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. 6
Bally Total Fitness Holding Corporation
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
058 73K 10 8
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(CUSIP Number)
Mr. Emanuel R. Pearlman
Liberation Investment Group
11766 Wilshire Blvd.
Suite #870
Los Angeles, CA 90025-6538
(310) 479-3434
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 21, 2005
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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), Rule 13d-1(f) or Rule 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(b) 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).
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 2 of 9
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1 NAME OF REPORTING PERSON
Liberation Investments, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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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
Delaware
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7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 2,175,463
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
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10 SHARED DISPOSITIVE POWER
2,175,463
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
2,175,463
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 3 of 9
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1 NAME OF REPORTING PERSON
Liberation Investments Ltd.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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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
Cayman Islands
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7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,173,987
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
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10 SHARED DISPOSITIVE POWER
1,173,987
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
1,173,987
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.45%
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14 TYPE OF REPORTING PERSON (See Instructions)
CO
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 4 of 9
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1 NAME OF REPORTING PERSON
Liberation Investment Group LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
N/A
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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
Delaware
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7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 3,349,450
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
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10 SHARED DISPOSITIVE POWER
3,349,450
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
3,349,450
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.86%
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14 TYPE OF REPORTING PERSON (See Instructions)
OO, IA
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 5 of 9
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1 NAME OF REPORTING PERSON
Emanuel R. Pearlman
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
N/A
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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
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7 SOLE VOTING POWER
35,000
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 3,349,450
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 35,000
WITH
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10 SHARED DISPOSITIVE POWER
3,349,450
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
3,384,450
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.96%
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14 TYPE OF REPORTING PERSON (See Instructions)
IN, HC
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INTRODUCTION
This Amendment No. 6 (this "Amendment") relates to the Schedule 13D filed
on behalf of (i) Liberation Investments, L.P., a Delaware limited partnership
("LILP"); (ii) Liberation Investments Ltd. ("LILtd"), a private offshore
investment corporation; (iii) Liberation Investment Group, LLC ("LIGLLC"), a
Delaware limited liability company and general partner of LILP and discretionary
investment adviser to LILtd; and (iv) Emanuel R. Pearlman, as General Manager,
Chief Investment Officer and majority member of LIGLLC (collectively, the
"Reporting Persons"), with the Securities and Exchange Commission on June 8,
2004, as amended by Amendment No. 1 filed on July 13, 2004, Amendment No. 2
filed on August 27, 2004, Amendment No. 3 filed on September 1, 2004, Amendment
No. 4 filed on September 10, 2004 and Amendment No. 5 filed on December 13, 2004
(the "Schedule 13D"), relating to shares of common stock, $.01 par value per
share ("Common Stock"), of Bally Total Fitness Holding Corporation (the
"Company").
Items 3, 4 and 5 of the Schedule 13D are amended and supplemented as
follows:
Item 3. Source and Amount of Funds or Other Consideration.
The net investment cost (excluding commissions, if any) of the shares of
Common Stock beneficially owned by the Reporting Persons is $13,207,876.33. The
source of funds for this consideration was working capital of LILP and LILtd.
Item 4. Purpose of Transaction.
On April 21, 2005, representatives of the Reporting Persons met with
members of the Company's senior management, several members of the Company's
Board of Directors and the Company's financial advisor. At the meeting, the
Reporting Persons' representatives presented their views and analysis of the
Company's current financial position and various means to maximize shareholder
value, including potential refinancing, recapitalization, sale of assets and
capital raising transactions. The Reporting Persons' representatives also
discussed their views regarding the public market's perception of the Company's
governance and management. At the meeting, the Reporting Persons'
representatives urged the Company to take immediate steps to protect and enhance
shareholder value.
The Reporting Persons intend to evaluate, on an ongoing basis, the
Company's financial condition, business, operations and prospects, the market
price for the shares of Common Stock, conditions in the securities markets and
general economic conditions as well as the Company's response to the Reporting
Persons' concerns. The Reporting Persons may engage in further discussions with
management, the Board of Directors, other shareholders and/or third parties
regarding potential extraordinary transactions involving the Company, such as a
merger, liquidation, reorganization, recapitalization, financings or sale of
Company's assets. The Reporting Persons may or may not participate in such a
transaction. The Reporting Persons may also discuss with management, the Board
of Directors, other shareholders and/or third parties means to improve the
Company's governance. The Reporting Persons also intend to monitor and review
the Company's redemption of its stockholder rights plan and the Company's
policies
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 7 of 9
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with respect thereto. If the Company is not responsive to the Reporting Persons'
concerns, the Reporting Persons intend to review all available alternatives
which could include seeking to change the present board of directors or
management of the Company.
