-----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, LI9c29LVW3riv38OtgqAwuEeHcLrTY9A93Z2jV0IT9lIYPV+DEoddKVvJafdLwP0 8GIu0FR7I+//HUwQeyCWNA== 0000950142-05-003330.txt : 20051229 0000950142-05-003330.hdr.sgml : 20051229 20051229084556 ACCESSION NUMBER: 0000950142-05-003330 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20051229 DATE AS OF CHANGE: 20051229 GROUP MEMBERS: KARIM SAMII GROUP MEMBERS: PARDUS CAPITAL MANAGEMENT L.P. GROUP MEMBERS: PARDUS CAPITAL MANAGEMENT LLC GROUP MEMBERS: PARDUS EUROPEAN SPECIAL OPPORTUNITIES MASTER FUND L.P. 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 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47769 FILM NUMBER: 051289959 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: Pardus Capital Management L.P. CENTRAL INDEX KEY: 0001337183 IRS NUMBER: 342037131 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1001 AVENUE OF THE AMERICAS STREET 2: SUITE 1001 CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 212-719-7550 MAIL ADDRESS: STREET 1: 1001 AVENUE OF THE AMERICAS STREET 2: SUITE 1001 CITY: NEW YORK STATE: NY ZIP: 10018 SC 13D/A 1 sc13da12_bally.txt AMENDMENT NO. 12 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (AMENDMENT NO. 12)* BALLY TOTAL FITNESS HOLDING CORPORATION (Name of Issuer) COMMON STOCK, PAR VALUE $0.01 PER SHARE (Title of Class of Securities) 05873K108 (CUSIP Number) MR. JOSEPH R. THORNTON, CHIEF OPERATING OFFICER PARDUS CAPITAL MANAGEMENT L.P. 1001 AVENUE OF THE AMERICAS SUITE 1100 NEW YORK, NY 10018 (212) 719-7550 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) with a copy to JEFFREY D. MARELL, ESQ. CARL L. REISNER, ESQ. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 AVENUE OF THE AMERICAS NEW YORK, NEW YORK 10019-6064 DECEMBER 29, 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 to 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 [_]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. *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 disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the 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.) CUSIP NO. 05873K108 PAGE 2 OF 11 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Pardus European Special Opportunities Master Fund L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 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) [_] Not Applicable - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 5,475,000* NUMBER OF ----------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ----------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 5,475,000* PERSON ----------------------------------- WITH 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,475,000* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.3%* - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- * Pardus European Special Opportunities Master Fund L.P., a limited partnership formed under the laws of the Cayman Islands (the "Fund"), is the beneficial owner of 5,475,000 shares of the common stock, par value $0.01 per share (the "Shares"), of Bally Total Fitness Holding Corporation, a Delaware corporation (the "Company"). Pardus Capital Management L.P., a Delaware limited partnership ("PCM"), serves as the investment manager of the Fund and possesses sole power to vote and direct the disposition of all Shares held by the Fund. Pardus Capital Management LLC, a Delaware limited liability company ("PCM LLC"), as the general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may be deemed to be the beneficial owners of all Shares held by the Fund; however, PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the Fund. Based on information provided by the Company, as of December 20, 2005 there were 38,285,905 shares of the Company's common stock issued and outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to beneficially own, 5,475,000 Shares, or 14.3% of the issued and outstanding Shares. CUSIP NO. 05873K108 PAGE 3 OF 11 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Pardus Capital Management L.P. (34-2037131) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 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) [_] Not Applicable - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 5,475,000* NUMBER OF ----------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ----------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 5,475,000* PERSON ----------------------------------- WITH 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,475,000* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.3%* - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IA - -------------------------------------------------------------------------------- * The Fund is the beneficial owner of 5,475,000 Shares of the Company. PCM serves as the investment manager of the Fund and possesses sole power to vote and direct the disposition of all Shares held by the Fund. PCM LLC, as the general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC may be deemed to be the beneficial owners of all Shares held by the Fund; however, PCM LLC, and Mr. Samii disclaim beneficial ownership of all Shares held by the Fund. Based on information provided by the Company, as of December 20, 2005 there were 38,285,905 shares of the Company's common stock issued and outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to beneficially own, 5,475,000 Shares, or 14.3% of the issued and outstanding Shares. CUSIP NO. 05873K108 PAGE 4 OF 11 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Pardus Capital Management LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 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) [_] Not Applicable - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 5,475,000* NUMBER OF ----------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ----------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 5,475,000* PERSON ----------------------------------- WITH 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,475,000* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.3%* - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- * The Fund is the beneficial owner of 5,475,000 Shares of the Company. PCM serves as the investment manager of the Fund and possesses sole power to vote and direct the disposition of all Shares held by the Fund. PCM LLC, as the general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may be deemed to be the beneficial owners of all Shares held by the Fund; however, PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the Fund. Based on information provided