centerplate, Inc.                       DE       1.01,9.01                      06/08/07

CENTRUS VENTURES INC.                   NV       5.03,7.01,9.01                 06/08/07

CERTO GROUP CORP.                       DE       5.02                           06/11/07

CHART INDUSTRIES INC                    DE       8.01,9.01                      06/06/07

CHESAPEAKE ENERGY CORP                  OK       5.02                           06/08/07

China Shenghuo Pharmaceutical Holding            7.01,9.01                      06/07/07

China Shenghuo Pharmaceutical Holding            5.02                           06/07/07

CHUBB CORP                              NJ       5.02                           06/08/07

CHURCHILL DOWNS INC                     KY       1.01,2.01,9.01                 06/11/07

CIENA CORP                              DE       1.01,9.01                      06/11/07

CIGNA CORP                              DE       7.01                           06/12/07

CIT GROUP INC                           DE       8.01,9.01                      06/11/07

CLEARCOMM L P                           DE       5.02                           05/31/07

CLEVELAND CLIFFS INC                    OH       7.01,9.01                      06/11/07

CLIFTON SAVINGS BANCORP INC                      5.04,9.01                      04/26/07

COGENT COMMUNICATIONS GROUP INC                  1.01,2.03,3.02,8.01,9.01       06/06/07

COLOMBIA GOLDFIELDS LTD                          2.03                           06/12/07

COMBINATORX, INC                        DE       8.01,9.01                      06/12/07

COMBINATORX, INC                        DE       1.01,9.01                      06/12/07

COMMERCE ENERGY GROUP, INC.             DE       1.01,2.02,9.01                 06/11/07

COMMONWEALTH BIOTECHNOLOGIES INC        VA       1.01,2.01,9.01                 06/06/07

COMVERSE TECHNOLOGY INC/NY/             NY       2.02,9.01                      06/11/07

CONSOLIDATED MEDICAL MANAGEMENT INC     MT       1.01,4.01                      04/05/07    AMEND

Copano Energy, L.L.C.                   DE       7.01,9.01                      06/07/07

COUNTRYWIDE FINANCIAL CORP              DE       2.02,9.01                      06/12/07

COVAD COMMUNICATIONS GROUP INC          DE       1.01,9.01                      06/07/07

CROSS COUNTRY HEALTHCARE INC            DE       1.01,8.01,9.01                 06/06/07

CrossPoint Energy CO                    NV       5.02                           06/06/07

CROWN NORTHCORP INC                     DE       2.01,9.01                      10/26/06

CSG SYSTEMS INTERNATIONAL INC           DE       7.01,9.01                      06/10/07

CYBERONICS INC                          DE       2.02,9.01                      06/11/07

DAG MEDIA INC                           NY       8.01,9.01                      06/12/07

DECODE GENETICS INC                     DE       1.01,2.01,2.03                 06/08/07

DENDREON CORP                           DE       1.01,8.01,9.01                 06/11/07

DIAMOND OFFSHORE DRILLING INC           DE       7.01,9.01                      06/11/07

DIGITAL RECORDERS INC                   NC       7.01,9.01                      06/12/07

Discover Financial Services             DE       1.01,5.02,7.01,8.01,9.01       06/06/07

Discover Financial Services             DE       2.03,8.01,9.01                 06/12/07

Dividend Capital Total Realty Trust I   MD       1.01,9.01                      06/07/07

DREAMS INC                              UT       8.01,9.01                      06/06/07    AMEND

DreamWorks Animation SKG, Inc.                   5.02,9.01                      06/07/07

DUSKA THERAPEUTICS, INC.                NV       1.01,3.02,9.01                 06/08/07

DYNAMIC MATERIALS CORP                  DE       5.02,8.01,9.01                 06/06/07

ECASH, INC                              DE       1.01,5.01,5.02,9.01            06/06/07    AMEND

EDGEWATER TECHNOLOGY INC/DE/            DE       5.02                           06/06/07

Emergency Medical Services CORP         DE       7.01,9.01                      06/11/07

