The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.
Item 3. | Source and Amount of Funds or Other Consideration. |
| Item 3 is hereby amended and restated as follows: |
The Shares and call options purchased by each of Atlas Fund II, Atlas Fund I and PW Master Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business).
The aggregate purchase price of the 1,053,014 Shares directly owned by Atlas Fund II is approximately $31,902,772, excluding brokerage commissions. The aggregate purchase price of the call options exercisable into 18,000 Shares directly owned by Atlas Fund II is approximately $101,051, excluding brokerage commissions. The aggregate purchase price of the 43,000 Shares directly owned by Atlas Fund I is approximately $1,175,638, excluding brokerage commissions. The aggregate purchase price of the call options exercisable into 23,000 Shares directly owned by Atlas Fund I is approximately $78,000, excluding brokerage commissions. The aggregate purchase price of the 4,500 Shares directly owned by PW Master Fund is approximately $81,704, excluding brokerage commissions. The aggregate purchase price of the call options exercisable into 24,000 Shares directly owned by PW Master Fund is approximately $74,861, excluding brokerage commissions.
The Shares and call options purchased by Mr. Walsh were purchased with personal funds. The aggregate purchase price of the 6,200 Shares directly owned by Mr. Walsh is approximately $165,543, excluding brokerage commissions. The aggregate purchase price of the call options exercisable into 9,000 Shares directly owned by Mr. Walsh is approximately $30,981, excluding brokerage commissions.
A total of approximately $97,260,597, including brokerage commissions, was paid to acquire the Shares reported as beneficially owned by Luxor. The Shares beneficially owned by Luxor were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business).
The aggregate purchase price of the 150,000 Shares directly owned by Zelman LP is approximately $5,176,440, including brokerage commissions. The Shares directly owned by Zelman LP were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business).
Item 5. | Interest in Securities of the Issuer. |
| Items 5(a)-(c) are hereby amended and restated as follows: |
(a) The aggregate percentage of Shares reported owned by each person named herein is based upon 28,354,535 Shares outstanding as of February 24, 2014, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2014.
As of the close of business on April 7, 2014, Atlas Fund II beneficially owned directly 1,071,014 Shares (including 18,000 Shares underlying certain call options exercisable within 60 days of the date hereof), Atlas Fund I beneficially owned directly 66,000 Shares (including 23,000 Shares underlying certain call options exercisable within 60 days of the date hereof), PW Master Fund beneficially owned directly 28,500 Shares (including 24,000 Shares underlying certain call options exercisable within 60 days of the date hereof), and Mr. Walsh beneficially owned directly 15,200 Shares (including 9,000 Shares underlying certain call options exercisable within 60 days of the date hereof), constituting approximately 3.8%, less than 1%, less than 1% and less than 1%, respectively, of the Shares outstanding.
Atlas Fund GP, as the general partner of each of Atlas Fund II and Atlas Fund I, may be deemed to beneficially own the 1,137,014 Shares directly beneficially owned in the aggregate by Atlas Fund II and Atlas Fund I, constituting approximately 4.0% of the Shares outstanding.
PW Master Fund GP, as the general partner of PW Master Fund, may be deemed to beneficially own the 28,500 Shares directly beneficially owned by PW Master Fund, constituting less than 1% of the Shares outstanding.
PW Capital Management, as the investment manager with respect to each of Atlas Fund II, Atlas Fund I and PW Master Fund, may be deemed to beneficially own the 1,165,514 Shares directly beneficially owned in the aggregate by Atlas Fund II, Atlas Fund I and PW Master Fund, constituting approximately 4.1% of the Shares outstanding.
Mr. Walsh, as the Managing Member and Chief Executive Officer of each of Atlas Fund GP and PW Master Fund GP and the Managing Member of PW Capital Management, may be deemed to beneficially own the 1,165,514 Shares beneficially owned in the aggregate by Atlas Fund GP, PW Master Fund GP and PW Capital Management, which, together with the Shares he directly beneficially owns, constitutes an aggregate of 1,180,714 Shares or approximately 4.2% of the Shares outstanding.
