-----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, UoPyTMexf8ERwxFQCGri51jWs1i/DtUXygzyzHWY5hksUjCflVGuMyI13qvk/Cj6 Fpx7yzGkPFKxn+dXN2ralw== 0000891836-08-000019.txt : 20080211 0000891836-08-000019.hdr.sgml : 20080211 20080211171743 ACCESSION NUMBER: 0000891836-08-000019 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20080211 DATE AS OF CHANGE: 20080211 GROUP MEMBERS: J. STUART RYAN GROUP MEMBERS: JOHN H. SCULLY GROUP MEMBERS: RYDOUT LLC GROUP MEMBERS: SAN FRANCISCO PARTNERS II, L.P. GROUP MEMBERS: SF ADVISORY PARTNERS, L.P. GROUP MEMBERS: SPO ADVISORY CORP. GROUP MEMBERS: SPO ADVISORY PARTNERS, L.P. GROUP MEMBERS: SPO PARTNERS II CO-INVESTMENT PARTNERHSIP, L.P. GROUP MEMBERS: SPO PARTNERS II, L.P. GROUP MEMBERS: WILLIAM E. OBERNDORF GROUP MEMBERS: WILLIAM J. PATTERSON SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CALPINE CORP CENTRAL INDEX KEY: 0000916457 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 770212977 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-48317 FILM NUMBER: 08594599 BUSINESS ADDRESS: STREET 1: 50 WEST SAN FERNANDO ST CITY: SAN JOSE STATE: CA ZIP: 95113 BUSINESS PHONE: 4089955115 MAIL ADDRESS: STREET 1: 50 W SAN FERNANDO STREET 2: SUITE 500 CITY: SAN JOSE STATE: CA ZIP: 95113 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SPO ADVISORY CORP CENTRAL INDEX KEY: 0000919468 IRS NUMBER: 680247274 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 591 REDWOOD HIGHWAY STREET 2: SUITE 3215 CITY: MILL VALLEY STATE: CA ZIP: 94941 BUSINESS PHONE: 4153836600 FORMER COMPANY: FORMER CONFORMED NAME: SF ADVISORY CORP DATE OF NAME CHANGE: 19990329 SC 13D 1 sc0010.txt SCHEDULE 13D - CALPINE CORPORATION SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* CALPINE CORPORATION (Name of Issuer) COMMON STOCK, PAR VALUE $0.001 PER SHARE (Title of Class of Securities) 131347304 (CUSIP Number) SPO Advisory Corp. 591 Redwood Highway, Suite 3215 Mill Valley, California 94941 (415) 383-6600 with a copy to: Alison S. Ressler Sullivan & Cromwell LLP 1888 Century Park East Los Angeles, California 90067-1725 (310) 712-6600 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 31, 2008 (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [_]. Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("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). Page 2 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON SPO Partners II, L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 60,866,427 (1) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 60,866,427 (1) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 60,866,427 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.5% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Power is exercised through its sole general partner, SPO Advisory Partners, L.P. Page 3 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON SPO Partners II Co-Investment Partnership, L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 1,657,900 (1) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 1,657,900 (1) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,657,900 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.3% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Power is exercised through its sole general partner, SPO Advisory Partners, L.P. Page 4 of 23 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON SPO Advisory Partners, L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 62,524,327 (1)(2) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 62,524,327 (1)(2) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 62,524,327 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.9% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Solely in its capacity as the sole general partner of SPO Partners II, L.P. with respect to 60,866,427 shares; and solely in its capacity as the sole general partner of SPO Partners II Co-Investment Partnership, L.P. with respect to 1,657,900 shares. (2) Power is exercised through its sole general partner, SPO Advisory Corp. Page 5 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON San Francisco Partners II, L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 3,203,237 (1) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 3,203,237 (1) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,203,237 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.7% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Power is exercised through its sole general partner, SF Advisory Partners, L.P. Page 6 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON SF Advisory Partners, L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 3,203,237 (1)(2) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 3,203,237 (1)(2) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,203,237 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.7% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Solely in its capacity as the sole general partner of San Francisco Partners II, L.P. (2) Power is exercised through its sole general partner, SPO Advisory Corp. Page 7 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON SPO Advisory Corp - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER -0- ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By 65,727,564 (1)(2) Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER -0- ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 65,727,564 (1)(2) - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 65,727,564 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------- (1) Solely in its capacity as the sole general partner of SPO Advisory Partners, L.P. with respect to 62,524,327 of such shares; and solely in its capacity as the sole general partner of SF Advisory Partners, L.P. with respect to 3,203,237 of such shares. These shares may also be deemed to be beneficially owned by J. Stuart Ryan, solely as a result of his advisory capacity to SPO Advisory Corp. with respect to investments by SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P. and San Francisco Partners II, L.P in securities of the Issuer. (2) Power is exercised through its three controlling persons, John H. Scully, William E. Oberndorf and William J. Patterson. Page 8 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON John H. Scully - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER -0- ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By 65,727,564 (1) Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER -0- ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 65,727,564 (1) - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 65,727,564 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- (1) These shares may be deemed to be beneficially owned by Mr. Scully solely in his capacity as one of three controlling persons of SPO Advisory Corp. Page 9 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON William E. Oberndorf - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER -0- ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By 65,727,564 (1) Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER -0- ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 65,727,564 (1) - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 65,727,564 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- (1) These shares may be deemed to be beneficially owned by Mr. Oberndorf solely in his capacity as one of three controlling persons of SPO Advisory Corp. Page 10 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON William J. Patterson - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 5,029 (1) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By 65,727,564 (2) Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 5,029 (1) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 65,727,564 (2) - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 65,732,593 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- (1) These are shares of restricted stock awarded to Mr. Patterson in his capacity as a member of the board of directors of the Issuer. (2) These shares may be deemed to be beneficially owned by Mr. Patterson solely in his capacity as one of three controlling persons of SPO Advisory Corp. Page 11 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON J. Stuart Ryan - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 5,029 (1) ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER 5,029 (1) ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 65,727,564 (2) - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 65,732,593 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- (1) These are shares of restricted stock awarded to Mr. Ryan in his capacity as a member of the board of directors of the Issuer. (2) These shares may be deemed to be beneficially owned by Mr. Ryan, solely in his capacity as an advisor to SPO Advisory Corp. with respect to investments by SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P. and San Francisco Partners II, L.P in securities of the Issuer. Page 12 of 25 pages CUSIP No. 131347304 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON Rydout LLC - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER -0- ------------------------------------------------------ Number Of Shares 8. SHARED VOTING POWER Beneficially Owned By -0- Each Reporting Person ------------------------------------------------------ With 9. SOLE DISPOSITIVE POWER -0- ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 65,727,564 (1)(2) - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 65,727,564 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- (1) Power is exercised through its sole manager, J. Stuart Ryan. (2) These shares may be deemed to be beneficially owned by Mr. Ryan solely in his capacity as an advisor to SPO Advisory Corp. with respect to investments by SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P. and San Francisco Partners II, L.P in securities of the Issuer. Page 13 of 25 pages ITEM 1. SECURITY AND ISSUER. This statement relates to the shares of Common Stock, par value $0.001 per share ("Shares"), of Calpine Corporation, a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at 50 West San Fernando Street, San Jose, California 95113. ITEM 2. IDENTITY AND BACKGROUND. (a) The undersigned hereby file this Schedule 13D Statement on behalf of SPO Partners II, L.P., a Delaware limited partnership ("SPO"), SPO Partners II Co-Investment Partnership, L.P., a Delaware limited partnership ("SPO Co-Investment"), SPO Advisory Partners, L.P., a Delaware limited partnership ("SPO Advisory Partners"), San Francisco Partners II, L.P., a California limited partnership ("SFP"), SF Advisory Partners, L.P., a Delaware limited partnership ("SF Advisory Partners"), SPO Advisory