SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Solus Alternative Asset Management LP

(Last) (First) (Middle)
430 PARK AVENUE

(Street)
NEW YORK, NY NY 10022

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
02/29/2008
3. Issuer Name and Ticker or Trading Symbol
MIRANT CORP [ MIR ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock 20,000,000 I See Footnotes(1)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Call Option (2) 03/20/2008 Common Stock 1,850,000 37.5 I See Footnotes(1)
Warrants (3) 01/03/2011 Common Stock 4,000,000 21.87 I See Footnotes(1)
Explanation of Responses:
1. The securities to which this Form 3 relates are held directly by SOLA LTD and Ultra Master Ltd, Cayman Islands exempted companies (the "Funds"). Solus Alternative Asset Management LP, a Delaware limited partnership ("Solus"), serves as investment adviser to the Funds and as such has discretion over the securities beneficially owned by the Funds. Solus disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
2. The Call Options to which this footnote relates are convertible into the reported number of shares of Common Stock in the discretion of the holder at anytime prior to the expiration date and are automatically convertible on the expiration date if the market price of the underlying common shares exceeds the exercise price on the expiration date.
3. Each Warrant to which this footnote relates entitles the holder to purchase one share of Common Stock at a price of $21.87 at anytime before the expiration date.
/s/Joseph Lonetto, Chief Legal Officer 03/10/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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