sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
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 No. 5)(1)
Tri-Continental Corporation
---------------------------
(Name of Issuer)
Common Stock, Par Value $0.50 Per Share
---------------------------------------
(Title of Class of Securities)
895436103
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 3, 2006
------------
(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 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 57 Pages)
--------------------------
(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).
---------------------- ----------------------
CUSIP No. 895436103 13D Page 2 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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 6,815,715
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,815,715
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,815,715
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 3 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARTHUR D. LIPSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO, PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,816,616
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,816,616
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,816,616
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 4 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT HEDGED PARTNERS L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 3,175,015
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,175,015
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,175,015
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 5 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 384,400
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
384,400
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
384,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 6 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 3,256,300
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,256,300
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,256,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 7 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 1,515,850
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,515,850
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,515,850
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 8 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS PARTNERS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 1,522,775
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,522,775
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,522,775
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 9 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS MANAGEMENT, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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 1,515,850
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,515,850
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,515,850
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 10 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PARADIGM PARTNERS, N.W., INC.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
WASHINGTON
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,522,775
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,522,775
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,522,775
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 11 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOTT FRANZBLAU
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,515,850
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,515,850
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,515,850
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 12 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ROBERT FERGUSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,038,625
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,038,625
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,038,625
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 13 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MICHAEL DUNMIRE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,038,625
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,038,625
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,038,625
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 14 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PAUL DEROSA
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 100 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 100 -
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 100 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 15 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
DAVID B. FORD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 100 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 100 -
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 100 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 16 of 57 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ELYSE NAKAJIMA
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 100 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 100 -
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 100 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 17 of 57 Pages
---------------------- ----------------------
The following constitutes Amendment No. 5 ("Amendment No. 5") to the
Schedule 13D filed by the undersigned. This Amendment No. 5 amends the Schedule
13D as specifically set forth.
Item 2. IDENTITY AND BACKGROUND.
Item 2 is hereby amended and restated as follows:
(a) This statement is filed by Western Investment LLC, a Delaware
limited liability company ("WILLC"), Arthur D. Lipson, Western Investment Hedged
Partners L.P., a Delaware limited partnership ("WIHP"), Western Investment
Activism Partners LLC, a Delaware limited liability company ("WIAP"), Western
Investment Total Return Master Fund Ltd., a Cayman Islands corporation ("WITR"),
Benchmark Plus Institutional Partners, L.L.C., a Delaware limited liability
company ("BPIP"), Benchmark Plus Partners, L.L.C, a Delaware limited liability
company ("BPP"), Benchmark Plus Management, L.L.C., a Delaware limited liability
company ("BPM"), Paradigm Partners, N.W., Inc., a Washington corporation
("PPNW"), Scott Franzblau, Robert Ferguson, Michael Dunmire, Paul DeRosa, David
B. Ford and Elyse Nakajima. Each of the foregoing is referred to as a "Reporting
Person" and collectively as the "Reporting Persons." Each of the Reporting
Persons is party to that certain Joint Filing Agreement as defined and described
in Item 6.
(b) The principal business address of WILLC, WIHP, WIAP, WITR and Mr.
Lipson is 2855 East Cottonwood Parkway, Suite 110, Salt Lake City, UT 84121.
The principal business address of BPIP, BPM, BPP, PPNW, Mr. Franzblau,
Mr. Ferguson and Mr. Dunmire is 820 A Street, Suite 700, Tacoma, WA 98402.
The principal business address of Mr. DeRosa is c/o MT Lucas, LLC, 730
Fifth Avenue, New York, NY 10019.
The principal business address of Mr. Ford is c/o DBF Associates, 375
Greenwich Street, New York, NY 10013.
Ms. Nakajima has no principal business address.
(c) The principal business of WILLC is acting as the general partner
and managing member, as the case may be, of WIHP, WIAP and WITR. The principal
occupation of Mr. Lipson is acting as managing member of WILLC. The principal
business of WIHP, WIAP and WITR is acquiring, holding and disposing of
investments in various companies.
The principal business of BPM is acting as the managing member of BPIP.
The principal business of BPIP is acquiring, holding and disposing of
investments in various companies.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 18 of 57 Pages
---------------------- ----------------------
The principal business of PPNW is acting as the managing member of BPP.
The principal business of BPP is acquiring, holding and disposing of investments
in various companies.
The principal occupation of Scott Franzblau is acting as a managing
member of BPM. The principal occupation of Robert Ferguson is acting as a
managing member of BPM and as the President and director of PPNW. The principal
occupation of Michael Dunmire is acting as a managing member of BPM and as
Chairman of the Board of PPNW.
The principal occupation of Mr. DeRosa is serving as a
principal of Mt. Lucas Management Corporation, an asset management company.
The principal occupation of Mr. Ford is a private investor.
The principal occupation of Ms. Nakajima is opera singer.
(d) No Reporting Person has, during the last five years, been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person has, during the last five years, been party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Mr. Lipson, Mr. Franzblau, Mr. Ferguson, Mr. Dunmire, Mr. DeRosa,
Mr. Ford and Ms. Nakajima are citizens of the United States of America.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated as follows:
The aggregate purchase price of the 6,815,715 Shares beneficially owned
by WILLC is approximately $129,810,245, including brokerage commissions. The
Shares beneficially owned by WILLC were acquired with the working capital of
each of WIHP, WIAP and WITR. The aggregate purchase price of the 901 Shares
owned directly by Mr. Lipson is approximately $18,785, including brokerage
commissions. The Shares owned directly by Mr. Lipson were acquired with personal
funds. The aggregate purchase price of the 1,515,850 Shares beneficially owned
by BPM is approximately $27,458,193, including brokerage commissions. The Shares
beneficially owned by BPM were acquired with the working capital of BPIP. The
aggregate purchase price of the 1,522,775 Shares beneficially owned by PPNW is
approximately $27,311,132, including brokerage commissions. The Shares
beneficially owned by PPNW were acquired with the working capital of BPP. Ms.
Nakajima received a gift of 100 Shares from Mr. Lipson on February 24, 2006. Mr.
DeRosa and Mr. Ford each received a gift of 100 Shares from WIHP on July 5,
2006.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 19 of 57 Pages
---------------------- ----------------------
Item 4. PURPOSE OF TRANSACTION.
Item 4 is hereby amended to add the following:
On July 5, 2005, WIHP and Mr. Lipson submitted a letter (the
"Nomination Letter") to the Issuer's stockholder service agent nominating a
slate of three nominees comprised of Arthur D. Lipson, Paul DeRosa and David B.
Ford (collectively, the "Nominees") for election to the Board of Directors of
the Issuer at the special meeting of the Issuer's stockholders scheduled for
September 28, 2006, or any other meeting of stockholders held in lieu thereof,
and any adjournments, postponements, reschedulings or continuations thereof (the
"Special Meeting"). The Reporting Persons intend to make a filing with the
Securities and Exchange Commission of a proxy statement to be used, among other
things, to solicit votes in support of the election of the Nominees at the
Special Meeting. The Reporting Persons reserve the right to take any action they
deem appropriate related to this issue.
No Reporting Person has any present plan or proposal which would relate
to or result in any of the matters set forth in subparagraphs (a) - (j) of Item
4 of Schedule 13D except as set forth herein or such as would occur upon
completion of any of the actions discussed above.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated as follows:
(a) The aggregate percentage of Shares reported owned by each person
named herein is based upon 107,343,211 Shares outstanding as of February 28,
2006, as reported in the Issuer's prospectus dated May 1, 2006 filed with the
Securities and Exchange Commission on April 28, 2006.
As of the close of business on July 11, 2006, WIHP, WIAP, WITR, BPIP
and BPP beneficially owned 3,175,015, 3,256,300, 384,400, 1,515,850 and
1,522,775 Shares, respectively, constituting approximately 3.0%, 3.0%, 0.4%,
1.4% and 1.4%, respectively, of the Shares outstanding. WILLC beneficially owned
6,815,715 Shares, constituting approximately 6.4% of the Shares outstanding. Mr.
Lipson beneficially owned 6,816,616 Shares, constituting approximately 6.4% of
the Shares outstanding. Mr. Franzblau beneficially owned 1,515,850 Shares,
constituting approximately 1.4% of the Shares outstanding. Messrs. Ferguson and
Dunmire beneficially owned 3,038,625 Shares, constituting approximately 2.8% of
the Shares outstanding. Each of Mr. DeRosa, Mr. Ford and Ms. Nakajima owned 100
Shares, constituting less than one percent of the Shares outstanding.
As the general partner, managing member or investment manager, as the
case may be, of WIHP, WIAP and WITR, WILLC may be deemed to beneficially own the
6,815,715 Shares owned in the aggregate by WIHP, WIAP and WITR. As the managing
member of WILLC, Mr. Lipson may be deemed to beneficially own the 6,815,715
Shares beneficially owned by WILLC, in addition to the 901 Shares owned directly
by Mr. Lipson. As the managing member of BPIP, BPM may be deemed to beneficially
own the 1,515,850 Shares owned by BPIP. As the managing members of BPM, Messrs.
Franzblau, Ferguson and Dunmire may be deemed to beneficially own the 1,515,850
---------------------- ----------------------
CUSIP No. 895436103 13D Page 20 of 57 Pages
---------------------- ----------------------
Shares beneficially owned by BPM. As the managing member of BPP, PPNW may be
deemed to beneficially own the 1,522,775 Shares owned by BPP. As the sole
officers and directors of PPNW, Messrs. Ferguson and Dunmire may be deemed to
beneficially own the 1,522,775 Shares beneficially owned by PPNW.
Each of WILLC, Mr. Lipson, WIHP, WIAP and WITR disclaims beneficial
ownership of the Shares beneficially owned by the other Reporting Persons. Each
of Mr. DeRosa, Mr. Ford and Ms. Nakajima disclaims beneficial ownership of the
Shares beneficially owned by the other Reporting Persons.
