UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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)
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
OSI Restaurant Partners, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
67104A101
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(CUSIP Number)
Thomas R. Hudson Jr.
Pirate Capital LLC
200 Connecticut Avenue, 4th Floor
Norwalk, CT 06854
(203) 854-1100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 27, 2006
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(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 5 Pages)
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* 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).
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CUSIP NO. 67104A101 SCHEDULE 13D PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PIRATE CAPITAL LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
-0-
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS
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CUSIP NO. 67104A101 SCHEDULE 13D PAGE 3 OF 5 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS R. HUDSON JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
-0-
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 67104A101 SCHEDULE 13D PAGE 4 OF 5 PAGES
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The Schedule 13D filed on June 5, 2006 by Pirate Capital LLC, a Delaware limited
liability company ("Pirate Capital"), and Thomas R. Hudson Jr. (together, the
"Reporting Persons"), relating to the shares of common stock, $0.01 par value
(the "Shares"), of OSI Restaurant Partners, Inc. (the "Issuer"), is hereby
amended by this Amendment No. 1 to the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and
restated as follows:
(a) The Reporting Persons beneficially own in the aggregate no Shares,
constituting 0% of the Shares outstanding.
(b) By virtue of beneficially owning no Shares, the Reporting Persons have
the power to vote or direct the voting, and to dispose or direct the
disposition, of no Shares.
(c) The following transactions in the Shares were effected by the
Reporting Persons since the initial filing of the Schedule 13D, each of which
was effected on the open market.
Jolly Roger Fund LP
Trade Date Shares Purchased (Sold) Price per Share ($)
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06/13/2006 5,100 40.00
06/13/2006 42,800 40.00
07/27/2006 (166,800) 28.53
07/27/2006 (50,000) 29.37
Jolly Roger Offshore Fund LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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07/27/2006 (50,000) 29.37
07/27/2006 (253,200) 28.53
07/28/2006 (210,000) 28.01
08/03/2006 (55,200) 28.60
08/03/2006 (274,100) 28.51
08/08/2006 (200,000) 28.13
08/09/2006 (100,000) 28.00
08/10/2006 (144,400) 27.59
08/10/2006 (262,500) 27.72
08/11/2006 (269,000) 27.83
08/14/2006 (150,000) 28.08
08/14/2006 (50,000) 28.27
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE COMPANY
Item 6 of the Schedule 13D is hereby amended and restated as follows:
As set forth below, Jolly Roger Fund LP sold the following put options on the
open market:
Date of Sale Shares Exercise Price Expiration Date Sale Price
Underlying per Share ($) per Option
Options ($)
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6/13/2006 47,900 40.00 6/17/2006 4.99
As set forth below, Jolly Roger Offshore Fund LTD purchased the following put
options on the open market:
Date of Shares Exercise Price Expiration Date Purchase Price
Purchase Underlying per Share ($) per Option
Options ($)
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6/13/2006 47,900 40.00 6/17/2006 5.01
As set forth below, Jolly Roger Activist Portfolio Company LTD sold the
following call options on the open market:
Date of Sale Shares Exercise Price Expiration Date Sale Price
Underlying per Share ($) per Option
Options ($)
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6/14/2006 32,000 35.00 6/17/2006 .64
6/14/2006 5,000 35.00 6/17/2006 .65
As set forth below, Mint Master Fund LTD sold the following call options on the
open market:
Date of Sale Shares Exercise Price Expiration Date Sale Price
Underlying per Share ($) per Option
Options ($)
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6/14/2006 63,000 35.00 6/17/2006 .64
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CUSIP NO. 67104A101 SCHEDULE 13D PAGE 5 OF 5 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: September 12, 2006
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Managing Member
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.