SC 13D/A 1 free13da-070205.txt 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) Amendment No. 3 FreeSeas Inc. -------------- (Name of Issuer) Common Stock (Title of Class of Securities) Y26496102 --------- (CUSIP Number) Paul D. Sonkin Hummingbird Management, LLC (f/k/a Morningside Value Investors, LLC) 460 Park Avenue, 12th Floor New York, New York 10022 ------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 17, 2007 ----------------- (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. Y26496102 13D/A Page 2 of 11 Pages ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hummingbird Management, LLC (f/k/a Morningside Value Investors, 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 467,296 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 467,296 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 467,296 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ================================================================================ ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 3 of 11 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 467,296 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 467,296 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 467,296 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 4 of 11 Pages ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hummingbird Capital, LLC (f/k/a Morningside 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 467,296 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 467,296 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 467,296 (1) -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 5 of 11 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 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 189,537 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 189,537 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 189,537 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON LP ================================================================================ ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 6 of 11 Pages ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hummingbird Microcap 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 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 189,214 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 189,214 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 189,214(1) -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON LP ================================================================================ ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 7 of 11 Pages ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hummingbird Concentrated 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 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 88,545 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 88,545 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 88,545 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON LP ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 8 of 11 Pages ------------------------ ---------------------------- AMENDMENT NO. 3 TO SCHEDULE 13D This Amendment No. 3, dated February 5, 2007 to Schedule 13D is filed by the Reporting Persons and amends the Schedule the 13D as previously filed by the Reporting Persons with the Securities and Exchange Commission January 10, 2007 (the "Schedule 13D"),relating to the common Stock, (the "Common Stock") of FreeSeas, Inc. a corporation domiciled in Greece. Items 3 and 5 are hereby amended and restated, as follows: ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION As of February 5, 2007, Hummingbird has caused HVF, Microcap Fund and Concentrated Fund, to invest approximately $1,005,789, $1,004,716 and $399,239, respectively, in the Shares of the Issuer using their respective working capital. ITEM 5 INTEREST IN SECURITIES OF THE ISSUER (a) As investment manager of HVF and Microcap Fund, Hummingbird may be deemed to have the sole voting and investment authority over the Shares owned by HVF, Microcap Fund, and Concentrated Fund, 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 467,296 Shares representing approximately 7.4% of the outstanding shares of the Issuer calculated on the basis of 6,290,100 common stock outstanding as of November 15, 2006, as disclosed in the issuer's Form 6-K and filed with the SEC on December 1, 2006. Hummingbird disclaims any beneficial ownership of the Shares covered by this Statement. HC, as the general partner of each of HVF, Microcap Fund, and Concentrated Fund, Hummingbird may be deemed to have the sole voting and investment authority over the Shares owned by HVF and Microcap Fund,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 467,296 Shares representing approximately 7.4% of the outstanding shares of the Issuer calculated on the basis of 6,290,100 common stock outstanding as of November 15, 2006, as disclosed in the issuer's Form 6-K and filed with the SEC on December 1, 2006. Hummingbird disclaims any beneficial ownership of the Shares covered by this Statement. HVF is the beneficial owner of 189,214 Shares or 3.0% of the outstanding shares of the Issuer. Microcap Fund is the beneficial owner of 189,214 Shares or 3.0% of the outstanding shares of the Issuer. Concentrated Fund is the beneficial owner of 88,545 Shares or 1.4% of the outstanding shares of the Issuer. ------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 9 of 11 Pages ------------------------ ---------------------------- Hummingbird caused HVF to effect transactions in the common stock during the past 60 days as set forth below:

AMOUNT OF DATE TYPE SHARES PRICE/SHARE ---- ---- ------ ----------- 12/22/2006 open market purchase 1,200 2.965 12/27/2006 open market purchase 300 3.352 12/28/2006 open market purchase 800 3.010 12/29/2006 open market purchase 900 2.938 1/8/2007 open market purchase 500 3.260 12/22/2006 open market sale 50 3.040 1/9/2007 open market sale 33,876 4.389 1/11/2007 open market sale 3,588 4.203 1/16/2007 open market sale 21,100 4.374 1/17/2007 open market sale 9,600 4.729 1/18/2007 open market sale 6,322 4.970 1/18/2007 open market sale 4,059 5.027 1/22/2007 open market sale 3,950 4.787 1/24/2007 open market sale 2,500 4.871 1/25/2007 open market sale 6,811 4.816 1/26/2007 open market sale 150 4.809 1/30/2007 open market sale 2,500 4.780 1/31/2007 open market sale 1,500 4.729

Hummingbird caused Microap Fund to effect transactions in the common stock during the past 60 days as set forth below:

AMOUNT OF DATE TYPE SHARES PRICE/SHARE ---- ---- ------ ----------- 12/22/2006 open market purchase 1,200 2.965 12/27/2006 open market purchase 300 3.352 12/28/2006 open market purchase 600 3.010 12/29/2006 open market purchase 900 2.938 1/8/2007 open market purchase 500 3.260 12/22/2006 open market sale 50 3.040 1/9/2007 open market sale 33,828 4.389 1/11/2007 open market sale 3,583 4.203 1/16/2007 open market sale 21,100 4.374 1/17/2007 open market sale 9,600 4.729 1/18/2007 open market sale 4,052 5.027 1/18/2007 open market sale 6,312 4.970 1/22/2007 open market sale 3,950 4.787 1/24/2007 open market sale 2,500 4.871 1/25/2007 open market sale 6,800 4.816 1/26/2007 open market sale 150 4.809 1/30/2007 open market sale 2,500 4.780 1/31/2007 open market sale 1,500 4.729

------------------------ ---------------------------- CUSIP No. Y26496102 13D/A Page 10 of 11 Pages ------------------------ ---------------------------- Hummingbird caused Concentrated Fund to effect transactions in the common stock during the past 60 days as set forth below:

AMOUNT OF DATE TYPE SHARES PRICE/SHARE ---- ---- ------ ----------- 12/28/2006 open market purchase 600 3.010 1/9/2007 open market sale 17,264 4.389 1/11/2007 open market sale 1,829 4.203 1/12/2007 open market sale 4,628 4.253 1/16/2007 open market sale 10,356 4.374 1/17/2007 open market sale 4,920 4.729 1/18/2007 open market sale 1,989 5.027 1/18/2007 open market sale 3,098 4.970 1/19/2007 open market sale 167 5.000 1/24/2007 open market sale 1,500 4.871 1/25/2007 open market sale 3,389 4.816 1/26/2007 open market sale 1,000 4.809 1/29/2007 open market sale 1,100 4.809 1/30/2007 open market sale 2,715 4.780 1/31/2007 open market sale 1,500 4.729 2/1/2007 open market sale 1,000 4.700 2/2/2007 open market sale 501 4.700

(d) Inapplicable. (e) Inapplicable. ------------------------ ---------------------------- CUSIP No. Y26496102 13D Page 11 of 11 Pages ------------------------ ---------------------------- ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER None ITEM 7 MATERIAL TO BE FILED AS EXHIBITS None 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 5, 2007 HUMMINGBIRD MANAGEMENT, LLC (f/k/a Morningside Value Investors, 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 MICROCAP VALUE FUND, L.P. By: Hummingbird Capital, LLC By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin Title: Managing Member HUMMINGBIRD CONCENTRATED FUND, L.P. By: Hummingbird Capital, LLC By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin Title: Managing Member By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin HUMMINGBIRD CAPITAL, LLC (f/k/a Morningside Capital, LLC) By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin Title: Managing Member By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin