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. 2)(1)
Pioneer Tax Advantaged Balanced Trust
-------------------------------------
(Name of Issuer)
Common Stock, no par value
--------------------------
(Title of Class of Securities)
72388R101
---------
(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)
March 15, 2007
--------------
(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 40 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. 72388R101 13D Page 2 of 40 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, 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 1,662,841
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,662,841
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,662,841
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 3 of 40 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
--------------------------------------------------------------------------------
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 1,662,841
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,662,841
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,662,841
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 4 of 40 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 810,739
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
810,739
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
810,739
--------------------------------------------------------------------------------
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*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 5 of 40 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 837,702
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
837,702
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
837,702
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 6 of 40 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 13,400
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,400
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,400
--------------------------------------------------------------------------------
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 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 7 of 40 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 650,560
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
650,560
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
650,560
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 8 of 40 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 514,400
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
514,400
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
514,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 9 of 40 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 1,164,960
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,164,960
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,164,960
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 10 of 40 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 1,164,960
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,164,960
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,164,960
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 11 of 40 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 1,164,960
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,164,960
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,164,960
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 12 of 40 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MATTHEW CROUSE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
USA
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 13 of 40 Pages
---------------------- ----------------------
The following constitutes Amendment No. 2 ("Amendment No. 2") to the Schedule
13D filed by the undersigned. This Amendment No. 2 amends the Schedule 13D
as specifically set forth.
Item 2 is hereby amended and restated as follows:
Item 2. IDENTITY AND BACKGROUND
(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"), Scott Franzblau, Robert Ferguson and Matthew Crouse. Each of
the foregoing is referred to as a "Reporting Person" and collectively as the
"Reporting Persons." WILLC provides recommendations from time to time to BPIP
and BPP with respect to purchases and sales of Shares of the Issuer, pursuant to
an oral agreement between WILLC and BPIP and between WILLC and BPP.
WILLC has sole voting and investment power over WIHP's, WIAP's and WITR's
security holdings and Mr. Lipson, in his role as the managing member of WILLC,
controls WILLC's voting and investment decisions. BPM is the managing member of
BPIP and BPP and Messrs. Franzblau and Ferguson, in their role as managing
members of BPM, have sole voting and investment control over BPIP's and BPP's
security holdings.
By virtue of that certain Joint Filing and Solicitation Agreement by and
among the Reporting Persons, as described in further detail in Item 6, the
Reporting Persons affirm that they are members of a "group" for the purposes of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act").
(b) The principal business address of WILLC, Mr. Lipson, WIHP, WIAP, WITR
and Mr. Crouse is 7050 S. Union Park Center, Suite 590, Midvale, UT 84047. The
officers and directors of WITR are set forth on Schedule B and incorporated by
reference in this Item 2.
The principal business address of BPIP, BPP, BPM, Mr. Franzblau and
Mr.Ferguson is 820 A Street, Suite 700, Tacoma, WA 98402.
(c) The principal business of WILLC is acting as the general partner,
managing member and investment manager of WIHP, WIAP and WITR, respectively. The
principal occupation of Arthur D. 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 occupation of Mr.
Crouse is serving as a portfolio manager at WILLC.
The principal business of BPIP and BPP is acquiring, holding and disposing
of investments in various companies. The principal business of BPM is acting as
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 14 of 40 Pages
---------------------- ----------------------
the managing member of BPIP and BPP. The principal occupation of each of Scott
Franzblau and Robert Ferguson is acting as a managing member of BPM.
(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) Messrs. Lipson, Franzblau, Ferguson and Crouse are citizens of the
United States of America.
Item 3 is hereby amended and restated to read as follows:
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the 1,662,841 Shares beneficially owned by
WILLC is approximately $23,235,017. The Shares beneficially owned by WILLC
consist of 1,000 Shares that were acquired with WILLC's working capital, 810,739
Shares that were acquired with WIHP's working capital, 837,702 Shares that were
acquired with WIAP's working capital and 13,400 Shares that were acquired with
WITR's working capital. The aggregate purchase price of the 1,164,960 Shares
beneficially owned by BPM is approximately $15,803,725. The Shares beneficially
owned by BPM consist of 650,560 Shares that were acquired with BPIP's working
capital and 514,400 Shares that were acquired with BPP's working capital.
Item 4 is hereby amended to add the following:
On March 15, 2007, WILLC delivered a letter to the Issuer nominating
Arthur D. Lipson, Robert Ferguson and Matthew Crouse (collectively, the
"Nominees"), as set forth therein, for election as directors of the Issuer at
the Issuer's 2007 annual meeting of shareholders, or any other meeting of
shareholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof (the "Annual Meeting"). A copy of this
letter is attached hereto as Exhibit 2 and is incorporated herein by reference.
Items 5(a)-(c) are hereby amended and restated to read as follows:
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The aggregate percentage of Shares reported owned by each person named
herein is based upon 28,706,981 Shares outstanding, which is the total number of
Shares outstanding as of November 30, 2006, as reported in the Issuer's Form
N-CSR filed with the Securities and Exchange Commission on February 6, 2007.
