Delaware

(State or other jurisdiction

of incorporation)

1-2207
(Commission File Number)

38-0471180
(IRS Employer
Identification No.)

280 Park Avenue

New York, NY

(Address of principal executive offices)

10017

(Zip Code)

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Item 7.01.

Regulation FD Disclosure.

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Net Revenues include investment advisory and other related fees of $90.4 million and net investment income on required investments of $2.0 million.

1

Based on AUM as of June 1, 2007

2

Based on revenue of $92.3 million which includes net earnings on the required investments of $1.2 million.

7.

The following graphs which illustrate the historical growth in DCM’s fees by source:

8.

The following graph which identifies the historical components of DCM’s revenues:

9.

The following graphs which present breakdowns of DCM’s investor base by geography and type:

10.

The following graph which presents DCM’s high yield loan default experience on a comparative basis:

11.

The following table which sets forth the estimated maturities of DCM’s current CDO portfolio:

13.

The following table which identifies DCM’s expected CDO offerings in 2007:

14.

The following table which describes the 2 Investment Grade Bond CDOs managed by DCM as of June 1, 2007:

15.

The following table which describes the 11 CLOs and the structured loan fund managed DCM as of June 1, 2007:

16.

The following table which describes the 13 ABS CDOs managed by DCM as of June 1, 2007:

17.

The following table which describes the four distinct hedge funds managed by Deerfield as of June 1, 2007:

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competition, including pricing pressures and the potential impact of competitors’ new units on sales by Arby’s® restaurants;

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consumers’ perceptions of the relative quality, variety, affordability and value of the food products we offer;

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success of operating initiatives;

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development costs, including real estate and construction costs;

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advertising and promotional efforts by us and our competitors;

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consumer awareness of the Arby’s brand;

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the existence or absence of positive or adverse publicity;

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new product and concept development by us and our competitors, and market acceptance of such new product offerings and concepts;

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changes in consumer tastes and preferences, including changes resulting from concerns over nutritional or safety aspects of beef, poultry, french fries or other foods or the effects of food-borne illnesses such as “mad cow disease” and avian influenza or “bird flu”

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changes in spending patterns and demographic trends, such as the extent to which consumers eat meals away from home;

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adverse economic conditions, including high unemployment rates, in geographic regions that contain a high concentration of Arby’s restaurants;

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the business and financial viability of key franchisees;

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the timely payment of franchisee obligations due to us;

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availability, location and terms of sites for restaurant development by us and our franchisees;

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the ability of our franchisees to open new restaurants in accordance with their development commitments, including the ability of franchisees to finance restaurant development;

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delays in opening new restaurants or completing remodels;

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the timing and impact of acquisitions and dispositions of restaurants;

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our ability to successfully integrate acquired restaurant operations;

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anticipated or unanticipated restaurant closures by us and our franchisees;

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our ability to identify, attract and retain potential franchisees with sufficient experience and financial resources to develop and operate Arby’s restaurants successfully;

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changes in business strategy or development plans, and the willingness of our franchisees to participate in our strategies and operating initiatives;

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business abilities and judgment of our and our franchisees’ management and other personnel;

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availability of qualified restaurant personnel to us and to our franchisees, and our and our franchisees’ ability to retain such personnel;

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our ability, if necessary, to secure alternative distribution of supplies of food, equipment and other products to Arby’s restaurants at competitive rates and in adequate amounts, and the potential financial impact of any interruptions in such distribution;

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changes in commodity (including beef and chicken), labor, supply, distribution and other operating costs;

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availability and cost of insurance;

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adverse weather conditions;

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significant reductions in our client assets under management (which would reduce our advisory fee revenue), due to such factors as weak performance of our investment products (either on an absolute basis or relative to our competitors or other investment strategies), substantial illiquidity or price volatility in the fixed income instruments that we trade, loss of key portfolio management or other personnel (or lack of availability of additional key personnel if needed for expansion), reduced investor demand for the types of investment products we offer, loss of investor confidence due to adverse publicity, and non- renewal or early termination of investment management agreements;

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increased competition from other asset managers offering products similar to those we offer;

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pricing pressure on the advisory fees that we can charge for our investment advisory services;

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difficulty in increasing assets under management, or efficiently managing existing assets, due to market-related constraints on trading capacity, inability to hire the necessary additional personnel or lack of potentially profitable trading opportunities;

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our removal as investment manager of one or more of the collateral debt obligation vehicles (CDOs) or other accounts we manage, or the reduction in our CDO management fees because of payment defaults by issuers of the underlying collateral or the triggering of certain structural protections built into CDOs;

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availability, terms (including changes in interest rates) and effective deployment of capital;

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changes in legal or self-regulatory requirements, including franchising laws, investment management regulations, accounting standards, environmental laws, overtime rules, minimum wage rates and taxation rates;

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the costs, uncertainties and other effects of legal, environmental and administrative proceedings;

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the impact of general economic conditions on consumer spending or securities investing, including a slower consumer economy and the effects of war or terrorist activities; and

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other risks and uncertainties affecting us and our subsidiaries referred to in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006 (see especially “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations”), our Quarterly Report on Form 10-Q for the quarter ended April 1, 2007 (see especially “Item 1A. Risk Factors” and “Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations”) and in our other current and periodic filings with the Securities and Exchange Commission.

By:

/s/  Stuart I. Rosen               

Name:

Stuart I. Rosen

Title:

Senior Vice President and General Counsel, and Assistant Secretary