UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Global Power Equipment Group Inc.
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(Name of Issuer)
Common Stock
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(Title of Class Securities)
37941p108
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(CUSIP Number)
Mark R. Diamond
Cannell Capital, LLC, 150 California Street, 5th Floor, San Francisco, CA
94111 (415) 835-8300
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 5, 2003
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(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See ss.240.13d-7 for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.
CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Cannell Capital, LLC
94-3366999
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) OO.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization California...................
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Number of 7. Sole Voting Power 0...............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 4,758,600........................
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9. Sole Dispositive Power 0............................
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10. Shared Dispositive Power 4,758,600.....................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 4,758,600
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 10.6%
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14............................Type of Reporting Person (See Instructions)
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IA.......................................................................
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CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
J. Carlo Cannell
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) OO.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization USA..........................
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Number of 7. Sole Voting Power 0 ..............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 4,758,600........................
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9. Sole Dispositive Power 0............................
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10. Shared Dispositive Power 4,758,600.....................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 4,758,600
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 10.6%
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14............................Type of Reporting Person (See Instructions)
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IN/HC....................................................................
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CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Cuttyhunk Fund Limited
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) WC.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization Bermuda......................
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Number of 7. Sole Voting Power 0 .............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 1,117,189........................
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9. Sole Dispositive Power 0 ............................
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10. Shared Dispositive Power 1,117,189.....................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 1,117,189
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 2.5%
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14............................Type of Reporting Person (See Instructions)
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CO.......................................................................
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CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Anegada Fund Limited
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) WC.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization Cayman Islands...............
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Number of 7. Sole Voting Power 0 ..............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 1,146,511.......................
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9. Sole Dispositive Power 0 ............................
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10. Shared Dispositive Power 1,146,511.....................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 1,146,511
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 2.6%
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14............................Type of Reporting Person (See Instructions)
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CO.......................................................................
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CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GS Cannell, LLC
98-0232642
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) WC.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization Delaware.....................
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Number of 7. Sole Voting Power 0...............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 448,300.........................
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9. Sole Dispositive Power 0 ............................
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10. Shared Dispositive Power 448,300.........................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 448,300
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 1.0%
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14............................Type of Reporting Person (See Instructions)
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OO.......................................................................
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CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Tonga Partners, L.P.
94-3164039
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) WC.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization Delaware.....................
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Number of 7. Sole Voting Power 0 .............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 1,812,900....................
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9. Sole Dispositive Power 0............................
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10. Shared Dispositive Power 1,812,900.....................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 1,812,900
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 4.0%
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14............................Type of Reporting Person (See Instructions)
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PN.......................................................................
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CUSIP No. 37941p108
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Pleiades Investment Partners, LP
23-2688812
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) WC.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization Delaware.....................
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Number of 7. Sole Voting Power 0 .............................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 233,700..........................
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9. Sole Dispositive Power 0............................
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10. Shared Dispositive Power 233,700......................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 233,700
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13.............Percent of Class Represented by Amount in Row (11) 0.5%
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14............................Type of Reporting Person (See Instructions)
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PN.......................................................................
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Item 1 Security and Issuer
This statement relates to Common Stock ("Common Stock"), issued by
Global Power Equipment Group Inc., an Delaware Corporation. The address
of the principal executive offices of Global Power Equipment Group Inc.
is 6120 South Yale, Suite 1480, Tulsa, Oklahoma.
Item 2 Identity and Background
Name: Cannell Capital, LLC ("Adviser")
Place of Organization: California
Principal Business: Investment Adviser
Address: 150 California Street, 5th Floor, San Francisco, CA 94111
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: The Cuttyhunk Fund Limited ("Cuttyhunk")
Place of Organization: Bermuda
Principal Business: Investment
Address: 73 Front Street, Hamilton, Bermuda HM 12
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: The Anegada Fund Limited ("Anegada")
Place of Organization: Cayman Islands
Principal Business: Investment
Address: c/o Bank of Butterfield International (Cayman) Ltd., 68
Fort Street, PO Box 705, George Town, Grand Cayman, Cayman Islands
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Tonga Partners, L.P. ("Tonga")
Place of Organization: Delaware
Principal Business: Investment
Address: 150 California Street, 5th Floor, San Francisco, CA 94111
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: GS Cannell, LLC ("GSC")
Place of Organization: Delaware
Principal Business: Investment
Address: 701 Mount Lucas Road, CN 850, Princeton, NJ 08542
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Pleiades Investment Partners, LP ("Pleiades")
Place of Organization: Delaware
Principal Business: Investment
Address: 6022 West Chester Pike, Newtown Square, PA 19073
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: J. Carlo Cannell
Address: 150 California Street, 5th Floor, San Francisco, CA 94111
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States
J Carlo Cannell is the controlling and managing member of Adviser.
Adviser serves as investment adviser to Cuttyhunk, Anegada, GSC, and
Pleiades. Adviser is general partner and investment adviser to Tonga.
Item 3 Source and amount of Funds or other Consideration
The aggregate amount of funds used by Cuttyhunk to purchase 1,117,189
shares of Common Stock owned by it was approximately $5,711,082. Such
amount was derived from working capital.
The aggregate amount of funds used by Anegada to purchase 1,146,511
shares of Common Stock owned by it was approximately $9,106,579. Such
amount was derived from working capital.
The aggregate amount of funds used by GSC to purchase 448,300 shares of
Common Stock owned by it was approximately $4,170,182. Such amount was
derived from working capital.
The aggregate amount of funds used by Tonga to purchase 1,812,900 shares
of Common Stock owned by it was approximately $8,471,154. Such amount
was derived from working capital.
The aggregate amount of funds used by Pleiades to purchase 233,700
shares of Common Stock owned by it was approximately $1,139,192. Such
amount was derived from working capital.
Item 4 Purpose of Transaction
The Common Stock was bought in the ordinary course of the Adviser's
management of the accounts of its investment advisory clients. As of
December 5, 2003 the Reporting Persons commenced the formulation of
plans to seek maximization of the value of the Common Stock. Such plans
may include, but may not necessarily be limited to, pursuit of strategic
initiatives to enhance shareholder value.
Subject to availability at prices deemed favorable and in accordance
with applicable laws and regulations, the Reporting Persons may acquire
shares of Common Stock of the Company from time to time in the open
market, in privately negotiated transactions or otherwise. The
Reporting Persons may dispose of shares of Common Stock of the Company
from time to time in the open market, in privately negotiated
transactions or otherwise.
Except as set forth above, the Reporting Persons has no present plans
or intentions that relate to or that would result in any of the
transactions described in clauses (a) through (j) of item 4 of
Schedule 13D. As part of such plans, on December 8, 2003 the Adviser,
on behalf of the Reporting Persons, sent a letter to the Chairman of the
Company requesting that the Company endeavor to terminate the Company's
consulting relationship with its principal shareholder. A copy of such
letter is attached as an exhibit to this Schedule.
Item 5 Interest in Securities of the Issuer
(a) As of December 5, 2003, the Reporting Persons directly or indirectly
beneficially owned 4,758,600 shares, or 10.6%, of Common Stock of
Global Power Equipment Inc. (the approximate number of the shares of
Common Stock owned is based on 44,953,755 shares of common stock
outstanding by Global Power Equipment Inc., on Nov. 4, 2003).
(1) Cuttyhunk owns 1,117,189 shares (2.5%) (2) Anegada owns 1,146,511
shares (2.6%) (3) GS Cannell owns 448,300 shares (1.0%) (4) Tonga
owns 1,812,900 shares (4.0%) (5) Pleiades owns 233,700 shares (0.5%)
(b) The responses of the Reporting Persons to Items 7 through 11 of the
portions of the cover page of this Schedule D which relate to beneficial
ownership of shares of the Common Stock are incorporated herein by
reference.
(c) A list of transactions during the past 60 days.
