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Filing Details

Accession Number:: 0000919574-10-002868
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-04-09 13:00:00
Reporting Period:: 2010-04-01

Filing Date:: 2010-04-09
Accepted Time:: 2010-04-09 18:06:42
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1065078	Network 1 Security Solutions Inc	NSSI	Services-Prepackaged Software (7372)	113027591

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1176208	G A Jonathan Auerbach	101 Park Avenue 48Th Floor New York NY 10178	No	No	Yes	No
1353316	Hound Partners, Llc	101 Park Avenue 48Th Floor New York NY 10178	No	No	Yes	No
1375882	Hound Performance, Llc	101 Park Avenue 48Th Floor New York NY 10178	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock $.01 Par Value Per Share	Disposition	2010-04-01	244,230	$0.93	812,985	No	4	S	Indirect	By Hound Partners, LP
Common Stock $.01 Par Value Per Share	Acquisiton	2010-04-01	21,385	$0.93	1,160,753	No	4	P	Indirect	By Hound Partners Offshore Fund, LP
Common Stock $.01 Par Value Per Share	Acquisiton	2010-04-01	222,845	$0.93	222,845	No	4	P	Indirect	By Hound Partners, LLC

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Hound Partners, LP
No	4	P	Indirect	By Hound Partners Offshore Fund, LP
No	4	P	Indirect	By Hound Partners, LLC

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock`	Common Stock Warrant (Right to Buy)	Disposition	2010-04-01	83,943	$0.00	83,943	$2.00
Common Stock	Common Stock Warrant (Right to Buy)	Disposition	2010-04-01	25,962	$0.00	25,962	$2.00
Common Stock	Common Stock Warrant (Right to Buy)	Acquisiton	2010-04-01	109,905	$0.00	109,905	$2.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
400,957	2007-04-16	2012-04-16	No	4	S	Indirect
572,472	2007-04-16	2012-04-16	No	4	S	Indirect
109,905	2007-04-16	2012-04-16	No	4	P	Indirect

Footnotes

Re-balancing transactions among related entities over which the Reporting Person may be deemed to have beneficial ownership.
The securities may be deemed to be beneficially owned by (a) Hound Performance, LLC, the general partner of Hound Partners, LP; (b) Hound Partners, LLC, theinvestment manager of Hound Partners, LP and (c) Jonathan Auerbach, the managing member of Hound Performance, LLC and Hound Partners, LLC. Each ReportingPerson disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of his or its pecuniary interest, if any, therein, and this report shallnot be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
The securities may be deemed to be beneficially owned by (a) Hound Performance, LLC, the general partner of Hound Partners Offshore Fund, LP; (b) HoundPartners, LLC, the investment manager of Hound Partners Offshore Fund, LP and (c) Jonathan Auerbach, the managing member of Hound Performance, LLC andHound Partners, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of his or its pecuniaryinterest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes ofSection 16 or for any other purpose.
The securities may be deemed to be beneficially owned by (a) Hound Partners, LLC (b) a separately managed account managed by Hound Partners, LLC and (c)Jonathan Auerbach, the managing member of Hound Partners, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4except to the extent of his or its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is thebeneficial owner of such securities for purposes of Section 16 or for any other purpose.
The number of derivative securities beneficially owned following a reported transaction was misstated in the prior Form 4 (filed on August 8, 2008). The numberreported as 484,899 was actually 484,900. This misstatement is hereby corrected.