SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. )(1)
Luby's, Inc.
------------
(Name of Issuer)
Common Stock, par value $0.32
-----------------------------
(Title of Class of Securities)
549282101
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 18, 2007
-------------
(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 22 Pages)
----------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on 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 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 549282101 13D Page 2 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PARCHE, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
271,200
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 271,200
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 3 of 22 Pages
------------------- -------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,423,800
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,423,800
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,423,800
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 4 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RCG STARBOARD ADVISORS, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,695,000
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,695,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 5 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RAMIUS CAPITAL GROUP, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,695,000
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,695,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 6 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
C4S & CO., L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,695,000
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,695,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 7 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PETER A. COHEN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,695,000
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,695,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 8 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MORGAN B. STARK
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,695,000
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,695,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 549282101 13D Page 9 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JEFFREY M. SOLOMON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,695,000
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,695,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 549282101 13D Page 10 of 22 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS W. STRAUSS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,695,000
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,695,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,695,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 549282101 13D Page 11 of 22 Pages
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The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. Security and Issuer.
This statement relates to shares of the Common Stock, par value $.32
per share (the "Shares"), of Luby's, Inc. (the "Issuer"). The address of the
principal executive offices of the Issuer is 13111 Northwest Freeway Suite 600,
Houston, Texas 77040.
Item 2. Identity and Background.
(a) This statement is filed by:
(i) Parche, LLC, a Delaware limited liability company ("Parche"),
with respect to the Shares directly and beneficially owned by
it;
(ii) Starboard Value and Opportunity Master Fund Ltd., a Cayman
Islands exempted company ("Starboard"), with respect to the
Shares directly and beneficially owned by it;
(iii) RCG Starboard Advisors, LLC, a Delaware limited liability
company ("RCG Starboard Advisors"), which serves as the
investment manager of Starboard and the managing member of
Parche;
(iv) Ramius Capital Group, L.L.C., a Delaware limited liability
company ("Ramius Capital"), which serves as the sole member of
RCG Starboard Advisors;
(v) C4S & Co., L.L.C., a Delaware limited liability company
("C4S"), which serves as managing member of Ramius Capital;
(vi) Peter A. Cohen ("Mr. Cohen"), who serves as one of the
managing members of C4S;
(vii) Morgan B. Stark ("Mr. Stark"), who serves as one of the
managing members of C4S;
(viii) Thomas W. Strauss ("Mr. Strauss"), who serves as one of the
managing members of C4S; and
(ix) Jeffrey M. Solomon ("Mr. Solomon"), who serves as one of the
managing members of C4S;
Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." Each of the Reporting Persons is party
to that certain Joint Filing Agreement, as further described in Item 6.
Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
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CUSIP No. 549282101 13D Page 12 of 22 Pages
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(b) The address of the principal office of each of Parche, RCG
Starboard Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and
Mr. Solomon is 666 Third Avenue, 26th Floor, New York, New York 10017.
The address of the principal office of Starboard is c/o Citco Fund
Services (Cayman Islands) Limited, Corporate Center, West Bay Road, Grand
Cayman, Cayman Islands, British West Indies. The officers and directors of
Starboard and their principal occupations and business addresses are set forth
on Schedule B and incorporated by reference in this Item 2.
(c) The principal business of each of Starboard and Parche is
serving as a private investment fund. Each of Starboard and Parche has been
formed for the purpose of making equity investments and, on occasion, taking an
active role in the management of portfolio companies in order to enhance
shareholder value. The principal business of RCG Starboard Advisors is acting as
the investment manager of Starboard and the managing member of Parche. Ramius
Capital is engaged in money management and investment advisory services for
third parties and proprietary accounts. C4S serves as managing member of Ramius
Capital. Mr. Cohen, Mr. Strauss, Mr. Stark and Mr. Solomon serve as co-managing
members of C4S.
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) No Reporting Person has, during the last five years, been party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Messrs. Cohen, Stark, Strauss, and Solomon are citizens of the
United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
The Shares purchased by Parche and Starboard were purchased with the
working capital of such entities (which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business) in open market
purchases. The aggregate purchase cost of the 1,695,000 Shares beneficially
owned in the aggregate by the Reporting Persons is approximately $16,452,757.00,
including brokerage commissions.
