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Seth Klarman Buys UnitedHealth Group Inc., Liberty Media Corp. Series A Liberty Ent, CapitalSource Inc., Sells Allscripts Healthcare Solutions Inc, National Fuel Gas Company, Innophos Holdings Inc.

Understanding Seth Klarman's portfolio is hard, even after you read his $1200 book Margin of Safety. But maybe that's why he can do what others cannot. These are his buys and sells during the second quarter. The Baupost Group. Seth Klarman owns 69 stocks with a total value of $2 billion.

Seth Klarman buys UnitedHealth Group Inc., Liberty Media Corp. Series A Liberty Ent, CapitalSource Inc., ViaSat Inc., GHL ACQUISITION CORP, PrePaid Legal Services Inc., Centerplate Inc, PROSPECT ACQUISITION, TM ENTERTAINMENT, GHL ACQUISITION WS, Centerplate Inc, sells Allscripts Healthcare Solutions Inc, National Fuel Gas Company, Innophos Holdings Inc., MBF Healthcare Acquisition Corp., International Paper Company, Team Inc., A.C. Moore Arts & Crafts Inc., Santa Monica Media Corp., CTC Media Inc., Quanta Capital Holdings Ltd., HECKMANN CORPORATION, Vantage Energy Services Inc, North American Insurance Leaders Inc, Marathon Acquisition Corp during the 3-months ended 06/30/2008, according to the most recent filings of his investment company, The Baupost Group. Seth Klarman owns 69 stocks with a total value of $2 billion. These are the details of the buys and sells.

For the details of Seth Klarman's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Seth+Klarman

Added: PDL BioPharma Inc. (PDLI)

Seth Klarman added to his holdings in PDL BioPharma Inc. by 3111.66%. His purchase prices were between $7.73 and $11.21, with an estimated average price of $9.8. The impact to his portfolio due to this purchase was 7.65%. His holdings were 14,825,000 shares as of 07/31/2008.

Protein Design Labs Inc. is a biopharmaceutical company focused on the research development and commercialization of novel therapies for inflammation and autoimmune diseases acute cardiac conditions and cancer. PDL markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary ESP Pharma Inc. As a leader in the development of humanized antibodies PDL has licensed its patents to numerous pharmaceutical and biotechnology companies some of which are now paying royalties on net sales of licensed products. PDL BioPharma Inc. has a market cap of $1.42 billion; its shares were traded at around $11.94 with P/S ratio of 5.47.

Added: WellPoint Inc. (WLP)

Seth Klarman added to his holdings in WellPoint Inc. by 23.9%. His purchase prices were between $46 and $55.82, with an estimated average price of $51. The impact to his portfolio due to this purchase was 2.55%. His holdings were 5,517,698 shares as of 07/31/2008.

WellPoint Inc. is the largest publicly traded commercial health benefits company in terms of membership in the United States. WellPoint Inc. is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado Connecticut Georgia Indiana Kentucky Maine Missouri Nevada New Hampshire Ohio Virginia (excluding the Northern Virginia suburbs of Washington D.C.) Wisconsin; and through HealthLink and UniCare. WellPoint Inc. has a market cap of $28.69 billion; its shares were traded at around $56.1 with a P/E ratio of 10.24 and P/S ratio of 0.46.

Added: Horizon Lines Inc. (HRZ)

Seth Klarman added to his holdings in Horizon Lines Inc. by 60.42%. His purchase prices were between $10.14 and $18.28, with an estimated average price of $12.4. The impact to his portfolio due to this purchase was 1.34%. His holdings were 7,102,520 shares as of 07/31/2008.

Horizon Lines Inc. is the nation's leading Jones Act container shipping and integrated logistics company. It accounts for total U.S. marine container shipments from the continental U.S. to the three non- contiguous Jones Act markets Alaska Hawaii and Puerto Rico and to Guam. Company's mission is to deliver best-in-class transportation services and unmatched customer satisfaction through our heritage people process and technology. As a domestic transportation leader Horizon Lines is committed to protecting the environment and ensuring the safety and health of there associates and the public. Horizon Lines Inc. has a market cap of $377.95 million; its shares were traded at around $12.61 with a P/E ratio of 18.71 and P/S ratio of 0.29. The dividend yield of Horizon Lines Inc. stocks is 3.9%.