EMERITUS CORP\WA\                       WA       8.01,9.01                      05/22/07

EON COMMUNICATIONS CORP                 DE       8.01,9.01                      06/12/07

EV Energy Partners, LP                  DE       8.01,9.01                      06/12/07    AMEND

EVANS SYSTEMS INC                       TX       1.01,9.01                      06/01/07

EXCO RESOURCES INC                      TX       9.01                           03/28/07    AMEND

EXIDE TECHNOLOGIES                      DE       2.02,5.02,9.01                 06/05/07

FAIRPOINT COMMUNICATIONS INC            DE       5.02                           06/08/07

Federal Home Loan Bank of Atlanta       X1       2.03                           06/06/07

Federal Home Loan Bank of Boston        X1       2.03                           06/06/07

Federal Home Loan Bank of Chicago       X1       2.03                           06/06/07

Federal Home Loan Bank of Cincinnati    X1       2.03,9.01                      06/06/07

Federal Home Loan Bank of Dallas                 2.03,5.02                      06/06/07

Federal Home Loan Bank of Des Moines    X1       2.03,9.01                      06/08/07

Federal Home Loan Bank of Indianapoli   X1       2.03,9.01                      06/06/07

Federal Home Loan Bank of New York      X1       2.03,9.01                      06/06/07

Federal Home Loan Bank of Pittsburgh    PA       2.03,9.01                      06/06/07

Federal Home Loan Bank of San Francis   X1       2.03                           06/06/07

Federal Home Loan Bank of Seattle                2.03                           06/11/07

Federal Home Loan Bank of Topeka                 2.03                           06/06/07

FINISAR CORP                            DE       2.02,9.01                      06/12/07

FIRST AMERICAN CAPITAL CORP /KS         KS       5.03,8.01                      06/07/07

FIRST BUSEY CORP /NV/                   NV       8.01,9.01                      06/12/07

FIRST CITIZENS BANC CORP /OH            OH       1.01,9.01                      06/07/07

FIRST CONSULTING GROUP INC              DE       1.01,9.01                      06/07/07

FIRSTPLUS FINANCIAL GROUP INC           NV       4.01,5.01,5.02,8.01            06/07/07

FLUSHING FINANCIAL CORP                 DE       7.01,9.01                      06/12/07

FMC TECHNOLOGIES INC                    DE       7.01,9.01                      06/11/07

FOREST CITY ENTERPRISES INC             OH       1.01,2.03,9.01                 06/06/07

FORTUNE BRANDS INC                      DE       7.01,9.01                      06/12/07

FRANKLIN ELECTRIC CO INC                IN       7.01,9.01                      06/07/07

GAMETECH INTERNATIONAL INC              DE       9.01                           03/28/07    AMEND

GAMEZNFLIX INC                          NV       1.02,8.01                      05/29/06

GENAERA CORP                            DE       5.02,9.01                      06/07/07

GENESIS MICROCHIP INC /DE               DE       5.02                           06/11/07

GEORGIA POWER CO                        GA       8.01,9.01                      06/04/07

GLATFELTER P H CO                       PA       1.01,2.03                      06/08/07

GMX RESOURCES INC                       OK       7.01,9.01                      06/11/07

GRACO INC                               MN       5.02,9.01                      06/11/07

GRANT PARK FUTURES FUND LIMITED PARTN   IL       7.01                           06/08/07

GREENFIELD ONLINE INC                   DE       5.02                           06/06/07

GULF POWER CO                           ME       8.01,9.01                      06/05/07

HARTFORD LIFE INSURANCE CO              CT       9.01                           06/12/07

HARVEY ELECTRONICS INC                  NY       1.01,9.01                      06/07/07

HAYNES INTERNATIONAL INC                DE       1.01,5.02,9.01                 06/08/07

HAYNES INTERNATIONAL INC                DE       7.01,9.01                      06/12/07

HealthSpring, Inc.                      DE       8.01,9.01                      06/12/07