As of the close of business on March 16, 2007, WIHP, WIAP and WITR
beneficially owned 810,739, 837,702 and 13,400 Shares, respectively,
representing approximately 2.8%, 2.9% and less than 1%, respectively, of the
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 15 of 40 Pages
---------------------- ----------------------
Shares outstanding. WILLC beneficially owned 1,662,841 Shares, constituting
approximately 5.8% of the Shares outstanding. Mr. Lipson beneficially owned
1,662,841 Shares, constituting approximately 5.8% of the Shares outstanding.
As of the close of business on March 16, 2007, BPIP and BPP beneficially
owned 650,560 and 514,400 Shares, respectively, constituting 2.3% and 1.8%,
respectively, of the Shares outstanding. As the managing member of BPIP and BPP,
BPM may be deemed to beneficially own the 1,164,960 Shares owned in the
aggregate by BPIP and BPP, constituting approximately 4.1% of the Shares
outstanding. As managing members of BPM, Messrs. Franzblau and Ferguson may be
deemed to beneficially own the 1,164,960 Shares beneficially owned by BPM,
constituting approximately 4.1% of the Shares outstanding.
(b) 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).
Each of BPM, Mr. Ferguson and Mr. Franzblau is deemed to have sole voting
and dispositive power over the Shares reported as beneficially owned by BPIP and
BPP 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 held by BPIP, BPP, BPM, Mr. Franzblau and
Mr. Ferguson. Neither BPIP, BPP, BPM, Mr. Franzblau, nor Mr. Ferguson has
voting or dispositive control over the Shares held by WILLC, Mr. Lipson,
WIHP, WIAP and WITR.
(c) Schedule A annexed hereto lists all transactions in the Shares by the
Reporting Persons since the filing of Amendment No. 1 to the Schedule 13D.
Except where otherwise noted, all of such transactions were effected in the open
market.
Item 6 is hereby amended to add the following:
On March 15, 2007, WILLC, Arthur D. Lipson, WIHP, WIAP, WITR, BPIP, BPP,
BPM, Robert Ferguson, Scott Franzblau and Matthew Crouse (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, (b) the parties agreed to vote in favor
of the election of Arthur D. Lipson, Robert Ferguson and Matthew Crouse (the
"Nominees") and to solicit proxies or written consents for the election of the
Nominees, or any other person(s) nominated by WILLC as Directors of the Issuer
at the Annual Meeting (the "Solicitation"), and (c) 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 Joint Filing Agreement is attached hereto as
Exhibit 3 and is incorporated herein by reference.
Item 7 is hereby amended to add the following exhibits:
2. Director Nomination Letter from WILLC to the Issuer, dated March
15, 2007.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 16 of 40 Pages
---------------------- ----------------------
3. Joint Filing and Solicitation Agreement by and among WILLC,
Arthur D. Lipson, WIHP, WIAP, WITR, BPIP, BPP, BPM, Robert
Ferguson, Scott Franzblau and Matthew Crouse, dated March 15,
2007.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 17 of 40 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: March 19, 2007 WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
-------------------------------------------
Name: Arthur D. Lipson
Title: Managing 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
/s/ Arthur D. Lipson
----------------------------------------------
ARTHUR D. LIPSON
/s/ Matthew Crouse
----------------------------------------------
MATTHEW CROUSE
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 18 of 40 Pages
---------------------- ----------------------
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Scott Franzblau
-------------------------------------------
Name: Scott Franzblau
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Scott Franzblau
-------------------------------------------
Name: Scott Franzblau
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
/s/ Robert Ferguson
----------------------------------------------
ROBERT FERGUSON
/s/ Scott Franzblau
----------------------------------------------
SCOTT FRANZBLAU
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 19 of 40 Pages
---------------------- ----------------------
SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 1 to the Schedule 13D
Shares of Common Stock Price Per Date of
Purchased/(Sold) Share($) Purchase/Sale
---------------- -------- -------------
WESTERN INVESTMENT HEDGED PARTNERS L.P.
---------------------------------------
10,000 14.3848 03/01/07
6,800 14.3400 03/07/07
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
----------------------------------------
None
WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
------------------------------------------------
None
WESTERN INVESTMENT LLC
----------------------
None
ARTHUR D. LIPSON
----------------
None
BENCHMARK INSTITUTIONAL PARTNERS, L.L.C.
----------------------------------------
None
BENCHMARK PLUS PARTNERS, L.L.C.
-------------------------------
5,300 14.4100 03/12/07
1,900 14.3403 03/13/07
BENCHMARK PLUS MANAGEMENT, L.L.C.
---------------------------------
None
SCOTT FRANZBLAU
---------------
None
ROBERT FERGUSON
---------------
None
MATTHEW CROUSE
--------------
None
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 20 of 40 Pages
---------------------- ----------------------
SCHEDULE B
DIRECTORS AND OFFICERS OF WESTERN INVESTMENT TOTAL RETURN MASTER FUND LTD.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Don M. Seymour Businessperson dms Management Ltd.
