-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IVQYsECfGvJoVn1KILVZByHNXcGM6d8xcEewYS8lxMyN44eHG3FDKsllScWEwRya n5Aoahz23p2j3WupH/rOhw== 0000921530-05-000384.txt : 20050611 0000921530-05-000384.hdr.sgml : 20050611 20050527135633 ACCESSION NUMBER: 0000921530-05-000384 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050527 DATE AS OF CHANGE: 20050527 GROUP MEMBERS: ANDREW SANDLER GROUP MEMBERS: DOUGLAS SCHIMMEL GROUP MEMBERS: SANDLER ASSOCIATES GROUP MEMBERS: SANDLER ASSOCIATES II, LP GROUP MEMBERS: SANDLER CAPITAL MANAGEMENT GROUP MEMBERS: SANDLER CAPITAL STRUCTURE OPPORTUNITIES MASTER FUND, LTD. GROUP MEMBERS: SANDLER OFFSHORE FUND, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BLACKBOARD INC CENTRAL INDEX KEY: 0001106942 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 522081178 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80312 FILM NUMBER: 05863059 BUSINESS ADDRESS: STREET 1: 1899 L ST NW STREET 2: 5TH FLR CITY: WASHINGTON STATE: DC ZIP: 20036 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDLER CAPITAL MANAGEMENT CENTRAL INDEX KEY: 0001000742 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 112792496 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 711 FIFTH AVENUE STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127548100 MAIL ADDRESS: STREET 1: 711 FIFTH AVENUE STREET 2: 15TH FL CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D/A 1 blackboard_13da1-052305.txt AMENDMENT 1, 05/23/05 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) ----------------------- Blackboard Inc. (Name of Issuer) Common Stock, $0.01 par value per share (Title of Class of Securities) 091935502 (CUSIP Number) Stacey Seewald Sandler Capital Management 711 Fifth Avenue, 15th Floor New York, NY 10022 (212) 754-8100 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) ----------------------- May 23, 2005 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 1(f) or 1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). ================================================================================ 091935502 Page 2 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Associates 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York 7 SOLE VOTING POWER 798,902 shares NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON WITH 9 SOLE DISPOSITIVE POWER 798,902 shares 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 798,902 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.03% 14 TYPE OF REPORTING PERSON PN 091935502 Page 3 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Associates II, LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York 7 SOLE VOTING POWER 39,984 shares NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON WITH 9 SOLE DISPOSITIVE POWER 39,984 shares 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 39,984 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.15% 14 TYPE OF REPORTING PERSON PN 091935502 Page 4 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Offshore Fund, Inc. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands 7 SOLE VOTING POWER 514,636 shares NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON WITH 9 SOLE DISPOSITIVE POWER 514,636 shares 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 514,636 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.95% 14 TYPE OF REPORTING PERSON CO 091935502 Page 5 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Capital Structure Opportunities Master Fund, Ltd. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands 7 SOLE VOTING POWER 0 shares NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 shares 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% 14 TYPE OF REPORTING PERSON CO 091935502 Page 6 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Andrew Sandler 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States 7 SOLE VOTING POWER -0- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING 1,414,679 shares PERSON WITH 9 SOLE DISPOSITIVE POWER -0- 10 SHARED DISPOSITIVE POWER 1,414,679 shares 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,414,679 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.36% 14 TYPE OF REPORTING PERSON IN 091935502 Page 7 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Capital Management 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York 7 SOLE VOTING POWER 39,984 shares NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON WITH 9 SOLE DISPOSITIVE POWER 575,793 shares 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 575,793 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.18% 14 TYPE OF REPORTING PERSON PN 091935502 Page 8 of 22 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Douglas Schimmel 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS NA 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States 7 SOLE VOTING POWER -0- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING 0 shares PERSON WITH 9 SOLE DISPOSITIVE POWER -0- 10 SHARED DISPOSITIVE POWER 0 shares 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% 14 TYPE OF REPORTING PERSON IN 091935502 Page 9 of 22 This Amendment No. 1 to Schedule 13D (this "Statement") relates to the common stock, par value $.01 per share (the "Common Stock"), of Blackboard Inc. (the "Issuer"). This Statement supplementally amends the initial statement on Schedule 13D, filed on January 27, 2005 (the "Initial Statement"), by the Reporting Persons (as defined herein). This Amendment No. 1 is being filed by the Reporting Persons to report that, as a result of recent