13D Filing: Alden Global Capital and Freds Inc (FRED)

Item 5.

Interest in Securities of the Issuer.

Items 5(a) – (c) are hereby
amended and restated to read as follows:

The aggregate
percentage of Shares reported owned by each person named herein is based upon 37,986,626 Shares outstanding as of April 7, 2017,
which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities
and Exchange Commission on April 13, 2017.

A.

Opportunities

(a)

As of the close of business on April 24, 2017, Opportunities beneficially owned 9,275,000 Shares.

               Percentage: Approximately 24.4%

(b)

1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 9,275,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 9,275,000

(c)

Opportunities has not entered into any transactions in the Shares during the past 60 days.

B.

Alden

(a)

Alden, as the investment manager of Opportunities, may be deemed the beneficial owner of the 9,275,000 Shares owned by Opportunities.

               Percentage: 24.4%

(b)

1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 9,275,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 9,275,000

(c)

Alden has not entered into any transactions in the Shares during the past 60 days.

C.

Mr. Freeman

(a)

Mr. Freeman, as the President of Alden, may be deemed the beneficial owner of the 9,275,000 Shares owned by Opportunities.

              Percentage: Approximately 24.4%

(b)

1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 9,275,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 9,275,000

(c)

Mr. Freeman has not entered into any transactions in the Shares during the past 60 days.