13F-HR 1 v184677_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2010 ----------------- Check here if Amendment |_|; Amendment Number: ----------- This Amendment (Check only one.): |_| is a restatement. |_| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: First Q Capital, LLC ------------------------------------------------- Address: 888 San Clemente Drive, Suite 180 ------------------------------------------------- Newport Beach, California 92660 ------------------------------------------------- Form 13F File Number: 28-12239 -------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Joseph S. Schuchert III ----------------------------------------------- Title: Managing Director ----------------------------------------------- Phone: (949) 720-3000 ----------------------------------------------- Signature, Place, and Date of Signing: /s/ Joseph S. Schuchert III Newport Beach, California May 12, 2010 --------------------------- ------------------------- ----------------- [Signature] [City, State] [Date] Report Type (Check only one): |X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) |_| 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) |_| 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None 1 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 --------------------- Form 13F Information Table Entry Total: 62 --------------------- Form 13F Information Table Value Total: $171,345 --------------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. None 2 FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN4 COLUMN5 COLUMN6 COLUMN7 COLUMN8 ------------------------------------------------------------------------------------------------------------------------------------ VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ Aercap Holdings SHS N00985106 ~~192~~401 2134,~~229~~829 SH YES NONE 2134,~~229~~829 AGA Medical Holdings Inc ~~SHS~~Com 008368102 ~~222~~411 1525,~~000~~300 SH YES NONE 1525,~~000~~300 Allegiant Travel Co Com 01748X102 ~~210~~390 46,~~444~~744 SH YES NONE 46,~~444~~744 Allied World Assurance ~~Com~~SHS G0219G203 ~~180~~175 3,899 SH YES NONE 3,899 American Reprographics Com 029263100 ~~3,567~~6407 ~~508~~714,~~845~~299 SH YES NONE ~~508~~714,~~845~~299 Avago Technologies Ltd SHS Y0486S104 ~~216~~401 1119,~~800~~500 SH YES NONE 1119,~~800~~500 ~~BARE Escentuals Com 067511105 159 12,966 SH YES NONE 12,966~~ Brookdale Senior Living Com 112463104 ~~208~~386 1118,~~434~~534 SH YES NONE 1118,~~434~~534 Burger King Holdings Com 121208201 ~~204~~398 1018,~~815~~715 SH YES NONE 1018,~~815~~715 CB Richard Ellis Group CL A 12497T101 ~~1,5657~~17709 1,~~153~~117,~~801~~267 SH YES NONE 1,~~153~~117,~~801~~267 Celanese Corp Com Ser A 150870103 ~~5,103~~4890 ~~158~~153,~~965~~537 SH YES NONE ~~158~~153,~~965~~537 China Nepstar Sponsored ADR 16943C109 ~~189~~240 2533,~~908~~108 SH YES NONE 2533,~~908~~108 Cinemark Holdings Com 17243V102 ~~220~~394 1521,~~303~~503 SH YES NONE 1521,~~303~~503 Cobalt International Energy Com 19075F106 393 28,900 SH YES NONE 28,900 Dice Holdings Com 253017107 ~~205~~405 3153,253 SH YES NONE 3153,253 Dollar General Corp Com 256677105 ~~186~~3993 8158,~~300~~129 SH YES NONE 8158,~~300~~129 Dresser-Rand Group Com 261608103 ~~13,853~~13323 ~~438~~424,~~260~~023 SH YES NONE ~~438~~424,~~260~~023 Dyncorp Int. Class A 26817C101 ~~8,234~~7390 ~~573~~643,~~809~~161 SH YES NONE ~~573~~643,~~809~~161 Emdeon Inc Class A 29084T104 ~~188~~388 1223,~~300~~500 SH YES NONE 1223,~~300~~500 Energy Solutions Com 292756202 ~~8,649~~10467 1,~~018~~627,~~758~~871 SH YES NONE 1,~~018~~627,~~758~~871 Eurand NV SHS N31010106 ~~191~~280 1424,825 SH YES NONE 1424,825 Flagstone Reinsurance Hldg. SHS G3529T105 ~~189~~256 1722,~~233~~333 SH YES NONE 1722,~~233~~333 Genco Shipping & Trading Ltd SHS Y2685T107 ~~155~~382 