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<SEC-DOCUMENT>0000950123-10-042673.txt : 20100503
<SEC-HEADER>0000950123-10-042673.hdr.sgml : 20100503
<ACCEPTANCE-DATETIME>20100503152224
ACCESSION NUMBER:		0000950123-10-042673
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100503
DATE AS OF CHANGE:		20100503
EFFECTIVENESS DATE:		20100503

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOUGLASS SAM P
		CENTRAL INDEX KEY:			0001181754

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		10792469

	BUSINESS ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>h72682dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
<HTML>
<HEAD>
<TITLE>dfan14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><b>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;)</b></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#111;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Under Rule 14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
<b>Equus Total Return, Inc.</b></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 10pt"><B>
J. Philip Ferguson<BR>
Lance T. Funston<BR>
John D. White<BR>
Charles R. Ofner<BR>
Dr. Francis D. Tuggle<BR>
John P. Wade<BR>
Dr. Charles M. Boyd<BR>
Jonathan H. Godshall<BR>
Paula T. Douglass<BR>
Sam P. Douglass<BR>
Douglass Trust IV &#151; FBO S. Preston Douglass, Jr.<BR>
Douglass Trust IV &#151; FBO Brooke Douglass<BR>
Tiel Trust FBO Sam P. Douglass<BR>
Tiel Trust FBO Paula T. Douglass</b></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount previously paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR IMMEDIATE RELEASE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SEC SUBPOENAS INFORMATION ON TRADING IN EQUUS STOCK BY<BR>
COMPANIES TIED TO WHITE CARD DIRECTOR NOMINEES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Investigation into Possible Violations of Federal Securities Laws</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Committee to Enhance Equus Mails Letter Urging Stockholders<BR>
to Vote the </B><U><B>GOLD</U> Proxy Card Today</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>HOUSTON, May&nbsp;3, 2010 &#151; </B>On April&nbsp;26, 2010, the Securities and Exchange Commission issued a
subpoena and notice that it was conducting an investigation into possible violations of federal
securities laws in connection with trading in Equus Total Return, Inc. (NYSE: EQS) stock by certain
companies, including Versatile Systems, Inc.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current majority of Equus&#146; Board of Directors has nominated on its white card four new director
candidates from Versatile Systems&#151;Benedetti, des Pallieres, Hardy and Atkinson&#151;for election at
the Company&#146;s annual meeting, scheduled for May&nbsp;12, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee to Enhance Equus, which owns 11.4% of the outstanding shares of Equus and is
collectively the Company&#146;s largest stockholder, announced that it is mailing a letter to
stockholders urging them to throw out the white card and to vote the Committee&#146;s <U><B>GOLD</B></U> proxy
card today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The complete text of the letter from the Committee is below and can be found at:
<U>www.ourmaterials.com/enhanceequus</U>.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SEC SUBPOENAS INFORMATION ON TRADING IN EQUUS STOCK BY<BR>
COMPANIES TIED TO WHITE CARD DIRECTOR NOMINEES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INVESTIGATION INTO POSSIBLE VIOLATIONS OF FEDERAL SECURITIES LAWS</B>
</DIV>

<DIV align="CENTER" style="font-size: 10pt; margin-top: 6pt"><B>VOTE THE COMMITTEE&#146;S </B><U><B>GOLD</U> PROXY CARD </B><U><B>TODAY</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dear Equus Stockholder,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">With the 2010 Annual Meeting of Equus Stockholders only days away, The Committee to Enhance
Equus, which collectively owns approximately 11.4% of the outstanding shares of Equus and is
the Company&#146;s largest stockholder, urges you to consider the <U>facts:</U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><U><B>FACT:</B></U>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE SEC HAS SUBPOENAED INFORMATION REGARDING TRADING IN EQUUS STOCK BY
VERSATILE SYSTEMS &#151; REPRESENTED BY FOUR NEW DIRECTOR NOMINEES OF THE &#147;HOLDOVER 5
MAJORITY&#148; &#151; IN CONNECTION WITH POTENTIAL SECURITIES LAW VIOLATIONS</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">On April&nbsp;26, 2010, the Securities and Exchange Commission issued a subpoena and notice that
it was conducting an investigation into <U>possible violations of federal securities
laws</U> in connection with <U>trading in Equus stock</U> by certain companies, including
Versatile Systems, Inc. <B>This is particularly troubling since four new director nominees
&#151;Benedetti, des Pallieres, Hardy and Atkinson (the &#147;Versatile 4&#148;) &#151; who have been proposed
by the current five-member majority of the Board (the &#147;Holdover 5 Majority&#148;) are either
directors or officers of Versatile Systems.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U><B><I>Equus stockholders should ask themselves:</I></B></U><B><I> Why hasn&#146;t the Holdover 5 Majority
disclosed this</I></B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>troubling subpoena to stockholders who are currently casting their votes?</I></B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><U><B>FACT:</B></U>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> PUBLIC COURT RECORDS CITE ARREST FOR FALSE ACCOUNTING AND INCARCERATION OF
HOLDOVER 5 MAJORITY NOMINEE ALESSANDRO BENEDETTI</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Equally alarming, Alessandro Benedetti, one of the Versatile 4 director nominees proposed by
the Holdover 5 Majority, was also the subject of <B>a criminal investigation which led to his
arrest on charges including false accounting for which he subsequently pled guilty and
accepted a sentence of imprisonment, </B>according to a Justice on the High Court of Justice
Chancery Division of the United Kingdom. The Holdover 5 Majority and Mr.&nbsp;Benedetti recently
published a narrow, obscure denial attempting to argue that the arrest and imprisonment were
somehow not criminal in nature. We strongly disagree and ask that you read what Justice
Patten of the High Court wrote about Mr.&nbsp;Benedetti&#146;s previous attempts to make this
argument:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;Although when asked about this in cross-examination &#091;Mr.&nbsp;Benedetti&#093;
suggested that this did not amount to and should not be treated as a
criminal conviction, <U>it seems obvious to me that the opposite is the
case</U>.&#148; (emphasis added)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U><B><I>Equus stockholders should ask themselves:</I></B></U><B><I> Is this who you want representing your
interests on the Equus Board of Directors? </I></B><I>The Committee believes stockholders deserve a
Board with integrity and has put forth nine highly qualified, principled nominees. </I>Vote the
Committee&#146;s <U><B>GOLD</B></U> proxy card today.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><U><B>FACT: </B></U>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> EQUUS HAS SUFFERED A 65% DECLINE IN STOCK PRICE
OVER THE PAST FIVE YEARS</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Equus stockholders should demand core change in the Board. From June&nbsp;2005 until June&nbsp;2009,
during the time that Moore, Clayton Capital Advisors, Inc. (MCCA)&nbsp;was Equus&#146; investment
adviser, <B>Equus&#146; stock price declined 61%. The downward spiral continued to a total decline
of 65% </B>as of March&nbsp;26, 2010.<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> Kenneth Denos was the President and CEO of MCCA,
and is CEO of MCC Global N.V. MCC Global introduced the Versatile 4 to Equus, and Mr.
Denos, a member of the Holdover 5 Majority, nominated them to the Board. <B>A 65% decline in
stock price should be more than enough for stockholders to suffer</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>We believe core change on the Equus Board is necessary. We also believe that returning the
Holdover 5 Majority is </B><B><I>NOT </I></B><B>core change.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Holdover 5 Majority is also asking you to support the Versatile 4, the four new director
nominees who represent the interests of only ONE stockholder, Versatile Systems.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In contrast, the Committee&#146;s candidates would bring a desperately needed fresh perspective
to Equus and would oversee the implementation of disciplined strategies designed to enhance
and sustain value for all Equus stockholders. For continuity, our nominees include two
current members of the Board and a former officer of Equus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U><B><I>Equus stockholders should ask themselves:</I></B></U><B><I> Isn&#146;t it time for a core change in the
Equus boardroom? </I></B>Vote the Committee&#146;s <U><B>GOLD</B></U> proxy card today.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><U><B>FACT:</B></U>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> COMMITTEE NOMINEES PLAN TO REVERSE DAMAGE INFLICTED ON EQUUS STOCKHOLDERS</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Committee&#146;s nominees plan to reverse the course of Equus and put our company back on
track to increasing value for all Equus stockholders. The Committee&#146;s nominees, if elected,
intend to implement a variety of strategies to enhance stockholder value, including:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Initiating a formal search for and installing a CEO &#151; a vacant position &#151;
with fund management experience;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establishing a committee to critically assess past investments, particularly
