13F-HR 1 sched13f-101q.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: March 31, 2010 ------------------ 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: 1315 S. Hwy 89, Suite 203 -------------------------------------- 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 05/17/2010 ------------------------ --------------- -------------- [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: $ 161,141 -------------- (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 084670108 1,827 15 SH SOLE 15 - - LITHIA MOTORS INC CL-A CMN CLA COM 536797103 3,923 613,000 SH SOLE 613,000 - - ALTRA HOLDINGS, INC. CMN COM 02208r106 2,164 157,625 SH SOLE 157,625 - - AMERICAN STATES WATER CO CMN COM 029899101 555 16,000 SH SOLE 16,000 - - AMERICAN WATER WORKS CO, INC. COM 030420103 1,175 54,000 SH SOLE 54,000 - - AQUA AMERICA INC CMN COM 03836w103 1,126 64,100 SH SOLE 64,100 - - AVATAR HLDGS INC. CMN COM 053494100 8,439 388,180 SH SOLE 388,180 - - AXT INC CMN COM 00246w103 1,620 507,773 SH SOLE 507,773 - - CALLIDUS SOFTWARE INC CMN COM 13123e500 632 174,000 SH SOLE 174,000 - - CAMBIUM LEARNING GROUP, INC. C COM 13201a107 237 59,355 SH SOLE 59,355 - - CARDIONET, INC. CMN COM 14159l103 3,784 494,700 SH SOLE 494,700 - - COMFORT SYSTEMS USA INC COMMON COM 199908104 567 45,371 SH SOLE 45,371 - - CORE MARK HLDG CO INC CMN COM 218681104 4,064 132,769 SH SOLE 132,769 - - DIAMOND MGMT & TECH CONSULTANT COM 25269l106 1,273 162,228 SH SOLE 162,228 - - DOT HILL SYSTEMS CORP CMN COM 25848t109 128 86,092 SH SOLE 86,092 - - ECHO GLOBAL LOGISTICS INC. CMN COM 27875t101 4,455 345,079 SH SOLE 345,079 - - GLOBE SPECIALTY METALS INC CMN COM 37954n206 1,399 125,000 SH SOLE 125,000 - - GLU MOBILE INC. CMN COM 379890106 441 450,483 SH SOLE 450,483 - - GOLFSMITH INTERNATIONAL HOLDIN COM 38168y103 308 76,651 SH SOLE 76,651 - - GREENHUNTER ENERGY INC CMN COM 39530a104 10 7,827 SH SOLE 7,827 - - GS FINANCIAL CORP CMN COM 362274102 148 10,970 SH SOLE 10,970 - - HERCULES OFFSHORE INC CMN COM 427093109 3,115 721,000 SH SOLE 721,000 - - HERCULES TECH GR CAP INC. CMN COM 427096508 885 83,600 SH SOLE 83,600 - - HOOPER HOLMES INC CMN COM 439104100 514 590,858 SH SOLE 590,858 - - IKANOS COMMUNICATIONS, INC. CM COM 45173E105 1,576 525,201 SH SOLE 525,201 - - KADANT INCORPORATED CMN COM 48282t104 648 45,000 SH SOLE 45,000 - - KENNEDY-WILSON HOLDINGS INC CM COM 489398107 1,215 133,100 SH SOLE 133,100 - - KEYNOTE SYSTEMS INC CMN COM 493308100 5,851 513,714 SH SOLE 513,714 - - LOEWS CORPORATION CMN COM 540424108 403 10,800 SH SOLE 10,800 - - LOOPNET INC CMN COM 543524300 4,533 403,262 SH SOLE 403,262 - - MAGMA DESIGN AUTOMATION INC CM COM 559181102 1,813 697,213 SH SOLE 697,213 - - MAGNUM HUNTER RESOURCES CORP C COM 55973b102 9,254 3,043,920 SH SOLE 3,043,920 - - METHANEX CORPORATION CMN COM 59151k108 2,407 99,000 SH SOLE 99,000 - - MOCON INC CMN COM 607494101 1,187 108,393 SH SOLE 108,393 - - MVC CAPITAL INC CLOSED END FUN COM 553829102 6,764 498,452 SH SOLE 498,452 - - NALCO HOLDING COMPANY CMN COM 62985q101 178 7,300 SH SOLE 7,300 - - NATIONAL DENTEX CORP CMN COM 63563h109 549 56,050 SH SOLE 56,050 - - NATUS MEDICAL INC DEL CMN COM 639050103 6,795 427,100 SH SOLE 427,100 - - NORTH AMERICAN ENERGY PARTNERS COM 656844107 2,135 222,602 SH SOLE 222,602 - - NORTHWEST PIPE COMPANY CMN COM 667746101 5,488 251,162 SH SOLE 251,162 - - PERVASIVE SOFTWARE INC CMN COM 715710109 1,021 201,700 SH SOLE 201,700 - - QAD INC CMN COM 74727d108 473 90,000 SH SOLE 90,000 - - SEABRIGHT INSURANCE HLDG INC C COM 811656107 1,745 158,514 SH SOLE 158,514 - - SILICON IMAGE INC CMN COM 82705t102 227 75,000 SH SOLE 75,000 - - SONICWALL INC CMN COM 835470105 1,398 160,900 SH SOLE 160,900 - - SPARK NETWORKS, INC. CMN COM 84651p100 1,424 399,844 SH SOLE 399,844 - - SRS LABS INC CMN COM 78464m106 149 15,000 SH SOLE 15,000 - - STANDARD REGISTER CO CMN COM 853887107 4,932 921,841 SH SOLE 921,841 - - STND MOTOR PROD INC CL-A CMN COM 853666105 3,394 342,173 SH SOLE 342,173 - - SUPER MICRO COMPUTER, INC. CMN COM 86800u104 648 37,500 SH SOLE 37,500 - - SYMMETRICOM INC CMN COM 871543104 2,304 395,132 SH SOLE 395,132 - - TECHNITROL INC CMN COM 878555101 3,253 616,131 SH SOLE 616,131 - - UNITED ONLINE INC CMN COM 911268100 4,966 663,843 SH SOLE 663,843 - - VIRTUS INVESTMENT PARTNERS, IN COM 92828q109 1,643 78,828 SH SOLE 78,828 - - CONTANGO OIL & GAS COMPANY CMN COM NEW 21075n204 2,680 52,402 SH SOLE 52,402 - - HANGER ORTHOPEDIC GROUP CMN COM NEW 41043f208 5,829 320,647 SH SOLE 320,647 - - INSWEB CORPORATION CMN COM NEW 45809k202 1,720 333,237 SH SOLE 333,237 - - INTERNET CAPITAL GROUP INC ORD COM NEW 46059c205 404 47,848 SH SOLE 47,848 - - PICO HOLDINGS INC CMN COM NEW 693366205 309 8,300 SH SOLE 8,300 - - PURECYCLE CORP CMN COM NEW 746228303 42 17,232 SH SOLE 17,232 - - ENCORE ENERGY PARTNERS LP CMN COM UNIT 29257a106 335 16,800 SH SOLE 16,800 - - SPDR GOLD TRUST ETF GOLD SHS 78463V107 272 2,500 SH SOLE 2,500 - - LINN ENERGY, LLC CMN UNITS REP LTD LIAB 536020100 352 13,700 SH SOLE 13,700 - - MAGMA DESIGN AUTOMATION, INC. NT 2.0 559181ac6 5,049 5,100,000 PRN SOLE 5,100,000 - - PLAYBOY ENTERPRISES 3% 03/15/2 NT 3.0 728117ab8 4,909 5,750,000 PRN SOLE 5,750,000 - - LECROY CORPORATION 4% 10/15/20 NT 4.0 52324wab5 2,601 2,800,000 PRN SOLE 2,800,000 - - FUNDTECH LTD CMN ORD m47095100 9,013 643,780 SH SOLE 643,780 - - PROSHARES TRUST PROSHARES ULTR PSHS 74347r297 3,530 72,500 SH SOLE 72,500 - - PROSHARES TRUST PROSHARES ULTR PSHS 74347r628 242 12,600 SH SOLE 12,600 - - PROSHARES ULTRASHORT S&P500 ET PSHS 74347r883 251 8,100 SH SOLE 8,100 - - PROSHARES ULTRASHORT RUSSELL20 PSHS 74347r834 251 12,200 SH SOLE 12,200 - - PIXELWORKS, INC. 1.75% 05/15/2 SDC 1.75 72581mab3 1,885 2,000,000 SH SOLE 2,000,000 - - WTS/KENNEDY-WILSON HOLDINGS IN *W EXP 489398115 303 432,986 SH SOLE 432,986 - -