Each of BPIP, BPM and Mr. Franzblau disclaim beneficial ownership of
the Shares beneficially owned by the other Reporting Persons. Each of BPP and
PPNW disclaim beneficial ownership of the Shares beneficially owned by the other
Reporting Persons. Each of Mr. Ferguson and Mr. Dunmire disclaim beneficial
ownership of the Shares beneficially owned by the other Reporting Persons, with
the exception of BPIP, BPM, BPP and PPNW.
(b) WILLC has sole voting and investment power over WIHP, WIAP and
WITR's security holdings and Mr. Lipson, in his role as the managing member of
WILLC, controls WIHP, WIAP and WITR's voting and investment decisions. Each of
WILLC and Mr. Lipson is deemed to have sole voting and dispositive power over
the Shares reported as beneficially owned by WIHP, WIAP and WITR by virtue of
their respective positions as described in paragraph (a). Neither WILLC, Mr.
Lipson, WIHP, WIAP nor WITR has voting or dispositive control over the Shares
beneficially owned by BPIP, BPP, BPM, PPNW, Mr. Franzblau, Mr. Ferguson, Mr.
Dunmire, Mr. DeRosa, Mr. Ford or Ms. Nakajima. Neither Mr. DeRosa, Mr. Ford nor
Ms. Nakajima has voting or dispositive control over the Shares beneficially
owned by the other Reporting Persons.
Each of PPNW, Mr. Ferguson and Mr. Dunmire is deemed to have sole
voting and dispositive power over the Shares reported as beneficially owned by
BPP by virtue of their respective positions as described in paragraph (a). Each
of BPM and Messrs. Franzblau, Ferguson and Dunmire is deemed to have sole voting
and dispositive power over the Shares reported as beneficially owned by BPIP by
virtue of their respective positions as described in paragraph (a). Neither BPP
nor PPNW has voting or dispositive control over the Shares beneficially owned by
the other Reporting Persons. Neither BPIP, BPM nor Mr. Franzblau has voting or
dispositive control over the Shares beneficially owned by the other Reporting
Persons. Neither Mr. Ferguson nor Mr. Dunmire has voting or dispositive control
over the Shares beneficially owned by the other Reporting Persons, with the
exception of BPIP, BPM, BPP and PPNW.
(c) Schedule A attached hereto reports all transactions in the Shares
by the Reporting Persons effected since the last transaction reported in
Amendment No. 4 to the Schedule 13D. Except where otherwise noted, all of such
transactions were effected in the open market.
(d) No person other than the Reporting Persons is known to have the
right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Shares.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 21 of 57 Pages
---------------------- ----------------------
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
On July 3, 2006, WILLC, WIHP, WIAP WITR, Arthur D. Lipson, Paul DeRosa,
David B. Ford, Elyse Nakajima, BPIP, BPM, BPP, PPNW, Scott Franzblau, Robert
Ferguson and Michael Dunmire (collectively, the "Group") entered into a Joint
Filing and Solicitation Agreement (the "Joint Filing Agreement") in which, among
other things, (a) the parties agreed to the joint filing on behalf of each of
them of statements on Schedule 13D with respect to the securities of the Issuer
to the extent required by applicable law, (b) the parties agreed to solicit
proxies or written consents for the election of the Nominees, or any other
person(s) nominated by WIHP and Mr. Lipson, to the Issuer's Board at the Annual
Meeting (the "Solicitation"), (c) WILLC agreed to indemnify and hold each of
Paul DeRosa and David B. Ford harmless from and against any and all claims of
any nature, whenever brought, arising from such Nominee's nomination for
election as a director of the Issuer, and the Solicitation, and (d) WILLC agreed
to bear all expenses incurred in connection with the Group's activities,
including approved expenses incurred by any of the parties in connection with
the Solicitation, subject to certain limitations. WIHP, WIAP, WITR BPIP, BPM,
BPP and PPNW have separately agreed to reimburse WILLC on a pro rata basis for
these expenses. The Joint Filing Agreement is attached as an exhibit hereto and
is incorporated herein by reference.
Other than as described herein, there are no contracts, arrangements,
understandings or relationships among the Reporting Persons, or between the
Reporting Persons and any other person, with respect to the securities of the
Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Nomination Letter from Western Investment Hedged Partners LP and
Arthur D. Lipson to Tri-Continental Corporation, dated July 5,
2006.
2. Joint Filing and Solicitation Agreement by and among Western
Investment LLC, Western Investment Hedged Partners LP, Western
Investment Activism Partners LLC, Western Investment Total Return
Master Fund Ltd., Arthur D. Lipson, Paul DeRosa, David B. Ford,
Elyse Nakajima, Benchmark Plus Institutional Partners, L.L.C.,
Benchmark Plus Management, L.L.C., Benchmark Plus Partners, L.L.C.,
Paradigm Partners, N.W., Inc., Scott Franzblau, Robert Ferguson and
Michael Dunmire, dated July 3, 2006.
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CUSIP No. 895436103 13D Page 22 of 57 Pages
---------------------- ----------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: July 12, 2006 WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
-----------------------------------------
Name: Arthur D. Lipson
Title: Sole Member
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
-----------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
-----------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
By: Western Investment LLC,
Its Investment Manager
By: /s/ Arthur D. Lipson
-----------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
---------------------- ----------------------
CUSIP No. 895436103 13D Page 23 of 57 Pages
---------------------- ----------------------
By: /s/ Scott Franzblau
-----------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
-----------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
-----------------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Scott Franzblau
-----------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
-----------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
-----------------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Paradigm Partners, N.W., Inc.
Its Managing Member
By: /s/ Robert Ferguson
-----------------------------------------
Name: Robert Ferguson
Title: President
By: /s/ Michael Dunmire
-----------------------------------------
Name: Michael Dunmire
Title: Chairman of the Board
PARADIGM PARTNERS, N.W., INC.
By: /s/ Robert Ferguson
-----------------------------------------
Name: Robert Ferguson
Title: President
By: /s/ Michael Dunmire
-----------------------------------------
Name: Michael Dunmire
Title: Chairman of the Board
---------------------- ----------------------
CUSIP No. 895436103 13D Page 24 of 57 Pages
---------------------- ----------------------
/s/ Arthur D. Lipson
---------------------------------------------
ARTHUR D. LIPSON
/s/ Scott Franzblau
---------------------------------------------
SCOTT FRANZBLAU
/s/ Robert Ferguson
---------------------------------------------
ROBERT FERGUSON
/s/ Michael Dunmire
---------------------------------------------
MICHAEL DUNMIRE
/s/ Paul DeRosa
---------------------------------------------
PAUL DEROSA
/s/ David B. Ford
---------------------------------------------
DAVID B. FORD
/s/ Elyse Nakajima
---------------------------------------------
ELYSE NAKAJIMA
---------------------- ----------------------
CUSIP No. 895436103 13D Page 25 of 57 Pages
---------------------- ----------------------
SCHEDULE A
PURCHASES AND SALES IN THE COMMON STOCK OF TRI-CONTINENTAL SINCE THE
LAST TRANSACTION REPORTED IN AMENDMENT NO. 4 TO THE SCHEDULE 13D
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
WESTERN INVESTMENT HEDGED PARTNERS L.P.
Buy 59,300 05/15/06 20.0425
Buy 20,100 05/16/06 20.1099
Buy 34,400 05/17/06 19.8080
Buy 42,100 05/18/06 19.7895
Buy 39,500 05/19/06 19.7235
Buy 59,100 05/22/06 19.6808
Buy 22,900 05/23/06 19.7540
Buy 30,000 05/24/06 19.5736
Sell 12,000 06/06/06 19.5978
Sell 500 06/07/06 19.5544
Sell 200 06/08/06 19.2194
Transferred as Gift 200 07/05/06 N/A
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
Buy 1,600 06/08/06 19.3963
Buy 3,300 06/09/06 19.3296
Buy 14,400 06/12/06 19.2739
Buy 9,200 06/13/06 18.8823
Buy 6,600 06/15/06 19.1582
Buy 12,600 06/16/06 19.1948
Buy 3,100 06/19/06 19.0917
Buy 23,100 06/20/06 19.1099
Sell 400 06/21/06 19.2494
Buy 3,500 06/22/06 19.1228
Buy 14,300 06/26/06 19.0804
Buy 16,900 06/27/06 19.0449
Buy 27,600 06/28/06 19.0252
Buy 45,300 06/29/06 19.3292
Buy 45,700 06/30/06 19.4613
Buy 36,600 07/03/06 19.5610
Buy 17,200 07/05/06 19.5003
Buy 6,900 07/06/06 19.5522
Buy 50,600 07/07/06 19.5210
Buy 29,700 07/10/06 19.4460
Buy 16,600 07/11/06 19.4179
---------------------- ----------------------
CUSIP No. 895436103 13D Page 26 of 57 Pages
---------------------- ----------------------
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
BENCHMARK PLUS PARTNERS, L.L.C.
Buy 20,200 05/24/06 19.4931
Buy 5,100 05/25/06 19.6645
Buy 400 05/30/06 19.7900
Buy 6,700 05/31/06 19.6307
Buy 9,300 06/02/06 19.9484
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
Buy 16,400 05/26/06 19.8188
Buy 27,600 06/01/06 19.8313
Buy 9,300 06/02/06 19.9484
PAUL DEROSA
Received as Gift 100 07/05/06 N/A
DAVID B. FORD
Received as Gift 100 07/05/06 N/A
---------------------- ----------------------
CUSIP No. 895436103 13D Page 27 of 57 Pages
---------------------- ----------------------
Exhibit 1
WESTERN INVESTMENT HEDGED PARTNERS L.P. ARTHUR D. LIPSON
2855 East Cottonwood Parkway, Suite 110 c/o Western Investment LLC
Salt Lake City, Utah 84121 2855 East Cottonwood Parkway, Suite 110
Salt Lake City, Utah 84121
July 5, 2006
BY HAND AND FEDERAL EXPRESS
Tri-Continental Corporation
c/o Seligman Data Corp.