Corp., a Delaware corporation ("SPO Advisory Corp."), John H. Scully ("JHS"), William E. Oberndorf ("WEO"), William J. Patterson ("WJP"), J. Stuart Ryan ("JSR") and Rydout LLC, a California limited liability company ("Rydout"). SPO, SPO Co-Investment, SPO Advisory Partners, SFP, SF Advisory Partners, SPO Advisory Corp., JHS, WEO, WJP, JSR and Rydout are sometimes hereinafter referred to as the "Reporting Persons." The Reporting Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"), although neither the fact of this filing nor anything contained herein shall be deemed to be an admission by the Reporting Persons that a group exists. (b) - (c) SPO SPO is a Delaware limited partnership, the principal business of which is the purchase, sale, exchange, acquisition and holding of investment securities. The principal business address of SPO, which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to SPO Advisory Partners, the sole general partner of SPO, is set forth below. SPO CO-INVESTMENT SPO Co-Investment is a Delaware limited partnership, the principal business of which is the purchase, sale, exchange, acquisition and holding of investment securities. The principal business address of SPO Co-Investment, which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to SPO Advisory Partners, the sole general partner of SPO Co-Investment, is set forth below. SPO ADVISORY PARTNERS SPO Advisory Partners is a Delaware limited partnership, the principal business of which is serving as the sole general partner of each of SPO and SPO Co-Investment. The principal business address of SPO Advisory Partners, which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to SPO Advisory Corp., the sole general partner of SPO Advisory Partners, is set forth below. Page 14 of 25 pages SFP SFP is a California limited partnership, the principal business of which is the purchase, sale, exchange, acquisition and holding of investment securities. The principal business address of SFP, which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to SF Advisory Partners, the sole general partner of SFP, is set forth below. SF ADVISORY PARTNERS SF Advisory Partners is a Delaware limited partnership, the principal business of which is serving as the sole general partner of SFP. The principal business address of SF Advisory Partners, which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to SPO Advisory Corp., the sole general partner of SF Advisory Partners, is set forth below. SPO ADVISORY CORP. SPO Advisory Corp. is a Delaware corporation, the principal business of which is serving as the sole general partner of each of SPO Advisory Partners and SF Advisory Partners. The principal business address of SPO Advisory Corp., which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to JHS, WEO and WJP, the three controlling persons of SPO Advisory Corp., is set forth below. JHS JHS' business address is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. His present principal occupation is serving as a managing director of SPO Partners & Co., a Delaware corporation. The principal business of SPO Partners & Co. is operating as an investment firm. The principal business address of SPO Partners & Co., which serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. JHS is one of three controlling persons of SPO Advisory Corp., the sole general partner of each of SPO Advisory Partners and SF Advisory Partners. WEO WEO's business address is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. His present principal occupation is serving as a managing director of SPO Partners & Co. The principal business of SPO Partners & Co. is operating as an investment firm. The principal business address of SPO Partners & Co., which serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. WEO is one of three controlling persons of SPO Advisory Corp., the sole general partner of SPO Advisory Partners and SF Advisory Partners. WJP WJP's business address is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. His present principal occupation is serving as a managing director of SPO Partners & Co. The principal business of SPO Partners & Co. is operating as an investment firm. The principal business address of SPO Partners & Co., which serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. WJP is one of three controlling persons of SPO Advisory Corp., the sole general partner of SPO Advisory Partners and SF Advisory Partners. Page 15 of 25 pages JSR JSR's business address is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. His present principal occupation is serving as sole manager of Rydout. The principal business of Rydout is operating as an investment vehicle. The principal business address of Rydout, which serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. JSR also serves in an advisory capacity to SPO Advisory Corp. with respect to investments by SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P. and San Francisco Partners II, L.P in securities of the Issuer. RYDOUT Rydout is a California limited liability company, the principal purpose of which is to serve as an investment vehicle for JSR. The principal business address of Rydout, which also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information with respect to JSR, the sole manager of Rydout, is set forth herein. (d) None of the entities or persons identified in this Item 2 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) None of the entities or persons identified in this Item 2 has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) All of the natural persons identified in this Item 2 are citizens of the United States of America. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The source and amount of the funds used or to be used by the Reporting Persons to purchase Shares are as follows: NAME SOURCE OF FUNDS AMOUNT OF FUNDS - ------------------------------------------------------------------------------- SPO Contributions from Partners $ 343,959,309 SPO Co-Investment Contributions from Partners $ 27,303,155 SPO Advisory Partners Not Applicable Not Applicable SFP Contributions from Partners $ 18,101,637 SF Advisory Partners Not Applicable Not Applicable SPO Advisory Corp. Not Applicable Not Applicable JHS Not Applicable Not Applicable WEO Not Applicable Not Applicable WJP Not Applicable Not Applicable JSR Not Applicable Not Applicable Rydout Not Applicable Not Applicable Page 16 of 25 pages ITEM 4. PURPOSE OF TRANSACTION. The Reporting Persons have acquired the Shares reported herein for investment purposes through open market purchases and through the acquisition of debentures that were converted into Shares pursuant to the Issuer's Chapter 11 plan of reorganization for investment purposes. Consistent with such purpose, the Reporting Persons have had, and may have in the future, discussions with management of the Issuer and may make suggestions concerning the Issuer's operations, prospects, business and financial strategies, assets and liabilities, business and financing alternatives and such other matters as the Reporting Persons may deem relevant to their investments in the Shares and other securities of the Issuer. Each Reporting Person expects that it will, from time to time, review its investment position in the Issuer and may, depending on market and other conditions, increase or decrease its investment position in the Shares or other securities of the Issuer. Whether the Reporting Persons acquire any additional Shares or other securities of the Issuer or dispose of any Shares or other securities of the Issuer, and the amount and timing of any such transactions, will depend upon the Reporting Persons' individual continuing assessments of pertinent factors, including the availability of Shares or other securities of the Issuer for purchase at particular price levels, the Issuer's and the particular Reporting Person's business and prospects, other business investment opportunities available to the particular Reporting Person, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board of Directors and management of the Issuer, the availability and nature of opportunities to dispose of the particular Reporting Person's interest in the Issuer, to realize trading profits or minimize trading losses, and other plans and requirements of the particular Reporting Person. Depending upon its individual assessments of these factors from time to time, each Reporting Person may change its present intentions as stated above, including determining to acquire additional Shares or other securities of the Issuer (by means of open market or privately negotiated purchases) or to dispose of some or all of the Shares or other securities of the Issuer held by or under the control of such Reporting Person. In addition, each Reporting Person may from time to time enter into equity swap or other derivative transactions with respect to its investment in the Shares or other securities of the Issuer. Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Act. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Percentage interest calculations for each Reporting Person are based upon the Issuer having 485,000,000 total outstanding shares of Common Stock as of the effective date of the reorganization pursuant to the Issuer's Chapter 11 plan of reorganization as reported on the Issuer's Form 8-K filed with the Securities and Exchange Commission on February 1, 2008. SPO The aggregate number of Shares that SPO owns beneficially, pursuant to Rule 13d-3 of the Act, is 60,866,427 Shares, which constitutes approximately 12.5% of the outstanding Shares. SPO Co-Investment The aggregate number of Shares that SPO Co-Investment owns beneficially, pursuant to Rule 13d-3 of the Act, is 1,657,900 Shares, which constitutes approximately 0.3% of the outstanding Shares. Page 17 of 25 pages SPO Advisory Partners Because of its position as the sole general partner of each of SPO and SPO Co-Investment, SPO Advisory Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 62,524,327 Shares, which constitutes approximately 12.9% of the outstanding Shares. SFP The aggregate number of Shares that SFP owns beneficially, pursuant to Rule 13d-3 of the Act, is 3,203,237 Shares, which constitutes approximately 0.7% of the outstanding Shares. SF Advisory Partners Because of its position as the sole general partner of SFP, SF Advisory Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 3,203,237 Shares, which constitutes approximately 0.7% of the outstanding Shares. SPO Advisory Corp. Because of its positions as the sole general partner of each of SPO Advisory Partners and SF Advisory Partners, SPO Advisory Corp. may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 65,727,564 Shares in the aggregate, which constitutes approximately 13.6% of the outstanding Shares. JHS Because of his position as a control person of SPO Advisory Corp., JHS may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 65,727,564 Shares in the aggregate, which constitutes approximately 13.6% of the outstanding Shares. WEO Because of his position as a control person of SPO Advisory Corp., WEO may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 65,727,564 Shares in the aggregate, which constitutes approximately 13.6% of the outstanding Shares. WJP Individually, and because of his position as a control person of SPO Advisory Corp., WJP may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 65,732,593 Shares in the aggregate, which constitutes approximately 13.6% of the outstanding Shares. JSR The aggregate number of Shares that JSR owns beneficially, pursuant to Rule 13d-3 of the Act, is 65,732,593, which constitutes approximately 13.6% of the outstanding Shares. Rydout The aggregate number of Shares that Rydout owns beneficially, pursuant to Rule 13d-3 of the Act, is 65,732,593, which constitutes approximately 13.6% of the outstanding Shares. Page 18 of 25 pages To the best of the knowledge of each of the Reporting Persons, other than as set forth above, none of the persons named in Item 2 hereof is the beneficial owner of any Shares. (b) SPO Acting through its sole general partner, SPO has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 60,866,427 Shares. SPO Co-Investment Acting through its sole general partner, SPO Co-Investment has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 1,657,900 Shares. SPO Advisory Partners Acting through its sole general partner and in its capacity as the sole general partner of each of SPO and SPO Co-Investment, SPO Advisory Partners has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 62,524,327 Shares. SFP Acting through its sole general partner, SFP has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 3,203,237 Shares. SF Advisory Partners Acting through its sole general partner and in its capacity as the sole general partner of SFP, SF Advisory Partners has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 3,203,237 Shares. SPO Advisory Corp. Acting through its controlling persons and through JSR in his advisory capacity, and in its capacities as the sole general partner of each of SPO Advisory Partners and SF Advisory Partners, SPO Advisory Corp. may be deemed to have shared power with JSR to vote or to direct the vote and to dispose or to direct the disposition of 65,727,564 Shares in the aggregate. JHS As one of three controlling persons of SPO Advisory Corp., which is the sole general partner of each of SPO Advisory Partners and SF Advisory Partners, JHS may be deemed to have shared power with WEO and WJP to vote or to direct the vote and to dispose or to direct the disposition of 65,727,564 Shares held by SPO and SFP in the aggregate. WEO As one of three controlling persons of SPO Advisory Corp., which is the sole general partner of each of SPO Advisory Partners and SF Advisory Partners, WEO may be deemed to have shared power with JHS and WJP to vote or to direct the vote and to dispose or to direct the disposition of 65,727,564 Shares held by SPO and SFP in the aggregate. Page 19 of 25 pages WJP As one of three controlling persons of SPO Advisory Corp., which is the sole general partner of each of SPO Advisory Partners and SF Advisory Partners, WJP may be deemed to have shared power with JHS and WEO to vote or to direct the vote and to dispose or to direct the disposition of 65,727,564 Shares held by SPO and SFP in the aggregate. In addition, WJP has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 5,029 shares of restricted stock awarded to WJP in his capacity as a director of the Issuer. JSR Because of his advisory position in SPO Advisory Corp., which is the sole general partner of each of SPO Advisory Partners and SF Advisory Partners, JSR may be deemed to have shared power with SPO Advisory Corp. to dispose or to direct the disposition of 65,727,564 Shares in the aggregate. In addition, JSR has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 5,029 shares of restricted stock awarded to JSR in his capacity as a director of the Issuer. Rydout Acting through its sole manager, Rydout may be deemed to have shared power with SPO Advisory Corp. to dispose or to direct the disposition of 65,727,564 Shares in the aggregate. (c) Within the past 60 days of the date of this statement, Reporting Persons acquired Shares through open market purchases on the New York Stock Exchange or through the acquisition of debentures that were converted into Shares pursuant to the Issuer's Chapter 11 plan of reorganization as set forth on Schedule I attached hereto. Except as set forth in this paragraph (c), to the best of the knowledge of each of the Reporting Persons, none of the persons named in response to paragraph (a) has effected any transactions in Shares during the past 60 days. (d) Each of the Reporting Persons affirms that no person other than such Reporting Person has the right to receive or the power to direct the receipt of distributions with respect to, or the proceeds from the sale of, Shares owned by such Reporting Person. (e) Not applicable. Page 20 of 25 pages ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Effective as of January 31, 2008, WJP and JSR have been appointed as members of the Board of Directors of the Issuer. On January 10, 2008, SPO and SPO Co-Investment (together, the "SPO Parties") entered into a Rule 10b5-1 Purchase Plan (the "Plan") with Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Act"). The Plan provides that subject to the terms and conditions of the Plan, Merrill Lynch will purchase up to $445 million in Shares. Purchases under the Plan will terminate on the earliest to occur of: (i) July 10, 2008, (ii) the completion of purchases of $445 million in Shares, (iii) the receipt by Merrill Lynch of written notice from SPO Advisory Corp., on behalf of the SPO Parties, of the termination of the Plan and (iv) the reasonable determination of SPO Advisory Corp. or Merrill Lynch that the Plan does not comply with Rule 10b5-1 or other applicable securities laws or any of the parties thereto have not complied with the Plan, Rule 10b5-1 or other applicable securities laws. The Plan may be amended only upon the written agreement of SPO Advisory Corp., on behalf of the SPO Parties, and Merrill Lynch. Otherwise, except as set forth herein, there are no contracts, arrangements, understandings or relationships of the type required to be disclosed in response to Item 6 of Schedule 13D of the Act with respect to the Shares owned by the Reporting Persons. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit A: Agreement pursuant to Rule 13d-1 (k) Exhibit B: Power of Attorney Page 21 of 25 pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 11, 2008 By: /s/ Kim M. Silva --------------------------------- Kim M. Silva Attorney-in-Fact for: SPO PARTNERS II, L.P. (1) SPO PARTNERS II CO-INVESTMENT PARTNERSHIP, L.P. (1) SPO ADVISORY PARTNERS, L.P. (1) SAN FRANCISCO PARTNERS II, L.P. (1) SF ADVISORY PARTNERS, L.P. (1) SPO ADVISORY CORP. (1) JOHN H. SCULLY (1) WILLIAM E. OBERNDORF (1) WILLIAM J. PATTERSON (1) J. STUART RYAN (1) RYDOUT LLC (1) (1) A Power of Attorney authorizing Kim M. Silva to act on behalf of this person or entity is filed as Exhibit B. Page 22 of 25 pages SCHEDULE I TO SCHEDULE 13D
- --------------------------------------------------------------------------------------------------------------------- PRICE PER SHARE WHERE/HOW DATE OF NUMBER ($)/ CONVERSION TRANSACTION REPORTING PERSON TRANSACTION TYPE OF SHARES RATIO EFFECTED - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 1,375,085 69.90776 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 40,112,487 69.54315 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 567,023 52.49730 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 1,312,465 52.62915 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 933,639 57.81047 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 2,980,483 58.17508 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 4,090,957 59.50829 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 987,052 58.56489 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II, L.P. 1/31/2008 Conversion 8,507,236 58.98178 Conversion of Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 72,354 69.90776 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization
Page 23 of 25 pages
- --------------------------------------------------------------------------------------------------------------------- PRICE PER SHARE WHERE/HOW DATE OF NUMBER ($)/ CONVERSION TRANSACTION REPORTING PERSON TRANSACTION TYPE OF SHARES RATIO EFFECTED - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 2,111,121 69.54315 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 29,818 52.49730 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 69,049 52.62915 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 49,138 57.81047 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 156,898 58.17508 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 215,241 59.50829 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 51,947 58.56489 Conversion of Partners II, L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- San Francisco 1/31/2008 Conversion 447,671 58.98178 Conversion of Partners II.,L.P. Shares per debentures into thousand Shares pursuant to the Issuer's Chapter 11 plan of reorganization - --------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/5/2008 Buy 69,600 16.4000 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/5/2008 Buy 10,000 16.4500 Open Market/Broker Co-Investment Partnership, L.P. - ----------------------------------------------------------------------------------------------------------------------
Page 24 of 25 pages
