-----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, IiO4U1CKB47SLR1ABtQZdbpRUis7uSKWKjRhxnS9Uslm4x/pwQFx71U1iYyngIxU jnVbDBCJ8eWJn9Hzlg6wgQ== 0000909518-05-000702.txt : 20050829 0000909518-05-000702.hdr.sgml : 20050829 20050829153115 ACCESSION NUMBER: 0000909518-05-000702 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050829 DATE AS OF CHANGE: 20050829 GROUP MEMBERS: DAVID A. STRUMWASSER GROUP MEMBERS: SHELLY F. GREENHAUS SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TERRA INDUSTRIES INC CENTRAL INDEX KEY: 0000722079 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 521145429 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-34386 FILM NUMBER: 051055304 BUSINESS ADDRESS: STREET 1: 600 FOURTH ST STREET 2: PO BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 BUSINESS PHONE: 7122771340 MAIL ADDRESS: STREET 1: 600 FOURTH STREET STREET 2: PO BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 FORMER COMPANY: FORMER CONFORMED NAME: INSPIRATION RESOURCES CORP DATE OF NAME CHANGE: 19920517 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WHIPPOORWILL ASSOCIATES INC CENTRAL INDEX KEY: 0001197259 IRS NUMBER: 133595884 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 11 MARTINS AVE CITY: WHITE PLAINS STATE: NY ZIP: 10606 BUSINESS PHONE: 9146831002 SC 13G 1 mv8-29_13g.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G (RULE 13D-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(B), (C) AND (D) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2 (AMENDMENT NO. _____________)* TERRA INDUSTRIES INC. - -------------------------------------------------------------------------------- (Name of Issuer) Common Shares, without par value - -------------------------------------------------------------------------------- (Title of Class of Securities) 880915103 --------- (CUSIP Number) August 18, 2005 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |X| Rule 13d-1(b) |_| Rule 13d-1(c) |_| Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 8 Pages
CUSIP No. 88091513 13G Page 2 of 8 pages - -------------- ------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Whippoorwill Associates, Incorporated - -------------- ------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------- ------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------- ------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA - -------------- ------------------------------------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ----------- ----------------------------------------------------------------------------------- 6 SHARED VOTING POWER 5,694,736 (see Item 4(c)) ----------- ----------------------------------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 5,694,736 (see Item 4(c)) - -------------- ------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,694,736 (see Item 4(c)) - -------------- ------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - -------------- ------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.9% (see Item 4(b)) - -------------- ------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IA; CO - -------------- ------------------------------------------------------------------------------------------------------------- 2 CUSIP No. 88091513 13G Page 3 of 8 pages - -------------- ------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Shelley F. Greenhaus I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - -------------- ------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------- ------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------- ------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------- ------------------------------------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ----------- ----------------------------------------------------------------------------------- 6 SHARED VOTING POWER 5,694,736 (see Item 4(c)) ----------- ----------------------------------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 5,694,736 (see Item 4(c)) - -------------- ------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,694,736 (see Item 4(c)) - -------------- ------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - -------------- ------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.9% (see Item 4(b)) - -------------- ------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN; HC - -------------- ------------------------------------------------------------------------------------------------------------- 3 CUSIP No. 88091513 13G Page 4 of 8 pages - ----------------- ---------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON David A. Strumwasser I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ----------------- ---------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ----------------- ---------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------- ---------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------- ---------------------------------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ----------- ----------------------------------------------------------------------------------- 6 SHARED VOTING POWER 5,694,736 (see Item 4(c)) ----------- ----------------------------------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ----------- ----------------------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 