-----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, FPiFh7tu5HwkBzL7fJmaAqecF98lM/LypQ3ERjt305lTicpRt2La13qNZ7dZCgvn CHeIN+xzpEOhw1BntmqODA== 0001144204-10-047733.txt : 20100901 0001144204-10-047733.hdr.sgml : 20100901 20100901142300 ACCESSION NUMBER: 0001144204-10-047733 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100901 DATE AS OF CHANGE: 20100901 GROUP MEMBERS: JONATHAN BROOKS GROUP MEMBERS: SMITHWOOD ADVISERS, L.P. GROUP MEMBERS: SMITHWOOD GENERAL PARTNER, LLC GROUP MEMBERS: SMITHWOOD PARTNERS, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AEP INDUSTRIES INC CENTRAL INDEX KEY: 0000785787 STANDARD INDUSTRIAL CLASSIFICATION: UNSUPPORTED PLASTICS FILM & SHEET [3081] IRS NUMBER: 221916107 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-37385 FILM NUMBER: 101052219 BUSINESS ADDRESS: STREET 1: 125 PHILLIPS AVE CITY: SOUTH HACKENSACK STATE: NJ ZIP: 07606 BUSINESS PHONE: 2016416600 MAIL ADDRESS: STREET 1: 125 PHILLIPS AVE CITY: SOUTH HACKENSACK STATE: NJ ZIP: 07606 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JMB Capital Partners Master Fund L.P. CENTRAL INDEX KEY: 0001408898 IRS NUMBER: 980543101 STATE OF INCORPORATION: CA FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 1999 AVENUE OF THE STARS STREET 2: SUITE 2040 CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 310-286-2929 MAIL ADDRESS: STREET 1: 1999 AVENUE OF THE STARS STREET 2: SUITE 2040 CITY: LOS ANGELES STATE: CA ZIP: 90067 SC 13D 1 v195805_sc13d.htm

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
SCHEDULE 13D
 
(Rule 13d-101)
Information to be included in statements filed pursuant to
13D-1(A) and amendments thereto filed pursuant to 13D-2(A)
(Amendment No. ___)*
 
AEP Industries Inc.
 
(Name of Issuer)
 
Common Stock, $0.01 par value per share
 
(Title of Class of Securities)
 
001031103
 
(CUSIP Number)
 
Jonathan Brooks
Smithwood Advisers, L.P.
1999 Avenue of the Stars, Suite 2040
Los Angeles, CA  90067
(310) 286-2929
 
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
September 1, 2010
 
(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. x
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §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).
 
 
 
 

CUSIP No.  001031103
13D
Page 2 of 14 Pages

1.
Name of Reporting Persons
 
JMB Capital Partners Master Fund, L.P.
2.
Check the Appropriate Box if a Member of a Group (see instructions)
 
  
 
(a)
¨
 
(b)
x
3.
SEC USE ONLY
   
4.
Source of Funds (see instructions)
 
Working Capital
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 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
 
613,797
9.
Sole Dispositive Power
 
0
10.
Shared Dispositive Power
 
613,797
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
 
613,797
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨
     
13.
Percent of Class Represented by Amount in Row 11
 
9.51%
14.
Type of Reporting Person (see instructions)
 
PN

 
 
 

CUSIP No.  001031103
13D
Page 3 of 14 Pages

1.
Name of Reporting Persons
 
Smithwood Partners, LLC
2.
Check the Appropriate Box if a Member of a Group (see instructions)
 
  
 
(a)
¨
 
(b)
x
3.
SEC USE ONLY
   
4.
Source of Funds (see instructions)
 
N/A
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
     
6.
Citizenship or Place of Organization
 
California
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
 
0
8.
Shared Voting Power
 
613,797
9.
Sole Dispositive Power
 
0
10.
Shared Dispositive Power
 
613,797
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
 
613,797
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨
     
13.
Percent of Class Represented by Amount in Row 11
 
9.51%
14.
Type of Reporting Person (see instructions)
 
OO

 
 
 

CUSIP No.  001031103
13D
Page 4 of 14 Pages

1.
Name of Reporting Persons
 
Smithwood Advisers, L.P.
2.
Check the Appropriate Box if a Member of a Group (see instructions)
 
  
 
(a)
¨
 
(b)
x
3.
SEC USE ONLY
   
4.
Source of Funds (see instructions)
 
N/A
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
     
6.
Citizenship or Place of Organization
 
California
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
 
0
8.
Shared Voting Power
 
613,797
9.
Sole Dispositive Power
 
0
10.
Shared Dispositive Power
 
613,797
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
 
613,797
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨
     
13.
Percent of Class Represented by Amount in Row 11
 
9.51%
14.
Type of Reporting Person (see instructions)
 
