sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 4)(1)
First Trust Value Line(R) Dividend Fund
---------------------------------------
(Name of Issuer)
Common Stock, Par Value $.01 Per Share
--------------------------------------
(Title of Class of Securities)
33735A100
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 31, 2006
---------------
(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 Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 39 Pages)
--------
(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 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).
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 2 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 2,041,575
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,041,575
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,041,575
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 3 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARTHUR D. LIPSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, 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 2,042,575
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,042,575
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,042,575
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 4 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT HEDGED PARTNERS LP
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 951,010
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
951,010
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
951,010
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 5 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 143,000
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
143,000
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
143,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 6 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 947,565
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
947,565
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
947,565
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 7 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 722,100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
722,100
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
722,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 8 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS PARTNERS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 443,200
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
443,200
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
443,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 9 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS MANAGEMENT, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 722,100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
722,100
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
722,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 10 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PARADIGM PARTNERS, N.W., INC.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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
WASHINGTON
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 443,200
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
443,200
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
443,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 11 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ROBERT FERGUSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 1,165,300
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,165,300
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,165,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 12 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOTT FRANZBLAU
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 722,100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
722,100
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
722,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 13 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MICHAEL DUNMIRE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 1,165,300
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,165,300
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,165,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 14 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MATTHEW S. CROUSE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 15 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JAMES R. MERCHANT
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 16 of 39 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PHILIP COOPER
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 17 of 39 Pages
---------------------- ----------------------
The following constitutes Amendment No. 4 ("Amendment No. 4") to the
Schedule 13D filed by the undersigned. This Amendment No. 4 amends the Schedule
13D as specifically set forth.
Item 2 is hereby amended to add the following:
In connection with the Letter Agreement described and defined in Item
4, Arthur D. Lipson withdrew his nomination of himself and Matthew S. Crouse,
James Merchant and Philip Cooper for election as Trustees at the Issuer's 2006
annual meeting of shareholders after the Issuer announced that it would put to a
shareholder vote conversion of the Issuer from a closed-end fund to an
exchange-traded fund. Accordingly, Messrs. Crouse, Merchant and Cooper are no
longer members of the Section 13(d) group and shall cease to be Reporting
Persons immediately after the filing of this Statement. The remaining Reporting
Persons will continue filing as a group statements on Schedule 13D with respect
to their beneficial ownership of securities of the Issuer to the extent required
by applicable law.
Item 3 is hereby amended and restated as follows:
The aggregate purchase price of the 2,041,575 Shares beneficially
owned by WILLC is approximately $30,080,494. The Shares beneficially owned by
WILLC were acquired with the working capital of each of WIHP, WITR and WIAP. The
aggregate purchase price of the 722,100 Shares beneficially owned by BPM is
approximately $10,783,672. The Shares beneficially owned by BPM were acquired
with the working capital of BPIP. The aggregate purchase price of the 443,200
Shares beneficially owned by PPNW is approximately $6,486,361. The Shares
beneficially owned by PPNW were acquired with the working capital of BPP. The
aggregate purchase price of the 1,000 additional Shares owned directly by Mr.
Lipson is approximately $15,420. The Shares owned directly by Mr. Lipson were
acquired with his personal funds.
Item 4 is hereby amended to add the following:
On August 31, 2006, the Reporting Persons entered into a Letter
Agreement with the Issuer (the "Letter Agreement") in which the Issuer and the
Reporting Persons agreed to take or refrain from taking certain actions
including the following:
o The Reporting Persons withdrew their notice (the "Nomination
Letter") nominating five nominees for election as Trustees of the Issuer at the
2006 annual meeting of shareholders and an associated request to inspect the
shareholders list and other corporate records of the Issuer.
o The Issuer agreed that the next meeting of shareholders of the
Issuer will be a special meeting of shareholders (the "Special Meeting") to be
held on or prior to February 15, 2007 for the purpose of approving the
reorganization of the Issuer into First Trust Value Line(R) Dividend Index Fund
(the "Reorganization"), subject to compliance with applicable laws, rules and
regulations.
o The Issuer agreed that the only business to be conducted at the
Special Meeting will be the approval of the Reorganization and any matters
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 18 of 39 Pages
---------------------- ----------------------
related thereto, subject to compliance with applicable laws, rules and
regulations. Without limiting the generality of the foregoing, the Issuer agreed
that it will not present to the shareholders a proposal to elect Trustees of the
Issuer at the Special Meeting.
