-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GYyalc41lVRp3j7boYDewuXQ9sKE57gTBWLerN/RcF8gXDgKhmgQpVXbHB0cGHjn gKhxNBG0POAUkia75Dbk0Q== 0000911420-06-000585.txt : 20060919 0000911420-06-000585.hdr.sgml : 20060919 20060919161516 ACCESSION NUMBER: 0000911420-06-000585 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060919 DATE AS OF CHANGE: 20060919 GROUP MEMBERS: CD CAPITAL MANAGEMENT LLC GROUP MEMBERS: JOHN D. ZIEGELMAN GROUP MEMBERS: MAGNETAR FINANCIAL LLC GROUP MEMBERS: ZIEGELMAN PARTNERS, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SUNTERRA CORP CENTRAL INDEX KEY: 0001016577 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE DEALERS (FOR THEIR OWN ACCOUNT) [6532] IRS NUMBER: 954582157 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47333 FILM NUMBER: 061098219 BUSINESS ADDRESS: STREET 1: 3865 W CHEYENNE AVENUE STREET 2: BUILDING NO. 5 CITY: NORTH LAS VEGAS STATE: NV ZIP: 89032 BUSINESS PHONE: 702-804-8600 MAIL ADDRESS: STREET 1: 3865 W CHEYENNE AVENUE STREET 2: BUILDING NO. 5 CITY: NORTH LAS VEGAS STATE: NV ZIP: 89032 FORMER COMPANY: FORMER CONFORMED NAME: SIGNATURE RESORTS INC DATE OF NAME CHANGE: 19980722 FORMER COMPANY: FORMER CONFORMED NAME: KGK RESORTS INC DATE OF NAME CHANGE: 19960611 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CD CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001271084 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 2 N RIVERSIDE PLAZA SUITE 600 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3124663239 MAIL ADDRESS: STREET 1: 2 N RIVERSIDE PLAZA SUITE 600 CITY: CHICAGO STATE: IL ZIP: 60606 SC 13D/A 1 d1213244.txt SCHEDULE 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 SCHEDULE 13D/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 9)* SUNTERRA CORPORATION - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE - -------------------------------------------------------------------------------- (Title of Class of Securities) 86787D 20 8 - -------------------------------------------------------------------------------- (CUSIP Number of Class of Securities) CD CAPITAL MANAGEMENT LLC 2 NORTH RIVERSIDE PLAZA, SUITE 720 CHICAGO, ILLINOIS 60606 ATTENTION: JOHN ZIEGELMAN TELEPHONE: (312) 466-3226 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) with copies to: GREENBERG TRAURIG, LLP GREENBERG TRAURIG, LLP THE METLIFE BUILDING 77 WEST WACKER DRIVE 200 PARK AVENUE CHICAGO, ILLINOIS 60601 NEW YORK, NY 10166 ATTENTION: PETER H. LIEBERMAN, ESQ. ATTENTION: CLIFFORD E. NEIMETH, ESQ. TELEPHONE: (312) 456-8400 TELEPHONE: (212) 801-9200
SEPTEMBER 12, 2006 - ------------------------------------------------------------------------------- (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 240.13d-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). PAGE 1 OF 7 PAGES - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 2 of 7 Pages - ------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: CD CAPITAL MANAGEMENT LLC I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 31-1816593 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] (b) [_] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - ------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 537,772 (SEE ITEM 5) BENEFICIALLY ------------------------------------------ OWNED BY 8. SHARED VOTING POWER -0- (SEE EACH REPORTING ITEM 5) PERSON ------------------------------------------ WITH 9. SOLE DISPOSITIVE POWER 537,772 (SEE ITEM 5) ------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- (SEE ITEM 5) - ------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 537,772 - ------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.7% OF COMMON STOCK(1) - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IA, OO - ------------------------------------------------------------------------------- (1) Based on 19,719,896 shares of Common Stock of Sunterra Corporation outstanding on February 6, 2006. PAGE 2 OF 7 PAGES - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 3 of 7 Pages - ------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: JOHN D. ZIEGELMAN I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] (b) [_] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - ------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 562,772 (SEE ITEM 5) BENEFICIALLY ------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH REPORTING -0- (SEE ITEM 5) PERSON ------------------------------------------ WITH 9. SOLE DISPOSITIVE POWER 562,772 (SEE ITEM 5) ------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- (SEE ITEM 5) - ------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 562,772 - ------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.9% OF COMMON STOCK(1) - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- (1) Based on 19,719,896 shares of