-----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, DwakF0Jgp5UGU+s+3sUQysZ4lf1X7CIanStbR9MZ7U5gSCSEkx3T+jmM4qnLot9N ketPz59WmXSUOrRj2fS8nw== 0000902664-06-001550.txt : 20060519 0000902664-06-001550.hdr.sgml : 20060519 20060518214929 ACCESSION NUMBER: 0000902664-06-001550 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060519 DATE AS OF CHANGE: 20060518 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BALLY TOTAL FITNESS HOLDING CORP CENTRAL INDEX KEY: 0000770944 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEMBERSHIP SPORTS & RECREATION CLUBS [7997] IRS NUMBER: 363228107 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47769 FILM NUMBER: 06853569 BUSINESS ADDRESS: STREET 1: 8700 WEST BRYN MAWR AVENUE STREET 2: SECOND FLOOR CITY: CHICAGO STATE: IL ZIP: 60631 BUSINESS PHONE: 773-380-3000 MAIL ADDRESS: STREET 1: 8700 WEST BRYN MAWR AVENUE STREET 2: SECOND FLOOR CITY: CHICAGO STATE: IL ZIP: 60631 FORMER COMPANY: FORMER CONFORMED NAME: BALLYS HEALTH & TENNIS CORP DATE OF NAME CHANGE: 19940526 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RAMIUS CAPITAL GROUP LLC CENTRAL INDEX KEY: 0001050154 IRS NUMBER: 133937658 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128457900 MAIL ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13G/A 1 sc13ga.txt BALLY TOTAL FITNESS HOLDING CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- SCHEDULE 13G/A Under the Securities Exchange Act of 1934 Amendment No. 1 * Bally Total Fitness Holding Corporation (Name of Issuer) Common Stock (Title of Class of Securities) 05873K108 (CUSIP Number) May 1, 2006 (Date of event which requires filing of this statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) - ---------------- *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter 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). CUSIP No. 05873K108 13G/A Page 2 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Starboard Value and Opportunity Master Fund Ltd. - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 967,197 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 967,197 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 967,197 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 3 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Ramius Capital Group, L.L.C. 13-3937658 - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 1,759,845 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 1,759,845 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,759,845 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IA, OO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 4 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) RCG Ambrose Master Fund, Ltd. - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 73,607 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 73,607 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER --------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 73,607 - ---------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 5 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) RCG Halifax Fund, Ltd. - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER HARES 71,291 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ---------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 71,291 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 71,291 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 6 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Ramius Fund III, Ltd - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 19,531 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 19,531 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 19,531 - ----------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.05% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 7 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Ramius Master Fund, Ltd. - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 334,078 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 334,078 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 334,078 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.8% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 8 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Ramius Securities, L.L.C. 58-2253019 - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 294,141 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 294,141 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 294,141 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.7% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** BD - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 9 of 20 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Admiral Advisors, LLC - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 967,197 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 967,197 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 967,197 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IA, OO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 10 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Ramius Advisors, LLC 13-3954331 - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 353,609 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 353,609 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 353,609 