13F-HR 1 faralloncm-13f_hrq12006.txt .......................... OMB Approval .......................... OMB Number: 3235-0006 Expires: December 31, 2006 Estimated average burden hours per response....22.8 .......................... UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year of Quarter Ended: March 31, 2006 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Farallon Capital Management, L.L.C. One Maritime Plaza Suite 1325 San Francisco, California 94111 Form 13F File Number: 28-3896 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: Mark C. Wehrly Managing Member (415) 421-2132 /s/ Mark C. Wehrly ------------------------- San Francisco, California May 12, 2006 Report Type: 13F Combination Report List of Other Managers Reporting for this Manager: Noonday Asset Management, L.P. Form 13F File Number: 28-11402 Form 13 F Summary Page Report Summary Number of Other Included Managers 1 Form 13 F Information Table Entry Total: 109 Form 13 F Information Table Value Total: $ 6,331,986 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. 1 Form 13F File Number: 28-6372 Name: Farallon Partners, L.L.C. FORM 13F INFORMATION TABLE Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 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 ------------------------------------------------------------------------------------------------------------------------------------ ABGENIX INC COM 00339B107 5,920 263,091 SH OTHER 01 263,091 AFFORDABLE RESIDENTIAL CMTYS COM 008273104 42,336 4,032,000 SH OTHER 01 4,032,000 AMYLIN PHARMACEUTICALS INC COM 032346108 112,585 2,300,000 SH OTHER 01 2,300,000 AON CORP COM 037389103 33,000 795,000 SH OTHER 01 795,000 ARAMARK CORP CL B 038521100 24,518 830,000 SH OTHER 01 830,000 ARBOR RLTY TR INC COM 038923108 6,748 250,000 SH OTHER 01 250,000 ARCH CAP GROUP LTD ORD G0450A105 146,191 2,531,889 SH OTHER 01 2,531,889 ASIAINFO HLDGS INC COM 04518A104 4,617 923,300 SH OTHER 01 923,300 ATHEROGENICS INC COM 047439104 55,488 3,400,000 SH OTHER 01 3,400,000 BEDFORD PPTY INVS INC COM PAR $0.02 076446301 27,264 1,012,400 SH OTHER 01 1,012,400 BELLSOUTH CORP COM 079860102 5,686 164,100 SH OTHER 01 164,100 BOSTON SCIENTIFIC CORP COM 101137107 31,579 1,370,000 SH OTHER 01 1,370,000 BURLINGTON RES INC COM 122014103 760,188 8,257,850 SH OTHER 01 8,257,850 CAPITAL LEASE FDG INC COM 140288101 4,705 424,300 SH OTHER 01 424,300 CAPITALSOURCE INC COM 14055X102 689,998 27,733,036 SH OTHER 01 27,733,036 CASCADE MICROTECH INC COM 147322101 6,414 490,000 SH OTHER 01 490,000 CASELLA WASTE SYS INC CL A 147448104 16,739 1,178,002 SH OTHER 01 1,178,002 CENDANT CORP COM 151313103 96,374 5,554,700 SH OTHER 01 5,554,700 CHIRON CORP DBCV 1.625% 8/0 170040AG4 7,877 8,000,000 PRN OTHER 01 8,000,000 CHIRON CORP COM 170040109 108,799 2,375,000 SH OTHER 01 2,375,000 CIRCUIT CITY STORE INC COM 172737108 91,678 3,745,000 SH OTHER 01 3,745,000 CITADEL BROADCASTING CORP NOTE 1.875% 2/1 17285TAB2 13,691 16,540,000 PRN OTHER 01 16,540,000 CITIGROUP INC COM 172967101 101,471 2,147,999 SH OTHER 01 2,147,999 CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 