o The parties agreed that if either (a) the Reorganization is not
approved by the shareholders at the Special Meeting, (b) the Reorganization does
not take place substantially in accordance with the terms described in the press
release regarding the Reorganization of the Issuer issued on July 28, 2006 (the
"Press Release") by March 31, 2007, (c) the Issuer files preliminary proxy
materials with respect to, or announces that it will hold, a meeting of
shareholders for the purpose of electing Trustees, or (d) the Issuer breaches
any material provision of the Letter Agreement, the Nomination Letter shall be
deemed to have been resubmitted to the Secretary of the Issuer and the
nomination of candidates set forth in such Nomination Letter shall be accepted
by the Issuer as being sufficient under the By-Laws of the Issuer, and such
candidates shall be eligible to be considered for election at the next meeting
of shareholders held for the purpose of electing Trustees.
o The Issuer agreed that, to the extent the Reorganization is not
approved by the shareholders by February 15, 2007 or the Reorganization does not
take place by March 31, 2007 substantially in accordance with the terms
described in the Press Release, the Issuer shall promptly call an annual meeting
of shareholders to be held within 90 days thereafter for the purpose of electing
Trustees.
o The Issuer agreed that from the date of the Letter Agreement through
the date of the next meeting of shareholders called for the purpose of electing
Trustees, if any, it will not (i) amend its Declaration of Trust or By-Laws of
the Issuer so as to limit the Reporting Persons' ability to nominate or elect a
slate of Trustees at such a meeting, including amending the quorum requirements
set forth in Article III, Section 2 of the By-Laws of the Issuer and the number
of shares required to vote to elect a Trustee set forth in Section 6.6 of the
Issuer's Declaration of Trust; (ii) increase the number of Trustees serving in
office above five (5) persons; or (iii) adopt a shareholders rights plan whereby
any Reporting Person would be deemed an "Acquiring Person" so long as the
aggregate number of shares of voting securities of the Issuer beneficially owned
by the Reporting Persons does not exceed the greater of (a) the aggregate number
of shares of the Issuer beneficially owned by the Reporting Persons as of the
date of the Letter Agreement or (b) if the aggregate amount of voting securities
of the Issuer increases from the amount outstanding on the date of the Letter
Agreement, the percentage of outstanding voting securities of the Issuer deemed
beneficially owned in the aggregate by the Reporting Persons on the date of the
Letter Agreement.
o Except as expressly set forth in the Letter Agreement, each of the
Reporting Persons agreed, until the earliest of the occurrence of any event
enumerated in subparagraphs (a) through (d) of the fourth bullet point above
(the "Effective Period"), or upon the consummation of the Reorganization, that
it will not, and will cause its affiliates and associates not to, directly or
indirectly, alone or in concert with others, unless specifically requested in
writing by the Chairman and President of the Issuer or by a resolution of a
majority of the Trustees of the Issuer currently in office, take any of the
actions set forth below (or take any action that would require the Issuer to
make an announcement regarding any of the following):
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CUSIP No. 33735A100 13D Page 19 of 39 Pages
---------------------- ----------------------
o effect, seek, offer, engage in, propose (whether publicly or
otherwise) or cause or participate in, or assist any other person to
effect, seek, engage in, offer or propose (whether publicly or otherwise)
or participate in (other than as specifically contemplated by the Letter
Agreement) any "solicitation" of "proxies" (as such terms are defined in
the rules and regulations promulgated under the Securities Exchange Act of
1934, as amended (the "Exchange Act") but without regard to the exclusion
set forth in Rule 14a-1(1)(2)(iv) from the definition of "solicitation"),
whether or not relating to the election or removal of Trustees, with
respect to the Issuer or any transaction relating to the Issuer, or any
action resulting in the Reporting Persons or any of their respective
affiliates or associates becoming a "participant" in any "election contest"
(as such terms are defined in the rules and regulations promulgated under
the Exchange Act) with respect to the Issuer;
o propose any matter for submission to a vote of shareholders of
the Issuer;
o grant any proxy with respect to any shares of the Issuer (other
than to proxies designated by the Board of Trustees of the Issuer);
o execute any written consent with respect to any shares of the
Issuer;
o form, join or participate in a "group" (within the meaning of
Section 13(d)(3) of the Exchange Act) with respect to any shares of the
Issuer or deposit any shares of the Issuer in a voting trust or subject any
shares of the Issuer to any arrangement or agreement with respect to the
voting of such shares of the Issuer or other agreement having similar
effect (in each case except between the Reporting Persons and each of their
affiliates);
o seek, alone or in concert with others, (i) to call a meeting of
shareholders of the Issuer; (ii) representation on the Board of Trustees of
the Issuer; (iii) the removal of any member of the Board of Trustees of the
Issuer; or (iv) to control or influence the management or policies of the
Issuer; or
o except as specifically contemplated by the Letter Agreement,
enter into any discussions, negotiations, arrangements or understandings
with any person with respect to any of the foregoing, or advise, assist,
encourage or seek to persuade others to take any action with respect to any
of the foregoing.
