Monday, September 18, 2006

Chapman Capital Cuts Sunterra (SNRR) Stake Below 5%

In an amended 13D filing after the close Friday on Sunterra Corp. (OTC: SNRR) Chapman Capital disclosed a 4.4% stake in the company. This is down from the 5.9% stake in the firm disclosed recently, which was down from 8.4%. Chapman continued to suggest the decision to lighten up its stake was based on equity and M&A market conditions and valuation.

Chapman also noted they reduced their ownership position below the 5% threshold in order to relieve themselves of certain reporting requirements associated with Section 13D of the Securities Exchange Act of 1934.

In Chapman's original 13D filing on Sunterra in June, the firm called for a sale of Sunterra's European business and said the company should also explore an auction of the entire Company.

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