Director dms Management Ltd. PO Box 31910SMB
George Town, Grand Cayman
Cayman Islands
David Bree Businessperson dms Management Ltd.
Director dms Management Ltd. PO Box 31910SMB
George Town, Grand Cayman
Cayman Islands
J.D. Clark & Co. Trust Company 2425 Lincoln Ave.
Secretary Ogden, Utah 84401
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 21 of 40 Pages
---------------------- ----------------------
EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement by and among Western --
Investment LLC, Arthur D. Lipson, Western
Investment Hedged Partners L.P., Western
Investment Activism Partners LLC, Western
Investment Total Return Master Fund, Ltd.,
Benchmark Plus Institutional Partners, L.L.C.,
Benchmark Plus Partners, L.L.C., Benchmark Plus
Management, L.L.C., Scott Franzblau, and Robert
Ferguson, dated February 23, 2007 (previously
filed).
2. Director Nomination Letter from WILLC to the 22 to 36
Issuer, dated March 15, 2007.
3. Joint Filing and Solicitation Agreement by and 37 to 40
among WILLC, Arthur D. Lipson, WIHP, WIAP, WITR,
BPIP, BPP, BPM, Robert Ferguson, Scott Franzblau
and Matthew Crouse, dated March 15, 2007.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 22 of 40 Pages
---------------------- ----------------------
EXHIBIT 2
WESTERN INVESTMENT LLC
7050 S. UNION PARK CENTER, SUITE 590
MIDVALE, UTAH 84047
March 15, 2007
BY FEDERAL EXPRESS
Pioneer Tax Advantaged Balanced Trust
60 State Street
Boston, Massachusetts 02109
Attn: Corporate Secretary
Re: NOTICE OF INTENTION TO NOMINATE INDIVIDUALS FOR ELECTION AS TRUSTEES AT
THE ANNUAL MEETING OF STOCKHOLDERS OF PIONEER TAX ADVANTAGED BALANCED
TRUST.
Dear Sir or Madam:
This letter shall serve to satisfy the advance notice requirements of
Article III, Section 7 of the Bylaws (the "Bylaws") of Pioneer Tax Advantaged
Balanced Trust ("PBF") as to the nomination by Western Investment LLC ("Western
Investment" or the "Nominating Stockholder") of three (3) nominees for election
to the Board of Trustees of PBF (the "PBF Board") at the 2007 annual meeting of
stockholders of PBF, or any other meeting of stockholders held in lieu thereof,
and any adjournments, postponements, reschedulings or continuations thereof (the
"Annual Meeting").
This letter and all Exhibits attached hereto are collectively referred to
as the "Notice." Western Investment is the beneficial owner of 1,662,841 shares
of common stock, no par value (the "Common Stock"), of PBF, 1,000 shares of
which are held of record by Western Investment. Through this Notice, Western
Investment hereby nominates and notifies you of its intent to nominate Arthur D.
Lipson and Robert Ferguson (together, the "Common/Preferred Shares Nominees")
and Matthew Crouse (the "Preferred Shares Nominee") as nominees (each a
"Nominee" and collectively the "Nominees") to be elected to the PBF Board at the
Annual Meeting. The Nominating Stockholder believes that, of the three (3) Class
I Trustees whose terms expire at the annual meeting, two (2) are eligible for
election by holders of shares of Common Stock and preferred stock ("Preferred
Stock") of PBF, voting together as a class. The Common/Preferred Shares Nominees
are being nominated for election as the two (2) Class I Trustees that are
eligible to be elected by holders of shares of Common Stock and Preferred Stock,
voting together as a class. The Preferred Shares Nominee is being nominated for
election as the one (1) Class I Trustee eligible to be elected by the holders of
shares of Preferred Stock. If in fact there are more than three (3) trustees
eligible for election or the above beliefs are not accurate, the Nominating
Stockholder reserves the right to nominate such number of additional trustees
eligible for election at the Annual Meeting or to redesignate the Nominees named
herein between the Preferred Shares Nominee and the Common/Preferred Shares
Nominees. Any additional nominations made pursuant to the preceding sentence are
without prejudice to the position of Western Investment that any attempt by PBF
to increase the size of the PBF board or to reconstitute or reconfigure the
classes on which the current trustees serve would constitute an unlawful
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 23 of 40 Pages
---------------------- ----------------------
manipulation of PBF's corporate machinery. 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 Annual 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.
