-----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, HGGZOmQi75swdGCIGS46oKir3fk/MozvqkT/BIVRh5l3FcZ1Ba80h/brM86BEi6p V9YpcaxaN+EZ0ARJYPq4QA== 0000950142-06-002396.txt : 20061222 0000950142-06-002396.hdr.sgml : 20061222 20061222172325 ACCESSION NUMBER: 0000950142-06-002396 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20061222 DATE AS OF CHANGE: 20061222 GROUP MEMBERS: ANDREW SANDLER GROUP MEMBERS: DOUGLAS SCHIMMEL GROUP MEMBERS: SANDLER ASSOCIATES GROUP MEMBERS: SANDLER ASSOCIATES II, LP GROUP MEMBERS: SANDLER CAPITAL MANAGEMENT GROUP MEMBERS: SANDLER CAPITAL STRUCTURE OPPORTUNITIES MASTER FUND, LTD. GROUP MEMBERS: SANDLER OFFSHORE FUND, INC. GROUP MEMBERS: SANDLER PLUS MASTER FUND, LTD. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER COMPANIES INC CENTRAL INDEX KEY: 0000830141 STANDARD INDUSTRIAL CLASSIFICATION: CHEMICALS & ALLIED PRODUCTS [2800] IRS NUMBER: 061215192 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-40125 FILM NUMBER: 061297803 BUSINESS ADDRESS: STREET 1: 700 LOUISIANA STREET 2: STE 4200 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7132253831 MAIL ADDRESS: STREET 1: 700 LOUISIANA STREET 2: STE 4200 CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: GEV CORP DATE OF NAME CHANGE: 19930902 FORMER COMPANY: FORMER CONFORMED NAME: FINEVEST FOODS INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDLER CAPITAL MANAGEMENT CENTRAL INDEX KEY: 0001000742 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 112792496 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 711 FIFTH AVENUE STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127548100 MAIL ADDRESS: STREET 1: 711 FIFTH AVENUE STREET 2: 15TH FL CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D/A 1 sc13da1_pioneer.txt AMENDMENT NO. 1 =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* ----------------------- PIONEER COMPANIES, INC. (Name of Issuer) COMMON STOCK, PAR VALUE $0.01 PER SHARE (Title of Class of Securities) 723643300 (CUSIP Number) STACEY W. SEEWALD SANDLER CAPITAL MANAGEMENT 711 FIFTH AVENUE, 15TH FLOOR NEW YORK, NY 10022 (212) 754-8100 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) ----------------------- with a copy to: DOUGLAS A. CIFU PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 AVENUE OF THE AMERICAS NEW YORK, NY 10019 DECEMBER 20, 2006 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 1(f) or 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 Rule 13d-1(a) 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 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). =============================================================================== - ----------------------------- ---------------------------- 7236433300 Page 2 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Associates - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 32,370 shares NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 32,370 shares ----------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 32,370 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.27% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 3 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Associates II, LP - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 1,480 shares NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 1,480 shares ----------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,480 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.01% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 4 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Offshore Fund, Inc. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 13,574 shares NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 13,574 shares ----------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,574 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.12% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 5 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Plus Master Fund, Ltd. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 30,785 shares NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 30,785 shares ----------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 30,785 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.26% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 6 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Capital Structure Opportunities Master Fund, Ltd. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 10,000 shares NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING -0- PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 10,000 shares ----------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.08% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 7 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Andrew Sandler - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING 91,894 shares PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------- 10 SHARED DISPOSITIVE POWER 91,894 shares - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 91,894 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.78% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 8 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Sandler Capital Management - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING 91,894 shares PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------- 10 SHARED DISPOSITIVE POWER 91,894 shares - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 91,894 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.78% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 9 of 22 - ----------------------------- ---------------------------- - ------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Douglas Schimmel - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [_] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF ----------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING 10,000 shares PERSON ----------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------- 10 SHARED DISPOSITIVE POWER 10,000 shares - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000 shares - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.08% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- - ----------------------------- ---------------------------- 7236433300 Page 10 of 22 - ----------------------------- ---------------------------- This Amendment No. 1 to Schedule 13D (this "Statement") relates to the common stock, par value $.01 per share (the "Common Stock"), of Pioneer Companies, Inc. (the "Issuer"). This Statement supplementally amends the initial statement on Schedule 13D, filed on May 12, 2006 (the "Initial Statement"), by the Reporting Persons (as defined herein). This Amendment No. 1 is being filed by the Reporting Persons to report that, as a result of recent transactions in the Common Stock, the beneficial ownership of each of the Reporting Persons has decreased by more than one percent of the outstanding shares of Common Stock of the Issuer and each of the Reporting Persons is no longer the beneficial owner of more than five percent of the outstanding Common Stock of the Issuer. ITEM 2. IDENTITY AND BACKGROUND. Item 2 of the Initial Statement is hereby replaced in its entirety with the following: This Statement is being filed by a group, as defined in Rule 13d-5 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended, by each of the following persons (sometimes referred to herein collectively as "Reporting Persons"): (i) Sandler Associates, a New York limited partnership ("SA"), by virtue of its beneficial ownership of 32,370 shares of the Common Stock covered by this Statement; (ii) Sandler Associates II, LP, a New York limited partnership ("SA II"), by virtue of its beneficial ownership of 1,480 shares of the Common Stock covered by this Statement; (iii) Sandler Offshore Fund, Inc., a company formed under the laws of the British Virgin Islands ("SOF"), by virtue of its beneficial ownership of 13,574 shares of the Common Stock covered by this Statement; (iv) Sandler Plus Master Fund, Ltd., a company formed under the laws of the Cayman Islands ("SPF"), by virtue of its beneficial ownership of 30,785 shares of the Common Stock covered by this Statement; (v) Sandler Capital Structure Opportunities Master Fund, Ltd., a company formed under the laws of the Cayman Islands ("SCSOF"), by virtue of its beneficial ownership of 22,000 shares of the Common Stock covered by this Statement; (vi) Andrew Sandler, a U.S. citizen, by virtue of his being the portfolio manager of SA, SA II, SOF, SPF and various managed accounts, as a result of which he may be deemed to have beneficial ownership of 91,894 shares of Common Stock covered by this Statement; (vii) Sandler Capital Management, a registered investment advisor and a New York general partnership ("SCM"), by virtue of its being the investment adviser to SA, SA II, SOF, SPF, SCSOF and various managed accounts, as a result of which it may be deemed to have beneficial ownership of 91,894 shares of Common Stock covered by this Statement; and (viii) Douglas Schimmel, a U.S. citizen, by virtue of his being the portfolio manager of SCSOF, as a result of which he may be deemed to have beneficial ownership of 10,000 shares of Common Stock covered by this Statement. - ----------------------------- ---------------------------- 7236433300 Page 11 of 22 - ----------------------------- ---------------------------- Each