-----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, KWY2fkmgur/VuHZw2eWfKOlxmyEQjK/lIhKw3YDL6wN+rjV6ZxUFwUW4ckqL5eJu OrctuVPksxgQoKbgYH4HZQ== 0001193125-05-015380.txt : 20050131 0001193125-05-015380.hdr.sgml : 20050131 20050131165805 ACCESSION NUMBER: 0001193125-05-015380 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050131 DATE AS OF CHANGE: 20050131 GROUP MEMBERS: AJR FINANCIAL, LLC GROUP MEMBERS: PANDORA SELECT ADVISORS, LLC GROUP MEMBERS: PANDORA SELECT FUND, L.P. GROUP MEMBERS: PANDORA SELECT FUND, LTD. GROUP MEMBERS: PANDORA SELECT PARTNERS, L.P. GROUP MEMBERS: WHITEBOX CONVERTIBLE ARBITRAGE ADVISORS, LLC GROUP MEMBERS: WHITEBOX CONVERTIBLE ARBITRAGE FUND, L.P. GROUP MEMBERS: WHITEBOX CONVERTIBLE ARBITRAGE FUND, LTD. GROUP MEMBERS: WHITEBOX CONVERTIBLE ARBITRAGE PARTNERS, L.P. FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WHITEBOX ADVISORS LLC CENTRAL INDEX KEY: 0001257391 IRS NUMBER: 411957584 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 3033 EXCELSIOR BLVD. CITY: MINNEAPOLIS STATE: MN ZIP: 55416 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IBASIS INC CENTRAL INDEX KEY: 0001091756 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 043332534 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-57187 FILM NUMBER: 05562478 BUSINESS ADDRESS: STREET 1: 20 SECOND AVE CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: 7815057500 MAIL ADDRESS: STREET 1: 20 SECOND AVE CITY: BURLINGTON STATE: MA ZIP: 01803 SC 13G 1 dsc13g.htm SCHEDULE 13G Schedule 13G

OMB APPROVAL

OMB Number:

   3235-0145

Expires:

   December 31, 2005

Estimated average burden

hours per response . . . 11

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

 

 

Under the Securities Exchange Act of 1934

(Amendment No.     )*

 

 

 

iBasis, Inc.


(Name of Issuer)

 

Common Stock


(Title of Class of Securities)

 

 

450732102


                                (CUSIP Number)                                

 

July 22, 2004


(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 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 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).

 

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.


CUSIP No.   13G    

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Whitebox Advisors, LLC

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            IA

   

 

 

Page 2 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Whitebox Convertible Arbitrage Advisors, LLC

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            IA

   

 

 

Page 3 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Whitebox Convertible Arbitrage Partners, L.P.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            British Virgin Islands

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            PN

   

 

 

Page 4 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Whitebox Convertible Arbitrage Fund, L.P.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            PN

   

 

 

Page 5 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Whitebox Convertible Arbitrage Fund, Ltd.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            British Virgin Islands

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            PN

   

 

*SEE INSTRUCTION BEFORE FILLING OUT!

 

Page 6 of 14


CUSIP No.   13G    

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            AJR Financial, LLC

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            IA

   

 

 

Page 7 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Pandora Select Advisors, LLC

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            IA

   

 

 

Page 8 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Pandora Select Partners, L.P.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            British Virgin Islands

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            PN

   

 

 

Page 9 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Pandora Select Fund, L.P.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            PN

   

 

 

Page 10 of 14


  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

 

            Pandora Select Fund, Ltd.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

   
  3  

SEC USE ONLY

 

   
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            British Virgin Islands

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

 

  5    SOLE VOTING POWER

 

                0


  6    SHARED VOTING POWER

 

                3,140,540


  7    SOLE DISPOSITIVE POWER

 

                0


  8    SHARED DISPOSITIVE POWER

 

                3,140,540

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            3,140,540

   
10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

   
11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            6.3%

   
12  

TYPE OF REPORTING PERSON*

 

            PN

   

 

*SEE INSTRUCTION BEFORE FILLING OUT!

