13D Filing: Clinton Group and Glassbridge Enterprises Inc. (NYSE:GLA)

This Amendment No. 2 (“Amendment No. 2“)
amends and supplements the Schedule 13D, originally filed with the Securities and Exchange Commission (the
“SEC“) on December 20, 2016 (the “Original Schedule 13D“), as amended by Amendment
No. 1 filed with the SEC on February 6, 2017 (“Amendment No. 1” and together with the Original
Schedule 13D and this Amendment No. 2, the “Schedule 13D“) and relates to the common stock, par
value $0.01 per share (the “Common Stock“), of GlassBridge Enterprises, Inc. (formerly known as
Imation Corp.), a Delaware corporation (the “Issuer“). Capitalized terms used herein and not
otherwise defined in this Amendment No. 2 have the meanings set forth in the Schedule 13D.

The number of shares of Common Stock reported in this Amendment
No. 2 gives effect to the 1:10 reverse stock split effected by the Issuer on February 21, 2017 (the “Reverse Stock Split“).

Except to give effect to the Reverse Stock Split and the purchase
of an additional 10,000 shares of Common stock by Mr. De Perio since the filing of Amendment No. 1, the Reporting Persons’ holdings
have not changed since the filing of Amendment No. 1. This Amendment No. 2 is being filed because the calculation of the beneficial
ownership percentages set forth in Amendment No. 1 did not account for the then newly issued Initial Capacity Shares in the number
of shares of Common Stock outstanding as of such time. This Amendment No. 2 amends and restates Items 5(a) – (c) of the Schedule 13D as set forth below.

(a) – (b) While the Reporting Persons disclaim membership
in a “group,” within the meaning of Section 13(d) of the Exchange Act, the Clinton Reporting Persons may be deemed to
be members of a “group,” within the meaning of Section 13(d) of the Exchange Act, with Mr. De Perio. The aggregate number
and percentage of shares of Common Stock to which this Schedule 13D relates is 1,448,199 shares of Common Stock, constituting
approximately 29.3% of the Issuer’s currently outstanding Common Stock. The aggregate number and percentage of shares of Common
Stock reported herein are based upon the 4,943,299 shares of Common Stock outstanding as of February 28, 2017, as reported in the
Issuer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC on March 24, 2017.

The information required by Items 5(a) – (b) is set forth
in rows 7 – 13 of the cover page for each of the Reporting Persons and is incorporated herein by reference.