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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
Motorcar Parts America, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
620071100
(CUSIP Number)
Midwood Capital Management LLC
Attn: David E. Cohen
575 Boylston St.
4th Floor
Boston, MA 02116
617-224-1751
With a copy to:
Peter M. Rosenblum, Esq.
Foley Hoag LLP
155 Seaport Blvd.
Boston, MA 02210
617-832-1151
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 10, 2008
(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. [ ]
Note: Schedules filed in paper format shall include a signed original and five copies of the
schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are sent.
*The remainder of this cover page shall be filled out for a reporting persons 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).
Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB control number.
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CUSIP No. |
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620071100 |
13D |
Page |
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2 |
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of |
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13 |
Pages |
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1 |
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NAMES OF REPORTING PERSONS.
David E. Cohen
I.R.S. Identification Nos. of above persons (entities only).
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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USA
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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561,650 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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561,650 |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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561,650 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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4.7% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IN |
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CUSIP No. |
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620071100 |
13D |
Page |
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3 |
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of |
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13 |
Pages |
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1 |
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NAMES OF REPORTING PERSONS.
Ross D. DeMont
I.R.S. Identification Nos. of above persons (entities only).
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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USA
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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561,650 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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561,650 |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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561,650 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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4.7% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IN |
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CUSIP No. |
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620071100 |
13D |
Page |
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4 |
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of |
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13 |
Pages |
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1 |
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NAMES OF REPORTING PERSONS.
Midwood Capital Management LLC
I.R.S. Identification Nos. of above persons (entities only).
I.R.S. Identification No. 14-1885029 |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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561,650 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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561,650 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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561,650 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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4.7% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IA |
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CUSIP No. |
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620071100 |
13D |
Page |
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5 |
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of |
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13 |
Pages |
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1 |
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NAMES OF REPORTING PERSONS.
Midwood Capital Partners, L.P.
I.R.S. Identification Nos. of above persons (entities only).
I.R.S. Identification No. 27-0060548 |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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301,154 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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301,154 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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301,154 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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2.5% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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PN |
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CUSIP No. |
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620071100 |
13D |
Page |
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6 |
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of |
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13 |
Pages |
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1 |
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NAMES OF REPORTING PERSONS.
Midwood Capital Partners QP, L.P.
I.R.S. Identification Nos. of above persons (entities only).
I.R.S. Identification No. 42-1657728 |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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260,496 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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260,496 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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260,496 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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2.2% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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PN |
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CUSIP No. 620071100
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Page 7 of 13 |
Item 1. Security and Issuer
This joint statement on Schedule 13D relates to the common stock, par value $.01 per share (the
Common Stock) of Motorcar Parts America, Inc., a New York corporation (the Issuer). The
address of the Issuers principal executive offices is 2929 California St., Torrance, CA 90503.
