<SEC-DOCUMENT>0001062993-19-000855.txt : 20190214
<SEC-HEADER>0001062993-19-000855.hdr.sgml : 20190214
<ACCEPTANCE-DATETIME>20190214111233
ACCESSION NUMBER:		0001062993-19-000855
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190214
DATE AS OF CHANGE:		20190214
GROUP MEMBERS:		ARBITER PARTNERS QP, LP
GROUP MEMBERS:		PAUL J. ISAAC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001132105
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				391795614
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88117
		FILM NUMBER:		19602712

	BUSINESS ADDRESS:	
		STREET 1:		7035 HIGH TECH DRIVE
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047-3706
		BUSINESS PHONE:		801-556-6681

	MAIL ADDRESS:	
		STREET 1:		7035 HIGH TECH DRIVE
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047-3706

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPORTSMAN'S WAREHOUSE HOLDINGS, INC
		DATE OF NAME CHANGE:	20131211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPORTSMANS WAREHOUSE HOLDINGS INC
		DATE OF NAME CHANGE:	20010109

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arbiter Partners Capital Management LLC
		CENTRAL INDEX KEY:			0001513193
		IRS NUMBER:				273380922
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		530 FIFTH AVENUE, 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-650-4660

	MAIL ADDRESS:	
		STREET 1:		530 FIFTH AVENUE, 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fort Hoosac Management, LLC
		DATE OF NAME CHANGE:	20110215
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>schedule13ga_sport.htm
<DESCRIPTION>SC 13G/A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Arbiter Partners Capital Management LLC: Schedule 13G/A - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> <BR>Washington, D.C.
20549 </B></P>
<P align=center><B><FONT size=5>SCHEDULE 13G/A </FONT></B></P>
<P align=center>Under the Securities Exchange Act of 1934</P>
<P align=center>&nbsp;(Amendment No. 2) </P>
<P align=center><B><U><FONT size=5>Sportsman's Warehouse Holdings, Inc.
</FONT></U><BR></B>(Name of Issuer) </P>
<P align=center><B><U>Common Stock </U><BR></B>(Title of Class of Securities)
</P>
<P align=center><B><U>84920Y106 </U><BR></B>(CUSIP Number) </P>
<P align=center><B><U>December 31, 2018 </U><BR></B>(Date of Event which
Requires Filing of this Statement) </P>
<P align=justify>Check the appropriate box to designate the rule pursuant to
which this Schedule is filed: </P>
<P style="MARGIN-LEFT: 5%" align=justify>[_] Rule 13d-1(b) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[x] Rule 13d-1(c) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[_] Rule 13d-1(d) </P>
<P align=justify>*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 the disclosures provided in a prior cover page. </P>
<P align=justify>The information required in 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 <I>Notes</I>). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>SCHEDULE 13G </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="30%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CUSIP
      No.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B>84920Y106</B> </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>1</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Names of Reporting Persons</B>
      <BR>&nbsp;&nbsp; <BR>Arbiter Partners QP, LP </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>2</B> <BR><BR></TD>
    <TD align=left width="96%" colSpan=3><B>Check the appropriate box if a
      member of a Group (see instructions)</B> <BR>&nbsp;
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; (a) [X] <BR>&nbsp;&nbsp;&nbsp;&nbsp; (b) [ ]
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>3</B> <BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="96%"
    colSpan=3><B>Sec Use Only</B> <BR>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Citizenship or Place of
      Organization</B> <BR>&nbsp; <BR>Delaware </TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 rowSpan=4 ><BR><BR><B>Number of
      Shares</B> <BR><B>Beneficially Owned</B> <BR><B>by Each Reporting</B>
      <BR><B>Person With:</B> <BR><BR><BR></TD>
    <TD align=left width="5%" ><B>5</B> <BR></TD>
    <TD align=left width="81%"><B>Sole Voting Power</B> <BR>&nbsp;
      <BR>1,825,062 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>6</B> <BR></TD>
    <TD align=left width="81%"><B>Shared Voting Power</B> <BR>&nbsp; <BR>None
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="81%"><B>Sole Dispositive Power</B> <BR>&nbsp;
      <BR>1,825,062 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> <BR></TD>
    <TD align=left width="81%"><B>Shared Dispositive Power</B> <BR>&nbsp;
      <BR>None </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>9</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Aggregate Amount Beneficially
      Owned by Each Reporting Person</B> <BR>&nbsp; <BR>1,825,062 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>10</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Check box if the aggregate amount
      in row (9) excludes certain shares (See Instructions)</B> <BR>&nbsp; <BR>[
      ] </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>11</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Percent of class represented by
      amount in row (9)</B> <BR>&nbsp; <BR>4.25% </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>12</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Type of Reporting Person (See
      Instructions)</B> <BR>&nbsp; <BR>PN </TD></TR></TABLE></DIV>
<P align=center>Page 2 of 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="30%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CUSIP
      No.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B>84920Y106</B> </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>1</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Names of Reporting Persons</B>
      <BR>&nbsp; <BR>Arbiter Partners Capital Management LLC </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>2</B> <BR><BR></TD>
    <TD align=left width="96%" colSpan=3><B>Check the appropriate box if a
      member of a Group (see instructions)</B> <BR>&nbsp;
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; (a) [X] <BR>&nbsp;&nbsp;&nbsp;&nbsp; (b) [ ]
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>3</B> <BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="96%"
    colSpan=3><B>Sec Use Only</B> <BR>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Citizenship or Place of
      Organization</B> <BR>&nbsp; <BR>Delaware </TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 rowSpan=4 ><BR><BR><B>Number of
      Shares</B> <BR><B>Beneficially Owned</B> <BR><B>by Each Reporting</B>
      <BR><B>Person With:</B> <BR><BR><BR></TD>
    <TD align=left width="5%" ><B>5</B> <BR></TD>
    <TD align=left width="81%"><B>Sole Voting Power</B> <BR>&nbsp; <BR>None
  </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>6</B> <BR></TD>
    <TD align=left width="81%"><B>Shared Voting Power</B> <BR>&nbsp;
      <BR>1,825,062 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="81%"><B>Sole Dispositive Power</B> <BR>&nbsp;
      <BR>None </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> <BR></TD>
    <TD align=left width="81%"><B>Shared Dispositive Power</B> <BR>&nbsp;
      <BR>1,825,062 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>9</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Aggregate Amount Beneficially
      Owned by Each Reporting Person</B> <BR>&nbsp; <BR>1,825,062 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>10</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Check box if the aggregate amount
      in row (9) excludes certain shares (See Instructions)</B> <BR>&nbsp; <BR>[
      ] </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>11</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Percent of class represented by
      amount in row (9)</B> <BR>&nbsp; <BR>4.25% </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>12</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Type of Reporting Person (See
      Instructions)</B> <BR>&nbsp; <BR>IA </TD></TR></TABLE></DIV>
<P align=center>Page 3 of 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="30%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CUSIP
      No.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B>84920Y106</B> </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>1</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Names of Reporting Persons</B>
      <BR>&nbsp; <BR>Paul J. Isaac </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>2</B> <BR><BR></TD>
    <TD align=left width="96%" colSpan=3><B>Check the appropriate box if a
      member of a Group (see instructions)</B> <BR>&nbsp;
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; (a) [X] <BR>&nbsp;&nbsp;&nbsp;&nbsp; (b) [ ]
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>3</B> <BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="96%"
    colSpan=3><B>Sec Use Only</B> <BR>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Citizenship or Place of
      Organization</B> <BR>&nbsp; <BR>US citizen </TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 rowSpan=4 ><BR><BR><B>Number of
      Shares</B> <BR><B>Beneficially</B> <BR><B>Owned by Each</B>
      <BR><B>Reporting Person</B> <BR><B>With:</B> <BR><BR><BR></TD>
    <TD align=left width="5%" ><B>5</B> <BR></TD>
    <TD align=left width="81%"><B>Sole Voting Power</B> <BR>&nbsp; <BR>None
  </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>6</B> <BR></TD>
    <TD align=left width="81%"><B>Shared Voting Power</B> <BR>&nbsp;
      <BR>2,112,502 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="81%"><B>Sole Dispositive Power</B> <BR>&nbsp;
      <BR>None </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> <BR></TD>
    <TD align=left width="81%"><B>Shared Dispositive Power</B> <BR>&nbsp;
      <BR>2,112,502 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>9</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Aggregate Amount Beneficially
      Owned by Each Reporting Person</B> <BR>&nbsp; <BR>2,112,502 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>10</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Check box if the aggregate amount
      in row (9) excludes certain shares (See Instructions)</B> <BR>&nbsp; <BR>[
      ] </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>11</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Percent of class represented by
      amount in row (9)</B> <BR>&nbsp; <BR>4.92% </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>12</B> <BR></TD>
    <TD align=left width="96%" colSpan=3><B>Type of Reporting Person (See
      Instructions)</B> <BR>&nbsp; <BR>IN </TD></TR></TABLE></DIV>
<P align=center>Page 4 of 8 </P>
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<P align=justify><B>Item 1. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Name of Issuer: </B>Sportsman&#146;s Warehouse Holdings,
      Inc.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Address of Issuer&#146;s Principal Executive
      Offices:</B></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>7035 South High Tech Drive, Midvale,
  Utah</P></TD></TR></TABLE>
<P align=justify><B>Item 2. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Name of Person Filing:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Arbiter Partners QP, LP</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Arbiter Partners Capital Management LLC <BR>Paul J.
      Isaac</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Address of Principal Business Office or, if None,
      Residence: </B>530 Fifth Avenue, 20<SUP>th </SUP>Fl, New York, NY
    10036</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Citizenship: </B>Arbiter Partners Capital Management
      LLC and Arbiter Partners QP, LP are Delaware entities. Paul J. Isaac is a
      US citizen.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Title and Class of Securities: </B>Common
  Stock</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>CUSIP No.: </B>84920Y106</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 3.</B> </TD>
    <TD align=left width="90%"><B>If this statement is filed pursuant to &#167;&#167;
      240.13d-1(b) or 240.13d -2(b) or (c), check whether the person</B>
      <B>filing is a:</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >(a) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">Broker or dealer registered under Section 15 of
      the Act; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(b) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">Bank as defined in Section 3(a)(6) of the Act;
    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(c) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">Insurance company as defined in Section
      3(a)(19) of the Act; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(d) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">Investment company registered under Section 8
      of the Investment Company Act of 1940; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(e) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">An investment adviser in accordance with Rule
      13d-1(b)(1)(ii)(E); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(f) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">An employee benefit plan or endowment fund in
      accordance with Rule 13d-1(b)(1)(ii)(F); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(g) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">A parent holding company or control person in
      accordance with Rule 13d-1(b)(1)(ii)(G); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >(h) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">A savings associations as defined in Section
      3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >(i) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">A church plan that is excluded from the
      definition of an investment company under section 3(c)(14) of the
      Investment Company Act of 1940; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(j) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%">A non-U.S. institution in accordance with Rule
      240.13d-1(b)(1)(ii)(J); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left>
      <P align=justify>(k) </P></TD>
    <TD align=left width="5%">
      <P align=justify>[_] </P></TD>
    <TD align=left width="85%">
      <P align=justify>Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If
      filing as a non-U.S. institution in accordance with Rule 240.13d-
      1(b)(1)(ii)(J), please specify the type of institution:
</P></TD></TR></TABLE>
<P align=justify><B>Item 4. Ownership </B></P>
<P align=justify>Arbiter Partners QP, LP</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%" ><B>(a)</B> </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>
      <P align=justify><B>Amount Beneficially Owned: </B>1,825,062</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" ><B>(b)</B> </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>
      <P align=justify><B>Percent of Class: </B>4.25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" ><B>(c)</B> </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>
      <P align=justify><B>Number of shares as to which such person has:
    </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%" ><STRONG>i. </STRONG></TD>
    <TD ><STRONG>Sole power to vote or to direct the vote:
      </STRONG>1,825,062</TD></TR></TABLE>
<P align=center>Page 5 of 8 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>ii.</B> </TD>
    <TD>
      <P align=justify><B>Shared power to vote or to direct the vote:
      </B>None</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>iii.</B> </TD>
    <TD>
      <P align=justify><B>Sole power to dispose or to direct the disposition of:
      </B>1,825,062</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>iv.</B> </TD>
    <TD>
      <P align=justify><B>Shared power to dispose or to direct the disposition
      of: </B>None</P></TD></TR></TABLE>
<P align=justify>Arbiter Partners Capital Management LLC<B><SUP>1</SUP> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Amount Beneficially Owned: </B>1,825,062</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Percent of Class: </B>4.25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Number of shares as to which such person
    has:</B></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>v.</B> </P></TD>
    <TD>
      <P align=justify><B>Sole power to vote or to direct the vote:
    </B>None</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>vi.</B> </P></TD>
    <TD>
      <P align=justify><B>Shared power to vote or to direct the vote:
      </B>1,825,062</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>vii.</B> </P></TD>
    <TD>
      <P align=justify><B>Sole power to dispose or to direct the disposition of:
      </B>None</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>viii.</B> </P></TD>
    <TD>
      <P align=justify><B>Shared power to dispose or to direct the disposition
      of: </B>1,825,062</P></TD></TR></TABLE>
<P align=justify>Paul J. Isaac<SUP>2</SUP> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Amount Beneficially Owned: </B>2,112,502</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Percent of Class: </B>4.92%</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Number of shares as to which such person
    has:</B></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>i.</B> </P></TD>
    <TD>
      <P align=justify><B>Sole power to vote or to direct the vote:
    </B>None</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>ii.</B> </P></TD>
    <TD>
      <P align=justify><B>Shared power to vote or to direct the vote:
      </B>2,112,502</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>iii.</B> </P></TD>
    <TD>
      <P align=justify><B>Sole power to dispose or to direct the disposition of:
      </B>None</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top align=right width="5%">
      <P align=justify><B>iv.</B> </P></TD>
    <TD>
      <P align=justify><B>Shared power to dispose or to direct the disposition
      of: </B>2,112,502</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 5.</B> </TD>
    <TD align=left width="90%"><B>Ownership of Five Percent or Less of a
      Class.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">If this statement is being filed to report the
      fact that as of the date hereof the reporting person has ceased to be the
      beneficial owner of more than five percent of the class of securities,
      check the following [x]. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 6.</B> </TD>
    <TD align=left width="90%"><B>Ownership of more than Five Percent on
      Behalf of Another Person.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">N/A </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 7.</B> </TD>
    <TD align=left width="90%"><B>Identification and classification of the
      subsidiary which acquired the security being reported on by the</B>
      <B>parent holding company or control person.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">N/A </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 8.</B> </TD>
    <TD align=left width="90%"><B>Identification and classification of members
      of the group.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">See Exhibit 1 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 9.</B> </TD>
    <TD align=left width="90%"><B>Notice of Dissolution of Group.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">N/A </TD></TR></TABLE>
<P align=justify><SUP>___________________________________________<BR>1</SUP>
Arbiter Partners Capital Management LLC, a registered investment adviser, acts
as an investment adviser for Arbiter Partners QP, LP. <BR><SUP>2</SUP> Mr. Isaac
controls Arbiter Partners Capital Management LLC, as well as certain managed
accounts. </P>
<P align=center>Page 6 of 8 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 10</B><B>.</B> </TD>
    <TD align=left width="90%"><B>Certifications.</B> </TD></TR></TABLE>
<P align=justify>By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect, other than activities solely in connection with a nomination under
&amp;sect; 240.14a -11.</P>
<P align=center>Page 7 of 8 </P>
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<P align=center><B>SIGNATURE </B></P>
<P align=justify>After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct. </P>
<P align=justify>Dated: February 11, 2019 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Arbiter Partners Capital Management LLC </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">By: <I><U>/s/ Paul J. Isaac</U></I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Paul J. Isaac </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Manager </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Arbiter Partners QP, LP </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">By: Broken Clock Management LLC </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Its general partner </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">By: <I><U>/s/ Paul J. Isaac</U></I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Paul J. Isaac </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Managing Member </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><I><U>/s/ Paul J. Isaac</U></I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Paul J. Isaac </TD></TR></TABLE>
<P align=center>Page 8 of 8 </P>
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