o None of the foregoing covenants in the prior bullet point shall be
construed to prevent the Reporting Persons from soliciting the Issuer's
shareholders in favor of the Issuer's proposal to engage in the Reorganization.
o Each of the Reporting Persons covenants and agrees that during the
Effective Period it will not, and will cause its affiliates and associates not
to (and will not advise, assist or encourage others to), vote against any
proposal proposed by management to the shareholders of the Issuer. Each of the
Reporting Persons covenants and agrees that during the Effective Period it will,
and will cause its affiliates and associates to, vote each of the shares of the
Issuer held by such persons on the record date of the related meeting in favor
of the Reorganization.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 20 of 39 Pages
---------------------- ----------------------
o Except for pledges in existence as of the date of the Letter
Agreement, each of the Reporting Persons agreed that during the Effective
Period, it shall not (i) sell, transfer, tender, pledge, encumber, assign or
otherwise dispose of (collectively, a "Transfer"), or enter into any contract,
option or other agreement with respect to, or consent to, a Transfer of, any or
all of the Reporting Persons' shares of the Issuer; provided, however that each
of the Reporting Persons may Transfer any or all of its shares of the Issuer to
one of its affiliates that agrees in writing to be bound by the terms of the
Letter Agreement and, with the consent of the Issuer (which consent shall not be
unreasonably withheld), may pledge or encumber any shares of the Issuer so long
as such pledge or encumbrance would not impair its obligations under the Letter
Agreement; or (ii) take any action that would have the effect of preventing,
impeding, interfering without adversely affecting its ability to perform its
obligations under the Letter Agreement; provided, however, that no Reporting
Person shall be bound by the restrictions contained in (i) above subsequent to
the consummation of the Reorganization.
The foregoing description of the Letter Agreement does not purport to be
complete and is qualified in its entirety by reference to such agreement, which
is filed as an exhibit hereto and incorporated herein by reference.
Item 5(a) is hereby amended and restated as follows:
(a) The aggregate percentage of Shares reported owned by each person
named herein is based upon 32,400,000 Shares outstanding as of November 30,
2005, as reported in the Issuer's Form N-CSRS filed with the Securities and
Exchange Commission on February 2, 2006.
As of the close of business on August 31, 2006, WIHP, WITR, WIAP, BPIP
and BPP beneficially owned 951,010, 143,000, 947,565, 722,100 and 443,200
Shares, respectively, representing 2.9%, 0.4%, 2.9%, 2.2% and 1.4%,
respectively, of the Shares outstanding. WILLC beneficially owned 2,041,575
Shares, constituting approximately 6.3% of the Shares outstanding. Mr. Lipson
beneficially owned 2,042,575 Shares, constituting approximately 6.3% of the
Shares outstanding. Mr. Franzblau beneficially owned 722,100 Shares,
constituting approximately 2.2% of the Shares outstanding. Messrs. Ferguson and
Dunmire beneficially owned 1,165,300 Shares, constituting approximately 3.6% of
the Shares outstanding.
As the general partner, managing member or investment manager, as the
case may be, of WIHP, WITR and WIAP, WILLC may be deemed to beneficially own the
2,041,575 Shares beneficially owned in the aggregate by WIHP, WITR and WIAP. As
the managing member of WILLC, Mr. Lipson may be deemed to beneficially own the
2,041,575 Shares beneficially owned by WILLC. As the managing member of BPIP,
BPM may be deemed to beneficially own the 722,100 Shares beneficially owned by
BPIP. As the managing members of BPM, Messrs. Franzblau, Ferguson and Dunmire
may be deemed to beneficially own the 722,100 Shares owned by BPM. As the
managing member of BPP, PPNW may be deemed to beneficially own the 443,200
Shares beneficially owned by BPP. As the sole officers and directors of PPNW,
Messrs. Ferguson and Dunmire may be deemed to beneficially own the 443,200
Shares beneficially owned by PPNW.
Currently, none of Messrs. Crouse, Merchant or Cooper beneficially
owns any securities of the Issuer.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 21 of 39 Pages
---------------------- ----------------------
Item 5(c) is hereby amended to add the following:
(c) Schedule A annexed hereto lists all transactions by the Reporting
Persons in the Issuer's securities effected since the filing of Amendment No. 3
to the Schedule 13D. All of such transactions were effected in the open market.
Item 6 is hereby amended to add the following:
Reference is made to the Letter Agreement described and defined in
Item 4.
Item 7 is hereby amended to add the following Exhibit:
Exhibit 4 Letter Agreement by and among First Trust Value Line(R)
Dividend Fund and Western Investment Hedged Partners, L.P.,
Western Investment Total Return Master Fund Ltd., Western
Investment Activism Partners LLC, Western Investment LLC,
Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus
Management, L.L.C., Benchmark Plus Partners, L.L.C., Paradigm
Partners, N.W., Inc., Arthur D. Lipson, Matthew S. Crouse,
Scott Franzblau, Michael Dunmire, James Merchant and Philip
Cooper, dated August 31, 2006.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 22 of 39 Pages
---------------------- ----------------------
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: August 31, 2006 WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
By: Western Investment LLC,
Its Investment Manager
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 23 of 39 Pages
---------------------- ----------------------
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Paradigm Partners, N.W., Inc.
