UNITED STATES 			 SECURITIES AND EXCHANGE COMMISSION 				Washington, D.C. 20549 				 SCHEDULE 13D 		 Under the Securities Exchange Act of 1934 				 (Amendment No. 7) 				 Bitstream, Inc. 			 	 (Name of Issuer) 		 Class A Common Stock, par value $0.01 per share 			 (Title of Class of Securities) 				 91736108 				 (CUSIP Number) 				 Alexander B. Washburn 			 c/o Columbia Pacific Advisors, LLC 			 1910 Fairview Avenue East, Suite 500 			 Seattle, Washington 98102 	 (Name, Address and Telephone Number of Person Authorized to 			 Receive Notices and Communications) 				 March 21, 2011 	 (Date of Event Which Requires Filing of This Statement) 	If the filing person has previously filed a statement on Schedule 13G to 	report the acquisition that is the subject of this Schedule 13D, and is 	filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 	240.13d-1(g), check the following box. [X] ------------------------------------------------------------------------------ 1.	Names of Reporting Persons 	Columbia Pacific Opportunity Fund, L.P. (1) 2.	Check the Appropriate Box if a Member of a Group 	(a)	[ ] 	(b)	[X] 3.	SEC Use Only 4. 	Source of Funds (See Instructions) WC 5. 	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 	2(d) or 2(e) 6.	Citizenship or Place of Organization 	United States of America 			7. Sole Voting Power 				1,995,144 shares of Common Stock (2) NUMBER OF SHARES		8. Shared Voting Power BENEFICIALLY 			0 shares of Common Stock OWNED BY EACH REPORTING PERSON		9. Sole Dispositive Power WITH				1,995,144 shares of Common Stock (2) 			10. Shared Dispositive Power 				0 shares of Common Stock 11.	Aggregate Amount Beneficially Owned by Each Reporting Person 	1,995,144 shares of Common Stock 12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares	[ ] 13.	Percent of Class Represented by Amount in Row 9 	19.58% (3) 14.	Type of Reporting Person PN (1) 	The filing of this joint Schedule 13D shall not be construed as an admission that any of the reporting persons are, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by the statement. (2) 	Columbia Pacific Advisors, LLC has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 1,995,144 shares of Common Stock to which this Schedule 13D relates. (3)	Based on 10,190,637 shares of common stock outstanding as of November 10, 2010, as reported on the Company's Form 10-Q for the period ended September 30, 2010 filed on November 15, 2010. ------------------------------------------------------------------------------ 1.	Names of Reporting Persons 	Columbia Pacific Advisors, LLC (1) 2.	Check the Appropriate Box if a Member of a Group 	(a)	[ ] 	(b)	[X] 3.	SEC Use Only 4. 	Source of Funds (See Instructions) WC 5. 	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 	2(d) or 2(e) 6.	Citizenship or Place of Organization 	United States of America 			7. Sole Voting Power 				1,995,144 shares of Common Stock (2) NUMBER OF SHARES		8. Shared Voting Power BENEFICIALLY 			0 shares of Common Stock OWNED BY EACH REPORTING PERSON		9. Sole Dispositive Power WITH				1,995,144 shares of Common Stock (2) 			10. Shared Dispositive Power 				0 shares of Common Stock 11.	Aggregate Amount Beneficially Owned by Each Reporting Person 	1,995,144 shares of Common Stock 12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares	[ ] 13.	Percent of Class Represented by Amount in Row 9 	19.58% (3) 14.	Type of Reporting Person IA (1) 	The filing of this joint Schedule 13D shall not be construed as an admission that any of the reporting persons are, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by the statement. (2) 	Columbia Pacific Advisors, LLC has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 1,995,144 shares of Common Stock to which this Schedule 13D relates. (3)	Based on 10,190,637 shares of common stock outstanding as of November 10, 2010, as reported on the Company's Form 10-Q for the period ended September 30, 2010 filed on November 15, 2010. ------------------------------------------------------------------------------ 1.	Names of Reporting Persons 	Alexander B. Washburn (1) 2.	Check the Appropriate Box if a Member of a Group 	(a)	[ ] 	(b)	[X] 3.	SEC Use Only 4. 	Source of Funds (See Instructions) WC 5. 	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 	2(d) or 2(e) 6.	Citizenship or Place of Organization 	United States of America 			7. Sole Voting Power 				1,995,144 shares of Common Stock (2) NUMBER OF SHARES		8. Shared Voting Power BENEFICIALLY 			0 shares of Common Stock OWNED BY EACH REPORTING PERSON		9. Sole Dispositive Power WITH				1,995,144 shares of Common Stock (2) 			10. Shared Dispositive Power 				0 shares of Common Stock 11.	Aggregate Amount Beneficially Owned by Each Reporting Person 	1,995,144 shares of Common Stock 12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares	[ ] 13.	