INNOVATE Corp. — Director's Dealing 2010

Jul 21, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PRIMUS TELECOMMUNICATIONS GROUP INC (PMUG.OB)
CIK: 0001006837
Period of Report: 2010-07-19

Reporting Person: MORGENS WATERFALL VINTIADIS & CO INC (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-19	Warrants (Right to Purchase)	$12.22	P	25513	Acquired	2014-07-01	Common Stock (25513)	Indirect
2010-07-19	Warrants (Right to Purchase)	$16.53	P	25513	Acquired	2014-07-01	Common Stock (25513)	Indirect
2010-07-19	Warrants (Right to Purchase)	$20.50	P	25513	Acquired	2014-07-01	Common Stock (25513)	Indirect

Footnotes

F1: The Warrants to which this note relates are held directly by Phaeton International (BVI) Ltd. ("Phaeton"), with respect to
27,039 Warrants; Phoenix Partners, L.P. ("Phoenix"), with respect to 45,000 Warrants, and Phoenix Partners II, L.P.
("Phoenix II" and collectively with Phaeton and Phoenix, the "Advisory Clients"), with respect to 4,500 Warrants. The
Advisory Clients also directly hold 900,000 shares of Common Stock $0.001 par value ("Common Stock") as reported in the Form
3 filed on July 21, 2010.

F2: Morgens, Waterfall, Vintiadis & Company, Inc. ("Morgens Waterfall") serves as the investment adviser to, and provides
discretionary investment advisory services to, the Advisory Clients. Edwin H. Morgens is the Chairman of Morgens Waterfall.