100 Park Avenue
New York, New York 10017
Attn: Corporate Secretary
Re: NOTICE OF INTENTION TO NOMINATE INDIVIDUALS FOR ELECTION AS
DIRECTORS AT SPECIAL MEETING OF STOCKHOLDERS OF
TRI-CONTINENTAL CORPORATION
Dear Sir:
This letter shall serve to satisfy the advance notice requirements of
Article II, Section 10 of the Amended and Restated Bylaws (the "Bylaws") of
Tri-Continental Corporation ("Tri-Continental") as to the nomination by each of
Western Investment Hedged Partners L.P., a Delaware limited partnership
("Western Investment"), and Arthur D. Lipson of three (3) nominees for election
to the Board of Directors of Tri-Continental (the "Tri-Continental Board") at
the special meeting of stockholders of Tri-Continental scheduled for September
28, 2006, or any other meeting of stockholders held in lieu thereof, and any
adjournments, postponements, reschedulings or continuations thereof (the
"Special Meeting").
This letter and all Exhibits attached hereto are collectively referred
to as the "Notice." Western Investment is the beneficial owner of 3,175,015
shares of common stock, $.50 par value per share (the "Common Stock"), of
Tri-Continental, 1,000 shares of which are held of record by Western Investment.
Arthur D. Lipson is the beneficial owner of 6,712,816 shares of Common Stock,
900 shares of which are held of record by Arthur D. Lipson. Western Investment's
address, as believed to appear on Tri-Continental's books, is 2855 East
Cottonwood Parkway, Suite 110, Salt Lake City, Utah 84121. Arthur D. Lipson's
address, as believed to appear on Tri-Continental's books, is P.O. Box 71869,
Salt Lake City, Utah 84171. Through this Notice, Western Investment and Arthur
D. Lipson hereby nominate and notify you of their intent to nominate Arthur D.
Lipson, Paul DeRosa and David B. Ford as nominees (the "Nominees") to be elected
to the Tri-Continental Board at the Special Meeting. Western Investment and
Arthur D. Lipson believe that the terms of three (3) directors currently serving
on the Tri-Continental Board expire at the Special Meeting. To the extent there
are in excess of three (3) vacancies on the Tri-Continental Board to be filled
by election at the Special Meeting or Tri-Continental increases the size of the
Tri-Continental Board above its existing size, Western Investment and Arthur D.
Lipson reserve the right to nominate additional nominees to be elected to the
Tri-Continental Board at the Special Meeting. Any additional nominations made
pursuant to the preceding sentence are without prejudice to the position of
Western Investment and Arthur D. Lipson that any attempt by Tri-Continental to
---------------------- ----------------------
CUSIP No. 895436103 13D Page 28 of 57 Pages
---------------------- ----------------------
increase the size of the Tri-Continental Board or to reconstitute or reconfigure
the classes on which the current directors serve would constitute an unlawful
manipulation of Tri-Continental's corporate machinery. If this Notice shall be
deemed for any reason to be ineffective with respect to the nomination of the
Nominees by either Western Investment or Arthur D. Lipson, this Notice shall
continue to be effective with respect to the nomination of the Nominees by the
other party. Additionally, if this Notice shall be deemed for any reason to be
ineffective with respect to the nomination of any of the Nominees at the Special
Meeting, or if any individual Nominee shall be unable to serve for any reason,
this Notice shall continue to be effective with respect to the remaining
Nominee(s) and as to any replacement Nominee(s) selected by Western Investment
and Arthur D. Lipson.
The information concerning the Nominees required by Article II, Section
10 of the Bylaws is set forth below:
(i) NAME, AGE, BUSINESS ADDRESS AND RESIDENCE ADDRESS OF THE NOMINEES:
NAME AND AGE BUSINESS ADDRESS RESIDENCE ADDRESS
------------ ---------------- -----------------
Arthur D. Lipson c/o Western Investment LLC 8011 S. Dazzling View Circle
(Age 63) 2855 E. Cottonwood Parkway, Salt Lake City, UT 84121
Suite 110
Salt Lake City, UT 84121
Paul DeRosa c/o MT Lucas, LLC 71 Forest Road
(Age 64) 730 Fifth Avenue Tenafly, NJ 70670
New York, NY 10019
David B. Ford c/o DBF Associates 1 Johnny Counts Road # 18
(Age 60) 375 Greenwich Street Jackson, WY 83001
New York, NY 10013
(ii) CLASS, SERIES AND NUMBER OF SHARES OF STOCK OF TRI-CONTINENTAL THAT ARE
BENEFICIALLY OWNED BY THE NOMINEES:
NAME CLASS / SERIES BENEFICIAL OWNERSHIP
---- -------------- --------------------
Arthur D. Lipson Common Stock, Mr. Lipson beneficially owns
$.50 par value 6,712,816 shares of Common Stock
consisting of 901 shares held
directly by Mr. Lipson and
6,711,915 shares beneficially
owned by Western Investment LLC
("WILLC"). Mr. Lipson may be
deemed to beneficially own the
6,711,915 shares of Common Stock
beneficially owned by WILLC by
virtue of his ability to vote and
dispose of such shares as the
sole managing member of WILLC.
Paul DeRosa Common Stock, Mr. DeRosa beneficially owns 100
$.50 par value shares of Common Stock.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 29 of 57 Pages
---------------------- ----------------------
David B. Ford Common Stock, Mr. Ford beneficially owns 100
$.50 par value shares of Common Stock.
(iii) THE DATE SUCH SHARES WERE ACQUIRED AND THE INVESTMENT INTENT OF SUCH
ACQUISITION:
NAME DATE ACQUIRED INVESTMENT INTENT
---- ------------- -----------------
Arthur D. Lipson The date of purchase and number Mr. Lipson purchased the
of shares acquired by Mr. shares based on his
Lipson and the Stockholder belief that the shares
Associated Persons (as defined were undervalued at
in the Bylaws) listed in current market prices and
Section (vi) of this Notice are represented an attractive
set forth in Exhibit A. Mr. investment opportunity.
Lipson may be deemed to In addition to the
beneficially own the shares foregoing, Mr. Lipson
beneficially owned by WILLC but reserves the right to
does not have the power to vote take any and all action
or dispose, and disclaims permitted by law with
beneficial ownership of, the respect to his
shares beneficially owned by shareholding in
BPIP (as defined below) and BPP Tri-Continental.
(as defined below).
Paul DeRosa The date of acquisition and Mr. DeRosa acquired the
number of shares acquired by shares as a gift from
Mr. DeRosa are set forth in Western Investment and
Exhibit A. reserves the right to take
any and all action
permitted by law with
respect to his
shareholding in
Tri-Continental.
David B. Ford The date of acquisition and Mr. Ford acquired the
number of shares acquired by shares as a gift from
Mr. Ford are set forth in Western Investment and
Exhibit A. reserves the right to take
any and all action
permitted by law with
respect to his
shareholding in
Tri-Continental.
(iv) WHETHER THE STOCKHOLDERS GIVING THE NOTICE BELIEVE ANY NOMINEE IS, OR
IS NOT, AN "INTERESTED PERSON" OF TRI-CONTINENTAL, AS DEFINED IN THE
1940 ACT, AND INFORMATION REGARDING SUCH INDIVIDUAL THAT IS SUFFICIENT,
IN THE DISCRETION OF THE BOARD OF DIRECTORS OR ANY COMMITTEE THEREOF OR
ANY AUTHORIZED OFFICER OF TRI-CONTINENTAL, TO MAKE SUCH DETERMINATION:
Western Investment and Arthur D. Lipson do not believe any Nominee is
an "interested person" of Tri-Continental, as defined in the Investment
Company Act of 1940. Western Investment and Arthur D. Lipson do not
believe there is any relevant information other than the information
---------------------- ----------------------
CUSIP No. 895436103 13D Page 30 of 57 Pages
---------------------- ----------------------
already set forth herein regarding any of the Nominees that would allow
the Tri-Continental Board or any committee thereof or any authorized
officer to make a determination to the contrary.
(v) ANY OTHER BUSINESS THAT THE STOCKHOLDER PROPOSES TO BRING BEFORE THE
SPECIAL MEETING, A DESCRIPTION OF SUCH BUSINESS, THE REASONS FOR
PROPOSING SUCH BUSINESS AT THE SPECIAL MEETING AND ANY MATERIAL
INTEREST IN SUCH BUSINESS OF SUCH STOCKHOLDER AND ANY STOCKHOLDER
ASSOCIATED PERSON (AS DEFINED IN THE BYLAWS), INDIVIDUALLY OR IN THE
AGGREGATE, INCLUDING ANY ANTICIPATED BENEFIT TO THE STOCKHOLDER AND THE
STOCKHOLDER ASSOCIATED PERSON THEREFROM;
Except with respect to the election of the Nominees, Western Investment
and Mr. Lipson do not propose to bring any other business before the
Special Meeting.
(vi) CLASS, SERIES AND NUMBER OF SHARES OF STOCK OF TRI-CONTINENTAL WHICH
ARE OWNED BY THE STOCKHOLDERS GIVING THE NOTICE AND STOCKHOLDER
ASSOCIATED PERSONS (AS DEFINED IN THE BYLAWS), AND THE NOMINEE HOLDER
FOR, AND NUMBER OF, SHARES OWNED BENEFICIALLY BUT NOT OF RECORD BY SUCH
STOCKHOLDERS AND BY ANY SUCH STOCKHOLDER ASSOCIATED PERSONS:
The following table sets forth the name, address and beneficial
ownership of securities of the Stockholders giving this Notice as well
as all the members of the Group (as defined herein). Reference is made
to the Schedule 13D filed and to be filed with the Securities and
Exchange Commission for more information regarding the members of the
Group.
NAME CLASS / SERIES OWNERSHIP / NOMINEE HOLDER
---- -------------- --------------------------
Western Investment Common Stock, 1,000 shares owned of record
Hedged Partners L.P. $.50 par value
3,174,015 shares owned beneficially
(owned of record by Cede & Co.)
Western Investment Common Stock, 3,256,300 shares owned beneficially
Activism Partners LLC $.50 par value (owned of record by Cede & Co.)
("WIAP")
Western Investment Common Stock, 280,600 shares owned beneficially
Total Return Master $.50 par value (owned of record by Cede & Co.)
