24Holdings Inc. (fka TWFH)

[db7]

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*

24HOLDINGS INC.
(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)


90131T208
(CUSIP Number)

Scott Black
General Counsel and Chief Compliance Officer
Hudson Bay Capital Management LP
777 Third Ave., 30th Floor
New York, NY 10017
[phone]

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

April 25, 2013
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]

(Page 1 of 7 Pages)

______________________________
* 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)


CUSIP No.
90131T208
SCHEDULE 13D
Page 2 of 7 Pages


1. Names of Reporting Person


Hudson Bay Capital Management LP


2. Check the Appropriate Box if a Member of a Group


(a) ........................................................................


(b) ........................................................................


3. SEC Use Only ............................................................


4. Source of Funds (See item 3).......AF....................................


5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)


6. Citizenship or Place of Organization .....Delaware............

Number of 7. Sole Voting Power................................
Shares
Beneficially 8. Shared Voting Power.....693,558......................
Owned by
Each 9. Sole Dispositive Power ............................
Reporting
Person 10. Shared Dispositive Power ...693,558................
With

11. Aggregate Amount Beneficially Owned by Each Reporting Person . 693,558..


12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares......


13. Percent of Class Represented by Amount in Row (11) .........33.5%......


14. Type of Reporting Person .......PN...................................


CUSIP No.90131T208
SCHEDULE 13D
Page 3 of 7 Pages



1. Names of Reporting Persons.


Sander Gerber


2. Check the Appropriate Box if a Member of a Group


(a) .......................................................................


(b) .......................................................................


3. SEC Use Only ...........................................................


4. Source of Funds (See item 3).......AF..................................


5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)


6. Citizenship or Place of Organization
.......... United States..............................................

Number of 7. Sole Voting Power....................................
Shares
Beneficially 8. Shared Voting Power.....693,558......................
Owned by
Each 9. Sole Dispositive Power ............................
Reporting
Person 10. Shared Dispositive Power ...693,558................
With

11. Aggregate Amount Beneficially Owned by Each Reporting Person . 693,558.


12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares......


13. Percent of Class Represented by Amount in Row (11) .........33.5%......


14. Type of Reporting Person.......IN......................................


CUSIP No. 90131T208
SCHEDULE 13D
Page 4 of 7 Pages


Item 1. Security and Issuer.

This Schedule 13D relates to the common stock, par value $0.001 per
share (the 'Shares') of 24Holdings Inc., a Delaware corporation, whose
principal executive offices are located at 133 Summit Avenue, Suite 22,
Summit, New Jersey 07901 (the 'Issuer').

Item 2. Identity and Background.

(a) This Schedule 13D is filed by Hudson Bay Capital Management LP (the
'Investment Manager') and Mr. Sander Gerber ('Mr. Gerber'). Each of the
foregoing is referred to as a 'Reporting Person' and collectively as the
'Reporting Persons.' The Investment Manager, which serves as the
investment manager to Hudson Bay Master Fund Ltd. (the 'HB Fund'), in whose
names the reported securities are held, may be deemed to be the beneficial
owner of all shares of Common Stock held by the HB Fund. Mr. Gerber serves
as the managing member of Hudson Bay Capital GP LLC, which is the general
partner of the Investment Manager. Mr. Gerber disclaims beneficial ownership
of these securities. Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making inquiry
to the appropriate party.

(b) The principal business address of the Reporting Persons is 777 Third
Avenue, 30th Floor, New York, New York 10017.

(c) The principal business of the Reporting Persons is investment and/or
investment management.

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

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

(f) The Investment Manager is a limited partnership organized under the
laws of the State of Delaware. Mr. Gerber is a citizen of the United States of
America.

CUSIP No. 90131T208
SCHEDULE 13D
Page 5 of 7 Pages

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

Funds for the purchase of the Shares reported herein were derived from the
working capital of the HB Fund. A total of $135,000 was paid to acquire such
Shares.



Item 4. Purpose of Transaction.

The Issuer is a public shell company. The Shares were acquired by the HB
Fund to acquire a controlling equity interest in the Issuer in contemplation
of the Issuer acquiring, in the future by merger or other form of transaction,
a company with a viable operating business. The Reporting Persons may from
time to time identify
potential operating businesses for the Issuer's consideration as a merger or
transactional candidate.

