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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G/A
(AMENDMENT NO. 1)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13(d)-2(b)
Star Gas Partners, L.P.
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(Name of Issuer)
Common Units
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(Title of Class of Securities)
85512C105
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(CUSIP Number)
December 31, 2005
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
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 ("Act") 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).
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE
NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL
NUMBER.
Page 1 of 17 Pages
CUSIP No. 85512C105 Page 2 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Pabrai Investment Fund II, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
Illinois
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 796,300
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
796,300
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
796,300
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
2.5%
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 85512C105 Page 3 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Pabrai Investment Fund 3, Ltd.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
British Virgin Islands
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 786,800
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
786,800
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
786,800
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
2.4%
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12. Type of Reporting Person (See Instructions)
CO
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CUSIP No. 85512C105 Page 4 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Pabrai Investment Fund IV, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
Delaware
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 1,095,000
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
1,095,000
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,095,000
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
3.4%
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 85512C105 Page 5 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Dalal Street, LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
California
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 2,678,100
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
2,678,100
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,683,100
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
8.3%
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12. Type of Reporting Person (See Instructions)
CO
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CUSIP No. 85512C105 Page 6 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Dalal Street, Inc.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
Illinois
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 5,000
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
5,000
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
5,000
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
*
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12. Type of Reporting Person (See Instructions)
CO
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* Less than one-tenth of one percent.
CUSIP No. 85512C105 Page 7 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Rainbee, Inc.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
California
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 2,355
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
2,355
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,355
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
*
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12. Type of Reporting Person (See Instructions)
CO
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* Less than one-tenth of one percent.
CUSIP No. 85512C105 Page 8 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Harina Kapoor
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
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4. Citizenship or Place of Organization
United States
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 10,430
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
10,430
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
10,430*
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
**
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12. Type of Reporting Person (See Instructions)
IN
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* Includes (a) 6,519 Common Units held by Ms. Kapoor and Mr. Pabrai as joint
tenants with rights of survivorship, (b) 2,355 Common Units held by Rainbee,
Inc. (a corporation wholly-owned by Ms. Kapoor) and (c) 1,556 Common Units held
by the IRA FBO Harina Kapoor.
** Less than one-tenth of one percent.
CUSIP No. 85512C105 Page 9 of 16 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Mohnish Pabrai
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
United States
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Number of 5. Sole Voting Power
Shares 2,442
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 2,701,570
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 2,442
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
2,701,570
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,704,012*
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11. Percent of Class Represented by Amount in Row (9)
8.4%
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12. Type of Reporting Person (See Instructions)
IN
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* Includes (a) 8,040 Common Units held by Mr. Pabrai, as trustee, for the
benefit of others under the Uniform Gifts to Minors Act, (b) 6,519 Common
Units held by Mr. Pabrai and his wife as joint tenants with rights of
survivorship, (c) 2,355 Common Units held by Rainbee, Inc. (a corporation
wholly-owned by Mr. Pabrai's wife) and (d) 1,556 Common Units held by the
IRA FBO Harina Kapoor.
CUSIP No. 85512C105 Page 10 of 16 pages
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ITEM 1. (a) NAME OF ISSUER. Star Gas Partners, L.P.
ITEM 1. (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE 2187 Atlantic Street
OFFICES. Stamford, CT 06902
ITEM 2. (a) NAME OF PERSON FILING.
This Schedule 13G is filed on behalf of The Pabrai Investment Fund II,
L.P., an Illinois limited partnership ("PIF2"), Pabrai Investment Fund 3, Ltd.,
a British Virgin Islands corporation ("PIF3"), The Pabrai Investment Fund IV,
L.P., a Delaware limited partnership ("PIF4"), Rainbee, Inc., a California
corporation ("Rainbee"), Dalal Street, LLC, a California limited liability
company ("Dalal"), which is general partner of PIF2 and PIF4 and sole investment
manager of PIF3, Dalal Street, Inc., an Illinois corporation, Harina Kapoor,
sole shareholder of Rainbee, and Mohnish Pabrai, sole shareholder and chief
executive officer of Dalal and Dalal Street, Inc. and a shareholder and
president of PIF3 (collectively, the "Reporting Persons"), pursuant to a Joint
Reporting Agreement dated February 14, 2006, filed by the Reporting Persons as
Exhibit A to this Schedule 13G.