The Reporting Persons may pursue alternatives to maximize the value of
their investment in the Company. Such alternatives could include, without
limitation, (i) the purchase of additional Common Stock in the open market, in
privately negotiated transactions or otherwise, and (ii) the sale of all or a
portion of the Common Stock now owned or hereafter acquired by them. The
Reporting Persons may also transfer shares to or from a Reporting Person to
another Reporting Person.
The Reporting Persons reserve the right to change their plans or
intentions and to take any and all actions that they may deem appropriate to
maximize the value of their investment in the Company in light of their general
investment policies, market conditions, subsequent developments affecting the
Company and the general business and future prospects of the Company.
Except as set forth above, the Reporting Persons do not have any current
intention, plan or proposal with respect to: (a) the acquisition by any person
of additional securities of the Company, or the disposition of securities of the
Company; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Company or any of
its subsidiaries; (d) any change in the present board of directors or management
of the Company, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the Company; (f) any
other material change in the Company's business or corporate structure; (g)
changes in the Company's charter, bylaws or instruments corresponding thereto or
other actions which may impede the acquisition of control of the Company by any
person; (h) causing a class of securities of the Company to be delisted from a
national securities exchange, if any, or cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association; (i) a class of equity securities of the Company becoming eligible
for termination of a registration pursuant to Section 12(g)(4) of the Act; or
(j) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, the Reporting Persons have the following
interests in the Common Stock of the Company:
(i) LILP beneficially owns 2,175,463 shares of Common Stock and is
the beneficial owner of 6.4% of the Common Stock.
(ii) LILtd beneficially owns 1,173,987 shares of Common Stock and
is the beneficial owner of 3.45% of the Common Stock.
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 8 of 9
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(iii) LIGLLC, as the sole general partner of LILP and the sole
investment advisor to LILtd, beneficially owns 3,349,450
shares of Common Stock and is the beneficial owner of 9.86% of
the Common Stock.
(iv) Mr. Pearlman beneficially owns 35,000 shares of Common Stock
and, as the majority member and General Manager of LIGLLC,
beneficially owns 3,349,450 shares of Common Stock, and is the
beneficial owner of 9.96% of the Common Stock.
The Reporting Persons in the aggregate may be deemed to own 9.96% of the
Common Stock of the Company.
(b) The table below sets forth for each Reporting Person the numbers of
shares of Common Stock for which there is sole or shared power to vote or to
direct the vote, or sole or shared power to dispose or to direct the
disposition, of the Common Stock:
Mr.
LILP LILtd LIGLLC Pearlman
---- ----- ------ --------
Sole Power to 0 0 0 35,000
Vote/ Direct Vote
Shared Power to 2,175,463 1,173,987 3,349,450 3,349,450
Vote/ Direct Vote
Sole Power to 0 0 0 35,000
Dispose/ Direct
Disposition
Shared Power to 2,175,463 1,173,987 3,349,450 3,349,450
Dispose/ Direct
Disposition
(c) The Reporting Persons have not effected any purchases or sales of the
Company's Common Stock within the past 60 days.
(d) No person other than each respective owner of Common Stock referred to
in this Amendment is known to have the right to receive or the power to direct
the receipt of dividends from or the proceeds from the sale of such Common
Stock.
(e) Not applicable.
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CUSIP No. 058 73K 10 8 SCHEDULE 13D Page 9 of 9
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SIGNATURE
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: April 26, 2005
LIBERATION INVESTMENTS, L.P.
By: Liberation Investment Group, LLC, general partner
By: /s/ Emanuel R. Pearlman
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Emanuel R. Pearlman
General Manager
LIBERATION INVESTMENTS LTD.
By: /s/ Emanuel R. Pearlman
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Emanuel R. Pearlman
Director
LIBERATION INVESTMENT GROUP, LLC
By: /s/ Emanuel R. Pearlman
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Emanuel R. Pearlman
General Manager
Emanuel R. Pearlman
/s/ Emanuel R. Pearlman
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