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Party Date Amount Price per Where & How
Bought Share Effected
(Sold)
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ANEGADA 10/28/2003 5,305 6.20 Open Market
ANEGADA 10/28/2003 3,700 6.27 Open Market
ANEGADA 10/30/2003 1,934 6.14 Open Market
ANEGADA 10/31/2003 15,372 6.00 Open Market
ANEGADA 11/05/2003 14,900 6.37 Open Market
ANEGADA 11/05/2003 40,300 6.39 Open Market
ANEGADA 11/06/2003 17,900 6.36 Open Market
ANEGADA 11/07/2003 3,800 6.31 Open Market
ANEGADA 11/17/2003 700 5.92 Open Market
ANEGADA 11/17/2003 400 5.92 Open Market
ANEGADA 11/18/2003 3,500 5.91 Open Market
ANEGADA 11/19/2003 500 5.87 Open Market
ANEGADA 11/20/2003 4,100 6.07 Open Market
ANEGADA 11/21/2003 2,300 6.13 Open Market
ANEGADA 11/24/2003 85,300 6.19 Open Market
ANEGADA 11/24/2003 5,100 6.27 Open Market
ANEGADA 11/25/2003 1,300 6.26 Open Market
ANEGADA 11/26/2003 500 6.26 Open Market
ANEGADA 11/28/2003 1,500 6.31 Open Market
ANEGADA 12/01/2003 3,300 6.16 Open Market
ANEGADA 12/02/2003 7,400 6.05 Open Market
ANEGADA 12/03/2003 700 5.95 Open Market
ANEGADA 12/04/2003 2,000 5.97 Open Market
ANEGADA 12/05/2003 1,300 5.97 Open Market
CUTTYHUNK 10/08/2003 20,000 5.96 Open Market
CUTTYHUNK 10/23/2003 194 6.00 Open Market
CUTTYHUNK 10/28/2003 5,200 6.20 Open Market
CUTTYHUNK 10/28/2003 3,600 6.27 Open Market
CUTTYHUNK 10/30/2003 1,800 6.14 Open Market
CUTTYHUNK 10/31/2003 15,200 6.00 Open Market
CUTTYHUNK 11/03/2003 3,022 5.93 Open Market
CUTTYHUNK 11/04/2003 18,700 6.24 Open Market
CUTTYHUNK 11/04/2003 3,010 5.93 Open Market
CUTTYHUNK 11/05/2003 22,963 6.37 Open Market
CUTTYHUNK 11/05/2003 61,700 6.39 Open Market
CUTTYHUNK 11/06/2003 27,500 6.36 Open Market
CUTTYHUNK 11/07/2003 5,900 6.31 Open Market
CUTTYHUNK 11/17/2003 1,200 5.92 Open Market
CUTTYHUNK 11/17/2003 500 5.92 Open Market
CUTTYHUNK 11/18/2003 5,300 5.91 Open Market
CUTTYHUNK 11/19/2003 800 5.87 Open Market
CUTTYHUNK 11/20/2003 4,600 6.07 Open Market
CUTTYHUNK 11/21/2003 2,500 6.13 Open Market
CUTTYHUNK 11/24/2003 94,600 6.19 Open Market
CUTTYHUNK 11/24/2003 5,600 6.27 Open Market
CUTTYHUNK 11/25/2003 1,500 6.26 Open Market
CUTTYHUNK 11/26/2003 500 6.26 Open Market
CUTTYHUNK 11/28/2003 1,600 6.31 Open Market
CUTTYHUNK 12/01/2003 3,600 6.16 Open Market
CUTTYHUNK 12/02/2003 8,200 6.05 Open Market
CUTTYHUNK 12/03/2003 700 5.95 Open Market
CUTTYHUNK 12/04/2003 2,200 5.97 Open Market
CUTTYHUNK 12/05/2003 1,500 5.97 Open Market
GS CANNELL 10/28/2003 1,900 6.20 Open Market
GS CANNELL 10/28/2003 1,400 6.27 Open Market
GS CANNELL 10/30/2003 700 6.14 Open Market
GS CANNELL 10/31/2003 5,600 6.00 Open Market
GS CANNELL 11/20/2003 900 6.07 Open Market
GS CANNELL 11/21/2003 500 6.13 Open Market
GS CANNELL 11/24/2003 19,500 6.19 Open Market
GS CANNELL 11/24/2003 1,200 6.27 Open Market
GS CANNELL 11/25/2003 300 6.26 Open Market
GS CANNELL 11/26/2003 100 6.26 Open Market
GS CANNELL 11/28/2003 300 6.31 Open Market
GS CANNELL 12/01/2003 800 6.16 Open Market
GS CANNELL 12/02/2003 1,700 6.05 Open Market
GS CANNELL 12/03/2003 100 5.95 Open Market
GS CANNELL 12/04/2003 400 5.97 Open Market
GS CANNELL 12/05/2003 300 5.97 Open Market
PLEIADES 10/28/2003 1,100 6.20 Open Market
PLEIADES 10/28/2003 700 6.27 Open Market
PLEIADES 10/30/2003 400 6.14 Open Market
PLEIADES 10/31/2003 3,100 6.00 Open Market
PLEIADES 11/05/2003 2,900 6.37 Open Market
PLEIADES 11/05/2003 8,000 6.39 Open Market
PLEIADES 11/06/2003 3,500 6.36 Open Market
PLEIADES 11/07/2003 800 6.31 Open Market
PLEIADES 11/17/2003 100 5.92 Open Market
PLEIADES 11/17/2003 100 5.92 Open Market
PLEIADES 11/18/2003 700 5.91 Open Market
PLEIADES 11/19/2003 100 5.87 Open Market
PLEIADES 11/20/2003 800 6.07 Open Market
PLEIADES 11/21/2003 500 6.13 Open Market
PLEIADES 11/24/2003 17,300 6.19 Open Market
PLEIADES 11/24/2003 1,000 6.27 Open Market
PLEIADES 11/25/2003 300 6.26 Open Market
PLEIADES 11/26/2003 100 6.26 Open Market