The information concerning the Nominees and the stockholders and
beneficial owners (the "Stockholders") on whose behalf the nominations are being
made, as required by Article III, Section 7 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 xxxx
(Age 64) 7050 S. Union Park Center, xxxx
Suite 590
Midvale, Utah 84047
Robert Ferguson 820 A Street, Suite 700 xxxx
(Age 50) Tacoma, Washington 98402 xxxx
Matthew S. Crouse c/o Western Investment LLC xxxx
(Age 35) 7050 S. Union Park Center, xxxx
Suite 590
Midvale, Utah 84047
(ii) CLASS AND NUMBER OF SHARES OF STOCK OF PBF THAT ARE BENEFICIALLY OWNED AND
OWNED OF RECORD BY THE NOMINEES:
Name Class Number and Type of Ownership
---- ------ ----------------------------
Arthur D. Lipson Common Stock, As the sole managing member of Western
no par value Investment, Mr. Lipson may be deemed
to beneficially own the 1,662,841
shares of Common Stock beneficially
owned by Western Investment. Western
Investment, as general partner of
Western Investment Hedged Partners
L.P. ("WIHP"), managing member of
Western Investment Activism Partners
LLC ("WIAP") and investment manager of
Western Investment Total Return Master
Fund, Ltd. ("WITR"), may be deemed to
beneficially own the 1,661,841 shares
of Common Stock beneficially owned in
the aggregate by WIHP, WIAP and WITR,
as well as the 1,000 shares held of
record by Western Investment.
Robert Ferguson Common Stock, As a managing member of Benchmark Plus
no par value Management L.L.C. ("BPM"), Mr.
Ferguson may be deemed to beneficially
own the 1,164,960 Shares beneficially
owned by BPM. As the managing member
of Benchmark Plus Institutional
Partners, L.L.C. ("BPIP") and
Benchmark Plus Partners, L.L.C.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 24 of 40 Pages
---------------------- ----------------------
("BPP"), BPM may be deemed to
beneficially own the 1,164,960 Shares
beneficially owned in the aggregate by
BPIP and BPP.
Matthew S. Crouse N/A None
(iii) ALL INFORMATION RELATING TO THE NOMINEES THAT IS REQUIRED TO BE DISCLOSED
IN SOLICITATIONS OF PROXIES FOR ELECTION OF TRUSTEES IN AN ELECTION CONTEST, OR
IS OTHERWISE REQUIRED, IN EACH CASE PURSUANT TO REGULATION 14A UNDER THE
EXCHANGE ACT:
ARTHUR D. LIPSON has been managing private investment partnerships since
1995. He has been the sole managing member of Western Investment LLC, a
Delaware limited liability company that has acted as the general partner,
managing member or investment manager, as the case may be, of private
investment partnerships in the Western Investment funds since 1997.
Western Investment specializes in investing in undervalued companies. Mr.
Lipson has additional substantial experience in sales and trading and
research, including previously 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.
ROBERT FERGUSON has served as a principal of Benchmark Plus Management,
L.L.C., the managing member of BPP, since 1997. BPP is in the business of
acquiring, holding and disposing of investments in various companies. Mr.
Ferguson received a Master of Business Administration degree from The
Wharton School of Business, University of Pennsylvania and a Bachelor of
Science degree in Business Administration from Oregon State University
MATTHEW S. CROUSE has served as a portfolio manager at Western Investment
since February 2003. From January 2002 to January 2003, he served as the
Manager of Market Risk Control for Duke Energy, a utility company with an
affiliated real estate operation. From June 2000 to December 2001, he
served as Manager/Director of Research for The New Power Company, a retail
energy supplier. Mr. Crouse received a Ph.D. in Electrical Engineering
from Rice University and a Masters of Business Administration from the
University of Houston.
For information regarding transactions during the past two years of
securities of PBF by the Nominees and the other persons and entities
anticipated to be participants in the Joint Filing and Solicitation
Agreement (as defined below), please see EXHIBIT A.
The information provided above has been furnished to Western Investment
and Mr. Lipson by the Nominees. The Nominees are citizens of the United
States of America. None of the Nominees are "interested persons" of the
Company within the meaning of Section 2(a)(19) of the Investment Company
Act of 1940
As of March 15, 2007, the dollar range of shares of the Company
beneficially owned by each Nominee is as follows:
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 25 of 40 Pages
---------------------- ----------------------
Aggregate Dollar Range
of Equity Securities in
Dollar Range of Equity All Funds to be
Name of Nominee Securities in Pbf Overseen by Nominee
Arthur D. Lipson Over $100,000 Over $100,000
Robert Ferguson Over $100,000 Over $100,000
Matthew S. Crouse -- --
(iv) THE NAME AND ADDRESS OF THE STOCKHOLDER GIVING NOTICE, AS BELIEVED TO
APPEAR ON PBF'S STOCK LEDGER AND CURRENT NAME AND ADDRESS
Stockholders Name / Address On Stock Ledger Current Name / Address (If
------------ ------------------------------ --------------------------
Giving the Notice Different)
----------------- ----------
Western Investment Western Investment LLC 7050 S. Union Park Center
LLC c/o American Stock Transfer & Suite 590
Trust Company Midvale, Utah 84047
59 Maiden Lane
Plaza Level
New York, NY 10038
(v) CLASS AND NUMBER OF SHARES OF STOCK OF PBF THAT ARE OWNED BENEFICIALLY AND
OF RECORD BY THE STOCKHOLDERS GIVING THE NOTICE:
Name Class Number and Type of Ownership
---- ----- ----------------------------
Western Investment LLC Common Stock, 1,000 shares owned of record
no par value
Western Investment, as general
partner WIHP, managing member of
WIAP and investment manager of WITR,
may be deemed to beneficially own
the 1,661,841 shares of Common Stock
beneficially owned in the aggregate
by WIHP, WIAP and WITR.
