SC 13D 1 p11-0220sc13d.htm MENTOR GRAPHICS CORPORATION p11-0220sc13d.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
(Rule 13d-101)
 
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. ___)*
 
Mentor Graphics Corporation
(Name of Issuer)
 
Common Stock, without par value
(Title of Class of Securities)
 
587200106
(CUSIP Number)
 
Casablanca Capital LLC
450 Park Avenue, Suite 1403
New York, NY 10022
Attn: Douglas Taylor
(212) 759-5626
 
With a Copy to:
 
David E. Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
212-756-2000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
January 24, 2011
(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [   ]
 
* 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).

 
 

 

 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 2 of 21 Pages
 

1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Casablanca Special Opportunities Fund I, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
4
SOURCE OF FUNDS
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
573,683
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
573,683
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
573,683
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
14
TYPE OF REPORTING PERSON
OO
 
 

 
 

 

 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 3 of 21 Pages
 

1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Casablanca Capital I LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
573,683
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
573,683
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
573,683
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
0.5%
14
TYPE OF REPORTING PERSON
IA, OO



 
 

 

 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 4 of 21 Pages
 

1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Casablanca Capital LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO, AF (See Item 3)
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
746,352
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
746,352
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
746,352
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
IA, OO

 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 5 of 21 Pages
 

1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Donald G. Drapkin
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
4
SOURCE OF FUNDS
PF, OO, AF (See Item 3)
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
25,310
8
SHARED VOTING POWER
746,352
9
SOLE DISPOSITIVE POWER
25,310
10
SHARED DISPOSITIVE POWER
746,352
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
771,662
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
IN


 
 
 

 
 
 
CUSIP No.   587200106
 
  SCHEDULE 13D
Page 6 of 21 Pages
 
 
1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Douglas Taylor
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO and AF (See Item 3)
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
746,352
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
746,352
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
746,352
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
IN

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 7 of 21 Pages
 
 
1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Francisco D'Agostino
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
OO, AF (See Item 3)
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Spain
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
782,652
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
782,652
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,652
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
IN


 
 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 8 of 21 Pages
 

1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Element Multi Strategy Fund Ltd.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
36,300
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
36,300
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
36,300
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
0.0%
14
TYPE OF REPORTING PERSON
CO

 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 9 of 21 Pages
 

1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Element Capital Advisors Ltd.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
36,300
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
36,300
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
36,300
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
0.0%
14
TYPE OF REPORTING PERSON
IA, CO

 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 10 of 21 Pages
 
 
1
NAME OF REPORTING PERSONS, I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corporation
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) x
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
OO
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Alberta, Canada
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
7
SOLE VOTING POWER
5,205,282
8
SHARED VOTING POWER
0
9
SOLE DISPOSITIVE POWER
5,205,282
10
SHARED DISPOSITIVE POWER
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,205,282
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
4.7%
14
TYPE OF REPORTING PERSON
IA, OO


 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 11 of 21 Pages

 
 
ITEM 1.
SECURITY AND ISSUER.
 
This statement on Schedule 13D (the "Schedule 13D") relates to the common shares (the "Shares"), without par value, of Mentor Graphics Corporation (the "Issuer").  The address of the Issuer's principal executive office is 8005 SW Boeckman Rd, Wilsonville, Oregon 97070-7777.
 
ITEM 2.
IDENTITY AND BACKGROUND.

(a), (b), (c) and (f).
 
This Schedule 13D is filed by:
 
(i) Casablanca Special Opportunities Fund I, LLC (the "Casablanca Fund"), a Delaware limited liability company, with respect to the Shares directly held by it;
 
(ii) Casablanca Capital I LLC ("Casablanca I"), a Delaware limited liability company, and the managing member of the Casablanca Fund, with respect to the Shares held by the Casablanca Fund;
 
(iii) Casablanca Capital LLC ("Casablanca"), a Delaware limited liability company, which serves as investment manager to the Casablanca Fund and to managed accounts on behalf of investment advisory clients (the "Managed Accounts"), with respect to the Shares held by the Casablanca Fund and the Shares held in the Managed Accounts;
 
