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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 10)*
BALLY TOTAL FITNESS HOLDING CORPORATION
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
05873K108
(CUSIP Number)
MR. JOSEPH R. THORNTON, CHIEF OPERATING OFFICER
PARDUS CAPITAL MANAGEMENT L.P.
1001 AVENUE OF THE AMERICAS
SUITE 1100
NEW YORK, NY 10018
(212) 719-7550
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
with a copy to
JEFFREY D. MARELL, ESQ.
CARL L. REISNER, ESQ.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019-6064
DECEMBER 5, 2005
(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 which is the subject to 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 Section 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 purposes 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 PAGE 2 OF 8
SCHEDULE 13D
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1 NAME OF REPORTING PERSON
Pardus European Special Opportunities Master Fund L.P.
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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
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[_] Not Applicable
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
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7 SOLE VOTING POWER
5,311,000*
NUMBER OF -----------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY -----------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,311,000*
PERSON -----------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,311,000*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_] Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14%*
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14 TYPE OF REPORTING PERSON
PN
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* Pardus European Special Opportunities Master Fund L.P., a limited partnership
formed under the laws of the Cayman Islands (the "Fund"), is the beneficial
owner of 5,311,000 shares of the common stock, par value $0.01 per share (the
"Shares"), of Bally Total Fitness Holding Corporation, a Delaware corporation
(the "Company"). Pardus Capital Management L.P., a Delaware limited partnership
("PCM"), serves as the investment manager of the Fund and possesses sole power
to vote and direct the disposition of all Shares held by the Fund. Pardus
Capital Management LLC, a Delaware limited liability company ("PCM LLC"), as the
general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may
be deemed to be the beneficial owners of all Shares held by the Fund; however,
PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the
Fund. Based on information provided by the Company, as of November 29, 2005
there were 37,940,480 shares of the Company's common stock issued and
outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM
are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to
beneficially own, 5,311,000 Shares, or 14% of the issued and outstanding Shares.
CUSIP NO. 05873K108 PAGE 3 OF 8
SCHEDULE 13D
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1 NAME OF REPORTING PERSON
Pardus Capital Management L.P. (34-2037131)
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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
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[_] Not Applicable
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
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7 SOLE VOTING POWER
5,311,000*
NUMBER OF -----------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY -----------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,311,000*
PERSON -----------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,311,000*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_] Not Applicable
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
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* The Fund is the beneficial owner of 5,311,000 Shares of the Company. PCM
serves as the investment manager of the Fund and possesses sole power to vote
and direct the disposition of all Shares held by the Fund. PCM LLC, as the
general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC may
be deemed to be the beneficial owners of all Shares held by the Fund; however,
PCM LLC, and Mr. Samii disclaim beneficial ownership of all Shares held by the
Fund. Based on information provided by the Company, as of November 29, 2005
there were 37,940,480 shares of the Company's common stock issued and
outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM
are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to
beneficially own, 5,311,000 Shares, or 14% of the issued and outstanding Shares.
CUSIP NO. 05873K108 PAGE 4 OF 8
SCHEDULE 13D
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1 NAME OF REPORTING PERSON
Pardus Capital Management LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[_] Not Applicable
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
5,311,000*
NUMBER OF -----------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY -----------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,311,000*
PERSON -----------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,311,000*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_] Not Applicable
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
* The Fund is the beneficial owner of 5,311,000 Shares of the Company. PCM
serves as the investment manager of the Fund and possesses sole power to vote
and direct the disposition of all Shares held by the Fund. PCM LLC, as the
general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may
be deemed to be the beneficial owners of all Shares held by the Fund; however,
PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the
Fund. Based on information provided by the Company, as of November 29, 2005
there were 37,940,480 shares of the Company's common stock issued and
outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM
are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to
beneficially own, 5,311,000 Shares, or 14% of the issued and outstanding Shares.
CUSIP NO. 05873K108 PAGE 5 OF 8
SCHEDULE 13D
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1 NAME OF REPORTING PERSON
Mr. Karim Samii
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[_] Not Applicable
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
5,311,000*
NUMBER OF -----------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY -----------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,311,000*
PERSON -----------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,311,000*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_] Not Applicable
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
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* The Fund is the beneficial owner of 5,311,000 Shares of the Company. PCM
serves as the investment manager of the Fund and possesses sole power to vote
and direct the disposition of all Shares held by the Fund. PCM LLC, as the
general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may
be deemed to be the beneficial owners of all Shares held by the Fund; however,
PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the
Fund. Based on information provided by the Company, as of November 29, 2005
there were 37,940,480 shares of the Company's common stock issued and
outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM
are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to
beneficially own, 5,311,000 Shares, or 14% of the issued and outstanding Shares.
CUSIP NO. 05873K108 PAGE 6 OF 8
Pursuant to Rule 13d-2(a) of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended (the "Act"), the undersigned
hereby amends the Schedule 13D Statement originally filed by Pardus Capital
Management L.P., a Delaware limited partnership ("PCM"), dated September 6,
2005, as amended by Amendment No. 1, dated September 6, 2005, Amendment No. 2,
dated September 6, 2005, Amendment No. 3, dated September 8, 2005, Amendment No.
4, dated September 15, 2005, Amendment No. 5, dated September 23, 2005,
Amendment No. 6, dated October 6, 2005, Amendment No. 7, dated October 17, 2005,
Amendment No. 8, dated October 24, 2005, and Amendment No. 9, 2005, dated
November 17, 2005 (as amended, the "Schedule 13D"), relating to the common
stock, par value $0.01 per share (the "Shares"), of Bally Total Fitness Holding
Corporation, a Delaware corporation (the "Company"). This Amendment No. 10 to
the Schedule 13D is being filed on behalf of Pardus European Special
Opportunities Master Fund L.P., a limited partnership formed under the laws of
the Cayman Islands (the "Fund"), PCM, Pardus Capital Management LLC, a Delaware
limited liability company ("PCM LLC"), and Mr. Karim Samii (individually, a
"Reporting Person", and collectively, the "Reporting Persons").
Item 1. SECURITY AND ISSUER.
No material change.
Item 2. IDENTITY AND BACKGROUND.
No material change.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
No material change.
Item 4. PURPOSE OF TRANSACTION.
This Item 4 is hereby amended by adding the following:
"After an evaluation of options, the Reporting Persons and certain
of their associates filed a Preliminary Proxy Statement on Schedule 14A (the
"Proxy Statement") dated December 5, 2005 with the Securities and Exchange
Commission in connection with the Annual Meeting. The Proxy Statement relates to
the solicitation of proxies to elect Charles J. Burdick, Barry R. Elson and Don
R. Kornstein to serve as Class III directors on the Company's board of directors
and to approve and adopt a binding resolution to repeal each provision or
amendment of the By-laws of the Company, if any, adopted by the board of
directors without the approval of the Company's stockholders subsequent to May
25, 2005 (purportedly the last date of reported changes) and prior to the
approval and adoption of such resolution at the Annual Meeting. A copy of the
Proxy Statement has been attached as Exhibit 7.
Except as otherwise described in this Item 4 of this Schedule 13D, as
amended, the acquisition of the Shares by the Fund is for investment purposes on
behalf of the Fund."
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b).
The beneficial ownership and ownership percentages set forth herein are as of
December 5, 2005. All ownership percentages set forth herein assume that there
are 37,940,480 Shares outstanding, based on the total number of shares reported
in the Annual Report on Form 10-K of the Company filed with the Securities and
Exchange Commission on November 30, 2005 to be issued and outstanding as of
November 29, 2005.
The responses to Items 7, 8, 9, 10, 11 and 13 of the inside cover pages of this
Schedule 13D are hereby incorporated by reference in response to this Item 5.
The Fund is the beneficial owner of 5,311,000 Shares of the Company. PCM serves
as the investment manager of the Fund and possesses sole power to vote and
direct the disposition of all Shares held by the
CUSIP NO. 05873K108 PAGE 7 OF 8
Fund. PCM LLC, as the general partner of PCM, and Mr. Karim Samii, as the sole
member of PCM LLC, may be deemed to be the beneficial owners of all Shares held
by the Fund; however, PCM LLC and Mr. Samii disclaim beneficial ownership of all
Shares held by the Fund.