Common Stock of Sunterra Corporation outstanding on February 6, 2006. PAGE 3 OF 7 PAGES - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 4 of 7 Pages - ------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: MAGNETAR FINANCIAL LLC I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 04-3818748 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - ------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- NUMBER OF SHARES 7. SOLE VOTING POWER BENEFICIALLY 782,000 (SEE ITEM 5) OWNED BY ------------------------------------------ EACH REPORTING 8. SHARED VOTING POWER PERSON -0- (SEE ITEM 5) WITH ------------------------------------------ 9. SOLE DISPOSITIVE POWER 782,000 (SEE ITEM 5) ------------------------------------------ 10. SHARED DISPOSITIVE POWER -0- (SEE ITEM 5) - ------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 782,000 - ------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.0% OF COMMON STOCK(1) - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO - ------------------------------------------------------------------------------- (1) Based on 19,719,896 shares of Common Stock of Sunterra Corporation outstanding on February 6, 2006. PAGE 4 OF 7 PAGES - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 5 of 7 Pages - ------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: ZIEGELMAN PARTNERS, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 36-4337005 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - ------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES -0- (SEE ITEM 5) BENEFICIALLY ------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH REPORTING 25,000 (SEE ITEM 5) PERSON ------------------------------------------ WITH 9. SOLE DISPOSITIVE POWER -0- (SEE ITEM 5) ------------------------------------------ 10. SHARED DISPOSITIVE POWER 25,000 (SEE ITEM 5) - ------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,000 - ------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.1% OF COMMON STOCK(1) - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - ------------------------------------------------------------------------------- (1) Based on 19,719,896 shares of Common Stock of Sunterra Corporation outstanding on February 6, 2006. PAGE 5 OF 7 PAGES SCHEDULE 13D/A CD Capital Management LLC, a Delaware limited liability company ("CD Capital"), John D. Ziegelman ("Mr. Ziegelman"), Magnetar Financial LLC, a Delaware limited liability company ("Magnetar"), and Ziegelman Partners, L.P., a Delaware limited partnership ("ZP-LP" and collectively with CD Capital, Mr. Ziegelman, and Magnetar, the "Reporting Persons") are jointly filing this Amendment No. 9 relating to the Statement of Beneficial Ownership on Schedule 13D, as filed with the Securities and Exchange Commission (the "Commission") on December 19, 2005, as amended by Amendment No. 1 thereto filed with the Commission on January 17, 2006, Amendment No. 2 thereto filed with the Commission on February 21, 2006, Amendment No. 3 thereto filed with the Commission on April 24, 2006, Amendment No. 4 thereto filed with the Commission on April 28, 2006, Amendment No. 5 thereto filed with the Commission on May 19, 2006, Amendment No. 6 thereto filed with the Commission on June 16, 2006, Amendment No. 7 thereto filed with the Commission on July 12, 2006 and Amendment No. 8 thereto filed with the Commission on July 26, 2006 (collectively, the "Schedule 13D"). The purpose of this Amendment No. 9 is to report the appointment of Mr. Ziegelman as Chairman of a newly-formed Strategic Alternatives Committee of the Board of Directors of the Issuer on September 12, 2006. Except as set forth below, all Items of the Schedule 13D remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D. ITEM 4. PURPOSE OF TRANSACTION Item 4 of the Schedule 13D is hereby amended to add the following information: On September 12, 2006, the Issuer's Board of Directors formed a three-member Strategic Alternatives Committee of the Board for the purpose of expediting the review and analysis of the Issuer's strategic alternatives for maximizing shareholder value and the sale of the Issuer's European operations. Also on that date, the Issuer's Board appointed Mr. Ziegelman as Chairman of the Strategic Alternatives Committee. PAGE 6 OF 7 PAGES SIGNATURE After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: September 19, 2006 CD CAPITAL MANAGEMENT LLC By: ZP II LP, its Managing Member By: C3 Management Inc., its General Partner BY: /s/ John D. Ziegelman Name: John D. Ziegelman Title: President MAGNETAR FINANCIAL LLC By: /s/ Paul Smith Name: Paul Smith Title: General Counsel ZIEGELMAN PARTNERS, L.P. By: /s/ John D. Ziegelman Name: John D. Ziegelman Title: Managing Agent /s/ John D. Ziegelman JOHN D. ZIEGELMAN -----END PRIVACY-ENHANCED MESSAGE-----