Its Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: President
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Chairman of the Board
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 24 of 39 Pages
---------------------- ----------------------
PARADIGM PARTNERS, N.W., INC.
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: President
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Chairman of the Board
/s/ Arthur D. Lipson
------------------------------------------------
ARTHUR D. LIPSON
/s/ Scott Franzblau
------------------------------------------------
SCOTT FRANZBLAU
/s/ Robert Ferguson
------------------------------------------------
ROBERT FERGUSON
/s/ Michael Dunmire
------------------------------------------------
MICHAEL DUNMIRE
/s/ Matthew S. Crouse
------------------------------------------------
MATTHEW S. CROUSE
/s/ James R. Merchant
------------------------------------------------
JAMES R. MERCHANT
/s/ Philip Cooper
------------------------------------------------
PHILIP COOPER
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 25 of 39 Pages
---------------------- ----------------------
Exhibit Page
------- ----
1. Joint Filing Agreement by and among Western --
Investment LLC, Arthur D. Lipson, Western
Investment Hedged Partners LP, Western
Investment Total Return Master Fund Ltd.,
Western Investment Activism Partners LLC,
Benchmark Plus Institutional Partners, L.L.C.,
Benchmark Plus Partners, L.L.C., Benchmark Plus
Management, L.L.C, Paradigm Partners, N.W.,
Inc., Scott Franzblau, Robert Ferguson and
Michael Dunmire, dated December 12, 2005
(previously filed).
2. Director Nomination Letter from Arthur D. Lipson --
to First Trust Value Line(R) Dividend Fund,
dated June 27, 2006 (previously filed).
3. Joint Filing and Solicitation Agreement by and --
among Western Investment Hedged Partners, L.P.,
Western Investment Total Return Master Fund
Ltd., Western Investment Activism Partners LLC,
Western Investment LLC, Benchmark Plus
Institutional Partners, L.L.C., Benchmark Plus
Management, L.L.C., Benchmark Plus Partners,
L.L.C., Paradigm Partners, N.W., Inc., Arthur D.
Lipson, Matthew S. Crouse, Scott Franzblau,
Michael Dunmire, James Merchant and Philip
Cooper, dated June 27, 2006 (previously filed).
4. Letter Agreement by and among First Trust Value 27 to 39
Line(R) Dividend Fund and Western Investment
Hedged Partners, L.P., Western Investment Total
Return Master Fund Ltd., Western Investment
Activism Partners LLC, Western Investment LLC,
Benchmark Plus Institutional Partners, L.L.C.,
Benchmark Plus Management, L.L.C., Benchmark
Plus Partners, L.L.C., Paradigm Partners, N.W.,
Inc., Arthur D. Lipson, Matthew S. Crouse, Scott
Franzblau, Michael Dunmire, James Merchant and
Philip Cooper, dated August 31, 2006.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 26 of 39 Pages
---------------------- ----------------------
SCHEDULE A
TRANSACTIONS IN THE COMMON STOCK OF THE ISSUER
SINCE THE FILING OF AMENDMENT NO. 3 TO THE SCHEDULE 13D
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
WESTERN INVESTMENT HEDGED PARTNERS, L.P.
BUY 25,600 06/29/2006 14.7339
BUY 12,800 06/29/2006 14.7352
BUY 3,600 07/07/2006 14.9372
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 27 of 39 Pages
---------------------- ----------------------
August 31, 2006
VIA FACSIMILE AND FEDERAL EXPRESS
First Trust Value Line(R) Dividend Fund
1001 Warrenville Road, Suite 300
Lisle, Illinois 60532
This letter agreement (the "Agreement") is to confirm the understanding by
and among First Trust Value Line(R) Dividend Fund (the "Fund") and Arthur D.
Lipson and the members of his group, Western Investment LLC, Western Investment
Hedged Partners LP, Western Investment Total Return Master Fund Ltd., Western
Investment Activism Partners LLC, Benchmark Plus Institutional Partners, L.L.C.,
Benchmark Plus Management, L.L.C., Benchmark Plus Partners, L.L.C., Paradigm
Partners, N.W., Inc., Matthew S. Crouse, Scott Franzblau, Michael Dunmire,
Robert Ferguson, James Merchant and Philip Cooper (collectively with Mr. Lipson,
the "Group") in connection with the Group's activities with respect to the Fund.
