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judicialrestraint

01/23/05 11:02 AM

#2451 RE: hweb2 #2418

HWEB, FWIW, CSPI(e) has been accumulated recently by a hedge fund. 13G/A filed on 1/20 by Daniel Zeff showing 313K shares, or 8.8% of the outstanding shares. Zeff filed original 13G in June showing 179K shares, so he's been buying recently.

http://www.sec.gov/Archives/edgar/data/356037/000095015905000036/csp12-0413ga.txt

Regarding Zeff:

"Magnum Global Investments has sponsored two new hedge funds. The Zeff Capital Offshore Fund is a US equity value portfolio focusing mainly on mis-valuations in small-cap stocks. The manager of Zeff Capital Offshore Fund – US Equity Value Fund, Daniel Zeff, buys stocks selling at discounts of at least 50% to what he believes is fair value, investing in 15 to 20 core long positions and a ‘handful’ of shorts. Zeff said holdings are generally in firms with heavy net cash balances and/or strong cash flow generating capacity, selling at low single-digit earnings and cash flow multiples."