Added: Domtar Corp. (UFS)

Seth Klarman added to his holdings in Domtar Corp. by 20.74%. His purchase prices were between $5.21 and $7.15, with an estimated average price of $6.3. The impact to his portfolio due to this purchase was 1.05%. His holdings were 22,364,700 shares as of 07/31/2008.

Domtar is a major North American manufacturer of pulp and forest products fine papers and packaging that fosters sustainable development through the rigorous application of its integrated forest management policy. A leading manufacturer and marketer of printing and writing papers Domtar is also a significant Canadian producer of containerboard and corrugated containers and a major Eastern Canadian lumber producer. Domtar Corp. has a market cap of $3.2 billion; its shares were traded at around $6.21 with a P/E ratio of 46.00 and P/S ratio of 0.49.

Added: EXTERRAN HOLDINGS INC. (EXH)

Seth Klarman added to his holdings in EXTERRAN HOLDINGS INC. by 10.88%. His purchase prices were between $64 and $74.18, with an estimated average price of $70.5. The impact to his portfolio due to this purchase was 0.8%. His holdings were 2,261,218 shares as of 07/31/2008.

Exterran Holdings Inc. is the global market leader in full service natural gas compression and a premier provider of sales operations maintenance fabrication service and equipment for oil and gas production processing and transportation applications. Exterran serves customers across the energy spectrum from producers to transporters to processors to storage owners. EXTERRAN HOLDINGS INC. has a market cap of $3.22 billion; its shares were traded at around $49 with a P/E ratio of 56.58 and P/S ratio of 1.02.

Added: Theravance Inc. (THRX)

Seth Klarman added to his holdings in Theravance Inc. by 17.66%. His purchase prices were between $11.86 and $13.77, with an estimated average price of $12.9. The impact to his portfolio due to this purchase was 0.56%. His holdings were 6,269,891 shares as of 07/31/2008.

Theravance Inc is focused on the discovery development and commercialization of small molecule medicines for unmet medical needs across a number of therapeutic areas including respiratory disease bacterial infections overactive bladder and gastrointestinal disorders. Theravance Inc. has a market cap of $1.01 billion; its shares were traded at around $16.5 with P/S ratio of 45.25.

Added: SAPPHIRE INDUSTRIALS (FYR)

Seth Klarman added to his holdings in SAPPHIRE INDUSTRIALS by 17.31%. His purchase prices were between $9.07 and $9.38, with an estimated average price of $9.2. The impact to his portfolio due to this purchase was 0.37%. His holdings were 5,400,000 shares as of 07/31/2008.

SAPPHIRE INDUSTRIALS CORP. is a newly organized blank check company formed for the purpose of effecting a merger capital stock exchange asset acquisition stock purchase reorganization or similar business combination with one or more operating businesses. The Company?s intention is to focus its efforts in identifying a prospective target business or businesses primarily on general industrial companies in North America. Sapphire Industrials Corp. is a development stage company. SAPPHIRE INDUSTRIALS has a market cap of $949.00 million; its shares were traded at around $9.49 .

Added: HICKS ACQUISITION COMPANY I, INC (TOH)

Seth Klarman added to his holdings in HICKS ACQUISITION COMPANY I, INC by 58.62%. His purchase prices were between $9.08 and $9.31, with an estimated average price of $9.2. The impact to his portfolio due to this purchase was 0.33%. His holdings were 1,931,220 shares as of 07/31/2008.

HICKS ACQUISITION COMPANY Inc. is a newly organized company formed for the purpose of acquiring or acquiring control of through a merger capital stock exchange asset acquisition stock purchase reorganization or similar business combination one or more businesses or assets. The Company's efforts in identifying a prospective target business will not be limited to a particular industry but the Company will not complete a business combination with any entity engaged in the energy industry as its principal business or whose principal business operations are conducted outside of the United States or Canada. HICKS ACQUISITION COMPANY I, INC has a market cap of $639.63 million; its shares were traded at around $9.27 with a P/E ratio of 107.79.