(iv) Donald G. Drapkin ("Mr. Drapkin"), principal of the Casablanca Fund and member of the management committee and Chairman of Casablanca, with respect to the Shares held (I) by Mr. Drapkin directly, (II) by the Casablanca Fund, and (III) in the Managed Accounts;
 
(v) Douglas Taylor ("Mr. Taylor"), principal of the Casablanca Fund and member of the management committee and Chief Executive Officer of Casablanca, with respect to the Shares held (I) by the Casablanca Fund and (II) in the Managed Accounts;
 
(vi) Francisco D'Agostino ("Mr. D'Agostino", and together with the Casablanca Fund, Casablanca I, Casablanca, Mr. Drapkin, and Mr. Taylor, the "Casablanca Reporting Persons"), President and Managing Director of Element Advisor (as defined below), director of the Element Fund (as defined below), principal of the Casablanca Fund and member of the management committee and President of Casablanca, with respect to the Shares held (I) by the Element Fund, (II) by the Casablanca Fund, and (III) in the Managed Accounts.
 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 12 of 21 Pages

 
(vii)  Element Multi Strategy Fund Ltd., a Cayman Islands exempted company (the "Element Fund"), with respect to the Shares directly held by it;
 
(viii) Element Capital Advisors Ltd., a business company organized under the laws of the British Virgin Islands ("Element Advisor", and together with the Element Fund and Mr. D'Agostino, the "Element Reporting Persons"), with respect to the Shares held by the Element Fund; and
 
(ix) Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corporation ("AIMCo"), a body corporate established under the Alberta Investment Management Corporation Act R.S.A. c. A-26.5 (2007) (the “Alberta Investment Management Corporation Act”), with respect to the Shares held on behalf of clients for which AIMCo serves as investment manager.
 
The Casablanca Reporting Persons, the Element Reporting Persons and AIMCo are hereinafter collectively (without duplication) referred to as the "Reporting Persons."
 
The principal office address for the Casablanca Fund, Casablanca I, Casablanca, is 450 Park Avenue, Suite 1403, New York, NY 10022.
 
The principal office address of AIMCo is 1100 10308 Jasper Avenue, Edmonton, Alberta, T5J 2B3.
 
The principal office address of the Element Fund and Element Advisor is Avenida Federico Boyd con Calle 49, Edificio Alfaro Piso 4 Oficina 4-A, Apartado 0832-00998, Panama Panama.
 
The name, citizenship, present principal occupation or employment and business address of Messrs. Drapkin, Taylor and D'Agostino, and each director and executive officer of the Casablanca Fund, Casablanca I, Casablanca, AIMCo, Element Fund and Element Advisors is set forth in Schedule 1 attached hereto.
 
The principal business of (i) the Casablanca Fund is to serve as a pooled investment vehicle exempt from registration under the Investment Company Act of 1940, as amended, (ii) Casablanca I is to serve as managing member of the Casablanca Fund, (iii) Casablanca is to serve as an investment advisor, exempt from registration with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), on behalf of various clients, including individuals and institutions, (iv) AIMCo is, pursuant to the Alberta Investment Management Corporation Act, to provide investment management services for a diverse group of Alberta public sector clients, including Alberta public sector pension plans and provincial endowment funds, (v) the Element Fund is to serve as a private investment exempted company, and (vi) Element Advisor is to serve as investment advisor to the Element Fund.
 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 13 of 21 Pages

 
Mr. Drapkin and Mr. Taylor are citizens of the United States of America, and Mr. D'Agostino is a citizen of Spain.  Each of Mr. Drapkin, Mr. Taylor and Mr. D'Agostino, as members of Casablanca's management committee, are in a position to indirectly determine the voting and investment decisions regarding the Issuer's securities held by Casablanca's investment advisory clients, including the Casablanca Fund.
 
Mr. D'Agostino, as President and Managing Director of Element Advisor is in a position to indirectly determine the voting and investment decisions regarding the Issuer's securities held by the Element Fund.
 
All disclosures herein with respect to any Reporting Person are made only by such Reporting Person.  Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
 
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 "Exchange Act").
 
