SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BANK OF AMERICA VENTURES

(Last)

(First)

(Middle)

C/O SCALE MANAGEMENT, LLC

950 TOWER LANE, SUITE 700

(Street)

FOSTER CITY

94404

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IPC The Hospitalist Company, Inc. [ IPCM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/24/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/30/2008		C		2,830,086	A	⁽¹⁾	2,830,086⁽²⁾	D⁽³⁾⁽⁴⁾
Common Stock	01/30/2008		S		763,213	D	$14.88	2,066,873	D⁽³⁾⁽⁴⁾
Common Stock	01/30/2008		C		499,427	A	⁽¹⁾	499,427⁽²⁾	D⁽⁴⁾⁽⁵⁾
Common Stock	01/30/2008		S		134,685	D	$14.88	364,742	D⁽⁴⁾⁽⁵⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants (right to buy)	$0.842	01/24/2008		X			504,751	12/15/2000	04/07/2008	Series C Convertible Preferred Stock	504,751	$0.00	0	D⁽³⁾⁽⁴⁾
Warrants (right to buy)	$0.842	01/24/2008		X			89,073	12/15/2000	04/07/2008	Series C Convertible Preferred Stock	89,073	$0.00	0	D⁽⁴⁾⁽⁵⁾
Warrants (right to buy)	$0.842	01/24/2008		X			1,615,202	10/07/2002	04/07/2008	Series D Convertible Preferred Stock	1,615,202	$0.00	0	D⁽³⁾⁽⁴⁾
Warrants (right to buy)	$0.842	01/24/2008		X			285,036	10/07/2002	04/07/2008	Series D Convertible Preferred Stock	285,036	$0.00	0	D⁽⁴⁾⁽⁵⁾
Series C Convertible Preferred Stock	⁽⁶⁾	01/24/2008		X		504,751		⁽⁶⁾	⁽⁶⁾	Common Stock	504,751	$0.00	3,063,906	D⁽³⁾⁽⁴⁾
Series C Convertible Preferred Stock	⁽⁶⁾	01/24/2008		S			170,000	⁽⁶⁾	⁽⁶⁾	Common Stock	170,000	$0.00	2,893,906	D⁽³⁾⁽⁴⁾
Series C Convertible Preferred Stock	⁽⁶⁾	01/24/2008		X		89,073		⁽⁶⁾	⁽⁶⁾	Common Stock	89,073	$0.00	540,688	D⁽⁴⁾⁽⁵⁾
Series C Convertible Preferred Stock	⁽⁶⁾	01/24/2008		S			30,000	⁽⁶⁾	⁽⁶⁾	Common Stock	30,000	$0.00	510,688	D⁽⁴⁾⁽⁵⁾
Series D Convertible Preferred Stock	⁽⁶⁾	01/24/2008		X		1,615,202		⁽⁶⁾	⁽⁶⁾	Common Stock	1,615,202	$0.00	9,691,212	D⁽³⁾⁽⁴⁾
Series D Convertible Preferred Stock	⁽⁶⁾	01/24/2008		S			544,000	⁽⁶⁾	⁽⁶⁾	Common Stock	544,000	$0.00	9,147,212	D⁽³⁾⁽⁴⁾
Series D Convertible Preferred Stock	⁽⁶⁾	01/24/2008		X		285,036		⁽⁶⁾	⁽⁶⁾	Common Stock	285,036	$0.00	1,710,214	D⁽⁴⁾⁽⁵⁾
Series D Convertible Preferred Stock	⁽⁶⁾	01/24/2008		S			96,000	⁽⁶⁾	⁽⁶⁾	Common Stock	96,000	$0.00	1,614,214	D⁽⁴⁾⁽⁵⁾
Series B Convertible Preferred Stock	⁽⁶⁾	01/30/2008		C			6,071,428	⁽⁶⁾	⁽⁶⁾	Common Stock	948,661⁽²⁾	$0.00	0	D⁽³⁾⁽⁴⁾
Series B Convertible Preferred Stock	⁽⁶⁾	01/30/2008		C			1,071,429	⁽⁶⁾	⁽⁶⁾	Common Stock	167,411⁽²⁾	$0.00	0	D⁽⁴⁾⁽⁵⁾
Series C Convertible Preferred Stock	⁽⁶⁾	01/30/2008		C			2,893,906	⁽⁶⁾	⁽⁶⁾	Common Stock	452,173⁽²⁾	$0.00	0	D⁽³⁾⁽⁴⁾
Series C Convertible Preferred Stock	⁽⁶⁾	01/30/2008		C			510,688	⁽⁶⁾	⁽⁶⁾	Common Stock	79,795⁽²⁾	$0.00	0	D⁽⁴⁾⁽⁵⁾
Series D Convertible Preferred Stock	⁽⁶⁾	01/30/2008		C			9,147,212	⁽⁶⁾	⁽⁶⁾	Common Stock	1,429,252⁽²⁾	$0.00	0	D⁽³⁾⁽⁴⁾
Series D Convertible Preferred Stock	⁽⁶⁾	01/30/2008		C			1,614,214	⁽⁶⁾	⁽⁶⁾	Common Stock	252,221⁽²⁾	$0.00	0	D⁽⁴⁾⁽⁵⁾

1. Name and Address of Reporting Person^*

BANK OF AMERICA VENTURES

(Last)

(First)

(Middle)

C/O SCALE MANAGEMENT, LLC

950 TOWER LANE, SUITE 700

(Street)

FOSTER CITY

94404

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BANKAMERICA INVESTMENT CORP

(Last)

(First)

(Middle)

C/O SCALE MANAGEMENT, LLC

950 TOWER LANE, SUITE 700

(Street)

FOSTER CITY

94404

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last)

(First)

(Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON STREET

(Street)

CHARLOTTE

28255

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Upon the closing of the issuer's initial public offering, the convertible preferred stock converted into shares of the issuer's common stock on a 6.4-for-1 basis, and had no expiration date.

2. Reflects 1-for-6.4 reverse stock split which became effective on January 11, 2008.

3. The shares are held of record by Bank of America Ventures ("BAV"). Bank of America Corporation ("BAC") is the parent of BAV.

4. Under the terms of an investment management agreement between Scale Management, LLC ("Scale"), BAC, BAV and BAIC, Scale manages the investments of the securities of the issuer of held of record by BAV and BAIC and therefore may be deemed to have beneficial ownership of the securities of the shares held by BAV and BAIC. Scale disclaims beneficial ownership of all securities of the issuer held of record by BAV and BAIC. BAV and BAIC, as applicable, share dispositive power over such securities of the issuer with Scale. BAC, as the parent of BAV and BAIC, may also be deemed to share dispositive power over the securities of the issuer held of record by BAV and BAIC as a result of certain approval rights with respect to such securities.

5. The shares are held of record by BankAmerica Investment Corporation ("BAIC"). BAC is the parent of BAIC.

6. The convertible preferred stock is convertible at any time at the holder's election and has no expiration date. The shares automatically converted into shares of the issuer's common stock immediately prior to the issuer's initial public offering on a 6.4-for-1 basis.

Remarks:

	/s/ Mark J. Brooks, attorney-in-fact	02/01/2008
	/s/ Mark J. Brooks, attorney-in-fact	02/01/2008
	/s/ Mark J. Brooks, attorney-in-fact	02/01/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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