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BLACK HORSE CAPITAL MANAGEMENT LLC
> AFN
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2009 | Cohen & Co Inc. | AFN | 296,864 | 181,472 | 371,000 | 280,000 | $1.25 |
| 06/30/2009 | Cohen & Co Inc. | AFN | 115,392 | 115,392 | 91,000 | 91,000 | $0.79 |
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