transactions in the Common Stock, the beneficial ownership of each of the Reporting Persons has decreased by more than one percent of the outstanding shares of Common Stock of the Issuer. Item 2. Identity and Background. Item 2 of the Initial Statement is hereby replaced in its entirety with the following: This Statement is being filed by a group, as defined in Rule 13d-5 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended, by each of the following persons (sometimes referred to herein collectively as "Reporting Persons"): (i) Sandler Associates, a New York limited partnership ("SA"), by virtue of its beneficial ownership of 798,902 shares of the Common Stock covered by this Statement; (ii) Sandler Associates II, LP, a New York limited partnership ("SA II"), by virtue of its beneficial ownership of 39,984 shares of the Common Stock covered by this Statement; (iii) Sandler Offshore Fund, Inc., a company formed under the laws of the British Virgin Islands ("SOF"), by virtue of its beneficial ownership of 514,636 shares of the Common Stock covered by this Statement; (iv) Sandler Capital Structure Opportunities Master Fund, Ltd., a company formed under the laws of the Cayman Islands ("SCSOF"), by virtue of its beneficial ownership of 0 shares of the Common Stock covered by this Statement; (v) Andrew Sandler, a U.S. citizen, by virtue of his being the portfolio manager of SA, SA II, SOF and various managed accounts, as a result of which he may be deemed to have beneficial ownership of 1,414,679 shares of Common Stock covered by this Statement; (vi) Sandler Capital Management, a registered investment advisor and a New York general partnership ("SCM"), by virtue of its being the investment adviser to SOF, SCSOF and various managed accounts, as a result of which it may be deemed to have beneficial ownership of 575,793 shares of Common Stock covered by this Statement; and (vii) Douglas Schimmel, a U.S. citizen, by virtue of his being the portfolio manager of SCSOF, as a result of which he may be deemed to have beneficial ownership of 0 shares of Common Stock covered by this Statement. Each Reporting Person is in the business of acquiring, holding and disposing of interests in various companies for investment purposes. The address of the principal office of each Reporting Person (other than SCSOF) is 711 Fifth Avenue, 15th Floor, New York, NY 10022. The address of the principal office of SCSOF is c/o Olympia Capital International Inc., Williams House, 20 Reid Street, Hamilton HM11, Bermuda. There are seven general partners of SCM (the "SCM General Partners"). The SCM General Partners are MJDM Corp., ALCR Corp., ARH Corp., TERPSI Corp., SERF Corp., SAM SCM Corp., and DRP SCM Corp., each of which has a business address of 711 Fifth Avenue, 15th Floor, New York, New York 10022 and is in the business of acquiring, holding and disposing of 091935502 Page 10 of 22 interests in various companies for investment purposes. Each SCM General Partner (other than ARH Corp. and ALCR Corp.) is a New York corporation. ARH Corp. and ALCR Corp. are Delaware corporations. The attached Schedule A sets forth the controlling persons, the executive officers and the directors of each of the SCM General Partners, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. There are eight general partners of each of SA and SA II (the "SA and SA II General Partners"). The SA and SA II General Partners are Michael Marocco, Andrew Sandler, Douglas Schimmel, Hannah Craven, Harvey Sandler, SAM SA LLC, DRP SA LLC, and The Harvey Sandler Revocable Trust, each of which (other than The Harvey Sandler Revocable Trust) has a business address of 711 Fifth Avenue, 15th Floor, New York, New York 10022 and is in the business of acquiring, holding and disposing of interests in various companies for investment purposes. The Harvey Sandler Revocable Trust has an address of 17591 Lake Estate Drive, Boca Raton, FL 33496. Each of Michael Marocco, Andrew Sandler, Douglas Schimmel, Hannah Craven and Harvey Sandler is a U.S. citizen. Each of SAM SA LLC and DRP SA LLC are New York limited liability companies. The attached Schedule B sets forth the controlling persons, the executive officers and the directors of each of The Harvey Sandler Revocable Trust, SAM SA LLC and DRP SA LLC, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. None of the Reporting Persons and to the best of each of the Reporting Person's knowledge none of the persons named in Schedule A or Schedule B hereto, has during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Item 5. Interest in Securities of the Issuer. (a) As of the date hereof, each of SA, SA II, SOF and SCSOF each own of record 731,400 shares of Common Stock, 37,100 shares of Common Stock, 509,500 shares of Common Stock and 0 shares of Common Stock, respectively, or 3.03% , 0.15%, 1.95% and 0% respectively, of the Company's issued and outstanding shares of Common Stock. By virtue of the fact that SCM is the investment adviser to and is authorized and empowered to vote and dispose of the securities held by SOF, SCSOF and various managed accounts, SCM may be deemed to share voting power and the power to direct the disposition of the shares of Common Stock which each owns of record. Accordingly, as of the date hereof, SCM may be deemed to own beneficially an aggregate of 575,793 shares of Common Stock or 2.18% of the Company's issued and outstanding shares of Common Stock. By virtue of the fact that Andrew Sandler is the portfolio manager of SA, SA II, SOF and various managed accounts and is authorized and empowered to vote and dispose of the securities held by SA, SA II, SOF, SCSOF and various managed accounts, Andrew Sandler may be deemed to share voting power and the power to direct the disposition of the shares of Common Stock which each owns of record. Accordingly, as of the date hereof, Andrew Sandler may be deemed to own beneficially an aggregate of 1,414,679 shares of Common Stock or 5.36% of the Company's issued and outstanding shares of Common Stock. 