Certain of the Shares reported in the Statement as owned by Parche
were acquired in private transactions with various transferors for which Ramius
Capital or an affiliate serves as the investment manager, the managing member or
the managing member of the investment manager. Ramius Capital is the sole member
of RCG Starboard Advisors, which is the managing member of Parche. Parche
acquired from such transferors an aggregate of 204,000 Shares on July 18, 2007
at a per Share price of $9.5000, equal to the last reported sales price on the
New York Stock Exchange on the date the transaction was completed, or an
aggregate of $1,938,000. The total of 204,000 Shares transferred to Parche were
initially acquired by the transferors for an aggregate of approximately
------------------- -------------------
CUSIP No. 549282101 13D Page 13 of 22 Pages
------------------- -------------------
$2,006,872.00 (excluding commissions and other execution related costs). Such
transferors had, within the 60 days prior to the filing of the Statement,
effected the following transactions in the Shares: 06/05/07 purchased 8,000
Shares at a price per Share of $9.5079; 06/06/07 purchased 4,624 Shares at a
price per Share of $9.6487; 06/07/07 purchased 6,800 Shares at a price per Share
of $9.5236; 06/08/07 purchased 3,712 Shares at a price per Share of $9.7220;
06/11/07 purchased 8,864 Shares at a price per Share of $10.0007; 06/12/07
purchased 18,752 Shares at a price per Share of $9.3706; 06/13/07 purchased
1,728 Shares at a price per Share of $9.4426; 06/14/07 purchased 7,840 Shares at
a price per Share of $9.4707; 06/15/07 purchased 5,440 Shares at a price per
Share of $9.4944; 06/18/07 purchased 1,264 Shares at a price per Share of
$9.4914; 06/20/07 purchased 8,528 Shares at a price per Share of $9.4957;
06/21/07 purchased 4,800 Shares at a price per Share of $9.4830; 06/26/07
purchased 10,048 Shares at a price per Share of $9.9061; 06/28/07 purchased
6,112 Shares at a price per Share of $9.9792; 06/29/07 purchased 3,488 Shares at
a price per Share of $10.0020; and 07/18/07 sold 204,000 Shares at a price per
Share of $9.5000. All purchases of Shares referenced above were funded by
working capital, which may, at any given time, include margin loans made by
brokerage firms in the ordinary course of business. The Reporting Persons do not
believe that the information contained in this paragraph is called for by the
Items of Schedule 13D and are disclosing it for supplemental informational
purposes only.
Item 4. Purpose of Transaction.
The Reporting Persons purchased the Shares based on the Reporting
Persons' belief that the Shares, when purchased, were undervalued and
represented an attractive investment opportunity. Depending upon overall market
conditions, other investment opportunities available to the Reporting Persons,
and the availability of Shares at prices that would make the purchase of
additional Shares desirable, the Reporting Persons may endeavor to increase
their position in the Issuer through, among other things, the purchase of Shares
on the open market or in private transactions or otherwise, on such terms and at
such times as the Reporting Persons may deem advisable.
On July 30, 2007, RCG Starboard Advisors delivered a letter to the
President and Chief Executive Officer and Board of Directors of the Issuer
expressing its belief that the Issuer's Shares are undervalued. The letter urged
the Company to promptly take the appropriate steps to unlock intrinsic value by
engaging a strategic advisor to assist the Issuer in either (i) executing a sale
leaseback on a substantial portion of its owned real estate with a coincident
stock buyback and special dividend or (ii) pursuing a sale of the Company for an
appropriate premium. The letter is attached hereto as Exhibit 99.3 and is
incorporated herein by reference.
No Reporting Person has any present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) - (j)
of Item 4 of Schedule 13D except as set forth herein or such as would occur upon
completion of any of the actions discussed above. The Reporting Persons intend
to review their investment in the Issuer on a continuing basis and engage in
discussions with management and the Board of Directors of the Issuer concerning
the business, operations and future plans of the Issuer. Depending on various
factors including, without limitation, the Issuer's financial position and
investment strategy, the price levels of the Shares, conditions in the
securities markets and general economic and industry conditions, the Reporting
Persons may in the future take such actions with respect to their investment in
------------------- -------------------
CUSIP No. 549282101 13D Page 14 of 22 Pages
------------------- -------------------
the Issuer as they deem appropriate including, without limitation, seeking Board
representation, making proposals to the Issuer concerning changes to the
capitalization, ownership structure or operations of the Issuer, purchasing
additional Shares, selling some or all of their Shares, engaging in short
selling of or any hedging or similar transaction with respect to the Shares or
changing their intention with respect to any and all matters referred to in Item
4.
Item 5. Interest in Securities of the Issuer.
