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Filing Details

Accession Number:: 0001144204-12-025422
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2012-05-01 18:32:46
Reporting Period:: 2012-04-27

Filing Date:: 2012-05-01
Accepted Time:: 2012-05-01 18:32:46
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
704384	Biovest International Inc	BVTI	Pharmaceutical Preparations (2834)	411412084

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1189294	Ltd Fund Master Laurus	C/O Laurus Capital Management, Llc 420 Lexington Ave., Suite 2840 New York NY 10170	No	No	Yes	Yes
1296341	Laurus Capital Management Llc	420 Lexington Ave., Suite 2840 New York NY 10170	No	No	Yes	Yes
1413179	Valens Capital Management, Llc	C/O Laurus Capital Management, Llc 420 Lexington Ave., Suite 2840 New York NY 10170	No	No	Yes	Yes
1413180	Valens U.s. Spv I, Llc	C/O Laurus Capital Management, Llc 420 Lexington Ave., Suite 2840 New York NY 10170	No	No	Yes	Yes
1420984	Valens Offshore Spv I, Ltd.	C/O Laurus Capital Management, Llc 420 Lexington Ave., Suite 2840 New York NY 10170	No	No	Yes	Yes
1465346	Ltd Debt Structured Psource	C/O Laurus Capital Management, Llc 420 Lexington Ave., Suite 2840 New York NY 10170	No	No	Yes	Yes

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, Par Value $0.01 Per Share	Disposition	2012-04-27	1,076	$0.41	1,855,259	No	4	S	Indirect	By Laurus Master Fund, Ltd.
Common Stock, Par Value $0.01 Per Share	Disposition	2012-04-27	593	$0.41	1,024,187	No	4	S	Indirect	By Valens U.S. SPV I, LLC
Common Stock, Par Value $0.01 Per Share	Disposition	2012-04-27	4,195	$0.41	7,234,119	No	4	S	Indirect	By Valens Offshore SPV I, Ltd.
Common Stock, Par Value $0.01 Per Share	Disposition	2012-04-27	2,636	$0.41	4,545,417	No	4	S	Indirect	By PSource Structured Debt Ltd.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Laurus Master Fund, Ltd.
No	4	S	Indirect	By Valens U.S. SPV I, LLC
No	4	S	Indirect	By Valens Offshore SPV I, Ltd.
No	4	S	Indirect	By PSource Structured Debt Ltd.

Footnotes

Laurus Master Fund, Ltd. (in Liquidation), a Cayman Islands company (the "Fund") is in liquidation under the supervision of the Grand Court of the Cayman Islands. The Joint Official Liquidators ("JOLs") are Chris Johnson and Russell Smith of Johnson Smith Associates, Ltd. The JOLs have discretion over the management of the Fund and the disposition of its assets, including the securities owned by the Fund reported in this statement. Laurus Capital Management, LLC ("LCM") provides day-to-day investment management services to the Fund and its two feeder funds concerning their respective assets, including the securities owned by the Fund reported in this statement, subject to certain oversight and preapproval rights of the JOLs and LCM's obligations to the Fund under the Seventh Amended and Restated Investment Management Agreement dated as of April 26, 2007, (Continued in footnote 2)
as amended, restated, modified and/or supplemented from time to time; all of the foregoing are subject to specific directions otherwise given by the JOLs at their discretion. PSource Structured Debt Limited, a Guernsey company ("PSource") is managed by LCM, subject to certain preapproval rights of the board of directors of PSource. Valens Capital Management, LLC ("VCM") serves as investment manager to Valens U.S. SPV I, LLC, a Delaware limited liability company and Valens Offshore SPV I, Ltd., a Cayman Islands company. The JOLs share voting and investment power over the securities owned by the Fund. Each of the JOLs, LCM and VCM disclaims beneficial ownership of the securities reported herein except to the extent of such person's pecuniary interest, if any. (Continued in footnote 3).
The filing of this statement shall not be deemed an admission that any person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any equity securities covered by or described in this statement.
Shares owned directly by Laurus Master Fund, Ltd.
Shares owned directly by Valens U.S. SPV I, LLC
Shares owned directly by Valens Offshore SPV I, Ltd.
Shares owned directly by PSource Structured Debt Ltd.