12,752 543,800 SH OTHER 01 543,800 COMCAST CORP NEW CL A SPL 20030N200 108,920 4,170,000 SH OTHER 01 4,170,000 COMPUWARE CORP COM 205638109 919 117,400 SH OTHER 01 117,400 COUNTRYWIDE FINANCIAL CORP COM 222372104 54,397 1,482,200 SH OTHER 01 1,482,200 CUBIST PHARMACEUTICALS INC COM 229678107 22,976 1,000,255 SH OTHER 01 1,000,255 CV THERAPEUTICS INC NOTE 3.250% 8/1 126667AG9 21,274 20,000,000 PRN OTHER 01 20,000,000 CV THERAPEUTICS INC COM 126667104 21,963 994,700 SH OTHER 01 994,700 D & E COMMUNICATIONS INC COM 232860106 3,891 346,157 SH OTHER 01 346,157 DEALERTRACK HLDGS INC COM 242309102 3,218 151,000 SH OTHER 01 151,000 DICKS SPORTING GOODS INC COM 253393102 31,811 801,900 SH OTHER 01 801,900 DISCOVERY HOLDING CO CL A COM 25468Y107 18,750 1,250,000 SH OTHER 01 1,250,000 DOWNEY FINL CORP COM 261018105 1,683 25,000 SH OTHER 01 25,000 EDUCATION MGMT CORP COM 28139T101 30,368 730,000 SH OTHER 01 730,000 ERESEARCHTECHNOLOGY INC COM 29481V108 2,370 164,700 SH OTHER 01 164,700 FAIRPOINT COMMUNICATIONS INC COM 305560104 18,504 1,338,900 SH OTHER 01 1,338,900 FIDELITY NATL INFORMATION SV COM 31620M106 38,725 955,000 SH OTHER 01 955,000 FTD GROUP INC COM 30267U108 9,674 998,400 SH OTHER 01 998,400 GLENBOROUGH RLTY TR INC COM 37803P105 28,601 1,315,000 SH OTHER 01 1,315,000 GOLF TR AMER INC COM 38168B103 157 112,200 SH OTHER 01 112,200 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 46,964 2,360,000 SH OTHER 01 2,360,000 GTECH HLDGS CORP COM 400518106 70,106 2,058,900 SH OTHER 01 2,058,900 HARRAHS ENTMT INC COM 413619107 229,982 2,950,000 SH OTHER 01 2,950,000 HAYES LEMMERZ INTL INC COM NEW 420781304 2,317 848,800 SH OTHER 01 848,800 HERCULES TECH GROWTH CAP INC COM 427096508 9,179 808,760 SH OTHER 01 808,760 HILTON HOTELS CORP COM 432848109 138,757 5,450,000 SH OTHER 01 5,450,000 HOUSTON EXPL CO COM 442120101 14,303 271,400 SH OTHER 01 271,400 ISHARES TR DJ US REAL EST COM 464287739 20,190 274,700 PUT OTHER 01 274,700 ISHARES TR NASDQ BIO INDX COM 464287556 73,639 893,900 PUT OTHER 01 893,900 ISHARES TR RUSSELL 2000 COM 464287655 750,325 9,876,600 PUT OTHER 01 9,876,600 ISIS PHARMACEUTICALS INC COM 464330109 26,733 2,967,049 SH OTHER 01 2,967,049 KKR FINL CORP COM 482476306 29,159 1,300,000 SH OTHER 01 1,300,000 KNOLOGY INC COM 499183804 6,830 1,000,000 SH OTHER 01 1,000,000 LEAP WIRELESS INTL INC COM NEW 521863308 77,189 1,770,800 SH OTHER 01 1,770,800 LIBERTY MEDIA CORP NEW COM SER A 530718105 81,813 9,965,000 SH OTHER 01 9,965,000 LINKTONE LTD ADR 535925101 2,129 325,000 SH OTHER 01 325,000 LINN ENERGY LLC UNIT 99/99/9999 536020100 1,530 75,000 SH OTHER 01 75,000 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 9,826 9,900,000 PRN OTHER 01 9,900,000 MAGNA ENTMT CORP CL A 559211107 12,833 1,890,000 SH OTHER 01 1,890,000 MEDICINES CO COM 584688105 58,419 2,840,000 SH OTHER 01 2,840,000 MI DEVS INC CL A SUB VTG 55304X104 91,808 2,630,600 SH OTHER 01 2,630,600 MICROSOFT CORP COM 594918104 76,868 2,825,000 SH OTHER 01 2,825,000 MILLS CORP COM 601148109 78,960 2,820,000 SH OTHER 01 2,820,000 MONOGRAM BIOSCIENCES INC COM 60975U108 2,824 