UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PS FINANCIAL CORPORATION
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
74437V109
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(CUSIP Number)
PAUL J. DUGGAN
JACKSON BLVD FUND, LTD. - 53 W. JACKSON BOULEVARD - CHICAGO IL 60604
(312) 294-6440
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
JANUARY 23, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter 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).
SEC 1746 (12-91) Page 1 of 11
<PAGE>
SCHEDULE 13D
CUSIP NO. 74437V109 PAGE 2 OF 11 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paul J. Duggan
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 123,700
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
123,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.0%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 2 of 11
<PAGE>
SCHEDULE 13D
CUSIP NO. 74437V109 PAGE 3 OF 11 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 67,700
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
67,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 3 of 11
<PAGE>
SCHEDULE 13D
CUSIP NO. 74437V109 PAGE 4 OF 11 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Equities, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 50,439
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
50,439
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,439
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 4 of 11
<PAGE>
SCHEDULE 13D
CUSIP NO. 74437V109 PAGE 5 OF 11 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Partners
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 56,000
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
56,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
56,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 5 of 11
<PAGE>
SCHEDULE 13D
CUSIP NO. 74437V109 PAGE 6 OF 11 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Investments, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 17,261
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
17,261
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,261
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 6 of 11
<PAGE>
ITEM 1. SECURITY AND ISSUER
- ----------------------------
This Schedule 13D relates to the shares of common stock, par value
$.01 pr share (the "Common Stock" or the "Shares"), of PS Financial
Corporation (the "Company"), with its principal executive offices located at
4800 South Pulaski Road, Chicago, IL 60632.
ITEM 2. IDENTITY AND BACKGROUND
- --------------------------------
This Schedule 13D is being filed by the following reporting persons:
(i.) Paul J. Duggan ("Duggan")
(ii.) Jackson Boulevard Fund, Ltd. (" Jackson Fund")
(iii.) Jackson Boulevard Equities, L.P. ("Jackson Equity")
(iv.) Jackson Boulevard Partners ("Jackson Partners")
(v.) Jackson Boulevard Investments ("Jackson Investments")
Jackson Fund, a corporation incorporated under the laws of the State
of Illinois, is the sole general partner of Jackson Equity and Jackson
Investments, limited partnerships organized under the laws of the state of
Illinois. Jackson Equity and Jackson Investments are private investment
partnerships engaged in the purchase and sale of securities for investment for
their own accounts. Jackson Fund is in the business of serving as the
general partner of Jackson Equity, Jackson Investments, and other investment
partnerships. Duggan is the sole stockholder and an officer and director of
Jackson Fund. The business address of Jackson Fund, Jackson Equity, Jackson
Partners, Jackson Investments, and Duggan is 53 West Jackson Boulevard, Suite
400, Chicago, IL 60604.
Jackson Partners is an Illinois General Partnership. Duggan is the
managing general partner of Jackson Partners. Jackson Partners engages in the
purchase and sales of securities for it's own account.
Jackson Fund, Jackson Equity, Jackson Partners, Jackson Investments
and Duggan have not, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors, if any), nor
were either a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction as a result of which any of them were or are 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.
<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
- ----------------------------------------------------------
As of January 23, 1998, Jackson Equity was the owner of record and the
beneficial owner of 50,439 shares. The source of funds used by Jackson Equity
to purchase the shares was Jackson Equity's working capital. Jackson Equity,
from time to time, borrows funds through customary margin accounts with Bear
Stearns Securities Corp., thus increasing its available working capital.
Jackson Equity's obligations under the margin accounts are secured by the
marginable equity securities owned by Jackson Equity.
As of January 23, 1998, Jackson Investments was the owner of record
and the beneficial owner of 17,261 shares. The source of funds used by
Jackson Investments to purchase the shares was Jackson Investment's working
capital. Jackson Investments, from time to time, borrows funds through
customary margin accounts with Bear Stearns Securities Corp., thus increasing
its available working capital. Jackson Investment's obligations under the
margin accounts are secured by the marginable equity securities owned by
Jackson Investments.
Jackson Fund has a 7.7% ownership interest in the funds or property of
Jackson Equity in addition to its interest as general partner of Jackson
Equity. Duggan and his wife, Deborah Duggan ("Deborah"), have invested as
limited partners in Jackson Equity.
As of January 23, 1998, Jackson Partners was the owner of record and
the beneficial owner of 56,000 shares. The source of funds used by Jackson
Partners to purchase the shares was Jackson Partner's working capital. Jackson
Partners, from time to time, borrows funds through customary margin accounts
with Bear Stearns Securities Corp., thus increasing its available working
capital. Jackson Partners obligations under the margin accounts are secured
by the marginable equity securities owned by Jackson Partners. Duggan and
Deborah are partners in Jackson Partners.
