-----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, B5dT/E/b36ioMuXcv6VGJTUAha1+atVHLk28QUxfE4NDadJW6eKPOgL3ZtT/BYPP VMJhYNi/RrW4hR0ng/mmgQ== 0001304096-11-000026.txt : 20110214 0001304096-11-000026.hdr.sgml : 20110214 20110214094623 ACCESSION NUMBER: 0001304096-11-000026 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110214 DATE AS OF CHANGE: 20110214 EFFECTIVENESS DATE: 20110214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Watershed Asset Management, L.L.C. CENTRAL INDEX KEY: 0001315926 IRS NUMBER: 300012121 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-11095 FILM NUMBER: 11602546 BUSINESS ADDRESS: STREET 1: ONE MARITIME PLAZA STREET 2: SUITE 1525 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: (415) 391-8900 MAIL ADDRESS: STREET 1: ONE MARITIME PLAZA STREET 2: SUITE 1525 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 13F-HR 1 wamllc13fhr.txt .......................... OMB Approval .......................... OMB Number: 3235-0006 Expires: August 31, 2012 Estimated average burden hours per response 23.5 .......................... 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, 2010 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: Watershed Asset Management, L.L.C. Address: One Maritime Plaza, Suite 1525 San Francisco, CA 94111 Form 13F File Number: 28-11095 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: Meridee A. Moore Title: Senior Managing Member Phone: (415) 391-8900 Signature, Place, and Date of Signing: /s/ Meridee A. Moore San Francisco, CA February 14, 2011 - -------------------- Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 15 Form 13F Information Table Value Total: $265,399 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 1 28-11473 WS Partners, L.L.C. FORM 13F INFORMATION TABLE 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 - -------------- -------------- ----- --------- --- --- --- ---- ------- -------- ---- ------ ----- CAPITALSOURCE INC COM 14055X102 2,545 358,400 SH Other 1 358,400 CHEMTURA CORP COM NEW 163893209 13,486 843,935 SH Other 1 843,935 CIT GROUP INC COM NEW 125581801 15,084 320,250 SH Other 1 320,250 CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 5,929 422,300 SH Other 1 422,300 DYNEGY INC DEL COM 26817G300 5,620 1,000,000 SH Other 1 1,000,000 EQUINIX INC NOTE 3.000%10/1 29444UAG1 31,954 31,700,000 PRN Other 1 31,700,000 GRAPHIC PACKAGING HLDG CO COM 388689101 470 120,800 SH Other 1 120,800 ISHARES TR RUSSELL 2000 464287655 46,944 600,000 SH PUT Other 1 600,000 MASCO CORP COM 574599106 8,646 682,933 SH Other 1 682,933 PACKAGING CORP AMER COM 695156109 12,589 487,200 SH Other 1 487,200 SPDR S&P 500 ETF TR TR UNIT 78462F103 78,594 625,000 SH PUT Other 1 625,000 SPDR SERIES TRUST S&P RETAIL ETF 78464A714 17,410 360,000 SH PUT Other 1 360,000 SMURFIT-STONE CONTAINER CORP COM 83272A104 7,314 285,708 SH Other 1 285,708 TIME WARNER TELECOM INC DBCV 2.375% 4/0 887319AC5 11,014 9,916,000 PRN Other 1 9,916,000 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 7,800 295,000 SH Other 1 295,000
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