ITEM 2. (b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
114 Pacifica
Suite 240
Irvine, CA 92618-3321
ITEM 2. (c) CITIZENSHIP.
PIF2 is an Illinois limited partnership. PIF4 is a Delaware limited
partnership. PIF3 is a British Virgin Islands corporation. Rainbee is a
California corporation. Dalal is a California limited liability company. Dalal
Street, Inc. is an Illinois corporation. Mohnish Pabrai is a United States
citizen and his wife, Harina Kapoor, is also a United States citizen.
ITEM 2. (d) TITLE OF CLASS OF SECURITIES. Common Units.
ITEM 2. (e) CUSIP NUMBER. 85512C105
ITEM 3. IF THIS STATEMENT IS FLED PURSUANT TO RULE 13d-1(b), 13d-2(b)
OR (c), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
CUSIP No. 85512C105 Page 11 of 16 pages
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ITEM 4. OWNERSHIP.
(a) and (b).
This Schedule 13G shall not be construed as an admission that any
Reporting Person is, either for purposes of Section 13(d) or 13(g) of the
Exchange Act of 1934, as amended (the "Act") or for other purposes, is the
beneficial owner of any securities covered by this statement. By virtue of the
relationships between and among (i) Dalal in its capacity as the general partner
and investment manager of PIF2, PIF4 and PIF3, respectively, (ii) Mohnish
Pabrai, in his capacity as sole shareholder and chief executive officer of Dalal
and Dalal Street, Inc. and as president of PIF3 and (iii) the other Reporting
Persons, as further described in Item 2(a), each of the Reporting Persons may be
deemed to be the beneficial owner of all or a portion of the Common Units held
by the other Reporting Persons. Because of the relationships described in Item
2(a), the Reporting Persons may be deemed to constitute a "group" within the
meaning of Rule 13d-5 under the Act, and as such, each member of the group would
be deemed to beneficially own, in the aggregate, all the Common Units held by
members of the group. The Reporting Persons disclaim membership in a group and
disclaim beneficial ownership of any of the Common Units except as follows.
Common Units
Reporting Person Beneficially Owned % of Class (++)
---------------- ------------------ ---------------
The Pabrai Investment Fund II, L.P. 796,300 2.5%
Pabrai Investment Fund 3, Ltd. 786,800 2.4%
Pabrai Investment Fund IV, L.P. 1,095,000 3.4%
Dalal Street, LLC 2,683,100 8.3%
Dalal Street, Inc. 5,000 *
Rainbee, Inc. 2,355 *
Harina Kapoor 10,430** *
Mohnish Pabrai 2,704,012*** 8.4%
* Less than one-tenth of one percent.
** Includes (a) 6,519 Common Units held by Ms. Kapoor and Mr. Pabrai as joint
tenants with rights of survivorship, (b) 2,355 Common Units held by Rainbee,
Inc. and (c) 1,556 Common Units held by the IRA FBO Harina Kapoor.
*** Includes (a) 8,040 Common Units held by Mr. Pabrai, as trustee, for the
benefit of others under the Uniform Gifts to Minors Act, (b) 6,519 Common Units
held by Mr. Pabrai and his wife as joint tenants with rights of survivorship,
(c) 2,355 Common Units held by Rainbee, Inc. (a corporation wholly-owned by Mr.
Pabrai's wife) and (d) 1,556 Common Units held by the IRA FBO Harina Kapoor.
