-----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, KR5fGmpP3rdHr5lc8726+ZD+kIgHAlNseO7PWIHoENvBSYGOz/YmYIpyuphzvmE9 yT6QNpLkOCt8glGpT7VPgg== 0001101195-07-000074.txt : 20070320 0001101195-07-000074.hdr.sgml : 20070320 20070319181512 ACCESSION NUMBER: 0001101195-07-000074 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070320 DATE AS OF CHANGE: 20070319 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ENERGY XXI (BERMUDA) LTD CENTRAL INDEX KEY: 0001343719 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-82736 FILM NUMBER: 07704618 BUSINESS ADDRESS: STREET 1: CANONS COURT STREET 2: 22 VICTORIA STREET PO BX HM 1179 CITY: HAMILTON STATE: D0 ZIP: 00000 BUSINESS PHONE: 713 351 3003 MAIL ADDRESS: STREET 1: CANONS COURT STREET 2: 22 VICTORIA STREET PO BX HM 1179 CITY: HAMILTON STATE: D0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ENERGY XXI ACQUISITION CORP BERMUDA LTD DATE OF NAME CHANGE: 20051107 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SATELLITE ASSET MANAGEMENT LP CENTRAL INDEX KEY: 0001101195 IRS NUMBER: 134065352 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 623 FIFTH AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2122092000 MAIL ADDRESS: STREET 1: 623 FIFTH AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G 1 energy.txt SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ SCHEDULE 13G* Under the Securities Exchange Act of 1934 Energy XXI (Bermuda) Limited (Name of Issuer) Common Stock, $0.001 par value (Title of Class of Securities) G10009101 (CUSIP Number) December 29, 2006 (Date of event which requires filing of this statement) Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed: [ ] Rule 13d-1(b) [ ] Rule 13d-1(c) [X] 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 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). Continued on following pages (Page 1 of 29 Pages) Exhibit List: Page 27 CUSIP No. G10009101 13G Page 2 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND II, 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 (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 4,182,411 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 4,182,411 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,182,411 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.31% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 3 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND IV, 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 (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 786,980 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 786,980 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 786,980 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.81% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 4 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 9,764,587 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 9,764,587 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,764,587 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 10.06% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 5 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) THE APOGEE 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,862,242 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,862,242 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,862,242 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.92% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 6 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND V, 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 947,795 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 947,795 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 947,795 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.98% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 7 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VI, 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 447,527 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 447,527 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 447,527 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.46% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 8 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VII, 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 194,189 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 194,189 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 194,189 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.20% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 9 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VIII, 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 383,670 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 383,670 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 383,670 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.40% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 10 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND IX, 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 840,849 OWNED BY ___________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 840,849 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 840,849 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.87% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! Page> CUSIP No. G10009101 13G Page 11 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE STRATEGIC FINANCE PARTNERS, 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 CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,950,919 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,950,919 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,950,919 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.01% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 12 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE ASSET MANAGEMENT, 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 (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 21,361,169 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 21,361,169 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 21,361,169 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 22.01% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 13 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND MANAGEMENT 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 (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 21,361,169 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 21,361,169 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 21,361,169 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 22.01% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** OO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 14 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE ADVISORS, L.L.C. _____________________________________________________________________________ (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 (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 4,969,391 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 4,969,391 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,969,391 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.12% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** OO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10009101 13G Page 15 of 29 Pages ____________________________________________________________________________ Item 1(a). NAME OF ISSUER: Energy XXI (Bermuda) Limited (the "Issuer"). Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: Canon's Court, 22 Victoria Street, P.O Box HM 1179 Hamilton, HM EX, Bermuda Item 2(a). NAME OF PERSON FILING: This statement is filed by: (i) Satellite Fund II, L.P. ("Satellite II"); (ii) Satellite Fund IV, L.P. ("Satellite IV"); (iii) Satellite Overseas Fund, Ltd. ("Satellite Overseas") (iv) The Apogee Fund, Ltd. (f/k/a Satellite Overseas Fund III, Ltd.) ("Apogee"); (v) Satellite Overseas Fund V, Ltd. ("Satellite Overseas V"); (vi) Satellite Overseas Fund VI, Ltd. ("Satellite Overseas VI"); (vii) Satellite Overseas Fund VII, Ltd. ("Satellite Overseas VII"); (viii) Satellite Overseas Fund VIII, Ltd. ("Satellite Overseas VIII"); (ix) Satellite Overseas Fund IX, Ltd. ("Satellite Overseas IX"); (x) Satellite Strategic Finance Partners, Ltd. ("SSFP"); (xi) Satellite Asset Management, L.P. ("Satellite Asset Management"); (xii) Satellite Fund Management LLC ("Satellite Fund Management"); and (xiii) Satellite Advisors, L.L.C. ("Satellite Advisors"). This statement relates to Shares (as defined herein) held by (i) Satellite II, Satellite IV (collectively, the "Delaware Funds") over which Satellite Advisors has discretionary trading authority, as general partner, and (ii) Satellite Overseas, Apogee, Satellite Overseas V, Satellite Overseas VI, Satellite Overseas VII, Satellite Overseas VIII and Satellite Overseas IX and SSFP (collectively, the "Offshore Funds" and together with the Delaware Funds, the "Satellite Funds") over which Satellite Asset Management has discretionary investment trading authority. The general partner of Satellite Asset Management is Satellite Fund Management. Satellite Fund Management and Satellite Advisors each share the same Executive Committee that make investment decisions on behalf of the Satellite Funds and investment decisions made by such Executive Committee, when necessary, are made through approval of a majority of the Executive Committee members. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the business office of each of the Reporting Persons is 623 Fifth Avenue, 19th Floor, New York, NY 10022. CUSIP No. G10009101 13G Page 16 of 29 Pages ____________________________________________________________________________ Item 2(c). CITIZENSHIP: 1) Satellite II is a Delaware limited partnership; 2) Satellite IV is a Delaware limited partnership; 3) Satellite Overseas is a Cayman Islands exempted company; 4) Apogee is a Cayman Islands exempted company; 5) Satellite Overseas V is a Cayman Islands exempted company; 6) Satellite Overseas VI is a Cayman Islands exempted company; 7) Satellite Overseas VII is a Cayman Islands exempted company; 8) Satellite Overseas VIII is a Cayman Islands exempted company; 9) Satellite Overseas IX is a Cayman Islands exempted company; 10) SSFP is a Cayman Islands exempted company; 11) Satellite Asset Management is a Delaware limited partnership; 12) Satellite Fund Management is a Delaware limited liability company; and 13) Satellite Advisors is a Delaware limited liability company. Item 2(d). TITLE OF CLASS OF SECURITIES: Common Stock,$.001 par value per share (the "Shares"). Item 2(e). CUSIP NUMBER: G10009101 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) or 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, CUSIP No. G10009101 13G Page 17 of 29 Pages ____________________________________________________________________________ (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) [X] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E), (f) [ ] Employee Benefit Plan or Endowment Fund in accordance with 13d-1(b)(1)(ii)(F), (g) [ ] Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G), (h) [ ] Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) [ ] 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 Rule 13d-1(b)(1)(ii)(J). If this statement is filed pursuant to 13d-1(c), check this box: [] CUSIP No. G10009101 13G Page 18 of 29 Pages ____________________________________________________________________________ Item 4. OWNERSHIP. The percentages used herein and in the rest of Item 4 are calculated based upon 13,020,336 warrants deemed beneficially owned by the Reporting Person and 84,049,115 shares of the Issuer's common stock, issued and outstanding as of December 31, 2006, as reported in the Issuer's Form 10Q as filed on February 13, 2007. Satellite Fund II, L.P. -------------------------- (a) Amount beneficially owned: 4,182,411 (b) Percent of class: 4.31% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 4,182,411 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 4,182,411 Satellite Fund IV, L.P. ------------------------------ (a) Amount beneficially owned: 786,980 (b) Percent of class: 0.81% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 786,980 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 786,980 CUSIP No. G10009101 13G Page 19 of 29 Pages ____________________________________________________________________________ Satellite Overseas Fund, Ltd. ------------------------------ (a) Amount beneficially owned: 9,764,587 (b) Percent of class: 10.06% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 9,764,587 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 9,764,587 The Apogee Fund, Ltd. (f/k/a Satellite Overseas Fund III, Ltd.) ------------------------------ (a) Amount beneficially owned: 1,862,242 (b) Percent of class: 1.92% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 1,862,242 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,862,242 Satellite Overseas Fund V, Ltd. ------------------------------ (a) Amount beneficially owned: 947,795 (b) Percent of class: 0.98% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 947,795 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 947,795 CUSIP No. G10009101 13G Page 20 of 29 Pages ____________________________________________________________________________ Satellite