Merger Arbitrage Spreads for Feb 22, 2010

Name	Ticker	Acquirer	Ticker	Current Price	Day Change	Take Over Price	Price Diff	% Diff	Date Announced
The Allied Defens	ADG	Chemring Group	London	$7.17	0.00%	$7.25	0.08	1.12%	1/18/2010
Airvana Inc.	AIRV	72 Mobile Holdings	Private	$7.63	0.00%	$7.65	0.02	0.26%	12/18/2009
Allied Capital Co	ALD	Ares Capital Corp	ARCC	$4.22	1.93%	$4.12	-0.10	-2.27%	10/26/2009
AMICAS Inc.	AMCS	Thoma Bravo, LLC	Private	$5.37	0.56%	$5.35	-0.02	-0.37%	12/24/2009
Allegheny Energy	AYE	FirstEnergy Corp.	FE	$23.35	2.86%	$26.48	3.13	13.40%	2/11/2010
Bare Escentuals	BARE	Shiseido Co	--	$18.19	0.06%	$18.20	0.01	0.05%	1/15/2010
Black & Decker Co	BDK	Stanley Works (Th	SWK	$70.62	-1.04%	$71.30	0.68	0.96%	11/2/2009
BJ Services Co.	BJS	Baker Hughes Inc.	BHI	$22.09	0.14%	$22.25	0.16	0.73%	8/31/2009
BPW Acquisition C	BPW	Talbots Inc.	TLB	$10.46	0.38%	$11.25	0.79	7.55%	12/8/2009
CF Industries Hol	CF	Agrium Inc.	AGU	$104.14	2.09%	$110.66	6.52	6.26%	2/25/2009
Brink's Home Secu	CFL	Tyco Internationa	TYC	$41.25	0.12%	$42.50	1.25	3.03%	1/19/2010
Chattem Inc.	CHTT	Sanofi-Aventis SA	SNY	$93.48	0.00%	$93.50	0.02	0.02%	12/21/2009
COMSYS IT Partner	CITP	Manpower Inc. (WI	MAN	$17.53	0.06%	$17.65	0.12	0.68%	2/2/2010
3Com Corporation	COMS	Hewlett-Packard C	HPQ	$7.62	0.26%	$7.90	0.28	3.67%	11/12/2009
Care Investment T	CRE	Liquidation	--	$8.40	0.72%	$8.00	-0.40	-4.76%	12/11/2009
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.90	0.00%	$35.00	0.10	0.29%	11/25/2009
Encore Acquisitio	EAC	Denbury Resources	DNR	$49.98	0.04%	$50.00	0.02	0.04%	11/2/2009
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$10.10	0.90%	$11.71	1.61	15.99%	12/28/2009
Franklin Electron	FEP	Saunder Acquisition	Private	$2.48	0.00%	$2.50	0.02	0.81%	6/1/2009
FGX International	FGXI	Essilor	--	$19.74	0.00%	$19.75	0.01	0.05%	12/16/2009
Health Fitness Co	FIT	Trustmark Mutual Holding Company	Private	$8.77	-0.11%	$8.78	0.01	0.11%	1/21/2010
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$11.72	-0.17%	$13.42	1.70	14.50%	11/3/2009
FIRST LITCHFIELD	FLFL.OB	Union Savings Bank	Private	$15.00	0.00%	$15.00	0.00	0.00%	10/26/2009
FortuNet Inc.	FNET	Yuri Gaming Trust	--	$2.24	0.45%	$2.25	0.01	0.45%	11/23/2009
Republic First Ba	FRBK	Metro Bancorp In	METR	$4.34	-0.91%	$4.67	0.33	7.52%	11/10/2008
Cedar Fair L.P.	FUN	Siddur Holdings	Private	$11.31	-0.35%	$11.50	0.19	1.68%	12/16/2009
GLOBAL MED TECH I	GLOB.OB	Haemonetics Corp.	HAE	$1.20	0.00%	$1.22	0.02	1.67%	2/1/2010
Genesis Lease Lim	GLS	Aercap Holdings N	AER	$8.16	-1.92%	$8.27	0.11	1.35%	9/18/2009
HALIFAX CP	HALX.PK	Global Equity Capital, LLC	Private	$1.19	0.85%	$1.20	0.01	0.84%	1/7/2010
HIGHBURY FINANCL	HBRF.OB	Affiliated Manage	AMG	$5.81	-0.51%	$6.62	0.81	13.97%	12/14/2009
Home Diagnostics	HDIX	Nipro Corp	--	$11.53	0.17%	$11.50	-0.03	-0.26%	2/3/2010
