UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.1)*
MVC Capital, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
--------------------------------------------------------------------------------
(Title of Class Securities)
553829102
------------------------------------
(CUSIP Number)
January 3, 2005
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*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 the
disclosure provided in a prior cover page.
The information required in 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).
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
Cannell Capital LLC
94-3366999
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
California
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
2,845,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
2,845,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,845,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
a Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
23.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
IA
--------------------------------------------------------------------------------
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
J. Carlo Cannell
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
USA
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
2,845,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
2,845,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,845,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
23.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
IN, HC
--------------------------------------------------------------------------------
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
The Anegada Master Fund Limited
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
Cayman Islands
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
625,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
625,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
625,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
5.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
The Cuttyhunk Fund Limited
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
Bermuda
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
778,050
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
778,050
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
778,050
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
6.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
Tonga Partners, L.P.
94-3164039
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
Delaware
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
979,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
979,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
979,650
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
8.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
PN
--------------------------------------------------------------------------------
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
GS Cannell Portfolio, LLC
98-0232642
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
Delaware
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
299,100
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
299,100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
299,100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
2.4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
OO
--------------------------------------------------------------------------------
.........................
CUSIP No. 553829102
.........................
--------------------------------------------------------------------------------
Name of Reporting Persons.
1 I.R.S. Identification Nos. of above persons (entities only).
Pleiades Investment Partners, L.P.
23-2688812
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2
(a) |X|
(b)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEC Use Only
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Citizenship or Place of Organization
4
Delaware
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Sole Voting Power
number of
shares
beneficially
owned by
each
reporting
person with
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6 Shared Voting Power
163,200
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Sole Dispositive Power
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Shared Dispositive Power
163,200
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
163,200
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
1.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)
PN
--------------------------------------------------------------------------------
Item 1.
(a) Name of Issuer
MVC Capital, Inc.
(b) Address of Issuer's Principal Executive Offices
Riverview at Purchase
287 Bowman Avenue, 3rd Floor
Purchase, NY 10577
Item 2.
(a) Name of Person Filing
This statement is being filed by (i) Cannell Capital, LLC, a California
limited liability company and California licensed investment adviser
("IA"), (ii) J. Carlo Cannell ("Managing Member"), (iii) The Anegada
Master Fund Limited ("Anegada"), (iv) The Cuttyhunk Fund Limited
("Cuttyhunk"), (v) Tonga Partners, L.P. ("Tonga"), (vi) GS Cannell
Portfolio, LLC ("GS Cannell") and (vii) Pleiades Investment Partners, LP
("Pleiades") (collectively, the Reporting Persons). Managing Member
controls IA by virtue of Managing Member's position as managing member
and majority owner of IA.
IA's beneficial ownership of the Common Stock is direct as a result of
IA's discretionary authority to buy, sell, and vote shares of such
Common Stock for its investment advisory clients. Managing Member's
beneficial ownership of Common Stock is indirect as a result of Managing
Member's ownership and management of IA. The beneficial ownership of
Managing Member is reported solely because Rules 13d-1(a) and (c) under
the Securities Exchange Act of 1934, as amended, require any person who
is "directly or indirectly" the beneficial owner of more than five
percent of any equity security of a specified class to file a Schedule
13G. The answers in blocks 6, 8, 9 and 11 above and the response to item
4 by Managing Member are given on the basis of the "indirect" beneficial
ownership referred to in such Rule, based on the direct beneficial
ownership of Common Stock by IA and the relationship of Managing Member
to IA referred to above.
Information with respect to each Reporting Person is given solely by the
respective Reporting Person, and no Reporting Person undertakes hereby
any responsibility for the accuracy or completeness or such information
concerning any other Reporting Person.
(b) Address of Principal Business office or, if None, Residence
IA's principal business office is located at:
150 California Street, Fifth Floor, San Francisco, CA 94111
Managing Member's principal business office is located at:
150 California Street, Fifth Floor, San Francisco, CA 94111
Anegada's principal business office is located at:
c/o Bank of Butterfield International (Cayman) Ltd., 68
Fort Street, PO Box 705, George Town, Grand Cayman, Cayman Islands
Cuttyhunk's principal business office is located at:
73 Front Street, Hamilton, Bermuda HM 12
Tonga's principal business office is located at:
150 California Street, Fifth Floor, San Francisco, CA 94111
GS Cannell's principal business office is located at:
701 Mount Lucas Road, CN 850, Princeton, NJ 08542
Pleiades' principal business office is located at:
6022 West Chester Pike, Newtown Square, PA 19073
(c) Citizenship
Item 4 of each cover page is incorporated by reference
(d) Title of Class Securities
Common
(e) CUSIP Number
553829102
Item 3. If this statement is filed pursuant to ss 240.13d-1(b), or ss
240.13d-2(b) or (c), check whether the person filing is a:
(a) Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).
(b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) Investment company registered under section 8 of the
Investment Company Act (15 U.S.C. 80a-8).
(e) An investment adviser in accordance with ss
240.13d-1(b)(1)(ii)(E).
(f) An employee benefit plan or endowment fund in accordance with
ss 240.13d-1(b)(ii)(F).
(g) A parent holding company or control person in accordance with
ss 240.13d-1(b)(1)(ii)(G).
(h) A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3).
(j) Group in accordance with ss 240.13d-1(b)(ii)(J).
Item 4. Ownership
Common Stock:
Items 5-9 and 11 of each cover sheet are incorporated by reference.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class securities, check the following | |
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
IA, a California licensed investment advisor, and Managing Member, the
majority owner and managing member of IA, have the right or the power to
direct the receipt of dividends from Common Stock, and to direct the
receipt of proceeds from the sale of Common Stock to IA's investment
advisory clients. The Anegada Master Fund Limited, The Cuttyhunk Fund
Limited, and Tonga Partners, L.P. own more than 5% of the Common Stock.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Not Applicable
Item 8. Identification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
SIGNATURE
Date: January 13, 2005
CANNELL CAPITAL LLC
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
J. CARLO CANNELL
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell
THE ANEGADA MASTER FUND LIMITED
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
THE CUTTYHUNK FUND LIMITED
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
TONGA PARTNERS, L.P.
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, General Partner
GS CANNELL PORTFOLIO, LLC
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
PLEIADES INVESTMENT PARTNERS, LP
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
EXHIBIT A
Identification of Members of the Group
Pursuant to Rule 13d-1(c)under the Securities and Exchange Act of 1934, the
members of the group making this joint filing are identified as follows:
Not Applicable
EXHIBIT B
Joint Filing Agreement Pursuant to Rule 13d-1
This agreement is made pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1)
under the Securities and Exchange Act of 1934 (the "Act") by and among the
parties listed below, each referred to herein as a "Joint Filer." The Joint
Filers agree that a statement of beneficial ownership as required by Sections
13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their
behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint
filing may thereafter be amended by further joint filings. The Joint Filers
state that they each satisfy the requirements for making a joint filing under
Rule 13d-1.
Dated: January 13, 2005
CANNELL CAPITAL LLC
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
J. CARLO CANNELL
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell
THE ANEGADA MASTER FUND LIMITED
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
THE CUTTYHUNK FUND LIMITED
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
TONGA PARTNERS, L.P.
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, General Partner
GS CANNELL PORTFOLIO, LLC
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser
PLEIADES INVESTMENT PARTNERS, LP
/s/ J. Carlo Cannell
------------------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital LLC, Investment Adviser