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<SEC-DOCUMENT>0001398432-11-000035.txt : 20110119
<SEC-HEADER>0001398432-11-000035.hdr.sgml : 20110119
<ACCEPTANCE-DATETIME>20110119142211
ACCESSION NUMBER:		0001398432-11-000035
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110119
DATE AS OF CHANGE:		20110119
GROUP MEMBERS:		PAR CAPITAL MANAGEMENT, INC.
GROUP MEMBERS:		PAR GROUP, L.P.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36739
		FILM NUMBER:		11535387

	BUSINESS ADDRESS:	
		STREET 1:		500 E 8TH AVE
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		500 E 8TH AVE
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR INVESTMENT PARTNERS LP
		CENTRAL INDEX KEY:			0001066867
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O PAR CAPITAL MGT
		STREET 2:		ONE INTERNATIONAL PLACE, SUITE 2401
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175268964

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE, SUITE 2400
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>i11182.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Orbitz 13D</TITLE>
<META NAME="author" CONTENT="WOLLINR">
<META NAME="date" CONTENT="07/29/2009">
</HEAD>
<BODY leftmargin="25" topmargin="25"style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:720px"><P style="margin-top:0px; margin-bottom:8.867px; padding-bottom:4px; border-bottom:12px double #000000" align=right><BR></P>

<P style="margin:0px" align=center><BR></P>

<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="line-height:18pt; margin-top:10.667px; margin-bottom:0px; font-size:16pt" align=center><B>SCHEDULE 13D</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>(Rule 13d-101)</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32.667px; text-indent:-32.667px; font-family:Times New Roman Bold; font-size:12pt" align=center><B>INFORMATION TO BE INCLUDED IN STATEMENTS<br>FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS<br>THERETO FILED PURSUANT TO RULE 13d-2(a)</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><b>(Amendment No. 4)*</b></P>

<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Pure Cycle Corporation</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>(Name of Issuer)</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; font-size:12pt" align=center><B><U>Common Stock, Par Value 1/3 of $0.01 Per Share</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>(Title of Class of Securities)</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; font-size:12pt" align=center><B><U>746228303</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>(CUSIP number)</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; font-size:12pt" align=center><B>PAR Capital Management, Inc.</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Attention: Steven M. Smith</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>One International Place</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Suite 2041</B></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Boston, MA 02110</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>(617) 556-8990</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>&nbsp;(Name, Address and Telephone Number of Person</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Authorized to Receive Notices and Communications)</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; font-size:12pt" align=center><B><U>January 11, 2011</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>(Date of Event which Requires Filing of this Statement)</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; padding-left:0px; font-size:10pt; text-indent:24px" align="left">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: &nbsp;[ &nbsp;&nbsp;].</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; padding-left:0px; font-size:10pt; text-indent:24px" align="left"><i>Note:</i> 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.</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; padding-left:0px; font-size:10pt; text-indent:24px" align="left">* The remainder of this cover page shall be filled out for a reporting person&#146;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.</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; padding-left:0px; font-size:10pt; text-indent:24px" align="left">The information required on the remainder of this cover page shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#147;Act&#148;) 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).</P>