The intent of this Agreement, among other things, is to preserve each of the
party's respective positions with respect to a shareholder meeting of the Fund
at which Trustees would be elected, except as specified herein. In consideration
of the mutual covenants, obligations and agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, it is hereby agreed as follows:
1. Mr. Lipson hereby withdraws his letter to the Fund dated June 28, 2006
requesting a shareholders list and other corporate records of the
Fund.
2. The members of the Group hereby withdraw their letter to the Fund
dated July 24, 2006 requesting a shareholders list and other corporate
records of the Fund.
3. Mr. Lipson hereby withdraws his letter to the Fund dated June 27, 2006
nominating five nominees for election as Trustees of the Fund at the
2006 annual meeting of shareholders of the Fund (the "Nomination
Letter"), subject to Section 6 hereof.
4. The Fund agrees that the next meeting of shareholders of the Fund will
be a special meeting of shareholders (the "Special Meeting") to be
held on or prior to February 15, 2007 for the purpose of approving the
reorganization of the Fund into First Trust Value Line(R) Dividend
Index Fund (the "Reorganization") substantially under the terms
described in the press release issued by the Fund on July 28, 2006
relating to the Reorganization (the "Press Release"), subject to
compliance with applicable laws, rules and regulations.
5. The Fund agrees that the only business to be conducted at the Special
Meeting will be the approval of the Reorganization and any matters
related thereto, subject to compliance with applicable laws, rules and
regulations. Without limiting the generality of the foregoing, the
Fund agrees that it will not present to the shareholders a proposal to
elect Trustees of the Fund at the Special Meeting.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 28 of 39 Pages
---------------------- ----------------------
6. The parties agree that if either (a) the Reorganization is not
approved by the shareholders at the Special Meeting, (b) the
Reorganization does not take place substantially in accordance with
the terms described in the Press Release by March 31, 2007, (c) the
Fund files preliminary proxy materials with respect to, or announces
that it will hold, a meeting of shareholders for the purpose of
electing or re-appointing Trustees pursuant to Section 7 or otherwise,
or (d) the Fund breaches any material provision of this Agreement, the
provisions of Section 3 hereof shall be inoperative and the Nomination
Letter shall be deemed to have been resubmitted to the Secretary of
the Fund and the nomination of candidates set forth in such Nomination
Letter shall be accepted by the Fund as being sufficient under the
By-Laws, and such candidates shall be eligible to be considered for
election at the next meeting of shareholders held for the purpose of
electing Trustees.
7. The Fund agrees that, to the extent the Reorganization is not approved
by the shareholders by February 15, 2007 or the Reorganization does
not take place by March 31, 2007 substantially in accordance with the
terms described in the Press Release, the Fund shall promptly call an
annual meeting of shareholders to be held within 90 days thereafter
for the purpose of electing Trustees.
8. The Fund agrees that from the date hereof through the date of the next
meeting of shareholders called for the purpose of electing Trustees,
if any, it will not (i) amend its Declaration of Trust or By-Laws so
as to limit the Group's ability to nominate or elect a slate of
Trustees at such a meeting, including amending the quorum requirements
set forth in Article III, Section 2 of the By-Laws of the Fund and the
number of shares required to vote to elect a Trustee set forth in
Section 6.6 of the Fund's Declaration of Trust; (ii) increase the
number of Trustees serving in office above five (5) persons; or (iii)
adopt a shareholders rights plan whereby any member of the Group would
be deemed an "Acquiring Person" so long as the aggregate number of
shares of voting securities of the Fund beneficially owned by the
Group does not exceed the greater of (a) the aggregate number of
Shares set forth on Schedule I or (b) if the aggregate amount of
voting securities of the Fund increases from the amount outstanding on
the date hereof, the percentage of outstanding voting securities of
the Fund deemed beneficially owned in the aggregate by the Group on
the date hereof.
9. The Fund agrees to provide Mr. Lipson an opportunity to review and
comment on the portion of any press release or public filing
containing statements relating to this Agreement prior to its public
release, and the Fund will consider such comments but is not obligated
to accept such comments.
