SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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. 2
FreeSeas Inc.
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(Name of Issuer)
Common Stock
(Title of Class of Securities)
Y26496102
---------
(CUSIP Number)
Paul D. Sonkin
Hummingbird Management, LLC
(f/k/a Morningside Value Investors, LLC)
460 Park Avenue, 12th Floor
New York, New York 10022
------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 9, 2007
-----------------
(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(b) for other
parties to whom copies are to be sent.
--------
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).
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CUSIP No. Y26496102 13D/A Page 2 of 11 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Management, LLC
(f/k/a Morningside Value Investors, LLC)
IRS No. 13-4082842
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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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 725,215
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
725,215
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
725,215 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
(1) Includes (a) 47,050 shares of FreeSeas common stock issuable upon
the exercise of warrants held by the the Hummingbird Value Fund, LP, and
(b) 47,050 shares of FreeSeas common stock issuable upon the exercise of
warrants held by the the Hummingbird Microcap Value Fund, LP.
================================================================================
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CUSIP No. Y26496102 13D/A Page 3 of 11 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul D. Sonkin
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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
UNITED STATES
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 725,215
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
725,215
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
725,215 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
(1) Includes (a) 47,050 shares of FreeSeas common stock issuable upon
the exercise of warrants held by the the Hummingbird Value Fund, LP, and
(b) 47,050 shares of FreeSeas common stock issuable upon the exercise of
warrants held by the the Hummingbird Microcap Value Fund, LP.
================================================================================
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CUSIP No. Y26496102 13D/A Page 4 of 11 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Capital, LLC
(f/k/a Morningside Capital, LLC)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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 725,215
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
725,215
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
725,215 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
(1) Includes (a) 47,050 shares of FreeSeas common stock issuable upon
the exercise of warrants held by the the Hummingbird Value Fund, LP, and
(b) 47,050 shares of FreeSeas common stock issuable upon the exercise of
warrants held by the the Hummingbird Microcap Value Fund, LP.
================================================================================
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CUSIP No. Y26496102 13D/A Page 5 of 11 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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 298,667
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
298,667
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
298,667(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
LP
(1) Includes 47,050 shares of FreeSeas common stock issuable
upon the exercise of warrants held by the Hummingbird Value Fund, LP.
================================================================================
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CUSIP No. Y26496102 13D/A Page 6 of 11 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Microcap Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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 298,311
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
298,311
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
298,311(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
LP
(1) Includes 47,050 shares of FreeSeas common stock issuable upon the exercise
of warrants held by the Hummingbird Microcap Value Fund, LP.
================================================================================
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CUSIP No. Y26496102 13D/A Page 7 of 11 Pages
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1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Concentrated Fund, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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 128,237
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
128,237
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
128,237 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
LP
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CUSIP No. Y26496102 13D/A Page 8 of 11 Pages
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AMENDMENT NO. 2 TO SCHEDULE 13D
This Amendment No. 2, dated January 10, 2007 to Schedule 13D is
filed by the Reporting Persons and amends the Schedule the 13D as previously
filed by the Reporting Persons with the Securities and Exchange Commission
on March 7, 2006 (the "Schedule 13D"),relating to the common
Stock, (the "Common Stock") of FreeSeas, Inc. a corporation domiciled in
Greece.
Items 3 and 5 are hereby amended and restated, as follows:
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of January 10, 2007, Hummingbird has caused HVF, Microcap Fund
and Concentrated Fund, to invest approximately $1,404,751,$1,403,494 and
$578,652, respectively, in the Shares and warrants of the Issuer using their
respective working capital.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a) As investment manager of HVF and Microcap Fund, Hummingbird may
be deemed to have the sole voting and investment authority over the Shares
owned by HVF, Microcap Fund, and Concentrated Fund, for purposes of Rule 13d-3
under the Securities Exchange Act of 1934, as amended ("Rule 13d-3"), may
be deemed to be the beneficial owner of 725,215 Shares representing
approximately 11.5% of the outstanding shares of the Issuer calculated on the
basis of 6,290,100 common stock outstanding as of November 15, 2006, as
disclosed in the issuer's Form 6-K and filed with the SEC on December 1,
2006. Hummingbird disclaims any beneficial ownership of the Shares covered
by this Statement.
HC, as the general partner of each of HVF, Microcap Fund, and
Concentrated Fund, Hummingbird may be deemed to have the sole voting and
investment authority over the Shares owned by HVF and Microcap Fund,for
purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended
("Rule 13d-3"), may be deemed to be the beneficial owner of 725,215
Shares representing approximately 11.5% of the outstanding shares of the
Issuer calculated on the basis of 6,290,100 common stock outstanding as of
November 15, 2006, as disclosed in the issuer's Form 6-K and filed with the
SEC on December 1, 2006. Hummingbird disclaims any beneficial ownership of the
Shares covered by this Statement.
HVF is the beneficial owner of 298,311 Shares or 4.7% of the
outstanding shares of the Issuer, (represents 251,617 shares of FreeSeas Inc.
("FreeSeas") common stock owned by the HVF; and 47,050 shares of FreeSeas
common stock issuable upon the exercise of warrants owned by HVF.)
Microcap Fund is the beneficial owner of 298,311 Shares or 4.7%
of the outstanding shares of the Issuer,(represents 251,261 shares of FreeSeas
Inc. ("FreeSeas") common stock owned bythe Microcap Fund, and 47,050 shares of
FreeSeas common stock issuable upon the exercise of warrants owned by Microcap
Fund.)
concentrated Fund is the beneficial owner of 128,237 Shares or 2.0%
of the outstanding shares of the Issuer.
------------------------ ----------------------------
CUSIP No. Y26496102 13D/A Page 9 of 11 Pages
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Hummingbird caused HVF to effect transactions in the
common stock during the past 60 days as set forth below:
AMOUNT OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
12/22/2006 open market purchase 1,200 2.965
12/27/2006 open market purchase 300 3.352
12/28/2006 open market purchase 800 3.010
12/29/2006 open market purchase 900 2.938
1/8/2007 open market purchase 500 3.260
12/22/2006 open market sale 50 3.040
1/9/2007 open market sale 33,876 4.389
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CUSIP No. Y26496102 13D/A Page 10 of 11 Pages
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Hummingbird caused Microap Fund to effect transactions
in the common stock during the past 60 days as set forth below:
AMOUNT OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
12/22/2006 open market purchase 1,200 2.965
12/27/2006 open market purchase 300 3.352
12/28/2006 open market purchase 600 3.010
12/29/2006 open market purchase 900 2.938
1/8/2007 open market purchase 500 3.260
12/22/2006 open market sale 50 3.040
1/9/2007 open market sale 33,828 4.389
Hummingbird caused Concentrated Fund to effect transactions
in the common stock during the past 60 days as set forth below:
AMOUNT OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
12/28/2006 open market purchase 600 3.010
1/9/2007 open market sale 17,264 4.389
(d) Inapplicable.
(e) Inapplicable.
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CUSIP No. Y26496102 13D Page 11 of 11 Pages
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ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
None
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
None
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: January 10, 2007 HUMMINGBIRD MANAGEMENT, LLC
(f/k/a Morningside Value Investors, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CONCENTRATED
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
HUMMINGBIRD CAPITAL, LLC
(f/k/a Morningside Capital, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin