0001011438-12-000120.txt : 20120214 0001011438-12-000120.hdr.sgml : 20120214 20120214153353 ACCESSION NUMBER: 0001011438-12-000120 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 GROUP MEMBERS: CASPIAN CAPITAL ADVISORS LLC GROUP MEMBERS: CASPIAN CREDIT ADVISORS LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SPANISH BROADCASTING SYSTEM INC CENTRAL INDEX KEY: 0000927720 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 133827791 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-57111 FILM NUMBER: 12608858 BUSINESS ADDRESS: STREET 1: 2601 S. BAYSHORE DRIVE, PHII CITY: MIAMI STATE: FL ZIP: 33133 BUSINESS PHONE: 3054416901 MAIL ADDRESS: STREET 1: 2601 S. BAYSHORE DRIVE, PHII CITY: MIAMI STATE: FL ZIP: 33133 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CASPIAN CAPITAL LP CENTRAL INDEX KEY: 0001518999 IRS NUMBER: 900626905 STATE OF INCORPORATION: DE FISCAL YEAR END: 1211 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE, 45TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: (212) 826-6970 MAIL ADDRESS: STREET 1: 767 FIFTH AVENUE, 45TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 SC 13G/A 1 form_sc13ga-spanish.htm form_sc13ga-spanish.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 2)*

SPANISH BROADCASTING SYSTEM, INC.
(Name of Issuer)

Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)

846425882
(CUSIP Number)

December 31, 2011
(Date of Event which Requires Filing
of this Statement)

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


[X]
 Rule 13d-1(b)
[   ]
 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 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).

Continued on following pages
Page 1 of 10 Pages
Exhibit Index: Page 9

 
 
 

CUSIP NO.  846425882
Page 2 of 10 Pages



1.
Names of Reporting Persons

CASPIAN CAPITAL LP


2.
Check the Appropriate Box If a Member of a Group (See Instructions)
a.  
[   ]
b.  
[X]

3.
SEC Use Only

4.
Citizenship or Place of Organization

DELAWARE

 
5.
Sole Voting Power
Number of
Shares
  
0
Beneficially
Owned By
Each
6.
Shared Voting Power
170,257
Reporting
Person
With
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
   
170,257

9.
Aggregate Amount Beneficially Owned by Each Reporting Person

170,257

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

[   ]

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

4.09%

12.
Type of Reporting Person (See Instructions)

IA

 
 
 

CUSIP NO.  846425882
Page 3 of 10 Pages


1.
Names of Reporting Persons

CASPIAN CAPITAL ADVISORS, LLC


2.
Check the Appropriate Box If a Member of a Group (See Instructions)
a.  
[   ]
b.  
[X]

3.
SEC Use Only

4.
Citizenship or Place of Organization

NEW YORK

 
5.
Sole Voting Power
Number of
Shares
  
0
Beneficially
Owned By
Each
6.
Shared Voting Power
51,596
Reporting
Person
With
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
   
51,596


9.
Aggregate Amount Beneficially Owned by Each Reporting Person

51,596

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

[X]

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

1.24%

12.
Type of Reporting Person (See Instructions)

OO

 
 
 

CUSIP NO.  846425882
Page 4 of 10 Pages


1.
Names of Reporting Persons

CASPIAN CREDIT ADVISORS, LLC


2.
Check the Appropriate Box If a Member of a Group (See Instructions)
a.  
[   ]
b.  
[X]


3.
SEC Use Only

4.
Citizenship or Place of Organization

DELAWARE

 
5.
Sole Voting Power
Number of
Shares
  
0
Beneficially
Owned By
Each
6.
Shared Voting Power
102,230
Reporting
Person
With
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
   
102,230


9.
Aggregate Amount Beneficially Owned by Each Reporting Person

102,230

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

[X]

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

2.45%

12.
Type of Reporting Person (See Instructions)

OO

 
 
 

CUSIP NO.  846425882
Page 5 of 10 Pages



Item 1(a).
Name of Issuer:
   
 
Spanish Broadcasting System, Inc. (the "Issuer").
   
