13F-HR 1 cannell13f-3qtr2007.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter September 30, 2007 Ended: -------------------- 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: Cannell Capital LLC ------------------------------------- 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 11/14/2007 ------------------------ ------------------------- ---------- [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 79 Total: -------------- Form 13F Information Table value $ 1,012,317 Total: -------------- (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 CUSIP VALUE SHS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS (x$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE --------------------------------------------------------------------------------------------------------------------- ACME UNITED CORP CMN COMMON 004816104 3,346 229,200 SH SOLE 229,200 - AECOM TECHNOLOGY CORPORATION C COMMON 00766t100 4,366 125,000 SH SOLE 125,000 - ALTRA HOLDINGS, INC. CMN COMMON 02208r106 31,173 1,870,000 SH SOLE 1,276,123 593,877 AMERICAN RAILCAR INDS INC CMN COMMON 02916p103 17,350 787,900 SH SOLE 588,400 199,500 ANALYTICAL SURVEYS INC. CMN COMMON 032683401 18 180,000 SH SOLE 180,000 - ARCH CHEMICAL INC CMN COMMON 03937r102 3,282 70,000 SH SOLE 70,000 - ARCH COAL INC CMN COMMON 039380100 13,803 409,100 SH SOLE 409,100 - AUDIBLE INC CMN COMMON 05069a302 5,598 430,586 SH SOLE 299,738 130,848 BALLY TOTAL FITNESS HOLDING CO COMMON 05873k108 14 40,000 SH SOLE 40,000 - BRONCO DRILLING COMPANY, INC. COMMON 112211107 6,882 465,000 SH SOLE 465,000 - BROOKFIELD ASSET MANAGEMENT IN COMMON 112585104 10,395 270,000 SH SOLE 270,000 - CANTEL MEDICAL CORP. CMN COMMON 138098108 4,527 290,000 SH SOLE 290,000 - CARRIAGE SERVICES, INC. CMN COMMON 143905107 2,581 318,300 SH SOLE 318,300 - CHANNELL COMMERCIAL CORP CMN COMMON 159186105 2,113 544,600 SH SOLE 544,600 - CHEMTURA CORP CMN COMMON 163893100 2,400 270,000 SH SOLE 270,000 - CHEROKEE INTERNATIONAL CORP COMMON 16444h102 87 25,744 SH SOLE 25,744 - CITIZENS FIRST BANCORP INC DEL COMMON 17461r106 1,802 100,393 SH SOLE 100,393 - COMFORT SYSTEMS USA INC COMMON COMMON 199908104 44,872 3,160,000 SH SOLE 2,250,100 909,900 COMMERCIAL METALS CO CMN COMMON 201723103 16,971 536,200 SH SOLE 398,800 137,400 CONNECTICUT WATER SVC COMMON 207797101 418 17,950 SH SOLE 17,950 - CROWN HOLDINGS INC CMN COMMON 228368106 50,600 2,223,200 SH SOLE 1,798,200 425,000 DRUGSTORE.COM INC CMN COMMON 262241102 21,549 6,630,455 SH SOLE 4,576,233 2,054,222 EASTERN INS HLDGS INC CMN COMMON 276534104 3,658 236,600 SH SOLE 236,600 - ENNIS INC CMN COMMON 293389102 11,020 500,000 SH SOLE 337,668 162,332 ESPEED INC CMN CLASS A COMMON 296643109 16,378 1,920,000 SH SOLE 1,440,800 479,200 FUNDTECH LTD CMN COMMON m47095100 49,252 2,800,000 SH SOLE 2,180,617 619,383 GENERAL CABLE CORP CMN COMMON 369300108 50,371 750,462 SH SOLE 600,462 150,000 GREENFIELD ONLINE, INC. CMN COMMON 395150105 26,916 1,765,000 SH SOLE 1,256,600 508,400 HANGER ORTHOPEDIC GROUP CMN COMMON 41043f208 6,628 585,000 SH SOLE 413,015 171,985 ICO INC (NEW) CMN COMMON 449293109 5,350 380,000 SH SOLE 380,000 - ICO INC DEP SHS REPSTG 1/4 PFD COMMON 449293307 2,644 69,590 SH SOLE 69,590 - IHS, INC. CMN CLASS A COMMON 451734107 24,856 440,000 SH SOLE 303,100 136,900 IKON OFFICE SOLUTIONS INC CMN COMMON 451713101 28,503 2,218,100 SH SOLE 1,756,617 461,483 INGERSOLL-RAND COMPANY CMN CLA COMMON g4776g101 39,981 