10. Except as expressly set forth in this Agreement, each member of the
Group covenants and agrees with the Fund that during the period
commencing on the date hereof and ending on the earliest of the
occurrence of any event enumerated in subparagraphs (a) through (d) of
Section 6 hereof (the "Effective Period"), or upon the consummation of
the Reorganization, it will not, and will cause its Affiliates (as
defined below) and Associates (as defined below) not to, directly or
indirectly, alone or in concert with others, unless specifically
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 29 of 39 Pages
---------------------- ----------------------
requested in writing by the Chairman and President of the Fund or by a
resolution of a majority of the Trustees of the Fund currently in
office, take any of the actions set forth below (or take any action
that would require the Fund to make an announcement regarding any of
the following):
(a) effect, seek, offer, engage in, propose (whether publicly or
otherwise) or cause or participate in, or assist any other Person to
effect, seek, engage in, offer or propose (whether publicly or
otherwise) or participate in (other than as specifically contemplated
by this Agreement) any "solicitation" of "proxies" (as such terms are
defined in the rules and regulations promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act") but without
regard to the exclusion set forth in Rule 14a-1(1)(2)(iv) from the
definition of "solicitation"), whether or not relating to the election
or removal of Trustees, with respect to the Fund or any transaction
relating to the Fund, or any action resulting in the Group or any
member of the Group or any of their respective Affiliates or
Associates becoming a "participant" in any "election contest" (as such
terms are defined in the rules and regulations promulgated under the
Exchange Act) with respect to the Fund;
(b) propose any matter for submission to a vote of shareholders
of the Fund;
(c) grant any proxy with respect to any Shares (as defined below)
of the Fund (other than to proxies designated by the Board of Trustees
of the Fund);
(d) execute any written consent with respect to any Shares;
(e) form, join or participate in a "group" (within the meaning of
Section 13(d)(3) of the Exchange Act) with respect to any Shares or
deposit any Shares in a voting trust or subject any Shares to any
arrangement or agreement with respect to the voting of such Shares or
other agreement having similar effect (in each case except between a
member of the Group and its Affiliates);
(f) seek, alone or in concert with others, (i) to call a meeting
of shareholders of the Fund; (ii) representation on the Board of
Trustees of the Fund; (iii) the removal of any member of the Board of
Trustees of the Fund; or (iv) to control or influence the management
or policies of the Fund;
(g) make or communicate any disparaging or negative remarks or
comments, or communicate in a disparaging or negative manner,
regarding the Fund, its Trustees, officers, employees or advisers, or
the Reorganization, to any Person (as defined below) other than each
Group member's immediate family and attorneys who agree in writing to
be bound by the provisions of this Section 10, or in connection with
any proceeding to enforce the terms of this Agreement, or to the
extent required to comply with applicable law; or
(h) except as specifically contemplated by this Agreement, enter
into any discussions, negotiations, arrangements or understandings
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 30 of 39 Pages
---------------------- ----------------------
with any Person with respect to any of the foregoing, or advise,
assist, encourage or seek to persuade others to take any action with
respect to any of the foregoing.
11. None of the foregoing covenants in Section 10 shall be construed to
prevent the Group from soliciting the Fund's shareholders in favor of
the Fund's proposal to engage in the Reorganization.
12. Each member of the Group covenants and agrees that during the
Effective Period it will not, and will cause its Affiliates and
Associates not to (and will not advise, assist or encourage others
to), vote against any proposal proposed by management to the
shareholders of the Fund. Each member of the Group covenants and
agrees that during the Effective Period it will, and will cause its
Affiliates and Associates to, vote each of the Shares held by such
persons on the record date of the related meeting in favor of the
Reorganization.
13. Subject to Section 13(b), during the Effective Period, each party
hereto covenants and agrees that it will not, and it will cause its
Affiliates and Associates not to, directly or indirectly, initiate or
cause to be initiated (or encourage or aid in the initiation of)
against any other party hereto or its Affiliates or Associates or
their respective past, present or future Trustees, directors,
managers, officers, advisers, attorneys, agents or employees, directly
or indirectly, any suit, action, or proceeding of any kind, or
participate, directly or indirectly, in any such action, individually,
derivatively, as a representative or member of a class, witness or
otherwise, under any contract (express or implied), fiduciary duty,
common law or equitable doctrine, law, statute, or regulation,
federal, state or local that such party has, claims to have had or
otherwise may have in connection with, in any way relating to, arising
out of, directly or indirectly from or in consequence of any
transactions contemplated hereunder, including, without limitation,
the Reorganization or any documents, actions or deliberations relating
to the Reorganization. Each party hereto further releases and
discharges any other party hereto and its Affiliates and Associates
and their respective past, present and future Trustees, directors,
managers, officers, advisers, attorneys, agents and employees from and
waives any and all claims (including, without limitation, any duty to
investigate, defend or indemnify), causes of action, obligations,
duties, debts, penalties, attorneys' fees, costs, damages, injuries or
liabilities of any nature whatsoever, whether based on contract, tort,
statute or other legal or equitable theory of recovery, whether now
known or unknown, whether foreseen or unforeseen, whether past,
present or future, which such party has, claims to have had or
otherwise may have in connection with, in any way relating to, arising
out of, directly or indirectly from or in consequence of any
transactions contemplated hereunder, including, without limitation,
the Reorganization or any documents, actions or deliberations relating
to the Reorganization. The covenants herein will be a complete defense
to any suit, action or proceeding brought in violation of this Section
13(a). Nothing herein limits the right of any party hereto to bring an
action to enforce this Agreement or based on an alleged material
breach of this Agreement.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 31 of 39 Pages
---------------------- ----------------------
(b) In the event of a material breach of this Agreement, the
covenants set forth in Section 13(a), as applicable, will not be
binding on the party not in breach.
