Merger Arbitrage Spreads for Mar 15, 2010

Target	Ticker	Acquirer	Ticker	Current Price	Day Change	Take Over Price	Price Diff	% Diff	Date Announced
The Allied Defens	ADG	Chemring Group	Private	$7.16	0.28%	$7.25	0.09	1.26%	1/18/2010
Airvana Inc.	AIRV	72 Mobile Holdings	Private	$7.70	0.00%	$7.65	-0.05	-0.65%	12/18/2009
Allied Capital Co	ALD	Ares Capital Corp	ARCC	$4.63	-0.43%	$4.69	0.06	1.40%	10/26/2009
AMICAS Inc.	AMCS	Merge Healthcare	MRGE	$6.00	0.00%	$6.05	0.05	0.83%	3/5/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$23.28	-0.56%	$26.31	3.03	13.03%	2/11/2010
BJ Services Compa	BJS	Baker Hughes Inco	BHI	$22.64	0.04%	$22.72	0.08	0.37%	8/31/2009
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.25	-0.35%	$11.50	0.25	2.22%	2/23/2010
BPW Acquisition C	BPW	Talbots Inc. (Th	TLB	$10.81	0.84%	$11.25	0.44	4.07%	12/8/2009
CF Industries Hol	CF	Agrium Inc. Commo	AGU	$96.73	-3.86%	$117.10	20.37	21.06%	2/25/2009
Brink's Home Secu	CFL	Tyco Internationa	TYC	$42.30	-0.14%	$42.50	0.20	0.47%	1/19/2010
COMSYS IT Partner	CITP	Manpower Inc Comm	MAN	$17.56	-0.11%	$17.65	0.09	0.51%	2/2/2010
CKE Restaurants	CKR	Thomas H Lee Partners	--	$11.47	0.44%	$11.05	-0.42	-3.66%	2/26/2010
3Com Corporation	COMS	Hewlett-Packard C	HPQ	$7.74	0.00%	$7.90	0.16	2.07%	11/12/2009
Care Investment T	CRE	Liquidation	--	$8.38	0.48%	$8.00	-0.38	-4.53%	12/11/2009
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.63	3.28%	$0.60	-0.03	-4.76%	2/24/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.85	0.29%	$35.00	0.15	0.43%	11/25/2009
Facet Biotech Cor	FACT	Abbott Laboratori	ABT	$27.01	-0.07%	$27.00	-0.01	-0.04%	3/10/2010
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$10.74	1.90%	$12.34	1.60	14.94%	12/28/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$12.62	-1.56%	$14.83	2.21	17.55%	11/3/2009
FIRST LITCHFIELD	FLFL.OB	Union Savings Bank	Private	$14.75	0.00%	$15.00	0.25	1.69%	10/26/2009
Republic First Ba	FRBK	Metro Bancorp In	METR	$4.24	0.95%	$5.00	0.76	17.85%	11/10/2008
Cedar Fair L.P.	FUN	Siddur Holdings	Private	$11.14	-0.89%	$11.50	0.36	3.23%	12/16/2009
GLOBAL MED TECH I	GLOB.OB	Haemonetics Corpo	HAE	$1.22	0.00%	$1.22	0.00	0.41%	2/1/2010
Genesis Lease Lim	GLS	Aercap Holdings N	AER	$11.12	1.18%	$11.17	0.05	0.45%	9/18/2009
HIGHBURY FINANCL	HBRF.OB	Affiliated Manage	AMG	$6.70	1.52%	$7.46	0.76	11.28%	12/14/2009
Home Diagnostics	HDIX	Nipro Corp	--	$11.53	0.35%	$11.50	-0.03	-0.26%	2/3/2010
Harleysville Nati	HNBC	First Niagara Fin	FNFG	$6.75	0.75%	$6.80	0.05	0.77%	7/27/2009
ICO Inc.	ICOC	A. Schulman Inc.	SHLM	$8.36	-1.18%	$8.49	0.13	1.61%	12/2/2009
Interstate Hotels	IHR	Thayer Lodging Group	Private	$2.24	0.00%	$2.25	0.01	0.45%	12/18/2009
infoGROUP Inc.	IUSA	CCMP Capital	--	$7.94	0.51%	$8.00	0.06	0.76%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.94	0.83%	$16.71	-0.23	-1.35%	11/24/2009
Javelin Pharmaceu	JAV	Myriad Pharmaceut	MYRX	$1.42	-2.07%	$1.33	-0.09	-6.26%	12/18/2009