HEARTLAND PAYMENT SYSTEMS INC           DE       5.02,9.01                      06/06/07

HELIX ENERGY SOLUTIONS GROUP INC        MN       8.01,9.01                      06/11/07

Hiland Holdings GP, LP                  DE       5.02,9.01                      06/11/07

Hiland Partners, LP                              5.02,9.01                      06/11/07

HINES REAL ESTATE INVESTMENT TRUST IN            1.01,8.01                      06/04/07

HOME EQUITY MORTGAGE LOAN ASSET-BACKE   DE       9.01                           05/23/07

HORIZON OFFSHORE INC                    DE       1.01,8.01,9.01                 06/11/07

IDEXX LABORATORIES INC /DE              DE       5.02                           06/07/07

IHS Inc.                                DE       1.01,2.01,9.01                 06/12/07

IMMERSION CORP                          DE       5.02,8.01,9.01                 06/06/07

IMMTECH PHARMACEUTICALS, INC.           DE       5.03,9.01                      06/06/07

IMPAX LABORATORIES INC                  DE       8.01                           06/12/07

IndyMac INDX Mortgage Loan Trust 2006            8.01,9.01                      06/11/07

INFINERA CORP                           DE       5.03,8.01,9.01                 06/12/07

INFORM WORLDWIDE HOLDINGS INC           CO       1.01,3.02                      05/25/07

INSIGNIA SOLUTIONS PLC                           1.01,8.01,9.01                 06/04/07

INTEGRA LIFESCIENCES HOLDINGS CORP      DE       1.01,2.03,3.02,8.01,9.01       06/06/07

INTEGRATED SURGICAL SYSTEMS INC         DE       5.02                           06/07/07

INTELLI CHECK INC                       DE       8.01                           06/06/07

INTELLI CHECK INC                       DE       5.02,9.01                      06/06/07

INTELLIGENTIAS, INC.                             1.01,2.01,9.01                 06/07/07

INTER TEL (DELAWARE), INC               DE       8.01,9.01                      06/12/07

INTER TEL (DELAWARE), INC               DE       8.01,9.01                      06/11/07

INTERNAP NETWORK SERVICES CORP          DE       8.01,9.01                      06/12/07

INTERNATIONAL TEXTILE GROUP INC         DE       1.01,2.03,3.02,9.01            06/06/07

INTERPLAY ENTERTAINMENT CORP            DE       8.01                           06/11/07

INVERNESS MEDICAL INNOVATIONS INC       DE       1.01,3.03,8.01,9.01            06/12/07

INVERNESS MEDICAL INNOVATIONS INC       DE       8.01,9.01                      06/12/07

IONATRON, INC.                          DE       8.01                           06/11/07    AMEND

IPARTY CORP                             DE       5.02,9.01                      06/06/07

IPSCO INC                                        8.01,9.01                      06/12/07

IRIDEX CORP                             DE       1.01                           06/07/07

IROBOT CORP                             DE       1.01                           06/05/07    AMEND

ISCO INTERNATIONAL INC                  DE       5.02,7.01,9.01                 06/12/07

IXI Mobile, Inc.                        DE       2.01,2.02,3.02,3.03,5.01,5.02, 06/06/07
					         5.03,5.06,9.01
J P MORGAN CHASE & CO                   DE       9.01                           06/08/07

JAMES RIVER GROUP, INC                  DE       1.01,5.01,5.02,9.01            06/11/07

JANUS CAPITAL GROUP INC                 DE       1.01,9.01                      06/07/07

Jazz Technologies, Inc.                 DE       5.02                           06/07/07

JOURNAL REGISTER CO                     DE       5.02,7.01,9.01                 06/08/07

KAISER ALUMINUM CORP                    DE       8.01,9.01                      06/06/07

KAYNE ANDERSON ENERGY DEVELOPMENT CO    MD       8.01,9.01                      06/11/07

LAPOLLA INDUSTRIES INC                  DE       5.02                           06/11/07

LAWSON PRODUCTS INC/NEW/DE/             DE       5.02                           06/11/07

LEGEND MOBILE INC                       DE       3.02                           06/08/07

LEHMAN ABS CORP DAIMLERCHRYSLER DEBEN   DE       8.01                           06/08/07

LEHMAN BROTHERS HOLDINGS INC            DE       2.02,9.01                      06/12/07

LEHMAN BROTHERS HOLDINGS INC            DE       9.01                           06/06/07

LifeCare Holdings, Inc.                 DE       1.01,2.03,9.01                 06/06/07

