SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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)
Cryolife, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
228903100
- --------------------------------------------------------------------------------
(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number
of Person
Authorized to Receive Notices and Communications)
December 1, 2005
- --------------------------------------------------------------------------------
(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. [X]
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 14 Pages)
- ----------------------------
* 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 ("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).
CUSIP No. 228903100 13D Page 2 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Capital Management LP
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
10.2% (as converted)
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON *
PN
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 3 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners I LP
- -----------------------------------------------------------------------------
(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 PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
90,370 shares of common stock; 3,536 shares of
convertible preferred stock convertible into 21,990
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
90,370 shares of common stock; 3,536 shares of
convertible preferred stock convertible into 21,990
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
90,370 shares of common stock; 3,536 shares of
convertible preferred stock convertible into 21,990
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.5% (as converted)
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON *
PN
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 4 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners II LP
- -----------------------------------------------------------------------------
(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 PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
951,222 shares of common stock; 39,542 shares of
convertible preferred stock convertible into 245,908
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
951,222 shares of common stock; 39,542 shares of
convertible preferred stock convertible into 245,908
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
951,222 shares of common stock; 39,542 shares of
convertible preferred stock convertible into 245,908
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
4.8% (as converted)
- -----------------------------------------------------------------------------
(14 ) TYPE OF REPORTING PERSON *
PN
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 5 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Overseas 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 PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
958,408 shares of common stock; 41,922 shares of
convertible preferred stock convertible into 260,709
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
958,408 shares of common stock; 41,922 shares of
convertible preferred stock convertible into 260,709
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
958,408 shares of common stock; 41,922 shares of
convertible preferred stock convertible into 260,709
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
4.9% (as converted)
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON *
CO
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 6 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Advisors LLC
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
1,041,592 shares of common stock; 43,078 shares of
convertible preferred stock convertible into 267,898
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,041,592 shares of common stock; 43,078 shares of
convertible preferred stock convertible into 267,898
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,041,592 shares of common stock; 43,078 shares of
convertible preferred stock convertible into 267,898
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.3% (as converted)
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON *
OO
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 7 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Schafer Brothers LLC
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
10.2% (as converted)
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON *
OO
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 8 of 14 Pages
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000,000 shares of common stock; 85,000 shares of
convertible preferred stock convertible into 528,607
shares of common stock
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
10.2% (as converted)
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON *
IN
- -----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 228903100 13D Page 9 of 14 Pages
Item 1. Security and Issuer.
This statement on Schedule 13D relates to the shares ("Shares") of
common stock, $0.01 par value, of Cryolife, Inc. (the "Issuer"). The principal
executive office of the Issuer is located at 1655 Roberts Boulevard, NW
Kennesaw, Georgia 30144. This statement supercedes the statement with respect to
the Shares previously filed on Schedule 13G on January 18, 2005, as amended by
Amendment No. 1 on August 3, 2005.
Item 2. Identity and Background.
(a) This statement is filed by:
(i) Oscar S. Schafer & Partners I LP, a Delaware limited partnership
("OSS I"), with respect to the Shares directly owned by it;
(ii) Oscar S. Schafer & Partners II LP, a Delaware limited partnership
("OSS II", and together with OSS I, the "Partnerships"), with
respect to the Shares directly owned by it;
(iii) O.S.S. Advisors LLC, a Delaware limited liability company (the
"General Partner"), which serves as the general partner of each
of the Partnerships, with respect to the Shares directly owned by
each of the Partnerships;
(iv) O.S.S. Overseas Fund Ltd., a Cayman Islands exempted company
("OSS Overseas"), with respect to the Shares directly owned by
it;
(v) O.S.S. Capital Management LP, a Delaware limited partnership (the
"Investment Manager"), which serves as investment manager, and
management company, to OSS Overseas and the Partnerships,
respectively, and has investment discretion with respect to the
Shares directly owned by OSS Overseas and the Partnerships;
(vi) Schafer Brothers LLC, a Delaware limited liability company ("SB
LLC"), which serves as the general partner to the Investment
Manager, with respect to the Shares directly owned by OSS
Overseas and the Partnerships; and
(vii) Mr. Oscar S. Schafer ("Mr. Schafer"), who serves as the senior
managing member of the General Partner and of SB LLC, with
respect to Shares directly owned by OSS Overseas and the
Partnerships.
The Partnerships, OSS Overseas, the General Partner, the Investment
Manager, SB LLC and Mr. Schafer are hereinafter sometimes collectively referred
to as the "Reporting Persons."
CUSIP No. 228903100 13D Page 10 of 14 Pages
Any disclosures made herein with respect to persons or entities other
than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party. The Reporting Persons expressly disclaim
beneficial ownership of securities held by any person or entity other than, to
the extent of any pecuniary interest therein, the various accounts under the
Reporting Persons' management and control. The securities reported herein as
being beneficially owned by the Reporting Persons do not include any securities
held by any other person or entity other than the various accounts under the
Reporting Persons' management and control.
(b) The address of the principal business offices of each of the
Reporting Persons other than OSS Overseas is 598 Madison Avenue, New York, NY
10022. The address of the principal business office of OSS Overseas is SEI
Investments Global (Cayman) Limited, Harbor Place, 5th Floor, South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands, British West Indies.
(c) The principal business of the Partnerships and OSS Overseas is
investing. The principal business of the General Partner and the Investment
Manager is investing for accounts under their management. The principal business
of SB LLC is as general partner of the Investment Manager. The principal
business of Mr. Schafer is as senior managing member of the General Partner and
SB LLC.
(d) The Reporting Persons have not, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) The Reporting Persons have not, 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 were or are 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) Mr. Schafer is a US citizen
Item 3. Source and Amount of Funds or Other Consideration.