<P style="line-height:14pt; margin-top:8px; margin-bottom:0px; font-size:10pt" align=center>&nbsp;(Continued on following pages)</P>
<P style="line-height:14pt; margin-top:8px; margin-bottom:0px; font-size:10pt" align=center>(Page 1 of 8 Pages)</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:12px double #000000"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
</DIV><DIV style="width:720px"><P style="margin:0px; page-break-before:always" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=158.6></TD><TD width=93.067></TD><TD width=290.933></TD><TD width=134.333></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=158.6><P>&nbsp;</P></TD><TD valign=top width=384 colspan=2><P style="margin:0px" align=center><B>SCHEDULE 13D</B></P>
</TD><TD valign=top width=134.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=283.867 colspan=3><P style="margin:0px"><U>CUSIP No. 746228303</U></P>
</TD><TD valign=top width=425.267 colspan=2><P style="margin:0px" align=right>Page 2 of 8 Pages</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">1)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>NAME OF REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P>&nbsp;</P></TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>PAR Investment Partners, L.P.</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">2)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P style="margin:0px">(a)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P style="margin:0px"><B>[X]</B></P>
</TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P>&nbsp;</P></TD><TD valign=top width=30><P style="margin:0px">(b)</P>
</TD><TD valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">3)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>SEC USE ONLY</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">4)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>SOURCE OF FUNDS</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>WC</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">5)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px"><B>PURSUANT TO ITEMS 2(d) OR 2(e)</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">6)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CITIZENSHIP OR PLACE OF ORGANIZATION</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>Delaware</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=150.733></TD><TD width=463.267></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=150.733><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">7)</P>
<P style="margin:0px; text-indent:48px"><B>SOLE VOTING POWER</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>NUMBER OF</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>SHARES</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>BENEFICIALLY</B></P>
</TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">8)</P>
<P style="margin:0px; text-indent:48px"><B>SHARED VOTING POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>OWNED BY</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>None</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>EACH</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>REPORTING</B></P>
</TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">9)</P>
<P style="margin:0px; text-indent:48px"><B>SOLE DISPOSITIVE POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>PERSON</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>WITH</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P>&nbsp;</P></TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">10)</P>
<P style="margin:0px; text-indent:48px"><B>SHARED DISPOSITIVE POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P>&nbsp;</P></TD><TD valign=top width=463.267><P style="margin:0px" align=center>None</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">11)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">12)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">13)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>29.61%</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">14)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>TYPE OF REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>PN</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=158.6></TD><TD width=93.067></TD><TD width=290.933></TD><TD width=134.333></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=158.6><P>&nbsp;</P></TD><TD valign=top width=384 colspan=2><P style="margin:0px" align=center><B>SCHEDULE 13D</B></P>
</TD><TD valign=top width=134.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=283.867 colspan=3><P style="margin:0px"><U>CUSIP No. 746228303</U></P>
</TD><TD valign=top width=425.267 colspan=2><P style="margin:0px" align=right>Page 3 of 8 Pages</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">1)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>NAME OF REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P>&nbsp;</P></TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>PAR Group, L.P.</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">2)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P style="margin:0px">(a)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P style="margin:0px"><B>[X]</B></P>
</TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P>&nbsp;</P></TD><TD valign=top width=30><P style="margin:0px">(b)</P>
</TD><TD valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">3)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>SEC USE ONLY</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">4)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>SOURCE OF FUNDS</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>AF</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">5)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px"><B>PURSUANT TO ITEMS 2(d) OR 2(e)</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">6)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CITIZENSHIP OR PLACE OF ORGANIZATION</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>Delaware</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=150.733></TD><TD width=463.267></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=150.733><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">7)</P>
<P style="margin:0px; text-indent:48px"><B>SOLE VOTING POWER</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>NUMBER OF</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>SHARES</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>BENEFICIALLY</B></P>
</TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">8)</P>
<P style="margin:0px; text-indent:48px"><B>SHARED VOTING POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>OWNED BY</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>None</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>EACH</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>REPORTING</B></P>
</TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">9)</P>
<P style="margin:0px; text-indent:48px"><B>SOLE DISPOSITIVE POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>PERSON</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>WITH</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P>&nbsp;</P></TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">10)</P>
<P style="margin:0px; text-indent:48px"><B>SHARED DISPOSITIVE POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P>&nbsp;</P></TD><TD valign=top width=463.267><P style="margin:0px" align=center>None</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">11)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">12)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">13)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>29.61%</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">14)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>TYPE OF REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>PN</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=158.6></TD><TD width=93.067></TD><TD width=290.933></TD><TD width=134.333></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=158.6><P>&nbsp;</P></TD><TD valign=top width=384 colspan=2><P style="margin:0px" align=center><B>SCHEDULE 13D</B></P>
</TD><TD valign=top width=134.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=283.867 colspan=3><P style="margin:0px"><U>CUSIP No. 746228303</U></P>
</TD><TD valign=top width=425.267 colspan=2><P style="margin:0px" align=right>Page 4 of 8 Pages</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">1)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>NAME OF REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P>&nbsp;</P></TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>PAR Capital Management, Inc.</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">2)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P style="margin:0px">(a)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P style="margin:0px"><B>[X]</B></P>
</TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P>&nbsp;</P></TD><TD valign=top width=30><P style="margin:0px">(b)</P>
</TD><TD valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">3)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>SEC USE ONLY</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">4)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>SOURCE OF FUNDS</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>AF</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">5)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px"><B>PURSUANT TO ITEMS 2(d) OR 2(e)</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">6)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CITIZENSHIP OR PLACE OF ORGANIZATION</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>Delaware</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=150.733></TD><TD width=463.267></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=150.733><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">7)</P>
<P style="margin:0px; text-indent:48px"><B>SOLE VOTING POWER</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>NUMBER OF</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>SHARES</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>BENEFICIALLY</B></P>
</TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">8)</P>
<P style="margin:0px; text-indent:48px"><B>SHARED VOTING POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>OWNED BY</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>None</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>EACH</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>REPORTING</B></P>
</TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">9)</P>
<P style="margin:0px; text-indent:48px"><B>SOLE DISPOSITIVE POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>PERSON</B></P>
</TD><TD valign=top width=463.267><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P style="margin:0px"><B>WITH</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=463.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P>&nbsp;</P></TD><TD valign=top width=463.267><P style="margin-top:0px; margin-bottom:-16px">10)</P>
<P style="margin:0px; text-indent:48px"><B>SHARED DISPOSITIVE POWER</B></P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=150.733><P>&nbsp;</P></TD><TD valign=top width=463.267><P style="margin:0px" align=center>None</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">11)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>5,982,970</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">12)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P style="margin:0px"><B>[ &nbsp;]</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">13)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>29.61%</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=32.2></TD><TD width=614></TD><TD width=30></TD><TD width=32.933></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=32.2><P style="margin:0px">14)</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=614><P style="margin:0px"><B>TYPE OF REPORTING PERSON</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=30><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=32.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=32.2><P>&nbsp;</P></TD><TD valign=top width=614><P style="margin:0px" align=center>CO</P>
</TD><TD valign=top width=30><P>&nbsp;</P></TD><TD valign=top width=32.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=right>Page 5 of 8 Pages</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Security and Issuer.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:48px">This Amendment No. 4 to the Schedule 13D (&#147;Schedule 13D&#148;) is being filed with respect to shares of Common Stock, par value 1/3<sup>rd</sup> of $0.01 per share (the &#147;Shares&#148;), of Pure Cycle Corporation., a Delaware corporation (the &#147;Issuer&#148;).  The principal executive offices of the Issuer are located at 8451 Delaware Street, Thornton, CO  80260.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Source and Amount of Funds or Other Consideration.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2010, PAR Investment Partners purchased a 10% Convertible Promissory Note from the Issuer in the amount of $5,200,000 (the &#147;Promissory Note&#148;).  Shareholder approval of the conversion was obtained on January 11, 2011.  At that time, the principal amount of the Promissory Note was converted into 1,982,099 shares of common stock of the Issuer.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Prior to the conversion of the Promissory Note, PAR Investment Partners held 4,000,871 Shares, which it had purchased for an aggregate of approximately $25,125,469 in the ordinary course of business.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of Transaction.</B></P>

