-----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, Oseatr+5MmFxNPAOE8HB9oOEELu5VnEJTmoHTRppsPVU0Fb7Z+b6lrFKAEOZzlsx 7lD4CL/aBS6nh52WZ9q40g== 0000899140-08-001905.txt : 20081015 0000899140-08-001905.hdr.sgml : 20081015 20081015170016 ACCESSION NUMBER: 0000899140-08-001905 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20081015 DATE AS OF CHANGE: 20081015 GROUP MEMBERS: CR INTRINSIC INVESTMENTS, LLC GROUP MEMBERS: STEVEN A. COHEN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ORIENT EXPRESS HOTELS LTD CENTRAL INDEX KEY: 0001115836 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 980223493 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-60303 FILM NUMBER: 081125599 BUSINESS ADDRESS: STREET 1: 22 VICTORIA STREET CITY: HAMILTON STATE: D0 ZIP: HM 12 BUSINESS PHONE: 1 441 295 2244 MAIL ADDRESS: STREET 1: 20 UPPER GROUND CITY: LONDON STATE: X0 ZIP: SE1 9PF FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CR Intrinsic Investors, LLC CENTRAL INDEX KEY: 0001316388 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 72 CUMMINGS POINT ROAD CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 203-890-2153 MAIL ADDRESS: STREET 1: 72 CUMMINGS POINT ROAD CITY: STAMFORD STATE: CT ZIP: 06902 SC 13D/A 1 o4507114a.txt AMENDMENT NO. 7 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 7)* ORIENT-EXPRESS HOTELS LTD. --------------------------------------------------------------------- (Name of Issuer) Class A Common Shares, $0.01 Par Value --------------------------------------------------------------------- (Title of Class of Securities) G67743107 --------------------------------------------------------------------- (CUSIP Number) Peter A. Nussbaum, Esq. CR Intrinsic Investors, LLC 72 Cummings Point Road Stamford, CT 06902 (203) 890-2000 (with a copy to) Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019 Attn: Adam M. Turteltaub --------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 14, 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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 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). SCHEDULE 13D - --------------------------------- ----------------- CUSIP No. G67743107 Page 2 of 7 Pages - --------------------------------- ----------------- - ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON CR Intrinsic Investors, LLC - ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - ----------- -------------------------------------------------------------------- 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 - --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 2,835,000 (see Item 5) OWNED BY --------- ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 2,835,000 (see Item 5) - ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,835,000 (see Item 5) - ----------- -------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [X] - ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.7% - ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - ----------- -------------------------------------------------------------------- - 2 - SCHEDULE 13D - --------------------------------- ----------------- CUSIP No. G67743107 Page 3 of 7 Pages - --------------------------------- ----------------- - ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON CR Intrinsic Investments, LLC - ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - ----------- -------------------------------------------------------------------- 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 Anguilla, British West Indies - --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 2,835,000 (see Item 5) OWNED BY --------- ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 2,835,000 (see Item 5) - ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,835,000 (see Item 5) - ----------- -------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [X] - ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.7% - ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - ----------- -------------------------------------------------------------------- - 3 - SCHEDULE 13D - --------------------------------- ----------------- CUSIP No. G67743107 Page 4 of 7 Pages - --------------------------------- ----------------- - ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Steven A. Cohen - ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - ----------- -------------------------------------------------------------------- 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 United States - --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 2,835,000 (see Item 5) OWNED BY --------- ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 2,835,000 (see Item 5) - ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,835,000 (see Item 5) - ----------- -------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [X] - ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.7% - ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - ----------- -------------------------------------------------------------------- - 4 - Pursuant to Rule 13d-2 promulgated under the Act, this Schedule 13D/A (this "Amendment No. 7") amends the