Filing Details

Accession Number:
0000921895-17-002970
Form Type:
13D Filing
Publication Date:
2017-12-28 17:26:07
Filed By:
Committee For Aegean Accountability
Company:
Aegean Marine Petroleum Network Inc. (NYSE:ANW)
Filing Date:
2017-12-28
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
THE COMMITTEE FOR AEGEAN ACCOUNTABILITY 4,736,358 4,736,358 1,003,390 4,736,358 11.7%
TYLER BARON 160,000 160,000 1,990,639 160,000 Less than 1%
AUGUST ROTH 800,000 800,000 1,991,874 800,000 2.0%
JUSTIN MOORE 650,000 650,000 650,000 1.6%
SHAH CAPITAL OPPORTUNITY FUND 858,800 858,800 858,800 2.1%
SHAH CAPITAL 858,800 858,800 858,800 2.1%
SHAH CAPITAL MANAGEMENT 1,003,390 1,003,390 1,003,390 2.5%
HIMANSHU H. SHAH 35,594 35,594 1,038,984 2.6%
TOWLE CAPITAL PARTNERS 313,000 313,000 313,000 Less than 1%
TOWLE DEEP VALUE FUND 310,700 310,700 310,700 Less than 1%
TOWLE CO 1,990,639 1,990,639 1,990,639 4.9%
JOSEPH E. TOWLE 69,000 69,000 2,059,639 5.1%
CHRISTOPHER D. TOWLE 26,500 26,500 2,018,374 5.0%
Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No.  )1

Aegean Marine Petroleum Network Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

Y0017S102

(CUSIP Number)

THE committee for aegean accountability

c/o Tyler Baron

1 Ferry Building, Suite 255

San Francisco, California 94111

(415) 677-5490

 

ANDREW FREEDMAN, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

December 20, 2017

(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 §§ 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 § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              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 disclosures provided in a prior cover page.

The information required on 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).

 
  1   NAME OF REPORTING PERSON  
         
        THE COMMITTEE FOR AEGEAN ACCOUNTABILITY  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         4,736,358  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          4,736,358  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        4,736,358  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        11.7%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

2
  1   NAME OF REPORTING PERSON  
         
        TYLER BARON  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         160,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          160,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        160,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

3

 

  1   NAME OF REPORTING PERSON  
         
        AUGUST ROTH  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         800,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          800,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        800,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.0%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

4

 

  1   NAME OF REPORTING PERSON  
         
        JUSTIN MOORE  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         650,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          650,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        650,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.6%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

5

 

  1   NAME OF REPORTING PERSON  
         
        SHAH CAPITAL OPPORTUNITY FUND LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         858,800  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          858,800  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        858,800  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

6

 

  1   NAME OF REPORTING PERSON  
         
        SHAH CAPITAL LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         858,800  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          858,800  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        858,800  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

7

 

  1   NAME OF REPORTING PERSON  
         
        SHAH CAPITAL MANAGEMENT  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        NORTH CAROLINA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,003,390  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,003,390  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,003,390  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.5%  
  14   TYPE OF REPORTING PERSON  
         
        IA  

  

8

 

  1   NAME OF REPORTING PERSON  
         
        HIMANSHU H. SHAH  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         35,594  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         1,003,390  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          35,594  
    10   SHARED DISPOSITIVE POWER  
           
          1,003,390  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,038,984  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.6%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

9

 

  1   NAME OF REPORTING PERSON  
         
        TOWLE CAPITAL PARTNERS LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         313,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          313,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        313,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

10

 

  1   NAME OF REPORTING PERSON  
         
        TOWLE DEEP VALUE FUND  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         310,700  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          310,700  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        310,700  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        IV  

  

11

 

  1   NAME OF REPORTING PERSON  
         
        TOWLE & CO.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        MISSOURI  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,990,639  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,990,639  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,990,639  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        4.9%  
  14   TYPE OF REPORTING PERSON  
         
        IA  

  

12

 

  1   NAME OF REPORTING PERSON  
         
        JOSEPH E. TOWLE  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         69,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         1,990,639  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          69,000  
    10   SHARED DISPOSITIVE POWER  
           
          1,990,639  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,059,639  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.1%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

13

 

  1   NAME OF REPORTING PERSON  
         
        CHRISTOPHER D. TOWLE  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         26,500  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         1,991,874  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          26,500  
    10   SHARED DISPOSITIVE POWER  
           
          1,991,874  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,018,374  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.0%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

14

 

The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

Item 1.Security and Issuer.

This statement relates to the common stock, par value $0.01 per share (the “Shares”), of Aegean Marine Petroleum Network Inc. (the “Issuer”). The address of the principal executive offices of the Issuer is 10, Akti Kondili, 185 38, Piraeus, Greece.