The aggregate percentage of Shares reported owned by each person
named herein is based upon 26,153,799 Shares outstanding, as of June 11, 2007,
which is the total number of Shares outstanding as reported in the Issuer's
Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission
on June 15, 2007.
A. Parche
(a) As of the date of this filing, Parche beneficially owns 271,200
Shares.
Percentage: 1.0% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 271,200
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 271,200
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Parche during the past 60 days are
set forth in Schedule A and are incorporated by reference. All
transactions were effected in the open market, except as otherwise
noted.
B. Starboard
(a) As of the date of this filing, Starboard beneficially owns 1,423,800
Shares.
Percentage: 5.4% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 1,423,800
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,423,800
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Starboard during the past 60 days
are set forth in Schedule A and are incorporated by reference. All
transactions were effected in the open market, except as otherwise
noted.
C. RCG Starboard Advisors
(a) As of the date of this filing, as managing member of Parche and the
investment manager of Starboard, RCG Starboard Advisors may be
deemed the beneficial owner of (i) 271,200 Shares owned by Parche
and (ii) 1,423,800 Shares owned by Starboard.
------------------- -------------------
CUSIP No. 549282101 13D Page 15 of 22 Pages
------------------- -------------------
Percentage: 6.5% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 1,695,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,695,000
4. Shared power to dispose or direct the disposition: 0
(c) RCG Starboard Advisors did not enter into any transactions in the
Shares during the past 60 days. The transactions in the Shares
during the past 60 days on behalf of Parche and Starboard are set
forth in Schedule A and are incorporated by reference. All
transactions were effected in the open market, except as otherwise
noted.
D. Ramius Capital
(a) As of the date of this filing, as the sole member of RCG Starboard
Advisors Ramius Capital may be deemed the beneficial owner of (i)
271,200 Shares owned by Parche and (ii) 1,423,800 Shares owned by
Starboard.
Percentage: 6.5% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 1,695,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,695,000
4. Shared power to dispose or direct the disposition: 0
(c) Ramius Capital did not enter into any transactions in the Shares
during the past 60 days. The transactions in the Shares during the
past 60 days on behalf of Parche and Starboard are set forth in
Schedule A and are incorporated by reference. All transactions were
effected in the open market, except as otherwise noted.
E. C4S
(a) As of the date of this filing, as the managing member of Ramius
Capital, C4S may be deemed the beneficial owner of (i) 271,200
Shares owned by Parche and (ii) 1,423,800 Shares owned by Starboard.
Percentage: 6.5% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 1,695,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,695,000
4. Shared power to dispose or direct the disposition: 0
(c) C4S did not enter into any transactions in the Shares during the
past 60 days. The transactions in the Shares during the past 60 days
on behalf of Parche and Starboard are set forth in Schedule A and
are incorporated by reference. All transactions were effected in the
open market, except as otherwise noted.
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CUSIP No. 549282101 13D Page 16 of 22 Pages
------------------- -------------------
F. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
(a) As of the date of this filing, as the managing members of C4S, each
of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed
the beneficial owner of (i) 271,200 Shares owned by Parche and (ii)
1,423,800 Shares owned by Starboard.
Percentage: 6.5% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 1,695,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,695,000
(c) None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon has entered
into any transactions in the Shares during the past 60 days. The
transactions in the Shares during the past 60 days on behalf of
Parche and Starboard are set forth in Schedule A and are
incorporated by reference. All transactions were effected in the
open market, except as otherwise noted.
(d) No person other than the Reporting Persons is known to have the
right to receive, or the power to direct the receipt of dividends
from, or proceeds from the sale of, such shares of the Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
On July 30, 2007, Starboard, Parche, RCG Starboard Advisors, Ramius
Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark and Mr. Strauss (collectively,
the "Group") entered into a Joint Filing Agreement (the "Joint Filing
Agreement") in which the parties agreed to the joint filing on behalf of each of
them of statements on Schedule 13D with respect to the securities of the Issuer
to the extent required by applicable law. The Joint Filing Agreement is attached
as Exhibit 99.1 hereto and is incorporated herein by reference.
Other than as described herein, there are no contracts,
arrangements, understandings or relationships among the Reporting Persons, or
between the Reporting Persons and any other person, with respect to the
securities of the Issuer.
------------------- -------------------
CUSIP No. 549282101 13D Page 17 of 22 Pages
------------------- -------------------
Item 7. Material to be Filed as Exhibits.
99.1 Joint Filing Agreement by and among Parche, Starboard, RCG Starboard
Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark and
Mr. Strauss, dated July 30, 2007.