<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:48px">PAR Investment Partners acquired the Shares as investments in its ordinary course of business. In connection with the foregoing, and as may be appropriate from time to time, PAR Investment Partners will consider the feasibility and advisability of various alternative courses of action with respect to its investment in the Issuer, including, without limitation: (a) the acquisition or disposition by the Reporting Persons of additional Shares; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) changes in the present board of directors or management of the Issuer; (e) a material change in the present capitalization or dividend policy of the Issuer; (f) other material changes in the Issuer&#146;s business or corporate structure; (g) changes in the Issuer&#146;s articles of incorporation
 or bylaws or other actions that may impede the acquisition of control of the Issuer by any person; (h) causing any class of the Issuer&#146;s securities to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; or (j) any action similar to those enumerated above. &nbsp;Except as described in the preceding paragraphs of this Item 4 of Schedule 13D, the Reporting Persons do not currently have any plans or proposals that relate to or would result in any of the actions specified in clause (a) through (j) of this paragraph.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at any time and from time to time, to acquire additional Shares, dispose of some or all of its Shares, in each case in open market or private transactions, block sales or otherwise, and review or reconsider its position, change its purpose, take other actions (including actions that could involve one or more of the types of transactions or have one or more of the results described in clauses (a) through (j) of the foregoing paragraph of this Item 4 of Schedule 13D) or formulate and implement plans or proposals with respect to any of the foregoing. &nbsp;Except as set forth in this Schedule 13D, no contract, arrangement, relationship or understanding (either oral or written) exists among the Reporting Persons as to the acquisition, disposition, voting or holding of Shares.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:32.667px">The Reporting Persons intend to review its investment in the Issuer from time to time on the basis of various factors, including the Issuer&#146;s business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Issuer&#146;s stock in particular, as well as other developments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:32.667px">On August 2, 2007, Mr. Arthur G. Epker, III, joined the Board of Directors of the Company.  Mr. Epker is an employee of PAR Capital Management and has authority to trade the Shares on behalf of PAR Investment Partners.</P>

<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=right>Page 6 of 8 Pages</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:0px"><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest in Securities of the Issuer.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:144px; float:left">(a) and (b)</P>
<P style="margin:0px; text-indent:-2px">As of January 11, 2011, PAR Investment Partners owned beneficially 5,982,970 shares representing approximately 29.61% of the shares of the Issuer&#146;s Common Stock outstanding as reported in publicly available information. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:48px">As of January 11, 2011, PAR Group, through its control of PAR Investment Partners as general partner, had sole voting and dispositive power with respect to all 5,982,970 shares owned beneficially by PAR Investment Partners, representing approximately 29.61% of the shares of the Issuer's Common Stock outstanding as reported in publicly available information.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">As of January 11, 2011, PAR Capital Management, through its control of PAR Group as general partner, had sole voting and dispositive power with respect to all 5,982,970 shares owned beneficially by PAR Investment Partners, representing approximately 29.61% of the shares of the Issuer's Common Stock outstanding as reported in publicly available information.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(c)</P>
<P style="margin:0px; text-indent:-2px">Information with respect to all transactions in the Shares beneficially owned by the Reporting Persons that were effected during the past sixty days is set forth in Item 4 and incorporated herein by reference.</P>