The Reporting Persons may in the future take such actions as they deem
necessary to effect the foregoing. Such actions may include, without
limitation: communicating with management, the board of directors of the
Issuer (the 'Board'), other investors, industry participants and other
relevant parties about one or more of the items described in subparagraphs
(a)-(j) of Item 4 of Schedule 13D.

There can be no assurance as to the outcome of any of the discussions
or actions referred to in this Schedule 13D. The Reporting Persons intend
to review their investments in the Issuer on a continuing basis and may,
from time to time and at any time, purchase additional securities of the
Issuer, dispose of any or all of their investment in the Issuer, enter into
financial instruments or other agreements relating to their investment, engage
in hedging or similar transactions with respect to such holdings and/or
otherwise change their intention with respect to any and all matters referred
to herein.





CUSIP No. 90131T208
SCHEDULE 13D
Page 6 of 7 Pages



Item 5. Interest in Securities of the Issuer.

(a) See rows (11) and (13) of the cover pages to this Schedule 13D
for the aggregate number of Shares and percentages of the Shares beneficially
owned by each of the Reporting Persons. The percentages reported in this
Schedule 13D are calculated based upon 2,071,644 Shares represented by the
Issuer to be outstanding as of May 9, 2013.

(b) See rows (7) through (10) of the cover pages to this Schedule
13D for the number of Shares as to which each Reporting Person has the sole
or shared power to vote or direct the vote and sole or shared power to
dispose or to direct the disposition.

(c) On April 25, 2013, the United States Bankruptcy Court for the
Southern District of New York approved the sale of 349,348 Shares from the
Chapter 7 Trustee of the Estates of Rodman & Renshaw, LLC, Direct Markets,
Inc., and Direct Markets Holdings, Corp. to the HB Fund at an aggregate
purchase price of $68,000, or $0.194648 per Share, in Chapter 7 bankruptcy
proceedings pending in the United States Bankruptcy Court for the Southern
District of New York (Cases No. 13-10087, 13-10088 and 13-10089).

On May 9, 2013, the Reporting Persons purchased 344,210 Shares of
the Issuer at an aggregate purchase price of $67,000, or $0.1946488 per
Share, from the Issuer in a private placement transaction. (the
'Private Placement Purchase').

(d) No person other than the Reporting Persons is known to have the
right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Shares.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.

The HB Fund entered into a Subscription Agreement in connection with the
Private Placement Purchase. The terms of the Private Placement Purchase are
disclosed in the Subscription Agreement attached hereto as Exhibit 1 and is
incorporated herein by reference.

Other than as described in this Item 6 and the Joint Filing Agreement
attached as Exhibit 2 hereto, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) between the person
enumerated in Item 2 and any other person with respect to any securities of
the Issuer, including but not limited to, transfer or voting of any of the
Shares, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.

Item 7. Material to Be Filed as Exhibits.

Exhibit No.
1. Subscription Agreement, dated as of May 9, 2013, by and among the
Issuer and the HB Fund.

2. Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Act
by and among the Investment Manager and Mr. Gerber, dated May 9, 2013.



CUSIP No. 90131T208
SCHEDULE 13D
Page 7 of 7 Pages

Signature

After reasonable inquiry and to the best of my knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.

Dated: May 9, 2013

HUDSON BAY CAPITAL MANAGEMENT, L.P.





By:
/s/ Sander Gerber

Name:
Sander Gerber

Title:
Authorized Signatory






/s/ Sander Gerber

Sander Gerber



EXHIBIT2

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that
all subsequent amendments to this statement on Schedule 13D shall be
filed on behalf of each of the undersigned without the necessity of
filing additional joint filing agreements. The undersigned acknowledge
that each shall be responsible for the timely filing of such amendments,
and for the completeness and accuracy of the information concerning him
or it contained herein and therein, but shall not be responsible for
the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that
such information is inaccurate.

Dated: May 9, 2013

HUDSON BAY CAPITAL MANAGEMENT, L.P.