CUSIP No. 85512C105 Page 12 of 16 pages
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++ All percentages in this table are based on the 32,165,528 Common Units of
Star Gas Partners, L.P. issued and outstanding as of December 8, 2005, as
reported in the Form 10-K for the fiscal year ended September 30, 2005 filed
with the Securities and Exchange Commission on December 13, 2005.
(c)
Dalal Street, LLC and Mohnish Pabrai, in his capacity as chief
executive officer of Dalal Street, LLC, have the shared power to vote or to
direct the vote and the shared power to dispose or to direct the disposition of
the Common Units set forth opposite the name of each of PIF2, PIF4 and PIF3 in
the table above. Dalal Street, LLC and Mohnish Pabrai disclaim beneficial
ownership of any such Common Units except to the extent of their pecuniary
interest therein, if any. Mohnish Pabrai has the sole power to vote or direct
the vote and the power to dispose or to direct the disposition of 2,442 of the
Common Units set forth opposite his name in the table above. Mohnish Pabrai and
Harina Kapoor share the power to vote or to direct the vote and the power to
dispose or to direct the disposition of 10,430 Common Units set forth opposite
their names in the table above. Harina Kapoor, in her capacity as President of
Rainbee, Inc., has the shared power to vote or to direct the vote and the shared
power to dispose or to direct the disposition of the Commun Units set forth
opposite the name of Rainbee, Inc. Harina Kapoor disclaims beneficial ownership
of any such Common Units except to the extent of her pecuniary interest therein,
if any. Harina Kapoor, in her capacity as account holder, and Mohnish Pabrai, in
his capacity as husband and advisor, have the shared power to vote or to direct
the vote and the shared power to dispose or to direct the disposition of the
Common Units held by the IRA FBO Harina Kapoor. Mohnish Pabrai disclaims
beneficial ownership of any such Common Units held by the IRA FBO Harina Kapoor
except to the extent of his pecuniary interest therein, if any.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof, the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [ ]
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY OR CONTROL PERSON.
Not applicable.
CUSIP No. 85512C105 Page 13 of 16 pages
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ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
This Schedule 13G is being filed jointly pursuant to Rule 13d-1(k). As
a result of the relationships among the Reporting Persons described herein, some
or all of the Reporting Persons may be deemed to comprise a "group" within the
meaning of Section 13 of the Act and the Rules promulgated thereunder. However,
the Reporting Persons deny such group status.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP No. 85512C105 Page 14 of 16 pages
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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: February 14, 2006
THE PABRAI INVESTMENT FUND II, L.P.
By: Dalal Street, LLC, Its General Partner
By: /s/ Mohnish Pabrai
------------------------------------------
Mohnish Pabrai, Chief Executive Officer
PABRAI INVESTMENT FUND 3, LTD.
By: /s/ Mohnish Pabrai
---------------------------------------------------
Mohnish Pabrai, President
THE PABRAI INVESTMENT FUND IV, L.P.
By: Dalal Street, LLC, Its General Partner
By: /s/ Mohnish Pabrai
------------------------------------------
Mohnish Pabrai, Chief Executive Officer
DALAL STREET, LLC
By: /s/ Mohnish Pabrai
---------------------------------------------------
Mohnish Pabrai, Chief Executive Officer
DALAL STREET, INC.
By: /s/ Mohnish Pabrai
------------------------------------------------------------
Mohnish Pabrai, Chief Executive Officer
RAINBEE, INC.
By: /s/ Harina Kapoor
------------------------------------------------------------
Harina Kapoor, President
/s/ Harina Kapoor
-----------------------------------------------------------------
Harina Kapoor
/s/ Mohnish Pabrai
-----------------------------------------------------------------
Mohnish Pabrai
CUSIP No. 85512C105 Page 15 of 16 pages
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EXHIBIT INDEX
EXHIBIT DESCRIPTION
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EXHIBIT A JOINT REPORTING AGREEMENT