14. (a) Except for pledges in existence as of the date hereof, each member
of the Group agrees that during the Effective Period, it shall not (i)
sell, transfer, tender, pledge, encumber, assign or otherwise dispose
of (collectively, a "Transfer"), or enter into any contract, option or
other agreement with respect to, or consent to, a Transfer of, any or
all of the Shares; provided, however that any member of the Group may
Transfer any or all of its Shares to one of its Affiliates that agrees
in writing to be bound by the terms of this Agreement and, with the
consent of the Fund (which consent shall not be unreasonably
withheld), may pledge or encumber any Shares so long as such pledge or
encumbrance would not impair its obligations under this Agreement; or
(ii) take any action that would have the effect of preventing,
impeding, interfering without adversely affecting its ability to
perform its obligations under this Agreement; provided, however, that
no member of the Group shall be bound by the restrictions contained in
Section 14(a)(i) subsequent to the consummation of the Reorganization.
(b) Schedule I sets forth, opposite the name of each member of
the Group, the number of Shares over which such member of the Group
has record and/or beneficial ownership as of the date hereof. As of
the date hereof, each such member of the Group is the lawful owner of
the Shares denoted as being owned by such member of the Group on
Schedule I and has the sole power to vote (or cause to be voted) such
Shares. Except as set forth on such Schedule I, no member of the Group
nor any Affiliate of a member of the Group owns or holds any right to
acquire any securities of the Fund or any interest therein or any
voting rights with respect to any securities of the Fund. Each member
of the Group has good and valid title to the Shares denoted as being
owned by it on Schedule I, free and clear of any and all pledges,
mortgages, liens, charges, proxies, voting agreements, encumbrances,
adverse claims, options, security interests and demands of any nature
or kind whatsoever, other than (i) those created by virtue of the fact
that Shares may have been purchased "on margin" and held in margin
brokerage accounts, (ii) those created by this Agreement, or (iii) as
could not reasonably be expected to impair its ability to perform its
obligations under this Agreement.
15. Each party hereto hereby acknowledges and agrees that irreparable harm
will occur in the event any of the provisions of this Agreement were
not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties will be
entitled to specific performance hereunder, including, without
limitation, an injunction or injunctions to prevent and enjoin
breaches of the provisions of this Agreement and to enforce
specifically the terms and provision hereof in any state or federal
court in Chicago, Illinois, in addition to any other remedy to which
they may be entitled at law or in equity. Any requirements for the
securing or posting of any bond with respect to any such remedy are
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 32 of 39 Pages
---------------------- ----------------------
hereby waived. All rights and remedies under this Agreement are
cumulative, not exclusive, and will be in addition to all rights and
remedies available to any party at law or in equity.
16. The parties hereto hereby irrevocably and unconditionally consent to
and submit to the jurisdiction of the state or federal courts in
Chicago, Illinois for any actions, suits or proceedings arising out of
or relating to this Agreement or the transactions contemplated hereby,
and further agree that service of any process, summons, notice or
document by U.S. certified mail to the respective addresses set forth
in Section 17 hereof will be effective service of process for any such
action, suit or proceeding brought against any party in any such
court. The parties irrevocably and unconditionally waive any objection
to the laying of venue of any action, suit or proceeding arising out
of this Agreement, or the transactions contemplated hereby, in the
state or federal courts in Chicago, Illinois, and hereby further
irrevocably and unconditionally waive and agree not to plead or claim
in any such court that any such action, suit or proceeding brought in
any such court has been brought in an inconvenient forum. Each member
of the Group (on its behalf and, to the extent permitted by applicable
law, on behalf of its Affiliates) and the Fund waives all right to
trial by jury in any action, proceeding or counterclaim (whether based
upon contract, tort or otherwise) in any way arising out of or
relating to this Agreement.
17. All notices, consents, requests, instructions, approvals and other
communications provided for herein and all legal process in regard
hereto will be validly given, made or served, if in writing and sent
by U.S. certified mail, return receipt requested, or by overnight
courier service:
If to the Fund to:
First Trust Value Line(R) Dividend Fund
1001 Warrenville Road, Suite 300
Lisle, Illinois 60532
Attention: W. Scott Jardine, Secretary
With a copy to (which copy shall not constitute notice):
Chapman and Cutler LLP
111 West Monroe Street
Chicago, Illinois 60603
Attention: Eric F. Fess
If to the Group:
Western Investment LLC
2855 East Cottonwood Parkway, Suite 110
Salt Lake City, Utah 84121
Attention: Arthur D. Lipson
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 33 of 39 Pages
---------------------- ----------------------
With a copy to (which copy shall not constitute notice):
Olshan Grundman Frome Rosenzweig & Wolosky LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
Attention: Adam W. Finerman
18. For purposes of this Agreement:
"Affiliate" has the meaning set forth in Rule 405 promulgated by
the SEC (as defined below) under the Securities Act of 1933, as
amended.