Reporting Person is in the business of acquiring, holding and disposing of interests in various companies for investment purposes. The address of the principal office of each Reporting Person (other than SOF, SPF and SCSOF) is 711 Fifth Avenue, 15th Floor, New York, NY 10022. The address of the principal office of SOF, SPF and SCSOF is c/o Olympia Capital International Inc., Williams House, 20 Reid Street, Hamilton HM11, Bermuda. There are six general partners of SCM (the "SCM General Partners"). The SCM General Partners are MJDM Corp., ALCR Corp., ARH Corp., SERF Corp., and JYK SCM Corp., each of which has a business address of 711 Fifth Avenue, 15th Floor, New York, New York 10022 and is in the business of acquiring, holding and disposing of interests in various companies for investment purposes. Each SCM General Partner (other than ARH Corp. and ALCR Corp.) is a New York corporation. ARH Corp. and ALCR Corp. are Delaware corporations. The attached Schedule A sets forth the controlling persons, the executive officers and the directors of each of the SCM General Partners, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. There are seven general partners of each of SA and SA II (the "SA and SA II General Partners"). The SA and SA II General Partners are Michael Marocco, Andrew Sandler, Douglas Schimmel, Harvey Sandler, JYK SA LLC, and The Harvey Sandler Revocable Trust, each of which (other than The Harvey Sandler Revocable Trust) has a business address of 711 Fifth Avenue, 15th Floor, New York, New York 10022 and is in the business of acquiring, holding and disposing of interests in various companies for investment purposes. The Harvey Sandler Revocable Trust has an address of 17591 Lake Estate Drive, Boca Raton, FL 33496. Each of Michael Marocco, Andrew Sandler, Douglas Schimmel and Harvey Sandler is a U.S. citizen. JYK SA LLC is a New York limited liability company. The attached Schedule B sets forth the controlling persons, the executive officers and the directors of each of The Harvey Sandler Revocable Trust and JYK SA LLC, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. None of the Reporting Persons and to the best of each of the Reporting Person's knowledge none of the persons named in Schedule A or Schedule B hereto, has during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) As of the date hereof, each of SA, SA II, SOF, SPF and SCSOF each own of record 32,370 shares of Common Stock, 1,480 shares of Common Stock, 13,574 shares of Common Stock, 30,785 shares of common Stock and 10,000 shares of Common Stock, respectively, or 0.27%, 0.01%, 0.12%, 0.26% and 0.08% respectively, of the Company's issued and outstanding shares of Common Stock. By virtue of the fact that SCM is the investment adviser to and is authorized and empowered to vote and dispose of the securities held by SA, SAII, SOF, SPF, SCSOF and various managed accounts, SCM may be deemed to share voting power and the power to direct the disposition of the shares of Common - ----------------------------- ---------------------------- 7236433300 Page 12 of 22 - ----------------------------- ---------------------------- Stock which each owns of record. Accordingly, as of the date hereof, SCM may be deemed to own beneficially an aggregate of 91,894 shares of Common Stock or 0.78% of the Company's issued and outstanding shares of Common Stock. By virtue of the fact that Andrew Sandler is the portfolio manager of SA, SAII, SOF, SPF and various managed accounts and is authorized and empowered to vote and dispose of the securities held by SA, SA II, SOF, SPF, SCSOF and various managed accounts, Andrew Sandler may be deemed to share voting power and the power to direct the disposition of the shares of Common Stock which each owns of record. Accordingly, as of the date hereof, Andrew Sandler may be deemed to own beneficially an aggregate of 91,894 shares of Common Stock or 0.78% of the Company's issued and outstanding shares of Common Stock. By virtue of the fact that Douglas Schimmel is the portfolio manager of SCSOF and is authorized and empowered to vote and dispose of the securities held by SCSOF, Douglas Schimmel may be deemed to share voting power and the power to direct the disposition of the shares of Common Stock which each owns of record. Accordingly, as of the date hereof, Douglas Schimmel may be deemed to own beneficially an aggregate of 22,000 shares of Common Stock or 0.08% of the Company's issued and outstanding shares of Common Stock. (b) SA has the sole power to direct the vote and the sole power to direct the disposition of the 32,370 shares of Common Stock that may be deemed to be owned beneficially by it. SA II has the sole power to direct