Added: Borders Group Inc. (BGP)

Seth Klarman added to his holdings in Borders Group Inc. by 15.11%. His purchase prices were between $5.91 and $7.23, with an estimated average price of $6.5. The impact to his portfolio due to this purchase was 0.23%. His holdings were 5,722,700 shares as of 07/31/2008.

Borders Group Inc. through its subsidiaries is a premier operator of book and music stores. Borders Group Inc. conducts its business via superstores mall-based stores or the Internet. The company's presence is felt not only in the U.S. but worldwide. Borders Group Inc. has a market cap of $323.11 million; its shares were traded at around $5.34 with P/S ratio of 0.09. The dividend yield of Borders Group Inc. stocks is 8.8%.

New Purchase: UnitedHealth Group Inc. (UNH)

Seth Klarman initiated holdings in UnitedHealth Group Inc.. His purchase prices were between $26.01 and $37.25, with an estimated average price of $32.9. The impact to his portfolio due to this purchase was 6.15%. His holdings were 4,664,487 shares as of 07/31/2008.

UnitedHealth Group Inc. offers health care coverage and related services to help people achieve improved health and well-being through all stages of life. The company's products and services reflect a number of core capabilities including medical information management health benefit administration care coordination risk assessment and pricing health benefit design and provider contracting. With these capabilities it is able to provide comprehensive health care management services through organized health systems and insurance products. UnitedHealth Group Inc. has a market cap of $38.83 billion; its shares were traded at around $31.89 with a P/E ratio of 10.80 and P/S ratio of 0.49. The dividend yield of UnitedHealth Group Inc. stocks is 0.1%.

New Purchase: Liberty Media Corp. Series A Liberty Ent (LMDIA)

Seth Klarman initiated holdings in Liberty Media Corp. Series A Liberty Ent. His purchase prices were between $24.37 and $27, with an estimated average price of $26. The impact to his portfolio due to this purchase was 3.89%. His holdings were 3,200,000 shares as of 07/31/2008.

Liberty Media Corp. Series A Liberty Ent has a market cap of $13.52 billion; its shares were traded at around $26.17 with a P/E ratio of 2.42 and P/S ratio of 11.65.

New Purchase: CapitalSource Inc. (CSE)

Seth Klarman initiated holdings in CapitalSource Inc.. His purchase prices were between $10.08 and $15.98, with an estimated average price of $13.4. The impact to his portfolio due to this purchase was 1.28%. His holdings were 2,300,000 shares as of 07/31/2008.

CapitalSource is a specialized commercial finance company offering asset- based senior cash flow and mezzanine financing to small and mid-sized borrowers through three focused lending units: Corporate Finance Healthcare Finance and Structured Finance. CapitalSource Inc. has a market cap of $3.42 billion; its shares were traded at around $12.38 with a P/E ratio of 33.28 and P/S ratio of 5.48. The dividend yield of CapitalSource Inc. stocks is 20.9%.

New Purchase: ViaSat Inc. (VSAT)

Seth Klarman initiated holdings in ViaSat Inc.. His purchase prices were between $19.33 and $22.5, with an estimated average price of $21.4. The impact to his portfolio due to this purchase was 1.14%. His holdings were 1,120,700 shares as of 07/31/2008.

ViaSat Inc. designs produces and markets advanced digital satellitetelecommunications and other networking and signal processing equipment. The company has been developing and marketing its technology through strategic alliances for emerging commercial markets such as private corporate networks mobile applications alternative carrier access and broadband Internet/Intranet access by satellite to multiple servers. ViaSat Inc. has a market cap of $848.90 million; its shares were traded at around $27.63 with a P/E ratio of 24.87 and P/S ratio of 1.41.

New Purchase: GHL ACQUISITION CORP (GHQ)

Seth Klarman initiated holdings in GHL ACQUISITION CORP. His purchase prices were between $9.05 and $9.35, with an estimated average price of $9.2. The impact to his portfolio due to this purchase was 1.05%. His holdings were 2,250,000 shares as of 07/31/2008.