091935502 Page 11 of 22 (b) SA has the sole power to direct the vote and the sole power to direct the disposition of the 798,902 shares of Common Stock that may be deemed to be owned beneficially by it. SA II has the sole power to direct the vote and the sole power to direct the disposition of the 39,984 shares of Common Stock that may be deemed to be owned beneficially by it. SOF has the sole power to direct the vote and the sole power to direct the disposition of the 514,636 shares of Common Stock that may be deemed to be owned beneficially by it. SCM has the shared power to direct the vote and the shared power to direct the disposition of the 575,793 shares of Common Stock that may be deemed to be owned beneficially by it. Andrew Sandler has the shared power to direct the vote and the shared power to direct the disposition of the 1,414,679 shares of Common Stock that may be deemed to be owned beneficially by him. (c) Except for the transactions listed on Schedule C hereto, to the knowledge of the Reporting Persons with respect to the persons named in response to paragraph (a), none of the persons named in response to paragraph (a) has effected any transactions in shares of Common Stock during the past 60 days. (d) No person other than the persons listed is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities owned by any member of the group. (e) As of the date hereof, each of SCSOF and Douglas Schimmel may no longer be deemed to be the beneficial owner of any shares of Common Stock. 091935502 Page 12 of 22 SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated as of May 26, 2005. SANDLER CAPITAL MANAGEMENT By: MJDM Corp., a general partner By: /s/ Moira Mitchell -------------------------------- Name: Moira Mitchell Title: President SANDLER ASSOCIATES By: /s/ Andrew Sandler -------------------------------- Name: Andrew Sandler Title: General Partner SANDLER ASSOCIATES II, L.P. By: /s/ Andrew Sandler -------------------------------- Name: Andrew Sandler Title: General Partner SANDLER OFFSHORE FUND, INC. By: /s/ Steven Warshavsky -------------------------------- Name: Steven Warshavsky Title: Director SANDLER CAPITAL STRUCTURE OPPORTUNITIES MASTER FUND, LTD. By: /s/ Steven Warshavsky -------------------------------- Name: Steven Warshavsky Title: Director By: /s/ Andrew Sandler -------------------------------- Name: Andrew Sandler By: /s/ Douglas Schimmel -------------------------------- Name: Douglas Schimmel 091935502 Page 13 of 22 SCHEDULE A The following Schedule sets forth the controlling persons, the executive officers and the directors of each of the SCM General Partners, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. MJDM CORP. Michael Marocco, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President, Treasurer and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 091935502 Page 14 of 22 ALCR CORP. Andrew Sandler, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Ellen O'Keefe, Treasurer and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Ricky Sandler, Director United States Investments Eminence Partners LLC, Investment Management 20 Park Avenue Suite 3300 New York, New York 10166 ARH CORP. Harvey Sandler, Majority Shareholder and Controlling Person United States Founder Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 091935502 Page 15 of 22 Jeffrey M. Levine, President United States Chief Financial Officer Sandler Enterprises, Investment Services 1555 North Park Drive Suite 101 Weston, Florida 33329 Moira Mitchell, Treasurer and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Ricky Sandler, Director United States Investments Eminence Partners LLC, Investment Management 20 Park Avenue Suite 3300 New York, New York 10166 SERF CORP. Douglas Schimmel, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 091935502 Page 16 of 22 Kathy Rose, Vice President and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 TERPSI CORP. Hannah Craven, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 091935502 Page 17 of 22 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 DRP SCM CORP. David Powers, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 091935502 Page 18 of 22 SAM SCM CORP. Samantha McCuen, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 091935502 Page 19 of 22 SCHEDULE B The following Schedule sets forth the controlling persons, the executive officers and the directors of each of the SA and SA II General Partners which are not individuals, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. THE HARVEY SANDLER REVOCABLE TRUST Harvey Sandler, Sole Trustee and Controlling Person United States Founder Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 DRP SA LLC David Powers, Sole Member and Manager and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 SAM SA LLC Samantha McCuen, Sole Member and Manager and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 091935502 Page 20 of 22 SCHEDULE C