by the Company, as of December 20, 2005 there were 38,285,905 shares of the Company's common stock issued and outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to beneficially own, 5,475,000 Shares, or 14.3% of the issued and outstanding Shares. CUSIP NO. 05873K108 PAGE 5 OF 11 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Mr. Karim Samii - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] - -------------------------------------------------------------------------------- 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) [_] Not Applicable - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 5,475,000* NUMBER OF ----------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ----------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 5,475,000* PERSON ----------------------------------- WITH 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,475,000* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.3%* - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- * The Fund is the beneficial owner of 5,475,000 Shares of the Company. PCM serves as the investment manager of the Fund and possesses sole power to vote and direct the disposition of all Shares held by the Fund. PCM LLC, as the general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may be deemed to be the beneficial owners of all Shares held by the Fund; however, PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the Fund. Based on information provided by the Company, as of December 20, 2005 there were 38,285,905 shares of the Company's common stock issued and outstanding. Thus, for the purposes of Reg. Section 240.13d-3, the Fund and PCM are deemed to beneficially own, and PCM LLC and Mr. Karim Samii may be deemed to beneficially own, 5,475,000 Shares, or 14.3% of the issued and outstanding Shares. CUSIP NO. 05873K108 PAGE 6 OF 11 Pursuant to Rule 13d-2(a) of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the "Act"), the undersigned hereby amends the Schedule 13D Statement originally filed by Pardus Capital Management L.P., a Delaware limited partnership ("PCM"), dated September 6, 2005, as amended by Amendment No. 1, dated September 6, 2005, Amendment No. 2, dated September 6, 2005, Amendment No. 3, dated September 8, 2005, Amendment No. 4, dated September 15, 2005, Amendment No. 5, dated September 23, 2005, Amendment No. 6, dated October 6, 2005, Amendment No. 7, dated October 17, 2005, Amendment No. 8, dated October 24, 2005, Amendment No. 9, 2005, dated November 17, 2005, Amendment No. 10, dated December 5, 2005, and Amendment No. 11, dated December 8, 2005 (as amended, the "Schedule 13D"), relating to the common stock, par value $0.01 per share (the "Shares"), of Bally Total Fitness Holding Corporation, a Delaware corporation (the "Company"). This Amendment No. 12 to the Schedule 13D is being filed on behalf of Pardus European Special Opportunities Master Fund L.P., a limited partnership formed under the laws of the Cayman Islands (the "Fund"), PCM, Pardus Capital Management LLC, a Delaware limited liability company ("PCM LLC"), and Mr. Karim Samii (individually, a "Reporting Person", and collectively, the "Reporting Persons"). ITEM 1. SECURITY AND ISSUER. No material change. ITEM 2. IDENTITY AND BACKGROUND. No material change. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. No material change. ITEM 4. PURPOSE OF TRANSACTION. This Item 4 is hereby amended by adding the following: "On or about December 29, 2005, the Fund sent a letter to the board of directors of the Company responding to the Company's recent public allegations that the Fund, Liberation Investments L.P. and Liberation Investments, Ltd. are acting in concert and that such concerted actions may have triggered rights under the Company's Stockholder Rights Plan. A copy of the December 29, 2005 letter to the board has been attached hereto as Exhibit 11. Except as otherwise described in this Item 4 of this Schedule 13D, as amended, the acquisition of the Shares by the Fund is for investment purposes on behalf of the Fund." ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) and (b). The beneficial ownership and ownership percentages set forth herein are as of December 29, 2005. All ownership percentages set forth herein assume that there are 38,285,905 Shares outstanding, based on the total number of shares reported in the Definitive Proxy Statement on Schedule 14A of the Company filed with the Securities and Exchange Commission on December 27, 2005 to be issued and outstanding as of December 20, 2005. The responses to Items 7, 8, 9, 10, 11 and 13 of the inside cover pages of this Schedule 13D are hereby incorporated by reference in response to this Item 5. The Fund is the beneficial owner of 5,475,000 Shares of the Company. PCM serves as the investment manager of the Fund and possesses sole power to vote and direct the disposition of all Shares held by the Fund. PCM LLC, as the general partner of PCM, and Mr. Karim Samii, as the sole member of PCM LLC, may be deemed to be the beneficial owners of all Shares held by the Fund; however, PCM LLC and Mr. Samii disclaim beneficial ownership of all Shares held by the Fund. CUSIP NO. 05873K108 PAGE 7 OF 11 (c) Since the filing of Amendment 11 to the Schedule 13D on December 8, 2005, the Fund has acquired Shares from the Company as follows: - ---------------------------------------------------------------------------- CAPITAL STOCK TRADE DATE BUY/SELL AMOUNT PRICE - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 3,100 $6.19 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,500 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,000 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 5,000 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,000 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,400 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 900 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 6,400 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 600 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,900 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 500 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 600 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 600 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 600 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 600 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 800 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 700 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- CUSIP NO. 05873K108 PAGE 8 OF 11 - ---------------------------------------------------------------------------- CAPITAL STOCK TRADE DATE BUY/SELL AMOUNT PRICE - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.22 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.23 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.23 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.23 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.23 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,400 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 900 $6.25 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,000 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.24 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 3,300 $6.23 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,400 $6.29 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.30 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 10,000 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,000 $6.33 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 11,000 $6.33 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.33 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,000 $6.33 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 800 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 300 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,700 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 500 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 500 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.33 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 700 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,400 $6.33 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 500 $6.32 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 400 $6.21 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 4,000 $6.27 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.27 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.27 - ---------------------------------------------------------------------------- CUSIP NO. 05873K108 PAGE 9 OF 11 - ---------------------------------------------------------------------------- CAPITAL STOCK TRADE DATE BUY/SELL AMOUNT PRICE - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.27 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.27 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.27 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,100 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.25 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,600 $6.25 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 100 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 200 $6.25 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 6,000 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 2,000 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,000 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 3,000 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,500 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 1,600 $6.26 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 4,000 $6.19 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 8,000 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/14/05 Buy 13,000 $6.20 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.84 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.84 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 2,000 $5.85 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 400 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.89 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 500 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 1,400 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 900 $5.93 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.93 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 300 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 500 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 300 $5.94 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 600 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 1,000 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 500 $5.89 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 2,000 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 400 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 700 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 400 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.89 - ---------------------------------------------------------------------------- CUSIP NO. 05873K108 PAGE 10 OF 11 - ---------------------------------------------------------------------------- CAPITAL STOCK TRADE DATE BUY/SELL AMOUNT PRICE - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 400 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 400 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 300 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.92 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 1,500 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.89 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 300 $5.90 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 400 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 100 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 4,500 $5.91 - ---------------------------------------------------------------------------- Common Stock 12/23/05 Buy 200 $5.90 - ---------------------------------------------------------------------------- (d) Not applicable. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. No material change. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit 10: Joint Filing Agreement, dated December 29, 2005, among the Reporting Persons. Exhibit 11: Letter to the Board of Directors of Bally Total Fitness Holding Corporation, dated December 29, 2005. SIGNATURE After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: December 29, 2005 PARDUS EUROPEAN SPECIAL OPPORTUNITIES MASTER FUND L.P. By: Pardus Capital Management L.P., its Investment Manager By: Pardus Capital Management LLC, its general partner By: /s/ Karim Samii ----------------------------------- Name: Karim Samii Title: Sole Member PARDUS CAPITAL MANAGEMENT L.P. By: Pardus Capital Management LLC, its general partner By: /s/ Karim Samii ----------------------------------- Name: Karim Samii Title: Sole Member PARDUS CAPITAL MANAGEMENT LLC By: /s/ Karim Samii ----------------------------------- Name: Karim Samii Title: Sole Member /s/ Karim Samii --------------------------------------- Karim Samii Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001). EX-99 2 exhibit10-sc13da12.txt EXHIBIT 10 EXHIBIT 10 ---------- JOINT