13F-HR 1 sched13f-093q.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2009 ------------------ Check here if Amendment [ ]; Amendment Number: --------- This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: J. Carlo Cannell -------------------------------------- Address: P.O. Box 3459 -------------------------------------- 240 E. Deloney Ave. -------------------------------------- Jackson, WY 83001 -------------------------------------- Form 13F File Number: 28- 6453 ----- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: J. Carlo Cannell ------------------------------ Title: Managing Member ------------------------------ Phone: 415-835-8300 ------------------------------ Signature, Place, and Date of Signing: /s/ J. Carlo Cannell Jackson, WY 11/13/2009 ------------------------ --------------- -------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------- Form 13F Information Table Entry Total: 85 -------------- Form 13F Information Table Value Total: $ 168,079 -------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

---------------------------------------------------------------------------------------------------------------------------------- COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ---------------------------------------------------------------------------------------------------------------------------------- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------------- A.O. SMITH CORP (DEL) CMN COM 831865209 652 17,100 SH SOLE 17,100 - - ACME UNITED CORP CMN COM 004816104 915 101,509 SH SOLE 101,509 - - ALTRA HOLDINGS, INC. CMN COM 02208r106 4,730 422,721 SH SOLE 422,721 - - AMERICAN STATES WATER CO CMN COM 029899101 1,462 40,400 SH SOLE 40,400 - - AMERICAN WATER WORKS CO, INC. COM 030420103 1,875 94,050 SH SOLE 94,050 - - ANIMAL HEALTH INTERNATIONAL IN COM 03525n109 1,928 909,488 SH SOLE 909,488 - - AQUA AMERICA INC CMN COM 03836w103 1,420 80,500 SH SOLE 80,500 - - ASHLAND INC. CMN COM 044209104 1,137 26,300 SH SOLE 26,300 - - AVATAR HLDGS INC. CMN COM 053494100 6,663 350,680 SH SOLE 350,680 - - AXT INC CMN COM 00246w103 1,248 649,800 SH SOLE 649,800 - - BAKER (MICHAEL) CORP CMN COM 057149106 836 23,000 SH SOLE 23,000 - - CAL DIVE INTERNATIONAL, INC. C COM 12802t101 633 64,000 SH SOLE 64,000 - - CALGON CARBON CORPORATION CMN COM 129603106 1,094 73,800 SH SOLE 73,800 - - CALIFORNIA WATER SERVICE GROUP COM 130788102 456 11,700 SH SOLE 11,700 - - CANTEL MEDICAL CORP. CMN COM 138098108 1,196 79,400 SH SOLE 79,400 - - CLEAN HARBORS INC CMN COM 184496107 422 7,500 SH SOLE 7,500 - - DARLING INTERNATIONAL INC CMN COM 237266101 5,607 762,900 SH SOLE 762,900 - - DIAMOND MGMT & TECH CONSULTANT COM 25269l106 1,111 162,228 SH SOLE 162,228 - - DOT HILL SYSTEMS CORP CMN COM 25848t109 444 255,000 SH SOLE 255,000 - - DRUGSTORE.COM INC CMN COM 262241102 1,392 572,847 SH SOLE 572,847 - - EASTERN INS HLDGS INC CMN COM 276534104 971 101,900 SH SOLE 101,900 - - EDGEWATER TECHNOLOGY INC CMN COM 280358102 1,176 399,935 SH SOLE 399,935 - - FIRST FINANCIAL NORTHWEST INC COM 32022k102 3,967 680,466 SH SOLE 680,466 - - GRAFTECH INTERNATIONAL LTD CMN COM 384313102 2,804 190,749 SH SOLE 190,749 - - GREENHUNTER ENERGY INC CMN COM 39530a104 33 16,524 SH SOLE 16,524 - - GS FINANCIAL CORP CMN COM 362274102 167 12,636 SH SOLE 12,636 - - ICO INC (NEW) CMN COM 449293109 1,923 411,788 SH SOLE 411,788 - - IKANOS COMMUNICATIONS, INC. CM COM 45173e105 1,457 625,201 SH SOLE 625,201 - - INTERSECTIONS INC. CMN COM 460981301 769 133,300 SH SOLE 133,300 - - ITRON INC CMN COM 465741106 1,199 18,700 SH SOLE 18,700 - - KADANT INCORPORATED CMN COM 48282t104 1,067 88,000 SH SOLE 88,000 - - KEYNOTE SYSTEMS INC CMN COM 493308100 4,143 439,349 SH SOLE 439,349 - - LAYNE CHRISTENSEN COMPANY (NAM COM 521050104 923 28,800 SH SOLE 28,800 - - LINDSAY CORPORATION