SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(A)
Amendment #1
American Community Newspapers, Inc
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(Name of Issuer)
Common Stock, par value $0.0001 per share,
(Title of Class of Securities)
0250T103
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(CUSIP Number)
Paul D. Sonkin
Hummingbird Management, LLC
460 Park Avenue, 12th Floor
New York, New York 10022
212 750-7117
------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 27, 2007
-----------------
(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-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-7(b) for other
parties to whom copies are to be sent.
--------
1 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 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).
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CUSIP No. 0250T103 13D/A Page 2 of 10 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Management, LLC
IRS No. 13-4082842
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,139,603**
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,139,603**
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,139,603**
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
**The Reporting Parties own 396,603 shares of common stock, approximately 2.6%
of the Company's outstanding common stock. The calculation of the shares and
percentage set forth above assumes the exercise by the Reporting Parties of
743,000 presently exercisable warrants acquired in connection with the
Company's initial public offering and in subsequent open market purchases.
The Reporting Parties have not yet exercised or converted any of such warrants.
This calculation does not assume the conversion of any warrants held by
security holders other than the Reporting Parties, whether or not exercisable.
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CUSIP No. 0250T103 13D/A Page 3 of 10 Pages
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1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul D. Sonkin
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,189,603**
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,189,603**
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,189,603**
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
**The Reporting Parties own 396,603 shares of common stock, approximately 2.6%
of the Company's outstanding common stock.. In addition, Mr. Sonkin owns
50,000 Warrants in his brokerage Account. The calculation of the shares and
percentage set forth above assumes the exercise by the Reporting Parties of
793,000 presently exercisable warrants acquired in connection with the
Company's initial public offering and in subsequent open market purchases. The
Reporting Parties have not yet exercised or converted any of such warrants.
This calculation does not assume the conversion of any warrants held by
security holders other than the Reporting Parties, whether or not exercisable.
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CUSIP No. 0250T103 13D/A Page 4 of 10 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Capital, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,139,603**
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,139,603**
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,139,603**
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
**The Reporting Parties own 396,603 shares of common stock, approximately 2.6%
of the Company's outstanding common stock. The calculation of the shares and
percentage set forth above assumes the exercise by the Reporting Parties of
743,000 presently exercisable warrants acquired in connection with the
Company's initial public offering and in subsequent open market purchases.
The Reporting Parties have not yet exercised or converted any of such warrants.
This calculation does not assume the conversion of any warrants held by
security holders other than the Reporting Parties, whether or not exercisable.
------------------------ ----------------------------
CUSIP No. 0250T103 13D/A Page 5 of 10 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,043,603**
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,043,603**
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,043,603**
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
**The Hummingbird Value Fund, LP, owns 300,603 shares of common stock,
approximately 1.9% of the Company's outstanding common stock. The calculation
of the shares and percentage set forth above assumes the exercise by the
Reporting Parties of 743,000 presently exercisable warrants acquired in
connection with the Company's initial public offering and in subsequent open
market purchases.The Reporting Parties have not yet exercised or converted any
of such warrants.This calculation does not assume the conversion of any
warrants held by security holders other than the Reporting Parties, whether or
not exercisable.
===============================================================================
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CUSIP No. 0250T103 13D/A Page 6 of 10 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Microcap Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 96,000**
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
96,000**
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
96,000**
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
**The Hummingbird Microcap Value Fund, LP, owns 96,000 shares of common stock,
approximately 0.6% of the Company's outstanding common stock. The calculation
of the shares and percentage set forth above assumes the exercise by the
Reporting Parties of 743,000 presently exercisable warrants acquired in
connection with the Company's initial public offering and in subsequent open
market purchases.The Reporting Parties have not yet exercised or converted any
of such warrants.This calculation does not assume the conversion of any
warrants held by security holders other than the Reporting Parties, whether or
not exercisable.
===============================================================================
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CUSIP No. 0250T103 13D/A Page 7 of 10 Pages
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AMENDMENT NO. 1 TO SCHEDULE 13D
This Amendment No. 1, dated August 14, 2007 amends Schedule 13D as
previously filed by the Reporting Persons with the Securities and Exchange
Commission on July 17, 2007 (the "Schedule 13D"), relating to the Common
Stock, par value $0.0001 per share, of American Community Newspapers, Inc.
a Delaware Corporation.
