UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
Amendment No. 1 *
Bally Total Fitness Holding Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
05873K108
(CUSIP Number)
May 1, 2006
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
----------------
*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 the disclosures provided in a prior cover page.
The information required in 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. 05873K108 13G/A Page 2 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Starboard Value and Opportunity Master Fund Ltd.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 967,197
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 967,197
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
967,197
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 3 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Capital Group, L.L.C. 13-3937658
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 1,759,845
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 1,759,845
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,759,845
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 4 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
RCG Ambrose Master Fund, Ltd.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 73,607
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 73,607
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
---------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
73,607
----------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.2%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 5 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
RCG Halifax Fund, Ltd.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
HARES 71,291
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ----------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 71,291
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
71,291
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.2%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 6 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Fund III, Ltd
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 19,531
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 19,531
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
19,531
-----------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.05%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 7 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Master Fund, Ltd.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 334,078
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 334,078
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
334,078
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 8 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Securities, L.L.C. 58-2253019
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 294,141
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 294,141
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
294,141
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.7%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON ** BD
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 9 of 20 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Admiral Advisors, LLC
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 967,197
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 967,197
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
967,197
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 10 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Advisors, LLC 13-3954331
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 353,609
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 353,609
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
353,609
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.9%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 11 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
C4S & Co., L.L.C. 13-3946794
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES 1,759,845
---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY ---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 1,759,845
---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,759,845
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 12 of 20 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Peter A. Cohen
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,759,845
---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,759,845
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,759,845
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 13 of 20 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Morgan B. Stark
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,759,845
---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,759,845
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,759,845
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 14 of 20 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Thomas W. Strauss
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,759,845
---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,759,845
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,759,845
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 15 of 20 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Jeffrey M. Solomon
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,759,845
---------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,759,845
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,759,845
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.3%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G/A Page 16 of 20 Pages
This Amendment No. 1 (this "Amendment") amends the statement on Schedule
13G which was filed on April 11, 2006 (the "Schedule 13G") with respect to
shares of common stock, par value $0.01 per share (the "Common Stock") of Bally
Total Fitness Holding Corporation, Inc., a Delaware corporation (the "Company").
Capitalized terms used herein and not otherwise defined in this Amendment have
the meanings set forth in the Schedule 13G. This Amendment amends items 2(a),
2(b), 2(c), 4 and 5 as set forth below.
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
Items 2(a), 2(b) and 2(c) are hereby amended and supplemented as
follows:
Ramius Fund III, Ltd
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Cayman Islands
Item 4. Ownership
Item 4 is hereby amended and restated in its entirety as follows:
(a) Amount Beneficially Owned:
As of the date hereof, (i) Starboard Value and Opportunity Master Fund
Ltd., a Cayman Islands company ("Starboard") owns 967,197 shares of Common
Stock, (ii) RCG Ambrose Master Fund, Ltd., a Cayman Islands company ("Ambrose")
owns 73,607 shares of Common Stock, (iii) RCG Halifax Fund, Ltd., a Cayman
Islands company ("Halifax") owns 71,291 shares of Common Stock, (iv) Ramius Fund
III, Ltd, a Cayman Islands company ("Ramius III") owns 19,531 shares of Common
Stock, (v) Ramius Master Fund, Ltd., a Cayman Islands company ("Ramius Master
Fund") owns 334,078 shares of Common Stock, and (vi) Ramius Securities, L.L.C.,
a Delaware limited liability company ("Ramius Securities") owns 294,141 shares
of Common Stock. In addition, (i) Admiral Advisors, LLC, a Delaware limited
liability company ("Admiral") may be deemed to beneficially own the 967,197
shares owned by Starboard, (ii) Ramius Advisors, LLC, a Delaware limited
liability company ("Ramius Advisors") may be deemed to beneficially own the
353,609 shares owned by Ramius Master Fund and Ramius III and (iii) each of
Ramius Capital Group, L.L.C., a Delaware limited liability company ("Ramius
Capital"), C4S & Co., L.L.C., a Delaware limited liability company ("C4S"),
Peter A. Cohen ("Mr. Cohen"), Morgan B. Stark ("Mr. Stark"), Thomas W. Strauss
("Mr. Strauss") and Jeffrey M. Solomon ("Mr. Solomon") may be deemed to
beneficially own all shares of Common Stock held by Starboard, Ambrose, Halifax,
Ramius III, Ramius Master Fund and Ramius Securities, an aggregate number of
1,759,845 shares of Common Stock.
Note: Ramius Capital is the investment manager of Ambrose and Halifax
and has the power to direct some of the affairs of Ambrose and Halifax,
including decisions respecting the disposition of the proceeds from the sale of
shares of the Common Stock. Admiral Advisors is the investment manager of
Starboard and has the power to direct some of the affairs of Starboard,
including decisions respecting the disposition of the proceeds from the sale of
shares of the Common Stock. Ramius Advisors is the investment manager of Ramius
CUSIP No. 05873K108 13G/A Page 17 of 20 Pages
Master Fund and Ramius III and has the power to direct some of the affairs of
Ramius Master Fund and Ramius III, including decisions respecting the
disposition of the proceeds from the sale of shares of the Common Stock. Ramius
Capital is the sole member of Admiral Advisors and Ramius Advisors. Ramius
Securities is a broker dealer affiliated with Ramius Capital. Ramius Capital is
the managing member of Ramius Securities. C4S is the managing member of Ramius
Capital and in that capacity directs its operations. Mr. Cohen, Mr. Stark, Mr.
