SCHEDULE 13D

3

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CUSIP No. 09605C202

1	NAMES OF REPORTING PERSONS
	Lazarus Israel Opportunities Fund LLLP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)  ☐  (b)  ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS)
	WC
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			54,182,641
		8	SHARED VOTING POWER
			0
		9	SOLE DISPOSITIVE POWER
			54,182,641
		10	SHARED DISPOSITIVE POWER
			0
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	54,182,641
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	23.6%
14	TYPE OF REPORTING PERSON
	PN

 

 

 

 

SCHEDULE 13D

This Amendment No. 3 amends and supplements the statement on Schedule 13D originally filed by Lazarus Management Company LLC (“Lazarus Management”), Justin B. Borus, Lazarus Israel Opportunities Fund LLLP (“Lazarus Israel I”), Lazarus Israel Opportunities Fund II LLLP (“Lazarus Israel II”) and Lazarus Investment Partners LLLP (“Lazarus Partners”).  Lazarus Management, Mr. Borus, Lazarus Israel I, Lazarus Israel II and Lazarus Partners are each a “Reporting Person” and are collectively referred to herein as the “Reporting Persons.”  Lazarus Israel I, Lazarus Israel II and Lazarus Partners are collectively referred to as the “Funds.”  A joint filing agreement of the Reporting Persons is attached hereto as Exhibit A.  All capitalized terms contained herein but not otherwise defined shall have the meaning ascribed to such terms in the Schedule 13D.  The information set forth in response to each Item shall be deemed to be a response to all Items where such information is relevant.

Item 5.  Interest in Securities of the Issuer.

(a)-(e)  Reference is made to Items 7, 9, 11 and 13 of pages 2-6 of this Schedule, which items are incorporated by reference.  The securities reported on this Schedule by Lazarus Israel I consist of 41,682,641 Shares and warrants to purchase an additional 12,500,000 Shares (“Warrants”).  The securities reported by Lazarus Israel II consist of 7,871,847 Shares and 2,727,273 Warrants.  The securities reported by Lazarus Partners consist of 8,800,476 Shares and 2,272,728 Warrants.  The securities reported by Lazarus Management and Mr. Borus consists of the sums of the Shares and Warrants held by the Funds.  The calculation of percentage of beneficial ownership in Item 13 of pages 2-6 was calculated based on 217,317,675 Shares outstanding which includes the total outstanding number reported by the Issuer in its Form 10-Q filed on February 22, 2016, supplemented by the 35,000,000 Shares issued in connection with the private placement transaction entered into with the Reporting Persons on February 15, 2016 as previously disclosed.

The Reporting Persons effected the transactions in the Issuer’s shares as set forth in Exhibit B since the most recent filing on Schedule 13D on March 10, 2016.

Item 7.  Material to Be Filed as Exhibits.