the vote and the sole power to direct the disposition of the 1,480 shares of Common Stock that may be deemed to be owned beneficially by it. SOF has the sole power to direct the vote and the sole power to direct the disposition of the 13,574 shares of Common Stock that may be deemed to be owned beneficially by it. SPF has the sole power to direct the vote and the sole power to direct the disposition of the 30,785 shares of Common Stock that may be deemed to be owned beneficially by it. SCSOF has the sole power to direct the vote and the sole power to direct the disposition of the 10,000 shares of Common Stock that may be deemed to be owned beneficially by it. SCM has the shared power to direct the vote and the shared power to direct the disposition of the 91,894 shares of Common Stock that may be deemed to be owned beneficially by it. Andrew Sandler has the shared power to direct the vote and the shared power to direct the disposition of the 91,894 shares of Common Stock that may be deemed to be owned beneficially by him. Douglas Schimmel has the shared power to direct the vote and the shared power to direct the disposition of the 10,000 shares of Common Stock that may be deemed to be owned beneficially by him. (c) Except for the transactions listed on Schedule C hereto, to the knowledge of the Reporting Persons with respect to the persons named in response to paragraph (a), none of the persons named in response to paragraph (a) has effected any transactions in shares of Common Stock during the past 60 days. (d) No person other than the persons listed is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities owned by any member of the group. (e) The Reporting Persons ceased to be the beneficial owner of more than five percent of the Common Stock on December 20. 2006. ITEM 7. MATERIALS TO BE FILED AS EXHIBITS. Exhibit 7.01: Joint Filing Agreement - ----------------------------- ---------------------------- 7236433300 Page 13 of 22 - ----------------------------- ---------------------------- SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated as of December 22, 2006. SANDLER CAPITAL MANAGEMENT By: MJDM Corp., a general partner By: /s/ Moira Mitchell ---------------------------- Name: Moira Mitchell Title: President SANDLER ASSOCIATES By: /s/ Andrew Sandler ---------------------------- Name: Andrew Sandler Title: General Partner SANDLER ASSOCIATES II, L.P. By: /s/ Andrew Sandler ---------------------------- Name: Andrew Sandler Title: General Partner SANDLER OFFSHORE FUND, INC. By: /s/ Steven Warshavsky ----------------------------- Name: Steven Warshavsky Title: Director SANDLER PLUS MASTER FUND, LTD. By: /s/ Steven Warshavsky ---------------------------- Name: Steven Warshavsky Title: Director - ----------------------------- ---------------------------- 7236433300 Page 14 of 22 - ----------------------------- ---------------------------- SANDLER CAPITAL STRUCTURE OPPORTUNITIES MASTER FUND, LTD. By: /s/ Steven Warshavsky ---------------------------- Name: Steven Warshavsky Title: Director By: /s/ Andrew Sandler -------------------------------- Name: Andrew Sandler By: /s/ Douglas Schimmel -------------------------------- Name: Douglas Schimmel - ----------------------------- ---------------------------- 7236433300 Page 15 of 22 - ----------------------------- ---------------------------- EXHIBIT 7.01 JOINT FILING AGREEMENT In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock of Pioneer Companies Inc. and that this Agreement be included as an Exhibit to such statement. IN WITNESS WHEREOF, the undersigned hereby execute this Agreement effective as of December 22, 2006. SANDLER CAPITAL MANAGEMENT By: MJDM Corp., a general partner By: /s/ Moira Mitchell ---------------------------- Name: Moira Mitchell Title: President SANDLER ASSOCIATES By: /s/ Andrew Sandler ---------------------------- Name: Andrew Sandler Title: General Partner SANDLER ASSOCIATES II, L.P. By: /s/ Andrew Sandler ---------------------------- Name: Andrew Sandler Title: General Partner SANDLER OFFSHORE FUND, INC. By: /s/ Steven Warshavsky ----------------------------- Name: Steven Warshavsky Title: Director SANDLER PLUS MASTER FUND, LTD. By: /s/ Steven Warshavsky ---------------------------- Name: Steven Warshavsky Title: Director - ----------------------------- ---------------------------- 7236433300 Page 16 of 22 - ----------------------------- ---------------------------- SANDLER CAPITAL STRUCTURE OPPORTUNITIES MASTER FUND, LTD. By: /s/ Steven Warshavsky ---------------------------- Name: Steven Warshavsky Title: Director By: /s/ Andrew Sandler -------------------------------- Name: Andrew Sandler By: /s/ Douglas Schimmel -------------------------------- Name: Douglas Schimmel SCHEDULE A The following Schedule sets forth the controlling persons, the executive officers and the directors of each of the SCM General Partners, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. MJDM CORP. Michael Marocco, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President, Treasurer and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 - ----------------------------- ---------------------------- 7236433300 Page 17 of 22 - ----------------------------- ---------------------------- ALCR CORP. Andrew Sandler, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Ellen O'Keefe, Treasurer and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Ricky Sandler, Director United States Investments Eminence Partners LLC, Investment Management 20 Park Avenue Suite 3300 New York, New York 10166 ARH CORP. Harvey Sandler, Majority Shareholder and Controlling Person United States Founder Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Jeffrey M. Levine, President United States Chief Financial Officer Sandler Enterprises, Investment Services 1555 North Park Drive Suite 101 Weston, Florida 33329 - ----------------------------- ---------------------------- 7236433300 Page 18 of 22 - ----------------------------- ---------------------------- Moira Mitchell, Treasurer and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Ricky Sandler, Director United States Investments Eminence Partners LLC, Investment Management 20 Park Avenue Suite 3300 New York, New York 10166 SERF CORP. Douglas Schimmel, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 - ----------------------------- ---------------------------- 7236433300 Page 19 of 22 - ----------------------------- ---------------------------- Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 JYK SCM CORP. Jae Kim, Sole Shareholder and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Moira Mitchell, President United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Kathy Rose, Vice President and Secretary United States Administrative Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 Michael Todres, Director United States Accountant Todres and Rubin LLP, Accounting 400 Post Avenue Suite 205 Westbury, New York 11590 - ----------------------------- ---------------------------- 7236433300 Page 20 of 22 - ----------------------------- ---------------------------- SCHEDULE B The following Schedule sets forth the controlling persons, the executive officers and the directors of each of the SA and SA II General Partners which are not individuals, and contains the following information with respect to each such person: (i) name, (ii) citizenship, and (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. THE HARVEY SANDLER REVOCABLE TRUST Harvey Sandler, Sole Trustee and Controlling Person United States Founder Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 JYK SA LLC Jae Kim, Sole Member and Manager and Controlling Person United States Managing Director Sandler Capital Management, Investment Advisor 711 Fifth Avenue New York, New York 10022 - ----------------------------- ---------------------------- 7236433300 Page 21 of 22 - ----------------------------- ---------------------------- SCHEDULE C
- ---------------------------------------------------------------------------------------------------------------------------- NATURE O DATE OF TRANSACTION (OPEN MARKET NUMBER FOR THE ACCOUNT OF TRANSACTION PURCHASE OR OPEN MARKET SECURITIES PRICER PER SHARE - ---------------------------------------------------------------------------------------------------------------------------- Sandler Capital Structure Opportunities 10/13/06 Open market sale 26.4687 Master Fund, Ltd. 5,000 Managed Account 10/27/06 Open market sale 1,600 25.9115 Managed Account 10/27/06 Open market sale 800 25.9115 Sandler Plus Master Fund, Ltd. 10/27/06 Open market sale 10,100 25.9115 Managed Account 10/27/06 Open market sale 3,300 25.9115 Sandler Associates 10/27/06 Open market sale 17,300 25.9115 Sandler Associates II, LP 10/27/06 Open market sale 900 25.9115 Sandler Offshore Fund, Inc. 10/27/06 Open market sale 6,000 25.9115 Sandler Plus Master Fund, Ltd. 11/2/06 open market sale 6,300 25.5000 Sandler Associates 11/2/06 open market sale 4,900 25.5000 Sandler Associates II, LP 11/2/06 open market sale 100 25.5000 Sandler Offshore Fund, Inc. 11/2/06 open market sale 5,100 25.5000 Managed Account 11/7/06 open market sale 1,00 26.1658 Managed Account 11/7/06 open market sale 700 26.1658 Sandler Plus Master Fund, Ltd. 11/7/06 open market sale 7,100 26.1658 Managed Account 11/7/06 open market sale 1,300 26.1658 Sandler Associates 11/7/06 open market sale 15,500 26.1658 Sandler Associates