Schedule 13D filed on May 16, 2008 (the "Original Schedule 13D") and amended on June 3, 2008 ("Amendment No. 1"), August 4, 2008 ("Amendment No. 2"), August 26, 2008 ("Amendment No. 3"), September 25, 2008 ("Amendment No. 4"), October 6, 2008 ("Amendment No. 5") and October 7, 2008 ("Amendment No. 6") and (the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6 and Amendment No. 7 are collectively referred to herein as the "Schedule 13D"). This Amendment No. 7 relates to Class A common shares, $0.01 par value per share (the "Common Stock"), of Orient-Express Hotels Ltd., a Bermuda company (the "Issuer"). Item 4. Purpose of Transaction. Item 4 of the Schedule 13D is hereby amended to include the following: At the Special General Meeting held on October 10, 2008, a representative of the Requisitioning Shareholders read and submitted to the Board a statement reflecting the Requisitioning Shareholders' view of the current corporate governance structure of the issuer and objecting to the Class B shares of the Issuer being counted towards a quorum of the Special General Meeting, being voted in connection with any resolution put before the shareholders of the Issuer, or otherwise being considered outstanding for purposes of calculating the total voting power of the Issuer's shareholders under the Bermuda Companies Act. On October 14, 2008, Valence, Oculus and CR Intrinsic Investors issued a press release urging the Board abide by the unequivocal mandate of the holders of Class A shares and collapse the Issuer's circular ownership and voting structure so that the Board and management of the Issuer can be held accountable to the Issuer's true economic owners. The press release also stated that a meeting had been requested with the Board in an effort to seek a resolution of this matter that would benefit all shareholders. The foregoing descriptions of the statement read at the October 10, 2008 Special General Meeting and the October 14, 2008 press release do not purport to be complete and are qualified in their entirety by reference to the documents themselves, copies of which are attached hereto as Exhibit 99.1 and 99.2, respectively, and incorporated herein by reference. Item 7. Material to be filed as Exhibits. Item 7 of the Schedule 13D is hereby amended and restated in its entirety as follows: 1. Joint Filing Agreement (previously filed with Original Schedule 13D). 2. Joint Filing Agreement (previously filed with Amendment No. 1). 3. Agreement, dated as of June 2, 2008, by and between CR Intrinsic Investments, LLC, D. E. Shaw Oculus Portfolios, L.L.C. and D. E. Shaw Valence Portfolios, L.L.C. (previously filed with Amendment No. 1). Page 5 of 7 4. Letter to the Board of Directors of Orient-Express Hotels Ltd. from D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Valence Portfolios, L.L.C. and CR Intrinsic Investments, LLC, dated July 24, 2008 (previously filed with Amendment No. 2). 5. Letter to D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Valence Portfolios, L.L.C. and CR Intrinsic Investments, LLC from Paul M. White, President & CEO of Orient-Express Hotels Ltd., dated August 1, 2008 (previously filed with Amendment No. 2). 6. Letter to the Board of Directors of Orient-Express Hotels Ltd. from D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Valence Portfolios, L.L.C. and CR Intrinsic Investments, LLC, dated August 4, 2008 (previously filed with Amendment No. 2). 7. Requisition Letters to the Board of Directors of Orient-Express Hotels Ltd. from Cede & Co., each dated August 22, 2008 (previously filed with Amendment No. 3). 8. Letter to the Board of Directors of Orient-Express Hotels Ltd. from D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Valence Portfolios, L.L.C. and CR Intrinsic Investments, LLC, dated August 25, 2008 (previously filed with Amendment No. 3). 9. Proxy Statement, dated September 24, 2008, along with accompanying cover letter and proxy card (previously filed with Amendment No. 4). 10. Press Release, dated October 3, 2008, issued by D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C. and CR Intrinsic Investors, LLC (previously filed with Amendment No. 5). 11. Press Release, dated October 6, 2008, issued by D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C. and CR Intrinsic Investors, LLC (previously filed with Amendment No. 6). 12. Statement read and submitted to the Board of Directors at the Special General Meeting, held on October 10, 2008, of Orient-Express Hotels Ltd. (attached hereto as Exhibit 99.1). 