GHL ACQUISITION CORP. is a newly formed blank check company organized for the purpose of effecting a merger capital stock exchange asset acquisition stock purchase reorganization or other similar business combination with one or more businesses or assets which they refer to as their initial business combination. The Company will not limit its efforts in identifying a prospective target business to a particular industry. Instead they will focus on industries and target businesses in the United States and Europe that may provide significant opportunity for growth. GHL ACQUISITION CORP has a market cap of $453.48 million; its shares were traded at around $9.35 .

New Purchase: PrePaid Legal Services Inc. (PPD)

Seth Klarman initiated holdings in PrePaid Legal Services Inc.. His purchase prices were between $40.4 and $48.3, with an estimated average price of $43.6. The impact to his portfolio due to this purchase was 0.63%. His holdings were 309,722 shares as of 07/31/2008.

PRE-PAID LEGAL SERVICES INC. underwrites and markets legal service plans which provide for or reimburse a portion of legal fees incurred by members in connection with specified matters. PrePaid Legal Services Inc. has a market cap of $531.90 million; its shares were traded at around $45 with a P/E ratio of 10.41 and P/S ratio of 1.14.

New Purchase: Centerplate Inc (CVP)

Seth Klarman initiated holdings in Centerplate Inc. His purchase prices were between $3.57 and $5.12, with an estimated average price of $4.8. The impact to his portfolio due to this purchase was 0.48%. His holdings were 1,959,738 shares as of 07/31/2008.

Centerplate is a leading provider of catering concessions merchandise and facilities management services for sports facilities convention centers and other entertainment venues. Centerplate Inc has a market cap of $89.17 million; its shares were traded at around $4.25 with P/S ratio of 0.11. The dividend yield of Centerplate Inc stocks is 13.8%.

New Purchase: PROSPECT ACQUISITION (PAX)

Seth Klarman initiated holdings in PROSPECT ACQUISITION. His purchase prices were between $9.06 and $9.3, with an estimated average price of $9.2. The impact to his portfolio due to this purchase was 0.46%. His holdings were 981,630 shares as of 07/31/2008.

Prospect Acquisition Corp. is a newly organized blank check company formed for the purpose of acquiring or acquiring control of through a merger capital stock exchange asset acquisition stock purchase reorganization or similar business combination one or more businesses or assets which we refer to as our initial business combination in the financial services industry which includes investment management firms. PROSPECT ACQUISITION has a market cap of $290.63 million; its shares were traded at around $9.3 with a P/E ratio of 98.94.

New Purchase: TM ENTERTAINMENT (TMI)

Seth Klarman initiated holdings in TM ENTERTAINMENT. His purchase prices were between $7.14 and $7.4, with an estimated average price of $7.3. The impact to his portfolio due to this purchase was 0.23%. His holdings were 625,000 shares as of 07/31/2008.

TM ENTERTAINMENT GROUP INC. provides a variety of services to persons or companies related to the entertainment industry. From management to consulting TMEG is where Gold turns Platinum. TMEG's objective is to provide quality services to its clients while keeping their success and longevity a primary focus. TMEG will accomplish this by getting the job done right and follow all business principals to ensure all T's are crossed and I's dotted. TM ENTERTAINMENT has a market cap of $92.54 million; its shares were traded at around $7.4 with a P/E ratio of 164.44.

New Purchase: GHL ACQUISITION WS (GHQ/WS)

Seth Klarman initiated holdings in GHL ACQUISITION WS. The impact to his portfolio due to this purchase was 0.04%. His holdings were 1,250,000 shares as of 07/31/2008.

GHL ACQUISITION WS has a market cap of $ million; its shares were traded at around $0 .

Reduced: NRDC ACQUISITION CORP (NAQ)

Seth Klarman reduced to his holdings in NRDC ACQUISITION CORP by 29.97%. His sale prices were between $9.15 and $9.4, with an estimated average price of $9.3. The impact to his portfolio due to this sale was -0.08%. Seth Klarman still held 584,300 shares as of 07/31/2008.