LIFETIME BRANDS, INC                    DE       1.01,9.01                      06/11/07

LUBYS INC                               DE       2.02,9.01                      05/09/07

M45 Mining Resources, Inc.              NV       7.01,9.01                      06/12/07

Macquarie Infrastructure CO Trust       DE       1.01,2.03                      06/07/07

MAGELLAN HEALTH SERVICES INC            DE       8.01                           06/12/07

MAIN STREET TRUST INC                   IL       8.01,9.01                      06/12/07

Malibu Minerals Inc.                    NV       5.02,9.01                      06/11/07

McAfee, Inc.                            DE       5.02                           06/06/07

MCGRATH RENTCORP                        CA       5.02,7.01,9.01                 06/06/07

MEDUSA STYLE CORP                       NV       1.01                           06/08/07

MELLON FINANCIAL CORP                   PA       8.01,9.01                      06/12/07

METALLINE MINING CO                     NV       1.01,3.03,9.01                 06/11/07

MICROHELIX INC                          OR       8.01                           06/08/07

MICROMED CARDIOVASCULAR INC             DE       5.02,9.01                      06/12/07

MIDWEST AIR GROUP INC                   WI       7.01,9.01                      06/12/07

MIGO SOFTWARE, INC.                     DE       1.01,2.01,3.02,3.03,5.03,9.01  06/06/07

Montagu Resources Corp.                 NV       1.01,5.01,5.02,9.01            05/28/07

MOVIE GALLERY INC                       DE       7.01                           06/12/07

Mueller Water Products, Inc.            DE       7.01,9.01                      06/12/07

Mueller Water Products, Inc.            DE       8.01                           05/24/07    AMEND

N-VIRO INTERNATIONAL CORP               DE       5.02,8.01,9.01                 06/07/07

Nano Holdings International, Inc.       DE       8.01                           06/06/07

National Collegiate Student Loan Trus            8.01,9.01                      06/11/07

NATIONAL HEALTH INVESTORS INC           MD       8.01                           06/11/07

NATIONAL REALTY & MORTGAGE INC          NV       1.01,2.01,3.02,3.03,4.01,5.01, 06/06/07
					         5.06,8.01,9.01   
NATIONAL SEMICONDUCTOR CORP             DE       9.01                           06/07/07    AMEND

NAVTEQ CORP                             DE       5.02                           06/07/07

NEKTAR THERAPEUTICS                     DE       5.02                           06/06/07

NEW CENTURY FINANCIAL CORP              MD       2.01,5.02,9.01                 05/18/07

NEW MEDIUM ENTERPRISES INC              NV       3.02                           06/12/07

NEWS CORP                                        8.01,9.01                      06/08/07

NEWSEARCH INC                           CO       5.02,9.01                      06/12/07

NNN Apartment REIT, Inc.                MD       7.01,9.01                      06/12/07

NNN Healthcare/Office REIT, Inc.        MD       7.01,9.01                      06/12/07

NORFOLK SOUTHERN CORP                   VA       8.01,9.01                      06/12/07

NORTHSTAR REALTY                                 8.01,9.01                      06/11/07

NORTHWEST AIRLINES CORP                 DE       7.01,9.01                      06/12/07

NOVA BIOSOURCE FUELS, INC.              NV       7.01,9.01                      06/11/07

NOVADEL PHARMA INC                      DE       5.02                           06/06/07

NOVASTAR FINANCIAL INC                  MD       7.01,9.01                      06/12/07

NT HOLDING CORP.                        DE       1.01,2.01,5.01                 06/06/07

NTS REALTY HOLDINGS LP                  DE       8.01,9.01                      06/12/07

NU HORIZONS ELECTRONICS CORP            DE       1.01,9.01                      06/06/07

Oculus Innovative Sciences, Inc.        CA       2.02,7.01,9.01                 06/07/07