13. Press Release, dated October 14, 2008, issued by D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C. and CR Intrinsic Investors, LLC (attached hereto as Exhibit 99.2). Page 6 of 7 SIGNATURES After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned, severally and not jointly, certifies that the information set forth in this statement is true, complete and correct. Dated: October 15, 2008 CR INTRINSIC INVESTORS, LLC By: /s/ Peter Nussbaum ------------------------------ Name: Peter Nussbaum Title: Authorized Person CR INTRINSIC INVESTMENTS, LLC By: /s/ Peter Nussbaum ------------------------------ Name: Peter Nussbaum Title: Authorized Person STEVEN A. COHEN By: /s/ Peter Nussbaum ------------------------------ Name: Peter Nussbaum Title: Authorized Person Page 7 of 7 EX-99.1 2 o4507114b.txt STATEMENT Exhibit 99.1 October 10, 2008 Board of Directors Orient-Express Hotels Ltd. 22 Victoria Street Hamilton HM 1179, Bermuda, BMU Ladies and Gentlemen: We represent D. E. Shaw Valence Portfolios L.L.C., D. E. Shaw Oculus Portfolios L.L.C., and CR Intrinsic Investments, LLC, respectively, which are the beneficial owners of an aggregate of 6,053,678 Class A shares of the Company's common stock. As we stated at the Company's most recent Annual General Meeting, our Bermuda counsel have advised us that the Class B shares of common stock of the Company cannot legally be voted by a wholly-owned subsidiary of the Company and the corporate governance structure of the Company and its Bye-Laws are therefore fundamentally flawed. At this Special General Meeting, we reiterate our objection to the Class B shares being counted towards a quorum or being voted by Orient Express Holdings 1 Ltd. in connection with the two resolutions currently being put before the shareholders of the Company. We regard the counting and voting of the Class B shares at this meeting to be a violation of Bermuda law and a clear example of your unwillingness to account for your stewardship of the Company to its equity owners. We expect today's vote to indicate that the overwhelming majority of the Company's Class A shareholders agree with our position and, as proxies for more than three of such shareholders, we demand that a poll vote be taken on each of the resolutions to be proposed at the meeting. Although you have indicated in the Company's public filings that the current voting structure was put in place to protect the Company from unwanted take-overs, the Company's "poison pill" already serves that purpose and, in our view, the only other possible reason for the Class B share structure is to perpetuate your membership on the Company's Board. We ask you here and now to explain to the shareholders of your Company -- and to put on the record of this Special General Meeting -- exactly how the current voting structure is in their best interests rather than yours. Lastly, we request that this letter reflecting our views of the current corporate governance structure of the Company be included in the minutes of this meeting. Yours faithfully, D. E. Shaw Oculus Portfolios, L.L.C. By: D. E. Shaw & Co., L.L.C., as Managing Member By: /s/ Julius Gaudio ---------------------------------- Julius Gaudio Authorized Signatory D. E. Shaw Valence Portfolios, L.L.C. By: D. E. Shaw & Co., L.P., as Managing Member By: /s/ Julius Gaudio ---------------------------------- Julius Gaudio Authorized Signatory CR Intrinsic Investments, LLC By: CR Intrinsic Investors, LLC By: /s/ Michael Doniger ---------------------------------- Michael Doniger Authorized Signatory EX-99.2 3 o4507114c.txt PRESS RELEASE Exhibit 99.2 PRESS RELEASE ORIENT-EXPRESS HOTELS CLASS A SHAREHOLDERS OVERWHELMINGLY SUPPORT THE D. E. SHAW GROUP AND CR INTRINSIC PROPOSALS TO REVAMP GOVERNANCE STRUCTURE New York, NY and Stamford, CT - October 14, 2008 - D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C. (together, the "D. E. Shaw group") and CR Intrinsic Investors, LLC today announced that, based on the preliminary voting results issued by the independent inspector of election, Orient-Express Hotels Ltd. (NYSE: OEH) Class A shareholders overwhelmingly voted in favor of the proposals to eliminate the Company's circular ownership and voting structure. Approximately 95% of the Class A shares represented at last Friday's meeting, constituting 70% of the outstanding Class A shares, supported the proposals. Through the Board's control of the super-voting Class B shares, however, the Board was able to subvert the will of the Class A shareholders and purportedly defeat the proposals. The D. E. Shaw group and CR Intrinsic Investors do not consider the Class B vote to be valid. The D. E. Shaw group and CR Intrinsic Investors said, "We thank our fellow Orient-Express shareholders for their resounding support. We are pleased that shareholders have chosen to send a powerful message to the Board that the current corporate governance structure is not acceptable. We continue to believe that the Company's circular ownership and voting structure - in which an entrenched Board controls 80% of the shareholder vote and remains accountable only to itself - is unlawful." "We strongly urge the Orient-Express directors to abide by the unequivocal mandate of the Class A shareholders and collapse the Company's circular ownership and voting structure so that the Board and management can be held accountable to the Company's true economic owners. We have requested a meeting with the Board in an effort to seek a resolution of this matter that would benefit all shareholders. We reserve all of our legal rights if an acceptable resolution is not reached promptly." # # # Shareholder Contacts: Innisfree M&A Incorporated Scott Winter / Michael Brinn +1 212 750 5833 -----END PRIVACY-ENHANCED MESSAGE-----