0001422107-12-000031.txt : 20120214 0001422107-12-000031.hdr.sgml : 20120214 20120214102805 ACCESSION NUMBER: 0001422107-12-000031 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 EFFECTIVENESS DATE: 20120214 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: 12603643 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 wam13q42011.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, 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 February 14, 2012 -------------------- 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: 23 Form 13F Information Table Value Total: $278,321 (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 -------------- -------------- ----- --------- ------- --- ---- ------- -------- ---- ------ ----- ARVINMERITOR INC FRNT 4.625% 3/0 043353AF8 2,297 3,000,000 PRN OTHER 1 3,000,000 BP PLC SPONSORED ADR 055622104 8,566 200,413 SH Other 1 200,413 CAPITALSOURCE INC COM 14055X102 2,234 333,400 SH Other 1 333,400 CIT GROUP INC COM NEW 125581801 4,437 127,251 SH Other 1 127,251 CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 4,733 377,113 SH Other 1 377,113 EQUINIX INC NOTE 3.000% 10/1 29444UAG1 18,438 16,410,000 PRN Other 1 16,410,000 GENERAL MTRS CO COM 37045V100 2,397 118,269 SH Other 1 118,269 GENERAL MTRS CO *W EXP 07/10/201 37045V118 2,286 195,330 SH Other 1 195,330 GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,533 195,330 SH Other 1 195,330 BLOCK H & R INC COM 093671105 8,333 510,300 SH PUT Other 1 510,300 ISHARES TR RUSSELL 2000 464287655 60,033 814,000 SH PUT Other 1 814,000 LAMAR ADVERTISING CO CL A 512815101 7,163 260,457 SH Other 1 260,457 MACYS INC COM 55616P104 2,285 71,000 SH Other 1 71,000 MASCO CORP COM 574599106 12,362 1,179,553 SH Other 1 1,179,553 MGM RESORTS INTERNATIONAL COM 552953101 14,310 1,372,000 SH PUT Other 1 1,372,000 MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 24,549 25,500,000 PRN Other 1 25,500,000 NORTEK INC COM NEW 656559309 7,484 287,284 SH Other 1 287,284 PACKAGING CORP AMER COM 695156109 9,280 367,676 SH Other 1 367,676 SAFEWAY INC COM NEW 786514208 8,465 402,352 SH Other 1 402,352 SPDR S&P 500 ETF TR TR UNIT 78462F103 48,882 389,500 SH PUT Other 1 389,500 SUNOCO INC COM 86764P109 10,064 245,339 SH Other 1 245,339 VIRGIN MEDIA INC COM 92769L101 11,154 521,700 SH Other 1 521,700 GRACE W R & CO DEL NEW COM 38388F108 7,036 153,224 SH Other 1 153,224