<SEC-DOCUMENT>0001391609-12-000201.txt : 20120517
<SEC-HEADER>0001391609-12-000201.hdr.sgml : 20120517
<ACCEPTANCE-DATETIME>20120517131014
ACCESSION NUMBER:		0001391609-12-000201
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120515
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120517
DATE AS OF CHANGE:		20120517

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:		12851147

	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>
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<TYPE>8-K
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<FILENAME>f8kequus.htm
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<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):
May 15, 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">
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    <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>
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<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">
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    <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>
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<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: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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">&nbsp;</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 May 15, 2012, Equus Total Return, Inc. issued
a press release announcing its net asset value for the quarter ended March 31, 2012. 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="ex99_1.htm">Press release issued on May 15, 2012 by Equus Total Return, Inc.</A></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>

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<TR>
    <TD STYLE="vertical-align: top"><B>&nbsp;</B></TD>
    <TD COLSPAN="2">Equus Total Return, Inc.</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: &nbsp;May 17, 2012</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%"><u>/s/ Kenneth I. Denos</u></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left"></TD>

<TD COLSPAN="2" STYLE="vertical-align: top; text-align: left"> Name: &nbsp;&nbsp;Kenneth I. Denos
<BR>
Title: &nbsp;&nbsp;&nbsp;&nbsp;Secretary
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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<P STYLE="margin: 0; text-align: right"><A HREF="f8kequus.htm">Exhibit 99.1</A></P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="image_003.jpg" ALT=""></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">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 FIRST 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; May 15, 2012 &ndash;
Equus Total Return, Inc. (NYSE: EQS) </B>(the &ldquo;Fund&rdquo; or &ldquo;Equus&rdquo;)<B> </B>reports net assets as of March
31, 2012, of $37.7 million, a decrease of $0.4 million since December 31, 2011. Net assets per share decreased to $3.56 as of March
31, 2012 from $3.61 as of December 31, 2011. Comparative data is summarized below <FONT STYLE="font-family: CG Times (W1),serif">(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">&#9;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt CG Times (W1); width: 100%; 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">3/31/2012</TD>
    <TD STYLE="width: 12%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center">12/31/2011</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>9/30/2011</U></P>
        <P STYLE="font: 9pt CG Times (W1),serif; margin: 0 0 5pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 13%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center">6/30/2011</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">3/31/2011</TD></TR>
<TR STYLE="vertical-align: top">
    <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">$37,651</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; font-family: Times New Roman, Times, Serif; 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; text-align: center">$36,333</TD></TR>
<TR STYLE="vertical-align: top">
    <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">10,562</TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center">8,862</TD></TR>
<TR STYLE="vertical-align: top">
    <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">$3.56</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></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">Significant events that occurred during and
subsequent to the first quarter of 2012 included the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Approval of Orco Germany Bond Conversion
Terms.</B> According to press releases issued by Orco Germany S.A. (&ldquo;Orco Germany&rdquo;), on May 7, 2012, holders of 72.5%
of all Orco Germany bonds approved a joint restructuring of certain bond debt of Orco Germany and its parent company, Orco Property
Group S.A. (&ldquo;OPG&rdquo;). Pursuant to such restructuring, approximately 84.5% of the Orco Germany bonds held by each bondholder
were converted into <I>Obligations Convertibles en Actions</I> (&ldquo;OCA&rdquo;) on May 9, 2012. The OCA are expected to be converted
into an aggregate of 26.2 million OPG shares later in the same month. The OPG shares may not be traded until a prospectus is filed
with and approved by the relevant securities authority in Luxembourg. The remaining 15.5% of the Orco Germany bonds held by each
bondholder will be converted into newly-issued 6-year OPG notes with a face value of &euro;20.0 million bearing cash and PIK interest
each at 5% per annum, which interest percentages may be reduced over time upon timely repayments of principal tranches during a
four-year period commencing in 2015. Certain terms of the restructuring require approval of the Paris Commercial Court, which is
overseeing safeguard proceedings (<I>proc&eacute;dure de sauvegarde</I>) with respect to OPG and its assets. As of March 31, 2012,
Equus held 8,890 Orco Germany bonds, or approximately 6% of all Orco Germany bonds outstanding. If the terms and conditions of
the joint restructuring were fulfilled, Equus would expect to receive 1,573,712 OPG Shares, and OPG notes in the face amount of
&euro;1,199,927 which, according to the EUR-USD exchange rate on May 11, 2012, is equal to $1,550,426.</FONT></TD></TR></TABLE>

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><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></TD></TR></TABLE>

<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 improved
during the first quarter of 2012, but remains well below historical highs. In addition, future cash flows are expected to be adversely
affected by the loss of two key customer accounts in the Northwest. Nevertheless, as a result of improved EBITDA during the first
quarter of 2012, the fair value of this investment increased from $5.7 million as of December 31, 2011 to $6.0 million as of March
31, 2012. This figure does not include accrued but unpaid interest receivable from ConGlobal of $1.9 million as of March 31, 2012.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><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 value of an order is $600, which equates to approximately
50,000 orders per year or 27 orders per day per location (Sovereign has 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></TD></TR></TABLE>

<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
decreased from $6.9 million as of December 31, 2011 to $6.7 million as of March 31, 2012 due to a decline in operating results
during the first quarter.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><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 services under the brand name Electronic Tracking Systems or ETS. The company specializes
in assisting communities and law enforcement in recovery of stolen property. </FONT></TD></TR></TABLE>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></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
substantially in recent years and Spectrum lost key customer accounts in the fourth quarter of 2011. As a result of these and other
negative factors, we applied a liquidation approach for valuation purposes, which has resulted in a decrease in the fair value
of this investment from $0.3 million as of December 31, 2011 to $0.2 million as of March 31, 2012.</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: 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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