0001422107-11-000072.txt : 20111114 0001422107-11-000072.hdr.sgml : 20111111 20111114103827 ACCESSION NUMBER: 0001422107-11-000072 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 EFFECTIVENESS DATE: 20111114 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: 111198852 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 wam13fq32011.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: September 30, 2011 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 November 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: 22 Form 13F Information Table Value Total: $389,908 (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 -------------- -------------- ----- --------- ------- --- ---- ------- -------- ---- ------ ----- BP PLC SPONSORED ADR 055622104 11,362 315,000 SH OTHER 1 315,000 CAPITALSOURCE INC COM 14055X102 2,047 333,400 SH OTHER 1 333,400 CHEMTURA CORP COM NEW 163893209 1,764 175,880 SH OTHER 1 175,880 CIT GROUP INC COM NEW 125581801 9,512 313,218 SH OTHER 1 313,218 CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 3,728 398,300 SH OTHER 1 398,300 EQUINIX INC NOTE 3.000%10/1 29444UAG1 23,820 22,410,000 PRN OTHER 1 22,410,000 GENERAL MTRS CO COM 37045V100 3,273 162,186 SH OTHER 1 162,186 GENERAL MTRS CO *W EXP 07/10/201 37045V118 3,088 264,801 SH OTHER 1 264,801 GENERAL MTRS CO *W EXP 07/10/201 37045V126 2,104 264,801 SH OTHER 1 264,801 BLOCK H & R INC COM 093671105 6,792 510,300 SH PUT OTHER 1 510,300 ISHARES TR RUSSELL 2000 464287655 42,438 660,000 SH PUT OTHER 1 660,000 LAMAR ADVERTISING CO CL A 512815101 7,416 435,457 SH OTHER 1 435,457 MACYS INC COM 55616P104 7,001 266,000 SH OTHER 1 266,000 MASCO CORP COM 574599106 8,828 1,239,933 SH OTHER 1 1,239,933 MGM RESORTS INTERNATIONAL COM 552953101 10,996 1,183,600 SH PUT OTHER 1 1,183,600 MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 19,934 22,000,000 PRN OTHER 1 22,000,000 PACKAGING CORP AMER COM 695156109 7,082 303,933 SH OTHER 1 303,933 SPDR S&P 500 ETF TR TR UNIT 78462F103 183,869 1,625,000 SH PUT OTHER 1 1,625,000 SAFEWAY INC COM NEW 786514208 10,088 606,600 SH OTHER 1 606,600 SUNOCO INC COM 86764P109 7,408 238,884 SH OTHER 1 238,884 VIRGIN MEDIA INC COM 92769L101 10,561 433,700 SH OTHER 1 433,700 GRACE W R & CO DEL NEW COM 38388F108 6,797 204,107 SH OTHER 1 204,107