<P style="margin:0px" align=right><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(d)</P>
<P style="margin:0px; text-indent:-2px">Not applicable.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(e)</P>
<P style="margin:0px; text-indent:-2px">Not applicable.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:96px; text-indent:-96px"><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">None of the Reporting Persons has any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or voting of any securities of the Issuer, finder&#146;s fees, joint ventures, loan or option arrangements, puts or calls, guaranties of profits, division of profits or loss or the giving or withholding of proxies.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material to be Filed as Exhibits.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; float:left">(a)</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px">Joint Filing Agreement among the Reporting Persons dated January 11, 2011 is filed as Exhibit 99.1 hereto.</P>
<P style="margin:0px; clear:left"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=right>Page 7 of 8 Pages</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>SIGNATURES</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px">After reasonable inquiry and to the best of his, her or its knowledge and belief, each of the persons signing below certifies that the information set forth in this statement is true, complete and correct.</P>
<P style="margin:0px"><BR></P>

<TABLE style="margin:0px; width:312px; font-size:10pt; clear:left" align=left border=0 style=border-collapse:collapse cellpadding=0 cellspacing=0>
<TD style="padding-left:0px">Date: &nbsp;January 19, 2011</TD></TABLE>
<P style="margin:0px; padding-left:336px; text-indent:-24px; font-size:10pt">PAR INVESTMENT PARTNERS</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: PAR Group, L.P., its General Partner</P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: PAR Capital Management, Inc., its General Partner</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By:: /s/ Steven M. Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:336px">Name: Steven M. Smith</P>
<P style="margin:0px; padding-left:336px">Title: Chief Operating Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">PAR GROUP, L.P.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: PAR Capital Management, Inc., its General Partner</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px; padding-left:336px; text-indent:-24px">By: /s/ Steven M. Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:336px">Name: Steven M. Smith</P>
<P style="margin:0px; padding-left:336px">Title: Chief Operating Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">PAR CAPITAL MANAGEMENT, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: /s/ Steven M. Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:336px">Name: Steven M. Smith</P>
<P style="margin:0px; padding-left:336px">Title: Chief Operating Officer<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=right>Page 8 of 8 Pages</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=103.2></TD><TD width=535.2></TD></TR>
<TR><TD valign=top width=103.2><P style="margin:0px"><U>Exhibit No.</U></P>
</TD><TD valign=top width=535.2><P style="margin:0px" align=center><U>Exhibit</U></P>
</TD></TR>
<TR><TD valign=top width=103.2><P>&nbsp;</P></TD><TD valign=top width=535.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=103.2><P style="margin:0px">99.1</P>
</TD><TD valign=top width=535.2><P style="margin:0px">Joint Filing Agreement among the Reporting Persons dated January 11, 2011.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
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<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
<META NAME="author" CONTENT="pag">
<META NAME="date" CONTENT="11/16/2009">
</HEAD>
<BODY leftmargin="25" topmargin="25"style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:700px"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><B>Exhibit 99.1</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Joint Filing Agreement</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; text-indent:48px">In accordance with Rule 13d-1(k) under the Securities and Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Shares of the Issuer and further agree that this Joint Filing Agreement be included as an exhibit to this Schedule 13D.  Each party to this Joint Filing Agreement expressly authorizes each other party to file on its behalf any and all amendments to such statement on Schedule 13D.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">In evidence whereof, the undersigned, being duly authorized, have executed this Joint Filing Agreement as of January 11, 2011.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:312px">PAR INVESTMENT PARTNERS</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: PAR Group, L.P., its General Partner</P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: PAR Capital Management, Inc., its General Partner</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px; padding-left:336px; text-indent:-24px">By: /s/ Steven M. Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:336px">Name: Steven M. Smith</P>
<P style="margin:0px; padding-left:336px">Title: Chief Operating Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">PAR GROUP, L.P.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:-24px">By: PAR Capital Management, Inc., its General Partner</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px; padding-left:336px; text-indent:-24px">By: /s/ Steven M. Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:336px">Name: Steven M. Smith</P>
<P style="margin:0px; padding-left:336px">Title: Chief Operating Officer</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; padding-left:336px; text-indent:-24px">PAR CAPITAL MANAGEMENT, INC.</P>
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<P style="margin:0px; padding-left:336px; text-indent:-24px">By: /s/ Steven M. Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:336px">Name: Steven M. Smith</P>
<P style="margin:0px; padding-left:336px">Title: Chief Operating Officer</P>
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