NRDC ACQUISITION CORP. is a blank check company formed for the purpose of acquiring through a merger capital stock exchange stock purchase asset acquisition or other similar Business Combination one or more assets or control of one or more operating businesses which the firm refers to as their initial Business Combination. The company was formed for the purpose of acquiring a business through a Business Combination. Since its initial public offering its activities have been limited to identifying and evaluating prospective acquisition targets. NRDC ACQUISITION CORP has a market cap of $486.97 million; its shares were traded at around $9.41 with a P/E ratio of 73.52.

Reduced: GLOBAL BPO SERVICES (OOO)

Seth Klarman reduced to his holdings in GLOBAL BPO SERVICES by 54.76%. His sale prices were between $7.26 and $7.76, with an estimated average price of $7.4. The impact to his portfolio due to this sale was -0.21%. Seth Klarman still held 976,679 shares as of 07/31/2008.

GLOBAL BPO SERVICES CORP. is a newly organized blank check company organized for the purpose of effecting a merger capital stock exchange asset or stock acquisition exchangeable share transaction or other similar business combination of one or more domestic or international operating businesses. It plans to target acquisitions in the business process outsourcing industry. GLOBAL BPO SERVICES has a market cap of $308.98 million; its shares were traded at around $7.91 with a P/E ratio of 57.32.

Reduced: TRIPLECROWN ACQUISITION CORP. (TCW)

Seth Klarman reduced to his holdings in TRIPLECROWN ACQUISITION CORP. by 59.12%. His sale prices were between $8.99 and $9.29, with an estimated average price of $9.1. The impact to his portfolio due to this sale was -0.28%. Seth Klarman still held 1,021,500 shares as of 07/31/2008.

At TRIPLE CROWN CORPORATION they renew their commitment to providing their customers with excellent construction land acquisition development and property management services. These services are delivered and managed by expert professionals with high standards of performance safety and quality. They will strengthen their position in their current markets and expand into new markets by aligning their product and service offerings to meet the specific needs of their customers. They provide high quality best value real estate services on time every time TRIPLECROWN ACQUISITION CORP. has a market cap of $638.25 million; its shares were traded at around $9.25 with a P/E ratio of 78.39.

Reduced: Marathon Acquisition Corp (MAQ)

Seth Klarman reduced to his holdings in Marathon Acquisition Corp by 45.47%. His sale prices were between $7.69 and $7.87, with an estimated average price of $7.8. The impact to his portfolio due to this sale was -0.51%. Seth Klarman still held 2,877,639 shares as of 07/31/2008.

MARATHON ACQUISITION CORP. is a `blank check` company formed to acquire through a merger capital stock exchange asset acquisition or similar business combination one or more businesses. Marathon has dedicated its time since the initial public offering to seeking and evaluating business combination opportunities. Marathon Acquisition Corp has a market cap of $362.18 million; its shares were traded at around $7.33 with a P/E ratio of 146.60.

Sold Out: MBF Healthcare Acquisition Corp. (MBH)

Seth Klarman sold out his holdings in MBF Healthcare Acquisition Corp.. His sale prices were between $7.7 and $7.91, with an estimated average price of $7.8. The impact to his portfolio due to this sale was less than 0.01%.

MBF Healthcare Acquisition Corp. is a blank check company formed for the purpose of acquiring through a merger capital stock exchange stock purchase asset acquisition or other similar business combination one or more operating businesses in the healthcare industry. MBF Healthcare Acquisition Corp. has a market cap of $210.08 million; its shares were traded at around $7.9 with a P/E ratio of 52.32.

Sold Out: Innophos Holdings Inc. (IPHS)

Seth Klarman sold out his holdings in Innophos Holdings Inc.. His sale prices were between $15.75 and $32.72, with an estimated average price of $24.1. The impact to his portfolio due to this sale was less than 0.01%.

Innophos Inc. is one of the leading North American manufacturers of specialty phosphates serving a diverse range of customers across multiple applications geographies and channels. Innophos offers a broad suite of products used in a wide variety of food and beverage consumer products pharmaceutical and industrial applications. Innophos' market-leading positions derive from its experience and dedication to customer service and innovation. Innophos Holdings Inc. has a market cap of $835.40 million; its shares were traded at around $40 with a P/E ratio of 12.02 and P/S ratio of 1.19. The dividend yield of Innophos Holdings Inc. stocks is 1.85%.

