Sec Form 4 Filing - Glacier Peak Capital LLC @ VOLT INFORMATION SCIENCES, INC. - 2019-12-23

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Glacier Peak Capital LLC
2. Issuer Name and Ticker or Trading Symbol
VOLT INFORMATION SCIENCES, INC. [ VISI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director X __ 10% Owner
_____ Officer (give title below) X __ Other (specify below)
See Footnote 2
(Last) (First) (Middle)
1300 114TH AVE SE SUITE 220
3. Date of Earliest Transaction (MM/DD/YY)
12/23/2019
(Street)
BELLEVUE, WA98004
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.10 Par Value ( 1 ) ( 2 ) 12/23/2019 J( 3 )( 5 ) 280,517 D ( 3 ) ( 5 ) 2,126,067 D ( 4 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Glacier Peak Capital LLC
1300 114TH AVE SE SUITE 220
BELLEVUE, WA98004
X See Footnote 2
Signatures
Glacier Peak U.S. Value Fund, L.P.; By: Glacier Peak Capital LLC; By: /s/ Mike Boroughs, as Chief Compliance Officer 12/26/2019
Signature of Reporting Person Date
Glacier Peak Capital LLC; By: /s/ Mike Boroughs, as Chief Compliance Officer 12/26/2019
Signature of Reporting Person Date
Fortis Capital Management LLC; By: Fortis Holdings LLC; By: /s/ Mike Boroughs, Authorized Signatory 12/26/2019
Signature of Reporting Person Date
Fortis Holdings LLC; By: /s/ Mike Boroughs, Authorized Signatory 12/26/2019
Signature of Reporting Person Date
By: /s/ Mike Boroughs 12/26/2019
Signature of Reporting Person Date
By: /s/ Paul Misleh 12/26/2019
Signature of Reporting Person Date
By: /s/ James Rudolf 12/26/2019
Signature of Reporting Person Date
Explanation of Responses:
( 1 )This Form 4 is filed jointly by Glacier Peak U.S. Value Fund, L.P. (the "Fund"), Glacier Peak Capital LLC ("GPC"), Fortis Capital Management LLC ("FCM"), Fortis Holdings LLC ("Fortis Holdings"), Mike Boroughs, Paul Misleh and James Rudolf (collectively, the "Reporting Persons"). This Form 4 is being filed to reflect the disbanding of a reporting group with John C. Rudolf, which occurred on December 23, 2019.
( 2 )Each Reporting Person was a member of a reporting group that previously owned in the aggregate more than 10% of the Issuer's outstanding shares of Common Stock. As a result of the disbanding of the reporting group, no Reporting Person individually owns more than 10% of the Issuer's outstanding shares of Common Stock nor remains subject to Section 16. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such shares of Common Stock for purposes of Section 16 or for any other purpose.
( 3 )There was no such actual transaction in the shares of Common Stock, but rather a disbandment of the reporting group, which resulted in certain shares no longer being reflected in this Form 4.
( 4 )2,022,457 shares of Common Stock are beneficially owned directly by GPC and 103,610 shares are beneficially owned directly by FCM. Each of GPC and FCM are directly owned by Fortis Holdings and therefore Fortis Holdings is deemed to beneficially own the reported shares. Messrs. Boroughs, Misleh and James Rudolf, as Managing Partners of both GPC and FCM, may be deemed to share voting and dispositive power over the reported shares.
( 5 )As a result of the disbanding of the group, the shares of Common Stock held in Mr. John C. Rudolf's personal name as well as shares he may have been deemed to beneficially own on behalf of his wife and children are no longer reflected in this Form 4. Certain shares controlled by GPC for the benefit of Mr. John Rudolf currently remain with GPC.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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