-----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, JJUMsP8no4W9Sx9hwcxN6BaBzvb/UKMKBWDZj9i3WEngZpDoz7nU8wJReqE+fUP1 Koi3b8OsMVZv49TDCZi1Gw== 0000902664-06-001240.txt : 20060413 0000902664-06-001240.hdr.sgml : 20060413 20060413155003 ACCESSION NUMBER: 0000902664-06-001240 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060413 DATE AS OF CHANGE: 20060413 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BALLY TOTAL FITNESS HOLDING CORP CENTRAL INDEX KEY: 0000770944 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEMBERSHIP SPORTS & RECREATION CLUBS [7997] IRS NUMBER: 363228107 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-47769 FILM NUMBER: 06758465 BUSINESS ADDRESS: STREET 1: 8700 WEST BRYN MAWR AVENUE STREET 2: SECOND FLOOR CITY: CHICAGO STATE: IL ZIP: 60631 BUSINESS PHONE: 773-380-3000 MAIL ADDRESS: STREET 1: 8700 WEST BRYN MAWR AVENUE STREET 2: SECOND FLOOR CITY: CHICAGO STATE: IL ZIP: 60631 FORMER COMPANY: FORMER CONFORMED NAME: BALLYS HEALTH & TENNIS CORP DATE OF NAME CHANGE: 19940526 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RAMIUS CAPITAL GROUP LLC CENTRAL INDEX KEY: 0001050154 IRS NUMBER: 133937658 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128457900 MAIL ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13G 1 sc13g.txt BALLY TOTAL FITNESS HOLDING CORP. UNITED STATES SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. __)* Bally Total Fitness Holding Corporation (Name of Issuer) Common Stock (Title of Class of Securities) 05873K108 (CUSIP Number) April 11, 2006 (Date of event which requires filing of this statement) Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed: [ ] Rule 13d-1(b) [X] 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 purposes 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 22 Pages CUSIP No. 05873K108 13G Page 2 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Starboard Value and Opportunity Master Fund Ltd. - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 1,186,753 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 1,186,753 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,186,753 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.10% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 3 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS RCG Ambrose Master Fund, Ltd. - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 95,708 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 95,708 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 95,708 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.25% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 4 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS RCG Halifax Fund, Ltd. - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 93,392 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 93,392 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 93,392 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.24% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 5 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Ramius Master Fund, Ltd. - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 463,011 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 463,011 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 463,011 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.21% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 6 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Ramius Securities, L.L.C. 58-2253019 - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 370,981 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 370,981 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,981 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.97% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** BD - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 7 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Admiral Advisors, LLC - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 1,186,753 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 1,186,753 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,186,753 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.10% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IA, OO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 8 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Ramius Advisors, LLC 13-3954331 - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 463,011 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 463,011 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 463,011 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.21% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IA, OO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 9 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Ramius Capital Group, L.L.C. 13-3937658 - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 2,209,845 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 2,209,845 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,845 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.77% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IA, OO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 10 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS C4S & Co., L.L.C. 13-3946794 - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 2,209,845 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 2,209,845 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,845 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.77% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 11 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Peter A. Cohen - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 2,209,845 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 2,209,845 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,845 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.77% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 12 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Morgan B. Stark - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 2,209,845 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 2,209,845 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,845 