-----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, Ni1bLyIVbp4oA9u9HzJnWAI+3/f5EY9IcriKVQv84tIoTuAZwGZd2nqkq5fmH2xt xvEaE0rYjbyJkT48Whf64A== 0000950135-06-001009.txt : 20060217 0000950135-06-001009.hdr.sgml : 20060217 20060217171926 ACCESSION NUMBER: 0000950135-06-001009 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060217 DATE AS OF CHANGE: 20060217 GROUP MEMBERS: GEORGE J. SCHULTZE GROUP MEMBERS: SCHULTZE MASTER FUND, LTD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IMPERIAL SUGAR CO /NEW/ CENTRAL INDEX KEY: 0000831327 STANDARD INDUSTRIAL CLASSIFICATION: SUGAR & CONFECTIONERY PRODUCTS [2060] IRS NUMBER: 740704500 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-39663 FILM NUMBER: 06630214 BUSINESS ADDRESS: STREET 1: ONE IMPERIAL SQ STE 200 STREET 2: P O BOX 9 CITY: SUGAR LAND STATE: TX ZIP: 77487 BUSINESS PHONE: 2814919181 FORMER COMPANY: FORMER CONFORMED NAME: IMPERIAL HOLLY CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IMPERIAL SUGAR CO /TX/ DATE OF NAME CHANGE: 19880606 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Schultze Asset Management, LLC CENTRAL INDEX KEY: 0001297629 IRS NUMBER: 223563247 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 3000 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: (914) 701-5260 MAIL ADDRESS: STREET 1: 3000 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 SC 13D/A 1 b59280a6sc13dza.txt IMPERIAL SUGAR COMPANY SCHEDULE 13D (Rule 13d-101) Information to be Included in Statements Filed Pursuant to Rule 13d-1(a) and Amendments Thereto Filed Pursuant to Rule 13d-2(a) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 6) IMPERIAL SUGAR COMPANY (Name of Issuer) Common Stock (Title of Class of Securities) 453096208 (CUSIP Number) George J. Schultze Schultze Asset Management, LLC 3000 Westchester Avenue Purchase, NY 10577 with a copy to: Steven R. London Brown Rudnick Berlack Israels LLP One Financial Center Boston, MA 02111 (617) 856-8200 February 10, 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 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 Rule 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. 453096208 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Schultze Master Fund, Ltd. 98-0425156 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 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 NUMBER OF 1,146,009 SHARES --------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY --------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 1,146,009 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,146,009 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.8% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- CUSIP No. 453096208 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Schultze Asset Management, LLC 22-3563247 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES --------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 141,634 OWNED BY --------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 1,287,643 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,287,643 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IA - -------------------------------------------------------------------------------- CUSIP No. 453096208 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON George J. Schultze - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 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 of America - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES --------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 141,634 OWNED BY --------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 1,287,643 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,287,643 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- SCHEDULE 13D Company: Imperial Sugar Company. CUSIP Number: 453096208 ITEM 1. SECURITY AND ISSUER. This Amendment No. 6 to Statement on Schedule 13D (the "Amendment No. 6") amends and supplements the Statement on Schedule 13D filed with the Securities and Exchange Commission ("SEC") on July 20, 2004 (the "Original Statement") and the Amendment No. 1 to Statement on Schedule 13D filed with the SEC on October 12, 2004, the Amendment No. 2 to Statement on Schedule 13D filed with the Securities and Exchange Commission on December 22, 2004, the Amendment No. 3 to Statement on Schedule 13D filed with the SEC on February 9, 2005, as revised to correct a typographical error and re-filed on February 10, 2005, the Amendment No. 4 filed with the SEC on May 19, 2005, and the Amendment No. 5 filed with the SEC on September 8, 2005 on behalf of Schultze Asset Management, LLC, George J. Schultze, and the Schultze Master Fund, Ltd., and relates to the common stock, no par value (the "Common Stock"), of Imperial Sugar Company, a Texas