By:
/s/ Sander Gerber

Name:
Sander Gerber

Title:
Authorized Signatory






/s/ Sander Gerber

Sander Gerber






EXECUTION COUNTERPART



24HOLDINGS, INC.



COMMON STOCK SUBSCRIPTION AGREEMENT



SUBSCRIBER:

HUDSON BAY MASTER FUND LTD.




NUMBER OF SHARES: 344,210








Dated: May 9, 2013

SUBSCRIPTION AGREEMENT

[For Purchase of Shares of Common Stock]


THIS SUBSCRIPTION AGREEMENT CONSTITUTES AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY 344,210 SHARES OF COMMON STOCK OF
24HOLDINGS, INC., AND THIS OFFERING IS MADE ONLY TO THOSE INVESTORS
WHO QUALIFY AS 'ACCREDITED INVESTORS' WITHIN THE MEANING OF RULE
501(A) OF THE SECURITIES ACT OF 1933, AS AMENDED.

THE SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE 'SECURITIES ACT'), AND APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

THE SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF
CERTAIN STATES AND ARE BEING OFFERED AND SOLD IN RELIANCE ON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND
SUCH LAWS. THE SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT HAVE
NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND


EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER
REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING
AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE
SECURITIES OFFERED BY THE COMPANY. ANY REPRESENTATION TO THE
CONTRARY IS UNLAWFUL.

24Holdings, Inc.
133 Summit Avenue, Suite 22
Summit, NJ 07901

Ladies and Gentlemen:

The undersigned (the 'Subscriber'), desires to become
a holder of 344,210 shares of Common Stock, $.001 par value, (the
'Common Stock') of 24Holdings, Inc., a corporation organized under
the laws of the state of Delaware (the 'Company'). Accordingly,
the Subscriber hereby agrees as follows:

1. Subscription. The Subscriber hereby subscribes for
and agrees to accept from the Company pursuant to this Subscription
Agreement (the 'Agreement'), 344,210 shares of Common Stock (the
'Securities') in consideration of $0.1946488 per Share, or aggregate
consideration of $67,000.

2. Purchase Procedure; Delivery of Certificates. The
Subscriber acknowledges that, in order to subscribe for Shares, it
must, and it does hereby, deliver to the Company:

2.1 One executed counterpart of the Signature Page
attached to this Agreement; and

2.2 A wire transfer, in the amount of $67,000 sent to
the bank account designated by 24Holdings, Inc. on the signature
page hereto.

2.3 The Company will deliver to the Subscriber a
certificate representing the Securities within 30 days of the date
hereof.