 

Page 11 of 14


Item 1.

 

(a)

   Name of Issuer          
        

 

iBasis, Inc.

         
   

(b)

   Address of Issuer’s Principal Executive Offices          
        

20 Second Avenue

Burlington, MA 01803

         

Item 2.

 

(a)

   Name of Person Filing          
         This statement is filed by:          
   

(i)

   Whitebox Advisors, LLC, a Delaware limited liability company (“WA”), with respect to the Common Stock beneficially owned by it;          
   

(ii)

   Whitebox Convertible Arbitrage Advisors, LLC, a Delaware limited liability company (“WCAA”), with respect to the Common Stock beneficially owned by it;          
   

(iii)

   Whitebox Convertible Arbitrage Partners, L.P., a British Virgin Islands limited partnership (“WCAP”), with respect to the Common Stock directly beneficially owned by it;          
   

(iv)

   Whitebox Convertible Arbitrage Fund, L.P., a Delaware limited partnership (“WCAFLP”), with respect to the Common Stock indirectly beneficially owned by it;          
   

(v)

   Whitebox Convertible Arbitrage Fund, Ltd., a British Virgin Islands international business company (“WCAFLTD”), with respect to the Common Stock indirectly beneficially owned by it;          
   

(vi)

   AJR Financial, LLC, a Delaware limited liability company (“AJR”), with respect to the Common Stock beneficially owned by it;          
   

(vii)

   Pandora Select Advisors, LLC, a Delaware limited liability company (“PSA”), with respect to the Common Stock beneficially owned by it;          
   

(viii)

   Pandora Select Partners, L.P., a British Virgin Islands limited partnership (“PSP”), with respect to the Common Stock directly beneficially owned by it;          
   

(ix)

   Pandora Select Fund, L.P., a Delaware limited partnership (“PSFLP”), with respect to the Common Stock indirectly beneficially owned by it; and          
   

(x)

   Pandora Select Fund, Ltd., a British Virgin Islands international business company (“PSFLTD”), with respect to the Common Stock indirectly beneficially owned by it.          
   

(b)

   Address of Principal Business Office or, if none, Residence          
        

The address of the business office of WA, AJR, WCAA, PSA, WCAFLP and PSFLP is:

 

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

         
        

The address of the business office of WCAP, PSP, WCAFLTD and PSFLTD is:

 

Trident Chambers, P.O. Box 146

Waterfront Drive, Wickhams Cay

Road Town, Tortola, British Virgin Islands

         
   

(c)

   Citizenship          
         WA, AJR, WCAA, PSA, WCAFLP and PSFLP are organized under the laws of the State of Delaware, WCAP, PSP, WCAFLTD and PSFLTD are organized under the laws of the British Virgin Islands.          
   

(d)

   Title of Class of Securities          
         Common Stock          
   

(e)

   CUSIP Number          
         450732102          

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.
    (b)    ¨    Bank as defined in section 3(a)(6) of the Act.
    (c)    ¨    Insurance company as defined in section 3(a)(19) of the Act.
    (d)    ¨    Investment company registered under section 8 of the Investment Company Act of 1940.
    (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.
    (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.
    (j)    ¨    Group, in accordance with § 240.13d-1(b)(1)(ii)(J).

 

Page 12 of 14


Item 4.

