-----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, Cuzc3fWVScP3F4JcIcCykOAUpgkHkxe5bOVyNJpknmCJwLgN+BbD0fDpUUFTTt5d BJovTnwpzWHvs1q4MdrDww== 0000902664-04-001730.txt : 20041117 0000902664-04-001730.hdr.sgml : 20041117 20041117100619 ACCESSION NUMBER: 0000902664-04-001730 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20041117 DATE AS OF CHANGE: 20041117 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: OWL CREEK I LP CENTRAL INDEX KEY: 0001178254 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D MAIL ADDRESS: STREET 1: 410 PARK AVE STREET 2: STE 420 CITY: NEW YORK STATE: NY ZIP: 10022 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PMA CAPITAL CORP CENTRAL INDEX KEY: 0001041665 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 232217932 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-53303 FILM NUMBER: 041151009 BUSINESS ADDRESS: STREET 1: 1735 MARKET STREET SUITE 2800 CITY: PHILADELPHIA STATE: PA ZIP: 19103-7590 BUSINESS PHONE: 2156655046 MAIL ADDRESS: STREET 1: 1735 MARKET STREET SUITE 2800 CITY: PHILADELPHIA STATE: PA ZIP: 19103-7590 FORMER COMPANY: FORMER CONFORMED NAME: PENNSYLVANIA MANUFACTURERS CORP DATE OF NAME CHANGE: 19970702 SC 13D 1 srz9758265v8.txt PMA CAPITAL CORP SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 PMA CAPITAL CORP (Name of Issuer) Common Stock (Title of Class of Securities) 693419202 (CUSIP Number) Owl Creek Asset Management, L.P., 410 Park Avenue, Suite #420, New York, NY 10022, Attn: Daniel Sapadin(212) 688-2550 (Name, address and telephone number of person authorized to receive notices and communications) November 10, 2004 (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), Rule 13d-1(f) or Rule 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 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 purposes 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). (Page 1 of 14 Pages) CUSIP No. 693419202 13D Page 2 of 14 pages ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Owl Creek I, L.P. - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS ** WC, OO - ----------------------------------------------------------------------------- (5) CHECK BOX 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 -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 87,700 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 87,700 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 87,700 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.28% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON ** PN - ----------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 693419202 13D Page 3 of 14 Pages - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Owl Creek II, L.P. - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS ** WC, OO - ----------------------------------------------------------------------------- (5) CHECK BOX 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 -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 639,085 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 639,085 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 639,085 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.01% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON ** PN - ----------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 693419202 13D Page 4 of 14 pages ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Owl Creek Advisors, LLC - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS ** WC, OO - ----------------------------------------------------------------------------- (5) CHECK BOX 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 -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 726,785 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 726,785 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 726,785 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.28% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON ** CO - ----------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 693419202 13D Page 5 of 14 Pages - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Owl Creek Asset Management, L.P. - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS ** WC, OO - ----------------------------------------------------------------------------- (5) CHECK BOX 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 -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 1,135,852 EACH (9) SOLE DISPOSITIVE POWER -0--------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 1,135,852 