13F-HR 1 akcm4q10r.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: December 31, 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 1730 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 February 10, 2011 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: 18 Form 13F Information Table Value Total: $138,340 (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 825 2500000 PRN DEFINED 01 2500000 0 0 CHINA SUNERGY CO LTD NOTE 4.750% 6/1 16942XAB0 4188 5000000 PRN DEFINED 01 5000000 0 0 CISCO SYS INC COM 17275R102 7586 375000 SH DEFINED 01 375000 0 0 COMPUCREDIT HLDGS CORP NOTE 3.625% 5/3 20478NAB6 7287 8500000 PRN DEFINED 01 8500000 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD2 1620 3000000 PRN DEFINED 01 3000000 0 0 DECODE GENETICS INC NOTE 3.500% 4/1 243586AD6 17 1700000 PRN DEFINED 01 1700000 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 28325 27500000 PRN DEFINED 01 27500000 0 0 EASTMAN KODAK CO COM 277461109 3739 697500 SH DEFINED 01 697500 0 0 EASTMAN KODAK CO NOTE 7.000% 4/0 277461BJ7 46944 45000000 PRN DEFINED 01 45000000 0 0 ENTERTAINMENT PPTYS TR PFD C CNV 5.75% 29380T402 17397 900000 SH DEFINED 01 900000 0 0 GENERAL ELECTRIC CO COM 369604103 2 2280000 SH PUT DEFINED 01 2280000 0 0 LEVEL 3 COMMUNICATIONS INC COM 52729N100 980 1000000 SH DEFINED 01 1000000 0 0 MEDIACOM COMMUNICATIONS CORP CL A 58446K105 847 100000 SH DEFINED 01 100000 0 0 PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 7155 750000 SH DEFINED 01 750000 0 0 RADIAN GROUP INC NOTE 3.000%11/1 750236AK7 9753 10000000 PRN DEFINED 01 10000000 0 0 SOLARFUN POWER HOLDINGS CO L SPONSORED ADR 83415U108 1097134247000 SH DEFINED 01 134247000 0 0 SPDR SERIES TRUST S&P RETAIL ETF 78464A714 184 400000 SH PUT DEFINED 01 400000 0 0 TIME WARNER INC COM NEW 887317303 394 98500 SH PUT DEFINED 01 98500 0 0