Sold Out: National Fuel Gas Company (NFG)

Seth Klarman sold out his holdings in National Fuel Gas Company. His sale prices were between $47.71 and $59.97, with an estimated average price of $55.4. The impact to his portfolio due to this sale was less than 0.01%.

National Fuel Gas Co. is engaged in the business of owning and holdingsecurities issued by its subsidiary companies. The company is a diversified energy company consisting of the following six reportable business segments: Utility; Pipeline and Storage; Exploration and Production; International; Energy Marketing; and Timber. National Fuel Gas Company has a market cap of $3.86 billion; its shares were traded at around $47.47 with a P/E ratio of 10.99 and P/S ratio of 1.78. The dividend yield of National Fuel Gas Company stocks is 2.6%.

Sold Out: International Paper Company (IP)

Seth Klarman sold out his holdings in International Paper Company. His sale prices were between $23.39 and $28.48, with an estimated average price of $26.4. The impact to his portfolio due to this sale was less than 0.01%.

International Paper Co. is a global paper and forest products company thatis complemented by an extensive distribution system. The company producesprinting and writing papers pulp tissue paperboard and packaging and wood products. The company also manufacture specialty chemicals and specialty panels and laminated products. Its primary markets and manufacturing and distribution operations are in the United States Europe and the Pacific Rim. International Paper Company has a market cap of $12.25 billion; its shares were traded at around $28.66 with a P/E ratio of 13.47 and P/S ratio of 0.54. The dividend yield of International Paper Company stocks is 4.3%.

Sold Out: Team Inc. (TISI)

Seth Klarman sold out his holdings in Team Inc.. His sale prices were between $28.97 and $34.51, with an estimated average price of $31.2. The impact to his portfolio due to this sale was less than 0.01%.

TEAM INC. is a professional full service provider of environmental engineering consulting monitoring and repair services. Environmental engineering consulting and monitoring services primarily in air quality together with on-stream leak repair and related industrial services for piping systems and process equipment are provided by subsidiaries of the Company through its Environmental Services business segment. Team Inc. has a market cap of $725.10 million; its shares were traded at around $38.9 with a P/E ratio of 32.39 and P/S ratio of 1.41.

Sold Out: Allscripts Healthcare Solutions Inc (MDRX)

Seth Klarman sold out his holdings in Allscripts Healthcare Solutions Inc. His sale prices were between $10.35 and $13.18, with an estimated average price of $11.9. The impact to his portfolio due to this sale was less than 0.01%.

Allscripts Inc. provides physicians with Internet and client/server medication management solutions designed to improve the quality and cost effectiveness of pharmaceutical healthcare. The company's technology-based approach focuses on the point of care where the prescription originates and creates an electronic dialogue between physicians and other participants in the healthcare delivery process including patients pharmacies managed care organizations and pharmaceutical manufacturers. Allscripts Healthcare Solutions Inc has a market cap of $878.70 million; its shares were traded at around $15.33 with a P/E ratio of 81.98 and P/S ratio of 2.89.

Sold Out: Vantage Energy Services Inc (VTG)

Seth Klarman sold out his holdings in Vantage Energy Services Inc. His sale prices were between $7.49 and $8.93, with an estimated average price of $8.2. The impact to his portfolio due to this sale was less than 0.01%.

VVantage Energy became a wholly-owned subsidiary of Vantage Drilling. The Company intends to acquire through a merger capital stock exchange asset or stock acquisition exchangeable share transaction joint venture or other similar business combination with one or more operating businesses in the oilfield services industry or related industries. Vantage Energy Services Inc has a market cap of $ million; its shares were traded at around $6.85 .

Sold Out: HECKMANN CORPORATION (HEK)

Seth Klarman sold out his holdings in HECKMANN CORPORATION. His sale prices were between $7.37 and $10.05, with an estimated average price of $8.3. The impact to his portfolio due to this sale was less than 0.01%.

HECKMANN CORPORATION operates as a blank check development stage company. It intends to acquire or acquire control of one or more operating businesses through a merger stock exchange asset acquisition reorganization or similar business combination. HECKMANN CORPORATION has a market cap of $682.55 million; its shares were traded at around $10.09 with a P/E ratio of 240.24.

