UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c),
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(Amendment No. 2 )
Stonepath Group, Inc.
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(Name of Issuer)
Common Stock, $.001 par value per share
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(Title of Class of Securities)
861837102
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(CUSIP Number)
[ December 31, 2006 ]
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
CUSIP No.___________ 13G Page __ of___ Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Strategic Turnaround Equity Partners, LP (Cayman)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 2,581,451
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 2,581,451
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,581,451
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.90%
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12. TYPE OF REPORTING PERSON*
PN
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CUSIP No.___________ 13G Page __ of___ Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce Galloway
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 801,724
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 2,581,451
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 801,724
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 2,581,451
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,383,175(1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.72%
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12. TYPE OF REPORTING PERSON*
IN
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(1) Reflects (i) 741,624 shares of the Common Stock are owned by Mr. Galloway,
(ii)_55,000 shares of the Common Stock held by Mr. Galloway's children for which
Mr. Galloway has the power to vote and dispose, and (iii) 5,100 shares of the
Common Stock are owned by RexonGalloway Capital Growth, an investment company in
which Mr. Galloway is a member ("RexonGalloway")and for which Mr. Galloway
retains full investment and voting discretion; and (iv) 2,581,451 shares of
Common Stock held by Strategic Turnaround Equity Partners, LP (Cayman) ("STEP").
Mr. Galloway is a managing member and the majority equity holder of Galloway
Capital Management, LLC, the general partner of STEP. Mr. Galloway disclaims
beneficial ownership of the shares of Common Stock directly beneficially owned
by STEP (except for (i) indirect interests therein by virtue of being a member
of Galloway Capital Management LLC, and (ii) the indirect interests of Mr.
Galloway by virtue of being a limited partner of STEP).
CUSIP No.___________ 13G Page __ of___ Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Gary Herman ("Herman")
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 60,000
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 2,296,185
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 60,000
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 2,296,185
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,356,185(1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.38%
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12. TYPE OF REPORTING PERSON*
IN
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(2) Reflects (i) 60,000 shares of Common Stock owned by Mr. Herman directly and
(ii) 2,296,185 shares owned by STEP. Mr. Herman is a managing member of Galloway
Capital Management, LLC, the general partner of STEP. Mr. Herman disclaims
beneficial ownership of the shares of Common Stock directly beneficially owned
by STEP (except for indirect interests of therein by virtue of being a member of
Galloway Capital Management LLC).
CUSIP No.________ 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Stonepath Group, Inc (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
2200 Alaskan Way, Suite 200, Seattle, WA 98121
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Item 2(a). Name of Persons Filing:
Bruce Galloway ("Galloway")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for Galloway is c/o Galloway
Capital Management, LLC, 720 Fifth Avenue, 10th floor, New York, New York 10019.
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Item 2(c). Citizenship:
Galloway is a citizen of the United States.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with respect to
Common Stock, $0.001 par value per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
861837102
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) |_| Broker or dealer registered under Section 15 of the Exchange
Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) |_| Investment company registered under Section 8 of the
Investment Company Act.
(e) |_| An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J). (1)
CUSIP No.________ 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Stonepath Group, Inc. (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
2200 Alaskan Way, Suite 200, Seattle, WA 98121
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Item 2(a). Name of Persons Filing:
Gary Herman ("Herman")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for Herman is c/o Galloway
Capital Management, LLC, 720 Fifth Avenue, 10th floor, New York, New York 10019.
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Item 2(c). Citizenship:
Herman is a citizen of the United States.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with respect to
Common Stock, $0.001 par value per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
861837102
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) |_| Broker or dealer registered under Section 15 of the Exchange
Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) |_| Investment company registered under Section 8 of the
Investment Company Act.
(e) |_| An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No.________ 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Stonepath Group, Inc. (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
2200 Alaskan Way, Suite 200, Seattle, WA 98121
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Item 2(a). Name of Persons Filing:
Strategic Turnaround Equity Partners, LP (Cayman)("STEP")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for STEP is c/o Stuarts
Corporate Services, Ltd, P.O. Box 2510 GT, 4th floor, One Cayman Financial
Centre, 36A Dr. Roy's Drive, Georgetown, Grand Cayman, Cayman Island. STEP is
managed by Galloway Capital Management, LLC, with its principal business address
at 720 Fifth Avenue, 10th floor, New York, New York 10019.