Fund Ltd. ("WITR")
---------------------- ----------------------
CUSIP No. 895436103 13D Page 31 of 57 Pages
---------------------- ----------------------
Western Investment LLC Common Stock, As the general partner, managing
$.50 par value member, and investment manager, as
the case may be, of Western
Investment, WIAP, and WITR, WILLC may
be deemed to beneficially own the
6,711,915 shares owned in the
aggregate by Western Investment, WIAP
and WITR, as set forth in further
detail in this Section (vi).
Arthur D. Lipson Common Stock, 900 shares owned of record and one
$.50 par value share owned beneficially (owned of
record by Cede & Co.)
Mr. Lipson may also be deemed to
beneficially own the 6,711,915 shares
of Common Stock beneficially owned by
WILLC by virtue of his ability to
vote and dispose of such shares as
the sole managing member of WILLC.
Benchmark Plus Common Stock, 1,515,850 shares owned beneficially
Institutional Partners, $.50 par value (owned of record by Cede & Co.)
L.L.C. ("BPIP")
Benchmark Plus Common Stock, BPM may be deemed to beneficially own
Management, L.L.C. $.50 par value the 1,515,850 shares of Common Stock
("BPM") beneficially owned by BPIP by virtue
of its ability to vote and dispose of
such shares as the managing member of
BPIP.
Benchmark Plus Common Stock, 1,522,775 shares owned beneficially
Partners, L.L.C. $.50 par value (owned of record by Cede & Co.)
("BPP")
Paradigm Partners, Common Stock, PPNW may be deemed to beneficially
N.W., Inc. $.50 par value own the 1,522,775 shares of Common
("PPNW") Stock beneficially owned by BPP by
virtue of its ability to vote and
dispose of such shares as the
managing member of BPP.
Scott Franzblau Common Stock, Mr. Franzblau may be deemed to
$.50 par value beneficially own the 1,515,850 shares
of Common Stock beneficially owned by
BPIP by virtue of his ability to vote
and dispose of such shares as a
managing member of BPM, which in turn
is the managing member of BPIP.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 32 of 57 Pages
---------------------- ----------------------
Robert Ferguson Common Stock, Mr. Ferguson may be deemed to
$.50 par value beneficially own the 1,515,850 shares
of Common Stock beneficially owned by
BPIP by virtue of his ability to vote
and dispose of such shares as a
managing member of BPM, which in turn
is the managing member of BPIP.
Mr. Ferguson may also be deemed to
beneficially own the 1,522,775 shares
of Common Stock beneficially owned by
BPP by virtue of his ability to vote
and dispose of such shares as a
principal of PPNW, which in turn is
the managing member of BPP.
Michael Dunmire Common Stock, Mr. Dunmire may be deemed to
$.50 par value beneficially own the 1,515,850 shares
of Common Stock beneficially owned by
BPIP by virtue of his ability to vote
and dispose of such shares as a
managing member of BPM, which in turn
is the managing member of BPIP.
Mr. Dunmire may also be deemed to
beneficially own the 1,522,775 shares
of Common Stock beneficially owned by
BPP by virtue of his ability to vote
and dispose of such shares as a
principal of PPNW, which in turn is
the managing member of BPP.
Elyse Nakajima Common Stock, 100 shares owned of record
$.50 par value
Paul DeRosa Common Stock, 100 shares owned beneficially
$.50 par value (owned of record by Cede & Co.)
David B. Ford Common Stock, 100 shares owned beneficially
$.50 par value (owned of record by Cede & Co.)
(vii) THE NAME AND ADDRESS, AS BELIEVED TO APPEAR ON TRI-CONTINENTAL'S STOCK
LEDGER, AND CURRENT NAME AND ADDRESS, IF DIFFERENT, OF THE STOCKHOLDERS
GIVING THE NOTICE AND STOCKHOLDER ASSOCIATED PERSONS (AS DEFINED IN THE
BYLAWS) WHO CURRENTLY BENEFICIALLY OWN SHARES:
---------------------- ----------------------
CUSIP No. 895436103 13D Page 33 of 57 Pages
---------------------- ----------------------
(a) STOCKHOLDERS GIVING THE NOTICE NAME / ADDRESS ON STOCK LEDGER
Western Investment Hedged Partners L.P. Same
2855 East Cottonwood Parkway, Suite 110
Salt Lake City, Utah 84121
Arthur D. Lipson Arthur D. Lipson
c/o Western Investment LLC P.O. Box 71869
2855 East Cottonwood Parkway, Suite 110 Salt Lake City, Utah 84171
Salt Lake City, Utah 84121
(b) STOCKHOLDER ASSOCIATED PERSONS
Western Investment Activism Partners LLC N/A
2855 East Cottonwood Parkway, Suite 110
Salt Lake City, Utah 84121
Western Investment Total Return Master Fund Ltd. N/A
2855 East Cottonwood Parkway, Suite 110
Salt Lake City, Utah 84121
Western Investment LLC N/A
2855 East Cottonwood Parkway, Suite 110
Salt Lake City, Utah 84121
Benchmark Plus Institutional Partners, L.L.C. N/A
820 A Street, Suite 700
Tacoma, Washington 98402
Benchmark Plus Management, L.L.C. N/A
820 A Street, Suite 700
Tacoma, Washington 98402
Benchmark Plus Partners, L.L.C. N/A
820 A Street, Suite 700
Tacoma, Washington 98402
Paradigm Partners, N.W., Inc. N/A
820 A Street, Suite 700
Tacoma, Washington 98402
Scott Franzblau N/A
820 A Street, Suite 700
Tacoma, Washington 98402
Robert Ferguson N/A
820 A Street, Suite 700
Tacoma, Washington 98402
---------------------- ----------------------
CUSIP No. 895436103 13D Page 34 of 57 Pages
---------------------- ----------------------
Michael Dunmire N/A
820 A Street, Suite 700
Tacoma, Washington 98402
Elyse Nakajima Same
545 West 111th Street, Apt. 5B
New York, NY 10025
Paul DeRosa N/A
c/o MT Lucas, LLC
730 Fifth Avenue
New York, NY 10019
David B. Ford N/A
c/o DBF Associates
375 Greenwich Street
New York, NY 10013
(viii) TO THE EXTENT KNOWN BY THE STOCKHOLDERS GIVING THE NOTICE, THE NAME AND
ADDRESS OF ANY OTHER STOCKHOLDER SUPPORTING THE NOMINEES FOR ELECTION
AS A DIRECTOR ON THE DATE OF THIS NOTICE:
As of the date hereof, Western Investment and Arthur D. Lipson are not
aware of any other stockholder supporting the Nominees for election at
the Special Meeting other than the persons and entities named in this
Notice.
(ix) ALL OTHER INFORMATION RELATING TO THE NOMINEES THAT IS REQUIRED TO BE
DISCLOSED IN SOLICITATIONS OF PROXIES FOR ELECTION OF DIRECTORS IN AN
ELECTION CONTEST, OR IS OTHERWISE REQUIRED, IN EACH CASE PURSUANT TO
REGULATION 14A UNDER THE EXCHANGE ACT AND THE RULES THEREUNDER:
ARTHUR D. LIPSON has been the sole managing member of WILLC, a Delaware
limited liability company that acts as the general partner, managing
member, and investment manager, as the case may be, of Western
Investment, WIAP and WITR, since May 1997. The principal business of
Western Investment, WIAP and WITR is acquiring, holding and disposing
of investments in various companies. Mr. Lipson has experience in sales
& trading and research, including heading all fixed income research for
Lehman Brothers and for Paine Webber, was a known leader in the
industry, and created, among other things, the Lehman Brothers bond
indices. Mr. Lipson received a Masters of Science from Columbia
University and a Bachelor of Science from the California Institute of
Technology.
PAUL DEROSA has been a principal of Mt. Lucas Management Corporation,
an asset management company, since November 1998. From March 1988 to
July 1995, he served as Managing Director of Eastbridge Capital Inc., a
bond trading company. From July 1986 to March 1988, he served as Senior
Vice President of the Capital Markets Division of E.F. Hutton Inc.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 35 of 57 Pages
---------------------- ----------------------
Prior to such time he served in various capacities with Citibank NA,
including as a Division Head and Vice President of Citicorp Investment
Bank. Mr. DeRosa is currently a director of Intervest Bancshares
Corporation, a financial holding company. Mr. DeRosa received a Ph.D.
in Economics from Columbia University.
DAVID B. FORD was a partner and then a managing director from 1986 to
2003, and co-head of Global Asset Management from 1994 to 2003, with
The Goldman Sachs Group, Inc., a global investment banking and
securities firm. He has been a private investor since 2003. He
currently serves on Wharton's Board of Overseers and is a member of the
Board of Trustees for Florida State University. Mr. Ford received a
Bachelor of Science from Florida State University and a Masters of
Business Administration from the Wharton School at the University of
Pennsylvania.
For information regarding transactions during the past two years of
securities of Tri-Continental by the persons and entities named herein, please
see EXHIBIT A.
As of July 5, 2006, the dollar range of shares of the Company
beneficially owned by each Nominee is as follows:
Aggregate Dollar Range of Equity
Dollar Range of Securities in All Funds to be
Equity Securities Overseen by Nominee in Seligman
Name of Nominee in Tri-continental Family of Investment Companies
--------------- ------------------ ------------------------------
Arthur D. Lipson Over $100,000 Over $100,000
Paul DeRosa $1 to $10,000 $1 to $10,000
David B. Ford $1 to $10,000 $1 to $10,000
If elected to the Tri-Continental Board, the Nominees would not oversee
any registered investment company within the Seligman family of
investment companies other than Tri-Continental.
On July 3, 2006, Western Investment, WIAP, WITR, WILLC, Arthur D.