Sold Out: Quanta Capital Holdings Ltd. (QNTA)

Seth Klarman sold out his holdings in Quanta Capital Holdings Ltd.. His sale prices were between $1.75 and $2.69, with an estimated average price of $2.1. The impact to his portfolio due to this sale was less than 0.01%.

Quanta Capital Holdings Ltd. a Bermuda holding company provides specialty insurance reinsurance risk assessment and risk consulting products and services through its subsidiaries. Through operations in Bermuda the United States Ireland and the United Kingdom Quanta focuses on writing coverage for specialized classes of risk through a team of experienced technically qualified underwriters. The company offers specialty products that often require extensive technical underwriting skills risk assessment resources and engineering expertise. Quanta Capital Holdings Ltd. has a market cap of $189.37 million; its shares were traded at around $2.7 with a P/E ratio of 5.13 and P/S ratio of 1.38.

Sold Out: North American Insurance Leaders Inc (NAO)

Seth Klarman sold out his holdings in North American Insurance Leaders Inc. His sale prices were between $7.85 and $8.01, with an estimated average price of $7.9. The impact to his portfolio due to this sale was less than 0.01%.

NORTH AMERICAN INSURANCE LEADERS INC. is a special purpose acquisition corporation focused on acquiring businesses in the insurance or insurance related industry. NAO raised net proceeds of approximately $110 million through its initial public offering in March 2006. On March 25 2008 NAO announced that it had failed to enter into a business combination as required by the Charter. North American Insurance Leaders Inc has a market cap of $ million; its shares were traded at around $7.97 .

Sold Out: CTC Media Inc. (CTCM)

Seth Klarman sold out his holdings in CTC Media Inc.. His sale prices were between $24.78 and $29.76, with an estimated average price of $26.8. The impact to his portfolio due to this sale was less than 0.01%.

CTC Media Inc. is one of the largest commercial television broadcasters in Russia offering entertainment programming. It operates two free-to-air Russian television networks CTC and Domashny and a number of owned-and-operated regional television stations across Russia which broadcast CTC and Domashny programming. CTC Media Inc. has a market cap of $3.44 billion; its shares were traded at around $22.63 with a P/E ratio of 21.45 and P/S ratio of 6.05.

Sold Out: Santa Monica Media Corp. (MEJ)

Seth Klarman sold out his holdings in Santa Monica Media Corp.. His sale prices were between $7.55 and $7.75, with an estimated average price of $7.7. The impact to his portfolio due to this sale was less than 0.01%.

SANTA MONICA MEDIA CORPORATION is a Delaware blank check company incorporated to serve as a vehicle for the acquisition of an operating business in the communications media gaming and/or entertainment industries. These industries encompass those companies that create produce deliver distribute and market entertainment and information products communication services as well as companies that enable voice video and data transmission. The company intends to focus on opportunities where it can combine management and board member knowledge of these sectors with their operational experience in identifying and applying new technologies including experience in developing online businesses and products to enhance shareholder value. They believe opportunities exist not only in acquiring stand-alone companies but also in identifying and acquiring under-utilized assets currently owned by larger conglomerates. Santa Monica Media Corp. has a market cap of $124.13 million; its shares were traded at around $7.73 with a P/E ratio of 79.79.

Sold Out: A.C. Moore Arts & Crafts Inc. (ACMR)

Seth Klarman sold out his holdings in A.C. Moore Arts & Crafts Inc.. His sale prices were between $6.03 and $7.99, with an estimated average price of $7. The impact to his portfolio due to this sale was less than 0.01%.

A.C. Moore Arts & Crafts Inc. is a rapidly growing operator of arts and crafts superstores that offer a vast assortment of traditional and contemporary arts and crafts merchandise for a wide range of customers. The company's business strategy is to provide the broadest and deepest selection of high quality merchandise at the lowest prices in an inviting attractive superstore environment with superior customer service. The company's objective is to become the leading arts and crafts retailer in each of its markets. A.C. Moore Arts & Crafts Inc. has a market cap of $165.43 million; its shares were traded at around $8.15 with P/S ratio of 0.29.


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