SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(A)
Varsity Group Inc
(Name of Issuer)
Common Stock
(Title of Class of Securities)
922281100
(CUSIP Number)
Paul D. Sonkin
Hummingbird Management, LLC
460 Park Avenue, 12th Floor
New York, New York 10022
212 750-7117
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 25, 2008
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box /_/.
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 922281100 13D Page 2 of 9 Pages
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Management, LLC
IRS No. 13-4082842
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,460,368
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
1,460,368
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,460,368
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
|
CUSIP No. 922281100 13D Page 3 of 9 Pages
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul D. Sonkin
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,460,368
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
1,460,368
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,460,368
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
------------------------ ----------------------------
|
CUSIP No. 922281100 13D Page 4 of 9 Pages
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Capital, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,460,368
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
1,460,368
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,460,368
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
------------------------ ----------------------------
CUSIP No. 922281100 13D Page 5 of 9 Pages
------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,460,368
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
1,460,368
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,460,368
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
===============================================================================
------------------------ ----------------------------
|
CUSIP No. 922281100 13D Page 6 of 9 Pages
ITEM 1 SECURITY AND ISSUER
Title of Class of Securities
Common Stock
Name and Address of Issuer
Varsity Group, Inc (the "Company" or the "Issuer")
2677 Prosperity Ave., Suite 250
Fairfax, VA 22031
ITEM 2 IDENTITY AND BACKGROUND
This statement is being filed by Hummingbird Management,
LLC , a Delaware limited liability company ("Hummingbird"), whose
principal business and principal office address is 460 Park Avenue,
12th Floor, New York, New York 10022. Hummingbird acts as investment
manager to The Hummingbird Value Fund, L.P. ("HVF") and has the sole
investment discretion and voting authority with respect to the investments
owned of record by HVF. Accordingly, Hummingbird may be deemed for purposes
of Rule 13d-3 of the Securities and Exchange Act of 1934, as amended
("Rule 13d-3"), to be the beneficial owner of the SHARES owned by HVF.
The managing member of Hummingbird is Paul Sonkin. Mr. Sonkin is also the
managing member of Hummingbird Capital, a Delaware limited liability
company ("HC"), and together with Hummingbird, HVF, and Mr. Sonkin, the
"Reporting Persons"), the general partner of of HVF.
HVF is a Delaware limited partnership whose principal business and
principal office address is 460 Park Avenue, 12th Floor, New York, New York,
10022 and whose principal business is investing in securities in order to
achieve its investment objectives.
Mr. Sonkin is a citizen of the United States and HC is a
Delaware limited liability company. The principal business of Mr. Sonkin
is acting a managing member of each of Hummingbird and HC. The principal
business of HC is acting as general partner of HVF and other limited
partnerships. The principal office address of each of Mr. Sonkin and HC
is 460 Park Avenue, 12th Floor, New York, New York 10022.
During the past five years none of Hummingbird, HVF, Mr. Sonkin or
HC has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
which any of the foregoing was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandatingactivities
subject to, Federal or State securities laws, or finding any violation
with respect to such laws.
CUSIP No. 922281100 13D Page 7 of 9 Pages
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of February 28, 2008, Hummingbird has caused HVF to invest
approximately $287,340, in the Shares of the Issuer using its working
capital.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a) As investment manager of HVF, Hummingbird may be deemed to
have the sole voting and investment authority over the Shares owned by HVF
for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended ("Rule 13d-3"), may be deemed to be the beneficial owner of
1,460,368 Shares representing approximately 7.7% of the outstanding Shares
of the Issuer (based upon 18,960,655 Shares outstanding as of November 8,
2007, as reported in company's latest 10-Q for the period ending September
30, 2007.) Hummingbird disclaims any beneficial ownership of the Shares
covered by this Statement.
Mr. Sonkin, as the managing member and control person of Hummingbird,
may be deemed to have the sole voting and investment authority over the Shares
beneficially owned by Hummingbird and, for purposes of Rule 13d-3, may be deemed
to be the beneficial owner of 1,460,368 Shares representing approximately
7.7% of the outstanding Shares of the Issuer (based upon 18,960,655 Shares
outstanding as of November 8, 2007, as reported in company's latest 10-Q
for the period ending September 30, 2007.) Mr. Sonkin disclaims any beneficial
ownership of the Shares covered by this Statement.
CUSIP No. 922281100 13D Page 8 of 9 Pages
HC, as the general partner of the HVF, may be deemed to
have the sole voting and investment authority over the Shares owned by HVF
for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended ("Rule 13d-3"), may be deemed to be the beneficial owner of
1,460,368 Shares representing approximately 7.7% of the outstanding Shares
of the Issuer (based upon 18,960,655 Shares outstanding as of November 8,
2007, as reported in company's latest 10-Q for the period ending September
30, 2007.) HC disclaims any beneficial ownership of the Shares covered by
this Statement
HVF is the beneficial owner of 1,460,368 SHARES or 7.7% of the
outstanding Shares of the Issuer.
(c) Hummingbird caused HVF to effect transactions in the Shares during
the past 60 days as set forth below:
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
2/25/2008 open market purchase 1,043,000 0.1945
2/26/2008 open market purchase 336,200 0.1959
2/27/2008 open market purchase 49,940 0.1930
2/28/2008 open market purchase 31,228 0.1920
|
(d) Inapplicable.
(e) Inapplicable.
ITEM 6 Inapplicable
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Inapplicable
------------------------ ----------------------------
CUSIP No. 922281100 13D Page 9 of 9 Pages
------------------------ ----------------------------
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: February 29, 2008 HUMMINGBIRD MANAGEMENT, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
PAUL D. SONKIN
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
|
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