UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(AMENDMENT NO. 2)
(Rule 13d-101)
Under the Securities Exchange Act of 1934
SMURFIT-STONE CONTAINER CORPORATION
(Name of Issuer)
common stock, $.01 par value per share
(Title of Class of Securities)
832727101
(CUSIP NUMBER)
Jeffrey Tannenbaum
505 Fifth Avenue, 23rd Floor
New York, New York 10017
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Eleazer N. Klein, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
(212) 756-2000
May 24, 2010
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box
[ ]
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934, as amended (the "Act"), or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act.
Page 1 of 8
--------------------------------
CUSIP No. 832727101 13D/A
--------------------------------
-------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fir Tree Value Master Fund, L.P.
-------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------------- -----------------------------------------------------------------
3 SEC USE ONLY
-------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
-------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------- ------- ---------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY ------- --------------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 11,495,385 shares of Common Stock (as defined below)
80,806 shares of Common Stock issuable upon conversion
of 110,800 shares of Preferred Stock (as defined below)
------- --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,495,385 shares of Common Stock
80,806 shares of Common Stock issuable upon conversion
of 110,800 shares of Preferred Stock
--------------- ------- --------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,495,385 shares of Common Stock
80,806 shares of Common Stock issuable upon conversion of
110,800 shares of Preferred Stock
-------------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
-------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------- -----------------------------------------------------------------
Page 2 of 8
|
--------------------------------
CUSIP No. 832727101 13D/A
--------------------------------
-------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fir Tree Capital Opportunity Master Fund, L.P.
-------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------------- -----------------------------------------------------------------
3 SEC USE ONLY
-------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
-------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------- ------- ---------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY ------- ---------------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 7,314,615 shares of Common Stock
40,357 shares of Common Stock issuable upon conversion
of 55,337 shares of Preferred Stock
------- ---------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,314,615 shares of Common Stock
40,357 shares of Common Stock issuable upon conversion
of 55,337 shares of Preferred Stock
-------------- ------- ---------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,314,615 shares of Common Stock
40,357 shares of Common Stock issuable upon conversion of
55,337 shares of Preferred Stock
-------------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
-------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------- -----------------------------------------------------------------
Page 3 of 8
|
--------------------------------
CUSIP No. 832727101 13D/A
--------------------------------
-------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fir Tree, Inc.
-------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------------- -----------------------------------------------------------------
3 SEC USE ONLY
-------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-------------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
-------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
-------------------------------------- ------- ---------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY ------- --------------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 18,810,000 shares of Common Stock
121,163 shares of Common Stock issuable upon conversion
of 166,137 shares of Preferred Stock
------- --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
18,810,000 shares of Common Stock
121,163 shares of Common Stock issuable upon conversion
of 166,137 shares of Preferred Stock
--------------- ------- --------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,810,000 shares of Common Stock
121,163 shares of Common Stock issuable upon conversion of
166,137 shares of Preferred Stock
-------------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%
-------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------- -----------------------------------------------------------------
Page 4 of 8
|
SCHEDULE 13D
This Amendment No. 2 (this "Amendment") amends the statement on Schedule
13D filed on February 1, 2010 (the "Original Schedule 13D", and the Original
Schedule 13D as amended hereby and by Amendment No. 1 filed on February 18,
2010, the "Schedule 13D") with respect to shares of common stock par value $0.01
per share (the "Common Stock") of Smurfit-Stone Container Corporation, a
Delaware corporation (the "Issuer"). Capitalized terms used herein and not
otherwise defined in this Amendment have the meanings set forth in the Schedule
13D. This Amendment amends Items 4 and 5 as set forth below.
ITEM 4. PURPOSE OF THE TRANSACTION
Item 4 of the Schedule 13D is hereby amended and supplemented by the
addition of the following:
On May 24, 2010 the Reporting Persons reached a resolution with the Issuer
with respect to the Reporting Persons' objections to the Plan. The resolution
provides that 2.25% of the new common stock of the reorganized Issuer that the
Plan previously provided for distribution to the general unsecured creditors of
the Issuer (the "New Common Stock") will be distributed pro rata to the existing
holders of the Issuer's 7% Series A Cumulative Exchangeable Redeemable
Convertible Preferred Stock (the "Preferred Stock") and 2.25% of the New Common
Stock will be distributed pro rata to the existing holders of the Common Stock.
The resolution also provides that the Issuer will pay certain of the fees and
expenses of the professionals engaged by the Reporting Persons in connection
with their objections to the Plan.