3. Purchaser's Representations. Subscriber hereby
represents and warrants as of the date hereof as follows:

(a) Organization; Authority. Such Subscriber is an
entity duly incorporated or formed, validly existing and in good
standing under the laws of the jurisdiction of its incorporation
or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and
to consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of the Agreement and performance by such
Subscriber of the transactions contemplated by the Agreement have
been duly authorized by all necessary corporate, partnership, limited
liability company or similar action, as applicable, on the part of
such Subscriber. This Agreement has been duly executed by such
Subscriber, and when delivered by such Subscriber in accordance
with the terms hereof, will constitute the valid and legally binding
obligation of such Subscriber, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting
enforcement of creditors' rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by
applicable law.
(b) Own Account. Such Subscriber understands that the
Securities are 'restricted securities' and have not been registered
under the Securities Act or any applicable state securities law and
is acquiring the Securities as principal for its own account and not
with a view to or for distributing or reselling such Securities or
any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any
of such Securities in violation of the Securities Act or any
applicable state securities law and has no direct or indirect
arrangement or understandings with any other persons to distribute or
regarding the distribution of such Securities in violation of the
Securities Act or any applicable state securities law (this
representation and warranty not limiting such Subscriber's right
to sell the Securities otherwise in compliance with applicable
federal and state securities laws). Such Subscriber is acquiring the
Securities hereunder in the ordinary course of its business.
(c) Subscriber Status. At the time such Subscriber was
offered the Securities, it was, and as of the date hereof it is, and
on each date on which it exercises any Warrants, it will be either:
(i) an 'accredited investor' as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a
'qualified institutional buyer' as defined in Rule 144A(a) under the
Securities Act. Such Subscriber is not required to be registered as
a broker-dealer under Section 15 of the Exchange Act.
(d) Experience of Such Subscriber. Such Subscriber,
either alone or together with its representatives, has such
knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of
the prospective investment in the Securities, and has so evaluated
the merits and risks of such investment. Such Subscriber is able to
bear the economic risk of an investment in the Securities and, at the
present time, is able to afford a complete loss of such investment.
(e) General Solicitation. Such Subscriber is not
purchasing the Securities as a result of any advertisement, article,
notice or other communication regarding the Securities published in
any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation
or general advertisement.
(f) Investment Risk; No Review. Such Subscriber
understands that an investment in the Securities involves substantial
risks and Subscriber recognizes and understands the risks relating to
the purchase of the Securities. Such Subscriber further
understands that (i) the offering contemplated hereby has not been
reviewed by any federal or state governmental body or agency due in
part to the Company's representations that it will comply with the
provisions of Regulation D; (ii) if required by the laws or
regulations of said state(s) the offering contemplated hereby will
be submitted to the appropriate authorities of such state(s) for
registration or exemption therefrom; and (iii) the documents used
in connection with this Offering have not been reviewed or approved
by any regulatory agency or government department, nor has any such
agency or government department made any finding or determination as
to the fairness of the Securities for investment.
(g) Available Information. Such Subscriber represents
that the Company has made available to it all information which it
deemed material to making an informed investment decision in
connection with his purchase of Securities; and that it has been
represented by Counsel and been advised concerning the risks and
merits of this investment. Further, Subscriber acknowledges that the
Company has made available to it the opportunity to ask questions
of, and receive answers from the Company, its officers,
directors and other persons acting on its behalf.
4. Company Representations.

(a) Authorization; Enforcement. The Company has the
requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations hereunder. The execution
and delivery of each of this Agreement and the consummation by it
of the transactions contemplated hereby have been duly authorized
by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the
Company's stockholders in connection herewith. This Agreement has
been (or upon delivery will have been) duly executed by the Company
and, when delivered in accordance with the terms hereof and thereof,
will constitute the valid and binding obligation of the Company
enforceable against the Company in accordance with its terms,
except: (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors'
rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and
contribution provisions may be limited by applicable law.
(b) No Conflicts. The execution, delivery and
performance by the Company of this Agreement, the issuance and sale
of the Securities and the consummation by it of the transactions
contemplated hereby do not and will not: (i) conflict with or
violate any provision of the Company's certificate or articles of
incorporation, bylaws or other organizational or charter documents,
(ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default)
under, result in the creation of any lien upon any of the properties
or assets of the Company, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or
other instrument (evidencing a Company debt or otherwise) or other
understanding to which the Company is a party or by which any
property or asset of the Company is bound or affected, or (iii)
conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company is subject (including
federal and state securities laws and regulations), or by which any
property or asset of the Company is bound.
(c) Filings, Consents and Approvals. The Company is not
required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any
court or other federal, state, local or other governmental authority
or other person in connection with the execution, delivery and
performance hereof by the Company.
(d) Issuance of the Securities. The Securities are duly
authorized and, when issued and paid for in accordance with the terms
of this Agreement, will be duly and validly issued, fully paid and
nonassessable, free and clear of all liens imposed by the Company
other than restrictions on transfer imposed by Federal securities
laws and similar state securities law statutes.
(e) Capitalization. The current capitalization of the
Company is as set forth on Schedule 4(e) hereto. No Person has any
right of first refusal, preemptive right, right of participation, or
any similar right to participate in the transactions contemplated
by this Agreement. There are no outstanding options, warrants,
scrip rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations
convertible into or exercisable or exchangeable for, or giving any
person any right to
subscribe for or acquire any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company is
or may become bound to issue additional shares of Common Stock. The
issuance and sale of the Securities will not obligate the Company to
issue shares of Common Stock or other securities to any person
(other than the Subscribers) and will not result in a right of any
holder of Company securities to adjust the exercise, conversion,
exchange or reset price under any of such securities. All of the
outstanding shares of capital stock of the Company are duly
authorized, validly issued, fully paid and nonassessable, have been
issued in compliance with all federal and state securities laws, and
none of such outstanding shares was issued in violation of any
preemptive rights or similar rights to subscribe for or purchase
securities. No further approval or authorization of any stockholder,
the Board of Directors or others is required for the issuance and
sale of the Securities.
(f) SEC Reports; Financial Statements. The Company has
filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the
Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period
as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto
and documents incorporated by reference therein, being collectively
referred to herein as the 'SEC Reports') on a timely basis or has
received a valid extension of such time of filing and has filed any
such SEC Reports prior to the expiration of any such extension.
As of their respective dates, the SEC Reports complied in all
material respects with the requirements of the Securities Act and the
Exchange Act, as applicable, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The
financial statements of the Company included in the SEC Reports
comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with
respect thereto as in effect at the time of filing. Such financial
statements have been prepared in accordance with United States
generally accepted accounting principles applied on a consistent
basis during the periods involved ('GAAP'), except as may be
otherwise specified in such financial statements or the notes thereto
and except that unaudited financial statements may not contain all
footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of
operations and cash flows for the periods then ended, subject, in
the case of unaudited statements, to normal, immaterial, year-end
audit adjustments.