(c) Since the filing of Amendment 9 to the Schedule 13D on
November 17, 2005, the Fund has acquired Shares from the Company as follows:
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CAPITAL STOCK TRADE DATE BUY/SELL AMOUNT PRICE
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Common Stock 11/18/05 Buy(1) 87,692 See Footnote 1
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Common Stock 11/29/05 Buy 2,500 $ 6.84
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Common Stock 11/29/05 Buy 100 $ 6.84
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Common Stock 11/29/05 Buy 1,000 $ 6.84
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Common Stock 11/29/05 Buy 10,000 $ 6.84
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Common Stock 11/29/05 Buy 600 $ 6.84
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Common Stock 11/29/05 Buy 10,800 $ 6.85
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Common Stock 11/29/05 Buy 11,308 $ 6.85
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Common Stock 11/29/05 Buy 14,000 $ 6.85
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Common Stock 11/29/05 Buy 25,000 $ 6.85
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Common Stock 11/30/05 Buy 900 $ 6.85
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Common Stock 11/30/05 Buy 100 $ 6.88
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Common Stock 11/30/05 Buy 200 $ 6.89
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Common Stock 11/30/05 Buy 8,800 $ 6.90
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Common Stock 11/30/05 Buy 10,000 $ 7.01
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Common Stock 11/30/05 Buy 5,000 $ 7.01
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Common Stock 12/02/05 Buy 500 $ 6.61
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Common Stock 12/02/05 Buy 2,500 $ 6.57
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Common Stock 12/02/05 Buy 1,000 $ 6.57
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Common Stock 12/02/05 Buy 2,500 $ 6.60
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Common Stock 12/02/05 Buy 500 $ 6.57
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Common Stock 12/02/05 Buy 5,000 $ 6.65
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Common Stock 12/02/05 Buy 500 $ 6.65
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Common Stock 12/02/05 Buy 2,500 $ 6.65
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Common Stock 12/02/05 Buy 1,300 $ 6.60
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Common Stock 12/02/05 Buy 500 $ 6.64
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Common Stock 12/02/05 Buy 36,000 $ 6.65
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Common Stock 12/02/05 Buy 10,700 $ 6.65
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Common Stock 12/02/05 Buy 1,300 $ 6.66
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Common Stock 12/02/05 Buy 2,000 $ 6.72
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Common Stock 12/02/05 Buy 2,000 $ 6.67
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Common Stock 12/02/05 Buy 2,000 $ 6.70
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Common Stock 12/02/05 Buy 20,000 $ 6.81
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Common Stock 12/02/05 Buy 6,000 $ 6.83
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Common Stock 12/02/05 Buy 2,000 $ 6.83
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Common Stock 12/02/05 Buy 2,000 $ 6.90
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Common Stock 12/02/05 Buy 3,000 $ 6.91
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Common Stock 12/02/05 Buy 5,200 $ 6.90
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Common Stock 12/02/05 Buy 900 $ 6.86
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Common Stock 12/02/05 Buy 200 $ 6.87
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Common Stock 12/02/05 Buy 100 $ 6.87
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Common Stock 12/02/05 Buy 12,800 $ 6.85
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(d) Not applicable.
---------------------
(1) Shares received by the Fund as consideration the Fund elected to receive in
the consent solicitation commenced by the Company on October 18, 2005
(which expired at 5:00 p.m. on November 1, 2005).
CUSIP NO. 05873K108 PAGE 8 OF 8
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
No material change.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 6: Joint Filing Agreement, dated December 5, 2005,
among the Reporting Persons.
Exhibit 7: Preliminary Proxy Statement on Schedule 14A as filed
with the Securities and Exchange Commission, dated
December 5, 2005.
SIGNATURE
After reasonable inquiry and to the best of its or his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 5, 2005
PARDUS EUROPEAN SPECIAL OPPORTUNITIES
MASTER FUND L.P.
By: Pardus Capital Management L.P.,
its Investment Manager
By: Pardus Capital Management LLC,
its general partner
By: /s/ Karim Samii
-----------------------------------
Name: Karim Samii
Title: Sole Member
PARDUS CAPITAL MANAGEMENT L.P.
By: Pardus Capital Management LLC,
its general partner
By: /s/ Karim Samii
-----------------------------------
Name: Karim Samii
Title: Sole Member
PARDUS CAPITAL MANAGEMENT LLC
By: /s/ Karim Samii
-----------------------------------
Name: Karim Samii
Title: Sole Member
/s/ Karim Samii
---------------------------------------
Karim Samii
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).