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.77% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 13 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Thomas W. Strauss - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 2,209,845 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 2,209,845 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,845 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.77% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 14 of 22 Pages (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Jeffrey M. Solomon - -------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES _________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 2,209,845 OWNED BY _________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING _________________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 2,209,845 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,845 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.77% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - -------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 05873K108 13G Page 15 of 22 Pages Item 1. (a) Name of Issuer Bally Total Fitness Holding Corporation, Inc., a Delaware Corporation (the "Company"). (b) Address of Issuer's Principal Executive Offices 8700 West Bryn Mawr Avenue Second Floor Chicago IL 60631 Item 2(a). Name of Person Filing Item 2(b). Address of Principal Business Office Item 2(c). Citizenship Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Delaware Starboard Value and Opportunity Master Fund Ltd. c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Cayman Islands RCG Ambrose Master Fund, Ltd. c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Cayman Islands RCG Halifax Fund, Ltd. c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Cayman Islands Ramius Master Fund, Ltd. c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Cayman Islands Ramius Securities, L.L.C. c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Delaware Admiral Advisors, LLC c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Delaware CUSIP No. 05873K108 13G Page 16 of 22 Pages Ramius Advisors, LLC c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Delaware C4S & Co., L.L.C. c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: Delaware Peter A. Cohen c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: United States Morgan B. Stark c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: United States Thomas W. Strauss c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: United States Jeffrey M. Solomon c/o Ramius Capital Group, L.L.C. 666 Third Avenue, 26th Floor New York, New York 10017 Citizenship: United States Item 2(d). Title of Class of Securities Common Stock, par value $0.01 per share ("Common Stock") Item 2(e). CUSIP Number 05873K108 Item 3. If this statement is filed pursuant to Rules 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 Act (15 U.S.C. 78o). (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). CUSIP No. 05873K108 13G Page 17 of 22 Pages (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). If this statement is filed pursuant to Rule 13d-1(c), check this box. [X] Item 4. Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: As of the date hereof, (i) Starboard Value and Opportunity Master Fund Ltd., a Cayman Islands exempted company ("Starboard") owns 1,186,753 shares of Common Stock, (ii) RCG Ambrose Master Fund, Ltd., a Cayman Islands company ("RCG Ambrose") owns 95,708 shares of Common Stock, (iii) RCG Halifax Fund, Ltd., a Cayman Islands Company ("RCG Halifax") owns 93,392 shares of Common Stock,(iv) Ramius Master Fund, Ltd., a Cayman Islands exempted company ("Ramius Master Fund") owns 463,011 shares of Common Stock and (v) Ramius Securities, L.L.C., a Delaware limited liability company ("Ramius Securities") owns 370,981 shares of Common Stock. In addition, (i) Admiral Advisors, LLC, a Delaware limited liability company ("Admiral") may be deemed to beneficially own the 1,186,753 shares owned by Starboard, (ii) Ramius Advisors, LLC, a Delaware limited liability company ("Ramius Advisors") may be deemed to beneficially own the 463,011 shares owned by Ramius Master Fund and (iii) each of Ramius Capital Group, L.L.C., a Delaware limited liability company ("Ramius Capital"), C4S & Co., L.L.C., a Delaware limited liability company ("C4S"), Peter A. Cohen ("Mr. Cohen"), Morgan B. Stark ("Mr. Stark"), Thomas W. Strauss ("Mr. Strauss") and Jeffrey M. Solomon ("Mr. Solomon") may be deemed to beneficially own all shares of Common Stock held by Starboard, RCG Ambrose, RCG Halifax, Ramius Master Fund and Ramius Securities, an aggregate number of 2,209,845 shares of Common Stock. Note: Ramius Capital is the investment manager of Ambrose and Halifax and has the power to direct some of the affairs of Ambrose and Halifax, including decisions respecting the disposition of the proceeds from the sale of shares of the Common Stock. Admiral Advisors is the investment manager of Starboard and has the power to direct some of the affairs of CUSIP No. 05873K108 13G Page 18 of 22 Pages Starboard, including decisions respecting the disposition of the proceeds from the sale of shares of the Common Stock. Ramius Capital is the sole member of Admiral Advisors. Ramius Advisors is the investment manager of Ramius Master Fund and has the power to direct some of the affairs of Ramius Master Fund, including decisions respecting the disposition of the proceeds from the sale of shares of the Common Stock. Ramius Capital is the managing member of Ramius Advisors. Ramius Securities is a broker dealer affiliated with Ramius Capital. Ramius Capital is the managing member of Ramius Securities. C4S is the managing member of Ramius Capital and in that capacity directs its operations. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon are the managing members of C4S and in that capacity direct its operations. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another Reporting Person. In addition, each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon disclaims beneficial ownership of the shares of Common Stock owned by Starboard, Ambrose, Halifax, Ramius Master Fund and Ramius Securities and the filing of this statement shall not be construed as an admission that any such person is the beneficial owner of any such securities. (b) Percent of class: Based on the Company's definitive proxy statement filed by the Company on December 27, 2005, there were 38,285,905 shares of Common Stock outstanding as of December 20, 2005. Therefore, (i) each of Starboard and Admiral may be deemed to beneficially own 3.10% of the outstanding shares of Common Stock, (ii) RCG Ambrose may be deemed to beneficially own 0.25% of the outstanding shares of Common Stock, (iii) RCG Halifax may be deemed to beneficially own 0.24% of the outstanding shares of Common Stock, (iv) each of Ramius Master Fund and Ramius Advisors may be deemed to beneficially own 1.21% of the outstanding shares of Common Stock, (v) Ramius Securities may be deemed to beneficially own 0.97% of the outstanding shares of Common Stock and (vi) each of Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed to beneficially own 5.77% of the outstanding shares of Common Stock. (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: See Item 4(a) above. (ii) Shared power to vote or to direct the vote See Item 4(a) above. (iii) Sole power to dispose or to direct the disposition of See Item 4(a) above. (iv) Shared power to dispose or to direct the disposition of See Item 4(a) above. (v) Shared power to dispose or to direct the disposition of CUSIP No. 05873K108 13G Page 19 of 22 Pages See Item 4(a) above. (vi) Shared power to dispose or to direct the disposition of See Item 4(a) above. Item 5. Ownership of Five Percent or Less of a Class Not applicable. Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company Not applicable. Item 8. Identification and Classification of Members of the Group See Exhibit I. Item 9. Notice of Dissolution of Group Not applicable Item 10. Certification By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above 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. Exhibits: Exhibit I: Joint Filing Agreement, dated as of April 13, 2006, by and among Ramius Capital, Starboard, RCG Ambrose, RCG Halifax, Ramius Master Fund, Ramius Securities, Admiral, Ramius Advisors, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon. Exhibit II: Power of attorney for Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon dated March 11, 2005. CUSIP No. 05873K108 13G Page 20 of 22 Pages SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: April 13, 2006 STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD MASTER FUND LTD. By: Ramius Advisors, LLC By: Admiral Advisors, LLC, its investment manager its managing member By: Ramius Capital Group, L.L.C. its managing member RCG AMBROSE MASTER FUND, LTD. By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC its investment manager By: Ramius Capital Group, L.L.C., By: C4S & Co., L.L.C., its managing member its managing member RAMIUS CAPITAL GROUP, L.L.C. RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C., By: Ramius Capital Group, L.L.C., as managing member its investment manager By: C4S & Co., L.L.C., C4S & CO., L.L.C. its managing member RAMIUS SECURITIES, L.L.C. By: Ramius Capital Group, L.L.C., its Managing Member By: C4S & Co., L.L.C., its Managing Member By: /s/ Morgan B. Stark ----------------------- Name: Morgan B. Stark Title: Authorized Signatory MORGAN B. STARK /s/ Morgan B. Stark - -------------------------------- Individually and as attorney-in- fact for Peter A. Cohen, Jeffrey M. Solomon and Thomas W. Strauss CUSIP No. 05873K108 13G Page 21 of 22 Pages EXHIBIT I JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: April 13, 2006 STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD MASTER FUND LTD. By: Ramius Advisors, LLC By: Admiral Advisors, LLC, its investment manager its managing member By: Ramius Capital Group, L.L.C. its managing member RCG AMBROSE MASTER FUND, LTD. By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC its investment manager By: Ramius Capital Group, L.L.C., By: C4S & Co., L.L.C., its managing member its managing member RAMIUS CAPITAL GROUP, L.L.C. RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C., By: Ramius Capital Group, L.L.C., as managing member its investment manager By: C4S & Co., L.L.C., C4S & CO., L.L.C. its managing member RAMIUS SECURITIES, L.L.C. By: Ramius Capital Group, L.L.C., its Managing Member By: C4S & Co., L.L.C., its Managing Member By: /s/ Morgan B. Stark ----------------------- Name: Morgan B. Stark Title: Authorized Signatory MORGAN B. STARK /s/ Morgan B. Stark - -------------------------------- Individually and as attorney-in- fact for Peter A. Cohen, Jeffrey M. Solomon and Thomas W. Strauss CUSIP No. 05873K108 13G Page 22 of 22 Pages EXHIBIT II POWER OF ATTORNEY The undersigned hereby appoints Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon, or any of them, his true and lawful attorney-in fact and agent to execute and file with the Securities and Exchange Commission any Schedule 13D, Schedule 13G, any amendments thereto and any related documentation which may be required to be filed in his individual capacity as a result of the undersigned's beneficial ownership of, or participation in a group with respect to, securities directly or indirectly beneficially owned by Ramius Capital Group, LLC or any of its affiliates, and granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing which he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. The authority of Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon, or any of them, under this Power of Attorney shall continue with respect to the undersigned until the undersigned is no longer required to file Schedule 13Ds or Schedule 13Gs unless revoked earlier in writing. Date: March 11, 2005 /s/ Peter A. Cohen -------------------------- Peter A. Cohen /s/ Morgan B. Stark -------------------------- Morgan B. Stark /s/ Thomas W. Strauss -------------------------- Thomas W. Strauss /s/ Jeffrey M. Solomon -------------------------- Jeffrey M. Solomon -----END PRIVACY-ENHANCED MESSAGE-----