corporation (the "Company"). This Amendment No. 6 is filed by Schultze Master Fund, Ltd., Schultze Asset Management, LLC, and George J. Schultze (collectively, the "Reporting Persons"). The principal executive offices of the Company are located at One Imperial Square, PO Box 9, Sugar Land, TX 77487, United States. Except as set forth herein, the Original Statement is unmodified. ITEM 2. IDENTITY AND BACKGROUND. Schultze Asset Management, LLC is (i) a privately held asset management firm, (ii) a limited liability company organized under the laws of Delaware, and (iii) registered as an investment adviser under the Investment Advisers Act of 1940 (File No. 801-62112). Schultze Asset Management, LLC's principal business and office address is 3000 Westchester Avenue, Purchase, NY 10577. Schultze Asset Management, LLC acts as investment manager for individual and institutional investors through limited partnerships, offshore funds, and managed accounts (the "Managed Accounts"). Schultze Master Fund, Ltd., a Cayman Islands company, is one of Schultze Asset Management, LLC's Managed Accounts. Schultze Master Fund, Ltd.'s principal business address is c/o Caledonian Fund Svcs. Ltd, P.O. Box 1043 GT, Grand Cayman, Cayman Islands. George J. Schultze, a citizen of the United States of America, is the Managing Member of Schultze Asset Management, LLC, and a director of Schultze Master Fund, Ltd. George J. Schultze exercises sole voting and investment control over Schultze Asset Management, LLC. George J. Schultze's business address is 3000 Westchester Avenue, Purchase, NY 10577. This Amendment No. 6 reports Schultze Asset Management, LLC's and George J. Schultze's indirect beneficial ownership of shares of Common Stock of the Company held by the following Managed Accounts in the indicated amounts: Shares of Common Stock of Managed Account the Company --------------- ------------------------- Schultze Master Fund, Ltd. 1,146,009 AIP Alpha Strategies I Fund 82,021 Arrow Distressed Securities Fund 58,543 Yolanda Schultze 1,070 TOTAL 1,287,643 In addition, this Amendment No. 6 reports the direct ownership of Schultze Master Fund, Ltd. of 1,146,009 shares of Common Stock of the Company. During the past five years, none of the Reporting Persons have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result thereof was or is subject to a judgment, decree or financial 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 4. PURPOSE OF TRANSACTION. Schultze Asset Management, LLC is a long-term shareholder of the Company and has, directly and through its representatives and advisors, from time to time had discussions and corresponded with the Company's management, members of the Company's board of directors, and the Company's representatives and advisors, about the Company's business plans, strategies, and related matters. In connection with the foregoing, and as may be appropriate from time to time depending on the course of discussions with the Company, its representatives and advisors, and/or other actions taken by the Company, Schultze Asset Management, LLC will consider the feasibility and advisability of various alternative courses of action with respect to its investment in the Company, including, without limitation: (a) the acquisition or disposition by the Reporting Persons of additional stock of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (d) changes in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) a material change in the present capitalization or dividend policy of the Company; (f) other material changes in the Company's business or corporate structure; (g) changes in the Company's articles of incorporation or bylaws or other actions that may impede the acquisition of control of the Company by any person; (h) causing any class of the Company's securities to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; or (j) any action similar to those enumerated above. Except to the extent that the foregoing may be deemed a plan or proposal, the Reporting Persons do not currently have any plans or proposals that relate to or would result in any of the actions specified in clause (a) through (j) of this Item 4 of this Amendment No. 6. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Schultze Asset Management, LLC and George J. Schultze (through Schultze Asset Management, LLC) beneficially own 1,287,643 shares of Common Stock of the Company, which represents approximately 12.18% of the issued and outstanding shares of Common Stock of the Company (based upon the 10,569,850 shares of Common Stock stated to be issued and outstanding by the Company in its latest Quarterly Report on Form 10-Q, filed with the Securities Exchange Commission on January 31, 2006). Schultze Master Fund, Ltd. directly owns 1,146,009 shares of Common Stock of the Company, which represents approximately 10.84% of the issued and outstanding shares of Common Stock of the Company (based upon the 10,569,850 shares of Common Stock stated to be issued and outstanding by the Company in its latest Quarterly Report on Form 10-Q, filed with the Securities Exchange Commission on January 31, 2006). (b) In its capacity as investment manager, and pursuant to revocable investment management agreements between Schultze Asset Management, LLC and each Managed Account, Schultze Asset Management, LLC has the power to vote and dispose of the Common Stock owned by the Managed Accounts, except as otherwise noted herein. On behalf of the Managed Accounts other than Schultze Master Fund, Ltd., Schultze Asset Management, LLC has the shared power to vote 141,643 shares of Common Stock of the Company, and George J. Schultze controls Schultze Asset Management, LLC. Schultze Asset Management, LLC has the shared power to dispose of 1,287,643 shares of Common Stock of the Company, including the 1,146,009 shares of Common Stock of the Company held by Schultze Master Fund, Ltd. Although Schultze Asset Management, LLC is the investment adviser for Schultze Master Fund, Ltd., Schultze Master Fund, Ltd.'s board of directors retains the sole power to vote the shares of Common Stock directly owned by Schultze Master Fund, Ltd. (c) Certain Managed Accounts sold shares of Common Stock as follows:
------------------------------------------------------------------------------------------------- Number of Managed Account Date Shares Sold Price ------------------------------------------------------------------------------------------------- AIP Alpha Strategies I Fund 2/2/2006 1,837 $25.2505 ------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- Arrow Distressed Securities Fund 2/1/2006 2,566 $25.1618 ------------------------------------------------------------------------------------------------- Arrow Distressed Securities Fund 2/2/2006 963 $25.2505 ------------------------------------------------------------------------------------------------- Arrow Distressed Securities Fund 2/8/2006 82 $22.0141 ------------------------------------------------------------------------------------------------- Arrow Distressed Securities Fund 2/10/2006 7,467 $22.00 ------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- Schultze Master Fund, Ltd. 2/1/2006 59,868 $25.1618 ------------------------------------------------------------------------------------------------- Schultze Master Fund, Ltd. 2/2/2006 16,870 $25.2505 ------------------------------------------------------------------------------------------------- Schultze Master Fund, Ltd. 2/6/2006 9,054 $23.15 ------------------------------------------------------------------------------------------------- Schultze Master Fund, Ltd. 2/8/2006 658 $22.0142 ------------------------------------------------------------------------------------------------- Schultze Master Fund, Ltd. 2/10/2006 136,333 $22.00 -------------------------------------------------------------------------------------------------
(d) The Managed Accounts, including Schultze Master Fund, Ltd., may have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock indicated by such Managed Account in Item 2, above. However, Schultze Asset Management, LLC, as the investment manager of each of the Managed Accounts, ultimately has the right to direct such activities. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Except as may be described in this Amendment No. 6, no contracts, arrangements, understandings or similar relationships exist with respect to the securities of the Company between the Reporting Persons and any person or entity. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit I. Joint Filing Agreement by and among Schultze Master Fund, Ltd., Schultze Asset Management, LLC, and George J. Schultze, dated as of December 20, 2004 (previously filed with the Securities and Exchange Commission on December 22, 2004 as Exhibit I to Amendment No. 2 and incorporated herein by reference). SIGNATURE After reasonable inquiry and to the best of the knowledge and belief of each of the undersigned, each of the undersigned certifies that the information set forth in this Amendment No. 6 is true, complete and correct. Date: February 17, 2006 SCHULTZE MASTER FUND, LTD. By: /s/ George J. Schultze ---------------------------------- Name: George J. Schultze Title: Director and Managing Member of Investment Manager SCHULTZE ASSET MANAGEMENT, LLC By: /s/ George J. Schultze ---------------------------------- Name: George J. Schultze Title: Managing Member /s/ George J. Schultze -------------------------------------- George J. Schultze -----END PRIVACY-ENHANCED MESSAGE-----