CMN COM 535555106 398 10,100 SH SOLE 10,100 - - LOEWS CORPORATION CMN COM 540424108 216 6,300 SH SOLE 6,300 - - LOOPNET INC CMN COM 543524300 2,330 257,700 SH SOLE 257,700 - - MAGMA DESIGN AUTOMATION INC CM COM 559181102 1,247 596,693 SH SOLE 596,693 - - MAGNUM HUNTER RESOURCES CORP C COM 55973b102 3,297 2,817,650 SH SOLE 2,817,650 - - MERCER INS GROUP INC CMN COM 587902107 1,041 57,583 SH SOLE 57,583 - - MET-PRO CORPORATION CMN COM 590876306 325 33,579 SH SOLE 33,579 - - MFRI INC CMN COM 552721102 298 41,450 SH SOLE 41,450 - - MIDDLESEX WATER CO CMN COM 596680108 410 27,205 SH SOLE 27,205 - - MOCON INC CMN COM 607494101 928 109,293 SH SOLE 109,293 - - MOTOROLA INC CMN COM 620076109 4,090 476,100 SH SOLE 476,100 - - MVC CAPITAL INC CLOSED END FUN COM 553829102 7,251 825,817 SH SOLE 825,817 - - NALCO HOLDING COMPANY CMN COM 62985q101 504 24,600 SH SOLE 24,600 - - NATIONAL DENTEX CORP CMN COM 63563h109 477 56,050 SH SOLE 56,050 - - NATUS MEDICAL INC DEL CMN COM 639050103 5,956 386,000 SH SOLE 386,000 - - NGAS RESOURCES, INC. CMN COM 62912t103 2,002 837,700 SH SOLE 837,700 - - NORTH AMERICAN ENERGY PARTNERS COM 656844107 2,707 451,202 SH SOLE 451,202 - - NORTHWEST PIPE COMPANY CMN COM 667746101 1,472 43,900 SH SOLE 43,900 - - QUADRAMED CORPORATION CMN COM 74730w507 5,906 843,765 SH SOLE 843,765 - - REX ENERGY CORPORATION CMN COM 761565100 5,949 712,500 SH SOLE 712,500 - - SAIC, INC. CMN COM 78390x101 877 50,000 SH SOLE 50,000 - - SALARY.COM, INC. CMN COM 794006106 2,202 692,500 SH SOLE 692,500 - - SCHMITT INDS INC ORE CMN COM 806870200 430 105,715 SH SOLE 105,715 - - SEABRIGHT INSURANCE HLDG INC C COM 811656107 2,140 187,421 SH SOLE 187,421 - - SPARK NETWORKS, INC. CMN COM 84651p100 698 310,444 SH SOLE 310,444 - - STANDARD REGISTER CO CMN COM 853887107 3,943 670,548 SH SOLE 670,548 - - U.S. CONCRETE INC CMN COM 90333l102 1,197 691,791 SH SOLE 691,791 - - VAALCO ENERGY, INC. CMN COM 91851c201 3,845 835,919 SH SOLE 835,919 - - VIRTUS INVESTMENT PARTNERS, IN COM 92828q109 642 41,100 SH SOLE 41,100 - - CONTANGO OIL & GAS COMPANY CMN COM NEW 21075n204 4,558 89,261 SH SOLE 89,261 - - DXP ENTERPRISES INC CMN COM NEW 233377407 658 59,000 SH SOLE 59,000 - - HANGER ORTHOPEDIC GROUP CMN COM NEW 41043f208 6,668 480,749 SH SOLE 480,749 - - IMPERIAL OIL LIMITED CMN COM NEW 453038408 148 3,900 SH SOLE 3,900 - - INSWEB CORPORATION CMN COM NEW 45809k202 696 219,435 SH SOLE 219,435 - - PICO HOLDINGS INC CMN COM NEW 693366205 233 7,000 SH SOLE 7,000 - - PURECYCLE CORP CMN COM NEW 746228303 393 119,000 SH SOLE 119,000 - - ENCORE ENERGY PARTNERS LP CMN COM UNIT 29257a106 225 14,100 SH SOLE 14,100 - - SPDR GOLD TRUST ETF GOLD SHS 78463v107 494 5,000 SH SOLE 5,000 - - WTS/BARZEL INDUSTRIES INC 5.50 *W EXP 069744118 11 999,700 SH SOLE 999,700 - - BERKSHIRE HATHAWAY INC CL-A (D CL A 084670108 1,717 17 SH SOLE 17 - - INSITUFORM TECHNOLOGIES INC CM CL A 457667103 695 36,300 SH SOLE 36,300 - - MAGMA DESIGN AUTOMATION, INC. NT 2.0 559181ac6 8,611 9,100,000 PRN SOLE 9,100,000 - - ASPECT MEDICAL SYSTEMS INC 2.5 NT 2.5 045235ab4 1,975 2,000,000 PRN SOLE 2,000,000 - - PLAYBOY ENTERPRISES 3% 03/15/2 NT 3.0 728117ab8 1,348 1,750,000 PRN SOLE 1,750,000 - - L-1 IDENTITY SOLUTIONS INC 3.7 NT 3.75 50212aab2 1,237 1,400,000 PRN SOLE 1,400,000 - - LECROY CORPORATION 4% 10/15/20 NT 4.0 52324wab5 2,010 3,000,000 PRN SOLE 3,000,000 - - FUNDTECH LTD CMN ORD m47095100 12,675 1,090,809 SH SOLE 1,090,809 - - PIXELWORKS, INC. 1.75% 05/15/2 SDC 7.75 72581mab3 4,000 5,000,000 PRN SOLE 5,000,000 - - BLUEPHOENIX SOLUTIONS LTD CMN SHS m20157109 593 156,376 SH SOLE 156,376 - - POWERSHARES DB COMMODITY INDEX Unt In 73935s105 212 9,600 SH SOLE 9,600 - - LINN ENERGY, LLC CMN UNITS REP Int ltd 536020100 243 10,600 SH SOLE 10,600 - - HILAND PARTNERS, LP CMN Int ltd 431291103 83 10,900 SH SOLE 10,900 - -