SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
SCHEDULE 13G
----------------
(Amendment No.__ *)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Watsco, Inc.
(NAME OF ISSUER)
Common Stock, $0.50 par value
(TITLE OF CLASS OF SECURITIES)
942622200
(CUSIP NUMBER)
February 26, 2008
(Date of Event which requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 18 Pages)
------------------
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
CUSIP No. 942622200 13G Page 2 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Highway Partners, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
38,150
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
38,150
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
38,150
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.16%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 3 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Thruway Partners, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
166,350
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
166,350
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
166,350
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.68%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 4 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Roadway Partners, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
147,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
147,700
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
147,700
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.61%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 5 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Expressway Partners Master Fund, Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
453,500
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
453,500
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
453,500
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.87%
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(12) TYPE OF REPORTING PERSON **
CO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 6 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Freeway Partners Master Fund, Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
421,200
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
421,200
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
421,200
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.73%
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(12) TYPE OF REPORTING PERSON **
CO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 7 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Motorway Partners Master Fund, Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
22,100
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
22,100
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
22,100
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.09%
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(12) TYPE OF REPORTING PERSON **
CO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 8 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Principled Capital Management, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
352,200
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
352,200
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
352,200
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.45%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 9 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Principled Asset Administration, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
1,249,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,249,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,249,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.14%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO, IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 10 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Gerald C. Catenacci
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Canada and United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
1,249,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,249,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,249,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.14%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 942622200 13G Page 11 of 18 Pages
ITEM 1(a). NAME OF ISSUER:
The name of the issuer is Watsco, Inc. (the "Company").
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
2665 South Bayshore Drive, Suite 901, Coconut Grove, Florida 33133
ITEM 2(a). NAME OF PERSON FILING:
This statement is filed by:
(i) Highway Partners, L.P. ("Highway"), a Delaware limited partnership,
with respect to the shares of Common Stock (defined in Item 2(d) below) directly
owned by it;
(ii) Thruway Partners, L.P. ("Thruway"), a Delaware limited
partnership, with respect to the shares of Common Stock directly owned by it;
(iii) Roadway Partners, L.P. ("Roadway"), a Delaware limited
partnership, with respect to the shares of Common Stock directly owned by it;
(iv) Expressway Partners Master Fund, Ltd. ("Expressway"), a Cayman
Islands exempted company, with respect to the shares of Common Stock directly
owned by it;
(v) Freeway Partners Master Fund, Ltd. ("Freeway"), a Cayman Islands
exempted company, with respect to the shares of Common Stock directly owned by
it;
(vi) Motorway Partners Master Fund, Ltd. ("Motorway"), a Cayman Islands
exempted company, with respect to the shares of Common Stock directly owned by
it;
(vii) Principled Capital Management, L.L.C. ("PCM"), a Delaware limited
liability company, which is the general partner of Highway, Thruway and Roadway,
with respect to the Common Stock directly owned by Highway, Thruway and Roadway;
(viii) Principled Asset Administration, L.L.C. ("PAA"), a Delaware
limited liability company, which is the investment adviser to Highway, Thruway,
Roadway, Expressway, Freeway and Motorway, with respect to the Common Stock
directly owned by Highway, Thruway, Roadway, Expressway, Freeway and Motorway;
and
(ix) Gerald C. Catenacci ("Mr. Catenacci"), the managing member of PCM
and PAA, with respect to the Common Stock directly owned by Highway, Thruway,
Roadway, Expressway, Freeway and Motorway.
The foregoing persons are hereinafter sometimes collectively referred
to as the "Reporting Persons". Any disclosures herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
ITEM 2(b). ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
The address of the business office of Highway, Thruway, Roadway, PCM,
PAA and Mr. Catenacci is 666 Fifth Avenue, 37th Floor, New York, New York 10103.
The address of the registered office of Expressway, Freeway and
Motorway is Walkers SPV Limited, Walker House, 87 Mary Street, George Town,
Grand Cayman, KY1-9002, Cayman Islands.
ITEM 2(c). CITIZENSHIP:
Highway, Thruway and Roadway are Delaware limited partnerships.
Expressway, Freeway and Motorway are Cayman Islands exempted companies. PCM and
PAA are Delaware limited liability companies. Mr. Catenacci has citizenship in
Canada and the United States.
ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, $0.50 par value
("Common Stock")
CUSIP No. 942622200 13G Page 12 of 18 Pages
ITEM 2(e). CUSIP NUMBER: 942622200
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-
2(b), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see Rule 13d- 1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Rule 13d-
1(b)(ii)(G); see item 7
(h) ( ) Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(c) CHECK THIS BOX. [X]
ITEM 4. OWNERSHIP.
A. Highway
(a) Amount beneficially owned: 38,150
(b) Percent of class: 0.16% The percentages used herein and in the
rest of Item 4 are calculated based the 24,290,761 shares of
Common Stock issued and outstanding as of November 7, 2007 as
reflected in the issuer's Form 10-Q filed November 9, 2007.
