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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person* NORTH RUN CAPITAL, L P (Last) (First) (Middle) ONE INTERNATIONAL PLACE SUITE 2401 (Street) BOSTON MA 02110 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 01/07/2007	3. Issuer Name and Ticker or Trading Symbol THERMA WAVE INC [ TWAV ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,606,900(1)	I	See Footnotes(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	01/07/2007	11/22/2010	Common Stock, par value 0.001	780,000(1)	$1.55	I	See Footnote(2)
Series B Convertible Preferred Stock	01/07/2007	11/22/2010	Common Stock, par value 0.001	3,354,839(1)	$1.55	I	See Footnote(2)

1. Name and Address of Reporting Person* NORTH RUN CAPITAL, L P (Last) (First) (Middle) ONE INTERNATIONAL PLACE SUITE 2401 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* NORTH RUN ADVISORS, LLC (Last) (First) (Middle) ONE INTERNATIONAL PLACE SUITE 2401 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* NORTH RUN GP, LP (Last) (First) (Middle) ONE INTERNATIONAL PLACE SUITE 2401 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* HAMMER TODD B (Last) (First) (Middle) ONE INTERNATIONAL PLACE SUITE 2401 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ELLIS THOMAS B (Last) (First) (Middle) ONE INTERNATIONAL PLACE SUITE 2401 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The filing of this Form 3 shall not be construed as an admission that North Run Advisors, LLC, North Run Capital, LP, North Run GP, LP, Todd B. Hammer or Thomas B. Ellis is or was for the purposes of Section 16(a) of the Securities Exchange act of 1934, as amended, or otherwise the beneficial owner of any of the shares of common stock of Therma Wave Inc. ("Common Stock") owned by North Run Capital Partners, LP, North Run Qualified Partners, LP, North Run Offshore Partners, Ltd. or North Run Master Fund, LP. Pursuant to Rule 16a-1, each of North Run Advisors, LLC, North Run Capital, LP, North Run GP, LP, Todd B. Hammer and Thomas B. Ellis disclaim such beneficial ownership.

2. North Run GP, LP and its general partner North Run Advisors, LLC indirectly hold shares of Common Stock, Series B Convertible Preferred Stock and warrants on behalf of North Run Capital Partners, LP, North Run Qualified Partners, LP and North Run Master Fund, LP, of which North Run GP, LP is the general partner. North Run Capital, LP and its general partner North Run Advisors, LLC indirectly hold shares of Common Stock, Series B Convertible Preferred Stock and warrants on behalf of North Run Capital Partners, LP, North Run Qualified Partners, LP, North Run Offshore Partners, Ltd. and North Run Master Fund, LP, for which North Run Capital, LP serves as investment manager. Thomas B. Ellis and Todd B, Hammer report the shares held indirectly held by North Run Advisors, LLC because, as the managers of North Run Advisors, LLC at the time of purchase, they controlled the voting and disposition of the securities.

	/s/ Thomas B. Ellis, Todd B. Hammer; managers of North Run Advisors, LLC	01/10/2007
	/s/ Thomas B. Ellis, Todd B. Hammer; managers of the general partner of North Run Capital, LP	01/10/2007
	/s/ Thomas B. Ellis, Todd B. Hammer; managers of the general partner of North Run GP, LP	01/10/2007
	/s/ Thomas B. Ellis	01/10/2007
	/s/ Todd B. Hammer	01/10/2007
	** 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 5 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.