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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
68145	Morgans Foods Inc	MRFD	Retail-Eating Places (5812)	340562210

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1178179	Black Horse Capital Lp	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No
1341160	P L Qp Capital Horse Black	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No
1379459	Dale Chappell	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No
1379554	Black Horse Capital Management Llc	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2011-03-17	7,500	$1.00	41,150	No	4	S	Direct
Common Stock	Disposition	2011-03-18	5,000	$0.81	36,150	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	S	Direct

Footnotes

Represents shares of common stock directly owned by Black Horse Capital (QP) LP ("Black Horse QP Fund") after the transactions reported in this Form 4. Black Horse Capital Management LLC ("Black Horse Management") is the managing general partner of Black Horse QP Fund and is deemed to indirectly beneficially own the shares of stock directly owned by Black Horse QP Fund.
Black Horse Management is also the managing general partner of Black Horse Capital LP ("Black Horse Capital Fund") and the investment manager of Black Horse Capital Master Fund Ltd. (the "Black Horse Offshore Fund"). Black Horse Capital Fund directly owns 185,031 shares of common stock and Black Horse Offshore Fund directly owns 75,368 shares of common stock.
Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the filing of this Form 4 shall not be deemed an admission by any of the persons reporting on this Form 4 that he or it, for purposes of Section 16 of the Act or otherwise, is the beneficial owner of any equity securities covered by this Form.