1,535,000 SH OTHER 01 1,535,000 MONTPELIER RE HOLDINGS LTD SHS G62185106 815 50,000 SH OTHER 01 50,000 MORTONS RESTAURANT GRP INC N COM 619430101 4,388 252,500 SH OTHER 01 252,500 MTR GAMING GROUP INC COM 553769100 13,930 1,353,780 SH OTHER 01 1,353,780 NCR CORP NEW COM 62886E108 46,157 1,104,500 SH OTHER 01 1,104,500 NEWS CORP CL A 65248E104 108,463 6,530,000 SH OTHER 01 6,530,000 NEXTEL PARTNERS INC CL A 65333F107 66,331 2,342,200 SH OTHER 01 2,342,200 NRG ENERGY INC COM NEW 629377508 3,392 75,000 SH OTHER 01 75,000 NUTRI SYS INC NEW COM 67069D108 7,603 160,000 SH OTHER 01 160,000 ORACLE CORP COM 68389X105 100,326 7,328,399 SH OTHER 01 7,328,399 PANAMSAT HLDG CORP COM 69831Y105 4,736 190,800 SH OTHER 01 190,800 PHH CORP COM NEW 693320202 107,881 4,040,500 SH OTHER 01 4,040,500 PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 26,134 695,600 SH OTHER 01 695,600 PRIMEDIA INC COM 74157K101 3,985 1,925,000 SH OTHER 01 1,925,000 PROQUEST COMPANY COM 74346P102 29,970 1,401,100 SH OTHER 01 1,401,100 PT INDOSAT TBK SPONSORED ADR 744383100 35,784 1,273,900 SH OTHER 01 1,273,900 PUTNAM PREMIER INCOME TR SH BEN INT 746853100 15,275 2,500,000 SH OTHER 01 2,500,000 QUANTUM CORP COM DSSG 747906204 818 218,800 SH OTHER 01 218,800 ROGERS COMMUNICATIONS INC CL B 775109200 69,620 1,825,000 SH OTHER 01 1,825,000 ROTECH HEALTHCARE INC COM 778669101 26,315 1,813,560 SH OTHER 01 1,813,560 SANDERSON FARMS INC COM 800013104 14,672 655,000 SH OTHER 01 655,000 SAPPI LTD SPON ADR NEW 803069202 27,656 1,875,000 SH OTHER 01 1,875,000 SEAGATE TECHNOLOGY SHS G7945J104 9,963 378,400 SH OTHER 01 378,400 SEALED AIR CORP NEW COM 81211K100 62,210 1,075,000 SH OTHER 01 1,075,000 SHANDA INTERACTIVE ENTMT LTD NOTE 10/1 81941QAB0 52,456 60,000,000 PRN OTHER 01 60,000,000 SINA CORP NOTE 7/1 82922RAB9 83,998 68,000,000 PRN OTHER 01 68,000,000 SOUTHWEST AIRLS CO COM 844741108 83,743 4,655,000 SH OTHER 01 4,655,000 SPIRIT FIN CORP COM 848568309 18,548 1,520,300 SH OTHER 01 1,520,300 SPRINT NEXTEL CORP COM FON 852061100 106,007 4,102,436 SH OTHER 01 4,102,436 SYMANTEC CORP COM 871503108 30,799 1,830,019 SH OTHER 01 1,830,019 TELIK INC COM 87959M109 51,501 2,660,200 SH OTHER 01 2,660,200 TRANSDIGM GROUP INC COM 893641100 3,216 124,900 SH OTHER 01 124,900 TREEHOUSE FOODS INC COM 89469A104 40,223 1,515,000 SH OTHER 01 1,515,000 TRUMP ENTMT RESORTS INC COM 89816T103 558 30,117 SH OTHER 01 30,117 TYCO INTL LTD NEW COM 902124106 9,811 365,000 SH OTHER 01 365,000 UNIVERSAL HLTH SVCS INC CL B 913903100 34,791 685,000 SH OTHER 01 685,000 VALASSIS COMMUNICATIONS INC COM 918866104 3,084 105,000 SH OTHER 01 105,000 VALOR COMMUNICATIONS GROUP I COM 920255106 8,199 623,000 SH OTHER 01 623,000 VIACOM INC NEW CL B 92553P201 20,370 525,000 SH OTHER 01 525,000 WAL MART STORES INC COM 931142103 115,738 2,450,000 SH OTHER 01 2,450,000 WASTE MGMT INC DEL COM 94106L109 8,200 232,300 SH OTHER 01 232,300 WELLPOINT INC COM 94973V107 55,362 715,000 SH OTHER 01 715,000 WILLIAMS COS INC DEL COM 969457100 4,278 200,000 SH OTHER 01 200,000 YANKEE CANDLE INC COM 984757104 77,178 2,819,800 SH OTHER 01 2,819,800