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.9% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IA, OO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 11 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) C4S & Co., L.L.C. 13-3946794 - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 1,759,845 --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 1,759,845 --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,759,845 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 12 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Peter A. Cohen - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 1,759,845 --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,759,845 - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,759,845 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 13 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Morgan B. Stark - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 1,759,845 --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,759,845 - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,759,845 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 14 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Thomas W. Strauss - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 1,759,845 --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,759,845 - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,759,845 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 15 of 20 Pages - ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey M. Solomon - ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ----------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES --------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 1,759,845 --------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING --------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,759,845 - ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,759,845 - ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** - ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% - ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G/A Page 16 of 20 Pages This Amendment No. 1 (this "Amendment") amends the statement on Schedule 13G which was filed on April 11, 2006 (the "Schedule 13G") with respect to shares of common stock, par value $0.01 per share (the "Common Stock") of Bally Total Fitness Holding Corporation, Inc., a Delaware corporation (the "Company"). Capitalized terms used herein and not otherwise defined in this Amendment have the meanings set forth in the Schedule 13G. This Amendment amends items 2(a), 2(b), 2(c), 4 and 5 as set forth below. Item 2(a). Name of Person Filing Item 2(b). Address of Principal Business Office Item 2(c). Citizenship Items 2(a), 2(b) and 2(c) are hereby amended and supplemented as follows: Ramius Fund III, Ltd c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Cayman Islands Item 4. Ownership Item 4 is hereby amended and restated in its entirety as follows: (a) Amount Beneficially Owned: As of the date hereof, (i) Starboard Value and Opportunity Master Fund Ltd., a Cayman Islands company ("Starboard") owns 967,197 shares of Common Stock, (ii) RCG Ambrose Master Fund, Ltd., a Cayman Islands company ("Ambrose") owns 73,607 shares of Common Stock, (iii) RCG Halifax Fund, Ltd., a Cayman Islands company ("Halifax") owns 71,291 shares of Common Stock, (iv) Ramius Fund III, Ltd, a Cayman Islands company ("Ramius III") owns 19,531 shares of Common Stock, (v) Ramius Master Fund, Ltd., a Cayman Islands company ("Ramius Master Fund") owns 334,078 shares of Common Stock, and (vi) Ramius Securities, L.L.C., a Delaware limited liability company ("Ramius Securities") owns 294,141 shares of Common Stock. In addition, (i) Admiral Advisors, LLC, a Delaware limited liability company ("Admiral") may be deemed to beneficially own the 967,197 shares owned by Starboard, (ii) Ramius Advisors, LLC, a Delaware limited liability company ("Ramius Advisors") may be deemed to beneficially own the 353,609 shares owned by Ramius Master Fund and Ramius III and (iii) each of Ramius Capital Group, L.L.C., a Delaware limited liability company ("Ramius Capital"), C4S & Co., L.L.C., a Delaware limited liability company ("C4S"), Peter A. Cohen ("Mr. Cohen"), Morgan B. Stark ("Mr. Stark"), Thomas W. Strauss ("Mr. Strauss") and Jeffrey M. Solomon ("Mr. Solomon") may be deemed to beneficially own all shares of Common Stock held by Starboard, Ambrose, Halifax, Ramius III, Ramius Master Fund and Ramius Securities, an aggregate number of 1,759,845 shares of Common Stock. Note: Ramius Capital is the investment manager of Ambrose and Halifax and has the power to direct some of the affairs of Ambrose and Halifax, including decisions respecting the disposition of the proceeds from the sale of shares of the Common Stock. Admiral Advisors is the investment manager of Starboard and has the power to direct some of the affairs of Starboard, including decisions respecting the disposition of the proceeds from the sale of shares of the Common Stock. Ramius Advisors is the investment manager of Ramius CUSIP No. 05873K108 13G/A Page 17 of 20 Pages Master Fund and Ramius III and has the power to direct some of the affairs of Ramius Master Fund and Ramius III, including decisions respecting the disposition of the proceeds from the sale of shares of the Common Stock. Ramius Capital is the sole member of Admiral Advisors and Ramius Advisors. Ramius Securities is a broker dealer affiliated with Ramius Capital. Ramius Capital is the managing member of Ramius Securities. C4S is the managing member of Ramius Capital and in that capacity directs its operations. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon are the managing members of C4S and in that capacity direct its operations. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another Reporting Person. In addition, each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon disclaims beneficial ownership of the shares of Common Stock owned by Starboard, Ambrose, Halifax, Ramius III, Ramius Master Fund and Ramius Securities and the filing of this statement shall not be construed as an admission that any such person is the beneficial owner of any such securities. (b) Percent of class: Based on the Form 8-K filed by the Company on April 18, 2006, there were 41,286,714 shares of Common Stock reported as outstanding as of April 18, 2006. Therefore, (i) each of Starboard and Admiral may be deemed to beneficially own 2.3% of the outstanding shares of Common Stock, (ii) Ambrose may be deemed to beneficially own 0.2% of the outstanding shares of Common Stock, (iii) Halifax may be deemed to beneficially own 0.2% of the outstanding shares of Common Stock, (iv) Ramius III may be deemed to beneficially own 0.05% of the outstanding shares of Common Stock, (v) Ramius Master Fund may be deemed to beneficially own 0.8% of the outstanding shares of Common Stock, (vi) Ramius Advisors may be deemed to beneficially own 0.9% of the outstanding shares of Common Stock, (vii) Ramius Securities may be deemed to beneficially own 0.7% of the outstanding shares of Common Stock, and (viii) each of Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed to beneficially own 4.3% of the outstanding shares of Common Stock. (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: See Item 4(a) above. (ii) Shared power to vote or to direct the vote: See Item 4(a) above. (iii) Sole power to dispose or to direct the disposition of: See Item 4(a) above. (iv) Shared power to dispose or to direct the disposition of: See Item 4(a) above. 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 [x]. CUSIP No. 05873K108 13G/A Page 18 of 20 Pages Exhibits: Exhibit I: Joint Filing Agreement, dated as of May 18, 2006, by and among Ramius Capital, Starboard, RCG Ambrose, RCG Halifax, Ramius Master Fund, Ramius III, Ramius Securities, Admiral, Ramius Advisors, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon. CUSIP No. 05873K108 13G/A Page 19 of 20 Pages SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: May 18, 2006 STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD MASTER FUND LTD. By: Ramius Advisors, LLC By: Admiral Advisors, LLC, its investment manager its investment manager By: Ramius Capital Group, L.L.C. its sole member RCG AMBROSE MASTER FUND, LTD. By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC its investment manager By: Ramius Capital Group, L.L.C., By: C4S & Co., L.L.C., its sole member its managing member RAMIUS CAPITAL GROUP, L.L.C. RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C., By: Ramius Capital Group, L.L.C., as managing member its investment manager By: C4S & Co., L.L.C., RAMIUS FUND III, LTD its managing member By: Ramius Advisors, LLC its investment manager RAMIUS SECURITIES, L.L.C. By: Ramius Capital Group, L.L.C. By: Ramius Capital Group, L.L.C., its sole member its managing member By: C4S & Co., L.L.C., C4S & CO., L.L.C. its managing member By: /s/ Morgan B. Stark --------------------------- Name: Morgan B. Stark Title: Authorized Signatory MORGAN B. STARK /s/ Morgan B. Stark - ------------------------------------ Individually and as attorney-in-fact for Peter A. Cohen, Jeffrey M. Solomon and Thomas W. Strauss CUSIP No. 05873K108 13G/A Page 20 of 20 Pages EXHIBIT I JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: May 18, 2006 STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD MASTER FUND LTD. By: Ramius Advisors, LLC By: Admiral Advisors, LLC, its investment manager its investment manager By: Ramius Capital Group, L.L.C. its sole member RCG AMBROSE MASTER FUND, LTD. By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC its investment manager By: Ramius Capital Group, L.L.C., By: C4S & Co., L.L.C., its sole member its managing member RAMIUS CAPITAL GROUP, L.L.C. RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C., By: Ramius Capital Group, L.L.C., as managing member its investment manager By: C4S & Co., L.L.C., RAMIUS FUND III, LTD its managing member By: Ramius Advisors, LLC its investment manager RAMIUS SECURITIES, L.L.C. By: Ramius Capital Group, L.L.C. By: Ramius Capital Group, L.L.C., its sole member its managing member By: C4S & Co., L.L.C., C4S & CO., L.L.C. its managing member By: /s/ Morgan B. Stark --------------------------- Name: Morgan B. Stark Title: Authorized Signatory MORGAN B. STARK /s/ Morgan B. Stark - -------------------------------- Individually and as attorney-in- fact for Peter A. Cohen, Jeffrey M. Solomon and Thomas W. Strauss -----END PRIVACY-ENHANCED MESSAGE-----