OPSWARE INC                             DE       5.02                           06/06/07

ORTEC INTERNATIONAL INC                 DE       3.03                           06/10/07

OUTDOOR CHANNEL HOLDINGS INC                     5.02                           06/06/07

OUVO, INC.                                       3.03,5.03,9.01                 06/06/07

PACTIV CORP                             DE       1.01,2.01,2.03,9.01            06/11/07

Paradigm Holdings, Inc                  WY       1.01,7.01,9.01                 06/06/07

PENN NATIONAL GAMING INC                PA       5.01,8.01,9.01                 06/06/07

PENN VIRGINIA CORP                      VA       5.03,9.01                      06/12/07

PENNANTPARK INVESTMENT CORP                      8.01                           06/12/07

PHHMC Series 2007-3 Trust               DE       9.01                           05/30/07

PIEDMONT NATURAL GAS CO INC             NC       5.02                           06/06/07

PLEXUS CORP                             WI       8.01,9.01                      06/12/07

PORTLAND GENERAL ELECTRIC CO /OR/       OR       8.01                           06/11/07

PRG SCHULTZ INTERNATIONAL INC           GA       3.02                           06/06/07

PROCTER & GAMBLE CO                     OH       5.02,9.01                      06/12/07

ProLink Holdings Corp.                  DE       1.01,2.03                      06/06/07

PROTECTIVE LIFE INSURANCE CO            TN       9.01                           06/07/07

PRUDENTIAL FINANCIAL INC                NJ       5.02                           06/12/07

PSI CORP                                NV       8.01                           06/01/07

PSYCHIATRIC SOLUTIONS INC               DE       5.02,9.01                      06/11/07

Puda Coal, Inc.                                  1.01,9.01                      06/06/07

QAD INC                                 DE       8.01                           06/07/07

RAMBUS INC                              DE       5.03,9.01                      06/07/07

RBC Bearings INC                                 2.02,9.01                      06/12/07

REFLECT SCIENTIFIC INC                  UT       4.02,9.01                      05/09/07

Regency Energy Partners LP              DE       9.01                           04/02/07    AMEND

RELIANT ENERGY INC                      DE       1.01,9.01                      06/06/07

REPLIGEN CORP                           DE       7.01,9.01                      06/08/07

REPROS THERAPEUTICS INC.                DE       8.01,9.01                      06/11/07

RETAIL VENTURES INC                     OH       3.02,8.01                      06/06/07

RICHARDSON ELECTRONICS LTD/DE           DE       5.02,7.01,9.01                 06/06/07

RONSON CORP                             NJ       8.01,9.01                      06/11/07

RUBIOS RESTAURANTS INC                  DE       5.02,9.01                      06/11/07

RUSS BERRIE & CO INC                    NJ       5.02                           06/07/07

SALEM COMMUNICATIONS CORP /DE/          DE       4.01,9.01                      06/07/07

SAMARITAN PHARMACEUTICALS INC           NV       5.02,9.01                      06/12/07

SAPIENT CORP                            DE       2.02,8.01,9.01                 06/12/07

SCHULMAN A INC                          DE       7.01,9.01                      06/12/07

SCO GROUP INC                           DE       8.01                           06/11/07

SecureLogic Corp                        NV       5.02                           06/07/07

SELIGMAN SELECT MUNICIPAL FUND INC      MD       7.01                           06/12/07

SEMTECH CORP                            DE       5.02,8.01,9.01                 06/06/07

Seneca Gaming Corp                      XX       8.01                           06/06/07