(d) – (e)
 
During the last five years, none of the Reporting Persons, and to the best knowledge of the Reporting Persons none of the persons listed on Schedule 1 hereto, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in such person being 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 3.
SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
 
The Reporting Persons used approximately $70,245,608 (including brokerage commissions) in the aggregate to purchase the Shares reported in this Schedule 13D.
 
The source of the funds used to acquire the Shares being reported held by (i) the Casablanca Fund was the working capital of the Casablanca Fund, (ii) the Managed Accounts was the assets of the investment advisory clients of Casablanca, (iii) Mr. Drapkin was his personal funds, (iv) the Element Fund was the working capital of the Element Fund, and (v) AIMCo on behalf of investment management clients was the assets of such clients. In addition, none of the proceeds used to purchase the Shares were provided through borrowings of any nature.
 
ITEM 4.
PURPOSE OF TRANSACTION.
 
The Shares reported in this statement have been purchased and held for investment purposes on behalf of client accounts over which the Reporting Persons have either sole or shared discretionary investment or voting power.
 
The Reporting Persons believe that the Issuer's common stock is undervalued and is an attractive investment.  The Reporting Persons intend to seek to have conversations with management, the board, other shareholders of the Issuer and other relevant parties regarding the assets, business, strategy, financial condition and/or operations of the Issuer and how to maximize shareholder value.  As of the date hereof the Reporting Persons have not spoken to any other shareholder and do not intend to form a "group" (within the meaning of Section 13(d)(3) of Exchange Act) with any other person or entity.  The Reporting Persons may, from time to time and at any time, acquire additional common shares and/or other equity, debt, notes, instruments or other securities of the Issuer (collectively, "Securities") in the open market or otherwise.  The Reporting Persons reserve the right to dispose of any or all of their Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities.
 

 
 

 
 

CUSIP No.  587200106
 
  SCHEDULE 13D
Page 14 of 21 Pages
 
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein.
 
As a result of the actions undertaken on behalf of the Reporting Persons as stated above, the Reporting Persons may be deemed members of a “group” within the meaning of Section 13(d) of the Exchange Act.
 
The information set forth in Item 6 hereto is hereby incorporated herein by reference.
 
ITEM 5.
INTEREST IN SECURITIES OF THE ISSUER.
 
(a) and (b)
 
The aggregate number and percentage of Shares to which this Schedule 13D relates is 6,013,244 shares of the common stock of the Issuer, constituting approximately 5.5% of the 109,672,191 Shares outstanding as of December 3, 2010, as reported in the Issuer's 10-Q filed with the Securities and Exchange Commission on December 10, 2010.
 
(i)
the Casablanca Fund:
 
 
(a)
As of the date hereof, the Casablanca Fund may be deemed the beneficial owner of 573,683 Shares.
   
Percentage: Approximately 0.5% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 573,683 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 573,683 Shares

 
(ii)
Casablanca I:
 
 
(a)
As of the date hereof, the Casablanca I may be deemed the beneficial owner of 573,683 Shares.
   
Percentage: Approximately 0.5% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 573,683 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 573,683 Shares

 

 
 

 
 

CUSIP No.  587200106
 
  SCHEDULE 13D
Page 15 of 21 Pages

(iii)
Casablanca:
 
 
(a)
As of the date hereof, Casablanca may be deemed the beneficial owner of 746,352 Shares.
   
Percentage: Approximately 0.7% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 746,352 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 746,352 Shares

 
(iv)
Mr. Drapkin:
 
 
(a)
As of the date hereof, Mr. Drapkin may be deemed the beneficial owner of 771,662 Shares.
   
Percentage: Approximately 0.7% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 25,310 Shares
   
2.
Shared power to vote or direct vote: 746,352 Shares
   
3.
Sole power to dispose or direct the disposition: 25,310 Shares
   
4.
Shared power to dispose or direct the disposition: 746,352 Shares

 
(v)
Mr. Taylor:
 
 
(a)
As of the date hereof, Mr. Taylor may be deemed the beneficial owner of 746,352 Shares.
   
Percentage: Approximately 0.7% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 746,352 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 746,352 Shares

 
(vi)
Mr. D'Agostino:
 
 
(a)
As of the date hereof, Mr. D'Agostino may be deemed the beneficial owner of 782,652 Shares.
   
Percentage: Approximately 0.7% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 782,652 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 782,652 Shares

 

 
 

 
 

CUSIP No.  587200106
 
  SCHEDULE 13D
Page 16 of 21 Pages

(vii)
the Element Fund:
 
 
(a)
As of the date hereof, the Element Fund may be deemed the beneficial owner of 36,300 Shares.
   
Percentage: Approximately 0.0% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 36,300 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 36,300 Shares

 
(viii)
Element Advisor:
 
 
(a)
As of the date hereof, Element Advisor may be deemed the beneficial owner of 36,300 Shares.
   
Percentage: Approximately 0.0% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 0
   
2.
Shared power to vote or direct vote: 36,300 Shares
   
3.
Sole power to dispose or direct the disposition: 0
   
4.
Shared power to dispose or direct the disposition: 36,300 Shares

 
(ix)
AIMCo:
 
 
(a)
As of the date hereof, AIMCo may be deemed the beneficial owner of 5,205,282 Shares.
   
Percentage: Approximately 4.7% as of the date hereof.
 
(b)
1.
Sole power to vote or direct vote: 5,205,282 Shares
   
2.
Shared power to vote or direct vote: 0
   
3.
Sole power to dispose or direct the disposition: 5,205,282 Shares
   
4.
Shared power to dispose or direct the disposition: 0

 
Casablanca serves as investment advisor to Casablanca Fund, AIMCo and additional individual and institutional clients which hold discretionary private accounts with Casablanca.  Casablanca owns no securities of the Issuer directly, but because it has voting or investment control over the Shares owned by the Casablanca Fund and its discretionary private accounts, it may be deemed to beneficially own the Shares held by the Casablanca Fund and its discretionary private account clients.  Casablanca also serves as investment advisor to AIMCo, and can recommend the voting of the Shares which may be deemed to be beneficially owned by AIMCo, and therefore, may be deemed to beneficially own such Shares.
 
Each of Mr. Drapkin, Mr. Taylor and Mr. D'Agostino, as members of Casablanca's management committee, are in a position to indirectly determine the voting and investment decisions regarding the Issuer's securities held by Casablanca's investment advisory clients, including the Casablanca Fund.
 

 
 

 
 

CUSIP No.  587200106
 
  SCHEDULE 13D
Page 17 of 21 Pages

Mr. D'Agostino, as President and Managing Director of Element Advisor is in a position to indirectly determine the voting and investment decisions regarding the Issuer's securities held by the Element Fund.
 
AIMCO serves as investment manager to Alberta public sector clients, including Alberta public sector pension plans and provincial endowment funds.  AIMCO owns no securities of the Issuer directly, but because it has voting or investment control over the Shares owned by its investment management clients, it may be deemed to beneficially own the Shares held by its investment management clients.
 
As of the date hereof, the Casablanca Reporting Persons beneficially owned an aggregate of 807,962 Shares, constituting approximately 0.7% of the Shares outstanding, the Element Reporting Persons beneficially owned an aggregate of 782,652 Shares, constituting approximately 0.7% of the Shares outstanding, and AIMCo beneficially owned an aggregate of 5,205,282 Shares, constituting approximately 4.7% of the Shares outstanding.
 
The Casablanca Reporting Persons, the Element Reporting Persons and AIMCo may be deemed to have formed a "group," within the meaning of Section 13(d)(3) of the Exchange Act.  Collectively, the group may be deemed to have voting control over a combined 5.5% of the Shares. However, each of the Casablanca Reporting Persons (other than Mr. D'Agostino) expressly disclaims beneficial ownership of the Shares beneficially owned by the Element Reporting Persons, each of the Casablanca Reporting Persons expressly disclaims beneficial ownership of the Shares beneficially owned by AIMCo, each of the Element Reporting Persons (other than Mr. D'Agostino) expressly disclaims beneficial ownership of the Shares beneficially owned by the Casablanca Reporting Persons and AIMCo, and AIMCo expressly disclaims beneficial ownership of the Shares beneficially owned by the Casablanca Reporting Persons and the Element Reporting Persons.
 