Lipson, Paul DeRosa, David B. Ford, Elyse Nakajima, BPIP, BPM, BPP,
PPNW, Scott Franzblau, Robert Ferguson and Michael Dunmire
(collectively, the "Group") entered into a Joint Filing and
Solicitation Agreement in which, among other things, (a) the parties
agreed to the joint filing on behalf of each of them of statements on
Schedule 13D with respect to the securities of Tri-Continental, (b) the
parties agreed to vote in favor of the election of the Nominees and to
solicit proxies or written consents for the election of the Nominees,
or any other person(s) nominated by Arthur D. Lipson at the Special
Meeting (the "Solicitation"), (c) WILLC agreed to indemnify and hold
each of Paul DeRosa and David B. Ford harmless from and against any and
all claims of any nature, whenever brought, arising from such Nominee's
nomination for election as director of Tri-Continental, and the
---------------------- ----------------------
CUSIP No. 895436103 13D Page 36 of 57 Pages
---------------------- ----------------------
Solicitation, and (d) WILLC agreed to bear all expenses incurred in
connection with the Group's activities, including approved expenses
incurred by any of the parties in connection with the Solicitation,
subject to certain limitations.
The information contained in the Schedule 13D filed or to be filed by
the members of the Group with respect to Tri-Continental is deemed
incorporated by reference herein and accordingly all information
contained in this Notice is deemed to be supplemented by the
information in the Schedule 13D.
Other than as stated above, there are no arrangements or understandings
between Western Investment and Arthur D. Lipson and each Nominee or any
other person or persons pursuant to which the nominations described
herein are to be made, other than the consents by the Nominees to be
named as a nominee in this Notice, to be named as a nominee in any
proxy statement filed by Western Investment and/or Arthur D. Lipson in
connection with the Special Meeting and to serve as a director of
Tri-Continental, if so elected. Such consents are attached hereto as
EXHIBIT B.
Except as set forth in this Notice (including the Exhibits hereto), (i)
during the past 10 years, no Nominee has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors); (ii)
no Nominee directly or indirectly beneficially owns any securities of
Tri-Continental; (iii) no Nominee owns any securities of
Tri-Continental which are owned of record but not beneficially; (iv) no
Nominee has purchased or sold any securities of Tri-Continental during
the past two years; (v) no part of the purchase price or market value
of the securities of Tri-Continental owned by any Nominee is
represented by funds borrowed or otherwise obtained for the purpose of
acquiring or holding such securities; (vi) no Nominee is, or within the
past year was, a party to any contract, arrangements or understandings
with any person with respect to any securities of Tri-Continental,
including, but not limited to, joint ventures, loan or option
arrangements, puts or calls, guarantees against loss or guarantees of
profit, division of losses or profits, or the giving or withholding of
proxies; (vii) no associate of any Nominee owns beneficially, directly
or indirectly, any securities of Tri-Continental; (viii) no Nominee
owns beneficially, directly or indirectly, any securities of any parent
or subsidiary of Tri-Continental; (ix) no Nominee or any of his/her
associates was a party to any transaction, or series of similar
transactions, since the beginning of Tri-Continental's last fiscal
year, or is a party to any currently proposed transaction, or series of
similar transactions, to which Tri-Continental or any of its
subsidiaries was or is to be a party, in which the amount involved
exceeds $60,000; and (x) no Nominee or any of his/her associates has
any arrangement or understanding with any person with respect to any
future employment by Tri-Continental or its affiliates, or with respect
to any future transactions to which Tri-Continental or any of its
affiliates will or may be a party.
A representative of Western Investment and Arthur D. Lipson intends to
appear in person or by proxy at the Special Meeting to nominate the
persons specified in this Notice for election to the Tri-Continental
Board.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 37 of 57 Pages
---------------------- ----------------------
Please address any correspondence to Western Investment LLC, Attention:
Arthur D. Lipson, telephone (801) 942-7803, facsimile (801) 942-1625 (with a
copy to our counsel, Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue
Tower, 65 East 55th Street, New York, New York 10022, Attention: Steven Wolosky,
Esq., telephone (212) 451-2333, facsimile (212) 451-2222). The giving of this
Notice is not an admission that any procedures for notice concerning the
nomination of directors to the Tri-Continental Board are legal, valid or
binding, and each of Western Investment and Arthur D. Lipson reserve the right
to challenge their validity.
Very truly yours,
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
/s/ Arthur D. Lipson
------------------------------------------------
ARTHUR D. LIPSON
---------------------- ----------------------
CUSIP No. 895436103 13D Page 38 of 57 Pages
---------------------- ----------------------
EXHIBIT A
TRANSACTIONS IN THE COMMON STOCK OF TRI-CONTINENTAL
TRANSACTION QUANTITY DATE PRICE ($)
----------- -------- ---- ---------
WESTERN INVESTMENT HEDGED PARTNERS, L.P.
Buy 8,700 10/04/04 16.9404
Buy 8,200 10/05/04 16.8862
Buy 12,300 10/06/04 16.9110
Buy 14,600 10/07/04 16.8854
Buy 3,000 10/08/04 16.7602
Buy 6,100 10/12/04 16.6721
Buy 1,500 10/13/04 16.7425
Buy 400 10/19/04 16.4910
Buy 13,000 10/20/04 16.3751
Buy 13,500 10/21/04 16.5128
Buy 18,600 10/22/04 16.5008
Buy 3,100 10/25/04 16.3207
Buy 21,900 10/26/04 16.5234
Buy 17,500 10/27/04 16.6873
Buy 12,800 10/28/04 16.8541
Buy 300 10/29/04 16.9352
Buy 27,500 11/01/04 16.9027
Buy 32,600 11/02/04 17.0161
Buy 8,300 11/02/04 16.9971
Buy 4,000 11/12/04 17.6973
Buy 5,000 11/15/04 17.7822
Buy 36,400 12/15/04 18.0468
Buy 8,400 12/27/04 18.1645
Buy 12,200 12/28/04 18.1363
Buy 16,000 12/31/04 18.2800
Buy 62,900 12/31/04 18.2800
Buy 700 01/10/05 17.9328
Buy 2,600 01/11/05 17.8423
Buy 3,000 01/13/05 17.6618
Buy 10,900 01/14/05 17.7564
Buy 17,500 01/18/05 17.7912
Buy 9,600 01/19/05 17.8072
Buy 2,000 01/21/05 17.6535
Buy 2,500 01/24/05 17.4681
Buy 200 01/27/05 17.5835
Buy 10,600 01/28/05 17.5634
Buy 7,500 01/31/05 17.6454
Buy 6,900 02/02/05 17.7666
---------------------- ----------------------
CUSIP No. 895436103 13D Page 39 of 57 Pages
---------------------- ----------------------
Buy 24,400 04/18/05 17.2760
Buy 11,500 04/19/05 17.3535
Buy 10,700 04/20/05 17.1833
Buy 17,900 05/20/05 17.8302
Buy 13,800 05/23/05 17.9107
Buy 11,300 05/24/05 17.8940
Buy 26,500 05/25/05 17.8479
Buy 56,400 05/26/05 17.9034
Buy 5,300 05/27/05 17.9496
Buy 1,700 05/27/05 17.9585
Buy 2,000 06/03/05 18.0011
Sell 1,000 07/18/05 18.2707
Sell 1,300 07/21/05 18.4107
Buy 400 07/29/05 18.4800
Buy 2,300 10/04/05 18.2565
Buy 19,000 10/05/05 18.1118
Buy 30,400 10/06/05 17.9522
Buy 17,200 10/07/05 17.9067
Buy 1,800 10/10/05 17.8944
Buy 300 10/11/05 17.8200
Buy 2,700 10/12/05 17.6804
Buy 100 10/13/05 17.6200
Buy 27,600 10/14/05 17.6910
Buy 31,800 10/17/05 17.7842
Buy 59,800 10/18/05 17.8096
Buy 95,300 10/19/05 17.8047
Buy 5,400 10/20/05 17.9100
Buy 47,200 10/21/05 17.7650
Buy 76,500 10/24/05 17.8869
Buy 7,300 10/25/05 17.9377
Buy 8,200 10/26/05 17.9571
Buy 500 10/27/05 17.8360
Buy 11,300 10/28/05 17.8881
Buy 12,400 10/31/05 18.0410
Buy 5,900 11/02/05 18.1234
Buy 1,400 11/08/05 18.2100
Buy 6,800 11/09/05 18.2501
Buy 1,000 12/01/05 18.7680
Buy 315 12/02/05 18.7100
Buy 500 12/27/05 18.7300
Buy 15,100 12/27/05 18.7342
Buy 3,800 12/29/05 18.6602
Sell 400,000 01/06/06 19.1589
Buy 10,000 01/19/06 19.7500
---------------------- ----------------------
CUSIP No. 895436103 13D Page 40 of 57 Pages
---------------------- ----------------------
Buy 5,000 01/20/06 19.7470
Buy 10,700 01/26/06 19.6019
Buy 8,600 01/27/06 19.7293
Buy 6,600 01/27/06 19.5998
Buy 9,600 01/30/06 19.7462
Buy 5,000 02/01/06 19.7170
Buy 19,800 02/02/06 19.6575
Buy 7,500 02/03/06 19.4568
Buy 17,200 02/06/06 19.4471
Buy 31,900 02/08/06 19.3886
Buy 9,300 02/09/06 19.5183
Buy 33,600 02/13/06 19.4685
Buy 68,100 02/14/06 19.5387
Buy 32,900 02/15/06 19.6410
Buy 30,000 03/01/06 19.9024
Buy 19,800 03/07/06 19.8846
Buy 25,200 03/08/06 19.8854
Buy 6,500 03/09/06 19.9822
Buy 64,200 03/10/06 19.9879
Buy 12,700 03/13/06 19.9850
Buy 22,500 03/14/06 20.0925
Buy 2,100 03/14/06 20.0698
Buy 16,400 03/15/06 20.1656
Buy 1,500 03/24/06 20.2985
Buy 31,200 03/30/06 20.2727
Buy 9,300 03/31/06 20.3070
Buy 19,000 04/03/06 20.3504
Buy 21,500 04/04/06 20.4136
Buy 65,500 04/05/06 20.5568
Buy 115,800 04/05/06 20.5550
Buy 1,900 04/06/06 20.5676
Sell 800 04/06/06 20.6009
Buy 3,200 04/07/06 20.5028
Buy 7,400 04/10/06 20.4461
Buy 20,400 04/11/06 20.2968
Buy 30,400 04/12/06 20.3140
Buy 16,300 04/13/06 20.2925
Buy 58,300 04/17/06 20.2629
Buy 37,200 04/18/06 20.3394
Buy 46,600 04/19/06 20.5013
Buy 38,800 04/20/06 20.5273
Buy 29,000 04/21/06 20.5664
Buy 40,500 04/24/06 20.5094
Buy 5,200 04/25/06 20.4547
---------------------- ----------------------
CUSIP No. 895436103 13D Page 41 of 57 Pages
---------------------- ----------------------
Buy 21,300 04/26/06 20.5862
Buy 29,300 04/27/06 20.5772
Buy 22,100 04/28/06 20.5514
Buy 10,500 05/01/06 20.6084
Buy 27,300 05/02/06 20.5953
Buy 400,000 05/04/06 20.5625
Buy 30,000 05/04/06 20.5189
Buy 24,500 05/05/06 20.6690
Sell 5,300 05/05/06 20.6635
Sell 900 05/05/06 20.6594
Buy 39,800 05/08/06 20.6475
Buy 59,300 05/15/06 20.0425
Buy 20,100 05/16/06 20.1099
Buy 34,400 05/17/06 19.8080
Buy 42,100 05/18/06 19.7895
Buy 39,500 05/19/06 19.7235
Buy 59,100 05/22/06 19.6808
Buy 22,900 05/23/06 19.7540
Buy 30,000 05/24/06 19.5736
Sell 12,000 06/06/06 19.5978
Sell 500 06/07/06 19.5544
Sell 200 06/08/06 19.2194
Transferred as Gift 200 07/05/06 N/A
WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC
Buy 8,100 10/05/04 16.8862
Buy 12,300 10/06/04 16.9117
Buy 5,300 12/03/04 17.9389
Buy 11,900 12/07/04 17.8839
Buy 15,000 12/08/04 17.7830
Buy 14,100 12/09/04 17.8686
Buy 3,000 12/10/04 17.8785
Buy 3,000 12/10/04 17.8585
Buy 42,600 12/10/04 17.8571
Buy 21,100 12/13/04 17.9713
Buy 70,000 12/15/04 18.0466
Buy 3,200 12/22/04 18.0429
Buy 6,400 12/23/04 18.1597
Buy 42,000 12/27/04 18.1635
Buy 22,500 12/29/04 18.1905
Buy 6,000 12/30/04 18.2264
Buy 4,300 12/30/04 18.2279
Buy 400 12/31/04 18.2835
Sell 5,300 03/29/05 17.6185
---------------------- ----------------------
CUSIP No. 895436103 13D Page 42 of 57 Pages
---------------------- ----------------------
Sell 11,900 03/29/05 17.6185
Sell 15,000 03/29/05 17.6185
Sell 14,100 03/29/05 17.6185
Sell 42,600 03/29/05 17.6185
Sell 21,100 03/29/05 17.6185
Sell 10,000 03/29/05 17.6185
Sell 1,300 07/21/05 18.4107
Sell 116,300 01/04/06 18.8591*
Sell 716,200 01/04/06 18.8593*
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
Buy 2,100 11/02/04 17.0084
Buy 8,500 11/03/04 17.1680
Buy 5,600 11/04/04 17.2500
Buy 52,400 11/04/04 17.3245
Buy 27,600 11/05/04 17.5197
Buy 30,500 11/05/04 17.5075
Buy 700 11/08/04 17.5028
Buy 9,200 11/10/04 17.5350
Buy 5,500 11/11/04 17.5808
Buy 7,500 11/12/04 17.7413
Buy 15,900 11/12/04 17.6966
Buy 19,300 11/15/04 17.7817
Buy 5,400 11/23/04 17.5320
Buy 5,500 12/03/04 17.9445
Buy 8,700 12/06/04 17.8893
Buy 27,100 12/06/04 17.8657
Buy 24,000 12/08/04 17.7823
Buy 20,900 12/13/04 17.9710
Buy 1,800 12/14/04 18.0085
Buy 9,100 12/14/04 18.0289
Buy 3,000 12/16/04 18.1185
Buy 5,400 12/16/04 18.0866
Buy 7,100 12/17/04 18.0631
Buy 9,000 12/23/04 18.1587
Buy 61,000 12/28/04 18.2007
Buy 30,200 12/29/04 18.1908
Buy 6,000 01/03/05 18.2943
Buy 6,000 01/04/05 17.8693
Buy 3,000 02/03/05 17.6802
Buy 9,200 02/04/05 17.7951
-------------------------
* Shares purchased by Western Investment Activism Partners LLC from Western
Investment Institutional Partners LLC.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 43 of 57 Pages
---------------------- ----------------------
Buy 3,600 02/07/05 17.9199
Buy 3,000 02/09/05 17.9302
Sell 300 02/09/05 17.9242
Buy 5,400 02/15/05 18.0863
Buy 198,000 01/03/06 18.6467
Buy 832,500 01/04/06 18.8603*
Buy 52,500 01/04/06 18.8811
Buy 14,300 01/05/06 18.9374
Sell 4,200 01/05/06 18.9800
Buy 400,000 01/06/06 19.1605
Buy 1,161,000 01/06/06 19.3298
Buy 164,900 01/06/06 19.1342
Sell 1,600 01/06/06 19.1394
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
Buy 44,900 09/27/04 16.4402
Sell 5,700 12/31/04 18.2796
Sell 3,000 12/31/04 18.2796
Sell 1,000 12/31/04 18.2796
Sell 2,100 12/31/04 18.2796
Sell 500 12/31/04 18.2796
Sell 500 12/31/04 18.2796
Sell 600 12/31/04 18.2796
Sell 1,300 12/31/04 18.2796
Sell 500 12/31/04 18.2796
Sell 400 12/31/04 18.2796
Sell 400 12/31/04 18.2796
Sell 1,000 12/31/04 18.2800
Sell 1,700 12/31/04 18.2800
Sell 2,600 12/31/04 18.2800
Sell 500 12/31/04 18.2800
Sell 1,500 12/31/04 18.2800
Sell 1,200 12/31/04 18.2800
Sell 800 12/31/04 18.2800
Sell 2,000 12/31/04 18.2800
Sell 1,200 12/31/04 18.2800
Sell 2,800 12/31/04 18.2800
Sell 500 12/31/04 18.2800
Sell 1,700 12/31/04 18.2800
Sell 500 12/31/04 18.2800
Sell 44,900 12/31/04 18.2800
-------------------------
* Shares purchased by Western Investment Activism Partners LLC from Western
Investment Institutional Partners LLC.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 44 of 57 Pages
---------------------- ----------------------
Buy 1,600 06/08/06 19.3963
Buy 3,300 06/09/06 19.3296
Buy 14,400 06/12/06 19.2739
Buy 9,200 06/13/06 18.8823
Buy 6,600 06/15/06 19.1582
Buy 12,600 06/16/06 19.1948
Buy 3,100 06/19/06 19.0917
Buy 23,100 06/20/06 19.1099
Sell 400 06/21/06 19.2494
Buy 3,500 06/22/06 19.1228
Buy 14,300 06/26/06 19.0804
Buy 16,900 06/27/06 19.0449
Buy 27,600 06/28/06 19.0252
Buy 45,300 06/29/06 19.3292
Buy 45,700 06/30/06 19.4613
Buy 36,600 07/03/06 19.5610
Buy 17,200 07/05/06 19.5003
BENCHMARK PLUS PARTNERS, L.L.C.
Buy 1,100 09/07/04 16.6800
Buy 1,900 09/08/04 16.6700
Buy 24,900 09/09/04 16.6491
Buy 20,300 09/13/04 16.7549
Buy 17,200 09/14/04 16.7595
Buy 5,300 09/15/04 16.6670
Buy 9,700 09/16/04 16.6727
Buy 12,700 09/20/04 16.7035
Buy 11,900 09/21/04 16.7356
Buy 300 09/22/04 16.6100
Buy 100 09/23/04 16.5100
Buy 17,100 09/24/04 16.5025
Buy 18,800 09/27/04 16.4260
Buy 17,100 09/28/04 16.4936
Buy 7,000 09/29/04 16.5233
Buy 36,800 09/30/04 16.5586
Buy 32,900 10/01/04 16.7452
Buy 1,900 10/25/04 16.3500
Buy 10,600 10/26/04 16.5300
Buy 11,000 10/27/04 16.7375
Buy 14,400 11/22/04 17.6445
Buy 9,600 11/23/04 17.6415
Buy 11,700 11/24/04 17.7291
Buy 10,300 11/26/04 17.8250
Buy 3,500 11/29/04 17.8229
---------------------- ----------------------
CUSIP No. 895436103 13D Page 45 of 57 Pages
---------------------- ----------------------
Buy 3,400 11/30/04 17.7088
Buy 12,700 12/14/04 18.0650
Buy 9,000 02/15/05 18.1029
Buy 3,100 02/16/05 18.1014
Buy 16,625 02/17/05 18.0405
Buy 13,700 02/18/05 18.0168
Buy 29,500 02/22/05 17.8765
Buy 41,200 02/23/05 17.8677
Buy 19,600 02/24/05 17.9110
Buy 10,000 02/25/05 18.1343
Buy 13,200 02/28/05 18.0367
Buy 8,300 03/01/05 18.1270
Buy 18,700 03/02/05 18.1543
Buy 2,000 03/02/05 18.1300
Buy 800 03/03/05 18.1750
Buy 12,300 03/03/05 18.1712
Buy 15,400 03/04/05 18.3163
Buy 13,000 03/07/05 18.4154
Buy 10,900 03/08/05 18.3435
Buy 7,000 03/09/05 18.2186
Buy 4,000 03/10/05 18.1409
Buy 4,000 03/11/05 18.1417
Buy 4,900 03/14/05 18.0937
Buy 1,700 03/15/05 18.1881
Buy 2,900 03/23/05 17.5895
Buy 3,600 03/24/05 17.6830
Buy 11,300 03/28/05 17.6806
Buy 7,500 03/29/05 17.6043
Buy 11,900 03/30/05 17.6705
Buy 5,100 03/31/05 17.7907
Buy 3,900 04/01/05 17.6739
Buy 6,500 04/04/05 17.6396
Buy 4,300 04/05/05 17.8015
Buy 1,800 04/06/05 17.9002
Buy 2,500 04/07/05 17.9313
Buy 1,800 04/08/05 17.8366
Buy 3,100 04/11/05 17.7921
Buy 5,500 04/12/05 17.7106
Buy 2,500 04/13/05 17.7822
Buy 12,600 04/14/05 17.6489
Buy 5,700 04/15/05 17.4753
Buy 700 04/18/05 17.2760
Buy 26,400 04/21/05 17.3440
Buy 4,900 04/22/05 17.3303
---------------------- ----------------------
CUSIP No. 895436103 13D Page 46 of 57 Pages
---------------------- ----------------------
Buy 31,700 04/25/05 17.4545
Buy 17,300 04/26/05 17.4420
Buy 17,800 04/27/05 17.2971
Buy 17,600 04/29/05 17.3154
Buy 3,600 05/02/05 17.4098
Buy 1,800 05/03/05 17.4200
Buy 7,200 05/04/05 17.5924
Buy 17,800 05/05/05 17.6490
Buy 5,000 05/06/05 17.6689
Buy 14,800 05/09/05 17.6438
Buy 20,500 05/10/05 17.5859
Buy 27,100 05/11/05 17.5609
Buy 33,600 05/12/05 17.5536
Buy 29,200 05/13/05 17.4242
Buy 58,400 05/16/05 17.4859
Buy 48,000 05/17/05 17.5502
Buy 10,700 05/18/05 17.7169
Buy 24,000 05/27/05 17.9496
Buy 19,700 05/31/05 17.8876
Buy 17,900 06/01/05 17.9896
Buy 1,900 06/02/05 17.9994
Buy 3,250 06/03/05 18.0011
Buy 500 06/07/05 18.0594
Buy 1,400 06/09/05 17.9495
Buy 4,700 06/10/05 17.9077
Buy 6,500 06/13/05 17.9750
Buy 5,500 06/14/05 17.9682
Buy 2,600 06/15/05 17.9993
Buy 5,200 06/16/05 18.0634
Buy 7,600 06/17/05 18.1829
Buy 6,200 06/20/05 18.1638
Buy 16,100 06/21/05 18.1730
Buy 17,000 06/22/05 18.1789
Buy 23,000 06/23/05 18.1218
Buy 5,000 06/24/05 17.9375
Buy 1,300 06/27/05 17.8266
Buy 4,100 07/05/05 17.8661
Buy 700 07/06/05 17.8917
Buy 3,000 07/07/05 17.8001
Buy 4,200 07/08/05 17.9972
Buy 4,900 07/11/05 18.1280
Buy 4,200 07/12/05 18.1842
Buy 9,800 07/13/05 18.1949
Buy 2,800 07/15/05 18.2989
---------------------- ----------------------
CUSIP No. 895436103 13D Page 47 of 57 Pages
---------------------- ----------------------
Buy 2,600 07/20/05 18.3866
Buy 1,100 07/27/05 18.4300
Buy 5,700 07/28/05 18.5230
Buy 1,200 08/01/05 18.4268
Buy 5,000 08/02/05 18.5069
Buy 600 08/04/05 18.4879
Buy 3,200 08/09/05 18.4103
Buy 6,500 08/10/05 18.5466
Buy 800 08/11/05 18.4636
Buy 1,000 09/09/05 18.4800
Buy 3,000 09/19/05 18.2570
Buy 13,000 03/01/06 19.9024
Buy 19,500 03/03/06 20.0710
Buy 2,100 03/06/06 20.0300
Buy 46,000 03/14/06 20.0925
Buy 7,500 03/17/06 20.3200
Buy 13,200 03/20/06 20.2923
Buy 1,000 03/20/06 20.3050
Buy 5,000 03/21/06 20.2962
Buy 17,000 03/27/06 20.2796
Buy 13,900 03/28/06 20.3101
Buy 23,100 03/29/06 20.3029
Buy 2,600 03/29/06 20.3088
Buy 7,200 03/31/06 20.2826
Buy 6,500 04/03/06 20.3516
Buy 20,200 05/24/06 19.4931
Buy 5,100 05/25/06 19.6645
Buy 400 05/30/06 19.7900
Buy 6,700 05/31/06 19.6307
Buy 9,300 06/02/06 19.9484
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
Buy 17,000 03/10/05 18.1409
Buy 15,800 03/11/05 18.1417
Buy 19,400 03/14/05 18.0937
Buy 6,600 03/15/05 18.1881
Buy 200 03/16/05 17.9400
Buy 11,400 03/23/05 17.5895
Buy 14,600 03/24/05 17.6830
Buy 44,000 03/28/05 17.6806
Buy 29,800 03/29/05 17.6043
Buy 120,000 03/29/05 17.6209
Buy 47,700 03/30/05 17.6705
Buy 20,200 03/31/05 17.7907
---------------------- ----------------------
CUSIP No. 895436103 13D Page 48 of 57 Pages
---------------------- ----------------------
Buy 15,400 04/01/05 17.6739
Buy 25,600 04/04/05 17.6396
Buy 17,200 04/05/05 17.8015
Buy 7,300 04/06/05 17.9002
Buy 10,200 04/07/05 17.9313
Buy 7,200 04/08/05 17.8366
Buy 12,500 04/11/05 17.7921
Buy 21,800 04/12/05 17.7106
Buy 9,900 04/13/05 17.7822
Buy 29,300 04/14/05 17.6489
Buy 22,700 04/15/05 17.4753
Buy 31,300 04/18/05 17.2760
Buy 8,000 04/21/05 17.3440
Buy 2,200 04/22/05 17.3303
Buy 10,600 04/25/05 17.4545
Buy 5,700 04/26/05 17.4420
Buy 6,000 04/27/05 17.2971
Buy 5,800 04/29/05 17.3154
Buy 1,200 05/02/05 17.4098
Buy 600 05/03/05 17.4200
Buy 1,800 05/04/05 17.5924
Buy 4,400 05/05/05 17.6490
Buy 1,200 05/06/05 17.6689
Buy 3,700 05/09/05 17.6438
Buy 5,100 05/10/05 17.5859
Buy 19,700 05/31/05 17.8876
Buy 17,900 06/01/05 17.9896
Buy 10,500 06/02/05 17.9994
Buy 4,250 06/03/05 18.0011
Buy 7,000 06/06/05 17.9114
Buy 3,000 06/07/05 18.0594
Buy 6,500 06/08/05 17.9800
Buy 7,700 06/09/05 17.9495
Buy 26,900 06/10/05 17.9077
Buy 36,600 06/13/05 17.9750
Buy 31,000 06/14/05 17.9682
Buy 14,600 06/15/05 17.9993
Buy 20,800 06/16/05 18.0634
Buy 31,300 06/17/05 18.1829
Buy 24,800 06/20/05 18.1638
Buy 64,500 06/21/05 18.1730
Buy 69,500 06/22/05 18.1789
Buy 84,300 06/23/05 18.1218
Buy 20,600 06/24/05 17.9375
---------------------- ----------------------
CUSIP No. 895436103 13D Page 49 of 57 Pages
---------------------- ----------------------
Buy 5,100 06/27/05 17.8266
Buy 1,300 07/01/05 17.7731
Buy 16,600 07/05/05 17.8661
Buy 2,900 07/06/05 17.8917
Buy 11,100 07/07/05 17.8001
Buy 9,000 07/08/05 17.9972
Buy 19,500 07/11/05 18.1280
Buy 16,900 07/12/05 18.1842
Buy 39,000 07/13/05 18.1949
Buy 300 07/14/05 18.2800
Buy 11,300 07/15/05 18.2989
Buy 10,500 07/20/05 18.3866
Buy 3,300 07/27/05 18.4300
Buy 22,800 07/28/05 18.5230
Buy 4,800 08/01/05 18.4268
Buy 19,800 08/02/05 18.5069
Buy 700 08/03/05 18.4700
Buy 2,200 08/04/05 18.4879
Buy 12,800 08/09/05 18.4103
Buy 26,200 08/10/05 18.5466
Buy 3,100 08/11/05 18.4636
Buy 1,600 08/17/05 18.3700
Buy 1,400 08/18/05 18.3300
Buy 200 08/22/05 18.3900
Buy 200 09/06/05 18.2800
Buy 1,000 09/09/05 18.4800
Buy 600 09/16/05 18.3700
Buy 12,200 09/19/05 18.2570
Buy 17,500 02/16/06 19.7394
Buy 6,800 02/17/06 19.8256
Buy 9,800 02/21/06 19.8003
Buy 16,600 02/22/06 19.8837
Buy 7,900 02/23/06 19.9168
Buy 5,700 02/24/06 19.8868
Buy 27,000 02/27/06 19.9745
Buy 16,400 05/26/06 19.8188
Buy 27,600 06/01/06 19.8313
Buy 9,300 06/02/06 19.9484
ARTHUR D. LIPSON
Buy 1,000 12/02/05 18.7613
Transferred as Gift 100 02/24/06 N/A
---------------------- ----------------------
CUSIP No. 895436103 13D Page 50 of 57 Pages
---------------------- ----------------------
ELYSE NAKAJIMA
Received as Gift 100 02/24/06 N/A
PAUL DEROSA
Received as Gift 100 07/05/06 N/A
DAVID B. FORD
Received as Gift 100 07/05/06 N/A
---------------------- ----------------------
CUSIP No. 895436103 13D Page 51 of 57 Pages
---------------------- ----------------------
EXHIBIT B
CONSENTS OF NOMINEES
ARTHUR D. LIPSON
c/o WESTERN INVESTMENT LLC
2855 E. COTTONWOOD PARKWAY, SUITE 110
SALT LAKE CITY, UTAH 84121
July 3, 2006
Tri-Continental Corporation
c/o Seligman Data Corp.
100 Park Avenue
New York, New York 10017
Attn: Corporate Secretary
Dear Sir:
You are hereby notified that the undersigned consents to (i) being
named as a nominee in the notice provided by Western Investment Hedged Partners
L.P. ("Western") and Arthur D. Lipson of their intention to nominate the
undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at
the Special Meeting of stockholders scheduled for September 28, 2006, or any
other meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof (the "Special Meeting"),
(ii) being named as a nominee in any proxy statement filed by Western and/or Mr.