- --------------------------------------------------------------------------------------------------------------------- PRICE PER SHARE WHERE/HOW DATE OF NUMBER ($)/ CONVERSION TRANSACTION REPORTING PERSON TRANSACTION TYPE OF SHARES RATIO EFFECTED - --------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/5/2008 Buy 3,900 16.4800 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/5/2008 Buy 401,500 16.4900 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/6/2008 Buy 16,200 16.4900 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/7/2008 Buy 115,100 16.4000 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/7/2008 Buy 20,000 16.4400 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/7/2008 Buy 81,100 16.4500 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/7/2008 Buy 50,000 16.4800 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/7/2008 Buy 90,500 16.4900 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 44,000 16.4300 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 45,500 16.4400 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 51,000 16.4500 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 44,200 16.4600 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 175,100 16.4700 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 202,700 16.4800 Open Market/Broker Co-Investment Partnership, L.P. - ---------------------------------------------------------------------------------------------------------------------- SPO Partners II 2/8/2008 Buy 237,500 16.4900 Open Market/Broker Co-Investment Partnership, L.P. - ----------------------------------------------------------------------------------------------------------------------
Page 25 of 25 pages EXHIBIT INDEX EXHIBIT DOCUMENT DESCRIPTION - -------------------------------------------------------------------------------- A Agreement Pursuant to Rule 13d-1 (k) - -------------------------------------------------------------------------------- B Power of Attorney - -------------------------------------------------------------------------------- EX-99.A 2 ex-a.txt [EXHIBIT A AGREEMENT] EXHIBIT A Pursuant to Rule 13d-1(k) of Regulation 13D-G of the General Rules and Regulations of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, the undersigned agrees that the statement to which this Exhibit is attached is filed on behalf of each of them in the capacities set forth below. Dated: February 11, 2008 By: /s/ Kim M. Silva -------------------------------- Kim M. Silva Attorney-in-Fact for: SPO PARTNERS II, L.P. (1) SPO PARTNERS II CO-INVESTMENT PARTNERSHIP, L.P. (1) SPO ADVISORY PARTNERS, L.P. (1) SAN FRANCISCO PARTNERS II, L.P. (1) SF ADVISORY PARTNERS, L.P. (1) SPO ADVISORY CORP. (1) JOHN H. SCULLY (1) WILLIAM E. OBERNDORF (1) WILLIAM J. PATTERSON (1) J. STUART RYAN (1) RYDOUT LLC (1) (1) A Power of Attorney authorizing Kim M. Silva to act on behalf of this person or entity is filed as Exhibit B. EX-99.B 3 ex-b.txt [POWER OF ATTORNEY] EXHIBIT B POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that each of SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P., SPO Advisory Partners, L.P., San Francisco Partners II, L.P., SF Advisory Partners, L.P., SPO Advisory Corp., John H. Scully, William E. Oberndorf, William J. Patterson, J. Stuart Ryan and Rydout LLC (each, a "Grantor") has made, constituted and appointed, and by these presents does make, constitute and appoint, each of William E. Oberndorf and Kim M. Silva (each an "Attorney"), the true and lawful agent and attorney-in-fact, with full power of substitution and resubstitution, of the Grantor, for and in Grantor's name, place and stead, in any and all capacities, to do all or any of the following acts, matters and things: 1. To sign on behalf of the Grantor statements on Schedule 13D or 13G or Forms 3, 4 and 5, or amendments thereto pursuant to Section 13(d) or Section 16 under the Securities Exchange Act of 1934. 2. To do all such other acts and things as, in such Attorney's discretion, he or she deems appropriate or desirable for the purpose of filing such statements on Schedule 13D or 13G or Forms 3, 4 and 5, or amendments thereto. 3. To appoint in writing one or more substitutes who shall have the power to act on behalf of the Grantor as if that substitute or those substitutes shall have been originally appointed Attorney (s) by this Power of Attorney and/or to revoke any such appointment at any time without assigning any reason therefor. The Grantor hereby ratifies and confirms all that said agents and attorneys-in-fact or any substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 and 5 or to file reports under Section 13(d) of the Securities Exchange Act of 1934 with respect to the undersigned's holdings of and transactions in securities issued by Calpine Corporation, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact. The words Grantor and Attorney shall include all grantors and attorneys under this Power of Attorney. IN WITNESS WHEREOF, Grantor duly assents to this Power of Attorney by his, her or its signature as of the 11th day of February, 2008. SPO PARTNERS II, L.P. /s/ SPO Partners II, L.P. ------------------------------------ SPO PARTNERS II CO-INVESTMENT PARTNERSHIP, L.P. /s/ SPO Partners II Co-Investment Partnership, L.P. ------------------------------------ SPO ADVISORY PARTNERS, L.P. /s/ SPO Advisory Partners, L.P. ------------------------------------ SAN FRANCISCO PARTNERS II, L.P. /s/ San Francisco Partners II, L.P. ------------------------------------ SF ADVISORY PARTNERS, L.P. /s/ SF Advisory Partners, L.P. ------------------------------------ SPO ADVISORY CORP. /s/ SPP Advisory Corp. ------------------------------------ John H. Scully /s/ John H. Scully ------------------------------------ William E. Oberndorf /s/ William E. Oberndorf ------------------------------------ William J. Patterson /s/ William J. Patterson ------------------------------------ J. Stuart Ryan /s/ J. Stuart Ryan ------------------------------------ RYDOUT LLC /s/ Rydout LLC ------------------------------------ -----END PRIVACY-ENHANCED MESSAGE-----