K-Tron Internatio	KTII	Hillenbrand Inc C	HI	$149.66	0.01%	$150.00	0.34	0.23%	1/11/2010
Lodgian Inc. New	LGN	Lone Star Funds	Private	$2.48	-0.40%	$2.50	0.02	0.81%	1/22/2010
STARLIMS Technolo	LIMS	Abbott Laboratori	ABT	$13.96	0.00%	$14.00	0.04	0.29%	12/14/2009
Maine & Maritimes	MAM	Emera	--	$42.93	34.16%	$45.00	2.07	4.82%	3/12/2010
Millipore Corpora	MIL	Merck KGaA	--	$105.26	0.02%	$107.00	1.74	1.65%	3/1/2010
North Asia Invest	NHR	PACIFIC CITY FINL	PFCF.OB	$9.88	0.00%	$10.00	0.12	1.21%	1/14/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$22.19	-3.27%	$24.07	1.88	8.46%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.24	0.00%	$0.40	0.16	67.32%	1/29/2010
OAK FINANCIAL COR	OKFC.OB	Chemical Financia	CHFC	$25.85	-0.58%	$28.69	2.84	11.00%	1/8/2010
Peco Ii Inc.	PIII	Lineage Power	--	$5.75	-0.35%	$5.86	0.11	1.91%	2/18/2010
Pinnacle Gas Reso	PINN	Scotia Waterou	--	$0.33	0.00%	$0.34	0.01	2.87%	2/24/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.74	-0.17%	$11.71	-0.03	-0.26%	2/17/2010
QuadraMed Corpora	QDHC	Francisco Partners	Private	$8.50	0.12%	$8.50	0.00	0.00%	12/8/2009
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$22.25	0.41%	$22.63	0.38	1.72%	3/1/2010
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$18.66	-0.11%	$19.99	1.33	7.10%	10/21/2009
Sauer-Danfoss Inc	SHS	Danfoss	--	$13.23	-0.08%	$13.25	0.02	0.15%	3/9/2010
Smith Internation	SII	Schlumberger N.V.	SLB	$43.59	1.07%	$44.96	1.37	3.14%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$10.71	0.00%	$10.80	0.09	0.84%	2/12/2010
SKYTERRA COMMUNIC	SKYT.OB	Harbinger Capital Partners	Private	$4.88	-0.61%	$5.00	0.12	2.46%	9/23/2009
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.66	0.61%	$1.90	0.24	14.46%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.56	0.15%	$7.25	0.69	10.52%	2/23/2010
Silicon Storage T	SSTI	Microchip Technol	MCHP	$3.08	0.00%	$3.05	-0.03	-0.97%	2/3/2010
Southwest Water C	SWWC	Long-Term	--	$10.44	0.29%	$11.00	0.56	5.36%	3/3/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.53	0.00%	$0.60	0.07	13.21%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	Private	$0.29	1.03%	$0.29	0.01	1.75%	12/23/2009
Terra Industries	TRA	CF Industries Hol	CF	$46.33	-1.22%	$46.37	0.04	0.08%	3/10/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.86	-0.69%	$3.17	0.31	10.86%	11/12/2009
Varian Inc.	VARI	Agilent Technolog	A	$51.77	-0.02%	$52.00	0.23	0.44%	7/26/2009
Western Sizzlin C	WEST	Steak n Shake Com	SNS	$9.02	-1.42%	$8.07	-0.95	-10.53%	10/22/2009
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$9.94	-0.20%	$10.14	0.20	1.99%	11/12/2009
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$47.10	-0.59%	$47.41	0.31	0.67%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$38.25	0.13%	$38.00	-0.25	-0.65%	2/18/2010
Zareba Systems I	ZRBA	Woodstream	--	$8.95	0.00%	$9.00	0.05	0.56%	1/11/2010