FILING AGREEMENT Each of the undersigned hereby acknowledges and agrees, in compliance with the provisions of Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, that the Schedule 13D to which this Agreement is attached as an Exhibit, and any amendments thereto, will be filed with the Securities and Exchange Commission jointly on behalf of the undersigned. This Agreement may be executed in one or more counterparts. Dated: December 29, 2005 PARDUS EUROPEAN SPECIAL OPPORTUNITIES MASTER FUND L.P. By: Pardus Capital Management L.P., its Investment Manager By: Pardus Capital Management LLC, its general partner By: /s/ Karim Samii ----------------------------------- Name: Karim Samii Title: Sole Member PARDUS CAPITAL MANAGEMENT L.P. By: Pardus Capital Management LLC, its general partner By: /s/ Karim Samii ----------------------------------- Name: Karim Samii Title: Sole Member PARDUS CAPITAL MANAGEMENT LLC By: /s/ Karim Samii ----------------------------------- Name: Karim Samii Title: Sole Member /s/ Karim Samii --------------------------------------- Karim Samii EX-99 3 exhibit11-sc13da12.txt EXHIBIT 11 EXHIBIT 11 ---------- PARDUS EUROPEAN SPECIAL OPPORTUNITIES MASTER FUND L.P. C/O PARDUS CAPITAL MANAGEMENT L.P. 1001 AVENUE OF THE AMERICAS, SUITE 1100 NEW YORK, NY 10018 December 29, 2005 Bally Total Fitness Holding Corporation 8700 West Bryn Mawr Chicago, IL 60631 Attn: Board of Directors Gentlemen: Three weeks ago, on December 8, we wrote to express our concern and dismay over actions of Bally's management and Board that have caused grave injury to the Company, and to request urgent action to begin to repair the damage. Among other things, we asked you immediately to place Pardus' three nominees on the Board, begin a program of needed governance reform, halt the management's litigation campaign against shareholder democracy - which has now resulted in losses for the Company in both federal and state court - establish a fair and open procedure to manage the sale process (which, contrary to management's recent assertions, Pardus fully supports), and open an independent investigation of management's recent sales of large amounts of stock. Rather than respond on the merits, your open letter of December 12 rejected every one of our requests and failed even to respond to any of our concerns. Continuing this pattern, on December 23, management made the extraordinary announcement that the Company is "considering its options in [sic] seeking a determination" of whether actions of Pardus and Liberation Investments "may have triggered the Company's Stockholder Rights Plan." Any such claim, to put it mildly, would be frivolous. Pardus has taken no action that could conceivably trigger the Rights Plan, and allowing the Rights Plan to go into effect in the current environment would be a serious breach of fiduciary duties owed to stockholders by the Board and an impermissible interference with the shareholder franchise. Moreover, the apparent basis for any such claim is the Company's allegation that the Rights Plan was triggered when Pardus placed on its slate Don Kornstein, who had been suggested for a Board post by Liberation. But, as management and its counsel know full well, the Company has admitted in court papers filed in Delaware that it confirmed to Liberation that suggesting the names of possible directors would NOT trigger the Rights Plan. Because there is no legitimate basis to claim that the Rights Plan has gone into effect, and because it inexplicably fails to disclose the Company's judicial admissions, the December 23 release is false and misleading and appears to violate the securities laws. 2 Given the lack of any foundation for this threatened claim, the December 23 release appears to us to serve two equally illegitimate purposes. The first is to intimidate Pardus and induce us to stop advocating reform. That is a serious mistake. Far from deterring Pardus, the Company's threats and bullying powerfully confirm the need for the changes we have asked the Board to implement. The Company's tactics will not work. The second apparent purpose is to send a message to stockholders that management will do everything in its power to block reform, and to create confusion and uncertainty in the market - all as part of an effort to further entrench management, and allow management to continue to enrich themselves under the proposed new equity plan, after having sold a substantial amount of their equity holdings at prices well above the current market. We demand that this conduct stop. Time is growing short, and we again call upon the Board to implement the recommendations outlined in our December 8 letter. The current stock price clearly shows that your shareholders and the broader market strongly disapprove of management's actions since the earnings release. Both the stock price and what we have heard from other shareholders indicate that Mr. Toback's recent round of investor visits was a complete failure. In this context, there is a real risk that Mr. Toback will lose his job at the upcoming annual meeting. It is clear, we believe, that management is hopelessly conflicted, and that the Board must act independently to meet the imminent challenges the Company faces, including planning for a potential successor to Mr. Toback. Management's recent actions, including the December 23 release, which were apparently sanctioned by Company counsel, also make it imperative that the independent Board members immediately retain their own legal advisor to make sure that the Board can discharge its fiduciary responsibilities free from any conflict. Finally, we must note our strong objection to management's personal attacks on Don Kornstein, an extremely capable and knowledgeable candidate who would be a great credit to the Board. Bally is lucky that he is willing to serve. Contrary to the impression created by the December 23 release, we are informed by Mr. Kornstein that 3 several current members of the Board interviewed him in November and commented that he would be a valuable addition to the Board due to his unique skills and experience. It is fundamentally unfair for management now to disparage Mr. Kornstein for self-interested purposes. We look forward to your response. Very truly yours, PARDUS EUROPEAN SPECIAL OPPORTUNITIES MASTER FUND L.P. By: Pardus Capital Management L.P., its investment manager By: Pardus Capital Management LLC, its general partner By: /s/ Karim Samii ---------------------------------- Name: Karim Samii Title: Sole Member -----END PRIVACY-ENHANCED MESSAGE-----