5. Indemnification.

(a) Subscriber hereby agrees to indemnify and hold
harmless the Company and the Company's officers, directors,
employees, agents and affiliates from and against any and all
damages, losses, costs, liabilities and expenses (including, without
limitation, reasonable attorneys' fees) which they, or any of them,
may incur by reason of the Subscriber's failure to fulfill any of the
terms and conditions of this Agreement or by reason of the
Subscriber's breach of any of his representations and warranties
contained herein. This Agreement and the representations and
warranties contained herein shall be binding upon the Subscriber's
heirs, executors, administrators, representatives, successors and
assigns.
(b) The Company hereby agrees to indemnify and hold
harmless the Subscriber and the Subcriber's officers, directors,
employees, agents and affiliates from and against any and all damages
, losses, costs, liabilities and expenses (including, without
limitation, reasonable attorneys' fees) which they, or any of them,
may incur by reason of the Company's failure to fulfill any of the
terms and conditions of this Agreement or by reason of the Company's
breach of any of his representations and warranties contained herein.
This Agreement and the representations and warranties contained
herein shall be binding upon the Company's heirs, executors,
administrators, representatives, successors and assigns.

THE COMPANY HAS BEEN ADVISED THAT THE INDEMNIFICATION OF THE
COMPANY, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND
AFFILIATES FOR VIOLATIONS OF STATE OR FEDERAL SECURITIES LAWS IS
VOID AS AGAINST PUBLIC POLICY AND THEREFORE UNENFORCEABLE.

6. Arbitration Agreement.

6.1 Subscriber represents, warrants and covenants that
any controversy or claim brought directly, derivatively or in a
representative capacity by him in his capacity as a present or
former security holder, whether against the Company, in the name
of the Company or otherwise, arising out of or relating to any acts
or omissions of the Company, or any security holder or any of their
officers, directors, agents, affiliates, associates, employees or
controlling persons (including without limitation any controversy or
claim relating to a purchase or sale of the Note) shall be settled by
arbitration under the Federal Arbitration Act in accordance with
the commercial arbitration rules of the American Arbitration
Association ('AAA') and judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction
thereof. Any controversy or claim brought by the Company against the
Subscriber, whether in his capacity as present or former security
holder of the Company in or against any of the Subscriber's
officers, directors, agents, affiliates, associates, employees or
controlling persons shall also be settled by arbitration under the
Federal Arbitration Act in accordance with the commercial
arbitration rules of the AAA and judgment rendered by the arbitrators
may be entered in any court having jurisdiction thereof. In
arbitration proceedings under this Paragraph 5, the parties
shall be entitled to any and all remedies that would be available in
the absence of this Paragraph 5 and the arbitrators, in rendering
their decision, shall follow the substantive laws that would
otherwise be applicable. This Paragraph 6 shall apply, without
limitation, to actions arising in connection with the offer and sale
of the Notes contemplated by this Agreement under any Federal or
state securities laws.