Item 2. Identity and Background
This joint statement on Schedule 13D is being filed by David E. Cohen, Ross D. DeMont, Midwood
Capital Management LLC, Midwood Capital Partners, L.P. and Midwood Capital Partners QP, L.P., who
are collectively referred to as the Reporting Persons. Messrs. Cohen and DeMont (the Managers)
are the managers of Midwood Capital Management LLC (Capital), which is the sole general partner
of each of Midwood Capital Partners, L.P. (LP) and Midwood Capital Partners QP, L.P. (QP and
together with LP, the Funds). By virtue of their positions, each of the Managers has the power
to vote and dispose of the shares of Common Stock held by each of the Funds. Information with
respect to each of the Reporting Persons is as follows:
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(1)
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(a) David E. Cohen |
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(b) 575 Boylston St., 4th Floor, Boston, MA 02116 |
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(c) Mr. Cohen is a manager of Capital |
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(d) No |
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(e) No |
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(f) United States |
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(2)
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(a) Ross D. DeMont |
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(b) 575 Boylston St., 4th Floor, Boston, MA 02116 |
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(c) Mr. DeMont is a manager of Capital |
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(d) No |
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(e) No |
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(f) United States |
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(3)
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(a) Midwood Capital Management LLC, a Delaware limited liability company |
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(b) 575 Boylston St., 4th Floor, Boston, MA 02116 |
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(c) Capital is the sole general partner of, and manages and provides investment
advice to, each of the Funds |
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CUSIP No. 620071100
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Page 8 of 13 |
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(d) No |
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(e) No |
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(4)
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(a) Midwood Capital Partners, L.P., a Delaware limited partnership |
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(b) c/o Midwood Capital Management LLC, 575 Boylston St., 4th Floor,
Boston, MA 02116 |
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(c) LP is a private investment fund engaged in the business of investing in
securities. |
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(d) No |
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(e) No |
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(5)
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(a) Midwood Capital Partners QP, L.P., a Delaware limited partnership |
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(b) c/o Midwood Capital Management LLC, 575 Boylston St., 4th Floor,
Boston, MA 02116 |
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(c) QP is a private investment fund engaged in the business of investing in
securities. |
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(d) No |
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(e) No |
Item 3. Source and Amount of Funds or Other Consideration
The Reporting Persons acquired beneficial ownership of an aggregate of 561,650 shares of Common
Stock for a total of $6,033,890.41 using cash from the Funds. The shares of such Common Stock held
by LP and QP are held in margin accounts which from time to time may incur debit balances. Since
other securities are held in such margin accounts, it is impracticable to determine the amounts, if
any, borrowed with respect to such shares of Common Stock. The cost of borrowing with respect to
such margin accounts fluctuates with the broker loan rate and the amount of the debit balance.
Item 4. Purpose of Transaction
The Reporting Persons have engaged in the past, and may wish to continue to engage in the future,
in a constructive dialogue with management of the Issuer (Management), as well as with other
stockholders of the Issuer and the Issuers Board of Directors (the Board of Directors),
regarding the Issuers business operations and new strategies to create and maximize value for the
Issuers stockholders. Such previous communications include a March 31, 2008, letter sent by Ross
D. DeMont, principal of Midwood Capital Management LLC, to Mr. Selwyn Joffe, Chairman and Chief
Executive Officer of the Issuer, setting forth a series of suggestions regarding matters relating
to deployment of capital and corporate governance, a copy of which was attached as Exhibit 2 to
Amendment No. 4 to this Schedule 13D, as filed by the Reporting Persons on March 31, 2008, and such
exhibit is hereby incorporated herein by reference.
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CUSIP No. 620071100
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Page 9 of 13 |
The Reporting Persons intend to review continuously their equity interest in the Issuer. Depending
upon their evaluation of the factors described below, one or more of the Reporting Persons may from
time to time purchase additional securities of the Issuer, dispose of all or a portion of the
securities then held by such Reporting Person, or cease buying or selling such securities. Any
such additional purchases or sales of securities of the Issuer may be in the open market or
privately negotiated transactions or otherwise. The factors which the Reporting Persons may
consider in evaluating their equity interest in the Issuers business include the following: (i)
the Issuers business and prospects; (ii) the business strategy and actions of Management and the
Board of Directors to enhance the Issuers value to its stockholders; (iii) the performance of the
Common Stock and the availability of the Common Stock for purchase at particular price levels; (iv)
the availability and nature of opportunities to dispose of the Reporting Persons interests; (v)
general economic conditions; (vi) stock market and money market conditions; (vii) other business
and investment opportunities available to the Reporting Persons; and (viii) other plans and
requirements of the Reporting Persons.
Depending on their assessment of the foregoing factors, the Reporting Persons may, from time to
time, modify their present intention as stated in this item 4.