On March 15, 2007, Western Investment, WIAP, WIHP, WITR, Arthur D. Lipson,
Matthew S. Crouse, BPIP, BPP, BPM, Scott Franzblau and Robert Ferguson
(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 PBF, (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 Western Investment at the
Annual Meeting (the "Solicitation"), (c) Western Investment agreed to indemnify
and hold Matthew S. Crouse and Robert Ferguson harmless from and against any and
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 26 of 40 Pages
---------------------- ----------------------
all claims of any nature, whenever brought, arising from such Nominee's
nomination for election as trustee of PBF, and the Solicitation, and (d) Western
Investment 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 PBF 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 herein, there are no arrangements or understandings
between Western Investment and the Nominees 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 Annual Meeting and to serve as a trustee
of PBF, 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 PBF; (iii) no Nominee owns any
securities of PBF which are owned of record but not beneficially; (iv) no
Nominee has purchased or sold any securities of PBF during the past two years;
(v) no part of the purchase price or market value of the securities of PBF 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 PBF, 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 PBF; (viii) no Nominee owns
beneficially, directly or indirectly, any securities of any parent or subsidiary
of PBF; (ix) no Nominee or any of his/her associates was a party to any
transaction, or series of similar transactions, since the beginning of PBF's
last fiscal year, or is a party to any currently proposed transaction, or series
of similar transactions, to which PBF or any of its subsidiaries was or is to be
a party, in which the amount involved exceeds $120,000; and (x) no Nominee or
any of his/her associates has any arrangement or understanding with any person
with respect to any future employment by PBF or its affiliates, or with respect
to any future transactions to which PBF or any of its affiliates will or may be
a party.
A representative of Western Investment intends to appear in person or by
proxy at the Annual Meeting to nominate the persons specified in this Notice for
election to the PBF Board.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 27 of 40 Pages
---------------------- ----------------------
Please address any correspondence to Western Investment LLC, Attention:
Arthur D. Lipson, telephone (801) 568-1400, facsimile (801) 568-1417 (with a
copy to our counsel, Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue
Tower, 65 East 55th Street, New York, New York 10022, Attention: Steven Wolosky,
Esq., telephone (212) 451-2333, facsimile (212) 451-2222). The giving of this
Notice is not an admission that any procedures for notice concerning the
nomination of trustees to the PBF Board are legal, valid or binding, and Western
Investment reserves the right to challenge their validity.
Very truly yours,
WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
------------------------------
Name: Arthur D. Lipson
Title: Managing Member
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 28 of 40 Pages
---------------------- ----------------------
EXHIBIT A
TRANSACTIONS IN THE COMMON STOCK OF PBF
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
Western Investment Hedged Partners, L.P.
----------------------------------------
Buy 500 03/15/05 12.9185
Buy 1,800 03/23/05 12.4725
Sell 1,900 03/30/05 12.9636
Sell 100 03/30/05 12.9636
Sell 400 04/01/05 13.1356
Sell 900 04/01/05 13.1355
Sell 1,500 04/04/05 12.9418
Sell 500 04/04/05 12.9418
Sell 1,500 04/05/05 13.1543
Sell 1,200 04/08/05 13.0778
Buy 1,200 05/12/05 12.8585
Buy 1,400 05/17/05 12.8185
Buy 500 05/18/05 12.9185
Buy 1,000 05/24/05 12.9135
Sell 900 06/24/05 13.5209
Sell 300 06/24/05 13.5209
Sell 900 07/08/05 13.7542
Sell 1,400 07/08/05 13.7542
Sell 1,300 08/01/05 13.6966
Sell 1,000 08/01/05 13.6966
Sell 2,900 08/08/05 13.5843
Sell 500 08/09/05 13.6309
Sell 1,000 08/11/05 13.5009
Sell 700 04/06/06 12.8890
Sell 1,100 04/06/06 12.8890
Buy 2,000 04/13/06 12.4075
Buy 2,000 04/28/06 12.3300
Buy 25,000 07/11/06 12.3975
Buy 8,600 07/14/06 12.3143
Buy 32,900 07/17/06 12.3135
Buy 3,000 07/18/06 12.3383
Sell 2,000 09/28/06 13.2496
Sell 25,000 09/28/06 13.2496
Sell 8,600 09/28/06 13.2496
Sell 30,400 09/28/06 13.2496