Item 1(b).
Address of the Issuer's Principal Executive Offices:
   
 
2601 South Bayshore Drive, PH 2
 
Coconut Grove, Florida 33133
   
Item 2(a).
Name of Person Filing
   
 
The Statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”):

i)  
Caspian Capital LP (“Caspian Capital”);

ii)  
Caspian Capital Advisors, LLC (“Caspian Advisors”); and

iii)  
Caspian Credit Advisors, LLC (“Caspian Credit”).

 
This statement relates to Shares (as defined below) held for the accounts of Caspian Capital Partners, L.P., Caspian Select Credit Master Fund, Ltd., Caspian Solitude Master Fund, L.P., Caspian HLSC1, LLC, and certain other funds for which Caspian Capital provides investment management or investment advice (the “Other Accounts” and together with Caspian Capital Partners, L.P., Caspian Select Credit Master Fund, Ltd., Caspian Solitude Master Fund, L.P., and Caspian HLSC1, LLC, collectively the “Accounts”).  Caspian Capital serves as the investment advisor for the Accounts.  Caspian Capital is controlled by Adam Cohen, David Corleto, and Mark Weissman (the “Principals”).  Caspian Advisors is the general partner of Caspian Capital Partners, L.P.   Caspian Credit is the general partner of an affiliate of Caspian Select Credit Master Fund, Ltd. and of Caspian Solitude Master Fund, L.P. and the managing member of Caspian HLSC1, LLC.

Item 2(b).
Address of Principal Business Office or, if None, Residence:
   
 
The address of the principal business office of each of Caspian Capital, Caspian Advisors and Caspian Credit is 767 Fifth Avenue, New York, New York 10153.

Item 2(c).
Citizenship:

i)  
Caspian Capital is a Delaware limited partnership;

ii)  
Caspian Advisors is a New York limited liability company; and

iii)  
Caspian Credit is a Delaware limited liability company.

Item 2(d).
Title of Class of Securities:
 
 
Class A Common Stock, par value $0.0001 per share (the “Shares”).
 
Item 2(e).
CUSIP Number:
   
 
846425882

 
 
 

CUSIP NO.  846425882
Page 6 of 10 Pages


Item 3.
If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
 
 
Caspian Capital is an investment adviser registered under Section 203 of the Investment Advisers Act of 1940.
   
Item 4.
Ownership:
   
Item 4(a).
Amount Beneficially Owned:
   
 
As of the date hereof, each of the Reporting Persons may be deemed to be the beneficial owner of the following number of Shares:
   
 
(i)  Caspian Capital may be deemed the beneficial owner of 170,257 Shares.  This number consists of (1) 51,596 Shares held for the account of Caspian Capital Partners, L.P. (2) 98,783 Shares held for the account of Caspian Select Credit Master Fund, Ltd., (3) 1,778 Shares held for the account of Caspian Solitude Master Fund, L.P., (4) 1,669 Shares held for the account of Caspian HLSC1, LLC, and (5) 16,431 Shares held for the account of the Other Accounts.
   
 
(ii)  Caspian Advisors may be deemed the beneficial owner of 51,596 Shares.  This number consists of 51,596 Shares held for the account of Caspian Capital Partners, L.P.
   
 
(iii)  Caspian Credit may be deemed the beneficial owner of 102,230 Shares.  This number consists of (1) 98,783 Shares held for the account of Caspian Select Credit Master Fund, Ltd., (2) 1,778 Shares held for the account of Caspian Solitude Master Fund, L.P., and (3) 1,669 Shares held for the account of Caspian HLSC1, LLC.
   
Item 4(b).
Percent of Class:
   
 
(i) The number of Shares of which Caspian Capital may be deemed to be the beneficial owner constitutes approximately 4.09% of the total number of Shares outstanding.
   
 
(ii)  The number of Shares of which Caspian Advisors may be deemed to be the beneficial owner constitutes approximately 1.24% of the total number of Shares outstanding.
   