(c) Please see Schedule 2 for a list of transactions in the Shares by the Reporting Persons during the past sixty (60) days.
 
(d) The investment advisory clients that constitute the economic beneficiaries of the Managed Accounts and the clients for which AIMCo serves as investment manager, have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of the Shares to which this Schedule 13D relates; however, no such person has such an interest that relates to more than 5 percent of the class of Shares.
 
(e) Not applicable.
 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 18 of 21 Pages

 
ITEM 6.
CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
 
The powers of disposition with respect to the Shares owned by discretionary private accounts of Casablanca are established in written investment advisory agreements between Casablanca's clients and Casablanca, which are entered into in the normal and usual course of business of Casablanca as an investment advisor exempt from registration under the Advisers Act and which are generally applicable to all Shares purchased for the benefit of each such discretionary private account.
 
Casablanca has entered into investment advisory agreements with respect to securities of the Issuer with (i) Tensor Opportunity Limited on November 17, 2010, (ii) Caselton Investments LLC on November 29, 2010, (iii) Dustin A. Moskovitz TTEE Dustin A. Moskovitz Trust DTD 12/27/05 on December 15, 2010, and (iv) Daly Gamma Limited Partnership on December 15, 2010 (collectively, the "Casablanca Investment Advisory Agreements").
 
The Casablanca Investment Advisory Agreements are standard in form, a copy of which form is attached as Exhibit 2 hereto. The Casablanca Investment Advisory Agreements grant Casablanca discretion to (i) vote, tender or convert any stock, securities or other property related to the Shares, (ii) execute proxies, waivers or other consents with respect to the Shares and in such connection, endorse securities related to the Shares, (iii) take action with respect to any plan of reorganization or similar corporate transaction requiring shareholder votes, and (iv) generally, to exercise the rights, powers and privileges with respect to the Shares held by an investment client. The Casablanca Investment Advisory Agreements provide that the clients will pay Casablanca all fees and expenses related to the account, a management fee of up to 2% per annum of the client's total capital invested, and an incentive fee of up to 20% of cash available for distributions after such client has received distributions equal to its total capital invested. The description of the Casablanca Investment Advisory Agreements in this Schedule 13D is qualified in its entirety by reference to the full text of the form of Casablanca Investment Advisory Agreement, which is incorporated by reference herein.
 
In addition, on November 9, 2010, AIMCo and Casablanca entered into an investment advisory agreement (the "AIMCo Investment Advisory Agreement"), a copy of which is attached as Exhibit 3 hereto, whereby Casablanca was appointed as an investment advisor to AIMCo for the purpose of providing investment recommendations regarding the Shares.  Under the agreement, AIMCo agrees to follow recommendations provided by Casablanca with regards to (i) voting, tendering or converting securities of the Issuer held by AIMCo clients, (ii) executing waivers or other consents with respect to the securities of the Issuer held by AIMCo clients, (iii) taking actions with respect to any plan of reorganization or similar corporate transaction requiring shareholder votes, and (iv) generally, exercising all rights, powers, and privileges with respect to the securities of the Issuer held by AIMCo clients.  However, AIMCo retains the right to make the final decision or to take action with respect to the securities of the Issuer where AIMCo deems, in its sole discretion, appropriate. The AIMCo Investment Advisory Agreement also provides that AIMCo clients will commit up to $150 million for investments in the Issuer, and will pay Casablanca, certain fees and expenses related to clients for which AIMCo serves as investment manager, and an incentive fee of 15% of distributions after AIMCo clients have received distributions equal to their total capital invested plus a preferred cumulative return on such total capital invested of 8 percent per annum, compounded annually. The description of the AIMCo Investment Advisory Agreement in this Schedule 13D is qualified in its entirety by reference to the full text of the AIMCo Investment Advisory Agreement, which is incorporated by reference herein.
 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 19 of 21 Pages

 
ITEM 7.
MATERIAL TO BE FILED AS EXHIBITS.

