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*
CCM MASTER QUALIFIED FUND LTD
(Last) (First) (Middle)
C/O MORGAN STANLEY FUND SERVICES (CAYMAN
LTD CENTURY YARD CRICKET SQ HUTCHINGS DR
(Street)
PO BOX 2681 GEORGE TOWN E9 00000
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ASPECT MEDICAL SYSTEMS INC [ ASPM ] 		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)
06/18/2007
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)
Code V Amount (A) or (D) Price
Common Stock 07/11/2007 P 6,094 A $14.98 1,620,129 D
Common Stock 1,620,129 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/16/2007 P 116 A $15.13 1,620,245 D
Common Stock 1,620,245 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/17/2007 P 3,445 A $15.1 1,623,690 D
Common Stock 1,623,690 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/18/2007 P 8,300 A $15.02 1,631,990 D
Common Stock 1,631,990 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/20/2007 P 41,087 A $14.95 1,673,077 D
Common Stock 1,673,077 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/20/2007 P 31,744 A $15 1,704,821 D
Common Stock 1,704,821 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/23/2007 P 12,001 A $14.99 1,716,822 D
Common Stock 1,716,822 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/24/2007 P 16,456 A $14.83 1,733,278 D
Common Stock 1,733,278 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/25/2007 X(2) 3,000 A $17.52 1,736,278 D
Common Stock 1,736,278 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/25/2007 P 1,946 A $13.98 1,738,224 D
Common Stock 1,738,224 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/26/2007 P 2,200 A $13.88 1,740,424 D
Common Stock 1,740,424 I By Coghill Capital Management LLC and Clint D. Coghill(1)
Common Stock 07/27/2007 P 1,825 A $13.54 1,742,249 D
Common Stock 1,742,249 I By Coghill Capital Management LLC and Clint D. Coghill(1)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Short Put Options (Obligation to Buy) $17.5 06/18/2007 P 425 06/18/2007 01/19/2008 ASPM Common Stock 42,500 $2.72 1,127,446 D
Short Put Options (Obligation to Buy) $17.5 06/18/2007 01/19/2008 ASPM Common Stock 42,500 1,127,446 I By Coghill Capital Management, LLC and Clint d. Coghill(1)
Short Put Options (Obligation to Buy) $17.5 07/25/2007 X(2) 30 07/25/2007 08/18/2007 ASPM Common Stock 3,000 $0 1,124,446 D
Short Put Options (Obligation to Buy) $17.5 07/25/2007 08/18/2007 ASPM Common Stock 3,000 1,124,446 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/26/2007 P 50 07/26/2007 02/16/2008 ASPM Common Stock 5,000 $2.04 1,129,446 D
Short Put Options (Obligation to Buy) $15 07/26/2007 02/16/2008 ASPM Common Stock 5,000 1,129,446 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $12.5 07/27/2007 P 485 07/27/2007 11/17/2007 ASPM Common Stock 48,500 $0.52 1,177,946 D
Short Put Options (Obligation to Buy) $12.5 07/27/2007 11/17/2007 ASPM Common Stock 48,500 1,177,946 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/27/2007 P 300 07/27/2007 02/16/2008 ASPM Common Stock 30,000 $2.04 1,207,946 D
Short Put Options (Obligation to Buy) $15 07/27/2007 02/16/2008 ASPM Common Stock 30,000 1,207,946 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/27/2007 P 180 07/27/2007 01/19/2008 ASPM Common Stock 18,000 $2.04 1,225,946 D
Short Put Options (Obligation to Buy) $15 07/27/2007 01/19/2008 ASPM Common Stock 18,000 1,225,946 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $12.5 07/27/2007 P 115 07/27/2007 01/19/2008 ASPM Common Stock 11,500 $0.72 1,237,446 D
Short Put Options (Obligation to Buy) $12.5 07/27/2007 01/19/2008 ASPM Common Stock 11,500 1,237,446 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/30/2007 P 80 07/30/2007 02/16/2008 ASPM Common Stock 8,000 $2.04 1,245,446 D
