# EDGAR Filing Document

**Accession Number:** 0001490349
**File Stem:** 0001140361-23-000099
**Filing Date:** 2023-1
**Character Count:** 18997
**Document Hash:** 077e97a14ca4243e7e22d35cf90f81bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-000099.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001140361-23-000099

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**GROUP MEMBERS**: FRONTFOUR CAPITAL GROUP LLC

**GROUP MEMBERS**: FRONTFOUR MASTER FUND, LTD.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PhenixFIN Corp
- **CENTRAL INDEX KEY:** 0001490349
- **IRS NUMBER:** 274576073
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86732
- **FILM NUMBER:** 23501571

**BUSINESS ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-759-0777

**MAIL ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Medley Capital Corp
- **DATE OF NAME CHANGE:** 20110118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Medley Capital BDC LLC
- **DATE OF NAME CHANGE:** 20100426
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lorber David A
- **CENTRAL INDEX KEY:** 0001358538

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**MAIL ADDRESS:**
- **STREET 1:** C/O FRONTFOUR CAPITAL GROUP LLC
- **STREET 2:** 35 MASON STREET, 4TH FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE 13D
Under the Securities Exchange Act of 1934 (Amendment No. 2)

## PHENIXFIN CORPORATION
(Name of Issuer)

#### Common Stock
(Title of Class of Securities)

#### 71742W103
(CUSIP Number)

#### David Lorber,

#### 445 Park Avenue, 10<sup>th</sup> Floor

#### New York, NY 10022
(212) 859-0390

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

#### December 23, 2022
(Date of Event which Requires Filing of this Statement)

**If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box: ☐**

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#### SCHEDULE 13D

---

| | | |
|:---|:---|:---|
| **CUSIP No.** | **71742W103** | **Page 2 of 7 Pages** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |  |  |
| **1** | David Lorber | David Lorber |  |  |
| **1** | David Lorber | David Lorber |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) | ☐ |
| **2** |  |  | (b) | ☐ |
| **2** |  |  |  |  |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |  |  |
| **3** |  |  |  |  |
| **3** |  |  |  |  |
| **4** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** |  |  |
| **4** | PF, AF | PF, AF |  |  |
| **4** | PF, AF | PF, AF |  |  |
| **5** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** |  | ☐ |
| **5** |  |  |  |  |
| **5** |  |  |  |  |
| **6** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |  |  |
| **6** | U.S. Citizen | U.S. Citizen |  |  |
| **6** | U.S. Citizen | U.S. Citizen |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 85619 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 85619 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 84102.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 84102.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | **SOLE DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 85619 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 85619 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | **SHARED DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 84102.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 84102.416 |  |  |
| **11** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |  |  |
| **11** | 169721.416 | 169721.416 |  |  |
| **11** | 169721.416 | 169721.416 |  |  |
| **12** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |  | ☐ |
| **12** |  |  |  |  |
| **12** |  |  |  |  |
| **13** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** |  |  |
| **13** | 8.1% | 8.1% |  |  |
| **13** | 8.1% | 8.1% |  |  |
| **14** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |  |  |
| **14** | IN | IN |  |  |
| **14** | IN | IN |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **CUSIP No.** | **71742W103** | **Page 3 of 7 Pages** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |  |  |
| **1** | FrontFour Master Fund, Ltd. | FrontFour Master Fund, Ltd. |  |  |
| **1** | FrontFour Master Fund, Ltd. | FrontFour Master Fund, Ltd. |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) | ☐ |
| **2** |  |  | (b) | ☐ |
| **2** |  |  |  |  |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |  |  |
| **3** |  |  |  |  |
| **3** |  |  |  |  |
| **4** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** |  |  |
| **4** | WC | WC |  |  |
| **4** | WC | WC |  |  |
| **5** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** |  | ☐ |
| **5** |  |  |  |  |
| **5** |  |  |  |  |
| **6** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |  |  |
| **6** | Cayman Islands | Cayman Islands |  |  |
| **6** | Cayman Islands | Cayman Islands |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | **SOLE DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | **SHARED DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 0 |  |  |
| **11** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |  |  |
| **11** | 81662.416 | 81662.416 |  |  |
| **11** | 81662.416 | 81662.416 |  |  |
| **12** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |  | ☐ |
| **12** |  |  |  |  |
| **12** |  |  |  |  |
| **13** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** |  |  |
| **13** | 3.9% | 3.9% |  |  |
| **13** | 3.9% | 3.9% |  |  |
| **14** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |  |  |
| **14** | CO | CO |  |  |
| **14** | CO | CO |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **CUSIP No.** | **71742W103** | **Page 4 of 7 Pages** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |  |  |
| **1** | FrontFour Capital Group LLC<br> 20-5997207 | FrontFour Capital Group LLC<br> 20-5997207 |  |  |
| **1** | FrontFour Capital Group LLC<br> 20-5997207 | FrontFour Capital Group LLC<br> 20-5997207 |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) | ☐ |
| **2** |  |  | (b) | ☐ |
| **2** |  |  |  |  |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |  |  |
| **3** |  |  |  |  |
| **3** |  |  |  |  |
| **4** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** |  |  |
| **4** | AF | AF |  |  |
| **4** | AF | AF |  |  |
| **5** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** |  | ☐ |
| **5** |  |  |  |  |
| **5** |  |  |  |  |
| **6** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |  |  |
| **6** | Delaware | Delaware |  |  |
| **6** | Delaware | Delaware |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | **SOLE DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 81662.416 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | **SHARED DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 0 |  |  |
| **11** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |  |  |
| **11** | 81662.416 | 81662.416 |  |  |
| **11** | 81662.416 | 81662.416 |  |  |
| **12** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |  | ☐ |
| **12** |  |  |  |  |
| **12** |  |  |  |  |
| **13** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** |  |  |
| **13** | 3.9% | 3.9% |  |  |
| **13** | 3.9% | 3.9% |  |  |
| **14** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |  |  |
| **14** | IA, OO | IA, OO |  |  |
| **14** | IA, OO | IA, OO |  |  |

