-----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, BfnGHegunFYJExlOm8M5yhN7ALPPr5Nl33F8Mb+gNFGeRXG5+SUQt4o9vR2JkQ54 iTnai9+mMEqj7tXzviUMYA== 0000902664-06-001113.txt : 20060324 0000902664-06-001113.hdr.sgml : 20060324 20060324171503 ACCESSION NUMBER: 0000902664-06-001113 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20060324 DATE AS OF CHANGE: 20060324 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PRG SCHULTZ INTERNATIONAL INC CENTRAL INDEX KEY: 0001007330 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700] IRS NUMBER: 582213805 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48923 FILM NUMBER: 06710044 BUSINESS ADDRESS: STREET 1: 600 GALLERIA PARKWAY STREET 2: STE 100 CITY: ATLANTA STATE: GA ZIP: 30339-5949 BUSINESS PHONE: 7707793311 MAIL ADDRESS: STREET 1: 600 GALLERIA PARKWAY STREET 2: STE 100 CITY: ATLANTA STATE: GA ZIP: 30339-5949 FORMER COMPANY: FORMER CONFORMED NAME: PROFIT RECOVERY GROUP INTERNATIONAL INC DATE OF NAME CHANGE: 19960207 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BLUM CAPITAL PARTNERS LP CENTRAL INDEX KEY: 0000938775 IRS NUMBER: 943205364 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 909 MONTGOMERY STREET # 400 CITY: SAN FRANCISCO STATE: CA ZIP: 94133 BUSINESS PHONE: 4154341111 MAIL ADDRESS: STREET 1: 909 MONTGOMERY STREET STREET 2: SUITE 400 CITY: SAN FRANCISCO STATE: CA ZIP: 94133 FORMER COMPANY: FORMER CONFORMED NAME: BLUM RICHARD C & ASSOCIATES L P DATE OF NAME CHANGE: 19970219 SC 13D/A 1 sc13da.txt PRG-SCHULTZ INTERNATIONAL INC.
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SCHEDULE 13D (AMENDMENT NO. 18) Under the Securities Exchange Act of 1934 PRG-SCHULTZ INTERNATIONAL, INC. - -------------------------------------------------------------------------------- (Name of Company) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 69357C107 - -------------------------------------------------------------------------------- (CUSIP Number of Class of Securities) Andre Weiss, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2431 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 17, 2006 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Schedule) 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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss.240.13d-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). SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 2 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BLUM CAPITAL PARTNERS, L.P. I.R.S. ID: 94-3205364 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN, IA - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 3 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RICHARD C. BLUM & ASSOCIATES, INC. I.R.S. ID: 94-2967812 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING --------- --------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 --------- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 4 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BLUM STRATEGIC GP, L.L.C. I.R.S. ID: 94-3303831 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 5 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BLUM STRATEGIC PARTNERS II, L.P. I.R.S. ID: 94-3395151 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 6 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BLUM STRATEGIC GP II, L.L.C. I.R.S. ID: 94-3395150 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 7 OF 16 PAGES - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) STINSON CAPITAL PARTNERS, L.P. I.R.S. ID: 94-3232358 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 8 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) STINSON CAPITAL PARTNERS II, L.P. I.R.S. ID: 94-3264850 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 9 of 16 Pages - --------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) STINSON CAPITAL PARTNERS (QP), L.P. I.R.S. ID: 52-2379857 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* See Item 3 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 51,088,662 shares (including 41,801,589 shares OWNED BY issuable upon conversion of Senior Convertible EACH Notes and Series A Preferred Stock) (See Item 5) REPORTING ------------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 51,088,662 shares (including 41,801,589 shares issuable upon conversion of Senior Convertible Notes and Series A Preferred Stock) (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 45.2% (see Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 10 of 16 Pages - --------------------------------------- -------------------------------- This Amendment No. 18 amends the Statement on Schedule 13D (the "Schedule 13D") filed with the Securities and Exchange Commission on February 9, 2006 and is filed by Blum Capital Partners, L.P., a California limited partnership ("Partners"); Richard C. Blum & Associates, Inc., a California corporation; Blum Strategic GP, L.L.C., a Delaware limited liability company; Blum Strategic GP II, L.L.C., a Delaware limited liability company; and Blum Strategic Partners II, L.P. ("Blum"), a Delaware limited partnership, Stinson Capital Partners, L.P. ("Stinson"), a California limited partnership, Stinson Capital Partners II, L.P. ("Stinson II"), a California limited partnership and Stinson Capital Partners (QP), L.P. ("Stinson QP"), a Delaware limited partnership (collectively, the "Reporting Persons"). This amendment to the Schedule 13D relates to the shares of Common Stock (the "Shares") of PRG-Schultz International, Inc., a Georgia corporation (the "Company"). The following amendments to the Schedule 13D are hereby made. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Schedule 13D. ITEM 2. IDENTITY AND BACKGROUND Item 2 of the Schedule 13D is hereby supplemented by the following: A cover page has been added to the Schedule 13D to reflect an increase in direct ownership of the Senior Convertible Notes and the Series A Preferred Stock (as defined below) by Stinson, Stinson II and Stinson QP. Each of Stinson, Stinson II and Stinson QP may now be deemed to own more than 5% of the outstanding shares of Common Stock if the Senior Convertible Notes and the Series A Preferred Stock are converted. Stinson and Stinson II are California limited partnerships whose principal business is investing in securities and whose general partner is Partners. Stinson QP is a Delaware limited partnership whose principal business is investing in securities and whose general partner is Partners. Stinson, Stinson II and Stinson QP are referred to in the Schedule 13D as limited partnerships for which Partners serves as the general partner. Each of Stinson, Stinson II and Stinson QP's principal office is 909 Montgomery Street, Suite 400, San Francisco, California 94133. To the best knowledge of the Reporting Persons, none of the entities or persons identified in Item 2 has, during the past five years, been convicted of any criminal proceeding (excluding traffic violations or similar misdemeanors), nor 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. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5 is hereby supplemented by the following: SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 11 of 16 Pages - --------------------------------------- -------------------------------- Pursuant to the Company's exchange offer, on March 17, 2006, each Reporting Person exchanged all of its 4.75% Convertible Subordinated Notes due 2006 for 11.0% Senior Notes due 2011, 10.0% Senior Convertible Notes due 2011 ("Senior Convertible Notes") and 9.0% Senior Series A Convertible Participating Preferred Stock ("Series A Preferred Stock") of the Company. As a result of this exchange each Reporting Persons may be deemed to beneficially own and exercise shared voting and dispositive power over (i) principal amount of $17,282,880 of Senior Convertible Notes, which is convertible into 26,589,054 shares of Common Stock (assuming shareholder approval of an increase in the Company's authorized common stock) and (ii) 36,006 shares of Series A Preferred Stock, which are convertible into 15,212,535 shares of Common Stock. Based upon the Form 10-K filed by the Company on March 23, 2006, as of February 28, 2006, there were 62,112,307 shares of Common Stock outstanding. Therefore, each Reporting Person may be deemed to be the beneficial owner of securities representing 45.2% of the Common Stock. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Item 6 is hereby amended and restated in its entirety as follows: As of March 17, 2006, the Noteholders' Committee ceased to function. As a consequence, the group for purposes of Rule 13d-5(b) that may have been deemed to have been created thereby and by its activities ceased to exist. The Reporting Persons have no oral or written agreements, understandings or arrangements with each other or any other person relating to acquiring, holding, voting or disposing of any securities of the Company or otherwise with respect to the Company. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. 1. Joint Filing Agreement dated March 24, 2006. 2. Press release, dated March 20, 2006. SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 12 of 16 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: March 24, 2006 BLUM CAPITAL PARTNERS, L.P. By: Richard C. Blum & Associates, Inc. its General Partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary RICHARD C. BLUM & ASSOCIATES, INC. By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary BLUM STRATEGIC GP, L.L.C. By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Member and General Counsel BLUM STRATEGIC PARTNERS II, L.P. By: Blum Strategic GP II, L.L.C., Its General Partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Member and General Counsel BLUM STRATEGIC GP II, L.L.C. By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Member and General Counsel SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 13 of 16 Pages - --------------------------------------- -------------------------------- STINSON CAPITAL PARTNERS, L.P. By: Blum Capital Partners, L.P., its general partner By: Richard C. Blum & Associates, Inc., its general partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary STINSON CAPITAL PARTNERS II, L.P. By: Blum Capital Partners, L.P., its general partner By: Richard C. Blum & Associates, Inc., its general partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary STINSON CAPITAL PARTNERS (QP), L.P. By: Blum Capital Partners, L.P., its general partner By: Richard C. Blum & Associates, Inc., its general partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 14 of 16 Pages - --------------------------------------- -------------------------------- EXHIBIT INDEX 1. Joint Filing Agreement dated March 24, 2006. 2. Press release, dated March 20, 2006 SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 15 of 16 Pages - --------------------------------------- -------------------------------- EXHIBIT 1 JOINT FILING UNDERTAKING The undersigned, being duly authorized thereunto, hereby execute this agreement as an exhibit to this Schedule 13D to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the Securities Exchange Act of 1934, to file this Schedule jointly on behalf of each such party. Dated as of March 24, 2006 BLUM CAPITAL PARTNERS, L.P. By: Richard C. Blum & Associates, Inc. its General Partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary RICHARD C. BLUM & ASSOCIATES, INC. By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary BLUM STRATEGIC GP, L.L.C. By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Member and General Counsel SCHEDULE 13D - --------------------------------------- -------------------------------- CUSIP