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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | |||
| 1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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| Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
| Series B Participating Convertible Preferred Stock | Â (1)(2) | Â (1)(2) | Common Stock, par value $0. 01 | 4,000,000 | $ 2.5 | I (3) (4) | See Explanation. (3) (4) |
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| Silver Point Capital L.P. TWO GREENWICH PLAZA GREENWICH, CT 06830 |
 |  |  | See Remarks. |
| Silver Point Capital Management, L.L.C. TWO GREENWICH PLAZA GREENWICH, CT 06830 |
 |  |  | See Remarks. |
| O'Shea Robert J TWO GREENWICH PLAZA GREENWICH, CT 06830 |
 |  |  | See Remarks. |
| MULE EDWARD A TWO GREENWICH PLAZA GREENWICH, CT 06830 |
 |  |  | See Remarks. |
| /s/ Federick H. Fogel, Authorized Signatory on behalf of Silver Point Capital, L.P. and Silver Point Capital Management, LLC | 04/04/2008 | |
| **Signature of Reporting Person | Date | |
| /s/ Robert J. O'Shea, individually | 04/04/2008 | |
| **Signature of Reporting Person | Date | |
| /s/ Edward A. Mule, individually | 04/04/2008 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | The Series B Participating Convertible Preferred Stock is convertible at any time at the holder's election, provided that prior to the Voting Date (as defined below) the holder's conversion rights are limited to the extent such conversion would entitle the holder, together with other certain parties, to vote a number of shares of common stock that would exceed the number of shares to which the holder, together with certain other parties, is entitled without any prior notice and/or approval under the laws relating to money transmission/the sale of checks of any state. |
| (2) | The "Voting Date" is the earlier of (i) the date all applicable state regulatory approvals for the acquisition by other holders of Series B Participating Convertible Preferred Stock of control of the Issuer have been obtained, or (ii) such other date requested in writing by such other holders on or after 6/15/2008. The regulatory approvals referenced in clause (i) of the immediately preceding sentence may be obtained within 60 days of the date hereof. The Series B Participating Convertible Preferred Stock has no expiration date. |
| (3) | Silver Point Capital, L.P. is the investment manager of Silver Point Capital Fund, L.P. (the "Fund") and Silver Point Capital Offshore Fund, Ltd. (the "Offshore Fund") and by virtue of such status may be deemed to be the beneficial owner of the shares of the securities held by the Fund and the Offshore Fund. Silver Point Capital Management, LLC ("Management") is the general partner of Silver Point Capital, L.P. and as a result may be deemed to be the beneficial owner of the shares of the securities held by the Fund and the Offshore Fund |
| (4) | Each of Mr. Edward Mule and Mr. Robert O'Shea is a member of Management and has voting and investment power with respect to the securities held by the Fund and the Offshore Fund and may be deemed to be a beneficial owner of the securities of the securities held by the Fund and the Offshore Fund. Silver Point Capital, L.P., Management and Messrs. Mule and O'Shea disclaim beneficial ownership of the securities held by the Fund and the Offshore Fund, except to the extent of any pecuniary interest therein, and this shall not be deemed to be an admission that they are the beneficial owners of such securities. |
|  Remarks: The reporting person is filing this report because it may be deemed to be a member of a "group" (within the meaning of  Section 13(d)(3) of the Securities Exchange Act) which may be deemed to beneficially own more than 10% of the Common Stock,  par value $.01 per share (the "Common Stock"), of the Issuer.  The reporting person does not have (i) any direct or indirect   pecuniary interest in or (ii) the power to vote or dispose of, or the power to direct the vote or disposition of, any  Common  Stock of the Issuer held by any other person, including, without limitation, any other person who may be deemed to  be a  member of such group.  Accordingly, the reporting person disclaims beneficial ownership of any securities of the  Issuer held  by any other person, including, without limitation, any other person who may be deemed to be a member of such  group, and  this report shall not be deemed an admission that the reporting person is the beneficial owner of such  securities for the purposes of Section 16 under the Securities Exchange Act or otherwise. | |