6.2 The arbitration of any dispute pursuant to this
Paragraph 6 shall be held in New York City, New York.

7. Applicable Law. This Agreement shall be construed in
accordance with and governed by the laws applicable to contracts
made and wholly performed in the State of Delaware.

8. Execution in Counterparts. This Agreement may be
executed in one or more counterparts.

9. Persons Bound. This Agreement shall, except as
otherwise provided herein, inure to the benefit of and be binding
on the Company and its successors and assigns and on each Subscriber
and his respective heirs, executors, administrators, successors
and assigns.

10. Entire Agreement. This Agreement, when accepted by
the Company, will constitute the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all
prior and contemporaneous agreements and understandings, inducements
or conditions, express or implied, oral or written, except as herein
contained. This Agreement may not be modified, changed, waived or
terminated other than by a writing executed by all the parties
hereto. No course of conduct or dealing shall be construed to modify,
amend or otherwise affect any of the provisions hereof.

11. Assignability. The Subscriber acknowledges that he
may not assign any of his rights to or interest in or under this
Agreement without the prior written consent of the Company, and any
attempted assignment without such consent shall be void and without
effect.

12. Notices. Any notice or other communication required
or permitted hereunder shall be in writing and shall be delivered
personally, telegraphed, telexed, sent by facsimile transmission or
sent by certified, registered or express mail, postage prepaid, to
the address of each party set forth herein. Any such notice shall be
deemed given when delivered personally, telegraphed, telexed or sent
by facsimile transmission or, if mailed, three days after the date of
deposit in the United States mails.

13. Interpretation.

13.1 When the context in which words are used in this
Agreement indicates that such is the intent, singular words shall
include the plural, and vice versa, and masculine words shall
include the feminine and neuter genders, and vice versa.

13.2 Captions are inserted for convenience only, are not
a part of this Agreement, and shall not be used in the interpretation
of this Agreement.


[signature page follows]
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IN WITNESS WHEREOF, the undersigned has hereby executed this
Subscription Agreement as of the date set forth below.

(PLEASE PRINT OR TYPE)

Exact name of Subscriber: Hudson Bay Master Fund Ltd.

Signature of Subscriber:
By: /s/ George Antonopolous
(Signature)



Date: May 9, 2013


Mailing Address:

777 Third Avenue, 30th Floor
New York, NY 10017
Attn.: Yoav Roth / George Antonopoulos

Email: [e-mail]

Telephone Numbers: [phone]

Taxpayer Identification Number: 98-066-9111

24Holdings, Inc. Wire Instructions:

JP Morgan Chase Bank
For credit to the account of:
Morse Zelnick Rose & Lander, LLP
Attorney Trust Account
ABA#021000021
Account #967086639
F/B/O: 24Holdings, Inc.



ACCEPTANCE OF SUBSCRIPTION

I, Arnold P. Kling, President of 24Holdings, Inc. for and on behalf
of the Company, hereby accept the subscription of Hudson Bay Master
Fund Ltd. to purchase 344,210 Shares of 24Holdings, Inc. for the
aggregate consideration of $67,000 this 9th day of May, 2013.

24Holdings, Inc.



Arnold P. Kling
President

Schedule 4(e)

.

Name of Beneficial Owner
Shares of
Common Stock
Beneficially
Owned
Percentage of
Ownership
R&R Biotech Partners, LLC (1)
1251 Avenue of the Americas, 20th Floor
New York, NY 10020
Attention: David Horin, CFO
698,696
50.5%






Arnold P. Kling (2)
410 Park Avenue, Suite 1710
New York, NY 10022
294,674
21.3%



Kirk M. Warshaw (3)
133 Summit Avenue, Suite 22
Summit, NJ 07901
80,000
5.8%



Infinicom AB
138,322
10.0%




(1) Shares purchased/to be purchased by Hudson Bay Master Fund Ltd.
and Iroquois Master Fund Ltd. from Chapter 7 Trustee.
(2) Includes all the shares held by Moyo Partners, LLC.
(3) Mr. Warshaw is our chief financial officer, secretary and a
director.




11

F:\24 HOLDINGS\RESTRUCTURING\SUBSCRIPTION AGREEMENT.DOCX