"Associate" has the meaning set forth in Rule 12b-2 promulgated
by the SEC (as defined below) under the Exchange Act, except that a
passive investment in a Person (as defined below) that is not a
controlling or managing investment shall not be deemed to make that
Person an Associate of another Person.
"Person" has the meaning set forth in Section 2(a)(28) of the
1940 Act.
"SEC" means the United States Securities and Exchange Commission
or any successor entity.
"Shares" means any shares of beneficial interest of the Fund, or
any securities convertible into or exchangeable or exercisable for any
securities of the Fund, or which, upon redemption thereof could result
in the receipt of any securities of the Fund, or options, warrants,
contractual rights or other rights of any kind to acquire or vote any
securities of the Fund, including any security which such shares of
beneficial interest may be converted into, exchanged for, exercised
for or replaced with in connection with any reorganization whatsoever
of the Fund, including any change of organizational form, owned
beneficially by any member of the Group as of the date hereof or
anytime hereafter during the Effective Period.
19. This Agreement contains the entire understanding of the parties with
respect to the subject matter hereof and may be amended only by an
agreement in writing executed by the parties hereto.
20. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Massachusetts, without regard
to any conflict of laws provisions thereof.
21. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall
constitute one and the same instrument.
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 34 of 39 Pages
---------------------- ----------------------
22. All parties hereto are expressly put on notice of the Fund's
Declaration of Trust and all amendments thereto, a copy of each of
which is on file with the Secretary of the Commonwealth of
Massachusetts, and the limitations of shareholder and trustee
liability contained therein. This Agreement is executed on behalf of
the Fund by one of the Fund's officers as an officer and not
individually and the obligations imposed upon the Fund by this
Agreement are not binding upon any of the Fund's trustees, officers or
shareholders individually but are binding only upon the assets and
property of the Fund, and persons dealing with the Fund must look
solely to the assets of the Fund and those assets belonging to the
Fund for the enforcement of any claims.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 35 of 39 Pages
---------------------- ----------------------
Kindly acknowledge your agreement and understanding with this Agreement
in the space provided below and return an executed copy to Mr. Lipson at your
convenience.
Very truly yours,
WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
By: Western Investment LLC,
Its Investment Manager
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 36 of 39 Pages
---------------------- ----------------------
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Paradigm Partners, N.W., Inc.
Its Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Principal
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Principal
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 37 of 39 Pages
---------------------- ----------------------
PARADIGM PARTNERS, N.W., INC.
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Principal
By: /s/ Michael Dunmire
--------------------------------------------
Name: Michael Dunmire
Title: Principal
/s/ Arthur D. Lipson
------------------------------------------------
ARTHUR D. LIPSON
/s/ Matthew S. Crouse
------------------------------------------------
MATTHEW S. CROUSE
/s/ Robert Ferguson
------------------------------------------------
ROBERT FERGUSON
/s/ Scott Franzblau
------------------------------------------------
SCOTT FRANZBLAU
/s/ Michael Dunmire
------------------------------------------------
MICHAEL DUNMIRE
/s/ James R. Merchant
------------------------------------------------
JAMES R. MERCHANT
/s/ Philip Cooper
------------------------------------------------
PHILIP COOPER
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 38 of 39 Pages
---------------------- ----------------------
ACKNOWLEDGED AND AGREED,
as of the date first set forth above
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
By: /s/ James A. Bowen
----------------------------------------
Name: James A. Bowen
Title: President and Chief Executive Officer
---------------------- ----------------------
CUSIP No. 33735A100 13D Page 39 of 39 Pages
---------------------- ----------------------
SCHEDULE I
OWNERSHIP OF SHARES BY GROUP
Name Number of Shares
---- Beneficially Owned
------------------
Western Investment LLC 2,041,575
Western Investment Hedged Partners LP 951,010
Western Investment Total Return Master Fund Ltd. 143,000
Western Investment Activism Partners LLC 947,565
Benchmark Plus Institutional Partners, L.L.C. 722,100
Benchmark Plus Management, L.L.C. 722,100
Benchmark Plus Partners, L.L.C. 443,200
Paradigm Partners, N.W., Inc. 443,200
Arthur D. Lipson 2,042,575
Matthew S. Crouse 0
Robert Ferguson 1,165,300
Scott Franzblau 722,100
Michael Dunmire 1,165,300
James R. Merchant 0
Phillip Cooper 0