0000914760-05-000089.txt : 20120618 0000914760-05-000089.hdr.sgml : 20120618 20050318152939 ACCESSION NUMBER: 0000914760-05-000089 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050318 DATE AS OF CHANGE: 20050318 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CPI CORP CENTRAL INDEX KEY: 0000025354 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 431256674 STATE OF INCORPORATION: DE FISCAL YEAR END: 0206 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-33916 FILM NUMBER: 05691588 BUSINESS ADDRESS: STREET 1: 1706 WASHINGTON AVE CITY: ST LOUIS STATE: MO ZIP: 63103-1790 BUSINESS PHONE: 3142311575 MAIL ADDRESS: STREET 1: 1706 WASHINGTON AVE CITY: ST LOUIS STATE: MO ZIP: 63103 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KNIGHTSPOINT PARTNERS I LP CENTRAL INDEX KEY: 0001263164 IRS NUMBER: 562339854 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 787 SEVENTH AVENUE 9TH FL CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2127866050 MAIL ADDRESS: STREET 1: 787 SEVENTH AVENUE 9TH FL CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 k20242_13da4.txt AMENDMENT NO. 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (AMENDMENT NO. 4) Under the Securities Exchange Act of 1934 CPI CORP. -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $.40 PAR VALUE -------------------------------------------------------------------------------- (Title of Class of Securities) 125-902106 -------------------------------------------------------------------------------- (CUSIP Number) DAVID MEYER C/O KNIGHTSPOINT PARTNERS, LLC 787 SEVENTH AVENUE 9TH FLOOR NEW YORK, NEW YORK 10019 (212) 786-6050 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) MARCH 9, 2005 -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f), or 240.13d-1(g), check the following box: |_| SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Knightspoint Partners LLC 81-0604786 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 102,321 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 102,321 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 102,321 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Knightspoint Capital Management I LLC 56-2339843 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 102,321 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 102,321 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 102,321 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Knightspoint Partners I, L.P. 56-2339854 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC, OO -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 102,321 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 102,321 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 102,321 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Michael Koeneke -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS PF -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 102,321 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 102,321 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 102,321 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON David Meyer -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS PF -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 102,321 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 102,321 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 102,321 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ramius Securities, LLC 58-2253019 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 216,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 216,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 216,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.8% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON BD -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ramius Capital Group, LLC 13-3937658 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 882,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 882,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 882,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.4% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO IA -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Admiral Advisors, LLC 37-1484525 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 282,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 282,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 282,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.6% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Starboard Value & Opportunity Fund, LLC 37-1484524 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 282,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 282,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 282,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.6% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON C4S & CO., LLC 13-3946794 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 882,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 882,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 882,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.4% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ramius Advisors, LLC 13-3954331 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 192,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 192,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 192,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO IA -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Peter A. Cohen -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America -------------------------------------------------------------------------------- 7) SOLE VOTING POWER none NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY 882,000 OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH none --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 882,000 -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 882,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.4% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Morgan B. Stark -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America -------------------------------------------------------------------------------- 7) SOLE VOTING POWER none NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY 882,000 OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH none --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 882,000 -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 882,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.4% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Thomas W. Strauss -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America -------------------------------------------------------------------------------- 7) SOLE VOTING POWER none NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY 882,000 OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH none --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 882,000 -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 882,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.4% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Jeffrey M. Solomon -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS N/A -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America -------------------------------------------------------------------------------- 7) SOLE VOTING POWER none NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY 882,000 OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH none --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 882,000 -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 882,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.4% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON RCG Ambrose Master Fund, Ltd. 98-0212993 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 