As of the close of business on April 7, 2014, the Onshore Fund owned directly 1,104,892 Shares, the Offshore Master Fund owned directly 1,570,920 Shares, the Wavefront Fund owned directly 313,596 Shares and the Spectrum Master Fund owned directly 87,536 Shares, constituting approximately 3.9%, 5.5%, 1.1% and less than 1%, respectively, of the Shares outstanding.
The Offshore Feeder Fund, as the owner of a controlling interest in the Offshore Master Fund, may be deemed to beneficially own the 1,570,920 Shares owned directly by the Offshore Master Fund, constituting approximately 5.5% of the Shares outstanding. The Spectrum Feeder Fund, as the owner of a controlling interest in the Spectrum Master Fund, may be deemed to beneficially own the 87,536 Shares owned directly by the Spectrum Master Fund, constituting less than 1% of the Shares outstanding.
LCG Holdings, as the general partner of the Onshore Fund, the Wavefront Fund, the Offshore Master Fund and the Spectrum Master Fund, may be deemed to beneficially own the 3,076,944 shares of Common Stock owned in the aggregate by the Onshore Fund, the Wavefront Fund, the Offshore Master Fund and the Spectrum Master Fund, constituting approximately 10.9% of the Shares outstanding.
Luxor Capital Group, as the investment manager of the Luxor Funds and the Separately Managed Account, may be deemed to beneficially own the 3,076,944 Shares owned in the aggregate by the Luxor Funds and the 126,175 Shares owned directly by the Separately Managed Account, constituting approximately 11.3% of the Shares outstanding.
Luxor Management, as the general partner of Luxor Capital Group, may be deemed to beneficially own the 3,203,119 Shares beneficially owned by Luxor Capital Group, constituting approximately 11.3% of the Shares outstanding.
Mr. Leone, as the managing member of Luxor Management, may be deemed to beneficially own the 3,203,119 Shares beneficially owned by Luxor Management, constituting approximately 11.3% of the Shares outstanding.
As of the close of business on April 7, 2014, Zelman LP owned directly 150,000 Shares, constituting less than 1% of the Shares outstanding. Zelman LLC, as the general partner and investment manager of Zelman LP, may be deemed to beneficially own the 150,000 Shares owned directly by Zelman LP. Mr. Zelman, as the Managing Member of Zelman LLC, may be deemed to beneficially own the 150,000 Shares owned directly by Zelman LP.
As of the close of business on April 7, 2014, none of Messrs. Bernzweig, McEachen, Neal and Pearlman directly owned any Shares.
As of the close of business on April 7, 2014, the Reporting Persons collectively beneficially owned an aggregate of 4,533,833 Shares, including 74,000 Shares underlying call options, constituting approximately 16.0% of the Shares outstanding.
Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), may be deemed to beneficially own the securities of the Issuer owned by the other Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b) Each of Atlas Fund II, Atlas Fund GP, PW Capital Management and Mr. Walsh have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares beneficially owned directly by Atlas Fund II.
Each of Atlas Fund I, Atlas Fund GP, PW Capital Management and Mr. Walsh have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares beneficially owned directly by Atlas Fund I.
Each of PW Master Fund, PW Master Fund GP, PW Capital Management and Mr. Walsh have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares beneficially owned directly by PW Master Fund.
Mr. Walsh has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares beneficially owned directly by him.
Each of the Onshore Fund, LCG Holdings, Luxor Capital Group, Luxor Management and Mr. Leone have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Onshore Fund.
Each of the Wavefront Fund, LCG Holdings, Luxor Capital Group, Luxor Management and Mr. Leone have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Wavefront Fund.
Each of the Offshore Master Fund, the Offshore Feeder Fund, LCG Holdings, Luxor Capital Group, Luxor Management and Mr. Leone have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Offshore Master Fund.
Each of the Spectrum Master Fund, the Spectrum Feeder Fund, LCG Holdings, Luxor Capital Group, Luxor Management and Mr. Leone have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Spectrum Master Fund.
Each of Luxor Capital Group, Luxor Management and Mr. Leone have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares held in the Separately Managed Account.
Each of Zelman LP, Zelman LLC and Mr. Zelman have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by Zelman LP.