Strauss and Mr. Solomon are the managing members of C4S and in that capacity
direct its operations. The foregoing should not be construed in and of itself as
an admission by any Reporting Person as to beneficial ownership of any shares of
Common Stock owned by another Reporting Person. In addition, each of Mr. Cohen,
Mr. Stark, Mr. Strauss and Mr. Solomon disclaims beneficial ownership of the
shares of Common Stock owned by Starboard, Ambrose, Halifax, Ramius III, Ramius
Master Fund and Ramius Securities and the filing of this statement shall not be
construed as an admission that any such person is the beneficial owner of any
such securities.
(b) Percent of class:
Based on the Form 8-K filed by the Company on April 18, 2006, there
were 41,286,714 shares of Common Stock reported as outstanding as of
April 18, 2006. Therefore, (i) each of Starboard and Admiral may be
deemed to beneficially own 2.3% of the outstanding shares of Common Stock, (ii)
Ambrose may be deemed to beneficially own 0.2% of the outstanding shares of
Common Stock, (iii) Halifax may be deemed to beneficially own 0.2% of the
outstanding shares of Common Stock, (iv) Ramius III may be deemed to
beneficially own 0.05% of the outstanding shares of Common Stock, (v) Ramius
Master Fund may be deemed to beneficially own 0.8% of the outstanding shares of
Common Stock, (vi) Ramius Advisors may be deemed to beneficially own 0.9% of
the outstanding shares of Common Stock, (vii) Ramius Securities may be deemed to
beneficially own 0.7% of the outstanding shares of Common Stock, and (viii)
each of Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
may be deemed to beneficially own 4.3% of the outstanding shares of Common
Stock.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See Item 4(a) above.
(ii) Shared power to vote or to direct the vote:
See Item 4(a) above.
(iii) Sole power to dispose or to direct the disposition of:
See Item 4(a) above.
(iv) Shared power to dispose or to direct the disposition of:
See Item 4(a) above.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [x].
CUSIP No. 05873K108 13G/A Page 18 of 20 Pages
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of May 18, 2006, by and among Ramius
Capital, Starboard, RCG Ambrose, RCG Halifax, Ramius Master Fund, Ramius III,
Ramius Securities, Admiral, Ramius Advisors, C4S, Mr. Cohen, Mr. Stark, Mr.
Strauss and Mr. Solomon.
CUSIP No. 05873K108 13G/A Page 19 of 20 Pages
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 18, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD
MASTER FUND LTD. By: Ramius Advisors, LLC
By: Admiral Advisors, LLC, its investment manager
its investment manager By: Ramius Capital Group, L.L.C.
its sole member
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC
its investment manager By: Ramius Capital Group, L.L.C.,
By: C4S & Co., L.L.C., its sole member
its managing member
RAMIUS CAPITAL GROUP, L.L.C.
RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C.,
By: Ramius Capital Group, L.L.C., as managing member
its investment manager
By: C4S & Co., L.L.C., RAMIUS FUND III, LTD
its managing member By: Ramius Advisors, LLC
its investment manager
RAMIUS SECURITIES, L.L.C. By: Ramius Capital Group, L.L.C.
By: Ramius Capital Group, L.L.C., its sole member
its managing member
By: C4S & Co., L.L.C., C4S & CO., L.L.C.
its managing member
By: /s/ Morgan B. Stark
---------------------------
Name: Morgan B. Stark
Title: Authorized Signatory
MORGAN B. STARK
/s/ Morgan B. Stark
------------------------------------
Individually and as attorney-in-fact
for Peter A. Cohen, Jeffrey M.
Solomon and Thomas W. Strauss
CUSIP No. 05873K108 13G/A Page 20 of 20 Pages
EXHIBIT I
JOINT FILING AGREEMENT
PURSUANT TO RULE 13D-1(k)
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him or it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such
information is inaccurate.
Dated: May 18, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD
MASTER FUND LTD. By: Ramius Advisors, LLC
By: Admiral Advisors, LLC, its investment manager
its investment manager By: Ramius Capital Group, L.L.C.
its sole member
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC
its investment manager By: Ramius Capital Group, L.L.C.,
By: C4S & Co., L.L.C., its sole member
its managing member
RAMIUS CAPITAL GROUP, L.L.C.
RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C.,
By: Ramius Capital Group, L.L.C., as managing member
its investment manager
By: C4S & Co., L.L.C., RAMIUS FUND III, LTD
its managing member By: Ramius Advisors, LLC
its investment manager
RAMIUS SECURITIES, L.L.C. By: Ramius Capital Group, L.L.C.
By: Ramius Capital Group, L.L.C., its sole member
its managing member
By: C4S & Co., L.L.C., C4S & CO., L.L.C.
its managing member
By: /s/ Morgan B. Stark
---------------------------
Name: Morgan B. Stark
Title: Authorized Signatory
MORGAN B. STARK
/s/ Morgan B. Stark
--------------------------------
Individually and as attorney-in-
fact for Peter A. Cohen, Jeffrey M.
Solomon and Thomas W. Strauss