Buy 17,900 10/04/06 13.3155
Buy 33,100 10/05/06 13.3290
Buy 2,400 10/06/06 13.2992
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 29 of 40 Pages
---------------------- ----------------------
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
Buy 9,200 10/09/06 13.2904
Buy 20,500 10/10/06 13.3149
Buy 7,800 10/12/06 13.3541
Buy 3,500 10/13/06 13.3279
Buy 1,200 10/16/06 13.3608
Buy 16,100 10/17/06 13.3395
Buy 5,900 10/18/06 13.3747
Buy 5,200 10/24/06 13.3969
Buy 31,900 10/31/06 13.5629
Buy 7,000 12/06/06 13.8630
Buy 3,700 12/07/06 13.9077
Buy 41,559 12/15/06 13.9522
Buy 10,000 12/18/06 13.9426
Sell 600 12/18/06 13.9462
Buy 61,000 12/19/06 13.9312
Buy 1,500 12/20/06 13.9297
Buy 22,433 12/21/06 13.9643
Buy 1,000 12/26/06 14.0650
Buy 14,800 12/29/06 14.0031
Buy 48,400 01/03/07 14.0203
Buy 16,400 01/04/07 14.0045
Buy 33,747 01/19/07 14.1461
Sell 700 01/19/07 14.2011
Buy 16,200 01/22/07 14.1848
Buy 2,900 01/23/07 14.1710
Buy 251,000 01/23/07 14.1800
Sell 300 01/24/07 14.1477
Sell 500 01/24/07 14.1611
Buy 100,000 01/26/07 14.2501
Buy 10,000 03/01/07 14.3848
Buy 6,800 03/07/07 14.3400
Western Investment Activism Partners LLC
----------------------------------------
Buy 45,900 07/19/06 12.4370
Buy 11,700 07/28/06 12.6418
Buy 11,000 08/02/06 12.6990
Buy 12,700 08/09/06 12.8262
Buy 2,400 08/11/06 12.7992
Buy 6,100 08/14/06 12.8120
Buy 100 08/15/06 12.9550
Sell 25,500 09/28/06 13.2496
Sell 20,400 09/28/06 13.2496
Sell 11,700 09/28/06 13.2496
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 30 of 40 Pages
---------------------- ----------------------
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
Sell 11,000 09/28/06 13.2496
Sell 6,900 09/28/06 13.2496
Buy 20,400 10/03/06 13.2655
Buy 19,400 10/20/06 13.3642
Buy 3,600 10/23/06 13.3878
Buy 9,900 11/01/06 13.6066
Buy 9,300 11/02/06 13.5376
Buy 9,400 11/03/06 13.4860
Buy 2,700 11/06/06 13.5687
Buy 20,200 11/07/06 13.6151
Buy 2,800 11/08/06 13.6040
Buy 200 11/10/06 13.6550
Buy 5,600 11/16/06 13.6234
Buy 26,900 11/17/06 13.6463
Buy 17,700 11/20/06 13.6445
Buy 10,800 11/22/06 13.6578
Buy 4,300 11/29/06 13.7173
Buy 6,500 12/04/06 13.8465
Buy 8,600 12/05/06 13.8662
Buy 7,000 12/06/06 13.8630
Buy 3,700 12/07/06 13.9077
Buy 22,200 12/12/06 13.8964
Buy 64,600 12/13/06 13.9466
Buy 31,502 12/14/06 13.9466
Buy 3,700 12/28/06 13.9677
Buy 1,000 01/05/07 13.9950
Buy 1,600 01/08/07 13.9113
Buy 5,400 01/09/07 13.9775
Buy 6,900 01/10/07 13.9993
Buy 10,800 01/11/07 14.0480
Buy 12,600 01/12/07 14.0442
Buy 40,000 01/16/07 14.0503
Buy 22,200 01/17/07 14.0938
Buy 41,700 01/18/07 14.1231
Buy 16,300 01/22/07 14.1848
Buy 2,800 01/23/07 14.1712
Buy 251,000 01/23/07 14.1800
Buy 100,000 01/26/07 14.2501
Western Investment Institutional Partners LLC
---------------------------------------------
Buy 500 03/15/05 12.9185
Buy 1,700 03/23/05 12.4725
Sell 1,900 03/30/05 12.9636
Sell 100 03/30/05 12.9636
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 31 of 40 Pages
---------------------- ----------------------
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
Sell 400 04/01/05 13.1356
Sell 900 04/01/05 13.1355
Sell 1,500 04/04/05 12.9418
Sell 500 04/04/05 12.9418
Sell 1,500 04/05/05 13.1543
Sell 1,100 04/08/05 13.0771
Buy 1,100 05/12/05 12.8585
Buy 700 05/13/05 12.8285
Buy 1,400 05/17/05 12.8185
Buy 1,000 05/24/05 12.9135
Sell 800 06/24/05 13.5209
Sell 300 06/24/05 13.5209
Sell 800 07/08/05 13.7542
Sell 700 07/08/05 13.7542
Sell 700 07/08/05 13.7542
Sell 1,400 08/01/05 13.6966
Sell 900 08/01/05 13.6966
Sell 3,000 08/08/05 13.5844
Sell 500 08/09/05 13.6309
Sell 200 08/11/05 13.5010
Sell 800 08/11/05 13.5009
Buy 2,000 09/16/05 12.9085
Buy 500 10/13/05 12.2185
Buy 4,000 10/14/05 12.2610
Buy 5,000 10/17/05 12.2525
Buy 2,000 12/28/05 12.2275
Buy 5,400 12/29/05 12.3581
Buy 8,600 07/14/06 12.3143
Buy 32,900 07/17/06 12.3135
Sell 200 08/23/06 12.9111
Sell 2,000 08/23/06 12.9111
Sell 500 08/23/06 12.9111
Sell 1,400 08/23/06 12.9111
Sell 2,600 08/24/06 12.9105
Sell 600 08/24/06 12.9105
Sell 2,300 08/25/06 12.9685
Sell 2,100 08/29/06 12.9862
Sell 2,000 08/29/06 12.9862
Sell 1,000 08/29/06 12.9862
Sell 4,300 08/30/06 13.0211
Sell 8,600 09/28/06 13.2496
Sell 32,900 09/28/06 13.2496
Sell 500 10/13/06 13.4246
Sell 100 12/18/06 13.9045
Sell 200 12/18/06 13.9517
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 32 of 40 Pages
---------------------- ----------------------
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
Sell 3,200 12/18/06 13.9516
Western Investment Total Return Master Fund, Ltd.