For the Account of Date of Nature of Number of Price per Share Transaction Transaction Securities (open market purchase or open market sale) - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 3/30/05 open market purchase 100 16.6580 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 3/30/05 open market purchase 2,000 16.6580 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 3/30/05 open market purchase 100 16.6580 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 3/30/05 open market purchase 1,300 16.6580 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 3/31/05 open market purchase 800 17.3435 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 3/31/05 open market purchase 500 17.3435 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 3/31/05 open market purchase 22,500 17.3435 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 3/31/05 open market purchase 1,100 17.3435 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 3/31/05 open market purchase 15,100 17.3435 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/1/05 open market purchase 600 17.2433 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/4/05 open market sale 56,205 17.6951 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/4/05 open market sale 657 18.4250 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/4/05 open market sale 411 18.4250 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/4/05 open market sale 19,700 18.4250 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/4/05 open market sale 994 18.4250 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/4/05 open market sale 13,238 18.4250 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Capital Structure 4/4/05 open market sale 5,000 18.4250 Opportunities Master Fund, Ltd. - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/5/05 open market sale 300 18.4524 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/5/05 open market sale 300 18.4524 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/5/05 open market sale 7,700 18.4524 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/5/05 open market sale 800 18.4524 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/5/05 open market sale 11,900 18.4524 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/12/05 open market sale 1,600 18.8234 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/12/05 open market sale 1,000 18.8234 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/12/05 open market sale 48,000 18.8234 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/12/05 open market sale 2,400 18.8234 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/12/05 open market sale 32,000 18.8234 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/13/05 open market sale 500 19.2000 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/13/05 open market sale 400 19.2000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/13/05 open market sale 17,100 19.2000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/13/05 open market sale 800 19.2000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/13/05 open market sale 11,200 19.2000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Capital Structure 4/13/05 open market sale 5,000 19.1061 Opportunities Master Fund, Ltd. - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/18/05 open market sale 200 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/18/05 open market sale 100 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------
091935502 Page 21 of 22
- ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/18/05 open market sale 5,600 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/18/05 open market sale 300 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/18/05 open market sale 3,800 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/25/05 open market sale 400 18.8900 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/25/05 open market sale 200 18.8900 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/25/05 open market sale 11,300 18.8900 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/25/05 open market sale 600 18.8900 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/25/05 open market sale 7,500 18.8900 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/26/05 open market purchase 500 18.5294 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/26/05 open market purchase 300 18.5294 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/26/05 open market purchase 15,300 18.5294 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/26/05 open market purchase 800 18.5294 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/26/05 open market purchase 10,100 18.5294 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 4/27/05 open market sale 100 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 4/27/05 open market sale 1,500 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 4/27/05 open market sale 100 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 4/27/05 open market sale 882 19.1000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/3/05 open market sale 7,998 18.7500 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/5/05 open market purchase 800 17.8634 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/5/05 open market purchase 700 17.8634 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/5/05 open market purchase 30,500 17.8634 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/5/05 open market purchase 1,500 17.8634 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/5/05 open market purchase 6,500 17.8634 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/6/05 open market sale 300 18.1922 