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,135,852 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.57% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON ** PN - ----------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 693419202 13D Page 6 of 14 Pages - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey A. Altman - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS ** WC, OO - ----------------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 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 1,862,637 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 1,862,637 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,862,637 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.85% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON ** IN - ----------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 693419202 13D Page 7 of 14 Pages Item 1. Security and Issuer. This statement relates to the common stock, par value $5.00 (the "Common Stock"), of PMA Capital Corp (the "Issuer"), a Pennsylvania corporation. The Issuer's principal executive offices are located at 1735 Market Street, Philadelphia, Pennsylvania 19103-7590. Item 2. Identity and Background. (a) This statement is filed by: (i) Owl Creek I, L.P., a Delaware limited partnership, ("Owl Creek I") with respect to the shares of Common Stock directly owned by it; (ii) Owl Creek II, L.P., a Delaware limited partnership, ("Owl Creek II") with respect to the shares of Common Stock directly owned by it; (iii) Owl Creek Advisors LLC, a Delaware limited liability company (the "General Partner"), with respect to the shares of Common Stock directly owned by Owl Creek I and Owl Creek II; (iv) Owl Creek Asset Management, L.P. a Delaware Limited Partnership (the "Investment Manager"), with respect to the shares of Common Stock directly owned by Owl Creek Overseas Fund, Ltd., an exempted company organized under the laws of the Cayman Islands ("Owl Creek Overseas"); and (iv) Jeffrey A. Altman, with respect to shares of Common Stock owned by Owl Creek I, Owl Creek II and Owl Creek Overseas. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures made herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. (b) The address of the principal office of Owl Creek I, Owl Creek II, the General Partner and the Investment Manager is 410 Park Avenue, Suite 420, New York, NY 10022 Attention: Daniel Sapadin. (c) The principal business of each of Owl Creek I and Owl Creek II is serving as a private investment limited partnership. The principal business of the General Partner is serving as general partner of Owl Creek I and Owl Creek II, respectively. The principal business of the Investment Manager is serving as Investment Manager to Owl Creek Overseas. (d) None of the Reporting Persons have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). CUSIP No. 693419202 13D Page 8 of 14 Pages (e) None of the Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws. (f) Each of Owl Creek I, Owl Creek II and the Investment Manager is a limited partnership organized under the laws of the State of Delaware. The General Partner is a limited liability company organized under the laws of the State of Delaware. Mr. Altman is a United States citizen. Item 3. Source and Amount of Funds and Other Consideration. The shares of Common Stock were purchased on margin. The Reporting Person's margin transactions are with Morgan Stanley & Co. Incorporated, on such firm's usual terms and conditions. All or part of the shares of Common Stock directly owned by the Reporting Persons may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such bank(s) or brokerage firm(s) to Owl Creek I, Owl Creek II or Owl Creek Overseas. Such loans bear interest at a rate based upon the broker's call rate from time to time in effect. Such indebtedness may be refinanced with other banks or broker-dealers. Item 4 Purpose of the Transaction. The purpose of the acquisition of the shares of Common Stock by the Reporting Persons is for investment, and the purchases of the shares of Common Stock by the Reporting Persons were made in the ordinary course of business and were not made for the purpose of acquiring control of the Company. Although the acquisition of the shares of Common Stock by the Reporting Persons is for investment purposes, the Reporting Persons have pursued, and may in the future pursue further discussions with management in an effort to maximize long-term value