-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LX6d8nyT330Lld3QHHEfy6WYlUununM5/ZaZsIOVkEFnDc8Koz64MvHpXFA8BxhQ e9UWiKnEbiBkaUR/s7TmLA== 0000902664-06-001645.txt : 20060612 0000902664-06-001645.hdr.sgml : 20060612 20060612064750 ACCESSION NUMBER: 0000902664-06-001645 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20060612 DATE AS OF CHANGE: 20060612 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MIRANT CORP CENTRAL INDEX KEY: 0001010775 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 582056305 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-78781 FILM NUMBER: 06898470 BUSINESS ADDRESS: STREET 1: 1155 PERIMETER CENTER WEST STREET 2: SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30338 BUSINESS PHONE: 6785795000 MAIL ADDRESS: STREET 1: 1155 PERIMETER CENTER WEST STREET 2: SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30338 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN ENERGY INC DATE OF NAME CHANGE: 19980729 FORMER COMPANY: FORMER CONFORMED NAME: SEI HOLDINGS INC DATE OF NAME CHANGE: 19960315 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pirate Capital LLC CENTRAL INDEX KEY: 0001295984 IRS NUMBER: 030445177 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 200 CONNECTICUT AVENUE STREET 2: 4TH FLOOR CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 203 854 1100 MAIL ADDRESS: STREET 1: 200 CONNECTICUT AVENUE STREET 2: 4TH FLOOR CITY: NORWALK STATE: CT ZIP: 06854 SC 13D/A 1 sc13da.txt MIRANT CORPORATION/PIRATE CAPITAL SC13D/A UNITED STATES 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) Under the Securities Exchange Act of 1934 (Amendment No. 1)* Mirant Corporation - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 60467R100 - -------------------------------------------------------------------------------- (CUSIP Number) Thomas R. Hudson Jr. Pirate Capital LLC 200 Connecticut Avenue, 4th Floor Norwalk, CT 06854 (203) 854-1100 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) June 12, 2006 - -------------------------------------------------------------------------------- (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 6 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. 60467R100 SCHEDULE 13D PAGE 2 OF 6 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PIRATE CAPITAL LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- -------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 4,868,311 OWNED BY -------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,868,311 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,868,311 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.6% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------- ------------------ CUSIP NO. 60467R100 SCHEDULE 13D PAGE 3 OF 6 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) THOMAS R. HUDSON JR. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- -------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 4,868,311 OWNED BY -------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,868,311 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,868,311 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.6% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------- ------------------ CUSIP NO. 60467R100 SCHEDULE 13D PAGE 4 OF 6 PAGES - ------------------- ------------------ The Schedule 13D filed on June 1, 2006 by Pirate Capital LLC, a Delaware limited liability company ("Pirate Capital"), and Thomas R. Hudson Jr. (together, the "Reporting Persons"), relating to the shares of common stock, par value $0.01 per share (the "Shares"), of Mirant Corporation (the "Issuer"), is hereby amended by this Amendment No. 1 to the Schedule 13D. ITEM 4. PURPOSE OF TRANSACTION Item 4 of the Schedule 13D is hereby amended by the addition of the following immediately preceding the last paragraph thereof: On June 12, 2006, Pirate Capital sent a letter to the independent directors of the Issuer notifying them that if by Wednesday, June 14, 2006, the Issuer has not publicly abandoned its bid to acquire NRG and announced the engagement of an investment bank to pursue the prompt sale of the company, then Pirate Capital intends to request that a special meeting of stockholders be called. If the board of directors does not take appropriate action, then Pirate Capital plans to solicit the necessary agent designations to meet the 40% threshold required by the Issuer's Certificate of Incorporation to call a special stockholder meeting. In either case, the purpose of the special meeting would be to (i) increase the size of the board of directors to fifteen members, (ii) elect six new directors to the board and (iii) remove at least four of the nine incumbent directors. A copy of the letter is attached hereto as Exhibit C and incorporated herein by reference. - ------------------- ------------------ CUSIP NO. 60467R100 SCHEDULE 13D PAGE 5 OF 6 PAGES - ------------------- ------------------ SIGNATURES After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: June 12, 2006 PIRATE CAPITAL LLC By: /s/ Thomas R. Hudson Jr. ------------------------------ Name: Thomas R. Hudson Jr. Title: Managing Member /s/ Thomas R. Hudson Jr. ---------------------------------- Thomas R. Hudson Jr. - ------------------- ------------------ CUSIP NO. 60467R100 SCHEDULE 13D PAGE 6 OF 6 PAGES - ------------------- ------------------ EXHIBIT INDEX
1. Exhibit A - Joint Acquisition Statement, dated June 1, 2006 (previously filed). 2. Exhibit B - Letter to the Issuer, dated June 1, 2006 (previously filed). 3. Exhibit C - Letter to the Independent Directors of the Issuer, dated June 12, 2006.