ITEM 4. PURPOSE OF TRANSACTION
- -------------------------------
Jackson Equity, Jackson Investments and Jackson Partners acquired the
shares for investment purposes, and only in the ordinary course of its
business or investment activities. In the ordinary course of business, the
reporting parties from time to time evaluate holdings of securities and will
continue to review the prospects of the Company, and based upon such
evaluation and on market conditions, economic conditions and other relevant
factors, may in the future acquire additional shares or dispose of shares.
Jackson Equity distributed certain assets to Jackson Investments on
January 23, 1998 for the purposes of reorganizing under SEC hedge fund rules.
Arising out of that distribution, 17,261 shares of PS Financial are now assets
of Jackson Investments.
<PAGE>
The reporting persons under this Schedule 13D have no other present
plans or proposals (other than above) which would result in or relate to any
of the transactions described in paragraphs (a) through (j) of Item 4 of
Schedule 13D. In the future, however, the reporting persons reserve the right
to adopt such plans or proposals subject to applicable regulatory
requirements, if any.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
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(a) Number and Percentage
---------------------
Jackson Equity beneficially owns 50,439 shares representing
2.5% of the outstanding shares.
Jackson Investments beneficially owns 17,261 shares
representing .8% of the outstanding shares.
Jackson Fund beneficially owns 67,700 shares representing 3.3%
of the outstanding shares.
Jackson Partners beneficially owns 56,000 shares representing
2.7% of the outstanding shares.
(b) Power to Vote/Dispose of Shares
-------------------------------
Jackson Equity does not have the sole power to vote or the
sole power to dispose of any shares, rather Jackson Equity has the shared
power to vote and the shared power to dispose of 50,439 shares.
Duggan does not have the sole power to vote or the sole power
to dispose of any shares, rather Duggan has the shared power to vote and the
shared power to dispose of 123,700 shares.
Jackson Fund (as the general partner of Jackson Equity and
Jackson Investments) does not have the sole power to vote or the sole power to
dispose of any shares, rather Jackson Fund has the shared power to vote and
the shared power to dispose of 67,700 shares.
Jackson Partners has the shared power to vote or to dispose of
any of its 56,000 shares.
Jackson Investments does not have the sole power to vote or
the sole power to dispose of any shares, rather Jackson Investments has the
shared power to vote and the shared power to dispose of 17,261 shares.
<PAGE>
(c) Purchases in the Last 60 Days
-----------------------------
The following table details the transactions by Jackson
Equity, Jackson Partners and Jackson Investments within the 60 days period
prior to the date of filing of this Schedule 13D.
Amount Average
Date of of Price Per Type of
Buyer Transaction Shares Share Transaction
----- ----------- ------ ----- -----------
Jackson Equity 12/3/97 25,000 $17.50 Purchased over
the counter
Jackson
Investments 1/23/98 17,261 $15.00 Received from
Jackson Equity
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
- ------------------------------------------------------------------------------
TO SECURITIES OF THE ISSUER
- ---------------------------
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named
in Item 2 hereof or between such persons and any other person with respect to
any securities of the Company, including but not limited to transfer or voting
of any other securities, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, divisions of profits or
loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
- -----------------------------------------
No Exhibits are required to be filed.
OTHER. AGREEMENT REGARDING JOINT FILING
- ----------------------------------------
The undersigned hereby agree that this statement on Schedule 13D
relating to shares of Common Stock, par value $.01 per share, of PS Financial
Corporation, be, and any amendments to this Statement will be, filed on behalf
of each of the undersigned.
<PAGE>
SIGNATURES
----------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 30, 1998
JACKSON BOULEVARD EQUITIES, L.P.
By: JACKSON BOULEVARD FUND, LTD.,
General Partner
By: /s/ Paul J. Duggan
-------------------------
Paul J. Duggan, President
JACKSON BOULEVARD FUND, LTD.
By: /s/ Paul J. Duggan
--------------------------
Paul J. Duggan, President
JACKSON BOULEVARD PARTNERS
By: /s/ Paul J. Duggan
--------------------------
Paul J. Duggan, Partner
JACKSON BOULEVARD INVESTMENTS, L.P.
By: JACKSON BOULEVARD FUND, LTD.,
General Partner
By: /s/ Paul J. Duggan
-------------------------
Paul J. Duggan, President