Except as set forth above, the Reporting Persons do not have at this time any specific plans which
would result in (a) the acquisition of additional securities of the Issuer or the disposition of
securities of the Issuer; (b) any extraordinary corporate transactions such as a merger,
reorganization or liquidation involving the Issuer or any of its subsidiaries; (c) any sale or
transfer of a material amount of the assets of the Issuer or of any of its subsidiaries; (d) any
change in the present Management or Board of Directors, including any plans or proposals to change
the number of term of directors or to fill any existing vacancies on the Board of Directors; (e)
any material change in the present capitalization or dividend policy of the Issuer; (f) any other
material change in the Issuers business or corporate structure; (g) any change in the Issuers
charter or by-laws which may impede the acquisition of control of the Issuer by any person; (h) the
Issuers Common Stock being delisted from a national securities exchange or ceasing to be
authorized to be quoted in an inter-dealer quotation system or a registered national securities
association; (i) causing a class of equity securities of the Issuer to become eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as
amended; or (j) any action similar to those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) In the aggregate, the Reporting Persons beneficially own 561,650 shares of the Common Stock of
the Issuer, representing approximately 4.7% of such class of securities. The beneficial ownership
of each Reporting Person is as follows: (i) LP beneficially owns 301,154 shares of the Common
Stock, representing approximately 2.5% of the class, (ii) QP beneficially owns 260,496 shares of
the Common Stock, representing approximately 2.2% of the class, and (iii) Capital, as the sole
general partner of each Fund, and Messrs. Cohen and DeMont, as the managers of Capital, each
beneficially own 561,650 shares of the Common Stock of the Issuer, representing approximately 4.7%
of the class. The percentage of the Common Stock beneficially owned by each Reporting Person is
based on a total of 12,070,555 shares of Common Stock of the Issuer outstanding as of June 9, 2008,
as reported in the most recently filed annual report of the Issuer on Form 10-K for the year ended
March 31, 2008.
- 9 -
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CUSIP No. 620071100
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Page 10 of 13 |
(b) By virtue of their positions as managers of Capital, each of the Managers has the shared
authority to vote and dispose of the shares of Common Stock reported in this joint statement
Schedule 13D.
(c) The following transactions in the Common Stock were conducted by Reporting Persons from May
12, 2008 (60 days prior to the event which requires the filing of this statement) to the date
hereof:
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No. of |
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Shares |
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Purchased |
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Purchase/(Sale) |
Person |
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Date |
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Price Per Share |
Midwood Capital Partners, L.P. |
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06/17/2008 |
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(700 |
) |
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($9.0000 |
) |
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06/24/2008 |
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(3,933 |
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($7.5595 |
) |
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06/25/2008 |
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(740 |
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($7.8000 |
) |
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06/30/2008 |
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25,819 |
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$7.5500 |
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07/01/2008 |
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(293 |
) |
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($7.5000 |
) |
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07/07/2008 |
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(1,006 |
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($6.8006 |
) |
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07/09/2008 |
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(2,149 |
) |
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($7.0000 |
) |
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07/10/2008 |
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(3,378 |
) |
|
|
($6.6998 |
) |
|
|
|
07/14/2008 |
|
|
|
(5,465 |
) |
|
|
($6.5792 |
) |
|
|
|
07/15/2008 |
|
|
|
(5,228 |
) |
|
|
($6.5781 |
) |
|
|
|
07/15/2008 |
|
|
|
(3,243 |
) |
|
|
($6.6100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwood Capital Partners QP, L.P. |
|
|
06/24/2008 |
|
|
|
(3,767 |
) |
|
|
($7.5595 |
) |
|
|
|
06/25/2008 |
|
|
|
(760 |
) |
|
|
($7.8000 |
) |
|
|
|
06/30/2008 |
|
|
|
(25,819 |
) |
|
|
($7.5500 |
) |
|
|
|
07/01/2008 |
|
|
|
(307 |
) |
|
|
($7.5000 |
) |
|
|
|
07/07/2008 |
|
|
|
(594 |
) |
|
|
($6.8006 |
) |
|
|
|
07/09/2008 |
|
|
|
(1,826 |
) |
|
|
($7.0000 |
) |
|
|
|
07/10/2008 |
|
|
|
(2,922 |
) |
|
|
($6.6998 |
) |
|
|
|
07/14/2008 |
|
|
|
(4,735 |
) |
|
|
($6.5792 |
) |
|
|
|
07/15/2008 |
|
|
|
(2,757 |
) |
|
|
($6.6100 |
) |
|
|
|
07/15/2008 |
|
|
|
(4,572 |
) |
|
|
($6.5781 |
) |
Except as provided below, each of the above listed transactions was conducted in the ordinary
course of business on the open market for cash. Purchase and sale prices do not reflect brokerage
commissions paid.