Item 2.Identity and Background.

(a)       On December 20, 2017, the filing persons formed The Committee for Aegean Accountability (the “Committee”) pursuant to a Group Agreement of event date therewith, as further defined and described below in Item 6. The members of the Committee include:

(i)Tyler Baron, with respect to the Shares directly and beneficially owned by him;
(ii)August Roth, with respect to the Shares directly and beneficially owned by him;
(iii)Justin Moore, with respect to the Shares directly and beneficially owned by him;
(iv)Shah Capital Opportunity Fund LP (“Shah Opportunity”), a Delaware limited partnership, with respect to the Shares directly and beneficially owned by it;
(v)Shah Capital LLC (“Shah Capital”), a Delaware limited liability company, as the general partner of Shah Opportunity, with respect to the Shares directly and beneficially owned by it;
(vi)Shah Capital Management (“Shah Management”), a North Carolina corporation, as the investment manager of Shah Opportunity and of a certain managed account (the “Shah Management Account”), and with respect to the Shares directly and beneficially owned by it;
(vii)Himanshu H. Shah, as President and Chief Investment Officer of Shah Management, as Managing Member of Shah Capital, and with respect to the Shares directly and beneficially owned by him;
(viii)Towle Capital Partners LP (“Towle Capital”), a Delaware limited partnership, with respect to the Shares directly and beneficially owned by it;
(ix)Towle Deep Value Fund (“Towle Value”), a Delaware statutory trust and registered investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), with respect to the Shares directly and beneficially owned by it;
15

 

(x)Towle & Co. (“Towle”), a Missouri corporation, as the general partner of Towle Capital, the investment manager of Towle Value and with respect to the Shares directly and beneficially owned by it;
(xi)Joseph E. Towle, as an owner of Towle and with respect to the Shares directly and beneficially owned by him; and
(xii)Christopher D. Towle, as an owner of Towle and with respect to the Shares directly and beneficially owned by him.

Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Group Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.

(b)       The address of the principal office of Mr. Baron is 1 Ferry Building, Suite 255, San Francisco, California 94111. The address of the principal office of Messrs. Roth and Moore is 1050 Chestnut St., Menlo Park, California 94025. The address of the principal office of each of Shah Opportunity, Shah Capital, Shah Management and Mr. Shah is 8601 Six Forks Road, Suite 630, Raleigh, North Carolina 27615. The address of the principal office of each of Towle Capital, Towle Value, Towle and Messrs. J. Towle and C. Towle is 1610 Des Peres Road, Suite 250, St. Louis, Missouri 63131.

(c)       The principal business of Mr. Baron is as an investment manager. The principal business of Mr. Roth is as an investor. The principal business of Mr. Moore is as an investor. The principal business of each of Shah Opportunity, Shah Capital and Shah Management is investing in securities. The principal occupation of Mr. Shah is serving as the President and Chief Investment Officer of Shah Capital. The principal business of each of Towle Capital, Towle Value and Towle is investing in securities. The principal business of Mr. C. Towle is serving as President and Chief Executive Officer of Towle. The principal business of Mr. J. Towle is founder and owner of Towle.

(d)       No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)       No Reporting Person, has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)       Messrs. Baron, Roth, Moore, Shah, J. Towle and C. Towle are citizens of the United States of America. Shah Opportunity, Shah Capital, Towle Capital and Towle Value are organized under the laws of the State of Delaware. Shah Management is organized under the laws of the State of North Carolina. Towle is organized under the laws of the State of Missouri.

Item 3.Source and Amount of Funds or Other Consideration.

The Shares purchased by Mr. Baron were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 160,000 Shares beneficially owned by Mr. Baron is approximately $688,770, excluding brokerage commissions.

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The Shares purchased by Mr. Roth were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 800,000 Shares beneficially owned by Mr. Roth is approximately $3,704,000, including brokerage commissions.

The Shares purchased by Mr. Moore were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 650,000 Shares beneficially owned by Mr. Moore is approximately $2,621,302, including brokerage commissions.

The Shares purchased by each of Shah Opportunity and Shah Management and held in the Shah Management Account were purchased with the investment capital of Shah Management clients (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 858,800 Shares beneficially owned Shah Opportunity is approximately $4,055,597, including brokerage commissions. The aggregate purchase price of the 1,003,390 Shares beneficially owned Shah Management is approximately $4,465,086, including brokerage commissions.

The Shares purchased by Mr. Shah were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 35,594 Shares directly beneficially owned by Mr. Shah and is approximately $156,614, including brokerage commissions.