those originated by MCCA, and immediately implementing preservation of value
strategies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Returning Equus to a principled investment approach by investing in profitable
companies with a history of earnings, while also pursuing secured mezzanine
opportunities for both current income and dividend yields; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restoring sound corporate governance practices to the boardroom.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U><B><I>Equus stockholders should ask themselves:</I></B></U><B><I> Would you rather that Equus execute a
thoughtful plan designed to enhance value for all Equus stockholders OR continue to pursue a
hollow, undefined investment strategy that has failed? </I></B>Vote the Committee&#146;s <U><B>GOLD</B></U>
proxy card today.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><U><B>FACT:</B></U>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> THE COMMITTEE TO ENHANCE EQUUS OWNS 11.4% OF EQUUS STOCK AND IS CLOSELY
ALIGNED WITH THE INTERESTS OF ALL EQUUS STOCKHOLDERS</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>The Committee and its highly qualified, talented and experienced nominees collectively own
11.4% of Equus stock making us the Company&#146;s largest stockholder. </B>Our slate of director
nominees is comprised of widely respected, well-connected leaders in their respective
communities and industries. If elected, our nominees have the motivation and experience to
act in the best interests of all Equus stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>The Holdover 5 Majority and the Versatile 4 collectively own ONLY ONE HALF OF ONE PERCENT of
Equus common stock </B><B><I>personally</I></B><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Richard Bergner, the current Chairman of the Board and a member of the Holdover 5 Majority,
has NEVER OWNED A SINGLE SHARE OF EQUUS STOCK.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U><B><I>Equus stockholders should ask themselves:</I></B></U><B><I> Wouldn&#146;t you rather have a Board comprised
of directors with a meaningful stake in the Company&#146;s future? </I></B>Vote the Committee&#146;s
<U><B>GOLD</B></U> proxy card today.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE ANNUAL MEETING IS ONLY DAYS AWAY<BR>
VOTE THE COMMITTEE&#146;S </B><U><B>GOLD</U> PROXY CARD </B><U><B>TODAY</B></U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Committee&#146;s nominees will bring integrity, discipline, experience and principled
investment strategies back to Equus, for the benefit of <U><B>ALL</B></U> stockholders. We&#146;ve
provided you with the facts, now it is time to vote &#151; vote the Committee&#146;s <U><B>GOLD</B></U>
proxy card today.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We encourage you to read our proxy statement and related materials, which are available at
no cost at www.ourmaterials.com/enhanceequus. If you have any questions, or need assistance
voting your <U><B>GOLD</B></U> proxy card, please contact MacKenzie Partners, Inc., which is
assisting us in this solicitation, at (800)&nbsp;322-2885 (toll-free) or (212)&nbsp;929-5500 (call
collect) or by email at enhanceequus@mackenziepartners.com. You may also be able to vote by
telephone or internet by following the instructions on the enclosed vote form.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Sincerely,<BR>
THE COMMITTEE TO ENHANCE EQUUS
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The last trading day before members of the Committee announced their
intention to launch a proxy contest</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV STYLE="BORDER: 1PX SOLID #000000; width: 99%">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>If you have any questions, require assistance in voting your shares, or need<BR>
additional copies of The Committee To Enhance Equus&#146; proxy materials, please call<BR>
MacKenzie Partners at the phone numbers listed below.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="h72682h7268201.gif" alt="(MACKENZIE PARTNERS, INC. LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">105 Madison Avenue<BR>
New York, NY 10016<BR>
enhanceequus@mackenziepartners.com<BR>
(212)&nbsp;929-5500 (call collect)<BR>
Or<BR>
<B>TOLL-FREE (800)&nbsp;322-2885</B><BR>&nbsp;
</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE COMMITTEE TO ENHANCE EQUUS HAS FILED A DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS WITH
THE SECURITIES AND EXCHANGE COMMISSION. SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE
DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION REGARDING THE SOLICITATION OF
PROXIES FOR USE AT EQUUS TOTAL RETURN, INC.&#146;S ANNUAL MEETING, INCLUDING INFORMATION RELATING TO THE
COMMITTEE, OUR NOMINEES AND THE PARTICIPANTS IN THIS SOLICITATION. THE DEFINITIVE PROXY STATEMENT
AND A FORM OF PROXY ARE AVAILABLE TO EQUUS STOCKHOLDERS FROM THE PARTICIPANTS AT NO CHARGE AT
WWW.OURMATERIALS.COM/ENHANCEEQUUS AND ARE ALSO AVAILABLE AT NO CHARGE AT THE SECURITIES AND
EXCHANGE COMMISSION&#146;S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY
WERE DISSEMINATED TO SECURITY HOLDERS ON OR ABOUT APRIL 15, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>This letter includes forward-looking statements. Except for the historical information contained
herein, the matters discussed in this letter are forward-looking statements that involve certain
risks and uncertainties such as the Committee&#146;s plans and expectations regarding Board initiatives.
These risks and uncertainties include, among other things, market and economic conditions. If any
of these risks or uncertainties materializes, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those expected. The Committee disclaims any
intention or obligation to update publicly or reverse such statements, whether as a result of new
information, future events or otherwise.</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"># # #
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contact:<BR>
MacKenzie Partners, Inc.<BR>
Mark Harnett or Bob Marese, 212-929-5500

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joele Frank, Wilkinson Brimmer Katcher<BR>
James Golden or Meaghan Repko, 212-355-4449

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