The purchase and sale of 25,819 shares of Common Stock on June 30, 2008, as detailed above, was
conducted via a direct transaction between the Funds, at the closing market price of Common Stock
on such date, for the purpose of maintaining a pro rata allocation of Common Stock between the
Funds.
- 10 -
|
|
|
CUSIP No. 620071100
|
|
Page 11 of 13 |
(d) N/A
(e) N/A
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the
Issuer
In connection with the purchase of 91,000 shares of Common Stock of the Issuer, each of LP and
QP is party to a Securities Purchase Agreement among the Issuer and the investors identified on the
signature pages thereto, dated as of May 18, 2007, and a Registration Rights Agreement among the
Issuer and the investors identified on the signature pages thereto, dated as of May 18, 2007. The
forms of each of the Securities Purchase Agreement, the Registration Rights Agreement are attached
as Exhibits 10.1, 10.2 and 10.4 to the Form 8-K filed by the Issuer on May 18, 2007.
The Reporting Persons are parties to a Joint Filing Agreement dated January 17, 2006, a copy
of which was previously filed with this Schedule 13D and is hereby incorporated by reference
herein.
Except for matters described in this Schedule 13D (including in any previous amendment
hereto), and the Exhibits attached hereto, there are no other contracts, arrangements,
understandings, or relationships (legal or otherwise) among the Reporting Persons, or between any
Reporting Person(s) and any third party, with respect to any securities of the Issuer, including,
but not limited to, transfer or voting any of the securities, finders fees, joint ventures, loan
or option arrangements, put or calls, guarantees of profits, division of profits or losses, or the
giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits
N/A
- 11 -
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|
|
CUSIP No. 620071100
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|
Page 12 of 13 |
Signature
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.
|
|
|
|
|
|
|
DATE:
|
|
July 16, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
MIDWOOD CAPITAL PARTNERS, L.P. |
|
|
|
|
|
|
|
By: Midwood Capital Management LLC |
|
|
General Partner |
|
|
|
|
|
By: /s/ David E. Cohen |
|
|
|
|
|
David E. Cohen |
|
|
Manager |
|
|
|
|
|
MIDWOOD CAPITAL |
|
|
PARTNERS QP, L.P. |
|
|
|
|
|
By: Midwood Capital Management LLC |
|
|
General Partner |
|
|
|
|
|
By: /s/ David E. Cohen |
|
|
|
|
|
David E. Cohen |
|
|
Manager |
|
|
|
|
|
MIDWOOD CAPITAL |
|
|
MANAGEMENT LLC |
|
|
|
|
|
By: /s/ David E. Cohen |
|
|
|
|
|
David E. Cohen |
|
|
Manager |
|
|
|
CUSIP No. 620071100
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|
Page 13 of 13 |
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|
|
DAVID E. COHEN |
|
|
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|
|
By: /s/ David E. Cohen |
|
|
|
|
|
David E. Cohen |
|
|
|
|
|
ROSS D. DEMONT |
|
|
|
|
|
By: /s/ Ross D. DeMont |
|
|
|
|
|
Ross D. DeMont |