-----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, FqRsugAEvoeD+y/GAdTmJJHfM47q292P4faWLPJtN5XTq65mkAQL3xaD0Eb05gD3 jEG4UU3kOS6oLeCTlrpYBA== 0000950127-07-000640.txt : 20071005 0000950127-07-000640.hdr.sgml : 20071005 20071005084617 ACCESSION NUMBER: 0000950127-07-000640 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20071005 DATE AS OF CHANGE: 20071005 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DANA CORP CENTRAL INDEX KEY: 0000026780 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 344361040 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-10058 FILM NUMBER: 071158127 BUSINESS ADDRESS: STREET 1: 4500 DORR ST CITY: TOLEDO STATE: OH ZIP: 43615 BUSINESS PHONE: 4195354500 MAIL ADDRESS: STREET 1: PO BOX 1000 CITY: TOLEDO STATE: OH ZIP: 43697 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: APPALOOSA MANAGEMENT LP CENTRAL INDEX KEY: 0001006438 IRS NUMBER: 223220835 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 26 MAIN ST STREET 2: 1ST FLOOR CITY: CHATHAM STATE: NJ ZIP: 07928 BUSINESS PHONE: 9737017000 MAIL ADDRESS: STREET 1: 26 MAIN ST STREET 2: 1ST FLOOR CITY: CHATAM STATE: NJ ZIP: 07928 SC 13D/A 1 sc13da.txt AMENDMENT NO. 7 TO SCHEDULE 13D ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- SCHEDULE 13D/A (Amendment No. 7) Under the Securities Exchange Act of 1934 ---------- DANA CORPORATION (Name of Issuer) Common Stock, $1.00 Par Value Per Share (Title of Class of Securities) 235811106 (CUSIP Number) ---------- with copies to: Ken Maiman Appaloosa Management L.P. 26 Main Street Chatham, NJ 07928 (Name, Address and Telephone Number of Person Authorized to Receive Notices of Communication) October 4, 2007 (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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ] ================================================================================ Page 1 of 9 - ------------------- ------------------- CUSIP No. 235811106 13D - ------------------- ------------------- - ----- -------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Appaloosa Investment Limited Partnership I S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS - ----- -------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ----- -------------------------------------------------------------------------- 3 SEC USE ONLY - ----- -------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - ----- -------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----- -------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----- -------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED 0 BY EACH REPORTING ----- --------------------------------------------------- PERSON WITH 8 SHARED VOTING POWER 11,992,500 ----- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 11,992,500 - ----- -------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11,992,500 - ----- -------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ----- -------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.98% - ----- -------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ----- -------------------------------------------------------------------------- Page 2 of 9 - ------------------- ------------------- CUSIP No. 235811106 13D - ------------------- ------------------- - ----- -------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Palomino Fund Ltd. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS - ----- -------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ----- -------------------------------------------------------------------------- 3 SEC USE ONLY - ----- -------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - ----- -------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----- -------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ----- -------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 0 EACH REPORTING ----- --------------------------------------------------- PERSON WITH 8 SHARED VOTING POWER 10,507,500 ----- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 10,507,500 - ----- -------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,507,500 - ----- -------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ----- -------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.00% - ----- -------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ----- -------------------------------------------------------------------------- Page 3 of 9 - ------------------- ------------------- CUSIP No. 235811106 13D - ------------------- ------------------- - ----- -------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Appaloosa Management L.P. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS - ----- -------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ----- -------------------------------------------------------------------------- 3 SEC USE ONLY - ----- -------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ----- -------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----- -------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----- -------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 0 EACH REPORTING ----- --------------------------------------------------- PERSON WITH 8 SHARED VOTING POWER 22,500,000 ----- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 22,500,000 - ----- -------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 22,500,000 - ----- -------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ----- -------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.98% - ----- -------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ----- -------------------------------------------------------------------------- Page 4 of 9 - ------------------- ------------------- CUSIP No. 235811106 13D - ------------------- ------------------- - ----- -------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Appaloosa Partners Inc. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS - ----- -------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ----- -------------------------------------------------------------------------- 3 SEC USE ONLY - ----- -------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ----- -------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----- -------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----- -------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 0 EACH REPORTING ----- --------------------------------------------------- PERSON WITH 8 SHARED VOTING POWER 22,500,000 ----- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 22,500,000 - ----- -------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 22,500,000 - ----- -------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ----- -------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.98% - ----- -------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ----- -------------------------------------------------------------------------- Page 5 of 9 - ------------------- ------------------- CUSIP No. 235811106 13D - ------------------- ------------------- - ----- -------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS David A. Tepper S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS - ----- -------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ----- -------------------------------------------------------------------------- 3 SEC USE ONLY - ----- -------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ----- -------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----- -------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ----- -------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 0 EACH REPORTING ----- --------------------------------------------------- PERSON WITH 8 SHARED VOTING POWER 22,500,000 ----- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 ----- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 22,500,000 - ----- -------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 22,500,000 - ----- -------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ----- -------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.98% - ----- -------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ----- -------------------------------------------------------------------------- Page 6 of 9 This Amendment No. 7 (this "Amendment") to the Schedule 13D filed on June 22, 2007 by the Reporting Persons, as amended by Amendment No. 1 thereto filed on June 29, 2007, by Amendment No. 2 thereto filed on July 19, 2007, by Amendment No. 3 thereto filed on July 23, 2007, by Amendment No. 4 thereto filed on July 26, 2007, by Amendment No. 5 thereto filed on August 22, 2007, and by Amendment No. 6 thereto filed on September 25, 2007 (as so amended, the "Schedule 13D") relates to the Common Stock of the Issuer and is being filed to amend the Schedule 13D as specifically set forth below. The information set forth in the Exhibit to this Amendment is hereby expressly incorporated herein by reference, and the responses to each item of this Amendment are qualified in their entirety by the provisions of such Exhibit. Unless otherwise indicated, all capitalized terms shall have the meanings ascribed to them in the Schedule 13D, and unless otherwise amended hereby, all information previously filed remains in effect. ITEM 4. IS AMENDED BY ADDING THE FOLLOWING: On October 4, 2007, AMLP delivered a letter to the Board in reference to the Final Proposal and related documentation submitted to the Issuer on September 21, 2007. A copy of that letter is filed with this Amendment No. 7 as Exhibit 16 to the Schedule 13D. While the Reporting Persons do not have any current plans or proposals, except as otherwise described in the Schedule 13D or in the Exhibit to this Amendment, which relate to or would result in any transaction, event or action enumerated in paragraphs (a) through (j) of Item 4 of the form of Schedule 13D promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each of the Reporting Persons reserves the right, in light of its or his ongoing evaluation of the Issuer's financial condition, business, operations and prospects, the market price of the Common Stock, conditions in the securities markets generally, general economic and industry conditions, its or his business objectives and other relevant factors, to change its or his plans and intentions at any time, as it or he deems appropriate. In particular, and without limiting the generality of the foregoing, but subject to the terms of applicable court orders, restrictions and agreements and to any limitations imposed by applicable law, including the Exchange Act, each of the Reporting Persons (and their respective affiliates) may (i) purchase additional shares of Common Stock or other securities of or claims against the Issuer, (ii) sell or transfer shares of Common Stock or other securities or claims beneficially owned by it or him from time to time in public or private transactions and (iii) cause any of the Reporting Persons to distribute in kind to their respective stockholders, partners or members, as the case may be, shares of Common Stock or other securities or claims owned by such Reporting Persons. The Reporting Persons may seek the views of, hold discussions with, or respond to inquiries from members of the Issuer's management or Board of Directors or other persons including other stockholders, or holders of claims in the Issuer's bankruptcy proceedings, regarding the Issuer's affairs, restructuring or other strategic matters. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Item 7 of the Schedule 13D is supplemented as follows: Page 7 of 9 EXHIBIT NO. DESCRIPTION - ----------- ------------------------------------------------------------------ 16 Letter from Appaloosa Management L.P. to the Board of Directors of Dana Corporation, dated October 4, 2007. Page 8 of 9 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: October 5, 2007 APPALOOSA INVESTMENT LIMITED PARTNERSHIP I By: APPALOOSA MANAGEMENT L.P., Its General Partner By: APPALOOSA PARTNERS INC., Its General Partner By: /s/ David A. Tepper -------------------------------------- Name: David A. Tepper Title: President PALOMINO FUND LTD. By: APPALOOSA MANAGEMENT L.P., Its Investment Adviser By: APPALOOSA PARTNERS INC., Its General Partner By: /s/ David A. Tepper -------------------------------------- Name: David A. Tepper Title: President APPALOOSA MANAGEMENT L.P. By: APPALOOSA PARTNERS INC., Its General Partner By: /s/ David A. Tepper -------------------------------------- Name: David A. Tepper Title: President APPALOOSA PARTNERS INC. By: /s/ David A. Tepper -------------------------------------- Name: David A. Tepper Title: President /s/ David A. Tepper ------------------------------------------ David A. Tepper Page 9 of 9 EX-99 2 ex99.txt LETTER TO DANA BOARD Appaloosa Management L.P. [Graphic omitted] October 4, 2007 TO: THE MEMBERS OF THE BOARD OF DIRECTORS OF DANA CORPORATION c/o Michael J. Burns Chairman, President, and Chief Executive Officer Dana Corporation 4500 Dorr Street Toledo, Ohio 43615 Ladies and Gentleman: We write in regard to the fully-financed Investment Proposal submitted to Dana representatives on September 21, 2007. Appaloosa provided a formal Bid Letter and full documentation for this proposal, engaged in detailed discussions with your representatives, and submitted revised documentation on October 3rd. From this process two things have become apparent: (1) Appaloosa's proposal is materially superior to the competing proposal from Centerbridge Capital Partners; and (2) your professionals and certain of your constituents intend to resist it while you go through the motions of a formal "auction" process. Appaloosa has devoted significant time and resources to bettering the proposal put forth by Centerbridge. While we believe that our September 21st proposal offers the greatest value to the estate, we are certainly amenable to discussing compromises or alternatives that could further enhance the transaction for all parties. For example, we could envision a potential transaction structure in which Centerbridge invests $250mm in the Series A Preferred stock with controlling governance provisions, and Appaloosa provides the funding for $500mm Series B Preferred Stock investment and rights offering. We would also consider including members of the "ad hoc" bondholder group in such an amended transaction. Appaloosa stands ready to complete a transaction consistent with our September 21st Bid Letter or pursue alternatives along the lines outlined above. Nonetheless, we will not participate endlessly in a process that is devoid of any intention to produce results. Pursuant to the time table outlined in your own bidding procedures, our offer will expire on October 9, 2007 absent a tangible commitment from you to some form of a transaction with Appaloosa. Sincerely, James E. Bolin Partner Appaloosa Management LP -----END PRIVACY-ENHANCED MESSAGE-----