Percent of Class Represented by Amount in Row 9 	19.58% (3) 14.	Type of Reporting Person IN (1) 	The filing of this joint Schedule 13D shall not be construed as an admission that any of the reporting persons are, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by the statement. (2) 	Columbia Pacific Advisors, LLC has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 1,995,144 shares of Common Stock to which this Schedule 13D relates. (3)	Based on 10,190,637 shares of common stock outstanding as of November 10, 2010, as reported on the Company's Form 10-Q for the period ended September 30, 2010 filed on November 15, 2010. ------------------------------------------------------------------------------ 1.	Names of Reporting Persons 	Daniel R. Baty (1) 2.	Check the Appropriate Box if a Member of a Group 	(a)	[ ] 	(b)	[X] 3.	SEC Use Only 4. 	Source of Funds (See Instructions) WC 5. 	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 	2(d) or 2(e) 6.	Citizenship or Place of Organization 	United States of America 			7. Sole Voting Power 				1,995,144 shares of Common Stock (2) NUMBER OF SHARES		8. Shared Voting Power BENEFICIALLY 			0 shares of Common Stock OWNED BY EACH REPORTING PERSON		9. Sole Dispositive Power WITH				1,995,144 shares of Common Stock (2) 			10. Shared Dispositive Power 				0 shares of Common Stock 11.	Aggregate Amount Beneficially Owned by Each Reporting Person 	1,995,144 shares of Common Stock 12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares	[ ] 13.	Percent of Class Represented by Amount in Row 9 	19.58% (3) 14.	Type of Reporting Person IN (1) 	The filing of this joint Schedule 13D shall not be construed as an admission that any of the reporting persons are, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by the statement. (2) 	Columbia Pacific Advisors, LLC has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 1,995,144 shares of Common Stock to which this Schedule 13D relates. (3)	Based on 10,190,637 shares of common stock outstanding as of November 10, 2010, as reported on the Company's Form 10-Q for the period ended September 30, 2010 filed on November 15, 2010. ------------------------------------------------------------------------------ 1.	Names of Reporting Persons 	Stanley L. Baty (1) 2.	Check the Appropriate Box if a Member of a Group 	(a)	[ ] 	(b)	[X] 3.	SEC Use Only 4. 	Source of Funds (See Instructions) WC 5. 	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 	2(d) or 2(e) 6.	Citizenship or Place of Organization 	United States of America 			7. Sole Voting Power 				1,995,144 shares of Common Stock (2) NUMBER OF SHARES		8. Shared Voting Power BENEFICIALLY 			0 shares of Common Stock OWNED BY EACH REPORTING PERSON		9. Sole Dispositive Power WITH				1,995,144 shares of Common Stock (2) 			10. Shared Dispositive Power 				0 shares of Common Stock 11.	Aggregate Amount Beneficially Owned by Each Reporting Person 	1,995,144 shares of Common Stock 12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares	[ ] 13.	Percent of Class Represented by Amount in Row 9 	19.58% (3) 14.	Type of Reporting Person IN (1) 	The filing of this joint Schedule 13D shall not be construed as an admission that any of the reporting persons are, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by the statement. (2) 	Columbia Pacific Advisors, LLC has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 1,995,144 shares of Common Stock to which this Schedule 13D relates. (3)	Based on 10,190,637 shares of common stock outstanding as of November 10, 2010, as reported on the Company's Form 10-Q for the period ended September 30, 2010 filed on November 15, 2010. ------------------------------------------------------------------------------ 1.	Names of Reporting Persons 	Brandon D. Baty (1) 2.	Check the Appropriate Box if a Member of a Group 	(a)	[ ] 	(b)	[X] 3.	SEC Use Only 4. 	Source of Funds (See Instructions) WC 5. 	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 	2(d) or 2(e) 6.	Citizenship or Place of Organization 	United States of America 			7. Sole Voting Power 				1,995,144 shares of Common Stock (2) NUMBER OF SHARES		8. Shared Voting Power BENEFICIALLY 			0 shares of Common Stock OWNED BY EACH REPORTING PERSON		9. Sole Dispositive Power WITH				1,995,144 shares of Common Stock (2) 			10. Shared Dispositive Power 				0 shares of Common Stock 11.	Aggregate Amount Beneficially Owned by Each Reporting Person 	1,995,144 shares of Common Stock 12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares	[ ] 13.	Percent of Class Represented by Amount in Row 9 	19.58% (3) 14.	