ACNI American Community Newspapers Inc (CE)

CUSIP No. 02520T103
 ---------------------

1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

 Brian Taylor

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) [_]
 (b) [x]

3. SEC USE ONLY



4. CITIZENSHIP OR PLACE OF ORGANIZATION

 United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5. SOLE VOTING POWER

 0

6. SHARED VOTING POWER

 0

7. SOLE DISPOSITIVE POWER

 0

8. SHARED DISPOSITIVE POWER

 0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 0

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 [_]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 0%

12. TYPE OF REPORTING PERSON

 IN

CUSIP No. 02520T103
 ---------------------

1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

 Pine River Capital Management L.P.

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) [_]
 (b) [x]

3. SEC USE ONLY



4. CITIZENSHIP OR PLACE OF ORGANIZATION

 Delaware, United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5. SOLE VOTING POWER

 0

6. SHARED VOTING POWER

 0

7. SOLE DISPOSITIVE POWER

 0

8. SHARED DISPOSITIVE POWER

 0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 0

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 [_]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 0%

12. TYPE OF REPORTING PERSON

 PN

CUSIP No. 02520T103
 ---------------------

1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Nisswa Acquisition Master Fund Ltd.

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 (a) [_]
 (b) [X]
3. SEC USE ONLY



4. CITIZENSHIP OR PLACE OF ORGANIZATION

 Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5. SOLE VOTING POWER

 0

6. SHARED VOTING POWER

 0

7. SOLE DISPOSITIVE POWER

 0

8. SHARED DISPOSITIVE POWER

 0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 0

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
 SHARES (SEE INSTRUCTIONS)

 [_]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 0%

12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 CO

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CUSIP No. 02520T103
 ---------------------

Item 1(a). Name of Issuer:

 American Community Newspapers Inc.
 --------------------------------------------------------------------

Item 1(b). Address of Issuer's Principal Executive Offices:

 14875 Landmark Blvd., Suite 110
 Addison, TX 75254
 --------------------------------------------------------------------

Item 2(a). Name of Persons Filing:

 Brian Taylor
 Pine River Capital Management L.P.
 Nisswa Acquisition Master Fund Ltd.
 --------------------------------------------------------------------

Item 2(b). Address of Principal Business Office, or if None, Residence:

 Brian Taylor
 Pine River Capital Management L.P.
 601 Carlson Parkway
 Suite 330
 Minnetonka, MN 55305

 Nisswa Acquisition Master Fund Ltd.
 c/o Pine River Capital Management L.P.
 601 Carlson Parkway
 Suite 330
 Minnetonka, MN 55305
 --------------------------------------------------------------------

Item 2(c). Citizenship:

 Brian Taylor - United States
 Pine River Capital Management L.P. - Delaware, United States
 Nisswa Acquisition Master Fund Ltd. - Cayman Islands
 --------------------------------------------------------------------

Item 2(d). Title of Class of Securities:

 Common Stock, $.0001 Par Value
 --------------------------------------------------------------------

Item 2(e). CUSIP Number:

 02520T103
 --------------------------------------------------------------------

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
 or (c), Check Whether the Person Filing is a:

 (a) [_] Broker or dealer registered under Section 15 of the Exchange Act.

 (b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.

 (c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange
 Act.

 (d) [_] Investment company registered under Section 8 of the Investment
 Company Act.

 (e) [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

 (f) [_] An employee benefit plan or endowment fund in accordance with
 Rule 13d-1(b)(1)(ii)(F);

 (g) [_] A parent holding company or control person in accordance with
 Rule 13d-1(b)(1)(ii)(G);

 (h) [_] A savings association as defined in Section 3(b) of the Federal
 Deposit Insurance Act;

 (i) [_] A church plan that is excluded from the definition of an
 investment company under Section 3(c)(14) of the Investment
 Company Act;

 (j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4. Ownership.

 Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

 (a) Amount beneficially owned:

 Brian Taylor - 0
 Pine River Capital Management L.P. - 0
 Nisswa Acquisition Master Fund Ltd. - 0
 ----------------------------------------------------------------------

 (b) Percent of class:

 Brian Taylor - 0%
 Pine River Capital Management L.P. - 0%
 Nisswa Acquisition Master Fund Ltd. - 0%
 ----------------------------------------------------------------------

 (c) Number of shares as to which such person has:

 (i) Sole power to vote or to direct the vote:

 Brian Taylor - 0
 Pine River Capital Management L.P. - 0
 Nisswa Acquisition Master Fund Ltd. - 0

 (ii) Shared power to vote or to direct the vote:

 Brian Taylor - 0
 Pine River Capital Management L.P. - 0
 Nisswa Acquisition Master Fund Ltd. - 0

 (iii) Sole power to dispose or to direct the disposition of:

 Brian Taylor - 0
 Pine River Capital Management L.P. - 0
 Nisswa Acquisition Master Fund Ltd. - 0

 (iv) Shared power to dispose or to direct the disposition of:
 Brian Taylor - 0
 Pine River Capital Management L.P. - 0
 Nisswa Acquisition Master Fund Ltd. - 0

Item 5. Ownership of Five Percent or Less of a Class.

 If this statement is being filed to report the fact that as of the date
 hereof the reporting person has ceased to be the beneficial owner of
 more than five percent of the class of securities check the following
 [X].
 -----------------------------------------------------------------------

Item 6. Ownership of More Than Five Percent on Behalf of Another Person.

 N/A
 -----------------------------------------------------------------------

Item 7. Identification and Classification of the Subsidiary Which Acquired the
 Security Being Reported on by the Parent Holding Company or Control
 Person.

 N/A
 -----------------------------------------------------------------------

Item 8. Identification and Classification of Members of the Group.

 N/A
 ----------------------------------------------------------------------

Item 9. Notice of Dissolution of Group.

 N/A
 -----------------------------------------------------------------------

Item 10. Certifications.

 By signing below, each reporting person certifies that, to the best of
its knowledge and belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not
held in connection with or as a participant in any transaction having that
purpose or effect.