Lipson in connection with the solicitation of proxies or written consents for
election of the undersigned at the Special Meeting, and (iii) serving as a
director of Tri-Continental if elected at the Special Meeting.
Very truly yours,
/s/ Arthur D. Lipson
-----------------------------------------
Arthur D. Lipson
---------------------- ----------------------
CUSIP No. 895436103 13D Page 52 of 57 Pages
---------------------- ----------------------
PAUL DEROSA
c/o MT LUCAS, LLC
730 FIFTH AVENUE
NEW YORK, NY 10019
July 3, 2006
Tri-Continental Corporation
c/o Seligman Data Corp.
100 Park Avenue
New York, New York 10017
Attn: Corporate Secretary
Dear Sir:
You are hereby notified that the undersigned consents to (i) being
named as a nominee in the notice provided by Western Investment Hedged Partners
L.P. ("Western") and Arthur D. Lipson of their intention to nominate the
undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at
the Special Meeting of stockholders scheduled for September 28, 2006, or any
other meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof (the "Special Meeting"),
(ii) being named as a nominee in any proxy statement filed by Western and/or Mr.
Lipson in connection with the solicitation of proxies or written consents for
election of the undersigned at the Special Meeting, and (iii) serving as a
director of Tri-Continental if elected at the Special Meeting.
Very truly yours,
/s/ Paul DeRosa
-----------------------------------------
Paul DeRosa
---------------------- ----------------------
CUSIP No. 895436103 13D Page 53 of 57 Pages
---------------------- ----------------------
DAVID B. FORD
July 3, 2006
Tri-Continental Corporation
c/o Seligman Data Corp.
100 Park Avenue
New York, New York 10017
Attn: Corporate Secretary
Dear Sir:
You are hereby notified that the undersigned consents to (i) being
named as a nominee in the notice provided by Western Investment Hedged Partners
L.P. ("Western") and Arthur D. Lipson of their intention to nominate the
undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at
the Special Meeting of stockholders scheduled for September 28, 2006, or any
other meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof (the "Special Meeting"),
(ii) being named as a nominee in any proxy statement filed by Western and/or Mr.
Lipson in connection with the solicitation of proxies or written consents for
election of the undersigned at the Special Meeting, and (iii) serving as a
director of Tri-Continental if elected at the Special Meeting.
Very truly yours,
/s/ David B. Ford
-----------------------------------------
David B. Ford
---------------------- ----------------------
CUSIP No. 895436103 13D Page 54 of 57 Pages
---------------------- ----------------------
Exhibit 2
JOINT FILING AND SOLICITATION AGREEMENT
WHEREAS, certain of the undersigned are stockholders, direct or
beneficial, of Tri-Continental Corporation, a Maryland corporation
("Tri-Continental");
WHEREAS, Western Investment LLC ("Western Investment"), Western
Investment Hedged Partners LP ("WIHP"), Western Investment Activism Partners
LLC, Western Investment Total Return Master Fund Ltd., Arthur D. Lipson, Paul
DeRosa, David B. Ford, Elyse Nakajima, Benchmark Plus Institutional Partners,
L.L.C., Benchmark Plus Management, L.L.C., Benchmark Plus Partners, L.L.C.,
Paradigm Partners, N.W., Inc., Scott Franzblau, Robert Ferguson and Michael
Dunmire wish to form a group for the purpose of seeking representation on the
Board of Directors of Tri-Continental;
WHEREAS, WIHP and Mr. Lipson intend to nominate Arthur D. Lipson, Paul
DeRosa and David B. Ford as nominees to be elected to the Board of Directors of
Tri-Continental at the special meeting of stockholders of Tri-Continental
scheduled for September 28, 2006, or any other meeting of stockholders held in
lieu thereof, and any adjournments, postponements, reschedulings or
continuations thereof (the "Special Meeting").
NOW, IT IS AGREED, this 3rd day of July 2006 by the parties hereto:
1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities
Exchange Act of 1934, as amended, each of the undersigned (collectively, the
"Group") agrees to the joint filing on behalf of each of them of statements on
Schedule 13D with respect to the securities of Tri-Continental to the extent
required under applicable securities laws. Each member of the Group shall be
responsible for the accuracy and completeness of his/her/its own disclosure
therein.
2. So long as this agreement is in effect, each of the
undersigned shall provide written notice to Olshan Grundman Frome Rosenzweig &
Wolosky LLP ("Olshan") of (i) any of their purchases or sales of securities of
Tri-Continental or (ii) any securities of Tri-Continental over which they
acquire or dispose of beneficial ownership. Notice shall be given no later than
24 hours after each such transaction.
3. Each of the undersigned agrees to solicit proxies or written
consents for the election of Arthur D. Lipson, Paul DeRosa and David B. Ford, or
any other person(s) nominated by WIHP, to the Board of Directors of
Tri-Continental at the Special Meeting (the "Nominees").
4. Western Investment agrees to bear all expenses incurred in
connection with the Group's activities, including expenses incurred by any of
the parties in a solicitation of proxies or written consents by the members of
the Group in connection with the Special Meeting. Notwithstanding the foregoing,
Western Investment shall not be required to reimburse any party for (i)
out-of-pocket expenses incurred by a party in the aggregate in excess of $250
without Western Investment's prior written approval; (ii) the value of the time
of any party; (iii) legal fees incurred without Western Investment's prior
written approval; or (iv) the costs of any counsel, other than Olshan, employed
in connection with any pending or threatened litigation without Western
Investment's prior written approval.
5. Western Investment agrees to indemnify and hold each of Paul
DeRosa and David B. Ford (the "Nominees") harmless from and against any and all
claims of any nature, whenever brought, arising from the Nominee's nomination
for election as director of Tri-Continental, and the related proxy solicitation
by WIHP, Arthur Lipson and certain of their affiliates and any related
transactions, irrespective of the outcome. This indemnification will include any
and all (each, a "Loss") losses, liabilities, damages, demands, claims, suits,
actions, judgments, or causes of action, assessments, costs and expenses,
including, without limitation, interest, penalties, reasonable attorneys' fees,
and any and all reasonable costs and expenses incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any
claim whatsoever, and any and all amounts paid in settlement of any claim or
---------------------- ----------------------
CUSIP No. 895436103 13D Page 55 of 57 Pages
---------------------- ----------------------
litigation asserted against, resulting, imposed upon, or incurred or suffered by
a Nominee, directly or indirectly, as a result of or arising from such
nomination and proxy solicitation and any related transactions.
In the event of a claim against a Nominee pursuant to the prior
paragraph or the occurrence of a Loss, each Nominee shall give Western
Investment written notice of such claim or Loss. Upon receipt of such written
notice, Western Investment will provide such Nominee with counsel to represent
him. Such counsel shall be reasonably acceptable to the Nominee. In addition,
each Nominee will be reimbursed promptly for all Losses suffered by him and as
incurred and for all reasonable out-of-pocket expenses incurred by each Nominee
relating to the, nomination, the proxy solicitation and any related
transactions.
6. The relationship of the parties hereto shall be limited to
carrying on the business of the Group in accordance with the terms of this
Agreement. Such relationship shall be construed and deemed to be for the sole
and limited purpose of carrying on such business as described herein. Nothing
herein shall be construed to authorize any party to act as an agent for any
other party, or to create a joint venture or partnership. Nothing herein shall
restrict any party's right to purchase or sell securities of Tri-Continental, as
he/she/it deems appropriate, in his/her/its sole discretion, provided that all
such sales are made in compliance with all applicable securities laws.
7. This Agreement may be executed in counterparts, each of which
shall be deemed an original and all of which, taken together, shall constitute
but one and the same instrument, which may be sufficiently evidenced by one
counterpart.
8. In the event of any dispute arising out of the provisions of
this Agreement, the parties hereto consent and submit to the exclusive
jurisdiction of the Federal and State Courts in the State of New York.
9. Any party hereto may terminate his/her/its obligations under
this agreement at any time on 24 hours' written notice to all other parties,
with a copy by fax to Steven Wolosky at Olshan, Fax No. (212) 451-2222.
10. Each party acknowledges that Olshan shall act as counsel for
both the Group and Western Investment.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 56 of 57 Pages
---------------------- ----------------------
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.
WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
--------------------------------
Name: Arthur D. Lipson
Title: Sole Member
WESTERN INVESTMENT HEDGED PARTNERS LP
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
--------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
By: Western Investment LLC,
Its Investment Manager
By: /s/ Arthur D. Lipson
--------------------------------
Name: Arthur D. Lipson
Title: Managing Member
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
--------------------------------
Name: Michael Dunmire
Title: Managing Member
---------------------- ----------------------
CUSIP No. 895436103 13D Page 57 of 57 Pages
---------------------- ----------------------
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Scott Franzblau
--------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Michael Dunmire
--------------------------------
Name: Michael Dunmire
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Paradigm Partners, N.W., Inc.
Its Managing Member
By: /s/ Robert Ferguson
--------------------------------
Name: Robert Ferguson
Title: President
By: /s/ Michael Dunmire
--------------------------------
Name: Michael Dunmire
Title: Chairman of the Board
PARADIGM PARTNERS, N.W., INC.
By: /s/ Robert Ferguson
--------------------------------
Name: Robert Ferguson
Title: President
By: /s/ Michael Dunmire
--------------------------------
Name: Michael Dunmire
Title: Chairman of the Board
/s/ Arthur D. Lipson
------------------------------------
ARTHUR D. LIPSON
/s/ Paul DeRosa
------------------------------------
PAUL DEROSA
/s/ David B. Ford
------------------------------------
DAVID B. FORD
/s/ Scott Franzblau
------------------------------------
SCOTT FRANZBLAU
/s/ Robert Ferguson
------------------------------------
ROBERT FERGUSON
/s/ Michael Dunmire
------------------------------------
MICHAEL DUNMIRE
/s/ Elyse Nakajima
------------------------------------
ELYSE NAKAJIMA