The Shares purchased by each of Towle Capital, Towle Value and Towle were purchased with the investment capital of Towle clients (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 313,000 Shares beneficially owned Towle Capital is approximately $2,175,350, excluding brokerage commissions. The aggregate purchase price of the 310,700 Shares beneficially owned Towle Value is approximately $2,159,365, excluding brokerage commissions. The aggregate purchase price of the 1,990,639 Shares beneficially owned Towle is approximately $13,834,941, excluding brokerage commissions.

The Shares purchased by each of Messrs. J. Towle and C. Towle were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 69,000 Shares owned directly and beneficially by Mr. J. Towle, including the 10,100 Shares owned by Ellwood House Association (“Ellwood”), a non-profit organization of which Mr. J. Towle is the investment manager, is approximately $404,492, including brokerage commissions. The aggregate purchase price of the 27,735 Shares owned directly and beneficially by Mr. C. Towle, including (i) 4,500 Shares directly owned by his spouse, and (ii) 1,235 Shares owned by Towle Institutional Partners, LP (“Towle Partners”), of which Mr. C. Towle is the general partner and investment manager, is approximately $171,714, including brokerage commissions.

Item 4.Purpose of Transaction.

On December 20, 2017, the Committee issued a press release announcing that it delivered an open letter (the “Letter”) to the Chairman of the Issuer’s board of directors (the “Board”) identifying severe concerns with the Board’s ongoing conflicts of interest, poor financial management and inadequate corporate governance practices. The Committee noted in the Letter that its efforts to engage in constructive dialogue with the Board over the past eight months have not resulted in any meaningful changes to the Issuer’s governance and performance. To this end, the Committee noted its intent to nominate a slate of four highly qualified independent director candidates for election at the Issuer’s 2018 annual meeting of shareholders (the “2018 Annual Meeting”). Based on its discussions with the Issuer and its review of Marshall Islands law and the Issuer’s Articles of Incorporation and Bylaws, the Committee has concluded that there are two seats up for election at the 2018 Annual Meeting, as well as two existing vacancies in Class B that the Committee intends to nominate director candidates to fill. The existing Class B vacancies are a result of the failure of two directors to receive a majority of the votes cast in favor of their election at the Issuer’s 2017 annual meeting of shareholders. The Committee would view any attempt by the Board to eliminate or manipulate any existing vacancies as a transparent action to entrench management and the Board and to disenfranchise shareholders.

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In the Letter, the Committee cited the impairment of shareholder value since the Issuer became publicly listed in 2006, noting that the Issuer’s shares have declined by 75% and underperformed the Russel 2000 Index by more than 200%. The Committee further noted that the Issuer’s valuation in relation to its net assets had reached an all-time low of 0.3x tangible book value and remains below a conservative estimate of liquidation value.

The Committee also expressed in the Letter its serious concerns regarding the Issuer’s troubling corporate governance practices, stating that the Issuer had been majority owned and controlled by its founder Mr. Dimitris Melissanidis, who has been subject to a number of proceedings, including criminal cases for which he was indicted but later acquitted. In addition, the Committee noted that the Issuer has engaged in various related party transactions with entities controlled by Mr. Melissanidis, many of which still persist.

The Committee stated that three out of four Board members currently serving were appointed by Mr. Melissanidis at the time of the Issuer’s IPO and shortly thereafter despite the fact that he is no longer a shareholder and the Issuer’s share ownership is nearly entirely concentrated in the United States today. The Letter further stated that no new members have joined the Board since 2009.

 

The Committee highlighted that the Issuer’s purchase of Mr. Melissanidis’ remaining stake for $100 million last year at $8.81 per share triggered liquidity problems for the Issuer and noted a subsequent decline in Issuer’s share price in the following months. The Committee also raised concerns in the Letter that the Issuer’s governance structure presents seven out of the eight problematic provisions that inform voting recommendations by Institutional Shareholder Services (“ISS”).

 

In the Letter, the Committee recommended changing the Issuer’s financing structure, reducing costs of capital, rationalizing the fixed asset base, instilling capital discipline and repositioning operations ahead of the significant industry changes prompted by IMO 2020 regulations expected to take effect in two years.

 

The Committee believes that the Board needs to be immediately reconstituted with directors who are fully committed to representing the best interests of all shareholders. The Committee further stated that the director candidates it has already recommended to the Board are uniquely well qualified to carry out the changes that are needed to restore shareholder value.

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The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, continuing to attempt to engage in communications with management and the Board of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition and board representation), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

The Committee calculated its percentage ownership in the Letter based on the Issuer’s diluted weighted average shares outstanding as reported in the Issuer’s Quarterly Report on Form 6-K filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2017. The full text of the Letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 5.Interest in Securities of the Issuer.

The aggregate percentage of Shares reported owned by each person named herein is based upon 40,640,422 Shares outstanding as of September 30, 2017, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 6-K filed with the SEC on November 15, 2017.

A.Mr. Baron
(a)As of the close of business on December 28, 2017, Mr. Baron directly owned 160,000 Shares.

Percentage: Less than 1%

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(b)1. Sole power to vote or direct vote: 160,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 160,000
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Mr. Baron during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
B.Mr. Roth
(a)As of the close of business on December 28, 2017, Mr. Roth directly owned 800,000 Shares.

Percentage: Approximately 2.0%

(b)1. Sole power to vote or direct vote: 800,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 800,000
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Mr. Roth during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
C.Mr. Moore
(a)As of the close of business on December 28, 2017, Mr. Moore directly owned 650,000 Shares.

Percentage: Approximately 1.6%

(b)1. Sole power to vote or direct vote: 650,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 650,000
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Mr. Moore during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
D.Shah Opportunity
(a)As of the close of business on December 28, 2017, Shah Opportunity beneficially owned 858,800 Shares.

Percentage: Approximately 2.1%

(b)1. Sole power to vote or direct vote: 858,800
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 858,800
4. Shared power to dispose or direct the disposition: 0

 

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(c)The transactions in the Shares by Shah Opportunity during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
E.Shah Capital
(a)As of the close of business on December 28, 2017, Shah Capital, as the general partner of Shah Opportunity, may be deemed the beneficial owner of the 858,800 Shares owned by Shah Opportunity

Percentage: Approximately 2.1%

(b)1. Sole power to vote or direct vote: 858,800
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 858,800
4. Shared power to dispose or direct the disposition: 0

 

(c)Shah Capital has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Shah Opportunity during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
F.Shah Management
(a)As of the close of business on December 28, 2017, Shah Management beneficially owned 1,003,390 Shares, of which 144,590 Shares were held in the Shah Management Account. Shah Management, as the investment manager of Shah Opportunity, may be deemed the beneficial owner of the 858,800 Shares owned by Shah Opportunity.

Percentage: Approximately 2.5%

(b)1. Sole power to vote or direct vote: 1,003,390
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,003,390
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Shah Management as investment manager of Shah Opportunity and in the Shah Management Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
H.Mr. Shah
(a)As of the close of business on December 28, 2017, Mr. Shah directly owned 35,494 Shares. Mr. Shah, as President and Chief Investment Officer of Shah Management and the managing member Shah Capital, may be deemed the beneficial owner of the 1,003,390 Shares beneficially owned by Shah Management.

Percentage: Approximately 2.6%

(b)1. Sole power to vote or direct vote: 35,594
2. Shared power to vote or direct vote: 1,003,390
3. Sole power to dispose or direct the disposition: 35,594
4. Shared power to dispose or direct the disposition: 1,003,390

  

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(c)Mr. Shah has not entered into any transactions in the Shares during the past sixty days. The transaction in the Shares on behalf of Shah Opportunity and through the Shah Management Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
I.Towle Capital
(a)As of the close of business on December 28, 2017, Towle Capital beneficially owned 313,000 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 313,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 313,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Towle Capital has not entered into any transactions in the Shares during the past sixty days.
J.Towle Value
(a)As of the close of business on December 28, 2017, Towle Value beneficially owned 310,700 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 310,700
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 310,700
4. Shared power to dispose or direct the disposition: 0

 

(c)Towle Value has not entered into any transactions in the Shares during the past sixty days.
K.Towle
(a)As of the close of business on December 28, 2017, Towle beneficially owned 1,990,639 Shares. Towle, as the general partner of Towle Capital and investment manager of Towle Value, may be deemed the beneficial owner of the (i) 313,000 shares owned by Towle Capital and (ii) the 310,700 shares owned by Towle Value.

Percentage: Approximately 4.9%

(b)1. Sole power to vote or direct vote: 1,990,639
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,990,639
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Towle during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
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L.Mr. J. Towle
(a)As of the close of business on December 28, 2017, Mr. J. Towle directly owned 58,900 Shares and, as the investment manager of Ellwood, may be deemed the beneficial owner of the 10,100 Shares held by Ellwood. Mr. J. Towle, as a partner of Towle, may be deemed the beneficial owner of the 1,990,639 Shares beneficially owned by Towle.

Percentage: Approximately 5.1%

(b)1. Sole power to vote or direct vote: 69,000
2. Shared power to vote or direct vote: 1,990,639
3. Sole power to dispose or direct the disposition: 69,000
4. Shared power to dispose or direct the disposition: 1,990,639

 

(c)Mr. J. Towle has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Towle during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
M.Mr. C. Towle
(a)As of the close of business on December 28, 2017, Mr. C. Towle directly owned 26,500 Shares, including 4,500 Shares owned by his spouse. Mr. C. Towle, as general partner of Towle Partners, may be deemed the beneficial owner of the 1,235 Shares held by Towle Partners. As a partner of Towle, Mr. C. Towle may be deemed the beneficial owner of the 1,990,639 Shares beneficially owned by Towle.