The Reporting Persons expressly disclaim membership in a group with the
Other Holders or any other person. As a result of reaching this resolution to
the Reporting Persons' objections to the Plan, there is no longer any argument
that the Reporting Persons could be deemed to be a group with the Other Holders.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 (a), (b) and (c) are hereby amended and restated as follows:
(a) Fir Tree Value and Fir Tree Capital Opportunity beneficially
own 11,576,191 and 7,354,972, respectively, shares of Common Stock of the Issuer
(which includes 80,806 and 40,357, respectively, shares of Common Stock issuable
upon conversion of 110,800 and 55,337, respectively, shares of Preferred Stock),
which represents approximately 4.5% and 2.9%, respectively, of the Issuer's
outstanding shares of Common Stock. Fir Tree, Inc., as the investment manager of
each of Fir Tree Value and Fir Tree Capital Opportunity, may be deemed to
beneficially own the 18,931,163 shares of Common Stock (which includes 121,163
shares of Common Stock issuable upon conversion of 166,137 shares of Preferred
Stock) held collectively by Fir Tree Value and Fir Tree Capital Opportunity,
which represents approximately 7.4% of the Issuer's outstanding shares of Common
Stock. Such percentages were calculated by dividing the number of shares of
Common Stock beneficially owned by each of the Reporting Persons by
Page 5 of 8
257,261,844, the number of shares of Common Stock issued and outstanding as of
May 3, 2010, as reported in the Issuer's Form 10-Q filed with the Securities
Exchange Commission on May 5, 2010.
(b) Fir Tree Value may direct the vote and disposition of 11,576,191
shares of Common Stock (which includes 80,806 shares of Common Stock issuable
upon conversion of 110,800 shares of Preferred Stock). Fir Tree Capital
Opportunity may direct the vote and disposition of 7,354,972 shares of Common
Stock (which includes 40,357 shares of Common Stock issuable upon conversion of
55,337 shares of Preferred Stock). Fir Tree, Inc. has been granted investment
discretion over the shares of Common Stock held by Fir Tree Value and Fir Tree
Capital Opportunity, and thus, has the shared power to direct the vote and
disposition of 18,931,163 shares of Common Stock (which includes 121,163 shares
of Common Stock issuable upon conversion of 166,137 shares of Preferred Stock).
The filing of this statement on Schedule 13D shall not be
construed as an admission that Fir Tree, Inc., Fir Tree Value or Fir Tree
Capital Opportunity is for the purposes of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934, as amended, the beneficial owner of any of the
18,931,163 shares of Common Stock (which includes 121,163 shares of Common Stock
issuable upon conversion of 166,137 shares of Preferred Stock) held by Fir Tree
Value and Fir Tree Capital Opportunity. Pursuant to Rule 13d-4, Fir Tree, Inc.,
Fir Tree Value and Fir Tree Capital Opportunity disclaim all such beneficial
ownership
(c) The transactions in the Issuer's securities by the Reporting
Persons in the last sixty days are listed as Schedule B attached hereto and made
a part hereof.
The last paragraph of Item 5 is hereby deleted in its entirety.
Page 6 of 8
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: May 26, 2010
FIR TREE VALUE MASTER FUND, LP
By: FIR TREE, INC., its Manager
By: /s/ Jeffrey Tannenbaum
----------------------
Name: Jeffrey Tannenbaum
Title: President
|
FIR TREE CAPITAL OPPORTUNITY MASTER
FUND, L.P.
By: FIR TREE, INC., its Manager
By: /s/ Jeffrey Tannenbaum
----------------------
Name: Jeffrey Tannenbaum
Title: President
|
FIR TREE, INC.
By: /s/ Jeffrey Tannenbaum
----------------------
Name: Jeffrey Tannenbaum
Title: President
|
Page 7 of 8
SCHEDULE A
TRANSACTIONS IN THE COMMON STOCK BY FIR TREE CAPITAL OPPORTUNITY MASTER FUND,
L.P. DURING THE PAST 60 DAYS
Unless otherwise indicated, all trades were effected in the open market through
brokers.
Number of Shares of
Common Stock
Date Purchased/(Sold) Price Per Share*
---- ---------------- ----------------
5/24/2010 2,470,000 $0.20
5/24/2010 240,000 $0.191
Number of Shares of
Preferred Stock
Date Purchased/(Sold) Price Per Share*
---- ------------------- ----------------
4/16/2010 1,300 $5.00
4/19/2010 (1,300) $5.25
5/24/2010 5,879 $11.25
5/24/2010 538 $10.50
5/24/2010 33,308 $11.10
5/24/2010 15,612 $11.00
|
* Excludes commissions.
TRANSACTIONS IN THE COMMON STOCK BY FIR TREE VALUE MASTER FUND, L.P. DURING THE
PAST 60 DAYS
Unless otherwise indicated, all trades were effected in the open market through
brokers.
Number of Shares of
Preferred Stock
Date Purchased/(Sold) Price Per Share*
---- ------------------- ----------------
4/16/2010 3,200 $5.00
4/19/2010 (3,200) $5.25
5/24/2010 1,079 $10.50
5/24/2010 11,771 $11.25
5/24/2010 31,258 $11.00
5/24/2010 66,692 $11.10
|
*Excludes commissions.
Page 8 of 8
Spirits Capital (PK) (USOTC:SSCC)
Historical Stock Chart
From Jul 2024 to Jul 2024
Spirits Capital (PK) (USOTC:SSCC)
Historical Stock Chart
From Jul 2023 to Jul 2024