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 38,150
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 38,150
B. Thruway
(a) Amount beneficially owned: 166,350
(b) Percent of class: 0.68%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 166,350
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 166,350
C. Roadway
(a) Amount beneficially owned: 147,700
(b) Percent of class: 0.61%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 147,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 147,700
CUSIP No. 942622200 13G Page 13 of 18 Pages
D. Expressway
(a) Amount beneficially owned: 453,500
(b) Percent of class: 1.87%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 453,500
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 453,500
E. Freeway
(a) Amount beneficially owned: 421,200
(b) Percent of class: 1.73%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 421,200
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 421,200
F. Motorway
(a) Amount beneficially owned: 22,100
(b) Percent of class: 0.09%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 22,100
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 22,100
G. PCM*
(a) Amount beneficially owned: 352,200
(b) Percent of class: 1.45%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 352,200
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 352,200
H. PAA**
(a) Amount beneficially owned: 1,249,000
(b) Percent of class: 5.14%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,249,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,249,000
I. Mr. Catenacci***
(a) Amount beneficially owned: 1,249,000
(b) Percent of class: 5.14%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,249,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,249,000
* PCM, as the general partner of Highway, Thruway and Roadway, may be deemed to
be the beneficial owner of the Common Stock directly owned by Highway, Thruway
and Roadway. PCM disclaims beneficial ownership of the Common Stock reported
herein.
** PAA, as the investment adviser of Highway, Thruway, Roadway, Expressway,
Freeway and Motorway, may be deemed to be the beneficial owner of the Common
Stock directly owned by Highway, Thruway, Roadway, Expressway, Freeway and
Motorway. PAA disclaims beneficial ownership of the Common Stock reported
herein.
*** Mr. Catenacci, as the managing member of PCM and PAA with investment power
and voting power, may be deemed to be the beneficial owner of the Common Stock
directly owned by Highway, Thruway, Roadway, Expressway, Freeway and Motorway.
Mr. Catenacci disclaims beneficial ownership of the Common Stock reported
herein.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
CUSIP No. 942622200 13G Page 14 of 18 Pages
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
PCM, as the general partner of Highway, Thruway and Roadway, may be
deemed to be the beneficial owner of the Common Stock directly owned by Highway,
Thruway and Roadway. PCM disclaims beneficial ownership of the Common Stock
reported herein.
PAA, as the investment adviser of Highway, Thruway, Roadway,
Expressway, Freeway and Motorway, may be deemed to be the beneficial owner of
the Common Stock directly owned by Highway, Thruway, Roadway, Expressway,
Freeway and Motorway. PAA disclaims beneficial ownership of the Common Stock
reported herein.
Mr. Catenacci, as the managing member of PCM and PAA with investment
power and voting power, may be deemed to be the beneficial owner of the Common
Stock directly owned by Highway, Thruway, Roadway, Expressway, Freeway and
Motorway. Mr. Catenacci disclaims beneficial ownership of the Common Stock
reported herein.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
See item 2.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION. (if filing pursuant to Rule 13d-1(b))
By signing below the undersigned certify, to the best of their
knowledge and belief, the securities referred to above were acquired in the
ordinary course of business, were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in any
transaction having such purposes or effect.
CUSIP No. 942622200 13G Page 15 of 18 Pages
SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct.
DATED: February 29, 2008
HIGHWAY PARTNERS, L.P.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
THRUWAY PARTNERS, L.P.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
ROADWAY PARTNERS, L.P.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
EXPRESSWAY PARTNERS MASTER FUND, LTD.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
FREEWAY PARTNERS MASTER FUND, LTD.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
CUSIP No. 942622200 13G Page 16 of 18 Pages
MOTORWAY PARTNERS MASTER FUND, LTD.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
PRINCIPLED CAPITAL MANAGEMENT, L.L.C.
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
PRINCIPLED ASSET ADMINISTRATION, L.L.C.
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
GERALD C. CATENACCI, INDIVIDUALLY
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
CUSIP No. 942622200 13G Page 17 of 18 Pages
EXHIBIT 1
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing statements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning him, her or it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
Dated: February 29, 2008
HIGHWAY PARTNERS, L.P.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
THRUWAY PARTNERS, L.P.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
ROADWAY PARTNERS, L.P.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
EXPRESSWAY PARTNERS MASTER FUND, LTD.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
FREEWAY PARTNERS MASTER FUND, LTD.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
MOTORWAY PARTNERS MASTER FUND, LTD.
BY: PRINCIPLED ASSET ADMINISTRATION, L.L.C.
INVESTMENT ADVISER
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
PRINCIPLED CAPITAL MANAGEMENT, L.L.C.
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
CUSIP No. 942622200 13G Page 18 of 18 Pages
PRINCIPLED ASSET ADMINISTRATION, L.L.C.
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci
Managing Member
GERALD C. CATENACCI, INDIVIDUALLY
BY: /s/ GERALD C. CATENACCI
---------------------
Gerald C. Catenacci