Percentage: Approximately 5.0%

(b)1. Sole power to vote or direct vote: 26,500
2. Shared power to vote or direct vote: 1,991,874
3. Sole power to dispose or direct the disposition: 26,500
4. Shared power to dispose or direct the disposition: 1,991,874

 

(c)Mr. C. Towle has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Towle during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

As of the close of business on December 28, 2017, the Reporting Persons collectively beneficially owned an aggregate of 4,736,358 Shares, constituting approximately 11.7% of the Shares outstanding.

Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.

(d)No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)Not applicable.
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Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

On December 20, 2017, the Reporting Persons entered into a Group Agreement (the “Group Agreement”) pursuant to which the Reporting Persons agreed, among other things, to (i) engage in discussions with the Issuer regarding means to enhance stockholder value and the corporate governance of the Issuer and (ii) the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Group Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

Item 7.Material to be Filed as Exhibits.
99.1Open Letter to the Chairman of the Board of Directors, dated December 20, 2017.
99.2Group Agreement, dated December 20, 2017.
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 SIGNATURES

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.

Dated: December 28, 2017

   
   
 

/s/ Tyler Baron

  Tyler Baron

 

 

 

/s/ August Roth

  August Roth

 

 

 

/s/ Justin Moore

  Justin Moore

 

 

  Shah Capital Opportunity Fund LP
   
  By: Shah Capital LLC, its General Partner
     
  By:

/s/ Himanshu H. Shah

    Name: Himanshu H. Shah
    Title: Managing Member

 

 

  Shah Capital LLC
   
  By:

/s/ Himanshu H. Shah

    Name: Himanshu H. Shah
    Title: Managing Member

 

 

  Shah Capital Management
   
  By:

/s/ Himanshu H. Shah

    Name: Himanshu H. Shah
    Title: President and Chief Investment Officer

 

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/s/ Himanshu H. Shah

  Himanshu H. Shah

 

 

  Towle Capital Partners LP
   
  By: Towle & Co., its General Partner
     
  By:

/s/ Christopher D. Towle

    Name: Christopher D. Towle
    Title: President and CEO

 

 

  Towle Deep Value Fund
   
  By: Towle & Co., its Investment Manager
     
  By:

/s/ Christopher D. Towle

    Name: Christopher D. Towle
    Title: President and CEO

 

 

  Towle & Co.
   
  By:

/s/ Christopher D. Towle

    Name: Christopher D. Towle
    Title: President and CEO

 

 

 

/s/ Joseph E. Towle

  Joseph E. Towle

 

 

 

/s/ Christopher D. Towle

  Christopher D. Towle

 

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SCHEDULE A

Transactions in the Shares During the Past Sixty Days

Nature of the Transaction

Securities

Purchased/(Sold)

Price Per

Share($)

Date of

Purchase / Sale

 

tyler baron

 

Purchase of Common Stock 1,000 4.4000[1] 10/25/2017
Sale of Common Stock (11,000) 4.4500* 10/31/2017
Purchase of Common Stock 3,571 4.2500* 11/03/2017
Purchase of Common Stock 1,022 4.1500* 11/07/2017
Purchase of Common Stock 1,300 3.8250* 11/17/2017
Purchase of Common Stock 1,316 3.9500* 11/20/2017
Purchase of Common Stock 1,200 4.0500* 11/21/2017
Purchase of Common Stock 1,250 4.0458* 11/28/2017
Purchase of Common Stock 1,500 4.0000* 11/30/2017
Purchase of Common Stock 2,410 4.2000* 12/01/2017
Purchase of Common Stock 1,200 4.2500* 12/04/2017
Purchase of Common Stock 1,200 4.0500* 12/05/2017
Purchase of Common Stock 1,728 4.0442* 12/07/2017
Purchase of Common Stock 5,180 4.1476* 12/08/2017
Purchase of Common Stock 60,000 4.2500* 12/11/2017
Purchase of Common Stock 15,000 4.2500* 12/12/2017
Purchase of Common Stock 25,000 4.1331* 12/13/2017
Purchase of Common Stock 6,810 4.2073* 12/15/2017
Purchase of Common Stock 4,997 4.2300* 12/18/2017

 

august roth

 

