-----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, A2fgx4Vxz6lmtsBZt+9z06BsdvycKsHhxqLPM+jNr9PLIfL3BKMUCZ2tF14dVEOO 0wEZkVzTYpDvJjpsA8jVYQ== 0000902664-08-003460.txt : 20081230 0000902664-08-003460.hdr.sgml : 20081230 20081229183517 ACCESSION NUMBER: 0000902664-08-003460 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20081230 DATE AS OF CHANGE: 20081229 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PNG VENTURES INC CENTRAL INDEX KEY: 0001016900 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 880350286 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84091 FILM NUMBER: 081273786 BUSINESS ADDRESS: STREET 1: 5310 HARVEST HILL ROAD STREET 2: SUITE 229 CITY: DALLAS STATE: TX ZIP: 75230 BUSINESS PHONE: (214) 666-6250 MAIL ADDRESS: STREET 1: 5310 HARVEST HILL ROAD STREET 2: SUITE 229 CITY: DALLAS STATE: TX ZIP: 75230 FORMER COMPANY: FORMER CONFORMED NAME: PAPER COMPUTER CORP DATE OF NAME CHANGE: 20000509 FORMER COMPANY: FORMER CONFORMED NAME: PNG VENTURES INC/CA DATE OF NAME CHANGE: 20000229 FORMER COMPANY: FORMER CONFORMED NAME: TELECOMMUNICATIONS TECHNOLOGIES LTD DATE OF NAME CHANGE: 20000229 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDELL ASSET MANAGEMENT CORP CENTRAL INDEX KEY: 0001140474 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 40 WEST 57TH STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2126035700 MAIL ADDRESS: STREET 1: 40 WEST 57TH STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 p08-1689sc13da.txt PNG VENTURES INC. OMB APPROVAL UNITED STATES OMB Number: 3235-0145 SECURITIES AND EXCHANGE COMMISSION Expires: February 29, 2009 Washington, D.C. 20549 Estimated average burden hours per response. . . . . . . 14.5 ------------- SCHEDULE 13D/A (Rule 13d-102) (Amendment No. 5) 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 PNG Ventures, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 69350G303 - -------------------------------------------------------------------------------- (CUSIP Number) Sandell Asset Management Corp. 40 West 57th Street 26th Floor New York, NY 10019 Attention: Richard Gashler, General Counsel 212-603-5700 With a Copy to: Eleazer Klein, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, NY 10019 212-756-2000 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 24, 2008 ------------------ (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. - -------------------- * 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). (Continued on following pages) (Page 1 of 10 Pages) - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 2 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg PNG Investments 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 ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) WITH $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 66.86% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 3 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg Master Investments Ltd. - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) WITH $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 66.86% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 4 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Sandell Asset Management Corp. - ------------- ----------------------------------------------------------------- 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 ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 66.86% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 5 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg International Limited - ------------- ----------------------------------------------------------------- 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 ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) WITH $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 66.86% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 6 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg International Holdings Limited - ------------- ----------------------------------------------------------------- 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 ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) WITH $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 66.86% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 7 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Thomas E. Sandell - ------------- ----------------------------------------------------------------- 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 ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Sweden - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) WITH $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,400,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 200,000 shares of Common Stock issuable upon the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) 5,600,000 shares of Common Stock (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) $3,188,235 principal amount of 15% Subordinated Convertible Promissory Notes of Issuer convertible into 318,824 shares of Common Stock (See Item 4 below) Warrants exercisable into 797,059 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 66.86% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 8 of 10 Pages - ---------------------------- ---------------------------- Pursuant to Rule 13d-2 promulgated under the Act, this Schedule 13D/A (this "Amendment No. 5") amends the Schedule 13D filed on July 10, 2008 [File Number 005-84091] (the "Original Schedule 13D"), as amended by the Schedule 13D/A filed on August 8, 2008 (the "Amendment No. 1"), as amended by the Schedule 13D/A filed on August 23, 2008 (the "Amendment No. 2"), as amended by the Schedule 13D/A filed on October 22, 2008 (the "Amendment No. 3.") and as amended by the Schedule 13D/A filed on November 14, 2008 (the "Amendment No. 4"), and the Original Schedule 13D as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4, the "Amended Schedule 13D"). This Amendment No. 5 is being filed by Castlerigg PNG Investments LLC, a Delaware limited liability company ("Castlerigg LLC"); Castlerigg Master Investments Ltd., a British Virgin Islands company ("Castlerigg Master Investments"); Sandell Asset Management Corp., a Cayman Islands exempted company ("SAMC"); Castlerigg International Limited, a British Virgin Islands company ("Castlerigg International"); Castlerigg International Holdings Limited, a British Virgin Islands company ("Castlerigg Holdings"); and Thomas E. Sandell ("Sandell"). Castlerigg LLC, Castlerigg Master Investments, SAMC, Castlerigg International, Castlerigg Holdings, and Sandell