PN

 
 
 

CUSIP No.  001031103
13D
Page 5 of 14 Pages

1.
Name of Reporting Persons
 
Smithwood General Partner, LLC
2.
Check the Appropriate Box if a Member of a Group (see instructions)
 
  
 
(a)
¨
 
(b)
x
3.
SEC USE ONLY
   
4.
Source of Funds (see instructions)
 
N/A
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
     
6.
Citizenship or Place of Organization
 
California
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
 
0
8.
Shared Voting Power
 
613,797
9.
Sole Dispositive Power
 
0
10.
Shared Dispositive Power
 
613,797
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
 
613,797
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨
     
13.
Percent of Class Represented by Amount in Row 11
 
9.51%
14.
Type of Reporting Person (see instructions)
 
OO

 
 
 

CUSIP No.  001031103
13D
Page 6 of 14 Pages

1.
Name of Reporting Persons
 
Jonathan Brooks
2.
Check the Appropriate Box if a Member of a Group (see instructions)
 
  
 
(a)
¨
 
(b)
x
3.
SEC USE ONLY
   
4.
Source of Funds (see instructions)
 
N/A
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
     
6.
Citizenship or Place of Organization
 
United States
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
 
0
8.
Shared Voting Power
 
613,797
9.
Sole Dispositive Power
 
0
10.
Shared Dispositive Power
 
613,797
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
 
613,797
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions)
¨
     
13.
Percent of Class Represented by Amount in Row 11
 
9.51%
14.
Type of Reporting Person (see instructions)
 
IN

 
 
 
 
CUSIP No.  001031103
13D
Page 7 of 14 Pages

Item 1. 
Security and the Issuer.
 
This statement relates to the Common Stock, $.01 par value per share (the “Common Stock”) of AEP Industries Inc., a Delaware corporation (the “Company”). The Company’s principal executive offices are located at 125 Phillips Avenue, South Hackensack, New Jersey  07606.
 
Item 2. 
Identity and Background.
 
(a)          This Statement is filed jointly by:
 
(i)           JMB Capital Partners Master Fund, L.P., a Cayman Islands limited partnership (the “Master Fund”);
 
(ii)          Smithwood Partners, LLC, a California limited liability company (“Partners”), which is the General Partner of the Master Fund;
 
(iii)         Smithwood Advisers, L.P., a California limited partnership (“Advisers”), which is the Investment Adviser of the Master Fund;
 
(iv)         Smithwood General Partner, LLC, a California limited liability company (“Smithwood GP”), which is the General Partner of Advisers; and
 
(v)          Jonathan Brooks (“Brooks”), a United States citizen, who is the Managing Member of Partners and the controlling owner and Managing Member of Smithwood GP.
 
(The Master Fund, Partners, Advisers, Smithwood GP and Brooks are hereinafter collectively referred to as, the “Reporting Persons.”)
 
(b)          The principal business address for each of the Reporting Persons is c/o Smithwood Advisers, L.P., 1999 Avenue of the Stars, Suite 2040, Los Angeles, CA  90067.
 
(c)          The principal business of the Master Fund is investing in securities. The principal business of each of the other Reporting Persons is the management of investment funds and activities related thereto.
 
(d)          None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
 
(e)          None of the Reporting Persons 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)           The Master Fund is a limited partnership formed and existing under the laws of the Cayman Islands; Partners is a limited liability company formed and existing under the laws of the State of California; Advisers is a limited partnership formed and existing under the laws of the State of California; Smithwood GP is a limited liability company formed and existing under the laws of the State of California; and Brooks is a citizen of the United States.
 
Item 3. 
Source and Amount of Funds and Other Considerations.
 
The Master Fund purchased 613,797 shares of Common Stock of the Company (the “Shares”) in the open market. The aggregate purchase price for the Shares was $21,026,544. All Shares were purchased with the Master Fund’s working capital.

 
 
 
  
CUSIP No.  001031103
13D
Page 8 of 14 Pages

Item 4. 
Purpose of the Transaction.
 
The Reporting Persons originally acquired the Shares because they believed that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.
 
The Reporting Persons intend to review the Master Fund's investment in the Company on a continuing basis and may engage in discussions with Company’s management, its Board of Directors, other stockholders of the Company and other relevant parties, concerning the business, operations, governance, management, and future plans of the Company. Depending on various factors, including, without limitation, the Company's financial position and strategic direction, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to the Master Fund's investment in the Company as the Reporting Persons deem appropriate, including, without limitation, purchasing additional shares of Common Stock, selling some or all of the Shares, engaging in short selling or any hedging or similar transactions with respect to the Shares, or otherwise changing their intention with respect to any and all matters referred to in this Item 4.
 