(c) The transactions in securities of the Issuer by the Reporting Persons since the filing of Amendment No. 1 to the Schedule 13D are set forth on Schedule C attached hereto and are incorporated by reference herein.
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct.
| PW PARTNERS ATLAS FUND II LP |
| |
| By: | PW Partners Atlas Funds, LLC General Partner |
| |
| By: | /s/ Patrick Walsh |
| | Name: | Patrick Walsh |
| | Title: | Managing Member and Chief Executive Officer |
| PW PARTNERS ATLAS FUND LP |
| |
| By: | PW Partners Atlas Funds, LLC General Partner |
| |
| By: | /s/ Patrick Walsh |
| | Name: | Patrick Walsh |
| | Title: | Managing Member and Chief Executive Officer |
| PW PARTNERS MASTER FUND LP |
| |
| By: | PW Partners, LLC General Partner |
| |
| By: | /s/ Patrick Walsh |
| | Name: | Patrick Walsh |
| | Title: | Managing Member and Chief Executive Officer |
| PW PARTNERS ATLAS FUNDS, LLC |
| | |
| By: | /s/ Patrick Walsh |
| | Name: | Patrick Walsh |
| | Title: | Managing Member and Chief Executive Officer |
| PW PARTNERS, LLC |
| | |
| By: | /s/ Patrick Walsh |
| | Name: | Patrick Walsh |
| | Title: | Managing Member and Chief Executive Officer |
| PW PARTNERS CAPITAL MANAGEMENT LLC |
| | |
| By: | |
| | Name: | Patrick Walsh |
| | Title: | Managing Member |
| |
| PATRICK WALSH, as attorney-in-fact for Jeffrey C. Neal |
| LUXOR CAPITAL PARTNERS, LP |
| | |
| By: | LCG Holdings, LLC General Partner |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR WAVEFRONT, LP |
| | |
| By: | LCG Holdings, LLC General Partner |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR CAPITAL PARTNERS OFFSHORE MASTER FUND, LP |
| | |
| By: | LCG Holdings, LLC General Partner |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR CAPITAL PARTNERS OFFSHORE, LTD. |
| | |
| By: | Luxor Capital Group, LP Investment Manager |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR SPECTRUM OFFSHORE MASTER FUND, LP |
| | |
| By: | LCG Holdings, LLC General Partner |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR SPECTRUM OFFSHORE, LTD. |
| | |
| By: | Luxor Capital Group, LP Investment Manager |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR CAPITAL GROUP, LP |
| | |
| By: | Luxor Management, LLC General Partner |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LCG HOLDINGS, LLC |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| LUXOR MANAGEMENT, LLC |
| | |
| By: | |
| | Name: | Norris Nissim |
| | Title: | General Counsel |
| |
| NORRIS NISSIM, as Agent for Christian Leone |
| |
| NORRIS NISSIM, as attorney-in-fact for Jason G. Bernzweig, Mark A. McEachen and Emanuel R. Pearlman |
| ZELMAN CAPITAL, LP |
| | |
| By: | Zelman Capital, LLC General Partner |
| | |
| By: | |
| | Name: | Stephen H. Wank |
| | Title: | Chief Financial Officer |
| ZELMAN CAPITAL, LLC |
| | |
| By: | |
| | Name: | Stephen H. Wank |
| | Title: | Chief Financial Officer |
SCHEDULE C
TRANSACTIONS IN THE SECURITIES OF THE ISSUER
Class of Security | Amount of Securities Purchased/(Sold) | Price ($) | Date of Purchase/Sale |
| | | | |
PW PARTNERS ATLAS FUND II LP |
| | | | |
Common Stock | 28,000* | | 25.0000 | 03/22/2014 |
Common Stock | 27,713 | | 33.0563 | 04/01/2014 |
Common Stock | 215,000 | | 32.9853 | 04/02/2014 |
Common Stock | 300 | | 32.9500 | 04/04/2014 |
Common Stock | 88,772 | | 32.6996 | 04/04/2014 |
* Represents the conversion of certain call options on their March 22, 2014 expiration date into shares of Common Stock at an exercise price of $25 per share.