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Item 2(c). Citizenship:
STEP is a limited partnership formed under the laws of the
Cayman Islands.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with respect to
Common Stock, $0.011 par value per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
861837102
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) |_| Broker or dealer registered under Section 15 of the Exchange
Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) |_| Investment company registered under Section 8 of the
Investment Company Act.
(e) |_| An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No.__________ 13G Page __ of __ Pages
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
The information in items 1 and 5 through 11 on the cover page
on this Schedule 13G is hereby incorporated by reference.
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(b) Percent of class:
The information in items 1 and 5 through 11 on the cover page
on this Schedule 13G is hereby incorporated by reference.
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(c) Number of shares as to which such person has:
The information in items 1 and 5 through 11 on each cover page
of this Schedule 13G is hereby incorporated by reference.
The purpose of this Filing is to reflect the ownership by the
Reporting Persons in the shares of the Issuer. Mr. Galloway owns approximately
20% of the partnership interests in STEP as of December 31, 2006.
Strategic Turnaround Equity Partners, L.P. (Cayman): 2,581,451
Bruce Galloway: 3,383,175(1)(2)
Gary Herman: 2,356,185(1)(2)
(1) 741,624 shares owned by Mr. Galloway. 55,000 shares held by Mr. Galloway's
children for whom Mr. Galloway has the power to vote and dispose, 5,100 shares
owned by RexonGalloway Capital Growth, LLC, for which Mr. Galloway has the power
to vote and dispose the shares and 958,780 shares held by Strategic Turnaround
Equity Partners, L.P.(Cayman)("STEP").
Mr. Galloway and Mr. Herman are the managing members of Galloway Capital
Management, LLC (Cayman), the general partner of STEP and share the power to
vote and dispose the shares. As a result, Mr. Galloway may be deemed to directly
beneficially own the shares held by his children, Jacombs and may be deemed
indirectly beneficially own, together with Mr. Herman, the shares held by STEP.
Mr. Galloway disclaims beneficial ownership of the shares directly beneficially
owned, together with Mr. Herman, by STEP, except to the indirect interests by
virtue of Mr. Galloway being, together with Mr. Herman, managing members of
Galloway Capital Management, LLC (Cayman), the general partner of STEP.
(2) 60,000 shares owned by Mr. Herman directly.
Mr. Herman and Mr. Galloway are managing members of Galloway Capital Management,
LLC (Cayman), the general partner of STEP and share the power to vote and
dispose the shares. As a result, Mr. Herman may be deemed to directly
beneficially own the shares held by FBR and may be deemed indirectly
beneficially own, together with Mr. Galloway, the shares held by STEP. Mr.
Herman disclaims beneficial ownership, together with Mr. Galloway, of the shares
directly beneficially owned by STEP, except to the indirect interests by virtue
of Mr. Herman being, together with Mr. Galloway, managing members of Galloway
Capital Management, LLC (Cayman), the general partner of STEP.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities check the following [ ].
Not Applicable
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Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
As set forth in Item 4(c), some of the shares of Common Stock
covered by this Schedule 13G are owned by persons other than Galloway, none of
whom, holds five percent or more of the securities reported herein.
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Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control
Person.
Not Applicable
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Item 8. Identification and Classification of Members of the Group.
Not Applicable
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Item 9. Notice of Dissolution of Group.
Not Applicable.
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Item 10. Certifications.
(a) The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 13, 2007
Strategic Turnaround Equity Partners, LP (Cayman)
By: /s/ Gary Herman
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Name: Gary Herman
Title: Managing Member of Galloway
Capital Management, LLC, the
Investment Advisor of Strategic
Turnaround Equity Partners, LP (Cayman)
Galloway Capital Management, LLC
By: /s/ Gary Herman
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Name: Gary Herman
Title: Managing Member
By:
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Bruce Galloway
By:
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Gary Herman