5,694,736 (see Item 4(c)) - ----------------- ---------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,694,736 (see Item 4(c)) - ----------------- ---------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------- ---------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.9% (see Item 4(b)) - ----------------- ---------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN; HC - ----------------- ----------------------------------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT! 4 This statement on Schedule 13G (this "Statement") is being filed by Whippoorwill Associates, Incorporated ("Whippoorwill") and relates to the Common Shares, without par value (the "Common Shares"), of Terra Industries Inc., a Maryland corporation (the "Issuer"). ITEM 1(A). NAME OF ISSUER: Terra Industries Inc. ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: Terra Centre P.O. Box 6000 600 Fourth Street Sioux City, Iowa 51102-6000 ITEM 2(A). NAME OF PERSON FILING: Whippoorwill Associates, Incorporated; Shelley F. Greenhaus ("Mr. Greenhaus"), as Principal and President of Whippoorwill; David A. Strumwasser ("Mr. Strumwasser"), as Principal of Whippoorwill ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The principal business address of Whippoorwill is 11 Martine Avenue, White Plains, New York 10606. The principal business address of Messrs. Greenhaus and Strumwasser is c/o Whippoorwill. ITEM 2(C). CITIZENSHIP: Whippoorwill - Delaware Mr. Greenhaus - United States Mr. Strumwasser - United States ITEM 2(D). TITLE OF CLASS OF SECURITIES: Common Shares, without par value ITEM 2(E). CUSIP 880915103 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B) OR 13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Exchange Act. (b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act. (c) [ ] Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) [ ] Investment company registered under Section 8 of the Investment Company Act. (e) [X] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); [Whippoorwill] (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); 5 (g) [X] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); [Messrs. Greenhaus and Strumwasser] (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). ITEM 4. OWNERSHIP. ITEM 4(A): AMOUNT BENEFICIALLY OWNED: As of August 26, 2005, Whippoorwill may be deemed to be the beneficial owner of 5,694,736 Common Shares, which amount includes 3,483,936 Common Shares issuable upon the conversion of 34,700 shares of 4.25% Series A Cumulative Convertible Perpetual Preferred Shares of the Issuer ("Preferred Shares"), held for the account of various funds and third party accounts for which Whippoorwill has discretionary authority and acts as general partner or investment manager. As of August 26, 2005, Messrs. Greenhaus and Strumwasser may each be deemed to be the beneficial owner of 5,694,736 Common Shares, which amount includes 3,483,936 Common Shares issuable upon the conversion of 34,700 Preferred Shares, deemed to be beneficially owned by Whippoorwill as referred to above. Mr. Greenhaus is the President and a Principal of Whippoorwill. Mr. Strumwasser is a Principal of Whippoorwill. ITEM 4(B): PERCENT OF CLASS: 5.9%, based on 93,010,269 Common Shares outstanding as of June 30, 2005, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005, plus 3,483,936 Common Shares issuable upon the conversion of 34,700 Preferred Shares owned by the reporting persons. ITEM 4(C): Number of shares as to which Whippoorwill has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 5,694,736 (See Item 4(a)) (iii) sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: 5,694,736 (See Item 4(a)) Number of shares as to which Mr. Greenhaus has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 5,694,736 (See Item 4(a)) (iii) sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: 5,694,736 (See Item 4(a)) Number of shares as to which Mr. Strumwasser has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 5,694,736 (See Item 4(a)) (iii) sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: 5,694,736 (See Item 4(a)) 6 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. N/A ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Clients of Whippoorwill have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares reported as beneficially owned by Whippoorwill. None of such clients or any limited partnerships or funds over which Whippoorwill has discretionary authority holds more than 5% of the Common Shares. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON. See Item 4(a) regarding Messrs. Greenhaus and Strumwasser. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. N/A ITEM 9. NOTICE OF DISSOLUTION OF GROUP. N/A ITEM 10. CERTIFICATION. (a) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. (b) N/A 7 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. Date: August 29, 2005 WHIPPOORWILL ASSOCIATES, INCORPORATED /s/ Shelley F. Greenhaus ----------------------------------------- Name: Shelley F. Greenhaus Title: President Date: August 29, 2005 /s/ Shelley F. Greenhaus ----------------------------------------- Shelley F. Greenhaus Date: August 29, 2005 /s/ David A. Strumwasser ----------------------------------------- David A. Strumwasser 8 -----END PRIVACY-ENHANCED MESSAGE-----