Accordingly, while the Reporting Persons do not have any specific plans or proposals that would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, the Reporting Persons may from time to time consider pursuing or proposing to the Company or third parties any or all of such transactions.

Item 5.
Interest in Securities of the Issuer.

(a)          As of the date hereof, the Master Fund is the owner of 613,797 shares of Common Stock. By virtue of their investment management authority, each of the other Reporting Persons may be deemed to beneficially own the shares of Common Stock owned by the Master Fund.   Based on (i) 6,855,285 shares of Common Stock of the Company currently outstanding as reported in the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2010 and; (ii) the Company’s repurchase of 400,476 shares of Common Stock on August 9, 2010 as reported in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 9, 2010, the Reporting Persons are currently the beneficial owner of 9.51% of the outstanding Common Stock.
 
(b)          Sole power to vote or to direct the vote:               0

Shared power to vote or to direct the vote:  Each of the Reporting Persons may be deemed to share the power to vote or to direct the vote of the shares held by the Master Fund.

Sole power to dispose of or to direct the disposition: 0

Shared power to dispose of or to direct the disposition:  Each of the Reporting Persons may be deemed to share the power to dispose of or to direct the disposition of the shares held by the Master Fund.

 
 
 
 
CUSIP No.  001031103
13D
Page 9 of 14 Pages

 (c)           Set forth below are transactions effected by the Master Fund in the Common Stock in the past sixty (60) days constituting all of the transactions effected by the Reporting Persons in the Company’s Common Stock in the past 60 days. The purchases were made on the open market in broker transactions.
 
TRADE DATE
  
SHARES
PURCHASED
    
PURCHASE
PRICE
  
8/23/2010
     100     $ 23.62  
8/23/2010
     100     $ 23.64  
8/23/2010
     100     $ 23.69  
8/23/2010
     200     $ 23.70  
8/23/2010
     100     $ 23.72  
8/23/2010
     100     $ 23.78  
8/23/2010
     100     $ 23.81  
8/23/2010
     200     $ 23.84  
8/23/2010
     400     $ 23.85  
8/23/2010
     399     $ 23.86  
8/23/2010
     107     $ 23.87  
8/23/2010
     394     $ 23.88  
8/23/2010
     1     $ 23.89  
8/23/2010
     100     $ 23.90  
8/23/2010
     400     $ 23.91  
8/23/2010
     406     $ 23.92  
8/23/2010
     500     $ 23.93  
8/23/2010
     100     $ 23.94  
8/23/2010
     899     $ 23.95  
8/23/2010
     500     $ 23.96  
8/23/2010
     100     $ 23.97  
8/23/2010
     1,294     $ 23.99  
8/23/2010
     300     $ 24.00  
8/24/2010
     100     $ 23.62  
8/24/2010
     102     $ 23.75  
8/24/2010
     700     $ 23.77  
8/24/2010
     100     $ 23.78  
8/24/2010
     100     $ 23.79  
 
 
 
 
 
CUSIP No.  001031103
13D
Page 10 of 14 Pages
 
TRADE DATE
  
SHARES
PURCHASED
    
PURCHASE
PRICE
  
8/24/2010
     2,302     $ 23.80  
8/24/2010
     1,400     $ 23.81  
8/24/2010
     400     $ 23.82  
8/24/2010
     1,706     $ 23.83  
8/24/2010
     94     $ 23.84  
8/24/2010
     345     $ 23.85  
8/24/2010
     700     $ 23.86  
8/24/2010
     200     $ 23.87  
8/24/2010
     1,400     $ 23.89  
8/24/2010
     500     $ 23.90  
8/24/2010
     1,502     $ 23.91  
8/24/2010
     725     $ 23.92  
8/24/2010
     200     $ 23.93  
8/24/2010
     100     $ 23.94  
8/24/2010
     1,204     $ 23.95  
8/24/2010
     100     $ 23.96  
8/24/2010
     100     $ 23.98  
8/24/2010
     493     $ 23.99  
8/24/2010
     100     $ 24.05  
8/24/2010
     276     $ 24.06  
8/24/2010
     600     $ 24.08  
8/24/2010
     390     $ 24.09  
8/24/2010
     200     $ 24.10  
8/24/2010
     28     $ 24.12  
8/24/2010
     400     $ 24.13  
8/24/2010
     400     $ 24.17  
8/24/2010
     200     $ 24.20  
8/24/2010
     100     $ 24.24  
8/24/2010
     133     $ 24.26  
8/25/2010
     1     $ 23.77  
8/25/2010
     200     $ 23.78  
8/25/2010
     400     $ 23.79  
 
 
 
 
 