192,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 192,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 192,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 125-902106 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ramius Master Fund, Ltd. 98-0395643 -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3) SEC USE ONLY -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands -------------------------------------------------------------------------------- 7) SOLE VOTING POWER 192,000 NUMBER OF --------------------------------------------------------- SHARES 8) SHARED VOTING POWER BENEFICIALLY none OWNED BY EACH --------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON WITH 192,000 --------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 192,000 -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5% -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- Introduction. This amends and supplements the Schedule 13D dated September 4, 2003, as amended to date (the "Schedule 13D"), filed with the Securities and Exchange Commission by Knightspoint Partners I, L.P., Knightspoint Capital Management I LLC, Knightspoint Partners LLC, David Meyer, Michael Koeneke, Stuart Meyer, Televideo Consultants, Inc., Pimchand Manprasert Meyer, Eric Meyer, Bert Chan, Scott Laughlin, Ramius Securities, LLC, Ramius Capital Group, LLC, C4S & Co., LLC, RCG Ambrose Master Fund, Ltd., Ramius Master Fund, Ltd., Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss, Ramius Advisors, LLC, Starboard Value & Opportunity Fund, LLC, Admiral Advisors, LLC and Jeffrey M. Solomon with respect to the common stock, $.40 par value, of CPI Corp., a Delaware corporation ("CPI"). The "Knightspoint Group" consists of Knightspoint Partners I, L.P., Knightspoint Capital Management I LLC, Knightspoint Partners LLC, David Meyer, Michael Koeneke, Ramius Securities, LLC, Ramius Capital Group, LLC, C4S & Co., LLC, RCG Ambrose Master Fund, Ltd., Ramius Master Fund, Ltd., Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss, Ramius Advisors, LLC, Starboard Value & Opportunity Fund, LLC, Admiral Advisors, LLC and Jeffrey M. Solomon. The purpose of this amendment is to remove the following parties from the Schedule 13D: Stuart Meyer, Televideo Consultants, Inc., Pimchand Manprasert Meyer, Eric Meyer, Bert Chan and Scott Laughlin. The parties to this Schedule 13D shall consist only of members of the Knightspoint Group. ITEM 2. IDENTIFY AND BACKGROUND IS AMENDED AND SUPPLEMENTED BY ADDING THE FOLLOWING: The following persons and entities are hereby removed from this Schedule 13D: Stuart Meyer, Televideo Consultants, Inc., Pimchand Manprasert Meyer, Eric Meyer, Bert Chan and Scott Laughlin. Based upon the information supplied by these persons and entities, these persons or entities beneficially own less than 5% of the common stock of CPI and therefore are not required to file a Schedule 13D. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO THE SECURITIES OF THE ISSUER The disclosure set forth in Item 2 above is hereby incorporated herein by reference. As previously reported in the Schedule 13D, Ramius Securities, LLC, RCG Ambrose Master Fund, Ltd., Ramius Master Fund, Ltd. and Knightspoint Partners LLC have entered into an oral agreement with respect to certain fees to be paid to Knightspoint Partners LLC arising out of the activities of the Knightspoint Group and the allocation of expenses incurred in connection with such activities. Pursuant to this agreement, Knightspoint Partners LLC shall receive a fee equal to the sum of (a) twenty percent of any pre-tax profit (net of applicable transaction expenses) earned by Ramius Securities, LLC with respect to the shares of Common Stock owned by Ramius Securities, LLC and (b) six percent of any pre-tax profit (net of applicable transaction expenses) earned by RCG Ambrose Master Fund, Ltd. and Ramius Master Fund, Ltd. with respect to the shares of Common Stock owned by RCG Ambrose Master Fund, Ltd. and Ramius Master Fund, Ltd. Ramius Securities, LLC, RCG Ambrose Master Fund, Ltd., Ramius Master Fund, Ltd. and Knightspoint Partners LLC have also agreed that all expenses incurred in connection with the activities of the Knightspoint Group shall be allocated among each of them pro rata in accordance with the number of shares of Common Stock beneficially owned by each. In addition, as reported in the Schedule 13D, Starboard Value & Opportunity Fund, LLC and Knightspoint Partners LLC have an oral agreement pursuant to which Knightspoint Partners LLC shall receive a fee equal to eleven percent of any pre-tax profit (net of applicable transaction expenses) earned by Starboard Value & Opportunity Fund, LLC with respect to the shares of Common Stock owned by Starboard Value & Opportunity Fund, LLC. As previously reported in the Schedule 13D, Ramius Securities, LLC, RCG Ambrose Master Fund, Ltd., Ramius Master Fund, Ltd. and Knightspoint Partners LLC have also agreed (on behalf of themselves and their affiliates) not to acquire additional shares or other securities of the Company without the consent of the other parties. Other than as described herein, there are no contracts, arrangements or understandings among the Reporting Persons, or between any Reporting Person and any other person, with respect to the securities of the Company. SIGNATURES After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: March 9, 2005 KNIGHTSPOINT PARTNERS I, L.P. By: Knightspoint Capital Management I LLC, its general partner By: Knightspoint Partners LLC, its member By: /s/ David Meyer ---------------------------------------- Name: David Meyer Title: Managing Member KNIGHTSPOINT CAPITAL MANAGEMENT I LLC By: Knightspoint Partners LLC, its member By: /s/ David Meyer ---------------------------------------- Name: David Meyer Title: Managing Member KNIGHTSPOINT PARTNERS LLC By: /s/ David Meyer ---------------------------------------- Name: David Meyer Title: Managing Member /s/ David Meyer --------------------------------------------- Name: David Meyer Title: Individually and as attorney-in-fact for each of Michael Koeneke, Stuart Meyer, Televideo Consultants, Inc., Pimchand Manprasert Meyer, Eric Meyer, Bert Chan and Scott Laughlin RAMIUS SECURITIES, LLC By: Ramius Capital Group, LLC, its Managing Member By: C4S & Co., LLC, its Managing Member By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member RAMIUS CAPITAL GROUP, LLC By: C4S & Co., LLC, its Managing Member By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member ADMIRAL ADVISORS, LLC By: Ramius Capital Group, LLC, its Member By: C4S & Co., LLC, its Managing Member By: /s/ Jeffrey M. Solomon/s/ Jeffrey M. Sol ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member STARBOARD VALUE & OPPORTUNITY FUND, LLC By: Admiral Advisors, LLC, its Managing Member By: Ramius Capital Group, LLC, its Member By: C4S & Co., LLC, its Managing Member By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member C4S & CO., LLC By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member RCG AMBROSE MASTER FUND, LTD. By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member RAMIUS MASTER FUND, LTD. By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member /s/ Jeffrey M. Solomon --------------------------------------------- Name: Jeffrey M. Solomon /s/ Peter Cohen --------------------------------------------- Name: Peter Cohen, individually and as attorney-in-fact for each of Morgan Stark and Thomas W. Strauss RAMIUS ADVISORS, LLC By: Ramius Capital Group, LLC, its Managing Member By: C4S & Co., LLC, its Managing Member By: /s/ Jeffrey M. Solomon ---------------------------------------- Name: Jeffrey M. Solomon Title: Managing Member