PLEIADES 11/28/2003 300 6.31 Open Market
PLEIADES 12/01/2003 700 6.16 Open Market
PLEIADES 12/02/2003 1,500 6.05 Open Market
PLEIADES 12/03/2003 100 5.95 Open Market
PLEIADES 12/04/2003 400 5.97 Open Market
PLEIADES 12/05/2003 300 5.97 Open Market
TONGA 10/28/2003 7,900 6.20 Open Market
TONGA 10/28/2003 5,600 6.27 Open Market
TONGA 10/30/2003 2,800 6.14 Open Market
TONGA 10/31/2003 23,000 6.00 Open Market
TONGA 11/20/2003 4,600 6.07 Open Market
TONGA 11/21/2003 2,600 6.13 Open Market
TONGA 11/24/2003 95,300 6.19 Open Market
TONGA 11/24/2003 5,600 6.27 Open Market
TONGA 11/25/2003 1,500 6.26 Open Market
TONGA 11/26/2003 500 6.26 Open Market
TONGA 11/28/2003 1,700 6.31 Open Market
TONGA 12/01/2003 3,700 6.16 Open Market
TONGA 12/02/2003 8,200 6.05 Open Market
TONGA 12/03/2003 700 5.95 Open Market
TONGA 12/04/2003 2,200 5.97 Open Market
TONGA 12/05/2003 1,500 5.97 Open Market
(d) Not Applicable
(e) Not Applicable
Item 6 Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
J. Carlo Cannell controls and manages the Adviser who makes voting and
dispositive decisions for Cuttyhunk, Anegada, GS Cannell, Tonga, and
Pleiades.
Item 7 Material to Be Filed as Exhibits
Exhibit 7.1- Letter to Mr. Larry Edwards, Chairman of Global Power
Equipment Group, Inc.
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: December 9, 2003
J. Carlo Cannell
/s/ J. Carlo Cannell
------------------------------
J. Carlo Cannell
Cannell Capital, LLC
/s/ J. Carlo Cannell
------------------------------
J. Carlo Cannell, Managing Member
The Anegada Fund, Limited
/s/ J. Carlo Cannell
------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
The Cuttyhunk Fund Limited
/s/ J. Carlo Cannell
------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
GS Cannell, LLC
/s/ J. Carlo Cannell
------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
Tonga Partners, L.P.
/s/ J. Carlo Cannell
------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, General Partner
Pleiades Investment Partners, LP
/s/ J. Carlo Cannell
-------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
Exhibit 7.1
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CANNELL CAPITAL LLC
150 California Street
San Francisco, Calif. 94111
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Tel (415) 835-8300 Fax (443) 606-0067
info@cannellcap.com
December 8, 2003
Mr. Larry Edwards, Chairman
Global Power Equipment Group, Inc.
6120 South Yale, Suite 1480
Tulsa, OK 74136
Dear Larry:
You may recall a telephone conversation I had with you this past February, in
which I indicated my concerns with the company's direction and, in particular,
the contractual relationship with Harvest Partners. At your suggestion, I wrote
a letter dated February 28, 2003 to your predecessor as Chairman, Stephen
Eisenstein, expressing those concerns. In spite of our urging that the
consulting arrangement with Harvest be terminated, it was in fact renewed for
another year in August. We continue to have concerns regarding this
relationship, especially the magnitude of fees paid and to be paid, and we have
since learned, on an unsolicited basis, that other shareholders share our
concerns.
We understand that by its terms the Harvest agreement may not be terminated by
Global except for cause. We urge you, however, to negotiate immediately with
Harvest to accomplish an early termination of the agreement. The existence of
the agreement and its insider nature severely diminishes the credibility of
management's professions of concern for the interests of shareholders in
general. As a major shareholder, Harvest should acknowledge and be concerned
about the damage this lack of credibility does to the value of its shares,
damage which is far in excess of the amount of fees they receive from this
arrangement.
The favor of a reply is requested.
Sincerely,
/s/ J. Carlo Cannell
J. Carlo Cannell
Managing Member
Cannell Capital LLC