CUSIP No.  001031103
13D
Page 11 of 14 Pages
 
TRADE DATE
  
SHARES
PURCHASED
    
PURCHASE
PRICE
  
8/25/2010
     22,599     $ 23.80  
8/25/2010
     1,000     $ 23.81  
8/25/2010
     700     $ 23.82  
8/25/2010
     3,116     $ 23.83  
8/25/2010
     3,100     $ 23.84  
8/25/2010
     2,900     $ 23.85  
8/25/2010
     300     $ 23.87  
8/25/2010
     220     $ 23.88  
8/25/2010
     200     $ 23.89  
8/25/2010
     2,850     $ 23.90  
8/25/2010
     300     $ 23.91  
8/25/2010
     500     $ 23.92  
8/25/2010
     300     $ 23.94  
8/25/2010
     250     $ 23.97  
8/25/2010
     900     $ 24.00  
8/25/2010
     100     $ 24.04  
8/25/2010
     100     $ 24.05  
8/25/2010
     400     $ 24.39  
8/25/2010
     200     $ 24.55  
8/25/2010
     200     $ 24.58  
8/25/2010
     300     $ 24.59  
8/25/2010
     164     $ 24.60  
8/25/2010
     200     $ 24.61  
8/25/2010
     500     $ 24.62  
8/26/2010
     546     $ 23.83  
8/26/2010
     200     $ 23.84  
8/26/2010
     300     $ 23.85  
8/26/2010
     400     $ 23.86  
8/26/2010
     300     $ 23.87  
8/26/2010
     200     $ 23.94  
8/26/2010
     102     $ 23.95  
8/26/2010
     325     $ 23.96  
 
 
 
 
 
CUSIP No.  001031103
13D
Page 12 of 14 Pages
 
TRADE DATE
  
SHARES
PURCHASED
    
PURCHASE
PRICE
  
8/26/2010
     310     $ 23.97  
8/26/2010
     302     $ 24.00  
8/26/2010
     15     $ 24.24  
8/27/2010
     100     $ 23.89  
8/27/2010
     100     $ 23.91  
8/27/2010
     1     $ 23.92  
8/27/2010
     1     $ 23.93  
8/27/2010
     201     $ 23.94  
8/27/2010
     6     $ 23.96  
8/27/2010
     101     $ 23.97  
8/27/2010
     404     $ 23.98  
8/27/2010
     798     $ 23.99  
8/27/2010
     88     $ 24.00  
8/30/2010
     1     $ 23.87  
8/30/2010
     102     $ 23.88  
8/30/2010
     391     $ 23.92  
8/30/2010
     600     $ 23.93  
8/30/2010
     300     $ 23.94  
8/30/2010
     1,127     $ 23.95  
8/30/2010
     1,000     $ 23.96  
8/30/2010
     1     $ 23.97  
8/30/2010
     1,678     $ 24.00  
 
(d)           Not Applicable.
 
(e)           Not Applicable.
 
Item 6. 
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
 
None.
 
Item 7. 
Materials to be Filed as Exhibits.
 
Exhibit 1           -           Joint Filing Agreement.
 
 
 
 
  
CUSIP No.  001031103
13D
Page 13 of 14 Pages
 
After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
 
Dated:  September 1, 2010
 
 
JMB Capital Partners Master Fund, L.P.
 
By: Smithwood Partners, LLC, its General Partner
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
 
Smithwood Partners, LLC
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
 
Smithwood Advisers, L.P.
 
By:
Smithwood General Partner, LLC,
   
its General Partner
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
 
Smithwood General Partner, LLC
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
   
/s/Jonathan Brooks
   
Jonathan Brooks
 
Attention:         Intentional misstatements or omissions of fact
constitute Federal criminal violations (See 18 U.S.C. 1001)
 
 
CUSIP No.  001031103
13D
Page 14 of 14 Pages
 
Exhibit No. 1
 
JOINT FILING AGREEMENT

The undersigned hereby consent to the joint filing by any of them of a Statement on Schedule 13D and any amendments thereto, whether heretofore or hereafter filed, relating to the securities of AEP Industries Inc. and hereby affirms that this Schedule 13D is being filed on behalf of each of the undersigned.

Dated: September 1, 2010

 
JMB Capital Partners Master Fund, L.P.
 
By:
Smithwood Partners, LLC, its General Partner
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
 
Smithwood Partners, LLC
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
 
Smithwood Advisers, L.P.
 
By:
Smithwood General Partner, LLC,
   
its General Partner
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
     
 
Smithwood General Partner, LLC
     
 
By:
/s/Jonathan Brooks
   
Jonathan Brooks, Managing Member
   
 
   
/s/Jonathan Brooks
   
Jonathan Brooks
 
 
 
 
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