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*
DOLPHIN OFFSHORE PARTNERS LP

(Last) (First) (Middle)
129 EAST 17TH STREET

(Street)
NEW YORK NY 10003

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BOSTON RESTAURANT ASSOCIATES INC [ BRAI ]
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)
01/20/2005
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 01/20/2005(1) P 120,000 A (1) 1,115,000 D(2)
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
Series A Participating Preferred STock, $.01 par value $0.85 01/20/2005 P 470,588 01/20/2005 (3) Common Stock, $.01 par value 470,588 $0.85 470,588 D(2)
1. Name and Address of Reporting Person*
DOLPHIN OFFSHORE PARTNERS LP

(Last) (First) (Middle)
129 EAST 17TH STREET

(Street)
NEW YORK NY 10003

(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*
SALAS PETER E

(Last) (First) (Middle)
129 EAST 17TH STREET

(Street)
NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
X Director 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Dolphin Management Inc.

(Last) (First) (Middle)
C/O DOLPHIN ASSET MANAGEMENT CORP.
129 EAST 17TH STREET

(Street)
NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
No relationship to Issuer.
1. Name and Address of Reporting Person*
Dolphin Advisors, L.L.C.

(Last) (First) (Middle)
C/O DOLPHIN ASSET MANAGEMENT CORP.
129 EAST 17TH STREET

(Street)
NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
No relationship to Issuer.
1. Name and Address of Reporting Person*
DOLPHIN DIRECT EQUITY PARTNERS L P

(Last) (First) (Middle)
129 EAST 17TH STREET

(Street)
NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
No relationship to Issuer.
Explanation of Responses:
1. The Reporting Persons note that all purchases occurred at various prices from time to time prior to such date and that prior to the date hereof no Reporting Person entered into any sale or sale equivalent transaction regarding any equity security, derivative or otherwise, of the Issuer.
2. The reported securities are owned directly by Dolphin Offshore. Each of Mr. Salas, Dolphin Management, Dolphin Advisors and Dolphin Direct disclaims any beneficial ownership of the reported securities, although they may be deemed members of a group or to have beneficial ownership of such securities pursuant to Rule 13(d)-3 under the 1934 Act.
3. None
See Exhibit 99.1 09/26/2005
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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