Items 3,5, and 7 of the Schedule 13D are hereby amended and restated, as
follows:
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of August 14, 2007, Hummingbird has caused HVF and Microcap Fund
to invest approximately $1,518,950 and $455,948, respectively, in the Shares of
the Issuer using their working capital. As of August 14, 2007, Hummingbird
has caused HVF to invest approximately $274,373 in the Warrants of the Issuer
using its working capital. Mr. Sonkin has invested approximately $23,000 in
Warrnts of the Issuer, using private funds.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a) As investment manager of HVF and Microcap Fund, Hummingbird may
be deemed to have the sole voting and investment authority over the Shares
owned by HVF and Microcap Fund for purposes of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended ("Rule 13d-3"), may be deemed to be the
beneficial owner of 1,139,603 Shares representing approximately 7.4% of the
outstanding Shares of the Issuer (based upon 15,413,945 Shares outstanding as
of July 2, 2007, as reported in company's Form 8-K filing on that date.)
The Share total assumes the exercise by the Reporting Parties of 793,000
presently exercisable warrants acquired in open market purchases. The Reporting
Parties have not yet exercised or converted any of such warrants. Hummingbird
disclaims any beneficial ownership of the Shares covered by this Statement.
Mr. Sonkin, as the managing member and control person of Hummingbird,
may be deemed to have the sole voting and investment authority over the Shares
beneficially owned by Hummingbird and, for purposes of Rule 13d-3, may be deemed
to be the beneficial owner of 1,189,603 Shares representing approximately
7.4% of the outstanding Shares of the Issuer (based upon 15,413,945 Shares
outstanding as of July 2, 2007, as reported in company's Form 8-K filing on
that date.) The Share total assumes the exercise by the Reporting Parties of
793,000 presently exercisable warrants acquired in open market purchases.
The Reporting Parties have not yet exercised or converted any of such warrants.
Mr. Sonkin disclaims any beneficial ownership of the Shares covered by this
Statement.In addition, Mr. Sonkin owns 50,000 Warrants in his brokerage
Accounts, which have not yet been exercised or converted.
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CUSIP No. 0250T103 13D/A Page 8 of 10 Pages
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HC, as the general partner of the HVF, may be deemed to
have the sole voting and investment authority over the Shares owned by HVF
for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended ("Rule 13d-3"), may be deemed to be the beneficial owner of
1,139,603 Shares representing approximately 7.4% of the outstanding Shares
of the Issuer (based upon 15,413,945 Shares outstanding as of July 2, 2007,
as reported in company's Form 8-K filing on that date.) The Share total
assumes the exercise by the Reporting Parties of 793,000 presently exercisable
warrants acquired in open market purchases.The Reporting Parties have not yet
exercised or converted any of such warrants. HC disclaims any
beneficial ownership of the Shares covered by this Statement
HVF is the beneficial owner of 300,603 SHARES or 1.9% of the
outstanding Shares of the Issuer. It is the beneficial owner of 743,000
Warrants.
Microcap Fund is the beneficial owner of 96,000 SHARES, or 0.6%
of the outstanding Shares of the Issuer.
Paul D. sonkin is the owner of 50,000 Warrants.
(c) Hummingbird caused HVF to effect transactions in the Shares during
the past 60 days as set forth below:
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
6/27/2007 open market purchase 719,900 5.640
6/28/2007 open market purchase 20,100 5.392
7/6/2007 private sale 690,000 5.700
7/16/2007 open market purchase 2,300 4.277
7/17/2007 open market purchase 15,100 4.515
7/18/2007 open market purchase 32,914 4.950
7/19/2007 open market purchase 8,089 4.800
7/20/2007 open market purchase 2,900 4.848
7/23/2007 open market purchase 2,000 4.895
7/23/2007 open market purchase 9,000 4.910
7/24/2007 open market purchase 170,000 4.974
7/24/2007 open market purchase 6,400 4.986
8/7/2007 open market purchase 900 4.300
8/8/2007 open market purchase 1,000 4.400
Hummingbird caused Microcap Fund to effect transactions in the Shares
during the past 60 days as set forth below:
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
7/31/2007 open market purchase 50,000 5.000
8/3/2007 open market purchase 40,000 4.410
8/6/2007 open market purchase 6,000 4.439
(d) Inapplicable.
(e) Inapplicable.
ITEM 6 Inapplicable
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Exhibit Exhibit
No. Description
--- ---------------------------------------------------------------
1 Joint Filing Agreement dated August 14 ,2007 by and among
Hummingbird Management, LLC, Hummingbird Value Fund, L.P.,
Hummingbird Microcap Value Fund, L.P., Hummingbird Capital,
LLC, and Paul Sonkin.
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CUSIP No. 0250T103 13D/A Page 9 of 10 Pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: August 14, 2007 HUMMINGBIRD MANAGEMENT, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
PAUL D. sONKIN
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
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CUSIP No. 0250T103 13D/A Page 10 of 10 Pages
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a Statement on Schedule 13D dated August 14, 2007
(including amendments thereto) with respect to the Shares of American
Community Newspapers, Inc. This Joint Filing Agreement shall be filed as an
Exhibit to such Statement.
Dated: August 14, 2007 HUMMINGBIRD MANAGEMENT, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin