13F-HR 1 spencer13f2008q4.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Spencer Capital Management, LLC Address: 1995 Broadway, Suite 1801 New York, NY 10023 Form 13F File Number: 28-12316 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Kenneth H. Shubin Stein, M.D., CFA Title: Managing Member Phone: 212-586-4190 Signature, Place and Date of Signing: /s/ Kenneth H. Shubin Stein, M.D., CFA New York, NY February 12, 2009 Report Type (Check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Spencer Capital Management, LLC 28-12316 Report for Period Ended: 12/31/2008 Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 22 Form 13F Information Table Value Total: $53,871 (thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL 6 COLUMN 7 COLUMN 8 ---------------------------- ---------------- --------- -------- ----------------- ------- ---------- -------------------------- VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------- ---------------- --------- -------- -------- --- ---- ------- ---------- -------- -------- -------- AMBASSADORS INTL INC COM 023178106 118 181265 SH DEFINED 181265 AMERICAN EXPRESS CO COM 025816109 3107 167505 SH DEFINED 167505 ANNTAYLOR STORES CORP COM 036115103 380 65848 SH DEFINED 65848 ATLAS AMER INC COM 049167109 1108 74634 SH DEFINED 74634 BERHSHIRE HATHAWAY INC DEL CL A 084670108 4637 48 SH DEFINED 48 BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 4509 295280 SH DEFINED 295280 CROSSTEX ENERGY INC COM 22765Y104 4001 1025893 SH DEFINED 1025893 DELIAS INC NEW COM 246911101 1037 471367 SH DEFINED 471367 E M C CORP MASS COM 268648102 3619 345633 SH DEFINED 345633 HUNTSMAN CORP COM 447011107 1376 400000 SH DEFINED 400000 ISHARES TR RUSSELL 2000 464287655 5111 103800 SH PUT DEFINED 1038 JOHN BEAN TECHNOLOGIES CORP COM 477839104 1031 126143 SH DEFINED 126143 LEUCADIA NATIL CORP COM 527288104 1386 70000 SH DEFINED 70000 LIBERTY ACQUISITION HLDGS CORP WTS 53015Y115 333 40172 SH DEFINED 40172 MASTECH HOLDINGS INC COM 57633B100 24 10000 SH DEFINED 10000 SPDR TR UNIT SER 1 78462F103 5144 57000 SH PUT DEFINED 570 SPDR GOLD TR GOLD SHS 78463V107 4326 50000 SH CALL DEFINED 500 SEARS HLDGS CORP COM 812350106 4594 118195 SH DEFINED 118195 TRIAN ACQUISITION I CORP WTS 89582E116 576 64640 SH DEFINED 64640 VMWARE INC CL A COM 928563402 1021 43100 SH PUT DEFINED 431 WENDYS ARBYS GROUP INC COM 950587105 5921 1198502 SH DEFINED 1198502 WINTHROP RLTY TR SH BEN INT NEW 976391300 512 47192 SH DEFINED 47192