13F-HR 1 akcm3q10.txt AKANTHOS CAPITAL MANAGEMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2010 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Akanthos Capital Management, LLC Address: 21700 Oxnard Street, Suite 1520 Woodland Hills, CA 91367-7584 13F File Number: 028-10430 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael Kao Title: Manager Phone: (818) 456-5220 Signature, Place, and Date of Signing: /s/ Michael Kao Woodland Hills, CA November 10, 2010 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 15 Form 13F Information Table Value Total: $86,697 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 01 028-10433 Akanthos Arbitrage Master Fund L.P. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AMBASSADORS INTL INC NOTE 3.750% 4/1 023178AA4 1350 4500000 PRN DEFINED 01 4500000 0 0 COMCAST CORP NEW CL A 20030N101 2712 150000 SH DEFINED 01 150000 0 0 COMPUCREDIT HLDGS CORP NOTE 3.625% 5/3 20478NAB6 10260 13500000 PRN DEFINED 01 13500000 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD2 4200 10000000 PRN DEFINED 01 10000000 0 0 CYPRESS BIOSCIENCES INC COM PAR $.02 232674507 1732 450000 SH DEFINED 01 450000 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 16450 17500000 PRN DEFINED 01 17500000 0 0 EASTMAN KODAK CO COM 277461109 3704 882000 SH DEFINED 01 882000 0 0 ENTERTAINMENT PPTYS TR PFD C CNV 5.75% 29380T402 18734 25000000 SH DEFINED 01 25000000 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 200 2500000 SH CALL DEFINED 01 0 0 0 GENERAL GROWTH PPTYS INC COM 370021107 9795 627910 SH DEFINED 01 627910 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 10844 75000 SH DEFINED 01 75000 0 0 ISHARES TR RUSSELL 2000 464287655 213 300000 SH PUT DEFINED 01 300000 0 0 JAZZ TECHNOLOGIES INC NOTE 8.000%12/3 47214EAA0 1500 1500000 PRN DEFINED 01 1500000 0 0 LEVEL 3 COMMUNICATIONS INC COM 52729N100 937 1000000 SH DEFINED 01 1000000 0 0 LIBERTY ACQUISITION HLDGS CO COM 53015Y107 4066 395100 SH DEFINED 01 395100 0 0