Type of Reporting Person IN (1) 	The filing of this joint Schedule 13D shall not be construed as an admission that any of the reporting persons are, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by the statement. (2) 	Columbia Pacific Advisors, LLC has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 1,995,144 shares of Common Stock to which this Schedule 13D relates. (3)	Based on 10,190,637 shares of common stock outstanding as of November 10, 2010, as reported on the Company's Form 10-Q for the period ended September 30, 2010 filed on November 15, 2010. ------------------------------------------------------------------------------ 				EXPLANATORY NOTE This Amendment No. 7 amends the Schedule 13D filed by Columbia Pacific Opportunity Fund, L.P., a Washington limited partnership (the "Fund"), Columbia Pacific Advisors LLC, a Washington limited liability company (the "Adviser"), Alexander B. Washburn, a U.S. citizen, Daniel R. Baty, a U.S. citizen, Stanley L. Baty, a U.S. citizen, and Brandon D. Baty, a U.S. citizen (each a "Reporting Person" and collectively the "Reporting Persons") with the Securities and Exchange Commission on April 20, 2010, as amended on July 15, 2010; August 18, 2010; September 23, 2010; October 29, 2010, December 28, 2010 and February 15, 2011 with respect to the Class A Common Stock, par value $0.01 per share (the "Common Stock") of Bitstream, Inc., a Delaware corporation (the "Company"). Mr. Washburn, Mr. D. Baty, Mr. S. Baty and Mr. B. Baty serve as the managing members of the Adviser, which is primarily responsible for all investment decisions regarding the Fund's investment portfolio. The shares of Class A Common Stock reported herein are held in the portfolio of the Fund. Neither the present filing nor anything contained herein shall be construed as an admission that the Reporting Persons constitute a "group" for any purpose and the Reporting Persons expressly disclaim membership in a group. Except as specifically set forth herein, the Schedule 13D remains unmodified. ITEM 5. Interest in Securities of the Issuer The responses set forth in Items 5(a) and 5(c) of the Schedule 13D are hereby replaced in their entirety by the following: (a) As of the date hereof, the Reporting Persons may be deemed to beneficially own an aggregate of 1,995,144 shares of Common Stock, which constitutes 19.58% of the total number shares of Common Stock outstanding as of November 10, 2010, as reported in the Company's Form 10-Q for the period ended September 30, 2010. (c) During the past 60 days, Columbia Pacific Opportunity Fund, L.P. has engaged in the following open-market transactions in the Common Stock: 			Shares Date			Purchased	Price 01/28/2011		 1,700		7.0206 01/31/2011		 1,102		7.0098 02/01/2011		 1,300		7.0408 02/02/2011		 546		7.0086 02/03/2011		 300		7.02 02/04/2011		 500		7.014 02/07/2011		 1,200		6.9925 02/08/2011		 2,100		6.9929 02/09/2011		 5,700		6.8931 02/10/2011		 4,300		6.8421 02/11/2011		 4,300		6.8235 02/14/2011		 6,700		6.7746 02/15/2011		 3,700		6.7351 02/16/2011		 3,700		6.6843 02/17/2011		 300		6.7867 02/18/2011		 800		6.8613 02/22/2011		 400		6.845 02/23/2011		 4,200		6.7824 02/24/2011		 1,200		6.7683 02/25/2011		 3,800		6.7239 02/28/2011		21,440		6.6445 03/01/2011		 6,200		6.4868 03/02/2011		 2,100		6.5571 03/03/2011		 3,200		6.5575 03/04/2011		 600		6.5833 03/07/2011		 4,500		6.4409 03/08/2011		 5,599		6.4511 03/09/2011		 900		6.5456 03/10/2011		 200		6.43 03/11/2011		 2,800		6.3204 03/14/2011		 1,335		6.4369 03/15/2011		14,100		6.1974 03/16/2011		 232		6.2705 03/17/2011		 9,500		6.2493 03/18/2011		 9,700		6.1391 03/21/2011		 4,005		6.1892 03/22/2011		 5,200		6.2846 03/23/2011		 4,510		6.1398 03/24/2011		18,696		6.1282 03/25/2011		 3,200		6.2381 03/28/2011		 4,200		6.331 ------------------------------------------------------------------------------ 				SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: March 28, 2011	COLUMBIA PACIFIC OPPORTUNITY FUND, L.P. (1) 				/s/ Alexander B. Washburn 			By: 	Alexander B. Washburn 			Title: 	Managing Member of Columbia Pacific 				Advisors, LLC, its general partner Dated: March 28, 2011	COLUMBIA PACIFIC ADVISORS, LLC (1) 				/s/ Alexander B. Washburn 			By: 	Alexander B. Washburn 			Title: 	Managing Member Dated: March 28, 2011	/s/ Alexander B. Washburn 				Alexander B. Washburn (1) Dated: March 28, 2011	/s/ Daniel R. Baty 				Daniel R. Baty (1) Dated: March 28, 2011	/s/ Stanley L. Baty 				Stanley L. Baty (1) Dated: March 28, 2011	/s/ Brandon D. Baty 				Brandon D. Baty (1) (1)	This amendment is being filed jointly by Columbia Pacific Opportunity Fund, L.P., Columbia Pacific Advisors LLC, Alexander B. Washburn, Daniel R. Baty, Stanley L. Baty and Brandon D. Baty pursuant to the Joint Filing Agreement dated April 16, 2010 and included with the initial Schedule 13D filed on April 20, 2010 (the "Joint Filing Agreement"). The Joint Filing Agreement is incorporated herein by reference.