Of the 2,528,607 Shares reported herein by the Reporting Persons,
2,000,000 Shares were acquired at an aggregate purchase price of approximately
$14,643,844 and the remaining 85,000 shares of convertible preferred stock (the
"Convertible Securities"), which are convertible into 528,607 Shares, were
acquired at an aggregate purchase price of approximately $4,250,000. The Shares
beneficially owned by the Reporting Persons were acquired with investment funds
in accounts under management.
CUSIP No. 228903100 13D Page 11 of 14 Pages
Item 4. Purpose of Transaction.
The Reporting Persons originally acquired Shares for investment in the
ordinary course of business. The Reporting Persons believe that the Shares at
current market prices are undervalued and represent an attractive investment
opportunity.
In the ordinary course of their investment business, from time to time,
representatives of the Reporting Persons engage in discussions with the
management of companies in which they have invested concerning the business and
operations of the company and potential approaches to maximizing shareholder
value. The Reporting Persons intend to engage in such discussions with the
Issuer, other holders of the Issuer's Shares and/or third parties.
The Reporting Persons have no present plan or proposal that 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 herein. The Reporting Persons intend
to review their investment in the Issuer on a continuing basis. Depending on
various factors including, without limitation, the Issuer's financial position
and strategic direction, price levels of the Shares, conditions in the
securities market and general economic and industry conditions, the Reporting
Persons may in the future take such actions with respect to their investment in
the Issuer as they deem appropriate including, without limitation, purchasing
additional Shares or selling some or all of their Shares, converting the
Convertible Securities to Shares, hedging their positions and/or otherwise
changing their intentions with respect to any and all matters referred to in
Item 4.
Item 5. Interest in Securities of the Company.
(a) The aggregate percentage of Shares reported to be beneficially
owned by the Reporting Persons is based upon 24,189,043 Shares outstanding,
which is the total number of Shares outstanding as of October 31, 2005, as
reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2005.
As of the close of business on December 1, 2005, the Reporting Persons
may be deemed to beneficially own 2,528,607 Shares (including Convertible
Securities convertible to 528,607 Shares), constituting approximately 10.2% of
the Shares outstanding.
CUSIP No. 228903100 13D Page 12 of 14 Pages
(b) The Reporting Persons have the following voting and dispositive
powers over the 2,528,607 Shares reported herein (including, if the Convertible
Securities are converted, the 528,607 Shares underlying such Convertible
Securities):
(i) Investment Manager: Beneficial owner, with shared power to
vote or direct the vote and to dispose or direct the disposition, of 2,000,000
Shares and 85,000 shares of Convertible Securities convertible into 528,607
Shares, or an aggregate of 10.2% of outstanding Shares on an as-converted basis.
(ii) OSS I: Beneficial owner, with shared power to vote or
direct the vote and to dispose or direct the disposition, of 90,370 Shares and
3,536 shares of Convertible Securities convertible into 21,990 Shares, or an
aggregate of 0.5% of outstanding Shares on an as-converted basis.
(iii) OSS II: Beneficial owner, with shared power to vote or
direct the vote and to dispose or direct the disposition, of 951,222 Shares and
39,542 shares of Convertible Securities convertible into 245,908 Shares, or an
aggregate of 4.8% of outstanding Shares on an as-converted basis.
(iv) OSS Overseas: Beneficial owner, with shared power to vote
or direct the vote and to dispose or direct the disposition, of 958,408 Shares
and 41,922 shares of Convertible Securities convertible into 260,709 Shares, or
an aggregate of 4.9% of outstanding Shares on an as-converted basis.
(v) General Partner: Beneficial owner, with shared power to
vote or direct the vote and to dispose or direct the disposition, of 1,041,592
Shares and 43,078 shares of Convertible Securities convertible into 267,898
Shares, or an aggregate of 5.3% of outstanding Shares on an as-converted basis.
(vi) SB LLC: Beneficial owner, with shared power to vote or
direct the vote and to dispose or direct the disposition, of 2,000,000 Shares
and 85,000 shares of Convertible Securities convertible into 528,607 Shares, or
an aggregate of 10.2% of outstanding Shares on an as-converted basis.
(vii) Mr. Schafer: Beneficial owner, with shared power to vote
or direct the vote and to dispose or direct the disposition, of 2,000,000 Shares
and 85,000 shares of Convertible Securities convertible into 528,607 Shares, or
an aggregate of 10.2% of outstanding Shares on an as-converted basis.
The Investment Manager, the General Partner, SB LLC and Mr. Schafer
expressly declare that this filing shall not be construed as an admission that
each is, for the purposes of sections 13(d) or 13(g) of the Securities Exchange
Act of 1934, as amended, the beneficial owner of any securities covered by this
filing.
(c) No transactions in the Shares have been effected by the Reporting
Persons during the past sixty days.
(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 the
proceeds from the sale of, the Shares.
(e) Not applicable.
CUSIP No. 228903100 13D Page 13 of 14 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Company.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to securities of the Company.
Item 7. Material to be Filed as Exhibits.
None.
CUSIP No. 228903100 13D Page 14 of 14 Pages
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.
December 1, 2005
-----------------------------------------------
(Date)
/s/ Oscar S. Schafer
-----------------------------------------------
(Signature)
Oscar S. Schafer, individually and as
senior managing member of:
(a) O.S.S. Advisors LLC, for itself
and as the general partner of
Oscar S. Schafer & Partners I LP
and
Oscar S. Schafer & Partners II
LP; and
(b) Schafer Brothers LLC, for itself
and as the general partner of
O.S.S. Capital Management LP
-----------------------------------------------
(Name/Title)