 
(iii)  The number of Shares of which Caspian Credit may be deemed to be the beneficial owner constitutes approximately 2.45% of the total number of Shares outstanding.
   
Item 4(c).
Number of shares as to which such person has:
 
 
Caspian Capital
 
(i)
Sole power to vote or direct the vote
0
 
(ii)
Shared power to vote or to direct the vote
170,257
 
(iii)
Sole power to dispose or to direct the disposition of
0
 
(iv)
Shared power to dispose or to direct the disposition of
170,257
 
 
Caspian Advisors
 
(i)
Sole power to vote or direct the vote
0
 
(ii)
Shared power to vote or to direct the vote
51,596
 
(iii)
Sole power to dispose or to direct the disposition of
0
 
(iv)
Shared power to dispose or to direct the disposition of
51,596

 
Caspian Credit
 
(i)
Sole power to vote or direct the vote
0
 
(ii)
Shared power to vote or to direct the vote
102,230
 
(iii)
Sole power to dispose or to direct the disposition of
0
 
(iv)
Shared power to dispose or to direct the disposition of
102,230

 
 
 

CUSIP NO.  846425882
Page 7 of 10 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 any of the Reporting Persons have ceased to be the beneficial owners of more than five percent of the class of securities, check the following [X].
   
Item 6.
Ownership of More than Five Percent on Behalf of Another Person:
   
 
The Principals of Caspian Capital, Caspian Advisors and Caspian Credit are entitled to receive, or have the power to direct, the receipt of dividends from or the proceeds of sales of the Shares held for the Accounts of Caspian Capital, Caspian Advisors and Caspian Credit in accordance with their ownership interests in Caspian Capital, Caspian Advisors and Caspian Credit.
   
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:

 
By signing below each of the Reporting Persons certifies that, to the best of such person's 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 such purpose or effect.


 
 
 

CUSIP NO.  846425882
Page 8 of 10 Pages


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.


Date:  February 14, 2012
CASPIAN CAPITAL LP
   
 
By:         /s/ Richard D. Holahan, Jr.
 
Name: Richard D. Holahan, Jr.
 
Title: Authorized Signatory
   

Date:  February 14, 2012
CASPIAN CAPITAL ADVISORS, LLC
   
 
By:         /s/ Richard D. Holahan, Jr.
 
Name: Richard D. Holahan, Jr.
 
Title: Authorized Signatory
   

Date:  February 14 , 2012
CASPIAN CREDIT ADVISORS, LLC
   
 
By:         /s/ Richard D. Holahan, Jr.
 
Name: Richard D. Holahan, Jr.
 
Title: Authorized Signatory
   


 

 
 
 

CUSIP NO.  846425882
Page 9 of 10 Pages


EXHIBIT INDEX

Page No.

A.
Joint Filing Agreement, dated as of February 14, 2012, by and among Mariner Investment Group, Caspian Capital LP, Caspian Capital Advisors, LLC and Caspian Credit Advisors, LLC
13




 
 
 

CUSIP NO.  846425882
Page 10 of 10 Pages


EXHIBIT A

JOINT FILING AGREEMENT

The undersigned hereby agree that the statement on Schedule 13G with respect to the Class A Common Stock, par value $0.0001 per share, of Spanish Broadcasting System, Inc. dated as of February 14, 2012, is, and any amendments thereto (including amendments on Schedule 13D) 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.


Date:  February 14, 2012
CASPIAN CAPITAL LP
   
 
By:         /s/ Richard D. Holahan, Jr.
 
Name: Richard D. Holahan, Jr.
 
Title: Authorized Signatory
   

Date:  February 14, 2012
CASPIAN CAPITAL ADVISORS, LLC
   
 
By:         /s/ Richard D. Holahan, Jr.
 
Name: Richard D. Holahan, Jr.
 
Title: Authorized Signatory
   

Date:  February 14, 2012
CASPIAN CREDIT ADVISORS, LLC
   
 
By:         /s/ Richard D. Holahan, Jr.
 
Name: Richard D. Holahan, Jr.
 
Title: Authorized Signatory