are collectively referred to herein as the "Reporting Persons". The filing of this statement on Schedule 13D/A and any future amendments hereto, and the inclusion of information herein and therein, shall not be construed as an admission that any of the Reporting Persons, for the purpose of Section 13(d) of the Act or otherwise, is the beneficial owner of any shares of Common Stock. The Reporting Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act. The agreement among the Reporting Entities to file jointly (the "Joint Filing Agreement") was filed as Appendix II to the Original Schedule 13D. ITEM 4. PURPOSE OF TRANSACTION Item 4 of the Amended Schedule 13D is being amended by adding the following: On December 24, 2008, Castlerigg LLC and EBOF entered into an Amendment and Exchange Agreement (the "December 2008 Amendment and Exchange Agreement") (a copy of which is referenced as Exhibit 18 hereto which incorporates by reference Exhibit 10.1 to the Form 8-K filed by EBOF on December 29, 2008) and consummated the transactions contemplated thereby, pursuant to which Castlerigg LLC agreed, among other things: (A) to exchange $26,000,000 of the Amended EBOF-Castlerigg Note for a senior secured convertible note in the aggregate principal amount of $13,235,000 (the "Series C Note"), which is convertible in shares of common stock, par value $0.001 per share, of EBOF, in accordance with the terms thereof and is not exchangeable into Common Stock of the Issuer; (B) to require Castlerigg LLC to convert the remaining aggregate principal amount of $5,000,000 of the Amended EBOF-Castlerigg Note in common stock, par value $0.001 per share of EBOF, in whole or in part, at any time at the option of EBOF, subject to the satisfaction of certain equity conditions; and (C) to exchange the entire $2,000,000 of the outstanding principal amount of the Series B Senior Secured Convertible Exchangeable Note issued to Castlerigg LLC for a senior secured convertible note in the aggregate principal amount of $1,765,000 (the "Series D Note"), which is convertible in shares of common stock, par value $0.001 per share, of EBOF, in accordance with the terms thereof and is not exchangeable into Common Stock of the Issuer. - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 9 of 10 Pages - ---------------------------- ---------------------------- The Issuer, certain of its subsidiaries and Castlerigg LLC also entered into a reaffirmation agreement (the "Reaffirmation Agreement") (a copy of which is referenced as Exhibit 19 hereto (which incorporates by reference Exhibit 10.2 to the Form 8-K filed by EBOF on December 29, 2008), which reaffirmed that the security interest of the notes, including without limitation, of the Amended EBOF-Castlerigg Note and the other Amended and Restated Senior Secured Exchangeable Notes, the Series C Note and the Series D Note, are secured by the security interest in certain assets of EBOF and the stock, equity interests and assets of certain of EBOF's subsidiaries granted by EBOF pursuant to the Amended and Restated Pledge and Security Agreement, dated as of June 25, 2008 by EBOF and EBOF's subsidiaries listed on the signature pages thereto in favor of Castlerigg Master Investments as collateral agent. The Series C Note ranks pari passu with the Amended EBOF-Castlerigg Note and the other Amended and Restated Senior Secured Exchangeable Notes and the Series D Note ranks pari passu with the Series B Senior Secured Convertible Exchangeable Notes. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5(c) is being amended by adding the following: As disclosed in Item 4 above, on November 14, 2008 Castlerigg LLC acquired 5,600,000 PNG Exchange Shares upon the consummation of the Exchange and the Additional Exchange, in each case, at an exchange rate of $10.00 per PNG Exchange Share. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER Item 6 of the Amended Schedule 13D is being amended by adding the following: On December 24, 2008, Castlerigg LLC and EBOF entered into the December 2008 Amendment and Exchange Agreement (a copy of which is referenced as Exhibit 18 hereto (which incorporates by reference Exhibit 10.1 to the Form 8-K filed by EBOF on December 29, 2008) and consummated the transactions contemplated thereby. In connection with the transactions contemplated by the December 2008 Amendment and Exchange Agreement, the Reporting Persons also entered into the Reaffirmation Agreement (a copy of which is referenced as Exhibit 19 hereto (which incorporates by reference Exhibit 10.2 to the Form 8-K filed by EBOF on December 29, 2008). The Series C Note and the Series D Note are not exchangeable into securities of the Issuer. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Item 7 of the Amended Schedule 13D is being amended by adding the following: 18. Amendment and Exchange Agreement, dated as of December 24, 2008, by and between the Issuer and Castlerigg LLC (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by EBOF on December 29, 2008). 19. Reaffirmation Agreement, dated as of December 24, 2008, by and between EBOF and certain of its Subsidiaries and accepted by Castlerigg LLC (incorporated by reference to Exhibit 10.2 to the Form 8-K filed by EBOF on December 29, 2008). [The remainder of this page is intentionally left blank] - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 10 of 10 Pages - ---------------------------- ---------------------------- Signature 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: December 29, 2008 CASTLERIGG PNG INVESTMENTS LLC By: Castlerigg Master Investments Ltd., its managing member and sole member By: Sandell Asset Management Corp., its Investment Manager By: /s/ Timothy O'Brien --------------------- Timothy O'Brien, Authorized Person CASTLERIGG MASTER INVESTMENTS LTD. By: Sandell Asset Management Corp., its Investment Manager By: /s/ Timothy O'Brien --------------------- Timothy O'Brien, Authorized Person SANDELL ASSET MANAGEMENT CORP. By: /s/ Timothy O'Brien --------------------- Timothy O'Brien, Authorized Person CASTLERIGG INTERNATIONAL LIMITED By: Sandell Asset Management Corp., its Investment Manager By: /s/ Timothy O'Brien --------------------- Timothy O'Brien, Authorized Person CASTLERIGG INTERNATIONAL HOLDINGS LIMITED By: Sandell Asset Management Corp., its Investment Manager By: /s/ Timothy O'Brien --------------------- Timothy O'Brien, Authorized Person THOMAS E. SANDELL By: /s/ Timothy O'Brien --------------------- Timothy O'Brien, Authorized Person -----END PRIVACY-ENHANCED MESSAGE-----