99.2 Power of Attorney for Peter A. Cohen, Morgan B. Stark, Thomas W.
Strauss and Jeffrey M. Solomon, dated March 11, 2005.
99.3 Letter from RCG Starboard Advisors to the President and Chief
Executive Officer and Board of Directors of the Issuer, dated July
30, 2007.
------------------- -------------------
CUSIP No. 549282101 13D Page 18 of 22 Pages
------------------- -------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: July 30, 2007
PARCHE, LLC RCG STARBOARD ADVISORS, LLC
By: RCG Starboard Advisors, LLC, its By: Ramius Capital Group, L.L.C.,
managing member its sole member
STARBOARD VALUE AND RAMIUS CAPITAL GROUP, L.L.C.
OPPORTUNITY MASTER FUND LTD. By: C4S & Co., L.L.C.,
as managing member
By: RCG Starboard Advisors, LLC, its
investment manager C4S & CO., L.L.C.
By: /s/ Jeffrey M. Solomon
--------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
/s/ Jeffrey M. Solomon
----------------------------------------
JEFFREY M. SOLOMON
Individually and as attorney-in-fact for
Peter A. Cohen, Morgan B. Stark and
Thomas W. Strauss
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CUSIP No. 549282101 13D Page 19 of 22 Pages
------------------- -------------------
SCHEDULE A
Transactions in the Shares During the Past 60 Days
Shares of Common Stock Price Per Date of
Purchased / (Sold) Share($) Purchase / Sale
------------------ -------- ---------------
PARCHE, LLC
-----------
204,000* 9.5000 07/18/07
6,656 9.4036 07/18/07
24,000 9.4561 07/18/07
17,264 9.4997 07/19/07
144 9.4961 07/19/07
6,160 9.4968 07/20/07
1,872 9.4920 07/20/07
240 9.4740 07/23/07
10,864 9.4936 07/24/07
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
------------------------------------------------
42,000 9.5079 06/05/07
24,276 9.6487 06/06/07
35,700 9.5236 06/07/07
19,488 9.7220 06/08/07
46,536 10.0007 06/11/07
98,448 9.3706 06/12/07
9,072 9.4426 06/13/07
41,160 9.4707 06/14/07
28,560 9.4944 06/15/07
6,636 9.4914 06/18/07
44,772 9.4957 06/20/07
25,200 9.4830 06/21/07
52,752 9.9061 06/26/07
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CUSIP No. 549282101 13D Page 20 of 22 Pages
------------------- -------------------
32,088 9.9792 06/28/07
18,312 10.0020 06/29/07
34,944 9.4036 07/18/07
126,000 9.4561 07/18/07
90,636 9.4997 07/19/07
756 9.4961 07/19/07
32,340 9.4968 07/20/07
9,828 9.4920 07/20/07
1,260 9.4740 07/23/07
57,036 9.4936 07/24/07
----------
* Shares were acquired in private transactions with various transferors for
which Ramius Capital Group, L.L.C. or an affiliate serves as the investment
manager, the managing member or the managing member of the investment manager.
------------------- -------------------
CUSIP No. 549282101 13D Page 21 of 22 Pages
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SCHEDULE B
Directors and Officers of Starboard Value and Opportunity Master Fund Ltd.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Mark Mitchell Partner of Ramius Capital Group, L.L.C. 666 Third Avenue
Director 26th Floor
New York, New York 10017
Jeffrey M. Solomon Managing Member of C4S & Co., L.L.C., 666 Third Avenue
Director which is the Managing Member of Ramius 26th Floor
Capital Group, L.L.C. New York, New York 10017
CFS Company Ltd. Nominee Company registered with Cayman c/o Citco Fund Services (Cayman
Director Islands Monetary Authority and is Islands) Limited
affiliated with Administrator of the Corporate Center
Fund West Bay Road
Grand Cayman, Cayman Islands
British West Indies
CSS Corporation Ltd. Affiliate of the Administrator of the c/o Citco Fund Services (Cayman
Secretary Fund Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
EXHIBIT INDEX
Exhibit Exhibit Number
------- --------------
1. Joint Filing Agreement by and among Parche, Starboard RCG Starboard
Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark and Mr.
Strauss, dated July 30, 2007. 99.1
2. Power of Attorney for Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss
and Jeffrey M. Solomon, dated March 11, 2005. 99.2
3. Letter from RCG Starboard Advisors to the President and Chief Executive 99.3
Officer and Board of Directors of the Issuer, dated July 30, 2007.