 
Exhibit
 
Description
1
 
Joint Filing Agreement
2
 
Form of Casablanca Investment Advisory Agreements with clients with respect to the securities of the Issuer.
3
 
Investment Advisory Agreement, dated November 9, 2010, between AIMCo and Casablanca.

 

 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 20 of 21 Pages

 
SIGNATURES

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 3, 2011

 
   
Casablanca Special
Opportunities Fund I, LLC
 
   
 
By:
Casablanca Capital LLC, its
Investment Manager

 
   
 
By:
/s/ Douglas Taylor  
 
Name:
Douglas Taylor 
 
Title:
Chief Executive Officer 

 
 
Casablanca Capital I LLC
   
 
By:
/s/ Douglas Taylor   
 
Name:
Douglas Taylor   
 
Title:
Chief Executive Officer   

 
 
Casablanca Capital LLC
   
 
By:
/s/ Douglas Taylor   
 
Name:
Douglas Taylor   
 
Title:
Chief Executive Officer 

 
  /s/ Donald G. Drapkin  
  Donald G. Drapkin
     

  /s/ Douglas Taylor    
  Douglas Taylor
     

  /s/ Francisco D'Agostino  
  Francisco D'Agostino
     



 
 

 
 
 
CUSIP No.  587200106
 
  SCHEDULE 13D
Page 21 of 21 Pages

 
   
Element Multi Strategy Fund Ltd.
 
 
By:
/s/ Francisco D'Agostino  
 
Name:
Francisco D'Agostino
 
Title:
Director

 
   
Element Capital Advisors Ltd.
 
 
By:
/s/ Francisco D'Agostino  
 
Name:
Francisco D'Agostino
 
Title:
President and Director

 
   
Her Majesty the Queen in Right
of the Province of Alberta as
represented by Alberta
Investment Management
Corporation
 
 
By:
/s/ Brian Gibson   
 
Name:
Brian Gibson 
 
Title:
Senior Vice President,
Public Equities

 

 
 

 

Schedule 1
 
Information with respect to the directors and executive officers
 
 
Casablanca Capital LLC

Name
Position
Address
Principal Occupation
Citizenship
Donald G. Drapkin
Member of Management Committee and Chairman
450 Park Avenue, Suite 1403,
New York, NY 10022
Member of the Management Committee and Chairman of Casablanca Capital
United States
Douglas Taylor
Member of Management Committee and Chief
Executive Officer
450 Park Avenue, Suite 1403,
New York, NY 10022
Member of the Management Committee and Chief Executive Officer of Casablanca Capital
United States
Francisco D'Agostino
Member of Management Committee and President
450 Park Avenue, Suite 1403,
New York, NY 10022
Member of the Management Committee and President of Casablanca Capital, President and Managing Director of Element Advisor and Director of Element Fund
Spain

Element Fund and Element Advisor

Name
Position
Address
Principal Occupation
Citizenship
Francisco D’Agostino
President and Managing Director of Element Advisor and Director of Element Fund
Avenida Federico Boyd con Calle 49, Edificio Alfaro Piso 4 Oficina 4-A, Apartado 0832-00998, Panama Panama
Member of the Management Committee and President of Casablanca Capital, President and Managing Director of Element Advisor and Director of Element Fund
Spain
Daniel Diquez
Vice President and Director of Element Advisor and Director of
Element Fund
Same as above
Vice President and Director of Element Advisor and Director of Element Fund
Venezuela
Jose Luis Feaugas
Director of Element Advisor and Element Fund
Same as above
Director of Element Advisor and Element Fund
Venezuela
Ronald Tagliaferro
Director of Element Advisor and Element Fund
Same as above
Director of Element Advisor and Element Fund
Venezuela
Alfredo Ignacio Vargas
Director of Element Advisor and Element Fund
Same as above
Director of Element Advisor and Element Fund
Venezuela

 

 
 

