SEC Info - Laurus Master Fund Ltd., et al. - ‘4’ for 4/19/12 re: Biovest International Inc.

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LAURUS MASTER FUND LTD

(Last)

(First)

(Middle)

C/O LAURUS CAPITAL MANAGEMENT, LLC

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BIOVEST INTERNATIONAL INC [ BVTI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
Disclaimed Group

3. Date of Earliest Transaction (Month/Day/Year)
4/19/12

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01 per share	4/19/12		S		6,581	D	$0.46	1,870,929	I	BY LAURUS MASTER FUND LTD. ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/19/12		S		3,633	D	$0.46	1,032,835	I	BY VALENS U.S. SPV I, LLC ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/19/12		S		25,662	D	$0.46	7,295,215	I	BY VALENS OFFSHORE SPV I, LTD. ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/19/12		S		16,124	D	$0.46	4,583,803	I	BY PSOURCE STRUCTURED DEBT LTD. ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/20/12		S		3,165	D	$0.43	1,867,764	I	BY LAURUS MASTER FUND LTD. ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/20/12		S		1,746	D	$0.43	1,031,089	I	BY VALENS U.S. SPV I, LLC ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/20/12		S		12,338	D	$0.43	7,282,877	I	BY VALENS OFFSHORE SPV I, LTD. ⁽¹⁾ ⁽²⁾ ⁽³⁾
Common Stock, par value $0.01 per share	4/20/12		S		7,751	D	$0.43	4,576,052	I	BY PSOURCE STRUCTURED DEBT LTD. ⁽¹⁾ ⁽²⁾ ⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

LAURUS MASTER FUND LTD

(Last)

(First)

(Middle)

C/O LAURUS CAPITAL MANAGEMENT, LLC

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Valens Capital Management, LLC

(Last)

(First)

(Middle)

C/O LAURUS CAPITAL MANAGEMENT, LLC

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

LAURUS CAPITAL MANAGEMENT LLC

(Last)

(First)

(Middle)

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

PSource Structured Debt Ltd

(Last)

(First)

(Middle)

C/O LAURUS CAPITAL MANAGEMENT, LLC

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Valens U.S. SPV I, LLC

(Last)

(First)

(Middle)

C/O LAURUS CAPITAL MANAGEMENT, LLC

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Valens Offshore SPV I, Ltd.

(Last)

(First)

(Middle)

C/O LAURUS CAPITAL MANAGEMENT, LLC

420 LEXINGTON AVE., SUITE 2840

(Street)

NEW YORK

10170

(City)

(State)

(Zip)

Explanation of Responses:

(1) 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, as amended, restated, modified and/or supplemented from time to time; (Continued in footnote 2)

(2) 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 ("Valens U.S.") and Valens Offshore SPV I, Ltd., a Cayman Islands company ("Valens Offshore"). 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).

(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.

Remarks:

*The reporting parties may be deemed to be part of a group of entities that owns greater than 10% of the outstanding shares of the Issuer. 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.

	/s/ Russell Smith, Russell Smith, Joint Official Liquidator (for the account of Laurus Master Fund, Ltd. (In Liquidation) and with no personal liability)	4/23/12
	/s/ Lara Hrafnkelsdottir, COO, CCO, Valens Capital Management, LLC	4/23/12
	/s/ Lara Hrafnkelsdottir, COO, CCO, Laurus Capital Management, LLC	4/23/12
	/s/Soondra Appavoo, PSource Structured Debt Limited, Managing Director of PSource Capital, Ltd., its Investment Consultant and Authorized Signatory	4/23/12
	/s/ Lara Hrafnkelsdottir, COO, CCO, Valens U.S. SPV I, LLC, Valens Capital Management, LLC, its investment manager and authorized signatory	4/23/12
	/s/ Lara Hrafnkelsdottir, COO, CCO, Valens Offshore SPV I, Ltd., Valens Capital Management, LLC, its investment manager and authorized signatory	4/23/12
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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____________ Transaction Code:
S	Open market or private sale of non-derivative or derivative security.

Laurus Master Fund Ltd., et al. – ‘4’ for 4/19/12 re: Biovest International Inc.

On: Monday, 4/23/12, at 7:35pm ET · For: 4/19/12 · As: 10% Owner and Other · Accession #: 1144204-12-23264 · File #: 0-11480

Previous ‘4’: ‘4’ on 2/4/10 for 2/3/10 · Next: ‘4’ on 4/25/12 for 4/23/12 · Latest: ‘4’ on 5/9/12 for 5/7/12

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents

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Laurus Master Fund Ltd., et al. – ‘4’ for 4/19/12 re: Biovest International Inc.

On: Monday, 4/23/12, at 7:35pm ET · For: 4/19/12 · As: 10% Owner and Other · Accession #: 1144204-12-23264 · File #: 0-11480

Previous ‘4’: ‘4’ on 2/4/10 for 2/3/10 · Next: ‘4’ on 4/25/12 for 4/23/12 · Latest: ‘4’ on 5/9/12 for 5/7/12

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents