-----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, ORklsVp0a8Sh5Io2z/CUUmf8+O1O95o4myJ8INJRSp4+FF1k0s2PLHUj2OatRux0 FFJCG3WLMJ1qSGoyFrGVxQ== 0001315926-08-000005.txt : 20080515 0001315926-08-000005.hdr.sgml : 20080515 20080515094319 ACCESSION NUMBER: 0001315926-08-000005 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080515 DATE AS OF CHANGE: 20080515 EFFECTIVENESS DATE: 20080515 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: 08834333 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 ws-13fq108_hr.txt .......................... OMB Approval .......................... .......................... OMB Number: 3235-0006 Expires: December 31, 2009 Estimated average burden hours per response....22.6 .......................... UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year of Quarter Ended: March 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: Watershed Asset Management, L.L.C. One Maritime Plaza Suite 1525 San Francisco, California 94111 Form 13F File Number: 028-11095 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: Meridee A. Moore Senior Managing Member (415) 391-8900 /s/ Meridee A. Moore ------------------------- San Francisco, California May 15, 2008 Report Type: 13F Holdings Report Form 13F Summary Page Report Summary Number of Other Included Managers 1 Form 13 F Information Table Entry Total: 24 Form 13 F Information Table Value Total: $210,915 (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. No. 1 Form 13F File Number: 028-11473 Name: WS Partners, L.L.C. FORM 13F INFORMATION TABLE Column 1 Column 2 Column 3 Column 4 Column 5 Column 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 - ------------------------------------------------------------------------------------------------------------------------------------ BANKUNITED FINL CORP NOTE 3.125% 3/0 06652BAE3 $4,442 8,500,000 PRN Other 1 8,500,000 CAPITALSOURCE INC COM 14055X102 $2,418 250,000 SH PUT Other 1 250,000 CAPITALSOURCE INC NOTE 7.250% 7/1 14055XAG7 $26,451 36,500,000 PRN Other 1 36,500,000 CAPITALSOURCE INC DBCV 1.625% 3/1 14055XAF9 $3,391 4,000,000 PRN Other 1 4,000,000 CARMIKE CINEMAS INC COM 143436400 $8,771 853,185 SH Other 1 853,185 CLEAR CHANNEL COMMUNICATONS COM 184502102 $10,332 353,600 SH Other 1 353,600 CLEAR CHANNEL COMMUNICATONS COM 184502102 $7,451 255,000 SH CALL Other 1 255,000 CLEARWIRE CORP CL A 185385309 $18,741 1,265,400 SH PUT Other 1 1,265,400 COVAD COMMUNICATIONS GROUP I DBCV 3.000% 3/1 222814AR6 $31,922 32,508,000 PRN Other 1 32,508,000 CRAY INC NOTE 3.000%12/0 225223AB2 $5,438 6,000,000 PRN Other 1 6,000,000 DOLLAR FINL CORP COM 256664103 $7,258 315,584 SH Other 1 315,584 DORAL FINL CORP COM NEW 25811P886 $4,137 205,000 SH CALL Other 1 205,000 EZCORP INC CL A NON VTG 302301106 $17,896 1,453,800 SH Other 1 1,453,800 GLOBAL CROSSING LTD NOTE 5.000% 5/1 37932JAA1 $9,589 10,000,000 PRN Other 1 10,000,000 HECKMANN CORP UNIT 99/99/9999 422680207 $7,556 937,500 SH Other 1 937,500 INFORMATION SERVICES GROUP I *W EXP 01/31/201 45675Y112 $78 156,800 SH Other 1 156,800 METROPCS COMMUNICATIONS INC COM 591708102 $5,810 341,750 SH Other 1 341,750 NEWCASTLE INVT CORP COM 65105M108 $2,632 318,610 SH Other 1 318,610 NORTHWEST AIRLS CORP COM 667280408 $ 699 77,748 SH Other 1 77,748 PALM INC NEW COM 696643105 $4,953 990,600 SH PUT Other 1 990,600 QUALCOMM INC COM 747525103 $6,199 151,200 SH Other 1 151,200 SILICON GRAPHICS INC COM NEW 827056300 $17,859 1,505,858 SH Other 1 1,505,858 TIME WARNER TELECOM INC CL A 887319101 $1,658 107,017 SH Other 1 107,017 TIME WARNER TELECOM INC DBCV 2.375% 4/0 887319AC5 $5,234 5,000,000 PRN Other 1 5,000,000
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