-----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, Q+1GhFk5Adeuldu/R9B9Rpu39dHm4cK4l/yoC5pWVlHrD/zNQTEx+ER2ZGC1MtA5 4sbFfg1Gheu1rk+78gR9OA== 0000902664-08-002502.txt : 20080808 0000902664-08-002502.hdr.sgml : 20080808 20080808113654 ACCESSION NUMBER: 0000902664-08-002502 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080808 DATE AS OF CHANGE: 20080808 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PNG VENTURES INC CENTRAL INDEX KEY: 0001016900 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 880350286 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84091 FILM NUMBER: 081001138 BUSINESS ADDRESS: STREET 1: 2038 CORTE DEL NOGAL STREET 2: SUITE 110 CITY: CARLSBAD STATE: CA ZIP: 92011 BUSINESS PHONE: (760) 230-2300 MAIL ADDRESS: STREET 1: 2038 CORTE DEL NOGAL STREET 2: SUITE 110 CITY: CARLSBAD STATE: CA ZIP: 92011 FORMER COMPANY: FORMER CONFORMED NAME: PAPER COMPUTER CORP DATE OF NAME CHANGE: 20000509 FORMER COMPANY: FORMER CONFORMED NAME: PNG VENTURES INC/CA DATE OF NAME CHANGE: 20000229 FORMER COMPANY: FORMER CONFORMED NAME: TELECOMMUNICATIONS TECHNOLOGIES LTD DATE OF NAME CHANGE: 20000229 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDELL ASSET MANAGEMENT CORP CENTRAL INDEX KEY: 0001140474 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 40 WEST 57TH STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2126035700 MAIL ADDRESS: STREET 1: 40 WEST 57TH STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 p08-1238sc13da.txt PNG VENTURES, INC. ------------------------------------ OMB APPROVAL ------------------------------------ UNITED STATES OMB Number: 3235-0145 ------------------------------------ SECURITIES AND EXCHANGE COMMISSION Expires: February 29, 2009 ------------------------------------ Washington, D.C. 20549 Estimated average burden hours per response. . . . . . . 14.5 ------------------------------------ ------------- SCHEDULE 13D/A (Rule 13d-102) (Amendment No. 1) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Under the Securities Exchange Act of 1934 PNG Ventures, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 69350G303 - -------------------------------------------------------------------------------- (CUSIP Number) Sandell Asset Management Corp. 40 West 57th Street 26th Floor New York, NY 10019 Attention: Richard Gashler, General Counsel 212-603-5700 With a Copy to: Eleazer Klein, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, NY 10019 212-756-2000 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 6, 2008 ------------------ (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 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 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). (Continued on following pages) (Page 1 of 10 Pages) - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 2 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg PNG Investments LLC - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK 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 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. BY EACH (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the REPORTING Amended and Restated Senior Secured Convertible Exchangeable Note or Series B PERSON Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) WITH $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 70.54% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 3 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg Master Investments Ltd. - ------------- ----------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. BY EACH (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the REPORTING Amended and Restated Senior Secured Convertible Exchangeable Note or Series B PERSON Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) WITH $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 70.54% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 4 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Sandell Asset Management Corp. - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. BY EACH (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the REPORTING Amended and Restated Senior Secured Convertible Exchangeable Note or Series B PERSON Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) WITH $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----------- ------------------------------------------------------ 10 SHARED DISPOSITIVE POWER $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 70.54% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 5 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg International Limited - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ---------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. BY EACH (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the REPORTING Amended and Restated Senior Secured Convertible Exchangeable Note or Series B PERSON Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) WITH $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) ----------- ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----------- ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 70.54% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 6 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg International Holdings Limited - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. BY EACH (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the REPORTING Amended and Restated Senior Secured Convertible Exchangeable Note or Series B PERSON Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) WITH $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 70.54% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 7 of 10 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Thomas E. Sandell - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Sweden - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. BY EACH (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the REPORTING Amended and Restated Senior Secured Convertible Exchangeable Note or Series B PERSON Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) WITH $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) ----------- ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc. (See Item 4 below) - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,000,000 shares of Common Stock pursuant to irrevocable proxy of Earth Biofuels, Inc. (includes the 5,800,000 shares of Common Stock issuable upon either the exchange of the Amended and Restated Senior Secured Convertible Exchangeable Note or Series B Senior Secured Convertible Exchangeable Note of Earth Biofuels, Inc.) (See Item 4 below) $55,928.57 principal amount of a 12% Convertible Promissory Note of Issuer convertible into 621,429 shares of Common Stock (See Item 4 below) - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 70.54% (See Item 4 below) - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 8 of 10 Pages - ---------------------------- ---------------------------- Pursuant to Rule 13d-2 promulgated under