---

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#### Amendment No. 2
This <u>Amendment No. 2</u> amends the Schedule 13D originally filed with the U.S. Securities and Exchange Commission ("<u>SEC</u>") on December 20, 2021, and amended by Amendment No. 1 filed with the SEC on May 16, 2022, by David A. Lorber, FrontFour Master Fund, Ltd. and FrontFour Capital Group LLC (collectively, the "<u>Reporting Persons</u>"), with respect to the common stock (the "<u>Common Stock"</u>) of PhenixFIN Corporation (the "<u>Company</u>").

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| | |
|:---|:---|
| **Item 3.** | **Source and Amount of Funds or Other Consideration** |

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Item 3 is hereby amended as follows:

The amount of funds used by Mr. Lorber to acquire the Common Stock beneficially owned by him and by his spouse's individual retirement account (IRA), as to which he is deemed to have beneficial ownership, is $3,502,257, which was obtained from personal funds.

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| | |
|:---|:---|
| **Item 5.** | **Interest in Securities of the Issuer** |

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Items 5(a) – (c) are hereby amended as follows:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the date hereof, the Master Fund beneficially owned 81,662.416 shares of Common Stock, Mr. Lorber beneficially owned directly 85,619 shares of Common Stock, and Mr. Lorber was deemed to beneficially own 2,440 shares of Common Stock in his spouse's IRA, constituting approximately 3.9%, 4.1% and less than 1%, respectively, of the shares of Common Stock outstanding. <sup>1</sup>

Mr. Lorber, as a managing member and principal owner of FrontFour Capital, may be deemed to beneficially own the 81,662.416 shares of Common Stock beneficially owned by the Master Fund, which, together with the 85,619 shares of Common Stock he beneficially owns directly and 2,440 shares of Common Stock of which he is deemed to have beneficial ownership, constitute approximately 8.1% of the Common Stock outstanding.

FrontFour Capital, as the investment manager of the Master Fund, may be deemed to beneficially own the 81,662.416 shares of Common Stock beneficially owned by the Master Fund, which constitute approximately 3.9% of the Common Stock outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Lorber has the sole power to vote or dispose of 85,619 shares of Common Stock beneficially owned by him and the shared power to vote or dispose of 2,440 shares of Common Stock held in his spouse's IRA.

By reason of his responsibility for the supervision and conduct of investment activities of the Master Fund and as managing member and principal owner of FrontFour Capital, Mr. Lorber may be deemed to possess the shared power to vote and dispose of the shares of Common Stock beneficially owned by the Master Fund.

By reason of its responsibility for the supervision and conduct of investment activities of the Master Fund as its investment manager, FrontFour Capital may be deemed to possess the sole power to vote and dispose of the shares of Common Stock beneficially owned by the Master Fund.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following purchases of Common Stock were made by Mr. Lorber in the past 60 days. All such purchases were made in the open market in routine brokerage transactions. Other than the transactions listed in the table below, there have been no transactions in the Common Stock effected by the Reporting Persons during the past 60 days.

------

<sup>1</sup> Percentages of the shares of Common Stock outstanding reported in this Schedule 13D are calculated based upon 2,100,124 shares of Common Stock outstanding, based on the number of shares of Common Stock outstanding as of December 16, 2022, as reported in the Company's Annual Report on Form 10-K filed with the SEC on December 16, 2022.

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---

| | |
|:---|:---|
| Date | Number of Shares |
| 12/20/22 | 400<br>$34.19<sup>(1)</sup> |
| 12/21/22 | 425<br>$34.3098<sup>(2)</sup> |
| 12/22/22 | 200<br>$34.28<sup>(3)</sup> |
| 12/23/22 | 2975<br>$34.59<sup>(4)</sup> |

---

<sup>(1)</sup> The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $34.18 to $34.20, inclusive. The Reporting Persons undertake to provide the Company, any security holder of the Company or the staff of the Securities and Exchange Commission (the "Staff"), upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

<sup>(2)</sup> The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $34.18 to $34.35, inclusive. The Reporting Persons undertake to provide the Company, any security holder of the Company or the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

<sup>(3)</sup> The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $34.20 to $34.36, inclusive. The Reporting Persons undertake to provide the Company, any security holder of the Company or the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

<sup>(4)</sup> The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $34.42 to $34.91, inclusive. The Reporting Persons undertake to provide the Company, any security holder of the Company or the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

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#### Signature
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. <br>

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| | | |
|:---|:---|:---|
| Dated: January 3, 2023<br>|  |  |
|  | **David A. Lorber** | **David A. Lorber** |
|  |  | /s/ David A. Lorber |

---

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| | |
|:---|:---|
| **FrontFour Master Fund, Ltd.** | **FrontFour Master Fund, Ltd.** |
| By: FrontFour Capital Group LLC as investment<br> manager | By: FrontFour Capital Group LLC as investment<br> manager |
| By: | /s/ David A. Lorber |
|  | Name: David A. Lorber |
|  | Title: Managing Member |
| **FrontFour Capital Group LLC** | **FrontFour Capital Group LLC** |
| By: | /s/ David A. Lorber |
|  | Name: David A. Lorber |
|  | Title: Managing Member |

---

------