   Ownership          
     (a)    Amount Beneficially Owned          
          WA, pursuant to acting as an investment adviser to its client, Guggenheim Portfolio Co. XXXI LLC, is deemed to be the beneficial owner of 135,135 shares of Common Stock issuable upon conversion of the Company’s 6 3/4% Convertible Subordinated Notes.          
          WCAP beneficially owns 1,924,324 shares of Common Stock issuable upon conversion of the Company’s 6 3/4% Convertible Subordinated Notes.          
          PSP beneficially owns 1,081,081 shares of Common Stock issuable upon conversion of the Company’s 6 3/4% Convertible Subordinated Notes.          
          As a result of the relationship described in this statement, each of WA, AJR, WCAA, PSA, WCAFLP, PSPFLP, WCAFLTD and PSFLTD may be deemed to possess indirect beneficial ownership of the shares of Common Stock beneficially owned by each of WCAP and PSP. WA, AJR, WCAA, PSA, WCAFLP, PSPFLP, WCAFLTD and PSFLTD each disclaim indirect beneficial ownership of the shares of Common Stock except to the extent of their pecuniary interest in such shares.          
          Based on the relationships described herein, these entities may be deemed to constitute a “group” within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934. The filing of this statement shall not be construed as an admission that WA, AJR, WCAA, PSA, WCAP, PSP, WCAFLP, PSPFLP, WCAFLTD and PSFLTD are a group, or have agreed to act as a group.          
     (b)    Percent of Class          
          As of July 22, 2004, WA and AJR, each beneficially owned 6.3% of the Company’s Common Stock.          
          As of July 22, 2004, WCAA and PSA each beneficially owned 6.3% of the Company’s Common Stock.          
          As of July 22, 2004, WCAP and PSP each directly owned 6.3% of the Company’s Common Stock.          
          As of July 22, 2004, WCAFLP, PSFLP, WCAFLTD and PSFLTD each indirectly owned 6.0% of the Company’s Common Stock.          
          The percentage of Common Stock reportedly owned by each entity herein is based on 46,786,877 shares of outstanding Common Stock of the Company, which is the total number of shares issued and outstanding on July 31, 2004.          
     (c)    Number of shares as to which such person has:          
          (i)    Sole power to vote or to direct the vote          
               0          
          (ii)    Shared power to vote or to direct the vote          
               WA, AJR, WCAA, PSA, WCAP, PSP, WCAFLP, PSPFLP, WCAFLTD and PSFLTD have shared voting power with respect to 3,140,540 shares of the Company’s Common Stock.          
          (iii)    Sole power to dispose or to direct the disposition of          
               0          
          (iv)    Shared power to dispose or to direct the disposition of          
               WA, AJR, WCAA, PSA, WCAP, PSP, WCAFLP, PSPFLP, WCAFLTD and PSFLTD have shared power to direct the disposition of 3,140,540 shares of the Company’s Common Stock.          

Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d3(d)(1).

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  ¨.     
     Not Applicable     

Instruction. Dissolution of a group requires a response to this item.

    

Item 6.

   Ownership of More than Five Percent on Behalf of Another Person.          
     WA, the managing member and sole owner of WCAA, has the power to direct the affairs of WCAA who manages accounts for the benefit of its clients WCAP, WCAFLP and WCAFLTD. WCAA has the power to direct the affairs of WCAP including decision making power with respect to the disposition of the proceeds from the sale of the Common Stock. WA has the power to direct the affairs of Guggenheim Portfolio Co. XXXI LLC including decision making power with respect to the disposition of the proceeds from the sale of the Common Stock.          
     AJR, the managing member and sole owner of PSA, has the power to direct the affairs of PSA who manages accounts for the benefit of its clients PSP, PSFLP and PSFLTD. PSA has the power to direct the affairs of PSP including decision making power with respect to the disposition of the proceeds from the sale of the Common Stock.          

Item 7.

   Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.
     Not Applicable

Item 8.

   Identification and Classification of Members of the Group          
     See Item 2          

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.          

 

Page 13 of 14


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.

 

January 28, 2005


Date

/s/ Jonathan D. Wood


Signature
Jonathan D. Wood as Chief Financial Officer of Whitebox Advisors, LLC, AJR Financial, LLC, Whitebox Convertible Arbitrage Advisors, LLC, Whitebox Convertible Arbitrage Partners, L.P., Whitebox Convertible Arbitrage Fund, L.P., Whitebox Convertible Arbitrage Fund, Ltd., Pandora Select Advisors, LLC, Pandora Select Partners, L.P., Pandora Select Fund, L.P. and Pandora Select Fund, Ltd.

Name/Title

 

The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative’s authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.

 

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties for whom copies are to be sent.

 

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)

 

Page 14 of 14

-----END PRIVACY-ENHANCED MESSAGE-----