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/6/05 open market sale 200 18.1922 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/6/05 open market sale 8,500 18.1922 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/6/05 open market sale 500 18.1922 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/6/05 open market sale 5,500 18.1922 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/9/05 open market sale 1,300 18.1581 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/9/05 open market sale 800 18.1581 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/9/05 open market sale 40,100 18.1581 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/9/05 open market sale 2,00 18.1581 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/9/05 open market sale 25,800 18.1581 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/10/05 open market sale 600 18.0632 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/10/05 open market sale 300 18.0632 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/10/05 open market sale 16,000 18.0632 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/10/05 open market sale 800 18.0632 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/10/05 open market sale 10,300 18.0632 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/11/05 open market sale 100 18.0008 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/11/05 open market sale 100 18.0008 - ------------------------------------------------------------------------------------------------------------------------------------
091935502 Page 22 of 22
- ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/11/05 open market sale 2,800 18.0008 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/11/05 open market sale 100 18.0008 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/11/05 open market sale 1,900 18.0008 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/13/05 open market purchase 13,500 18.8411 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/13/05 open market sale 700 18.7522 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/13/05 open market sale 500 18.7522 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/13/05 open market sale 21,900 18.7522 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/13/05 open market sale 1,100 18.7522 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/13/05 open market sale 14,100 18.7522 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/16/05 open market purchase 8,000 18.3437 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/19/05 open market sale 1,600 18.2220 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/19/05 open market sale 1,600 18.2220 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/19/05 open market sale 1,000 18.2220 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/19/05 open market sale 49,200 18.2220 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/19/05 open market sale 2,500 18.2220 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/19/05 open market sale 31,600 18.2220 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/19/05 open market sale 300 18.8470 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/19/05 open market sale 400 18.8470 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/19/05 open market sale 200 18.8470 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/19/05 open market sale 11,300 18.8470 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/19/05 open market sale 500 18.8470 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/19/05 open market sale 7,300 18.8470 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/23/05 open market sale 800 19.0123 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/23/05 open market sale 1,200 19.0123 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/23/05 open market sale 800 19.0123 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/23/05 open market sale 36,700 19.0123 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/23/05 open market sale 1,900 19.0123 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/23/05 open market sale 23,600 19.0123 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/25/05 open market sale 100 18.9000 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/25/05 open market sale 100 18.9000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/25/05 open market sale 1,500 18.9000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/25/05 open market sale 100 18.9000 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/25/05 open market sale 1,000 18.9000 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/25/05 open market sale 600 18.9200 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/25/05 open market sale 800 18.9200 - ------------------------------------------------------------------------------------------------------------------------------------ Managed Account 5/25/05 open market sale 500 18.9200 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates 5/25/05 open market sale 25,500 18.9200 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Associates II, LP 5/25/05 open market sale 1,200 18.9200 - ------------------------------------------------------------------------------------------------------------------------------------ Sandler Offshore Fund, Inc. 5/25/05 open market sale 16,400 18.9200 - ------------------------------------------------------------------------------------------------------------------------------------
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