<SEC-DOCUMENT>0001391609-12-000079.txt : 20120320
<SEC-HEADER>0001391609-12-000079.hdr.sgml : 20120320
<ACCEPTANCE-DATETIME>20120319192316
ACCESSION NUMBER:		0001391609-12-000079
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120319
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120320
DATE AS OF CHANGE:		20120319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0604

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		12701863

	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>8-K
<SEQUENCE>1
<FILENAME>f8k_equus.htm
<DESCRIPTION>FORM 8-K EQUUS TOTAL RETURN, INC.
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>___________________________________________</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
March 19, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><B>814-00098</B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; font-weight: bold; text-align: center">76-0345915</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Of Incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Eight Greenway Plaza, Suite 930 Houston,
        Texas</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>77046</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (713) 529-0900</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Former Name or Former Address,
if Changed Since Last Report)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-k filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01&#9;Other Events.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 19, 2012, Equus Total Return, Inc.
issued a press release announcing its net asset value for the quarter and year ended December 31, 2011. The text of the press release
is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 &#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">99.1&#9;<A HREF="equus_pressrelease.htm">Press release issued on March 19, 2012 by Equus Total Return, Inc</A>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>Equua Total Return, Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: March 19, 2012</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Kenneth I. Denos</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Kenneth I. Denos<BR>Title: Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>equus_pressrelease.htm
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
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<P STYLE="font: bold 9pt Arial; margin: 0; text-align: right"><A HREF="f8k_equus.htm"><B>Exhibit 99.1</B></A></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;<IMG SRC="image_001.gif" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Contact:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Patricia Baronowski<BR>
Pristine Advisers, LLC<BR>
(631) 756-2486</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS ANNOUNCES FOURTH QUARTER NET ASSET
VALUE </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: navy">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>HOUSTON, TX &ndash; March 19, 2012 &ndash;
Equus Total Return, Inc. (NYSE: EQS) </B>(the &ldquo;Fund&rdquo; or &ldquo;Equus&rdquo;)<B> </B><FONT STYLE="font-family: Times New Roman, Times, Serif">reports
net assets as of December 31, 2011, of $38.1 million, a decrease of $0.8 million since September 30, 2011. Net assets per share
decreased to $3.61 as of December 31, 2011 from $3.69 as of September 30, 2011. Comparative data is summarized below (in thousands,
except per share amounts):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt CG Times (W1); width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: -0.25in; padding-bottom: 5pt; font-family: Times New Roman, Times, Serif; text-align: justify">As of the Quarter Ended</TD>
    <TD STYLE="width: 15%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center">12/31/2011</TD>
    <TD STYLE="width: 12%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center">9/30/2011</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt CG Times (W1),serif; margin: 0 0 5pt; text-align: center"><U>6/30/2011</U></P>
        <P STYLE="font: 9pt CG Times (W1),serif; margin: 0 0 5pt; text-align: center"></P></TD>
    <TD STYLE="width: 13%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center">3/31/2011</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">12/31/2010</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify">Net assets</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$38,148</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; font-family: Times New Roman, Times, Serif; text-align: center">$38,970</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; font-family: Times New Roman, Times, Serif; text-align: center">$41,432</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; font-family: Times New Roman, Times, Serif; text-align: center">$36,333</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$38,051</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify">Shares outstanding</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">10,562</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">10,562</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">10,562</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">8,862</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">8,862</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify">Net assets per share</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$3.61</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$3.69</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$3.92</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$4.10</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">$4.29</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The changes in net asset value resulted principally
from changes in the fair values of the following portfolio holdings:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B>ConGlobal Industries Holding, Inc. (&ldquo;ConGlobal&rdquo;).</B> The Fund made its initial
investment in the debt and equity of ConGlobal in 1997, and subsequently restructured its loan in 2003, 2004, and most recently
in 2009. ConGlobal operates 22 container repair and storage depots located near shipping ports across the United States, Mexico,
and Costa Rica, catering to major shipping, leasing, and freight movement companies around the world. The company has national
storage capacity of over 600 acres and its network of maintenance depots currently handles over 6,500 containers per week and can
accommodate 175,000 TEU's (twenty-foot equivalent unit). </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">ConGlobal&rsquo;s EBITDA has declined
by approximately 58% since 2010. As a result of the decline in EBITDA, the fair value of this investment declined from $8.4 million
as of December 31, 2010 and $5.9 million as of September 30, 2011 to $5.7 million as of December 31, 2011. This figure does not
include accrued but unpaid interest receivable from ConGlobal of $1.7 million as of December 31, 2011.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B>Spectrum Management, LLC (&ldquo;Spectrum&rdquo;</B>). The Fund made its initial investment
in Spectrum in 1999. Spectrum uses proprietary electronic tracking equipment and software, and a full suite of custom services
to help client organizations, mainly financial institutions, protect or recover high-value merchandise and cash. Spectrum markets
its </FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">services under the brand name Electronic
Tracking Systems or ETS. The company specializes in assisting communities and law enforcement in recovery of stolen property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Spectrum&rsquo;s EBITDA has declined
by almost 59% between 2010 and 2011 which, combined with other negative factors, resulted in the application of a liquidation approach
for valuation purposes, which has resulted in a decrease in the fair value of this investment from $1.4 million as of December
31, 2010 and $1.0 million as of September 30, 2011 to $0.3 million as of December 31, 2011.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B>Sovereign Business Forms, Inc. (&ldquo;Sovereign&rdquo;).</B> The Fund made its initial
investment in Sovereign in 1996. Sovereign operates five manufacturing plants with a combined market reach covering much of the
central and eastern United States, Texas and Louisiana. Business forms are typically custom forms sold to distributors which resell
the forms to the end-users and include snap-out forms, continuous forms, laser cut sheets and sales/log books. Typical uses of
these forms include bank checks, insurance contracts, auto parts and healthcare form/label combinations, and are utilized by banks,
insurance companies, auto dealerships and healthcare companies. These types of products account for approximately 95% of the company&rsquo;s
historical revenue. The principals of Sovereign have been with the company since inception in 1996 and have extensive experience
in the industry. Sovereign focuses its business on &ldquo;short run&rdquo; forms which are less than 150,000 per order. Sovereign
management estimates the average order is $600, which equates to approximately 50,000 orders per year or 27 orders per day per
location (six locations). These jobs typically have a quick turnaround of less than 48 hours and allow Sovereign to focus its sales
efforts on service in a price-sensitive industry. Sovereign management also believes it is advantaged with numerous locations and
can manage work flow by shifting orders to facilities that have excess capacity and drop-shipping directly to customers. There
are few significant customers in the business with the top five customers accounting for approximately 10% of historical revenue.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value of this investment
increased from $6.6 million as of December 31, 2010 and $6.7 million as of September 30, 2011 to $6.9 million as of December 31,
2011 due to improved operating performance and debt reduction during the year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B>Orco Germany, S.A. (&ldquo;Orco Germany&rdquo;). </B>In May 2011, the Fund acquired 8,890
4% bonds due May 2012 (&ldquo;Bonds&rdquo;) issued by Orco Germany, a commercial and multi-family residential real estate holding
company and developer based in Berlin. Equus also received $1.6 million in cash from the selling bondholders. The consideration
provided to the selling bondholders consisted of an aggregate of 1,700,000 newly issued shares of common stock of the Fund. On
January 12, 2012, Orco Germany announced that a meeting of its bondholders would be held January 27, 2012 to approve the conversion
to equity of the Bonds into ordinary shares of Orco Property Group S.A. (&ldquo;OPG&rdquo;), the parent corporation of Orco Germany.
On January 27, 2012, holders of greater than a two-thirds majority of all 148,077 Bonds approved a conversion of the Bonds into
&ldquo;bonds convertible into shares&rdquo; (Obligations Convertibles en Actions &ndash; &ldquo;OCA&rdquo;). The OCA will convert
into an initial tranche of an aggregate of 19,250,000 OPG shares, which shares are not tradable until April 12, 2012. The shares
of OPG are traded principally on the NYSE Euronext under the ISIN LU0122624777. OPG is a commercial and multi-family residential
real estate holding company and developer headquartered in Paris that owns a variety of hotels, office buildings, apartment complexes,
condominiums, and vacant land in Luxembourg, Poland, the Czech Republic, Slovakia, Croatia, Hungary, and Russia. As </FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">the Fund holds 6% of the total Bonds
issued, Equus would expect to receive approximately 1,155,700 OPG shares in this initial tranche. As of the date of this release,
Equus has not yet received these OPG shares. Equus and the other Orco Germany bondholders (collectively, the &ldquo;Bondholders&rdquo;)
are also entitled to receive a second payment, the nature of which is dependent upon OPG&rsquo;s ability to convert certain of
its own bonds into equity by April 12, 2012. If such OPG bonds are so converted, the Bondholders would receive an additional tranche
of 7,996,158 OPG shares. Of this amount, the Fund expects to receive 6%, or 480,060 additional OPG shares. If the OPG bonds are
not converted, OPG may elect to pay the Bondholders an aggregate of &euro;50.0 million in cash or, failing such election, the Bondholders
would receive, at their option, either: (i) the 7,996,158 additional OPG shares noted above, or (ii) 55% of the outstanding ordinary
shares of Orco Germany. Although uncertainty exists regarding both the timing and consideration of the second tranche, the Fund
believes the most likely scenario is for Equus to receive the 480,060 additional OPG shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value of the Bonds held
by the Fund increased from $5.4 million as of September 30, 2011 to $5.7 million as of December 31, 2011. This was the result of
the application of a valuation methodology from a variety of valuation approaches in consultation with a third party valuation
expert.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has formed Equus Energy Fund, L.P.,
a Delaware limited partnership focused on making investments in companies in the energy sector, with particular emphasis on oil
&amp; gas properties and services. Equus Energy Fund, L.P. is intended to be managed by Equus Energy, LLC, a wholly-owned subsidiary
of the Fund which also will serve as the general partner.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>About Equus<BR>
</B>The Fund is a business development company that trades as a closed-end fund on the New York Stock Exchange, under the symbol
&quot;EQS&quot;. Additional information on the Fund may be obtained from the Fund&rsquo;s website at <I>www.equuscap.com</I>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8.5pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0">This press release may contain certain forward-looking statements
regarding future circumstances. These forward-looking statements are based upon the Fund&rsquo;s current expectations and assumptions
and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated
in such forward-looking statements including, in particular, the risks and uncertainties described in the Fund&rsquo;s filings
with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. Except as required by law, the Fund undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission
by the Fund or any other person that the events or circumstances described in such statements are material.</P>



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