for shareholders. Also, the Reporting Persons may at times hold discussions with management in order to ensure that the interests of current shareholders are protected. The Reporting Persons intend to dispose of the shares in one or more open market or privately negotiated transactions or otherwise, when and if an opportunity becomes available to do so, and may dispose of any or all of the shares at any time. None of the Reporting Persons has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of the Schedule 13D. However, each of the Reporting Persons intends to continuously review his or its investment in the Issuer, and may, at any time and from time to time, review or reconsider its position and formulate plans or proposals that relate to, might result in, or have the purpose or effect of changing or influencing control of the Issuer, or that relate to or would result in any of the other events enumerated in the instructions to Item 4 of Schedule 13D. Each of the Reporting Persons may make further purchases of shares of Common Stock from time to time and may dispose of any or all of the shares of Common Stock held by him or it at any time. CUSIP No. 693419202 13D Page 9 of 14 Pages Item 5. Interest in Securities of the Issuer. A. Owl Creek I, L.P. (a) Aggregate number of shares beneficially owned: 87,700. Percentage: 0.28% The percentages used herein and in the rest of Item 5 are calculated based upon 31,829,188 shares outstanding, which represents the sum of (i) 31,676,451 shares of Common Stock issued and outstanding as of October 29, 2004 as reported by the Company in its Form 10-Q for the quarter ended September 30, 2004 and (ii) 152,737 additional shares that would be outstanding if the Reporting Persons converted their PMACA 6.5% Convertible Note due 9/30/22 into shares of Common Stock. (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 87,700 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 87,700 (c) The trading dates, number of shares of Common Stock purchased or sold and the price per share for all transactions by Owl Creek I, L.P. in the Common Stock within the last 60 days, which were all in the open market, are set forth in Schedule A and are incorporated by reference. (d) Owl Creek Advisors LLC, the general partner of Owl Creek I, L.P., has the power to direct the affairs of Owl Creek I, L.P., including decisions respecting the receipt of dividends from, and the disposition of the proceeds from the sale of, the shares. Mr. Altman is the managing member of Owl Creek Advisors LLC and in that capacity directs its operations. (e) Not applicable. B. Owl Creek II, L.P. (a) Aggregate number of shares beneficially owned: Percentage: 2.01% (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 639,085 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 639,085 (c) The trading dates, number of shares of Common Stock purchased or sold and the price per share for all transactions by Owl Creek II, L.P. in the Common Stock within the last 60 days, which were all in the open market, are set forth in Schedule A and are incorporated by reference. (d) Owl Creek Advisors LLC, the general partner of Owl Creek II, L.P., has the power to direct the affairs of Owl Creek II, L.P., including decisions respecting the receipt of dividends from, and the disposition of the proceeds from the sale of, the shares. Mr. Altman is the managing member of Owl Creek Advisors LLC and in that capacity directs its operations. (e) Not applicable. C. Owl Creek Advisors, LLC (a) Aggregate number of shares beneficially owned 2.28% (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 726,785 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 726,785 (c) Owl Creek Advisors, LLC did not enter into any transactions in the Common Stock of the Company within the last sixty days. (d) Not applicable. (e) Not applicable. D. Owl Creek Asset Management, L.P. (a) Aggregate number of shares beneficially owned: 1,135,852 Percentage: 3.57% (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 1,135,852 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 1,135,852 (c) Owl Creek Asset Management, L.P. did not enter into any transactions in the Common Stock of the Company within the last sixty days. However, Owl Creek Asset Management, L.P., as the investment manager of Owl Creek Overseas Fund, Ltd., has the power to direct the investment activities of Owl Creek Overseas Fund, Ltd., including decisions respecting the receipt of