 
AIMCo
Name
Position
Address
Principal Occupation
Citizenship
A. Charles Baillie
Chairman of the Board of Directors
1100 – 10830 Jasper Avenue, Edmonton, Alberta, Canada, T5J 2B3
Businessman
Canada
George F. J. Gosbee
Vice Chair of Board of Directors
Same as above
President and Chief Executive Officer of AltaCorp Capital Inc.
Canada
Clive J. Beddoe
Director
Same as above
Chairman of WestJet Airlines
Canada
Ross A. Grieve
Director
Same as above
Executive Chairman of PCL Constructors Inc.
Canada
Virginia Holmes
Director
Same as above
Businesswoman
United Kingdom
Daryl A. Katz
Director
Same as above
Chairman and Chief Executive Officer of The Katz Group
Canada
Andrea S. Rosen
Director
Same as above
Businesswoman
Canada
United States
Mac H. Van Wielingen
 
Director
Same as above
Founder and Co-Chair of ARC Financial Corp.
Canada
Cathy Williams
 
Director
Same as above
Businesswoman
Canada
Leo De Bever
Chief Executive Officer
and Chief Investment Officer
Same as above
Chief Executive Officer and Chief Investment Officer of AIMCo
Canada
Jadgdeep Bachher
Chief Operating Officer
Same as above
Chief Operating Officer of AIMCo
Canada
Dale MacMaster
Senior Vice President,
Fixed Income Investments
Same as above
Senior Vice President, Fixed Income Investments of AIMCo
Canada
Brian Gibson
Senior Vice President,
Public Equities
Same as above
Senior Vice President, Public Equities of AIMCo
Canada
Andrew Huntley
Vice President, Mortgages
Same as above
Vice President, Mortgages of AIMCo
Canada
George Engman
Senior Vice President,
Private Equity
Same as above
Senior Vice President, Private Equity of AIMCo
Canada and Britain
Micheal Dal Bello
Senior Vice President,
Real Estate
Same as above
Senior Vice President, Real Estate of AIMCo
Canada
Robert Mah
Senior Vice President, Infrastructure and Timber Investments
Same as above
Senior Vice President, Infrastructure and Timber Investments of AIMCo
Canada
Steve Stewart
Vice President, Private Debt
Same as above
Vice President, Private Debt of AIMCo
Canada
 


 
 

 

Schedule 2
 
Transactions In The Shares By The
Reporting Persons In The Past Sixty (60) Days

The following tables set forth all transactions in the Shares effected in the past sixty (60) days by any of the Reporting Persons, as applicable. All such transactions were effected in the open market through brokers and the price per share is net of commissions.

 
Casablanca Special Opportunities Fund I, LLC
     
Trade Date
Amount Purchased (Sold)
Price per Share ($)
     
12/6/2010
9,310
$11.67
12/7/2010
10,302
$11.99
12/8/2010
13,887
$11.96
12/9/2010
11,122
$11.97
12/10/2010
8,475
$11.98
12/13/2010
19,524
$12.00
12/14/2010
16,257
$11.98
12/15/2010
5,460
$11.98
12/16/2010
16,246
$11.96
12/17/2010
10,680
$11.96
12/31/2010
210
$11.99
1/4/2011
24,297
$12.00
1/5/2011
17,356
$11.97
1/6/2011
39,598
$11.96
1/7/2011
29,674
$11.99
1/10/2011
1,043
$11.98
1/19/2011
17,144
$11.95
1/20/2011
4,659
$12.41
1/24/2011
15,586
$12.41
1/25/2011
19,819
$12.26
1/26/2011
1,871
$12.22
1/31/2011
8,162
$12.49
2/2/2011
5,710
$12.72
   
 

 
 

 

 
Casablanca Managed Accounts
   
     
Trade Date
Amount Purchased (Sold)
Price per Share ($)
     