Sale of Common Stock (3,977) 4.5000 10/25/2017
Sale of Common Stock (10,000) 4.5000 10/25/2017
Sale of Common Stock (10,000) 4.5000 10/25/2017
Sale of Common Stock (10,000) 4.5000 10/25/2017
Sale of Common Stock (10,000) 4.5000 10/25/2017
Sale of Common Stock (10,000) 4.5000 10/25/2017
Sale of Common Stock (10,000) 4.5007 10/25/2017
Sale of Common Stock (5,000) 4.5029 10/25/2017
Sale of Common Stock (10,000) 4.5050 10/25/2017
Sale of Common Stock (10,000) 4.5092 10/25/2017
Sale of Common Stock (10,000) 4.5100 10/25/2017
Sale of Common Stock (10,000) 4.5100 10/25/2017
Sale of Common Stock (10,000) 4.5100 10/25/2017
Sale of Common Stock (10,000) 4.5100 10/25/2017
Sale of Common Stock (10,000) 4.5100 10/25/2017
Sale of Common Stock (10,000) 4.5102 10/25/2017
Sale of Common Stock (5,000) 4.5250 10/25/2017

 

 

 

*Represents the average price

 

 

 

Sale of Common Stock (10,000) 4.1000 11/07/2017
Sale of Common Stock (5,000) 4.1000 11/07/2017
Sale of Common Stock (10,000) 4.1051 11/07/2017
Sale of Common Stock (10,000) 4.1100 11/07/2017
Sale of Common Stock (10,000) 4.1143 11/07/2017
Sale of Common Stock (10,000) 4.1178 11/07/2017
Sale of Common Stock (5,000) 4.1266 11/07/2017
Sale of Common Stock (20,000) 4.1500 11/07/2017
Sale of Common Stock (10,000) 4.1500 11/07/2017
Sale of Common Stock (10,000) 4.1541 11/07/2017
Sale of Common Stock (10,000) 4.1750 11/07/2017
Sale of Common Stock (9,725) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2000 11/07/2017
Sale of Common Stock (20,000) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2000 11/07/2017
Sale of Common Stock (5,000) 4.2000 11/07/2017
Sale of Common Stock (5,000) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2000 11/07/2017
Sale of Common Stock (5,000) 4.2000 11/07/2017
Sale of Common Stock (10,000) 4.2003 11/07/2017
Sale of Common Stock (10,000) 4.2014 11/07/2017
Sale of Common Stock (10,000) 4.2030 11/07/2017
Sale of Common Stock (10,000) 4.2037 11/07/2017
Sale of Common Stock (10,000) 4.2050 11/07/2017
Sale of Common Stock (10,000) 4.2100 11/07/2017
Sale of Common Stock (10,000) 4.2107 11/07/2017
Sale of Common Stock (10,000) 4.2250 11/07/2017
Sale of Common Stock (5,000) 4.2266 11/07/2017
Purchase of Common Stock 5,000 3.2250 11/16/2017
Purchase of Common Stock 26 3.2500 11/16/2017
Purchase of Common Stock 10,000 3.2500 11/16/2017
Purchase of Common Stock 5,000 3.2500 11/16/2017
Purchase of Common Stock 5,000 3.3000 11/16/2017
Purchase of Common Stock 4,974 3.3000 11/16/2017
Purchase of Common Stock 5,000 3.3750 11/17/2017
Purchase of Common Stock 5,000 3.3750 11/17/2017
Purchase of Common Stock 2,500 3.3750 11/17/2017
Purchase of Common Stock 2,500 3.3750 11/17/2017
Purchase of Common Stock 2,500 3.3750 11/17/2017
Purchase of Common Stock 2,500 3.3750 11/17/2017
Purchase of Common Stock 2,500 3.3750 11/17/2017
Purchase of Common Stock 2,500 3.3900 11/17/2017
Purchase of Common Stock 2,000 3.5210 11/17/2017
Purchase of Common Stock 5,000 3.5234 11/17/2017
Purchase of Common Stock 5,000 3.5250 11/17/2017
Purchase of Common Stock 3,000 3.5418 11/17/2017
Purchase of Common Stock 3,504 3.5457 11/17/2017
Purchase of Common Stock 1,496 3.5842 11/17/2017

 

 

 