-------------------------------------------------
Buy 13,400 02/23/07 14.4749
Western Investment LLC
----------------------
Buy 1,000 12/15/06 13.9585
Benchmark Plus Institutional Partners, L.L.C..
----------------------------------------------
Buy 47,000 07/25/06 12.5297
Buy 39,200 07/26/06 12.5546
Buy 8,200 08/17/06 12.8746
Buy 49,400 08/21/06 12.8925
Buy 3,800 08/28/06 13.0118
Buy 25,500 08/29/06 12.9858
Buy 19,800 08/31/06 13.0285
Buy 1,100 09/05/06 13.0641
Buy 2,300 09/08/06 12.9993
Buy 1,000 09/11/06 13.0150
Buy 9,500 09/20/06 13.0849
Buy 15,100 09/25/06 13.1757
Buy 91,500 09/28/06 13.2500
Buy 17,400 01/24/07 14.1870
Buy 100,000 01/26/07 14.2501
Buy 10,600 01/29/07 14.2565
Buy 9,300 01/29/07 14.2376
Buy 58,260 01/30/07 14.2747
Buy 14,500 02/06/07 14.4187
Buy 5,600 02/07/07 14.4368
Buy 9,500 02/13/07 14.3683
Buy 45,200 02/14/07 14.4563
Buy 9,700 02/15/07 14.4441
Buy 8,500 02/16/07 14.4542
Buy 11,200 02/20/07 14.4950
Buy 12,200 02/21/07 14.4725
Buy 9,400 02/22/07 14.4661
Buy 15,800 02/23/07 14.4591
Benchmark Plus Partners, L.L.C.
-------------------------------
Buy 2,500 07/20/06 12.4690
Buy 17,800 07/21/06 12.4443
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 33 of 40 Pages
---------------------- ----------------------
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
Buy 5,800 07/24/06 12.5060
Buy 2,900 07/27/06 12.5984
Buy 3,500 07/31/06 12.6679
Buy 15,800 08/03/06 12.7165
Buy 4,600 08/04/06 12.7796
Buy 32,300 08/07/06 12.8032
Buy 10,100 08/08/06 12.8138
Buy 10,300 08/18/06 12.9016
Buy 10,600 08/22/06 12.9166
Buy 15,000 08/23/06 12.8922
Buy 47,200 08/24/06 12.9190
Buy 35,200 08/25/06 12.9495
Buy 6,900 08/30/06 13.0097
Buy 400 09/06/06 13.0400
Buy 10,300 09/07/06 12.9862
Buy 91,500 09/28/06 13.2500
Buy 17,300 01/24/07 14.1870
Buy 100,000 01/26/07 14.2501
Buy 10,500 01/29/07 14.2566
Buy 9,200 01/29/07 14.2376
Buy 22,100 01/31/07 14.3027
Buy 7,600 02/08/07 14.4463
Buy 8,300 02/09/07 14.4330
Buy 9,500 02/13/07 14.3683
Buy 5,300 03/12/07 14.4100
Benchmark Plus Management, L.l.c.
---------------------------------
None
Arthur D. Lipson
----------------
None
Scott Franzblau
---------------
None
Robert Ferguson
---------------
None
Matthew Crouse
--------------
None
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 34 of 40 Pages
---------------------- ----------------------
EXHIBIT B
CONSENTS OF NOMINEES
ARTHUR D. LIPSON
WESTERN INVESTMENT LLC
7050 S. UNION PARK CENTER, SUITE 590
MIDVALE, UTAH 84047
March 15, 2007
Pioneer Tax Advantaged Balanced Trust
60 State Street
Boston, Massachusetts 02109
Attn: Corporate Secretary
Dear Madam:
You are hereby notified that the undersigned consents to (i) being named
as a nominee in the notice provided by Western Investment LLC ("Western") of its
intention to nominate the undersigned as a director of Pioneer Tax Advantaged
Balanced Trust ("PBF") at the 2007 annual meeting of stockholders, or any other
meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof (the "Annual Meeting"),
(ii) being named as a nominee in any proxy statement filed by Western in
connection with the solicitation of proxies or written consents for election of
the undersigned at the Annual Meeting, and (iii) serving as a director of PBF if
elected at the Annual Meeting.
Very truly yours,
Arthur D. Lipson
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 35 of 40 Pages
---------------------- ----------------------
ROBERT FERGUSON
BENCHMARK PLUS MANAGEMENT, L.L.C.
820 A STREET, SUITE 700
TACOMA, WASHINGTON 98402
March 13, 2007
Pioneer Tax Advantaged Balanced Trust
60 State Street
Boston, Massachusetts 02109
Attn: Corporate Secretary
Dear Madam:
You are hereby notified that the undersigned consents to (i) being named
as a nominee in the notice provided by Western Investment LLC ("Western") of its
intention to nominate the undersigned as a director of Pioneer Tax Advantaged
Balanced Trust ("PBF") at the 2007 annual meeting of stockholders, or any other
meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof (the "Annual Meeting"),
(ii) being named as a nominee in any proxy statement filed by Western in
connection with the solicitation of proxies or written consents for election of
the undersigned at the Annual Meeting, and (iii) serving as a director of PBF if
elected at the Annual Meeting.
Very truly yours,
Robert Ferguson
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 36 of 40 Pages
---------------------- ----------------------
MATTHEW CROUSE
WESTERN INVESTMENT LLC
7050 S. UNION PARK CENTER, SUITE 590
MIDVALE, UTAH 84047
March 15, 2007
Pioneer Tax Advantaged Balanced Trust
60 State Street
Boston, Massachusetts 02109
Attn: Corporate Secretary
Dear Madam:
You are hereby notified that the undersigned consents to (i) being named
as a nominee in the notice provided by Western Investment LLC ("Western") of its
intention to nominate the undersigned as a director of Pioneer Tax Advantaged
Balanced Trust ("PBF") at the 2007 annual meeting of stockholders, or any other
meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof (the "Annual Meeting"),
(ii) being named as a nominee in any proxy statement filed by Western in
connection with the solicitation of proxies or written consents for election of
the undersigned at the Annual Meeting, and (iii) serving as a director of PBF if
elected at the Annual Meeting.
Very truly yours,
Matthew Crouse
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 37 of 40 Pages
---------------------- ----------------------
EXHIBIT 3
JOINT FILING AND SOLICITATION AGREEMENT
WHEREAS, certain of the undersigned are stockholders, direct or
beneficial, of Pioneer Tax Advantaged Balanced Trust, a Delaware trust ("PBF");
WHEREAS, Western Investment LLC ("Western Investment"), Western Investment
Hedged Partners, L.P., Western Investment Activism Partners LLC, Western
Investment Total Return Master Fund, Ltd., Arthur D. Lipson, Matthew Crouse,
Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus Management,
L.L.C., Benchmark Plus Partners, L.L.C., Scott Franzblau and Robert Ferguson
wish to form a group for the purpose of seeking representation on the Board of
Directors of PBF;
WHEREAS, Western Investment intends to nominate Arthur D. Lipson, Matthew
Crouse and Robert Ferguson as nominees to be elected to the Board of Directors
of PBF at the 2007 annual meeting of stockholders of PBF, or any other meeting
of stockholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof (the "Annual Meeting").
NOW, IT IS AGREED, this 15th day of March 2007 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 PBF 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 PBF or (ii)
any securities of PBF 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, Matthew Crouse and Robert Ferguson, or any
other person(s) nominated by Western Investment, to the Board of Directors of
PBF at the Annual 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 Annual 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. 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, or to constitute an indemnification.
Nothing herein shall restrict any party's right to purchase or sell securities
of PBF, 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.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 38 of 40 Pages
---------------------- ----------------------
6. 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.
7. 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.
8. 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.
9. Each party acknowledges that Olshan shall act as counsel for both the
Group and Western Investment.
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 39 of 40 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: Managing 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 Member
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 General Partner
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Scott Franzblau
-------------------------------------------
Name: Scott Franzblau
Title: Managing Member
---------------------- ----------------------
CUSIP No. 72388R101 13D Page 40 of 40 Pages
---------------------- ----------------------
BENCHMARK PLUS PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its General Partner
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Scott Franzblau
-------------------------------------------
Name: Scott Franzblau
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Robert Ferguson
-------------------------------------------
Name: Robert Ferguson
Title: Managing Member
/s/ Arthur D. Lipson
----------------------------------------------
ARTHUR D. LIPSON
/s/ Robert Ferguson
----------------------------------------------
SCOTT FRANZBLAU
/s/ Robert Ferguson
----------------------------------------------
ROBERT FERGUSON
/s/ Matthew Crouse
----------------------------------------------
MATTHEW CROUSE