12/6/2010
3,103
$11.67
12/7/2010
3,160
$11.99
12/7/2010
1,896
$11.99
12/8/2010
4,260
$11.96
12/8/2010
2,556
$11.96
12/9/2010
3,412
$11.97
12/9/2010
2,047
$11.97
12/10/2010
2,600
$11.98
12/10/2010
1,560
$11.98
12/13/2010
5,989
$12.00
12/13/2010
3,593
$12.00
12/14/2010
4,987
$11.98
12/14/2010
2,992
$11.98
12/15/2010
1,675
$11.98
12/15/2010
1,005
$11.98
12/16/2010
4,983
$11.96
12/16/2010
2,990
$11.96
12/17/2010
3,276
$11.96
12/17/2010
1,966
$11.96
12/31/2010
64
$11.99
12/31/2010
39
$11.99
1/4/2011
7,453
$12.00
1/4/2011
4,472
$12.00
1/4/2011
373
$12.00
1/4/2011
373
$12.00
1/5/2011
5,324
$11.97
1/5/2011
3,194
$11.97
1/5/2011
266
$11.97
1/5/2011
266
$11.97
1/6/2011
12,147
$11.96
1/6/2011
7,288
$11.96
1/6/2011
607
$11.96
1/6/2011
607
$11.96
1/7/2011
9,103
$11.99
1/7/2011
5,462
$11.99
1/7/2011
455
$11.99
1/7/2011
455
$11.99

 

 
 

 
 
1/10/2011
320
$11.98
1/10/2011
192
$11.98
1/10/2011
16
$11.98
1/10/2011
16
$11.98
1/19/2011
5,259
$11.95
1/19/2011
3,155
$11.95
1/19/2011
263
$11.95
1/19/2011
263
$11.95
1/20/2011
1,430
$12.41
1/20/2011
857
$12.41
1/20/2011
71
$12.41
1/20/2011
71
$12.41
1/24/2011
4,781
$12.41
1/24/2011
2,868
$12.41
1/24/2011
239
$12.41
1/24/2011
239
$12.41
1/25/2011
6,079
$12.26
1/25/2011
3,648
$12.26
1/25/2011
304
$12.26
1/25/2011
304
$12.26
1/26/2011                         574             $12.22        
1/26/2011                         345              $12.22        
1/26/2011                         29          $12.22        
1/26/2011                         29          $12.22        
 1/31/2011                         2,503          $12.49        
1/31/2011                         1,502          $12.49        
 1/31/2011                         125          $12.49        
 1/31/2011                         125          $12.49        
2/2/2011                         1,752          $12.72        
 2/2/2011                         1,051          $12.72        
 2/2/2011                         88          $12.72        
 2/2/2011                         88          $12.72        
     
Donald Drapkin
     
Trade Date
Amount Purchased (Sold)
Price per Share ($)
     
12/7/2010
1,074
$11.99
12/8/2010
1,447
$11.96
12/9/2010
1,160
$11.97
12/10/2010
884
$11.98
12/13/2010
2,036
$12.00
12/14/2010
1,696
$11.98
12/15/2010
569
$11.98
12/16/2010
1,694
$11.96
12/17/2010
1,114
$11.96
12/31/2010
22
$11.99
1/4/2011
1,788
$12.00
1/5/2011
1,278
$11.97
1/6/2011
2,916
$11.96
1/7/2011
2,185
$11.99
1/10/2011
77
$11.98
1/19/2011
1,262
$11.95
1/20/2011
343
$12.41
1/24/2011
1,147
$12.41
1/25/2011
1,459
$12.26
1/26/2011         138         $12.22            
1/31/2011         601         $12.49        
2/2/2011         420         $12.72        
     
 
 

 
 
AIMCo
   
     
Trade Date
Amount Purchased (Sold)
Price per Share ($)
     
12/6/2010
93,098
$11.99
12/7/2010
94,972
$11.96
12/8/2010
128,022
$11.97
12/9/2010
102,535
$11.98
12/10/2010
78,137
$12.00
12/13/2010
179,274
$11.98
12/14/2010
149,876
$11.98
12/15/2010
50,134
$11.96
12/16/2010
149,173
$11.96
12/17/2010
98,069
$11.99
12/31/2010
1,930
$12.00
1/4/2011
223,110
$11.97
1/5/2011
158,784
$11.96
1/6/2011
301,287
$11.99
1/7/2011
225,783
$11.98
1/10/2011
7,936
$11.95
1/19/2011
157,424
$12.41
1/20/2011
42,870
$12.41
1/24/2011
143,421
$12.26
1/25/2011
181,992
$12.22
1/26/2011         17,191           $12.49            
1/31/2011         74,945         $12.72        
2/2/2011         52,433         $12.86