SIERRA PACIFIC RESOURCES /NV/           NV       8.01,9.01                      06/06/07

SIFCO INDUSTRIES INC                    OH       2.01,9.01                      06/08/07

SMITHFIELD FOODS INC                    VA       5.02                           06/06/07

SOLITRON DEVICES INC                    DE       5.02,9.01                      06/04/07    AMEND

SOURCEFIRE INC                          DE       8.01                           06/07/07

SOUTH DAKOTA SOYBEAN PROCESSORS LLC              1.01                           06/06/07

SPACEHAB INC \WA\                       WA       5.02,9.01                      06/12/07

SPEAR & JACKSON INC                     NV       8.01                           05/29/07

SPECTRUM PHARMACEUTICALS INC            DE       5.02                           06/08/07

SPECTRX INC                             DE       8.01                           06/11/07

SPECTRX INC                             DE       5.02                           06/12/07

STEWART ENTERPRISES INC                 LA       2.02,9.01                      06/12/07

STONELEIGH PARTNERS ACQUISITION CORP.   DE       8.01                           06/12/07

STRATECO RESOURCES INC                           3.01                           06/11/07

STRATS SM TRUST FOR IBM CORP SEC SERI            8.01,9.01                      05/29/07

Sub-Urban Brands, Inc.                  NV       1.01,2.03,3.02,9.01            06/06/07

SUPERTEL HOSPITALITY INC                VA       8.01                           05/24/07

TAKE TWO INTERACTIVE SOFTWARE INC       DE       2.02,9.01                      06/11/07

TANDY BRANDS ACCESSORIES INC            DE       5.02,9.01                      06/06/07

TAUBMAN CENTERS INC                     MI       8.01,9.01                      06/11/07

TITANIUM METALS CORP                    DE       3.01,5.02                      06/05/07

TRIAD FINANCIAL CORP                    CA       5.02                           06/06/07

TRIAD HOSPITALS INC                     DE       8.01,9.01                      06/12/07

TRIPOS INC                              UT       1.01,2.01,8.01,9.01            06/06/07

TRIUMPH GROUP INC /                     DE       5.02,9.01                      06/06/07

TYCO INTERNATIONAL LTD /BER/            D0       7.01,9.01                      06/07/07

U S GOLD CORP                           CO       7.01,9.01                      06/12/07

UAP HOLDING CORP                        DE       5.02                           06/07/07

UCN INC                                 DE       5.05,8.01,9.01                 06/07/07

UFP TECHNOLOGIES INC                    DE       5.02                           06/06/07

ULTRALIFE BATTERIES INC                 DE       5.02                           06/06/07

UNITED COMMUNITY BANKS INC              GA       7.01,9.01                      06/12/07

UNIVERSAL FOG INC                                5.02                           06/08/07

US FARMS, INC.                          NV       3.02                           04/03/07

USAA ACCEPTANCE LLC                              8.01,9.01                      06/12/07

USAA Auto Owner Trust 2007-1                     8.01,9.01                      06/12/07

UTi WORLDWIDE INC                                7.01                           06/12/07

Venoco, Inc.                            DE       5.02                           06/08/07

VERTEX PHARMACEUTICALS INC / MA         MA       8.01,9.01                      06/12/07

VERTRUE INC                             DE       2.04,8.01,9.01                 06/11/07

VFINANCE INC                            DE       5.02,9.01                      06/06/07

VioQuest Pharmaceuticals, Inc.          DE       1.01,9.01                      06/08/07

Voyant International CORP               NV       7.01,9.01                      06/12/07

Wauwatosa Holdings, Inc.                WI       5.02,8.01                      06/12/07

WCI COMMUNITIES INC                              8.01,9.01                      06/12/07

WHERIFY WIRELESS INC                    DE       5.02                           06/06/07

XCEL ENERGY INC                         MN       2.02,9.01                      06/12/07

XEDAR CORP                              CO       1.01,9.01                      06/08/07

XETA TECHNOLOGIES INC                   OK       5.02                           06/07/07

YADKIN VALLEY FINANCIAL CORP            NC       8.01,9.01                      06/12/07

YOUBET COM INC                          DE       1.01,9.01                      06/06/07

ZIX CORP                                TX       8.01,9.01                      06/07/07