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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 Senior Convertible Preferred Stock | Â (1)(2) | Â (1)(2) | Common Stock | 10,113,982.98 | $ (1) (2) | D | Â |
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| BSMB/ACA LLC C/O ACA CAPITAL HOLDINGS, INC. 140 BROADWAY NEW YORK, NY 10005 |
 |  X |  |  |
| HOWARD JOHN C/O ACA CAPITAL HOLDINGS, INC. 140 BROADWAY NEW YORK, NY 10005 |
 |  X |  |  |
| /s/ Stacey Tyson, Attorney-In-Fact | 11/09/2006 | |
| **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 Senior Convertible Preferred Stock has no expiration date and, upon the closing of the initial public offering of the issuer, will convert into shares of the issuer's common stock on a 6-for-1 basis. The number of shares reported reflects the 6-for-1 conversion. |
| (2) | See Remarks |
|  Remarks: The reported securities are directly owned by BSMB/ACA LLC. This report is also being filed by John D. Howard, a senior managing director of Bear, Stearns & Co. Inc., a subsidiary of The Bear Stearns Companies Inc. Through his ownership of JDH Management LLC ("JDH"), Mr. Howard exercises investment discretion over the reported securities held by the several investment limited partnerships controlled by Bear Stearns Merchant Capital II, L.P. (collectively, "BSMBP II") and BSMB/ACA LLC. JDH is the manager of Bear Stearns Merchant Manager II, LLC, which is the manager of BSMB/ACA LLC and the special limited partner of Bear Stearns Merchant Capital II, L.P. The Bear Stearns Companies Inc. is the managing member of Bear Stearns Merchant GP II, LLC, which is the general partner of Bear Stearns Merchant Capital II, L.P., the general partner of each of the several investment partnerships that comprise BSMBP II. Mr. Howard and The Bear Stearns Companies Inc. share investment and voting power with respect to shares owned by BSMBP II and BSMB/ACA LLC, but disclaim beneficial ownership of such shares, except to the extent of their pecuniary interests therein. The reporting persons may be deemed members of a Section 13(d) "group" pursuant to the issuer's stockholders agreement. This filing shall not be deemed an admission that any reporting person is, for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, a member of a group or the beneficial owner of any securities in excess of the amount in which the reporting person has a pecuniary interest. Exhibit List: Exhibit 24.1: Power of Attorney, Exhibit 24.2: Power of Attorney, Exhibit 99: Joint Filer Information. | |