Overseas Fund VI, Ltd. ------------------------------ (a) Amount beneficially owned: 447,527 (b) Percent of class: 0.46% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 447,527 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 447,527 Satellite Overseas Fund VII, Ltd. ------------------------------ (a) Amount beneficially owned: 194,189 (b) Percent of class: 0.20% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 194,189 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 194,189 Satellite Overseas Fund VIII, Ltd. ------------------------------ (a) Amount beneficially owned: 383,670 (b) Percent of class: 0.40% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 383,670 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 383,670 CUSIP No. G10009101 13G Page 21 of 29 Pages ____________________________________________________________________________ Satellite Overseas Fund IX, Ltd. ------------------------------ (a) Amount beneficially owned: 840,849 (b) Percent of class: 0.87% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 840,849 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 840,849 Satellite Strategic Finance Partners, Ltd. ------------------------------ (a) Amount beneficially owned: 1,950,919 (b) Percent of class: 2.01% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 1,950,919 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,950,919 Satellite Asset Management, L.P. --------------------------------- (a) Amount beneficially owned: 21,361,169 (b) Percent of class: 22.01% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 21,361,169 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 21,361,169 CUSIP No. G10009101 13G Page 22 of 29 Pages ____________________________________________________________________________ Satellite Fund Management LLC -------------------------- (a) Amount beneficially owned: 21,361,169 (b) Percent of class: 22.01% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 21,361,169 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 21,361,169 Satellite Advisors, L.L.C. -------------------------- (a) Amount beneficially owned: 4,969,391 (b) Percent of class: 5.12% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 4,969,391 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 4,969,391 Satellite Asset Management, Satellite Fund Management and Satellite Advisors expressly declare that this filing shall not be construed as an admission that each is, for the purposes of sections 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this filing. CUSIP No. G10009101 13G Page 23 of 29 Pages ____________________________________________________________________________ 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 5% OF THE CLASS OF SECURITIES, CHECK THE FOLLOWING [ ] Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. The investment manager of the Offshore Funds and the general partner of the Delaware Funds each have the power to direct the receipt of dividends from, or proceeds from the sale of, the securities held for the accounts of their respective funds. Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. This Item 7 is not applicable. Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. This Item 8 is not applicable. Item 9. NOTICE OF DISSOLUTION OF GROUP. This Item 9 is not applicable. Item 10. CERTIFICATION. Each of the Reporting Persons hereby makes the following 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. CUSIP No. G10009101 13G Page 24 of 29 Pages ____________________________________________________________________________ SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: March 20, 2007 SATELLITE FUND II, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: March 20, 2007 SATELLITE FUND IV, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: March 20, 2007 SATELLITE OVERSEAS FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10009101 13G Page 25 of 29 Pages ____________________________________________________________________________ DATED: March 20, 2007 THE APOGEE FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND V, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND VI, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND VII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND VIII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10009101 13G Page 26 of 29 Pages ____________________________________________________________________________ DATED: March 20, 2007 SATELLITE OVERSEAS FUND IX, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE STRATEGIC FINANCE PARTNERS, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE ASSET MANAGEMENT, L.P. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE FUND MANAGEMENT LLC By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: March 20, 2007 SATELLITE ADVISORS, L.L.C. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact CUSIP No. G10009101 13G Page 27 of 29 Pages ____________________________________________________________________________ EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that this statement on Schedule 13G with respect to the Common Stock of Energy XXI (Bermuda) Limited, dated as of March 20, 2007, is, and any amendments thereto (including amendments on Schedule 13G) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934. DATED: March 20, 2007 SATELLITE FUND II, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: March 20, 2007 SATELLITE FUND IV, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: March 20, 2007 SATELLITE OVERSEAS FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10009101 13G Page 28 of 29 Pages ____________________________________________________________________________ DATED: March 20, 2007 THE APOGEE FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND V, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND VI, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND VII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE OVERSEAS FUND VIII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10009101 13G Page 29 of 29 Pages ____________________________________________________________________________ DATED: March 20, 2007 SATELLITE OVERSEAS FUND IX, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE STRATEGIC FINANCE PARTNERS, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE ASSET MANAGEMENT, L.P. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: March 20, 2007 SATELLITE FUND MANAGEMENT LLC By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: March 20, 2007 SATELLITE ADVISORS, L.L.C. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact -----END PRIVACY-ENHANCED MESSAGE-----