Purchase of Common Stock 2,500 3.5876 11/17/2017
Purchase of Common Stock 2,500 3.5909 11/17/2017
Purchase of Common Stock 2,500 3.5954 11/17/2017
Purchase of Common Stock 2,500 3.5955 11/17/2017
Purchase of Common Stock 3,000 3.6400 11/17/2017
Purchase of Common Stock 2,000 3.6400 11/17/2017
Purchase of Common Stock 3,000 3.6500 11/17/2017
Purchase of Common Stock 2,000 3.6500 11/17/2017
Purchase of Common Stock 512 3.6500 11/17/2017
Purchase of Common Stock 5,000 3.7191 11/17/2017
Purchase of Common Stock 5,000 3.7250 11/17/2017
Purchase of Common Stock 4,488 3.7380 11/17/2017
Purchase of Common Stock 5,000 3.7382 11/17/2017
Purchase of Common Stock 5,000 3.7382 11/17/2017
Purchase of Common Stock 5,000 3.7391 11/17/2017
Purchase of Common Stock 5,000 3.7391 11/17/2017
Purchase of Common Stock 5,000 3.7400 11/17/2017
Purchase of Common Stock 5,000 3.7400 11/17/2017
Purchase of Common Stock 5,000 3.7400 11/17/2017
Purchase of Common Stock 5,000 3.7400 11/17/2017
Purchase of Common Stock 5,000 3.7484 11/17/2017
Purchase of Common Stock 5,000 3.7900 11/17/2017
Purchase of Common Stock 5,000 3.7900 11/17/2017
Purchase of Common Stock 5,000 3.7950 11/17/2017
Purchase of Common Stock 5,000 3.7991 11/17/2017
Purchase of Common Stock 2,000 3.8300 11/20/2017
Purchase of Common Stock 1,000 3.8400 11/20/2017
Purchase of Common Stock 2,500 3.8400 11/20/2017
Purchase of Common Stock 3,000 3.8417 11/20/2017
Purchase of Common Stock 1,300 3.8453 11/20/2017
Purchase of Common Stock 5,000 3.9363 11/20/2017
Purchase of Common Stock 5,000 3.9400 11/20/2017
Purchase of Common Stock 3,000 3.9400 11/20/2017
Purchase of Common Stock 1,200 3.9400 11/20/2017
Purchase of Common Stock 5,000 3.9467 11/20/2017
Purchase of Common Stock 5,000 4.0250 11/21/2017
Purchase of Common Stock 5,000 4.0346 11/21/2017
Purchase of Common Stock 5,000 4.0391 11/21/2017
Purchase of Common Stock 10,000 4.0400 11/21/2017
Purchase of Common Stock 5,000 4.0426 11/21/2017
Purchase of Common Stock 7,424 4.0500 11/21/2017
Purchase of Common Stock 5,000 4.0500 11/21/2017
Purchase of Common Stock 5,000 4.0750 11/21/2017
Purchase of Common Stock 2,576 4.0750 11/21/2017
Purchase of Common Stock 2,000 4.1750 12/01/2017
Purchase of Common Stock 2,000 4.1750 12/01/2017
Purchase of Common Stock 2,000 4.1750 12/01/2017
Purchase of Common Stock 2,000 4.1750 12/01/2017
Purchase of Common Stock 2,000 4.1750 12/01/2017
Purchase of Common Stock 5,000 4.0912 12/14/2017
Purchase of Common Stock 5,000 4.0942 12/14/2017

 

 

 

Purchase of Common Stock 5,000 4.0980 12/14/2017
Purchase of Common Stock 5,000 4.0984 12/14/2017
Purchase of Common Stock 10,000 4.1894 12/14/2017
Purchase of Common Stock 10,000 4.1900 12/14/2017
Purchase of Common Stock 2,000 4.2250 12/14/2017
Purchase of Common Stock 2,000 4.2250 12/14/2017
Purchase of Common Stock 2,000 4.2334 12/14/2017
Purchase of Common Stock 2,000 4.2400 12/14/2017
Purchase of Common Stock 1,000 4.2500 12/14/2017
Purchase of Common Stock 5,000 4.0734 12/15/2017
Purchase of Common Stock 5,000 4.0831 12/15/2017
Purchase of Common Stock 5,000 4.0868 12/18/2017
Purchase of Common Stock 5,000 4.0894 12/18/2017
Purchase of Common Stock 5,000 4.0894 12/18/2017
Purchase of Common Stock 5,000 4.0898 12/18/2017
Purchase of Common Stock 3,000 4.1247 12/18/2017
Purchase of Common Stock 2,702 4.1250 12/18/2017
Purchase of Common Stock 5,000 4.1394 12/18/2017

 

justin moore

 