Short Put Options (Obligation to Buy) $15 07/30/2007 02/16/2008 ASPM Common Stock 8,000 1,245,446 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $12.5 07/30/2007 P 645 07/30/2007 11/17/2007 ASPM Common Stock 64,500 $0.48 1,309,946 D
Short Put Options (Obligation to Buy) $12.5 07/30/2007 11/17/2007 ASPM Common Stock 64,500 1,309,946 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $12.5 07/30/2007 P 1,694 07/30/2007 01/19/2008 ASPM Common Stock 169,400 $0.65 1,479,346 D
Short Put Options (Obligation to Buy) $12.5 07/30/2007 01/19/2008 ASPM Common Stock 169,400 1,479,346 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/30/2007 P 300 07/30/2007 01/19/2008 ASPM Common Stock 30,000 $1.87 1,509,346 D
Short Put Options (Obligation to Buy) $15 07/30/2007 01/19/2008 ASPM Common Stock 30,000 1,509,346 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/31/2007 P 210 07/31/2007 01/19/2008 ASPM Common Stock 21,000 $1.91 1,530,346 D
Short Put Options (Obligation to Buy) $15 07/31/2007 01/19/2008 ASPM Common Stock 21,000 1,530,346 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Short Put Options (Obligation to Buy) $15 07/31/2007 P 120 07/31/2007 02/16/2008 ASPM Common Stock 12,000 $2.04 1,542,346 D
Short Put Options (Obligation to Buy) $15 07/31/2007 02/16/2008 ASPM Common Stock 12,000 1,542,346 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
Equity Swap $13.61 07/31/2007 P 11,054(3) 07/31/2007 02/28/2008 ASPM Common Stock 11,054 $13.65 1,553,400 D
Equity Swap $13.61 07/31/2007 02/28/2008 ASPM Common Stock 11,054 1,553,400 I By Coghill Capital Management, LLC and Clint D. Coghill(1)
1. Name and Address of Reporting Person*
CCM MASTER QUALIFIED FUND LTD
(Last) (First) (Middle)
C/O MORGAN STANLEY FUND SERVICES (CAYMAN
LTD CENTURY YARD CRICKET SQ HUTCHINGS DR
(Street)
PO BOX 2681 GEORGE TOWN E9 00000
(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*
COGHILL CAPITAL MANAGEMENT LLC
(Last) (First) (Middle)
1 N WACKER DRIVE
SUITE 4350
(Street)
CHICAGO IL 60606
(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*
COGHILL CLINT D
(Last) (First) (Middle)
1 N WACKER DRIVE
SUITE 4350
(Street)
CHICAGO IL 60606
(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. These securities may be deemed to be beneficially owned by Coghill Capital Management, L.L.C. ("CCM"), the investment manager of CCM Master Qualified Fund, Ltd. (the "Master Fund"). These securities may also be deemed to be beneficially owned by Clint Coghill, the President and majority owner of CCM. Each of CCM and Mr. Coghill disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
2. Transaction was not at the discretion of the Reporting Person, rather were the result of exercised written put options.
3. Under the terms of these total return equity swap agreements (the "Swaps") (i) the Master Fund will be obligated to pay to the counterparty any capital depreciation of the reference shares as of maturity, plus interest, and (ii) the counterparty will be obligated to pay to the Master Fund any capital appreciation of the reference shares as of maturity. Any dividends received by the counterparty on the reference shares during the term of the Swaps will be paid to the Master Fund. All balances will be cash settled at maturity and there will be no transfer of voting or dispositive power over the reference shares. The conversion/exercise price listed represents the notational value per share upon which the Swaps are based.
CCM Master Qualified Fund, Ltd., By: /s/ Clint D. Coghill, Director 09/19/2007
Coghill Capital Management, LLC, By: /s/ Clint D. Coghill, President 09/19/2007
/s/ Clint D. Coghill 09/19/2007
** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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