dividends from, and the disposition of the proceeds from the sale of, the shares. Mr. Altman is the managing member of the general partner of Owl Creek Asset Management, L.P. and in that capacity directs its operations. The trading dates, number of shares of Common Stock purchased or sold and the price per share for all transactions by Owl Creek Overseas Fund, Ltd. in the Common Stock within the last 60 days, which were all in the open market, are set forth in Schedule A and are incorporated by reference. (d) Not applicable. (e) Not applicable. E. Jeffrey A. Altman (a) Aggregate number of shares beneficially owned: 1,862,637 Percentage: 5.85% (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 1,862,637 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 1,862,637 (c) Mr. Altman did not enter into any transactions in the Common Stock of the Company within the last sixty days. (d) Not applicable. (e) Not applicable. CUSIP No. 693419202 13D Page 10 of 14 Pages Except as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any other securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies. CUSIP No. 693419202 13D Page 11 of 13 Pages Item 7. Materials to be Filed as Exhibits. None. CUSIP No. 693419202 13D Page 12 of 14 Pages SIGNATURES After reasonable inquiry and to the best of knowledge and belief of the undersigned, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: November 17, 2004 /s/ JEFFREY A. ALTMAN --------------------- Jeffrey A. Altman, individually, and as managing member of Owl Creek Advisors LLC for itself and as general partner of Owl Creek I, L.P. and Owl Creek II L.P., and as managing member of the general partner of Owl Creek Asset Management, L.P. for itself and as investment manager to Owl Creek Overseas, Ltd. CUSIP No. 693419202 13D Page 9 of 10 pages Schedule A OWL CREEK I, L.P. Date of Number of shares Price per share Transaction Purchased/(Sold) 09/13/2004 2,000 7.34 09/15/2004 2,700 7.05 09/16/2004 2,200 7.35 09/17/2004 2,600 7.26 09/20/2004 2,700 7.23 09/21/2004 2,600 7.25 09/22/2004 2,700 7.23 09/23/2004 2,200 7.29 09/24/2004 2,700 7.64 09/27/2004 1,300 7.55 09/27/2004 1,300 7.53 09/28/2004 2,700 7.64 10/01/2004 (700) 7.55 10/18/2004 2,600 7.72 10/18/2004 2,700 7.72 10/19/2004 1,300 7.87 10/21/2004 1,300 7.28 10/22/2004 2,600 7.04 10/26/2004 300 8.00 10/27/2004 200 8.13 10/29/2004 1,400 8.03 11/01/2004 (1,400) 8.20 11/01/2004 2,600 8.02 11/02/2004 5,100 8.29 11/03/2004 5,100 8.47 11/04/2004 2,800 8.85 11/08/2004 3,200 8.95 11/11/2004 5,100 8.98 11/12/2004 3,800 9.06 11/15/2004 300 9.03 OWL CREEK II, L.P. Date of Number of shares Price per share 09/13/2004 12,800 7.34 09/15/2004 16,300 7.05 09/16/2004 13,200 7.35 09/17/2004 16,400 7.26 09/20/2004 16,300 7.23 09/21/2004 16,300 7.25 09/22/2004 16,400 7.23 09/23/2004 13,700 7.29 09/24/2004 16,300 7.64 09/27/2004 8,100 7.55 09/27/2004 8,200 7.53 09/28/2004 16,400 7.64 10/01/2004 2,300 7.55 10/18/2004 16,500 7.87 10/18/2004 16,500 7.72 10/19/2004 8,200 7.28 10/21/2004 8,200 7.04 10/22/2004 16,500 8.00 10/26/2004 1,600 8.13 10/27/2004 1,700 8.03 10/29/2004 8,200 8.23 11/01/2004 14,400 8.02 11/01/2004 17,100 8.20 11/02/2004 34,200 8.29 11/03/2004 34,200 8.47 11/04/2004 18,900 8.85 11/08/2004 20,500 8.95 11/11/2004 34,100 8.98 11/12/2004 25,600 9.06 11/15/2004 1,900 9.03 Purchase of PMACA 6.5% Convertible Note due 9/30/22 Date of Number of shares Price of Transaction into which security is convertible note immediately convertible 11/10/2004 54,985 $ 949,500.00 OWL CREEK OVERSEAS, LTD. Date of Number of shares Price per share 09/13/2004 24,200 7.34 09/15/2004 31,000 7.05 09/16/2004 25,100 7.35 09/17/2004 31,000 7.26 09/20/2004 31,000 7.23 09/21/2004 31,100 7.25 09/22/2004 30,900 7.23 09/23/2004 26,100 7.29 09/24/2004 31,000 7.64 09/27/2004 15,500 7.53 09/27/2004 15,600 7.55 09/28/2004 30,900 7.64 10/01/2004 (1,600) 7.55 10/18/2004 30,800 7.87 10/18/2004 30,900 7.72 10/19/2004 15,500 7.28 10/21/2004 15,500 7.04 10/22/2004 30,900 8.00 10/26/2004 3,100 8.13 10/27/2004 3,100 8.03 10/29/2004 15,400 8.23 11/01/2004 (13,000) 7.55 11/01/2004 30,300 8.02 11/02/2004 60,700 8.29 11/03/2004 60,700 8.47 11/04/2004 33,700 8.85 11/08/2004 36,300 8.95 11/11/2004 60,800 8.98 11/12/2004 45,600 9.06 11/15/2004 3,300 9.03 Purchase of PMACA 6.5% Convertible Note due 9/30/22 Date of Number of shares Price of Transaction into which security is convertible note immediately convertible 11/10/2004 97,752 $1,688,000.00 -----END PRIVACY-ENHANCED MESSAGE-----