Item 4. Purpose of Transaction.
The Wynnefield Reporting Persons acquired the Shares in response to the recent significant accumulation of Shares by Tinicum Capital Partners II, L.P. and Tinicum Capital Partners II Parallel Fund, L.P. (collectively, "Tinicum") as reported in Tinicum's amended Schedule 13D filed with the Commission on June 15, 2011, in order to maintain, as much as possible, the existing status quo in the share ownerships of the Wynnefield Reporting Persons and Tinicum, which, in the view of the Wynnefield Reporting Persons, would be beneficial to all shareholders of the Issuer and would preserve shareholder value. The Wynnefield Reporting Persons intend to discuss with the Issuer the adoption of shareholder protective measures that would be designed to enhance shareholder value for the benefit of all of the Issuer's shareholders. The Wynnefield Reporting Persons also intend to have discussions with the Issuer, as well as with other stockholders of the Issuer, including Tinicum, with respect to the composition of the Issuer's Board of Directors (the "Board"). Although there can be no assurance given as to the outcome of any such discussions, it will be the objective of the Wynnefield Reporting Persons to have a slate of directors nominated for the upcoming annual meeting of stockholders of the Issuer (the "Annual Meeting") that is mutually acceptable to the Issuer, the Wynnefield Reporting Persons and Tinicum which, in the view of the Wynnefield Reporting Persons, would be in the best interests of all of the Issuer's stockholders. In the event that the Wynnefield Reporting Persons, the Issuer and Tinicum are unable to reach a mutually agreeable solution as to the composition of the Issuer's Board, then the Wynnefield Reporting Persons will evaluate their alternatives, including, without limitation, nominating their own slate of directors for election to the Issuer's Board at the Annual Meeting.
Other than as set forth in this Item 4, the Wynnefield Reporting Persons do not have any current plans, proposals or negotiations that relate to or would result in any of the matters referred to in paragraphs (a) through (j) of Item 4 of the Schedule 13D. The Wynnefield Reporting Persons intend to review their investment in the Issuer on a continuing basis, and to the extent permitted by law, may seek to engage in discussions with other stockholders and/or with management and the Board of Directors of the Issuer concerning the business, operations or future plans of the Issuer. Depending on various factors including, without limitation, the Issuer's financial position, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Wynnefield Reporting Persons may, in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional Shares, selling Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, taking any other action with respect to the Issuer or any of its securities in any manner permitted by law or changing their intention with respect to any and all matters referred to in paragraphs (a) through (j) of Item 4. The Wynnefield Reporting Persons reserve the right to take whatever future action they deem appropriate regarding the Issuer and its securities under the circumstances as they then exist.
Item 5. Interest in Securities of the Issuer.
As of June 16, 2011, the Wynnefield Reporting Persons may be deemed to beneficially own collectively an aggregate of 2,117,911 Shares constituting approximately 22.4% of the outstanding Shares (the percentage of shares owned being based upon 9,441,536 Shares outstanding as of May 1, 2011, as set forth in the Issuer’s most recent report on Form 10-K for the year ended March 31, 2011, filed with the Commission on June 3, 2011).
Wynnefield Reporting Persons.
(a) - (d). As of June 16, 2011, the Wynnefield Reporting Persons beneficially owned in the aggregate 2,117,911 Shares, constituting approximately 22.4% of the outstanding Shares (the percentage of shares owned being based upon 9,441,536 Shares outstanding as of May 1, 2011, as set forth in the Issuer’s most recent report on Form 10-K for the year ended March 31, 2011, filed with the Commission on June 3, 2011). The following table sets forth certain information with respect to Shares directly beneficially owned by the Wynnefield Reporting Persons listed below:
| Name | Number of Shares | Percentage of Outstanding Shares |
| Wynnefield Partners | 549,937 | 5.8% |
| Wyynefield Partners I | 806,965 | 8.5% |
| Wynnefield Offshore | 722,609 | 7.7% |
| Channel | 38,400 | 0.4% |
| CUSIP No. 106764103 | 13D | Page 11 of 14 Pages |
WCM is the sole general partner of Wynnefield Partners and Wynnefield Partners I and, accordingly, may be deemed to be the indirect beneficial owner (as that term is defined under Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") of the Shares that Wynnefield Partners and Wynnefield Partners I beneficially own. WCM, as the sole general partner of Wynnefield Partners and Wynnefield Partners I, has the sole power to direct the voting and disposition of the Shares that Wynnefield Partners and Wynnefield Partners I beneficially own. Messrs. Obus and Landes are the co-managing members of WCM and, accordingly, each of Messrs. Obus and Landes may be deemed to be the indirect beneficial owner (as that term is defined under Rule 13d-3 under the Exchange Act) of the Shares that WCM may be deemed to beneficially own.
Each of Messrs. Obus and Landes, as co-managing members of WCM, shares with the other the power to direct the voting and disposition of the Shares that WCM may be deemed to beneficially own. WCI is the sole investment manager of Wynnefield Offshore and, accordingly, may be deemed to be the indirect beneficial owner (as that term is defined under Rule 13d-3 under the Exchange Act) of the Shares that Wynnefield Offshore beneficially owns.
WCI as the sole investment manager of Wynnefield Offshore, has the sole power to direct the voting and disposition of the Shares that Wynnefield Offshore beneficially owns. Messrs. Obus and Landes are executive officers of WCI and, accordingly, each of Messrs. Obus and Landes may be deemed to be the indirect beneficial owner (as that term is defined under Rule 13d-3 under the Exchange Act) of the Shares that WCI may be deemed to beneficially own. Each of Messrs. Obus and Landes, as executive officers of WCI, shares with the other the power to direct the voting and disposition of the Shares that WCI may be deemed to beneficially own.
Mr. Obus is the general partner of Channel and accordingly, Mr. Obus may be deemed to be the indirect beneficial owner (as that term is defined under Rule 13d-3 under the Exchange Act) of the Shares that Channel may be deemed to beneficially own. Mr. Obus, as the general partner of Channel, has the sole power to direct the voting and disposition of the Shares beneficially owned by Channel.
Beneficial ownership of the Shares shown on the cover pages of and set forth elsewhere in this Schedule 13D for each member of the Wynnefield Reporting Persons assumes that they have not formed a group for purposes of Section 13(d)(3) under the Exchange Act, and Rule 13d-5(b)(1) promulgated thereunder. If the members of the Wynnefield Reporting Persons were deemed to have formed a group for purposes of Section 13(d)(3) and Rule 13d-5(b)(1), the group would be deemed to own beneficially (and may be deemed to have shared voting and dispositive power over) 2,117,911 Shares, constituting approximately 22.4% of the outstanding Shares (the percentage of shares owned being based upon 9,441,536 Shares outstanding as of May 1, 2011, as set forth in the Issuer’s most recent report on Form 10-K for the year ended March 31, 2011, filed with the Commission on June 3, 2011).
The filing of this Schedule 13D and any future amendment by the Wynnefield Reporting Persons, and the inclusion of information herein and therein with respect to WCM, WCI and Messrs. Obus and Landes, shall not be considered an admission that any of such persons, for the purpose of Section 16(b) of the Exchange Act, are the beneficial owners of any Shares in which such persons do not have a pecuniary interest. Each of WCM, WCI and Messrs. Obus and Landes disclaims any beneficial ownership of the Shares covered by this Schedule 13D.
Except as set forth below, to the best knowledge of the Wynnefield Reporting Persons, except as described in this Schedule 13D, none of the Wynnefield Reporting Persons, any person in control (ultimately or otherwise) of the Wynnefield Reporting Persons, any general partner, executive officer or director thereof, as applicable, beneficially owns any Shares, and there have been no transactions in the Shares affected during the past 60 days, by the Wynnefield Reporting Persons, any person in control of the Wynnefield Reporting Persons (ultimately or otherwise), or any general partner, executive officer or director thereof, as applicable.
| CUSIP No. 106764103 | 13D | Page 12 of 14 Pages |
The Wynnefield Reporting Persons have purchased Shares during the last 60 days, as follows, each of which was made in a broker’s transaction in the open market (prices do not reflect brokerage commissions).
| Name | Date | Number of Common Shares | Price Per Share |
| Wynnefield Partners | June 16, 2011 | 31,604 | $9.34 |
| Wynnefield Partners I | June 16, 2011 | 45,820 | $9.34 |
| Wynnefield Offshore | June 16, 2011 | 24,854 | $9.34 |
| CUSIP No. 106764103 | 13D | Page 13 of 14 Pages |
(e). Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationship With Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 Joint Filing Agreement, dated as of June 21, 2011.
