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CUSIP No. 81765M106	13D	Page 2 of 7 Pages
(1) Names of reporting persons
Tamalpais Master Fund, Ltd.    (2) Check the appropriate box if a member of a group (see instructions) (a) (b)
(3) SEC use only
(4) Source of funds (see instructions) WC
(5) Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
(6) Citizenship or place of organization Caymen Islands
Number of shares beneficially owned by each reporting person with:
(7)Sole Voting Power 189,095 SHARES
(8)Shared Voting Power 0 SHARES
(9)Sole Dispositive Power 189,095 SHARES
(10)Shared Dispositive Power 0 SHARES
(11)Aggregate Amount Beneficially Owned by Each Reporting Person 189,095 SHARES
(12)Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
(13)Percent of Class Represented by Amount in Row (11) 5.4%
(14)Type of Reporting Person (See Instructions) CO

 

 

 

 

Item 4. Purpose of Transaction

The Master Fund believes the Company's share price is substantially undervalued and plans to meet with management to explore alternatives for enhancing shareholder value.

Item 5. Interest in Securities of the Issuer

(a) As of the date hereof, each of the Reporting Persons is deemed to be the beneficial owner of 189,095 shares of common stock. This represents approximately 5.4% of shares outstanding, which equaled 3,537,377 as reported in the Company’s latest Form 10-Q for the quarter ended January 31, 2008, and filed March 17, 2008.

(b) The Reporting Persons have the sole power to vote, direct the vote, dispose of or direct the disposition of all 189,095 of the shares.

(c) Transactions for the 60 days prior to the date of this Schedule 13D are attached hereto as Exhibit A.

(d) Not Applicable.

(e) Not Applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

None.

Item 7. Material to be Filed as Exhibits.

Transactions for the last 60 days of the Reporting Persons are filed herewith as Exhibit A. A Joint Filing Agreement on behalf of the Reporting Persons is filed herewith as Exhibit B.

 

 

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SIGNATURE 

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

By: Tamalpais Master Fund Ltd.

 

Signature

/s/ Steven Ledger Name/Title: Steven Ledger, Managing Partner

By: Tamalpais Management Group LP . Signature

/s/ Steven Ledger  Name/Title: Steven Ledger, Managing Partner

 

The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.

 

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).

 

 

 

 

 

 

 

 

 

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