-----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, A/8gSXrkX6aEViCKMbBCdSOCi/KSQaXIYYBLx3wQCL3QQPxPc+/MAMFM3Xdg7xjc AX8FsZ4lW7XWObHT9NmDGA== 0000911420-07-000195.txt : 20070313 0000911420-07-000195.hdr.sgml : 20070313 20070313093157 ACCESSION NUMBER: 0000911420-07-000195 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070313 DATE AS OF CHANGE: 20070313 GROUP MEMBERS: CD CAPITAL MANAGEMENT LLC, JOHN D. ZIEGELMAN GROUP MEMBERS: JOHN D. ZIEGELMAN GROUP MEMBERS: MAGNETAR FINANCIAL LLC, PAUL SMITH GROUP MEMBERS: ZIEGELMAN PARTNERS L.P., JOHN D. ZIEGELMAN 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: 07689409 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 d356581695.txt AMENDMENT NO.10 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 SCHEDULE 13D/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 10)* 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 copy to: GREENBERG TRAURIG, LLP 77 WEST WACKER DRIVE CHICAGO, ILLINOIS 60601 ATTENTION: PETER H. LIEBERMAN, ESQ. TELEPHONE: (312) 456-8400 MARCH 12, 2007 - -------------------------------------------------------------------------------- (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 8 Pages - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 2 of 8 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 541,302 (SEE ITEM 5) BENEFICIALLY 8. SHARED VOTING POWER OWNED BY -0- (SEE ITEM 5) EACH REPORTING --------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER WITH 541,302 (SEE ITEM 5) --------------------------------------------- 10. SHARED DISPOSITIVE POWER -0- (SEE ITEM 5) - ------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 541,302 - ------------------------------------------------------------------------------- 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 8 Pages - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 3 of 8 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 566,302 (SEE ITEM 5) BENEFICIALLY 8. SHARED VOTING POWER OWNED BY -0- (SEE ITEM 5) EACH REPORTING --------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER WITH 566,302 (SEE ITEM 5) --------------------------------------------- 10. SHARED DISPOSITIVE POWER -0- (SEE ITEM 5) - ------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 566,302 - -------------------------------------------------------------------------------- 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 8 Pages - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 4 of 8 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 7. SOLE VOTING POWER SHARES 782,000 (SEE ITEM 5) BENEFICIALLY 8. SHARED VOTING POWER OWNED BY -0- (SEE ITEM 5) EACH REPORTING --------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER WITH 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 8 Pages - ------------------------------------------------------------------------------- CUSIP No. 86787D 20 8 SCHEDULE 13D/A Page 5 of 8 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 8. SHARED VOTING POWER OWNED BY 25,000 (SEE ITEM 5) EACH REPORTING --------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER WITH -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 8 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. 10 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, Amendment No. 8 thereto filed with the Commission on July 26, 2006, and Amendment No. 9 thereto filed with the Commission on September 19, 2006 (collectively, the "Schedule 13D"). 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 March 12, 2007, the Issuer announced that it had entered into a definitive agreement (the "Acquisition Agreement") to be acquired by Diamond Resorts, LLC (the "Purchaser"), pursuant to a tender offer (the "Offer") to be commenced by the Purchaser to acquire the Issuer's issued and outstanding Common Stock at a purchase price of $16.00 per share in cash. As previously reported, Mr. Ziegelman, the Chairman of the Issuer's Board of Directors and of the Strategic Alternatives Committee of the Board, had (prior to joining the Board) advocated a sale of the Issuer, either as a whole or through separate sales of the European and North American operations. Mr. Ziegelman, in his capacity as a member of the Board, voted to approve the transactions contemplated by the Acquisition Agreement and to recommend (subject to exceptions set forth in the Acquisition Agreement) that the Issuer's shareholders accept the Offer and tender their shares pursuant thereto. In connection with the Board's approval of the Acquisition Agreement and the transactions contemplated thereby, Mr. Ziegelman has represented to the Issuer that he intends to tender pursuant to the Offer all of the shares of Common Stock owned of record or beneficially by him, except to the extent such tender would violate applicable federal securities laws. Magnetar also intends to tender pursuant to the Offer all of the shares of Common Stock owned of record or beneficially by it, except to the extent such tender would violate applicable federal securities laws. IMPORTANT NOTE: As of the date hereof, the tender offer for the outstanding common stock of the Issuer has not yet commenced. This document is neither an offer to purchase nor solicitation of an offer to sell securities. The Reporting Persons expect that at the time the Offer is commenced an affiliate of the Purchaser will file a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission ("SEC"), and the Issuer will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the Offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation/recommendation statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. The Reporting Persons expect that those materials will be made available to the Issuer's stockholders at no expense to them. In PAGE 6 of 8 Pages addition, all of those materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's web site: www.sec.gov. ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER Item 5 is hereby amended to add the following information: In December 2006, Mr. Ziegelman received 3,530 shares of Common Stock directly from the Issuer pursuant to the Issuer's compensation plan for non-employee directors. Mr. Ziegelman subsequently contributed those shares to CD Capital. As a result of such acquisition and the other transactions described in this Schedule 13D, the Reporting Persons beneficially owned in the aggregate 1,348,302 shares of Common Stock, representing approximately 6.8% of the shares of Common Stock presently outstanding based upon the 19,719,896 shares of Common Stock reported by the Issuer to be outstanding as of February 6, 2006 in the Issuer's Form 10-Q filed with the Commission on February 14, 2006, all as further set forth below. As a result of the transactions described in this Schedule 13D, the Reporting Persons may be deemed to beneficially own shares of Common Stock as follows:
NAME OF REPORTING PERSON NUMBER OF SHARES OF APPROXIMATE PERCENTAGE COMMON STOCK OF OUTSTANDING SHARES Mr. Ziegelman 566,302 2.9% CD Capital 541,302 2.7% Magnetar 782,000 4.0% ZP-LP 25,000 0.1%
PAGE 7 of 8 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: March 12, 2007 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-----