FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Silver Point Capital L.P. 2. Issuer Name and Ticker or Trading Symbol PDL BIOPHARMA, INC. [ PDLI ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
TWO GREENWICH PLAZA, FIRST FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)
12/16/2020
(Street)
GREENWICH, CT 06830
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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
Common Stock  12/16/2020    P    1350000  A $2.58  14863460  D   
Common Stock  12/17/2020    P    398000  A $2.61  15261460  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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

Explanation of Responses:

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Silver Point Capital L.P.
TWO GREENWICH PLAZA, FIRST FLOOR
GREENWICH, CT 06830

X

O'Shea Robert J
TWO GREENWICH PLAZA, FIRST FLOOR
GREENWICH, CT 06830

X

MULE EDWARD A
TWO GREENWICH PLAZA, FIRST FLOOR
GREENWICH, CT 06830

X


Signatures
/s/ Steven Weiser, Authorized Signatory on behalf of Silver Point Capital, L.P. 12/18/2020
**Signature of Reporting Person Date
/s/ Steven Weiser (as attorney-in-fact on behalf of Edward A Mule, individually) 12/18/2020
**Signature of Reporting Person Date
/s/ Steven Weiser (as attorney-in-fact on behalf of Robert J. O'Shea, individually) 12/18/2020
**Signature of Reporting Person Date
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