734,000 SH SOLE 564,000 170,000 JANUS CAP GROUP INC COMMON 47102x105 1,196 42,290 SH SOLE 42,290 - LEE ENTERPRISES INC CMN COMMON 523768109 12,331 792,000 SH SOLE 581,822 210,178 LENNOX INTERNATIONAL INC CMN COMMON 526107107 40,256 1,191,000 SH SOLE 866,580 324,420 MERCER INS GROUP INC CMN COMMON 587902107 2,018 114,100 SH SOLE 114,100 - MET-PRO CORPORATION CMN COMMON 590876306 6,435 398,200 SH SOLE 398,200 - MFRI INC CMN COMMON 552721102 9,562 535,965 SH SOLE 535,965 - MIDDLESEX WATER CO COMMON 596680108 479 25,340 SH SOLE 25,340 - MILACRON INC CMN COMMON 598709301 2,599 365,000 SH SOLE 269,283 95,717 MIRANT CORPORATION CMN COMMON 60467r100 10,231 251,500 SH SOLE 251,500 - MOCON INC CMN COMMON 607494101 1,001 84,938 SH SOLE 84,938 - MOVIE STAR INC CMN COMMON 624591103 1,781 788,000 SH SOLE 788,000 - MRV COMMUNICATIONS INC CMN COMMON 553477100 826 333,000 SH SOLE 333,000 - MUELLER INDUSTRIES INC CMN COMMON 624756102 2,530 70,000 SH SOLE 70,000 - MVC CAPITAL INC CLOSED END FUN COMMON 553829102 57,662 3,111,800 SH SOLE 2,163,100 948,700 NATCO GROUP INC CMN CLASS A COMMON 63227w203 39,956 772,100 SH SOLE 580,880 191,220 NATUS MEDICAL INC DEL CMN COMMON 639050103 18,172 1,140,000 SH SOLE 789,400 350,600 NEVADA CHEMICALS INC CMN COMMON 64127c107 2,849 293,829 SH SOLE 293,829 - NEXCEN BRANDS INC CMN COMMON 653351106 2,016 300,000 SH SOLE 300,000 - NGAS RESOURCES, INC. CMN COMMON 62912t103 14,424 2,115,000 SH SOLE 1,469,500 645,500 NORTHWEST PIPE COMPANY CMN COMMON 667746101 5,862 155,000 SH SOLE 155,000 - OWENS CORNING CMN COMMON 690742101 3,990 159,300 SH SOLE 159,300 - OWENS-ILLINOIS INC CMN COMMON 690768403 29,015 700,000 SH SOLE 480,866 219,134 PACTIV CORPORATION CMN COMMON 695257105 2,966 103,500 SH SOLE 103,500 - PLAYBOY ENTERPRISES INC CL-B COMMON 728117300 430 40,000 SH SOLE 40,000 - PRIDE INTERNATIONAL INC CMN COMMON 74153q102 32,844 898,600 SH SOLE 898,600 - QUADRAMED CORPORATION CMN COMMON 74730w101 3,327 1,159,200 SH SOLE 1,159,200 - QUALITY DISTRIBUTION INC CMN COMMON 74756m102 13,573 1,525,000 SH SOLE 1,059,196 465,804 REDHOOK ALE BREWERY INC CMN COMMON 757473103 676 107,755 SH SOLE 107,755 - ROBBINS & MYERS INC CMN COMMON 770196103 1,432 25,000 SH SOLE 25,000 - SAFEGUARD SCIENTIFICS CMN COMMON 786449108 806 352,000 SH SOLE 352,000 - SAIC, INC. CMN COMMON 78390x101 5,278 275,059 SH SOLE 275,059 - SCHMITT INDS INC ORE CMN COMMON 806870200 1,308 182,976 SH SOLE 182,976 - SHORETEL, INC. CMN COMMON 825211105 7,876 550,000 SH SOLE 550,000 - SUPERIOR ESSEX INC CMN COMMON 86815v105 47,532 1,275,000 SH SOLE 1,010,489 264,511 SYMMETRY HOLDINGS INC. 1 UNT=1 COMMON 871545208 17,480 2,000,000 SH SOLE 1,388,000 612,000 SYNPLICITY INC CMN COMMON 87160y108 11,583 1,856,300 SH SOLE 1,324,140 532,160 T-3 ENERGY SERVICES INC CMN COMMON 87306e107 45,835 1,074,924 SH SOLE 750,624 324,300 TYCO INTERNATIONAL LTD. CMN COMMON g9143x208 3,547 80,000 SH SOLE 80,000 - U S PHYSICAL THERAPY INC CMN COMMON 90337l108 1,576 106,500 SH SOLE 106,500 - U.S. CONCRETE INC CMN COMMON 90333l102 19,783 3002000 SH SOLE 2,046,050 955,950 VALMONT INDUSTRIES INC CMN COMMON 920253101 2,970 35,000.00 SH SOLE 35,000 - VERI TEK INTL CORP CMN COMMON 92342x101 1,414 197542 SH SOLE 197,542 - WARNER CHILCOTT LIMITED CMN CL COMMON g9435n108 10,989 618400 SH SOLE 468,400 150,000 WILLDAN GROUP INC CMN COMMON 96924n100 2,649 260000 SH SOLE 260,000 - WILLIAMS CONTROLS INC. CMN COMMON 969465608 1,548 85900 SH SOLE 85,900 -