Harleysville Nati	HNBC	First Niagara Fin	FNFG	$6.50	1.72%	$6.57	0.07	1.07%	7/27/2009
ICO Inc.	ICOC	A. Schulman Inc.	SHLM	$7.89	-1.00%	$8.03	0.14	1.71%	12/2/2009
Interstate Hotels	IHR	Thayer Lodging Group	Private	$2.23	0.00%	$2.25	0.02	0.90%	12/18/2009
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.31	-2.04%	$16.21	-0.10	-0.64%	11/24/2009
Javelin Pharmaceu	JAV	Myriad Pharmaceut	MYRX	$1.43	0.70%	$1.35	-0.08	-5.34%	12/18/2009
K-Tron Internatio	KTII	Hillenbrand Inc C	HI	$149.37	-0.12%	$150.00	0.63	0.42%	1/11/2010
Lodgian Inc. New	LGN	Lone Star Funds	Private	$2.46	-0.40%	$2.50	0.04	1.63%	1/22/2010
STARLIMS Technolo	LIMS	Abbott Laboratori	ABT	$13.96	0.29%	$14.00	0.04	0.29%	12/14/2009
North Asia Invest	NHR	PACIFIC CITY FINL	PFCF.OB	$9.95	0.00%	$10.77	0.82	8.23%	1/14/2010
NRG Energy Inc	NRG	Exelon Corp.	EXC	$23.20	2.79%	$24.46	1.26	5.43%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.24	0.00%	$0.46	0.22	93.06%	1/29/2010
OAK FINANCIAL COR	OKFC.OB	Chemical Financia	CHFC	$25.25	0.04%	$26.98	1.73	6.86%	1/8/2010
PepsiAmericas In	PAS	PepsiCo Inc.	PEP	$30.04	0.27%	$30.03	-0.01	-0.02%	8/4/2009
Pepsi Bottling Gr	PBG	PepsiCo Inc.	PEP	$38.37	0.10%	$38.42	0.05	0.14%	8/4/2009
Peco Ii Inc.	PIII	Lineage Power	--	$5.74	43.86%	$5.86	0.12	2.09%	2/18/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.66	0.00%	$11.71	0.05	0.43%	2/17/2010
QuadraMed Corpora	QDHC	Francisco Partners	Private	$8.44	0.00%	$8.50	0.06	0.71%	12/8/2009
IMS Health Inc.	RX	TPG Capital & Canada Pension Plan	Private	$21.92	0.09%	$22.00	0.08	0.36%	11/5/2009
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$17.98	-0.11%	$18.56	0.58	3.25%	10/21/2009
SkillSoft plc	SKIL	SSI Investments	--	$11.06	-0.36%	$10.80	-0.26	-2.35%	2/12/2010
SKYTERRA COMMUNIC	SKYT.OB	Harbinger Capital Partners	Private	$4.90	0.00%	$5.00	0.10	2.04%	9/23/2009
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.63	-2.40%	$1.90	0.27	16.56%	10/12/2009
Silicon Storage T	SSTI	Microchip Technol	MCHP	$2.87	0.35%	$2.85	-0.02	-0.70%	2/3/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.52	4.00%	$0.60	0.08	15.38%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	Private	$0.28	0.00%	$0.29	0.01	3.57%	12/23/2009
Terra Industries	TRA	Yara International	--	$41.30	0.00%	$41.10	-0.20	-0.48%	2/15/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.78	1.83%	$3.11	0.33	12.03%	11/12/2009
Varian Inc.	VARI	Agilent Technolog	A	$51.72	0.08%	$52.00	0.28	0.54%	7/26/2009
Western Sizzlin C	WEST	Steak n Shake Co.	SNS	$8.71	-1.02%	$8.07	-0.64	-7.35%	10/22/2009
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$10.09	-0.30%	$10.27	0.18	1.80%	11/12/2009
XTO Energy Inc.	XTO	Exxon Mobil Corp.	XOM	$46.10	-0.19%	$46.75	0.65	1.42%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$38.05	0.48%	$38.00	-0.05	-0.13%	2/18/2010
Zareba Systems I	ZRBA	Woodstream	--	$8.88	1.60%	$9.00	0.12	1.35%	1/11/2010