NO. 69357C107 PAGE 16 of 16 Pages - --------------------------------------- -------------------------------- BLUM STRATEGIC PARTNERS II, L.P. By: Blum Strategic GP II, L.L.C., Its General Partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Member and General Counsel BLUM STRATEGIC GP II, L.L.C. By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Member and General Counsel STINSON CAPITAL PARTNERS, L.P. By: Blum Capital Partners, L.P., its general partner By: Richard C. Blum & Associates, Inc., its general partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary STINSON CAPITAL PARTNERS II, L.P. By: Blum Capital Partners, L.P., its general partner By: Richard C. Blum & Associates, Inc., its general partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary STINSON CAPITAL PARTNERS (QP), L.P. By: Blum Capital Partners, L.P., its general partner By: Richard C. Blum & Associates, Inc., its general partner By: /s/ Gregory D. Hitchan ----------------------------------- Name: Gregory D. Hitchan Title: Partner, General Counsel and Secretary EX-99 2 exhibit99.txt PRESS RELEASE NEWS RELEASE FOR IMMEDIATE RELEASE PRG-SCHULTZ ANNOUNCES SUCCESSFUL CLOSING OF EXCHANGE OFFER AND NEW SENIOR SECURED CREDIT FACILITY ATLANTA, MARCH 20, 2006 -- PRG-Schultz International, Inc. (Nasdaq: PRGX) announced today that it has accepted all of its 4.75% Convertible Subordinated Notes due 2006 (the "Existing Notes") that were tendered in its exchange offer (the "Exchange Offer") which expired on Friday, March 17, 2006. As of the expiration of the Exchange Offer at 10:00 a.m., New York City time, on March 17, 2006, $124,530,000, or 99.6%, of the outstanding principal amount of Existing Notes had been validly tendered and were exchanged in the Exchange Offer. As a result of the consummation of the Exchange Offer, $470,000 of the Existing Notes remain outstanding, and the company issued an aggregate of (a) $51,635,846 in principal amount of 11.0% Senior Notes Due 2011 (which included $1,823,846 in additional principal amount of Senior Notes issued for accrued and unpaid interest on Exchange Notes that were exchanged), (b) $59,774,400 in principal amount of 10.0% Senior Convertible Notes Due 2011, and (c) 124,530 shares, or $14,943,600 liquidation preference, of 9.0% Senior Series A Convertible Participating Preferred Stock. The company also announced today that it has entered into a new senior secured credit facility with Ableco Finance LLC and The CIT/Group/Business Credit, Inc., a portion of which is being syndicated to the company's prior bridge financing lenders. The new credit facility includes a $25.0 million term loan, the net proceeds of which were funded to the company at closing on Friday, March 17, 2006, and up to $20 million in revolving loan borrowings, none of which are currently outstanding. The net proceeds of the new senior credit facility were used to repay all outstanding borrowings under the company's existing senior credit facility with Bank of America, which were approximately $1.6 million, and all outstanding amounts under the bridge loan between the company and certain holders of its Existing Notes, including accrued and unpaid interest, which were approximately $10.1 million. The remainder of the proceeds of the term loan will be used to pay fees and expenses related to the Exchange Offer and the new senior credit facility and for general corporate purposes. "With the successful conclusion of the exchange offer and the closing of a new credit facility, we begin a new chapter in our turnaround," said James B. McCurry, the company's President and Chief Executive Officer. "Our balance sheet has been strengthened and our new senior credit facility provides us with the liquidity we need to run our business. We can now focus on the continued improvement of our operations and the development of new opportunities for creating value for our clients." ABOUT PRG-SCHULTZ INTERNATIONAL, INC. Headquartered in Atlanta, PRG-Schultz International, Inc. is the world's leading recovery audit firm, providing clients throughout the world with insightful value to optimize and expertly manage their business transactions. Using proprietary software and expert audit methodologies, PRG-Schultz industry specialists review client purchases and payment information to identify and recover overpayments. FORWARD LOOKING STATEMENTS This press release includes certain forward-looking statements in addition to historical information, including statements regarding the potential success of the company's turnaround, anticipated liquidity needs of the company, and the company's plans to improve operations and develop new opportunities. Actual outcomes may differ due to a number of risks and uncertainties such as (without limitation): the company's ability to stabilize its revenue trend, the success of the company's previously announced operational restructuring plan, the success of the company's new service offerings, the company's ability to retain key personnel, changes in the market for the company's service offerings, and other risks generally applicable to the company's business. For a discussion of other risk factors that may impact the company's business and the success of its turnaround, please see the company's Securities and Exchange Commission filings, including the offering circular filed as Exhibit 99(A)(1)(a) to the company's Schedule TO on February 1, 2006, the company's Form 10-K filed with the Securities and Exchange Commission on March 16, 2005, and the company's subsequent Forms 10-Q for the first three fiscal quarters of 2005. The company disclaims any obligation or duty to update or modify these forward-looking statements. CONTACT: PRG-SCHULTZ INTERNATIONAL, INC. Peter Limeri 770-779-6464 2 -----END PRIVACY-ENHANCED MESSAGE-----