EX-99 2 exhibitc.txt EXHIBIT C-LETTER TO MIRANT CORPORATION June 12, 2006 VIA FACSIMILE & OVERNIGHT COURIER Mirant Corporation 1155 Perimeter Center West, Suite 100 Atlanta, Georgia 30338 Attention: Independent Members of the Board of Directors Members of the Board: Pirate Capital LLC, as the investment advisor to Jolly Roger Fund LP and Jolly Roger Offshore Fund LTD, is the beneficial owner of approximately 5 million shares, or 1.6%, of the common stock of Mirant Corporation. It appears that our June 1, 2006 letter to Mr. Muller, Chairman and Chief Executive Officer of Mirant, has fallen upon deaf ears. In that letter, we stated our strong opposition to Mirant's ill-advised hostile bid to acquire NRG Energy, Inc. and encouraged Mirant, instead, to put itself up for sale. Unfortunately, despite the vocal and overwhelming opposition from Pirate Capital and others, the company appears to be continuing to waste valuable time and resources pursuing the NRG acquisition. We call upon you, the independent members of the board of directors, to respect the will of your stockholders and immediately reverse course. In our June 1 letter, we also requested a meeting with the board of directors to discuss the proposed transaction and our views as to the best approach to increase stockholder value. We reiterate that request now. By ignoring our request, the company has left us with little choice but to take more direct action in an effort to prevent what we believe would be a devastating transaction for the company. Accordingly, if by Wednesday, June 14, 2006, Mirant has not publicly abandoned its bid to acquire NRG and announced the engagement of an investment bank to pursue the prompt sale of the company, we intend to formally request that the board of directors exercise its authority to call a special meeting of stockholders. If the board does not take appropriate action, we plan to solicit the necessary agent designations in order to meet the 40% threshold required by the company's Certificate of Incorporation for stockholders to call a special stockholder meeting. In either case, the purpose of the special meeting would be to take the following actions: (1) increase the size of the board of directors to fifteen members; (2) elect six new directors to the board; and (3) remove at least four of the nine incumbent directors. Mirant Corporation June 12, 2006 Page 2 If successful, our nominees would then constitute a majority of the board of directors. We expect that the new directors, if elected, consistent with their fiduciary duties to all stockholders, would call for the immediate abandonment of the proposed NRG acquisition and pursue the prompt sale of the company. Although we have no desire to engage the company in a costly and protracted battle, we are fully prepared to do so. We have engaged Schulte Roth & Zabel LLP in this matter and have already met with a number of impressive potential board candidates. We note with some irony the statement to stockholders on the company's website that Mirant will operate its business with a "relentless focus on creating value for your investment." As we perceive the proposed acquisition of NRG to be a blatant destruction of stockholder value, we call on you to make this statement a reality. We once again urge you to reverse course, abandon Mirant's bid for NRG and engage a financial advisor to begin a process to sell the company. Please note that if the board of directors takes any inappropriate action to usurp the rights of its stockholders or in any way impede the stockholder franchise, we will seek to have the directors held responsible for their actions. We have no doubt that you are well aware, as are we, of your fiduciary duties as directors, and we trust that you will act accordingly. Please feel free to contact the undersigned if you wish to discuss these matters further. Very truly yours, /s/ Thomas R. Hudson Jr. Thomas R. Hudson Jr. Portfolio Manager -----END PRIVACY-ENHANCED MESSAGE-----