13F-HR 1 sched13f-084q.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 ------------------ Check here if Amendment [ ]; Amendment Number: --------- This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: J. Carlo Cannell -------------------------------------- Address: P.O. Box 3459 -------------------------------------- 240 E. Deloney Ave. -------------------------------------- Jackson, WY 83001 -------------------------------------- Form 13F File Number: 28- 6453 ----- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: J. Carlo Cannell ------------------------------ Title: Managing Member ------------------------------ Phone: 415-835-8300 ------------------------------ Signature, Place, and Date of Signing: /s/ J. Carlo Cannell Jackson, WY 02/13/2009 ------------------------ --------------- -------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------- Form 13F Information Table Entry Total: 74 -------------- Form 13F Information Table Value Total: $ 209,747 -------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

---------------------------------------------------------------------------------------------------------------------------------- COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ---------------------------------------------------------------------------------------------------------------------------------- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------------- BERKSHIRE HATHAWAY INC CL-A CL A 84670108 193 2 SH SOLE 2 - - VALUEVISION MEDIA INC CMN CLAS CL A 92047k107 512 1,550,623 SH SOLE 1,550,623 - - ACME UNITED CORP CMN COM 4816104 1,737 246,419 SH SOLE 246,419 - - ACTUATE CORPORATION COMMON STO COM 00508b102 1,556 525,622 SH SOLE 525,622 - - AECOM TECHNOLOGY CORPORATION C COM 00766t100 1,137 37,000 SH SOLE 37,000 - - ALTRA HOLDINGS, INC. CMN COM 02208r106 6,825 862,809 SH SOLE 862,809 - - ANIMAL HEALTH INTERNATIONAL IN COM 03525n109 2,714 1,274,040 SH SOLE 1,274,040 - - ARCH COAL INC CMN COM 39380100 2,411 147,980 SH SOLE 147,980 - - BADGER METER INC CMN COM 56525108 1,225 42,200 SH SOLE 42,200 - - BRONCO DRILLING COMPANY, INC. COM 112211107 3,230 500,000 SH SOLE 500,000 - - CENTRAL GARDEN & PET CO CMN COM 153527106 2,824 481,894 SH SOLE 481,894 - - DARLING INTERNATIONAL INC CMN COM 237266101 3,889 708,325 SH SOLE 708,325 - - DELTEK INC CMN COM 24784l105 5,509 1,187,220 SH SOLE 1,187,220 - - DOLAN MEDIA COMPANY CMN COM 25659p402 1,629 247,247 SH SOLE 247,247 - - DRUGSTORE.COM INC CMN COM 262241102 6,486 5,231,001 SH SOLE 5,231,001 - - DWS MUNICIPAL INCOME TRUST MUT COM 23338m106 448 54,634 SH SOLE 54,634 - - EASTERN INS HLDGS INC CMN COM 276534104 2,103 261,900 SH SOLE 261,900 - - EDGEWATER TECHNOLOGY INC CMN COM 280358102 426 164,522 SH SOLE 164,522 - - ENERGY RECOVERY INC CMN COM 29270j100 923 121,815 SH SOLE 121,815 - - ENNIS INC CMN COM 293389102 155 12,832 SH SOLE 12,832 - - FIRST FINANCIAL NORTHWEST INC COM 32022k102 9,632 1,031,300 SH SOLE 1,031,300 - - HARRIS INTERACTIVE INC CMN COM 414549105 123 189,414 SH SOLE 189,414 - - ICO INC (NEW) CMN COM 449293109 6,514 2,061,294 SH SOLE 2,061,294 - - KEY ENERGY SERVICES INC CMN COM 492914106 3,984 903,351 SH SOLE 903,351 - - KHD HUMBOLDT WEDAG INTL LTD CM COM 482462108 2,482 222,218 SH SOLE 222,218 - - MANITEX INTERNATIONAL, INC. CM COM 563420108 267 261,829 SH SOLE 261,829 - - MEDIWARE INFORMATION SYS INC C COM 584946107 2,682 558,658 SH SOLE 558,658 - - MERCER INS GROUP INC CMN COM 587902107 1,487 117,655 SH SOLE 117,655 - - MERIDIAN INTERSTATE BANCORP, I COM 58964q104 1,684 182,089 SH SOLE 182,089 - - MET-PRO CORPORATION CMN COM 590876306 6,272 470,847 SH SOLE 470,847 - - MFRI INC CMN COM 552721102 419 96,765 SH SOLE 96,765 - - MOCON INC CMN COM 607494101 808 91,650 SH SOLE 91,650 - - MVC CAPITAL INC CLOSED END FUN COM 553829102 16,537 1,507,489 SH SOLE 1,507,489 - - NATIONAL DENTEX CORP CMN COM 63563h109 524 115,100 SH SOLE 115,100 - - NATURAL GAS SERVICES GROUP, IN COM 63886q109 1,697 167,541 SH SOLE 167,541 - - NGAS RESOURCES, INC. CMN COM 62912t103 3,597 2,193,596 SH SOLE 2,193,596 - - NORTH AMERICAN ENERGY PARTNERS COM 656844107 529 158,295 SH SOLE 158,295 - - NUVEEN INSD PREM INCOME MUN FD COM 6706d8104 125 13,300 SH SOLE 13,300 - - NUVEEN MUN ADVANTAGE FUND INC COM 67062h106 601 57,817 SH SOLE 57,817 - - NUVEEN PREMIUM INCOME MUNICIPA COM 67062t100 536 52,321 SH SOLE 52,321 - - NUVEEN PREMIUM INCOME MUNICIPA COM 6706k4105 98 10,700 SH SOLE 10,700 - - NUVEEN QUALITY INCOME MUNICIPA COM 670977107 424 37,610 SH SOLE 37,610 - - ORION MARINE GROUP INC CMN COM 68628v308 2,766 286,381 SH SOLE 286,381 - - PC-TEL INC CMN COM 69325q105 6,873 1,046,074 SH SOLE 1,046,074 - - PETRO RES CORP CMN COM 71646k106 1,097 3,323,480 SH SOLE 3,323,480 - - QUADRAMED CORPORATION CMN COM 74730w507 2,928 597,580 SH SOLE 597,580 - - SAIC, INC. CMN COM 78390x101 5,834 299,500 SH SOLE 299,500 - - SALARY.COM, INC. CMN COM 794006106 2,652 1,210,848 SH SOLE 1,210,848 - - SCHMITT INDS INC ORE CMN COM 806870200 446 114,430 SH SOLE 114,430 - - SEABRIGHT INSURANCE HLDG INC C COM 811656107 10,097 860,018 SH SOLE 860,018 - - SOLUTIA INC. CMN COM 834376501 4,115 914,400 SH SOLE 914,400 - - SUPERIOR ENERGY SERVICES INC C COM 868157108 307 19,300 SH SOLE 19,300 - - T-3 ENERGY SERVICES INC CMN COM 87306e107 944 100,000 SH SOLE 100,000 - - TESCO CORPORATION CMN COM 88157k101 1,585 221,941 SH SOLE 221,941 - - THOMPSON CREEK METALS COMPANY COM 884768102 1,360 340,975 SH SOLE 340,975 - - TNS, INC. CMN COM 872960109 1,030 109,663 SH SOLE 109,663 - - U S PHYSICAL THERAPY INC CMN COM 90337l108 194 14,525 SH SOLE 14,525 - - U.S. CONCRETE INC CMN COM 90333l102 6,315 1,879,453 SH SOLE 1,879,453 - - VAALCO ENERGY, INC. CMN COM 91851c201 8,473 1,138,813 SH SOLE 1,138,813 - - ALLOY INC CMN COM NEW 19855303 3,952 934,314 SH SOLE 934,314 - - GENTEK INC CMN COM NEW 37245x203 802 53,280 SH SOLE 53,280 - - INSWEB CORPORATION CMN COM NEW 45809k202 94 39,467 SH SOLE 39,467 - - OPLINK COMMUNICATIONS INC CMN COM NEW 68375q403 5,993 696,900 SH SOLE 696,900 - - PRG-SCHULTZ INTERNATIONAL, INC COM NEW 69357c503 1,407 344,850 SH SOLE 344,850 - - MAGMA DESIGN AUTOMATION, INC. NOTE 559181ac6 5,141 9,000,000 PRN SOLE 9,000,000 - - KEMET CORPORATION 2.25% 11/15/ NOTE 488360ab4 1,620 9,000,000 PRN SOLE 9,000,000 - - LITHIA MOTORS INC 2.875% 05/01 NOTE 536797ab9 9,361 11,046,000 PRN SOLE 11,046,000 - - HERCULES OFFSHORE, INC. 144A 0 NOTE 427093aa7 2,347 5,000,000 PRN SOLE 5,000,000 - - ENCORE CAPITAL GROUP INC 3.375 NOTE 292554ab8 4,037 5,850,000 PRN SOLE 5,850,000 - - FUNDTECH LTD CMN ORD m47095100 9,924 1,429,921 SH SOLE 1,429,921 - - EMMIS COMMUNICATIONS CORP 6.25 PFD 291525202 39 17,315 SH SOLE 17,315 - - BLUEPHOENIX SOLUTIONS LTD CMN SHS m20157109 694 377,000 SH SOLE 377,000 - - WTS/NOVAMERICAN STEEL INC. 5.5 *W EXP 66986m118 65 999,700 SH SOLE 999,700 - - WTS/OWENS CORNING INC. 45.2500 *W EXP 690742127 302 503,622 SH SOLE 503,622 - -