Purchase of Common Stock  601 4.4000 10/25/2017
Purchase of Common Stock 45,772 4.4000 10/26/2017
Purchase of Common Stock 4,228 4.3900 10/26/2017
Purchase of Common Stock 437 4.4000 10/30/2017
Purchase of Common Stock 2,500 4.4000 10/31/2017
Purchase of Common Stock 22,500 4.3900 10/31/2017
Purchase of Common Stock 2,000 4.4000 11/01/2017
Purchase of Common Stock 2,000 4.4000 11/03/2017
Purchase of Common Stock 8,000 4.3900 11/03/2017
Purchase of Common Stock 15,000 4.3000 11/03/2017
Purchase of Common Stock 1,500 4.3000 11/03/2017
Purchase of Common Stock 13,500 4.2900 11/03/2017
Purchase of Common Stock 800 4.2000 11/03/2017
Purchase of Common Stock 15,000 4.2000 11/07/2017
Purchase of Common Stock 10,000 4.2000 11/07/2017
Purchase of Common Stock 15,000 4.1500 11/07/2017
Purchase of Common Stock 15,000 3.8000 11/08/2017
Purchase of Common Stock 15,000 3.7400 11/08/2017
Purchase of Common Stock 4,880 3.6500 11/08/2017
Purchase of Common Stock 900 3.7000 11/09/2017
Purchase of Common Stock 9,000 3.6900 11/09/2017
Purchase of Common Stock 100 3.6750 11/09/2017
Purchase of Common Stock 5,000 3.7000 11/10/2017
Purchase of Common Stock 5,000 3.6500 11/10/2017
Purchase of Common Stock 5,000 3.6500 11/13/2017

 

 

 

Purchase of Common Stock 5,000 3.3500 11/14/2017
Purchase of Common Stock 5,000 3.3500 11/14/2017
Purchase of Common Stock 900 3.2000 11/15/2017
Purchase of Common Stock 1,978 3.7500 11/20/2017
Purchase of Common Stock 8,022 3.7400 11/20/2017
Purchase of Common Stock 10,000 3.7000 11/20/2017
Purchase of Common Stock 10,000 3.6500 11/20/2017
Purchase of Common Stock 1,014 3.8500 11/20/2017
Purchase of Common Stock 6,600 3.9500 11/21/2017
Purchase of Common Stock 5,600 3.9500 11/22/2017
Purchase of Common Stock 4,400 3.9000 11/22/2017
Purchase of Common Stock 3,000 3.9000 11/22/2017
Purchase of Common Stock 7,000 3.8900 11/22/2017
Purchase of Common Stock 10,000 3.8500 11/22/2017
Purchase of Common Stock 2 3.9500 11/27/2017
Purchase of Common Stock 10,000 3.9500 11/28/2017
Purchase of Common Stock 10,000 4.0500 11/29/2017
Purchase of Common Stock 10,000 4.0000 11/29/2017
Purchase of Common Stock 20,000 4.0500 11/30/2017
Purchase of Common Stock 20,000 4.0000 11/30/2017
Purchase of Common Stock 20,000 4.0000 11/30/2017
Purchase of Common Stock 10,000 3.9900 11/30/2017
Purchase of Common Stock 6,109 4.0000 12/01/2017
Purchase of Common Stock 20,000 4.0000 12/13/2017
Purchase of Common Stock 40,000 4.0000 12/13/2017
Purchase of Common Stock 20,000 4.0000 12/13/2017
Purchase of Common Stock 20,000 3.9900 12/13/2017
Purchase of Common Stock 20,774 4.0000 12/15/2017
Purchase of Common Stock 25,000 4.0500 12/15/2017
Purchase of Common Stock 14,100 4.0500 12/15/2017
Purchase of Common Stock 10,900 4.0450 12/15/2017
Purchase of Common Stock 300 4.0500 12/19/2017
Purchase of Common Stock 74,700 4.0500 12/19/2017
Purchase of Common Stock 71 4.0000 12/19/2017
Purchase of Common Stock 26 4.0450 12/19/2017
Purchase of Common Stock 786 4.0450 12/19/2017

 

Shah Capital opportunity fund lp

 

Purchase of Common Stock 100,000 4.2372 11/07/2017
Purchase of Common Stock 162,528 4.1811 11/07/2017
Purchase of Common Stock 15,729 3.2125 11/16/2017
Purchase of Common Stock 87,033 4.0409 12/15/2017
Purchase of Common Stock 16,800 4.1027 12/18/2017

 

 

 

Shah capital mangement, inc.

(Through the Shah Management Account)

 

Purchase of Common Stock 50,774 4.4536 10/31/2017
Purchase of Common Stock 86,316 4.4500 11/02/2017
Purchase of Common Stock 5,000 4.3500 11/03/2017
Purchase of Common Stock 2,500 4.3350 11/03/2017

 

TOWLE & CO.

 

Sale of Common Stock (260) 4.4049* 10/25/2017
Sale of Common Stock (40) 3.2798* 11/14/2017
Sale of Common Stock (142) 3.9799* 11/30/2017
Sale of Common Stock (9,408) 4.1177* 12/01/2017
Purchase of Common Stock 2,540 4.2700* 12/12/2017
Sale of Common Stock (100) 4.0750* 12/21/2017

 

 

 

*Reflects the weighted average price.