-----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, I3WgFgIKjdZ4hifuHA9GDa5Hnn5y0YutNsW9FnYWDYvyOBHwwPWF5kPXTZW5n8kN OZWSH1LquO54+XSX+XRGUQ== 0000950142-07-002177.txt : 20070917 0000950142-07-002177.hdr.sgml : 20070917 20070914175829 ACCESSION NUMBER: 0000950142-07-002177 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070917 DATE AS OF CHANGE: 20070914 GROUP MEMBERS: KARSCH CAPITAL MANAGEMENT, LP GROUP MEMBERS: KARSCH MANAGEMENT GP, LLC GROUP MEMBERS: MICHAEL A. KARSCH FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KARSCH CAPITAL MANAGEMENT LP CENTRAL INDEX KEY: 0001167235 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 110 EAST 59TH STREET STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CSK AUTO CORP CENTRAL INDEX KEY: 0001051848 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 860765798 STATE OF INCORPORATION: DE FISCAL YEAR END: 0204 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-55039 FILM NUMBER: 071118686 BUSINESS ADDRESS: STREET 1: 645 E MISSOURI AVENUE CITY: PHOENIX STATE: AZ ZIP: 85012 BUSINESS PHONE: 6022659200 MAIL ADDRESS: STREET 1: 645 E MISSOURI AVENUE CITY: PHOENIX STATE: AZ ZIP: 85012 SC 13D/A 1 sc13da4_csk.txt AMENDMENT NO. 4 =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 4) CSK AUTO CORPORATION - ------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - ------------------------------------------------------------------------------- (Title of Class of Securities) 125965103 - ------------------------------------------------------------------------------- (CUSIP Number) Michael A. Karsch c/o Karsch Capital Management, LP 110 East 59th Street 22nd Floor New York, NY 10022 (212) 507-9782 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) SEPTEMBER 14, 2007 - ------------------------------------------------------------------------------- (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 which 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. This box should not be checked off. *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 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. 125965103 Schedule 13D Page 2 of 6 - --------------------- ----------------- - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Karsch Capital Management, LP - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [_] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED 4,096,830 ------------------------------------------------ BY EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON -0- ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 4,096,830 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,096,830 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.32% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN, IA - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT - --------------------- ----------------- CUSIP No. 125965103 Schedule 13D Page 3 of 6 - --------------------- ----------------- - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Karsch Management GP, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [_] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED 4,096,830 ------------------------------------------------ BY EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON -0- ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 4,096,830 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,096,830 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.32% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT - --------------------- ----------------- CUSIP No. 125965103 Schedule 13D Page 4 of 6 - --------------------- ----------------- - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Michael A. Karsch - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [_] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED 4,096,830 ------------------------------------------------ BY EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON -0- ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 4,096,830 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,096,830 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.32% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT - --------------------- ----------------- CUSIP No. 125965103 Schedule 13D Page 5 of 6 - --------------------- ----------------- This Amendment No. 4 ("Amendment") amends and supplements the Schedule 13D filed on October 10, 2006 by Karsch Capital Management, LP ("Karsch Capital"), Karsch Management GP, LLC and Michael A. Karsch (collectively, the "Reporting Persons") as amended by Amendment No. 1 to Schedule 13D on October 24, 2006 and Amendment No. 2 to Schedule 13D on February 20, 2007 and Amendment No. 3 to Schedule 13D on June 6, 2007 (as amended, the "Schedule 13D"), relating to the shares of common stock, par value $.01 per share, of CSK Auto Corporation, a Delaware corporation (the "Issuer"), in the following respects only: ITEM 4. PURPOSE OF TRANSACTION. Item 4 of the Schedule 13D is amended to add the following information: On September 14, 2007, Karsch Capital sent a letter to the Board in which it, among other things, again urged the Board to undertake a comprehensive review of the Issuer's strategic alternatives, including a sales transaction. A copy of Karsch Capital's letter to the Board dated September 14, 2007, is attached to this Schedule 13D as Exhibit 6 and is incorporated herein by reference. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Item 7 of Schedule 13D is hereby amended to add the following: Exhibit 6 Letter dated September 14, 2007from Karsch Capital to the Board of Directors of CSK Auto Corporation - --------------------- ----------------- CUSIP No. 125965103 Schedule 13D Page 6 of 6 - --------------------- ----------------- S I G N A T U R E S 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. Date: September 14, 2007 KARSCH CAPITAL MANAGEMENT, LP KARSCH MANAGEMENT GP, LLC By: Karsch Management GP, LLC General Partner By: /s/ Michael A. Karsch By: /s/ Michael A. Karsch ------------------------ ------------------------ Michael A. Karsch Michael A. Karsch Managing Member Managing Member /s/ Michael A. Karsch ------------------------ Michael A. Karsch EX-99 2 ex6_sc13da4.txt EXHIBIT 6 EXHIBIT 6 --------- September 14, 2007 CSK Auto Corporation c/o Legal Department, Randi V. Morrison Attention: Board of Directors 645 East Missouri Avenue, Suite 400 Phoenix, AZ 85012 To The Board of Directors of CSK Auto Corporation ("CSK Auto" or the "Company"): Karsch Capital Management, LP(1), as a holder of 9.32% of the outstanding common stock of CSK Auto's common stock, continues to monitor developments at the Company very closely. To this end, we are encouraged by the Company's announcement on September 5, 2007, that it has commenced a comprehensive, strategic review aimed at improving profitability and restoring top line growth. However, as we have stated previously, we believe that the CSK Auto Board of Directors should demonstrate a genuine commitment to enhancing shareholder value by concurrently conducting a thorough review of strategic alternatives, including a sale of the Company. This would enable the Board to weigh the relative merits of selling the Company versus allowing the new management team time to turn the Company around. We continue to believe that a turnaround at CSK Auto should be very achievable because of the tremendous opportunity to improve the Company's severely depressed operating margins. Indeed, if management's plans to reduce pre-tax costs by $34 million in fiscal 2008 prove successful, that alone could improve EBITDA by over 20%, thereby enhancing shareholder value significantly. Given the Board's poor track record overseeing CSK Auto, we remain skeptical about the Company's ability to achieve a successful turnaround. We believe it is imperative for the Company to provide the investment community with additional details about its turnaround plan - including specific objectives, clear benchmarks and a defined timetable for implementation and completion - in the near future. In particular, we expect to receive more details about the proposed cost cuts and other margin improvement initiatives, to help us and other shareholders better determine the achievability of these efforts and over what time frame. - ------------- (1) Karsch Capital Management, LP ("KCM"), a Delaware limited partnership, is an investment adviser registered under the Investment Advisers Act of 1940, as amended. KCM serves as the management company to three Delaware limited partnerships and serves as the investment manager to three Cayman Islands exempted companies. KCM is also an investment adviser to several managed accounts. Page 2 We are pleased that the Board has met our request to modify the deadline for submission of stockholder proposals and/or director nominations prior to the Company's annual meeting. We will continue to monitor the activities of the Company and the Board very closely and will continue to carefully consider all options that could maximize the value of our significant investment in CSK Auto, including engaging in a proxy contest to replace some or all members of the Board of Directors. Sincerely, /s/ Michael A. Karsch - ------------------------ Michael A. Karsch -----END PRIVACY-ENHANCED MESSAGE-----