-----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, UZHO0Nd5lFn98R2WzxG4/xd5m/SO3PVH2flpZfT3tUd5BzBnEIdYp2lxM0+qdIzj 2lQtxzLI7tXvu22dBTFz4g== 0001011438-10-000487.txt : 20101129 0001011438-10-000487.hdr.sgml : 20101129 20101129172616 ACCESSION NUMBER: 0001011438-10-000487 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20101129 DATE AS OF CHANGE: 20101129 GROUP MEMBERS: CASPIAN CAPITAL ADVISORS, LLC GROUP MEMBERS: CASPIAN CREDIT ADVISORS, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MPG Office Trust, Inc. CENTRAL INDEX KEY: 0001204560 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 953581408 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-79154 FILM NUMBER: 101219834 BUSINESS ADDRESS: STREET 1: 355 SOUTH GRAND AVENUE STREET 2: SUITE 3300 CITY: LOS ANGELES STATE: CA ZIP: 90071 BUSINESS PHONE: 213-626-3300 MAIL ADDRESS: STREET 1: 355 SOUTH GRAND AVENUE STREET 2: SUITE 3300 CITY: LOS ANGELES STATE: CA ZIP: 90071 FORMER COMPANY: FORMER CONFORMED NAME: MAGUIRE PROPERTIES INC DATE OF NAME CHANGE: 20021107 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MARINER INVESTMENT GROUP LLC CENTRAL INDEX KEY: 0001096978 IRS NUMBER: 510661527 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 500 MAMARONECK AVENUE 4TH FLOOR STREET 2: 4TH FLOOR CITY: HARRISON STATE: NY ZIP: 10528 BUSINESS PHONE: 914-670-4300 MAIL ADDRESS: STREET 1: 500 MAMARONECK AVENUE 4TH FLOOR STREET 2: 4TH FLOOR CITY: HARRISON STATE: NY ZIP: 10528 FORMER COMPANY: FORMER CONFORMED NAME: MARINER INVESTMENT GROUP INC DATE OF NAME CHANGE: 19991015 SC 13D 1 form_sc13d-mpgoffice.htm form_sc13d-mpgoffice.htm

UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

MPG Office Trust, Inc.
(Name of Issuer)

7.625% Series A Cumulative Redeemable Preferred Stock, Par Value $.01 per share
 (Title of Class of Securities)

559775200
(CUSIP Number)

Richard D. Holahan Jr.
Caspian Capital Advisors, LLC
Caspian Credit Advisors, LLC
Mariner Investment Group, LLC
500 Mamaroneck Avenue, Suite 101
Harrison, NY  10528
(914) 798-4200

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

November 29, 2010
 (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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  o

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 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 2 of 13 Pages

 
CUSIP No.              559775200
   
  
               
                 
1
 
NAMES OF REPORTING PERSONS
 
Mariner Investment Group, LLC1
     
           
           
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
     
 
(a)  o
       
 
(b)  x
         
               
3
 
SEC USE ONLY
         
               
                 
                   
4
 
SOURCE OF FUNDS (SEE INSTRUCTIONS)
             
         
 
WC
       
                             
5
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
                       
                             
 
o
                           
                                 
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
                           
                                 
 
Delaware
                               
                                       
 
7
 
SOLE VOTING POWER
                               
                                       
NUMBER OF
 
0
                                   
                                           
SHARES
8
 
SHARED VOTING POWER
                                   
BENEFICIALLY
                                         
OWNED BY
 
863,047
                                       
                                               
EACH
9
 
SOLE DISPOSITIVE POWER
                                       
REPORTING
                                             
PERSON
 
0
                                           
                                                   
WITH
10
 
SHARED DISPOSITIVE POWER
                                           
                                                   
   
863,047
                                               
                                                     
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                               
                                                     
 
863,047
                                                   
                                                         
12
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
                                                   
                                                         
 
o
                                                       
                                                             
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                                                       
                                                             
 
8.6%
                                                           
                                                                 
14
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
                                                           
                                                                 
 
IA
                                                             
 
 
 
 

Page 3 of 13 Pages
 
 
CUSIP No.              559775200
   
 
               
                 
1
 
NAMES OF REPORTING PERSONS
 
 Caspian Capital Advisors, LLC1
     
           
           
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
     
 
(a)  o
       
 
(b)  x
         
               
3
 
SEC USE ONLY
         
               
                 
                   
4
 
SOURCE OF FUNDS (SEE INSTRUCTIONS)
             
         
 
WC
       
                             
5
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
                       
                             
 
o
                           
                                 
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
                           
                                 
 
Delaware
                               
                                       
 
7
 
SOLE VOTING POWER
                               
                                       
NUMBER OF
 
0
                                   
                                           
SHARES
8
 
SHARED VOTING POWER
                                   
BENEFICIALLY
                                         
OWNED BY
 
262,936
                                       
                                               
EACH
9
 
SOLE DISPOSITIVE POWER
                                       
REPORTING
                                             
PERSON
 
0
                                           
                                                   
WITH
10
 
SHARED DISPOSITIVE POWER
                                           
                                                   
   
262,936
                                               
                                                     
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                               
                                                     
 
262,936
                                                   
                                                         
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)
                                                       
                                                             
 
2.6%
                                                           
                                                                 
14
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
                                                           
                                                                 
 
OO
                                                             
 
 
 
 

Page 4 of 13 Pages
 
CUSIP No.
 
559775200  
               
                 
1
 
NAMES OF REPORTING PERSONS
 
 Caspian Credit Advisors, LLC1
     
           
           
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
     
 
(a)  o
       
 
(b)  x
         
               
3
 
SEC USE ONLY
         
               
                 
                   
4
 
SOURCE OF FUNDS (SEE INSTRUCTIONS)
             
         
 
WC
       
                             
5
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
                       
                             
 
o
                           
                                 
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
                           
                                 
 
Delaware
                               
                                       
 
7
 
SOLE VOTING POWER
                               
                                       
NUMBER OF
 
0
                                   
                                           
SHARES
8
 
SHARED VOTING POWER
                                   
BENEFICIALLY
                                         
OWNED BY
 
516,489
                                       
                                               
EACH
9
 
SOLE DISPOSITIVE POWER
                                       
REPORTING
                                             
PERSON
 
0
                                           
                                                   
WITH
10
 
SHARED DISPOSITIVE POWER
                                           
                                                   
   
516,489
                                               
                                                     
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                               
                                                     
 
516,489
                                                   
                                                         
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)
                                                       
                                                             
 
5.2%
                                                           
                                                                 
14
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
                                                           
                                                                 
 
OO
                                                             
1  The shares described herein are held as follows: Caspian Capital Partners, L.P., 262,936; Mariner LDC, 83,662; Caspian Select Credit Master Fund Ltd., 475,304, and Caspian Solitude Master Fund LP, 41,185 (collectively, the “Accounts”).


 
 

 
Page 5 of 13 Pages

 
Item 1.   Security and Issuer.

This Schedule 13D relates to the 7.625% Series A Cumulative Redeemable Preferred Stock, par value $.01 per share (the “Preferred Stock”) of MPG Office Trust, Inc., a Maryland corporation (the “Issuer”). The principal executive offices of the Issuer are located at 355 South Grand Avenue, Suite 3300, Los Angeles, California 90071.

Item 2.   Identity and Background.

(a) This Statement is being filed on behalf of Mariner Investment Group, LLC, a Delaware limited liability company (“Mariner”), Caspian Capital Advisors, LLC, a Delaware limited liability company (“Caspian Advisors”) and Caspian Credit Advisors, LLC, a Delaware limited liability company (“Caspian Credit”). Each of Adam Cohen, David Corleto and Mark Weissman (the “Principals”) is a principal of Caspian Advisors and Caspian Credit.

(b) The principal business address of each of Mariner, Caspian Advisors and Caspian Credit (collectively, the “Reporting Persons”) and the Principals is 500 Mamaroneck Avenue, Suite 101, Harrison, NY  10528.

(c)  The principal business of the Reporting Persons and the Principals is to invest and trade on behalf of certain clients, including the Accounts.  Mariner is the investment advisor for the Accounts and exercises the shared voting and dispositive authority over the shares of Preferred Stock beneficially owned by such Accounts (the “Shares”).  Caspian Advisors is the general partner of Caspian Capital Partners, L.P. and Caspian Credit is the general partner of an affiliate of Caspian Select Credit Master Fund Ltd. and of Caspian Solitude Master Fund LP.

(d) None of the Reporting Persons or any Principal has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) None of the Reporting Persons or any Principal has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.

(f) Each of Mariner, Caspian Advisors and Caspian Capital is a Delaware limited liability company.  Each of the Principals is a citizen of the United States of America.

Item 3.   Source and Amount of Funds and Other Consideration.

The Shares held by the Accounts were acquired with investment funds of such Accounts.  The aggregate purchase price paid for the Shares was approximately $10,618,680, including broker commission and stock exchange fees.

Item 4.   Purpose of Transaction.

The Shares to which this Schedule 13D relates were acquired for investment purposes in the ordinary course of business.

The Issuer suspended dividends on the Preferred Stock on December 19, 2008.  The dividend payment due on October 31, 2010 was the eighth dividend for which dividends on the Preferred Stock have not been paid. In its most recent Quarterly Report on Form 10-Q (“Form 10-Q”) filed with the United States Securities and Exchange Commission (the “Commission”) on November 9, 2010, the Issuer indicated that due to its current liquidity position and the availability of substantial net operating loss carryforwards, it does not expect to pay dividends and distributions on the Preferred Stock for the foreseeable future.  According to the Form 10-Q, as of October 31, 2010, the eight missed dividend payments total $38.1 million.

According to the terms of the Preferred Stock, as set forth in the Issuer’s Articles Supplementary for the Preferred Stock, which are attached as Exhibit 3.2 to the Issuer’s Annual Report on Form 10-K, filed with the Commission on March 31, 2010 (the “Articles Supplementary”),  as a result of the failure to pay dividends on the Preferred Stock for six consecutive or non-consecutive dividend periods, the holders of the Preferred Stock are entitled to vote as a single class to elect two additional persons to serve as directors of the Issuer (the “Preferred Directors”)  until all dividends in arrears and the then current period’s dividend have been fully paid or declared and a sum sufficient for the payment thereof set aside for pay ment.  The Preferred Directors will be elected for a one-year term and each will serve until his successor is duly elected and qualified or until such Preferred Director’s right to hold office terminates, whichever is earlier. If any vacancy shall occur among the Preferred Directors, such vacancy may be filled by written consent of the Preferred Director remaining in office, or if none remains in office, by
 
 
 
 

Page 6 of 13 Pages
 
 
a vote of the majority of the holders of record of the outstanding Preferred Stock (voting as a single class). Holders of 10 percent of the outstanding Preferred Stock are entitled to request the Company call a meeting to elect such Preferred Directors. The above summary is qualified in its entirety by reference to the Articles Supplementary.

The Reporting Persons have delivered to the Issuer a written request (the “Meeting Request”), substantially in the form set forth on Schedule A, that the Issuer call a special meeting of holders of Preferred Stock to elect Preferred Directors and has nominated each of Edward J. Ratinoff and Robert Deutschman (collectively, the “Nominees”) as nominees to be elected as members of the Board of Directors of the Issuer (the “Board”) at a special meeting of holders of Preferred Stock (the “Special Meeting”). Each of the Nominees has consented to being named as a nominee for the Board in any proxy, consent or information statement issued relating to the election of directors of the Issuer at any Special Meeting of holders of Preferred Stock or otherw ise and has agreed to serve as a director if so elected.  To the knowledge of the Reporting Persons, neither of the Nominees beneficially owns any Preferred Stock or common stock, par value $0.01 per share (the “Common Stock”), of the Issuer.

On November 29, 2010, the Reporting Persons entered into a Letter Agreement (the “Letter Agreement”) with Aristeia Capital, L.L.C. (“Aristeia”), pursuant to which each of the Reporting Persons and Aristeia has agreed to be responsible for one-half of certain costs and expenses incurred in connection with the calling of the Special Meeting and the election of directors at the Special Meeting. The Letter Agreement will terminate at the earliest of (a) the mutual agreement in writing of the Reporting Persons and Aristeia to terminate the Letter Agreement and (b) the completion of the Special Meeting.  Aristeia has delivered to the Issuer a written request to call a Special Meeting similar to the Meeting Request.

The Reporting Persons do not believe that the limited voting rights of the Preferred Stock should result in the Shares being deemed to be voting, equity securities subject to the reporting obligations under Section 13(d) of the Act. Nevertheless, the Reporting Persons have determined to take a conservative position with respect to the matter and as a result have determined to make this filing on Schedule 13D. Similarly, as a result of the Letter Agreement, the delivery of the Meeting Request and the matters contemplated thereby, the Reporting Persons may be deemed to have formed a group within the meaning of Rule 13d-5(b) under the Act with Aristeia. The Reporting Persons expressly disclaim membership in a group with, and beneficial ownership of any securities beneficially owned by, Aristei a or any other person (other than those reported herein). Based on information and belief, the beneficial ownership of Aristeia is as set forth in the Statement on Schedule 13D initially filed by Aristeia on  November 29, 2010 (the “Aristeia 13D”), as the same may be updated or amended from time to time.

As holders of Preferred Stock through the Accounts, the Reporting Persons are considering their options with respect to the election of directors at the Special Meeting, but intend to vote for the Nominees at the Special Meeting.  In connection therewith, the Reporting Persons may from time to time engage in discussions with management, the Board, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the election of directors at the Special Meeting.

Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time engage in discussions with management, the Board, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning matters with respect to the Reporting Persons’ investment in the Preferred Stock and, potentially, an investment in the Common Stock, including, without limitation, the business, operations, governance, management, strategy and future plans of the Issuer. Depending on various factors, including, without l imitation, the outcome of any discussions referenced above, the Issuer’s financial position and strategic direction, actions taken by the Board, price levels of the Preferred Stock and the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as it deems appropriate, including, without limitation, purchasing additional Preferred Stock and/or Common Stock selling some or all of their Preferred Stock, engaging in hedging or similar transactions with respect to the Preferred Stock and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

Item 5.   Interest in Securities of the Issuer.

The percentages used herein are calculated based upon an aggregate of 10,000,000 shares of Preferred Stock outstanding as of November 5, 2010, as reported in the Issuer’s Form 10-Q filed on  November  9, 2010.

 (a), (b) The information set forth in Rows 7 though 13 of the cover page hereto are hereby incorporated by reference.

 (c)        The Reporting Persons entered into transactions in the Preferred Stock within the last sixty days which are set forth on Schedule B.

 (d)        No person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.
 
 
 
 

Page 7 of 13 Pages
 

 (e)        Not applicable.

As indicated in, and solely to the extent expressed in, Item 4, the Reporting Persons may be deemed to be a member of a “group” within the meaning of Rule 13d-5(b) under the Act with Aristeia.  The Reporting Persons expressly disclaims membership in a group with, and beneficial ownership of any securities beneficially owned by, Aristeia or any other person (other than those reported herein). Based on information and belief, the beneficial ownership of Aristeia is as set forth in the Aristeia 13D.

Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to the Securities.

The information set forth under Item 4 of this Schedule 13D is incorporated herein by reference.

The Reporting Persons may, from time to time, enter into and dispose of cash-settled equity swaps, exchange traded and/or “over-the-counter” puts and calls, warrants, forward purchase or sale transactions, future transactions, cap transactions, floor transactions, collar transactions, or other options or derivative or risk management transactions with one or more counterparties that are based upon the value of the Preferred Stock and/or Common Stock, which transactions may be significant in amount. The profit, loss and/or return on such contracts may be wholly or partially dependent on the market value of the Preferred Stock and/or Common Stock, the relative value of the Preferred Stock and/or Common Stock in comparison to one or more other financial instruments, indexes or secu rities, a basket or group of securities in which the Preferred Stock and/or Common Stock may be included, or a combination of any of the foregoing.  From time to time, the Reporting Persons may lend portfolio securities to brokers, banks or other financial institutions.  These loans typically obligate the borrower to return the securities, or an equal amount of securities of the same class, to the lender and typically provide that the borrower is entitled to exercise voting rights and retain dividends during the term of the loan.  From time to time, to the extent permitted by applicable law, the Reporting Persons may borrow securities, including Preferred Stock and/or Common Stock, for the purpose of effecting, and may effect, short sale transactions, and may purchase securities for the purpose of closing out short sale positions in such securities.

Item 7.  Material to be Filed as Exhibits.

Exhibit 1: Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Act.


 
 

 
Page 8 of 13 Pages
 
SIGNATURES

                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.

Date:  November 29, 2010
      
               
 
  MARINER INVESTMENT GROUP, LLC  
       
 
By:
/s/ Charles R. Howe II  
    Name: Charles R. Howe II   
    Title:   President   
       
 
  CASPIAN CAPITAL ADVISORS, LLC  
       
 
By:
/s/ Richard D. Hulahan Jr.  
    Name: Richard D. Hulahan Jr.   
    Title:   Authorized Signatory  
       
 
  CASPIAN CREDIT ADVISORS, LLC  
       
 
By:
/s/ Richard D. Hulahan Jr.  
    Name: Richard D. Hulahan Jr.   
    Title:   Authorized Signatory  
     
                  

 


 
 

 
Page 9 of 13 Pages


 
Schedule A
FORM OF MEETING REQUEST

Mariner Investment Group, LLC
500 Mamaroneck Avenue, Suite 101
Harrison, NY  10528

MPG Office Trust, Inc.                                                                                                                                           November 29, 2010
355 South Grand Avenue Suite 3300
Los Angeles, CA 90071
Attention: Jonathan L. Abrams, Secretary

Dear Mr. Abrams,

Each of the entities below (the “Record Holders”) is a holder of record in the Direct Registration System (“DRS”) with American Stock Transfer & Trust Company, LLC (“AST”) of shares of 7.625% Series A Cumulative Redeemable Preferred Stock (CUSIP: 559775200) (“Series A Preferred Stock”) of MPG Office Trust, Inc. (formerly known as Maguire Properties, Inc.) (the “Company”) as follows:

Caspian Capital Partners, L.P. (“Caspian Capital”)
262,936
Mariner LDC (“Mariner”)
83,662
Caspian Select Credit Master Fund Ltd. (“Select”)
475,304
Caspian Solitude Master Fund LP  (“Solitude”)
41,185

The Record Holders, as holders of record of the Shares in the DRS with AST, hereby request, pursuant to Article THIRD, Section 6(d) of the Articles Supplementary of the Company (the “Articles Supplementary”), that a special meeting of holders of Series A Preferred Stock (the “Special Meeting”) be called for the purpose of electing two additional directors to the Company’s board of directors.  We request that the Special Meeting be held as soon as possible and not more than 45 days from the date of this request.

The Record Holders also propose that the following persons be nominated to the board of directors of the Company pursuant to Article THIRD, Section 6 of the Articles Supplementary: Edward J. Ratinoff and Robert Deutschman.

Consistent therewith, the Record Holders also hereby request that the following resolution be brought before the Special Meeting:

RESOLVED, that each of Edward J. Ratinoff and Robert Deutschman is elected as director of the Company, each to serve in their capacity until their successors are duly elected and qualified as contemplated by Article THIRD, Section 6 of the Articles Supplementary.

Each of Mr. Ratinoff and Mr. Deutschman has consented to be named in any proxy statement relating to the Special Meeting and to serve as a director if elected, and to our knowledge, there is no reason to believe that either of Mr. Ratinoff or Mr. Deutschman will be unable to serve.  Exhibit A to this letter contains the relevant information with respect to each of the nominees.  Exhibit B contains the written consent of each of the nominees to being named in the proxy statement relating to the Special Meeting and to serve as a director if elected.

We believe that this request for a Special Meeting satisfies the requirement of the Articles Supplementary with respect to the calling of the Special Meeting and the nomination of Mr. Ratinoff and Mr. Deutschman.  If you believe this request contains any discrepancies or if you believe any additional information is required to be provided, please advise us immediately.

Very truly yours,
Caspian Capital Partners, L.P.

BY:____________________
Name:
Title:

Mariner LDC

BY:____________________
Name:
Title:

 
 
 

Page 10 of 13 Pages
 
 
 
Caspian Select Credit Master Fund Ltd.

BY:____________________
Name:
Title:

Caspian Solitude Master Fund LP

BY:____________________
Name:
Title:
EXHIBIT A

Information Regarding Nominees


Name:  Robert Deutschman
Date of Birth:   XXXX
Business Address:  100 Wilshire Blvd., Ste 1200, Santa Monica, CA 90401
Residence Address:  XXXX

Name:  Edward J. Ratinoff
Date of Birth:  XXXX
Business Address:  1875 Century Park East, #2150, Los Angeles, CA 90061
Residence Address:  XXXX

Class and number of shares of stock of the Company owned by the nominees:
 
Robert Deutschman: none
Edward J. Ratinoff: none

Biographical Information:

Edward J. Ratinoff
Since March, 2010, Mr. Ratinoff, age 45, has been a Managing Director and Head of Acquisitions for Phoenix Realty Group, an institutional real estate investment firm.  Since April, 2010, Mr. Ratinoff has served as a member of the Board of Directors and Chairman of the Internal Asset Review Committee of Bank of Internet (NASDAQ:BOFI).  From 2004 to 2009, Mr. Ratinoff held the position of Managing Director and west coast head for the J.E. Robert Companies, a global real estate investment management company.  In this role, Mr. Ratinoff was a member of the investment committees for both JER Partners and JER Investors Trust (NYSE: JRT).  From 2003 to 2004, Mr. Ratinoff served as a Managing Director, Real Estate Investment Banking, with Keybanc / McDonald Investments.  From 2001 to 2003, Mr. Rat inoff was a Principal with Fowler Flanagan Partners.  From 1999 to 2001, Mr. Ratinoff was a Vice President, Real Estate Investment Banking with Chase Securities, Inc.  Mr. Ratinoff received a BA in Architecture and City Planning from the University of California, Berkeley, and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University.

Robert Deutschman
Since 1999, Mr. Deutschman, age 53, has been a managing director at the investment banking firm Cappello Capital Corp.  Since 2004, Mr. Deutschman has served as the vice chairman of the board of directors of Enron Creditors Recovery Corp. (formerly Enron Corp.), a position he assumed upon the company’s 2004 emergence from bankruptcy. Mr. Deutschman also serves on the board of the RAND Center for Corporate Ethics and Governance.  Mr. Deutschman has a law degree from the Columbia University School of Law and a BA in political science from Haverford College.
 
 
EXHIBIT B

WRITTEN CONSENT OF NOMINEE TO BE NAMED IN A
 
PROXY STATEMENT AND TO SERVE AS A DIRECTOR
 
 
 
 
 

Page 11 of 13 Pages
 

 
I, Edward J. Ratinoff, hereby consent to being named as a nominee for the board of directors of MPG Office Trust, Inc. (the “Company”) with any proxy, consent or information statement issued relating to the election of directors of the Company at any Special Meeting of holders of preferred stock or otherwise. Furthermore, I agree to serve as a director of the Company if so elected.
 
Dated as of November _____, 2010.
 
By: /s/ Edward J. Ratinoff_______
 
Name:  Edward J. Ratinoff
 
 
 
 
I, Robert Deutschman, hereby consent to being named as a nominee for the board of directors of MPG Office Trust, Inc. (the “Company”) with any proxy, consent or information statement issued relating to the election of directors of the Company at any Special Meeting of holders of preferred stock or otherwise. Furthermore, I agree to serve as a director of the Company if so elected.
 
Dated as of November _____, 2010.
 
By: /s/ Robert Deutschman ________
 
Name: Robert Deutschman
 

 
 

 
Page 12 of 13 Pages


 
Schedule B
 
 
TRANSACTIONS IN THE PREFERRED STOCK EFFECTED ON BEHALF OF THE ACCOUNTS DURING THE PAST 60 DAYS

Unless otherwise indicated, all trades were effected in the open market through brokers.
               
 
Date of
 
Amount of Shares
 
Price Per Share
Account
Transaction
 
Purchased (Sold)
 
($)*
Caspian Select Credit Master Fund, Ltd.
11/12/2010
 
55,065
   
13.0272
 
Caspian Solitude Master Fund, LP
11/12/2010
 
4,808
   
13.0272
 
Caspian Capital Partners, L.P.
11/12/2010
 
30,115
   
13.0272
 
Mariner LDC
11/12/2010
 
10,012
   
13.0272
 
Caspian Select Credit Master Fund, Ltd.
11/15/2010
 
2,808
   
12.7000
 
Caspian Solitude Master Fund, LP
11/15/2010
 
245
   
12.7000
 
Caspian Capital Partners, L.P.
11/15/2010
 
1,536
   
12.7000
 
Mariner LDC
11/15/2010
 
511
   
12.7000
 
               
               



 
* Including commissions.

 
 

 
Page 13 of 13 Pages


 
Exhibit 1

JOINT FILING AGREEMENT
PURSUANT TO RULE 13D-1(k)1

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.
 
 
Dated: November 29, 2010


 
  MARINER INVESTMENT GROUP, LLC  
       
 
By:
/s/ Charles R. Howe II  
    Name: Charles R. Howe II   
    Title:   President   
       
 
  CASPIAN CAPITAL ADVISORS, LLC  
       
 
By:
/s/ Richard D. Hulahan Jr.  
    Name: Richard D. Hulahan Jr.   
    Title:   Authorized Signatory  
       
 
  CASPIAN CREDIT ADVISORS, LLC  
       
 
By:
/s/ Richard D. Hulahan Jr.  
    Name: Richard D. Hulahan Jr.   
    Title:   Authorized Signatory  
     
                
 
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