-----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, HA6w2pinR+PC7GFaIKibqd6As4aLPyk/gcfjxWkK4T/pcJ0LX4S1lF37WlnsyNnd 702VtuonxOjTF+NHXxuUuw== 0000922996-06-000120.txt : 20060410 0000922996-06-000120.hdr.sgml : 20060410 20060410135658 ACCESSION NUMBER: 0000922996-06-000120 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060410 DATE AS OF CHANGE: 20060410 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PXRE GROUP LTD CENTRAL INDEX KEY: 0001091748 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 980214719 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-57013 FILM NUMBER: 06750404 BUSINESS ADDRESS: STREET 1: PXRE HOUSE STREET 2: 110 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 BUSINESS PHONE: 4412965858 MAIL ADDRESS: STREET 1: P O BOX HM 1282 CITY: HAMILTON BERMUDA STATE: D0 ZIP: HM FX FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SCION CAPITAL LLC CENTRAL INDEX KEY: 0001182422 IRS NUMBER: 912085893 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 20400 STEVENS CREEK BLVD. STREET 2: SUITE 840 CITY: CUPERTINO STATE: CA ZIP: 95014 BUSINESS PHONE: 408-441-8400 MAIL ADDRESS: STREET 1: 20400 STEVENS CREEK BLVD. STREET 2: SUITE 840 CITY: CUPERTINO STATE: CA ZIP: 95014 SC 13G 1 sch13g_pxre-32406.htm SCHEDULE 13G PXRE GROUP, LTD.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Schedule 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

PXRE GROUP, LTD.
(Name of Issuer)

Common Stock, par value $1.00 per share
(Title of Class of Securities)

G73018106
(CUSIP Number)

March 24, 2006
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[     ]   Rule 13d-1(b)
[ X ]   Rule 13d-1(c)
[     ]   Rule 13d-1(d)

^*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter 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. G73018106

1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

Scion Capital, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ___

(b) ___

3. SEC Use Only

4. Citizenship or Place of Organization

Delaware


Number of Shares Beneficially Owned by Each Reporting Person With	5. 6. 7. 8.	Sole Voting Power: Shared Voting Power: Sole Dispositive Power: Shared Dispositive Power:	4,462,800 4,462,800

9. Aggregate Amount Beneficially Owned by Each Reporting Person

4,462,800

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

____

11. Percent of Class Represented by Amount in Row (9)

7.02%

12. Type of Reporting Person (See Instructions)

CUSIP No. G73018106

1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

Scion Qualified Value Fund, a Series of Scion Qualified Funds, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ___

(b) ___

3. SEC Use Only

4. Citizenship or Place of Organization

Delaware


Number of Shares Beneficially Owned by Each Reporting Person With	5. 6. 7. 8.	Sole Voting Power: Shared Voting Power: Sole Dispositive Power: Shared Dispositive Power:	3,713,300 3,713,300

9. Aggregate Amount Beneficially Owned by Each Reporting Person

3,713,300

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

____

11. Percent of Class Represented by Amount in Row (9)

5.84%

12. Type of Reporting Person (See Instructions)

CUSIP No. G73018106

1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

Dr. Michael J. Burry

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ___

(b) ___

3. SEC Use Only

4. Citizenship or Place of Organization

United States


Number of Shares Beneficially Owned by Each Reporting Person With	5. 6. 7. 8.	Sole Voting Power: Shared Voting Power: Sole Dispositive Power: Shared Dispositive Power:	4,462,800 4,462,800

9. Aggregate Amount Beneficially Owned by Each Reporting Person

4,462,800

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

____

11. Percent of Class Represented by Amount in Row (9)

7.02%

12. Type of Reporting Person (See Instructions)

Item 1.

(a) Name of Issuer

PXRE Group, Ltd.

(b) Address of Issuer’s Principal Executive Offices

         PXRE House
         110 Pitts Bay Road
         Pembroke HM08
         Bermuda

Item 2.

(a) Name of Person Filing


1.	Scion Capital, LLC
2.	Scion Qualified Value Fund, a Series of Scion Qualified Funds, LLC.
3.	Dr. Michael J. Burry

(b) Address of Principal Business Office or, if none, Residence

20400 Stevens Creek Blvd., Suite 840
Cupertino, CA 95014

(c) Citizenship

Scion Capital, LLC and Scion Qualified Value Fund, a Series of Scion Qualified Funds, LLC, are Delaware entities. Dr. Burry is a citizen of the United States.

(d) Title of Class of Securities>

Common Stock, par value $1.00 per share

(e) CUSIP Number

G73018106

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:


(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act, (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
(h)	A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).

Not applicable

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.


(a)	Amount beneficially owned:	4,462,800
	Scion Qualified Value Fund owns 3,713,300 of such shares.
(b)	Percent of class:
	7.02% (based on 63,563,300 shares outstanding at March 28, 2006 according to Issuer's proxystatement dated April 7, 2006). Scion Qualified Value Fund owns 5.84% of the outstandingshares.
(c)	Number of shares as to which such person has:
	(i) Sole power to vote or to direct the vote	4,462,800
	(ii) Shared power to vote or to direct the vote	0
	(iii) Sole power to dispose or to direct the disposition of	4,462,800
	(iv) Shared power to dispose or to direct the disposition of	0

Scion Qualified Value Fund owns 3,713,300 of such shares.

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ___.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Scion Capital serves as investment manager to Scion Value Fund, a Series of Scion Funds, LLC and Scion Qualified Value Fund, a series of Scion Qualified Funds, LLC, both of which are private investment companies (the "Funds"). In its role as investment manager, Scion Capital possesses voting and/or investment power over the securities of the Issuer described in this schedule that are owned by the Funds. Dr. Burry is the managing member of Scion Capital and, as a result, may be deemed to possess beneficial ownership over the securities of the Issuer described in this schedule that are owned by the Funds. All securities reported in this schedule are owned by one of the Funds.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

Not applicable

Item 8. Identification and Classification of Members of the Group.

Not applicable

Item 9. Notice of Dissolution of Group.

Not applicable

Item 10. Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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.


	April 10, 2006 (Date) /s/Steve Druskin (Signature) Steve Druskin, General Counsel

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