618,~~905~~105 SH YES NONE 618,~~905~~105 Generac Holdings Inc Com 368736104 381 27,200 SH YES NONE 27,200 Genpact Ltd SHS G3922B107 ~~204~~391 1323,~~699~~299 SH YES NONE 1323,~~699~~299 Graham Packaging Co Com 384701108 30 2,427 SH YES NONE 2,427 GT Solar International Com 3623E0209 ~~219~~388 3974,~~434~~234 SH YES NONE 3974,~~434~~234 HHGregg Inc Com 42833L108 ~~219~~331 913,~~919~~119 SH YES NONE 913,~~919~~119 Innophos Holdings Inc Com 45774N108 2695 96,600 SH YES NONE 96,600 Interline Brands Inc Com 458743101 ~~186~~388 1020,~~772~~272 SH YES NONE 1020,~~772~~272 IPG Photonics Com 44980X109 ~~201~~272 1218,~~009~~409 SH YES NONE 1218,~~009~~409 J Crew Group Com 46612H402 ~~196~~389 48,~~378~~478 SH YES NONE 48,~~378~~478 ~~Kinetic~~KAR ~~Concepts~~Auction Services Inc Com ~~49460W208~~48238T109 ~~15,397~~386 ~~408~~25,~~952~~600 SH YES NONE ~~408~~25,~~952~~600 Kinetic Concepts Inc Com 49460W208 ~~5,648~~11771 ~~150~~246,~~000~~200 SH ~~PUT~~CALL YES NONE ~~150~~246,~~000~~200 ~~Koppers~~Kraton ~~Hldg~~Performance Polymers Com ~~50060P106~~50077C106 ~~187~~391 621,~~149~~900 SH YES NONE 621,~~149~~900 LEAP Wireless International Inc Com 521863308 3619 221,211 SH YES NONE 221,211 Lululemon Athletica Inc Com 550021109 ~~204~~393 69,~~784~~484 SH YES NONE 69,~~784~~484 Maidenform Brands Inc. Com 560305104 ~~3,679~~2328 ~~220~~106,~~424~~525 SH YES NONE ~~220~~106,~~424~~525 Medassets Inc Com 584045108 ~~168~~398 718,941 SH YES NONE 718,941 Mercadolibre Com 58733R102 ~~212~~395 48,~~094~~194 SH YES NONE 48,~~094~~194 Ntelos Holdings Corp Com 67020Q107 ~~10,550~~11536 ~~592~~648,~~336~~296 SH YES NONE ~~592~~648,~~336~~296 Orbitz Worldwide Com 68557K109 ~~4,768~~4364 ~~649~~613,~~561~~800 SH YES NONE ~~649~~613,~~561~~800 Pike Electric Corp Com 721283109 ~~930~~3744 ~~100~~401,~~230~~730 SH YES NONE ~~100~~401,~~230~~730 ~~Pike Electric Corp Com 721283109 2,593 279,400 SH CALL YES NONE 279,400~~ Prestige Brands Hldg Inc Com 74112D101 ~~212~~390 2643,~~944~~344 SH YES NONE 2643,~~944~~344 Railamerica Inc Com 750753402 ~~183~~271 1523,000 SH YES NONE 1523,000 ~~Regency Energy Partners LP Com Units LP 75885Y107 209 9,972 SH YES NONE 9,972~~ Riskmetrics Group Inc Com 767735103 ~~209~~395 1317,~~153~~453 SH YES NONE 1317,~~153~~453 Rockwood Hldg Com 774415103 ~~192~~396 814,~~170~~870 SH YES NONE 814,~~170~~870 Rue21 Inc Com 781295100 ~~213~~395 711,~~600~~400 SH YES NONE 711,~~600~~400 Seagate Technology SHS G7945J104 ~~13,035~~12736 ~~716~~697,~~608~~482 SH YES NONE ~~716~~697,~~608~~482 Select Medical Holdings Corp Com 81619Q105 ~~216~~193 2022,~~300~~809 SH YES NONE 2022,~~300~~809 Sensata Technologies Hldg SHS N7902X106 392 21,800 SH YES NONE 21,800 Solera Hldg Com 83421A104 ~~5,821~~5744 ~~161~~148,~~656~~618 SH YES NONE ~~161~~148,~~656~~618 STR Holdings Inc Com 78478V100 ~~229~~397 1416,~~600~~900 SH YES NONE 1416,~~600~~900 ~~Syniverse~~Team ~~Hldg~~Health Holdings Inc Com ~~87163F106~~87817A107 ~~200~~388 1123,~~467~~100 SH YES NONE 1123,~~467~~100 Transdigm Group Inc Com 893641100 ~~4,795~~5743 ~~100~~108,~~970~~270 SH YES NONE ~~100~~108,~~970~~270 Validus Hldg Com SHS G9319H102 ~~196~~393 714,277 SH YES NONE 714,277 Verifone Holdings Inc Com 92342Y109 1912185 602,~~305~~900 1SH YES NONE 602,~~178~~900 Verifone Holdings Inc Com 92342Y109 6063 300,~~600~~000 SH CALL YES NONE 1300,~~178,600~~000 Vitamin Shoppe Inc Com 92849E101 ~~220~~222 9,900 SH YES NONE 9,900 Warner Chilcott SHS CL A G94368100 ~~301~~397 1015,562 SH YES NONE 1015,562 Warner Music Group Com 934550104 ~~150~~274 2639,~~432~~632 SH YES NONE 2639,~~432~~632 Weight Watchers Intl Com 948626106 76193 242,~~298~~560 ~~250~~SH YES NONE 242,~~260~~560 Xyratex Com G98268108 4109 242,700 SH YES NONE ~~250~~242,~~260~~700

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