Page 12 of 17 – SEC Filing
The Reporting Persons
are deeply frustrated with the Board’s inaction to address the Issuer’s rapidly deteriorating financial position. The
Reporting Persons have expressed these frustrations to the Board and intend to continue its dialogue with the Board to help enact
a strategic plan that will return value to stockholders, including a potential sale of the Stevens Point and Androscoggin mills.
If the Board does not engage with the Reporting Persons in good faith, the Reporting Persons intend to pursue all other avenues
to protect its investment.
No Reporting Person has any
present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of
Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the
actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending
on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels
of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in
the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation,
continuing to engage in communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders
of the Issuer and others about the Issuer and the Reporting Persons’ investment, making proposals to the Issuer concerning
changes to the capitalization, ownership structure, board structure (including board composition) or operations of the Issuer,
purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction
with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.
| Item 5. | Interest in Securities of the Issuer. |
The aggregate percentage
of Shares reported owned by each Reporting Person is based upon 34,086,201 Shares outstanding, which is the total number of Shares
outstanding as of July 31, 2017 as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and
Exchange Commission on August 9, 2017.
| A. | Specialty LP |
| (a) | As of the close of business on September 18, 2017, Specialty LP directly beneficially owns 224,331 Shares, including 6,086 Shares that are issuable upon exercise of warrants. |
Percentage: Less than
1.0%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 224,331 (including warrants) 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 224,331 (including warrants) |
| (c) | Specialty LP has not entered into any transactions in the Shares during the past 60 days. |
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