II, LP 11/7/06 open market sale 700 26.1658 Sandler Offshore Fund, Inc. 11/7/06 open market sale 3,600 26.1658 Managed Account 11/8/06 open market sale 1,845 26.8278 Managed Account 11/8/06 open market sale 1,025 26.8278 Sandler Plus Master Fund, Ltd. 11/8/06 open market sale 13,045 26.8278 Managed Account 11/8/06 open market sale 1,922 26.8278 Sandler Associates 11/8/06 open market sale 33,475 26.8278 Sandler Associates II, LP 11/8/06 open market sale 1,153 26.8278 Sandler Offshore Fund, Inc. 11/8/06 open market sale 7,535 26.8278 Sandler Capital Structure Opportunities 11/8/06 open market sale 5,000 26.8278 Master Fund, Ltd. Managed Account 11/9/06 open market sale 900 25.8184 Managed Account 11/9/06 open market sale 500 25.8184 Sandler Plus Master Fund, Ltd. 11/9/06 open market sale 6,500 25.8184 Managed Account 11/9/06 open market sale 1,000 25.8184 Sandler Associates 11/9/06 open market sale 11,700 25.8184 Sandler Associates II, LP 11/9/06 open market sale 600 25.8184 Sandler Offshore Fund, Inc. 11/9/06 open market sale 3,800 25.8184 Managed Account 11/9/06 open market sale 1,000 25.7500 Managed Account 11/9/06 open market sale 500 25.7500 Sandler Plus Master Fund, Ltd. 11/9/06 open market sale 6,600 25.7500 Managed Account 11/9/06 open market sale ,000 25.7500 Sandler Associates 11/9/06 open market sale 11,600 25.7500 Sandler Associates II, LP 11/9/06 open market sale 600 25.7500 Sandler Offshore Fund, Inc. 11/9/06 open market sale 3,700 25.7500 Sandler Capital Structure Opportunities 11/9/06 open market sale 5,000 25.8921
- ----------------------------- ---------------------------- 7236433300 Page 22 of 22 - ----------------------------- ---------------------------- SCHEDULE C
- ---------------------------------------------------------------------------------------------------------------------------- NATURE O DATE OF TRANSACTION (OPEN MARKET NUMBER FOR THE ACCOUNT OF TRANSACTION PURCHASE OR OPEN MARKET SECURITIES PRICER PER SHARE - ---------------------------------------------------------------------------------------------------------------------------- Master Fund, Ltd. Managed Account 11/17/06 open market sale 2,400 27.2500 Managed Account 11/17/06 open market sale 1,300 27.2500 Sandler Plus Master Fund, Ltd. 11/17/06 open market sale 11,000 27.2500 Managed Account 11/17/06 open market sale 2,600 27.2500 Sandler Associates 11/17/06 open market sale 26,400 27.2500 Sandler Associates II, LP 11/17/06 open market sale 1,400 27.2500 Sandler Offshore Fund, Inc. 11/17/06 open market sale 4,900 27.2500 Managed Account 12/1/06 open market sale 1,900 26.9404 Managed Account 12/1/06 open market sale 1,200 26.9404 Sandler Plus Master Fund, Ltd. 12/1/06 open market sale 7,600 26.9404 Managed Account 12/1/06 open market sale 2,300 26.9404 Sandler Associates 12/1/06 open market sale 26,700 26.9404 Sandler Associates II, LP 12/1/06 open market sale 1,400 26.9404 Sandler Offshore Fund, Inc. 12/1/06 open market sale 8,900 26.9404 Managed Account 12/4/06 open market sale 700 28.3580 Managed Account 12/4/06 open market sale 400 28.3580 Sandler Plus Master Fund, Ltd. 12/4/06 open market sale 4,900 28.3580 Managed Account 12/4/06 open market sale 800 28.3580 Sandler Associates 12/4/06 open market sale 9,700 28.3580 Sandler Associates II, LP 12/4/06 open market sale 400 28.3580 Sandler Offshore Fund, Inc. 12/4/06 open market sale 3,100 28.3580 Managed Account 12/5/06 open market sale 1,000 29.3794 Managed Account 12/5/06 open market sale 500 29.3794 Sandler Plus Master Fund, Ltd. 12/5/06 open market sale 6,200 29.3794 Managed Account 12/5/06 open market sale 1,000 29.3794 Sandler Associates 12/5/06 open market sale 11,800 29.3794 Sandler Associates II, LP 12/5/06 open market sale 600 29.3794 Sandler Offshore Fund, Inc. 12/5/06 open market sale 3,900 29.3794 Managed Account 12/8/06 open market sale 900 29.8990 Managed Account 12/8/06 open market sale 500 29.8990 Sandler Plus Master Fund, Ltd. 12/8/06 open market sale 6,200 29.8990 Managed Account 12/8/06 open market sale 1,000 29.8990 Sandler Associates 12/8/06 open market sale 12,000 29.8990 Sandler Associates II, LP 12/8/06 open market sale 600 29.8990 Sandler Offshore Fund, Inc. 12/8/06 open market sale 3,800 29.8990 Managed Account 12/12/06 open market sale 700 29.5689 Managed Account 12/12/06 open market sale 400 29.5689 Sandler Plus Master Fund, Ltd. 12/12/06 open market sale 4,900 29.5689 Managed Account 12/12/06 open market sale 800 29.5689 Sandler Associates 12/12/06 open market sale 9,600 29.5689 Sandler Associates II, LP 12/12/06 open market sale 500 29.5689 Sandler Offshore Fund, Inc. 12/12/06 open market sale 3,100 29.5689
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