SEC Form 4 
FORM 4	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 	  
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	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).			
1. Name and Address of Reporting Person*
Siegel Andrew R	

(Last)	(First)	(Middle)	
C/O COSTA BRAVA PARTNERSHIP III, LP	
237 PARK AVENUE, SUITE 800	

(Street) 
NEW YORK	NY	10017	

(City)	(State)	(Zip)	
	2. Issuer Name and Ticker or Trading Symbol 
TELOS CORP [ TLSRP ] 	5. Relationship of Reporting Person(s) to Issuer 
(Check all applicable) 
X	Director	X	10% Owner	
	Officer (give title below)		Other (specify below)	

	3. Date of Earliest Transaction (Month/Day/Year)
06/18/2007 		
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) 
	Form filed by One Reporting Person	
X	Form filed by More than One Reporting Person	
	
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1. Title of Security (Instr. 3) 	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8) 	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 	5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	7. Nature of Indirect Beneficial Ownership (Instr. 4) 	
			Code	V	Amount	(A) or (D)	Price				
12% Cumulative Exchangeable Redeemable Preferred Stock	06/02/2005		J(1) 		70,000	A	$7.85 	506,811	I	See footnote.(2) 	
12% Cumulative Exchangeable Redeemable Preferred Stock								14,476(3) 	D		
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) 	
1. Title of Derivative Security (Instr. 3) 	2. Conversion or Exercise Price of Derivative Security 	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8) 	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 	6. Date Exercisable and Expiration Date (Month/Day/Year)	7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 	8. Price of Derivative Security (Instr. 5) 	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	11. Nature of Indirect Beneficial Ownership (Instr. 4) 	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
1. Name and Address of Reporting Person*
Siegel Andrew R	

(Last)	(First)	(Middle)	
C/O COSTA BRAVA PARTNERSHIP III, LP	
237 PARK AVENUE, SUITE 800	

(Street) 
NEW YORK	NY	10017	

(City)	(State)	(Zip)	
	
1. Name and Address of Reporting Person*
White Bay Capital Management LLC	

(Last)	(First)	(Middle)	
C/O COSTA BRAVA PARTNERSHIP III, LP	
237 PARK AVENUE, SUITE 800	

(Street) 
NEW YORK	NY	10017	

(City)	(State)	(Zip)	
	
1. Name and Address of Reporting Person*
HAMOT SETH W	

(Last)	(First)	(Middle)	
C/O ROARK, REARDEN & HAMOT, LLC	
420 BOYLSTON STREET, 5F	

(Street) 
BOSTON	MA	02116	

(City)	(State)	(Zip)	
	
1. Name and Address of Reporting Person*
Roark, Rearden & Hamot LLC	

(Last)	(First)	(Middle)	
420 BOYLSTON STREET, 5F	

(Street) 
BOSTON	MA	02116	

(City)	(State)	(Zip)	
	
1. Name and Address of Reporting Person*
Costa Brava Partnership III LP	

(Last)	(First)	(Middle)	
420 BOYLSTON STREET, 5F	

(Street) 
BOSTON	MA	02116	

(City)	(State)	(Zip)	
	
Explanation of Responses:	
1. Beneficial ownership is disclaimed by Seth Hamot, Roark, Rearden & Hamot, LLC, White Bay Capital Management, LLC and Andrew R. Siegel.	
2. The Shares are owned by Costa Brava Partnership III, LP. Roark, Rearden & Hamot, LLC is the sole general partner of Costa Brava Partnership III, LP and Seth Hamot is the sole member and manger of Roark, Rearden & Hamot, LLC. Pursuant to a memorandum of understanding between White Bay Capital Management, LLC and Roark, Rearden & Hamot, LLC, White Bay Capital Management, LLC has the right to receive or the power to direect the receipt of dividends from or the proceeds from the sale of, the shares owned by Costa Brava Partnership III, LP. Mr. Siegel is the sole member and manger of White Bay Capital Management, LLC.	
3. White Bay Capital Management disclaims beneficial ownership. Costa Brava Partnership III, LP, Roark, Rearden & Hamot, LLC and Seth Hamot have no beneficial ownership in these shares.	
Remarks:	
Since June 18, 2007, Seth W. Hamot and Andrew R. Siegel have been serving as Class D Directors of Telos Corporation.	
	ANDREW R. SIEGEL, individually and as manager of White Bay Capital Management, LLC.	04/07/2008	
	SETH W. HAMOT, individually and as manager of Roark, Rearden & Hamot, LLC, on its own behalf and as General Partner on behalf of Costa Brava Partnership III, LP	04/07/2008	
	** Signature of Reporting Person	Date	
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).	
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
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