Paul Hutchison Saunders

James River Capital Corp. (James River) is an independent hedge fund manager headquartered in Manakin Sabot, Virginia. The firm was founded in 1986 as KP Futures Management Corp. and served as the alternative investment department of Kidder, Peabody & Co., Inc. They became an independent investment firm in 1995, when Paul Saunders and Kevin Brandt, the two senior officers in the department, acquired the business from Kidder, concurrent with the acquisition of Kidder by Paine Webber. James River sponsors and serves as discretionary investment adviser to private investment funds that are currently offered only to high net-worth, financially sophisticated institutional and individual investors.

Hudson Bay Capital Management LP (Hudson Bay Capital) is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by Sander Gerber and Yoav Roth in 2005. Hudson Bay Capital provides investment management services on a discretionary basis to privately offered investment vehicles. The Fund investors generally consist of institutions, “funds of funds” and high net-worth families and individuals.