the Act, this Schedule 13D/A (the "Amendment No. 1") amends the Schedule 13D filed on July 10, 2008 [File Number 005-84091] (the "Original Schedule 13D"). This Amendment No. 1 is being filed by Castlerigg PNG Investments LLC, a Delaware limited liability company ("Castlerigg LLC"); Castlerigg Master Investments Ltd., a British Virgin Islands company ("Castlerigg Master Investments"); Sandell Asset Management Corp., a Cayman Islands exempted company ("SAMC"); Castlerigg International Limited, a British Virgin Islands company ("Castlerigg International"); Castlerigg International Holdings Limited, a British Virgin Islands company ("Castlerigg Holdings"); and Thomas E. Sandell ("Sandell"). Castlerigg LLC, Castlerigg Master Investments, SAMC, Castlerigg International, Castlerigg Holdings, and Sandell are collectively referred to herein as the "Reporting Persons". The filing of this statement on Schedule 13D/A and any future amendments hereto, and the inclusion of information herein and therein, shall not be construed as an admission that any of the Reporting Persons, for the purpose of Section 13(d) of the Act or otherwise, is the beneficial owner of any shares of Common Stock. The Reporting Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act. The agreement among the Reporting Entities to file jointly (the "Joint Filing Agreement") was filed as Appendix II to the Original Schedule 13D. On July 7, 2008, the Issuer filed a Current Report on Form 8-K stating that the number of shares of Common Stock outstanding on June 30, 2008 was 12,704,634. On August 6, 2008, the Issuer filed a Current Report on Form 8-K/A correcting the number of shares of Common Stock outstanding on June 30, 2008 to 10,804,634. The purpose of this Amendment No. 1 is to revise the ownership percentages set forth in the Original 13D following the Issuer's amended disclosure. ITEM 4. PURPOSE OF TRANSACTION The first paragraph of Item 4 of the Original 13D is being amended and restated as follows: The Reporting Persons acquired the PNG Note, the Amended EBOF-Castlerigg Note, the Series B EBOF-Castlerigg Note and the Proxy for investment purposes in the ordinary course of business because the Reporting Persons believed they represented an attractive investment opportunity. Commencing on the Share Exchange Closing Date (as defined below), each of the Reporting Persons may be deemed to beneficially own (i) the 621,429 shares of Common Stock issuable to Castlerigg LLC upon conversion of the outstanding principal amount of the PNG Note, (ii) the 5,800,000 shares of Common Stock (the "PNG Exchange Shares") issuable upon exchange of the EBOF-Castlerigg Notes (as defined below) and (iii) 7,000,000 shares of Common Stock pursuant to the Proxy (which includes the PNG Exchange Shares issuable upon exchange of the EBOF-Castlerigg Notes). The shares issuable to Castlerigg LLC upon conversion of the PNG Note and upon exchange of the EBOF-Castlerigg Notes, together with the additional shares of Common Stock also subject to the Proxy, represent approximately 70.54% of the shares of Common Stock outstanding based on 10,804,634 shares of Common Stock outstanding as set forth in the Current Report on Form 8-K/A, filed by the Issuer on August 6, 2008. If Castlerigg LLC submits a written notice to EBOF to restrict the exchangeability of the EBOF-Castlerigg Notes, at any time after the date of such notice, such EBOF-Castlerigg Notes may be not be exchanged into PNG Exchange Shares if, after such exchange, the Reporting Persons would beneficially own, as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including, without limitation, any beneficial ownership determinations based on any Reporting Persons being deemed part of a group for purposes of Section 13(d), more than such number of shares of Common Stock set forth in such written notice as the ownership limit, unless the Reporting Persons elect to increase or decrease their ownership limit (with any increase only being - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 9 of 10 Pages - ---------------------------- ---------------------------- effective on 61 days prior written notice to the Issuer) (all of the foregoing, the "Blocker"). The PNG Note was not convertible into shares of Common Stock and the EBOF-Castlerigg Notes were not exchangeable into shares of Common Stock until the Share Exchange Closing Date. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5(a) of the Original 13D is being amended and restated as follows: (a) Each of the Reporting Persons may be deemed to beneficially own (i) the 621,429 shares of Common Stock issuable to Castlerigg LLC upon conversion of the outstanding principal amount of the PNG Note, (ii) the PNG Exchange Shares issuable upon exchange of the EBOF-Castlerigg Notes and (iii) 7,000,000 shares of Common Stock pursuant to the Proxy (which includes the PNG Exchange Shares issuable upon exchange of the EBOF-Castlerigg Notes). The shares issuable to Castlerigg LLC upon conversion of the PNG Note and upon exchange of the EBOF-Castlerigg Notes, together with the additional shares of Common Stock also subject to the Proxy, represent approximately 70.54% of the shares of Common Stock outstanding based on 10,804,634 shares of Common Stock outstanding as set forth in the Current Report on Form 8-K/A, filed by the Issuer on August 6, 2008. If Castlerigg LLC submits a written notice to EBOF to restrict the exchangeability of the EBOF-Castlerigg Notes, at any time after the date of such notice, such EBOF-Castlerigg Notes shall be subject to the Blocker. [The remainder of this page is intentionally left blank] - ---------------------------- ---------------------------- CUSIP No. 69350G303 SCHEDULE 13D Page 10 of 10 Pages - ---------------------------- ---------------------------- 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: August 8, 2008 CASTLERIGG PNG INVESTMENTS LLC By: Castlerigg Master Investments Ltd., its managing member and sole member By: Sandell Asset Management Corp., its Investment Manager By: /s/ Richard A. Gashler --------------------- Richard A. Gashler, Authorized Person CASTLERIGG MASTER INVESTMENTS LTD. By: Sandell Asset Management Corp., its Investment Manager By: /s/ Richard A. Gashler --------------------- Richard A. Gashler, Authorized Person SANDELL ASSET MANAGEMENT CORP. By: Sandell Asset Management Corp., its Investment Manager By: /s/ Richard A. Gashler --------------------- Richard A. Gashler, Authorized Person CASTLERIGG INTERNATIONAL LIMITED By: Sandell Asset Management Corp., its Investment Manager By: /s/ Richard A. Gashler --------------------- Richard A. Gashler, Authorized Person CASTLERIGG INTERNATIONAL HOLDINGS LIMITED By: Sandell Asset Management Corp., its Investment Manager By: /s/ Richard A. Gashler --------------------- Richard A. Gashler, Authorized Person THOMAS E. SANDELL By: /s/ Richard A. Gashler --------------------- Richard A. Gashler, Authorized Person -----END PRIVACY-ENHANCED MESSAGE-----