INNOVATE Corp. — Director's Dealing 2014

Jun 7, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: HC2 Holdings, Inc. (HCHC)
CIK: 0001006837
Period of Report: 2014-05-29

Reporting Person: Gerber Sander (10% Owner)
Reporting Person: Hudson Bay Credit Management LLC (10% Owner)
Reporting Person: Hudson Bay Capital Management LP (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.001 per share	863872	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Convertible Participating Preferred Stock	$		Common Stock (2941176)		Indirect

Footnotes

F1: The shares are held by Hudson Bay Absolute Return Credit Opportunities Master Fund, Ltd. (the "Fund"). Hudson Bay Credit Management LLC (the "Investment Manager") is the investment manager of the Fund. The sole member of the Investment Manager is Hudson Bay Capital Management L.P. As such, each of the Investment Manager and Hudson Bay Capital Management L.P. may be deemed to share beneficial ownership of the shares held by the Fund. As the managing member of the general partner of Hudson Bay Capital Management L.P., Mr. Sander Gerber may be deemed to share beneficial ownership of the shares held by the Fund. Each Reporting Person disclaims beneficial ownership of the shares held by the Fund, except to the extent of its or his pecuniary interest therein.

F2: Represents 12,500 shares of Series A Convertible Participating Preferred Stock at the current conversion rate of approximately 235.294. The Series A Convertible Participating Preferred Stock is convertible at the option of the holder of the security and will be convertible at the option of the Company, beginning on the third anniversary of the date of issuance, in each case at the then applicable conversion rate.

F3: Par value $0.001 per share