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*
Owens Corning/Fibreboard Asbestos Personal Injury Trust

(Last) (First) (Middle)
1100 NORTH MARKET STREET

(Street)
WILMINGTON DE 19890-1625

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
12/19/2006
3. Issuer Name and Ticker or Trading Symbol
Owens Corning [ OC ]
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 28,200,000 D
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 (obligation to sell) (1) (1) Common Stock 5,054,595 $37.5 D
Call Option (obligation to sell) (1) (1) Common Stock 9,735,254 $37.5 D
Call Option (obligation to sell) (1) (1) Common Stock 9,670,782 $37.5 D
Call Option (obligation to sell) (1) (1) Common Stock 1,998,628 $37.5 D
Call Option (obligation to sell) (1) (1) Common Stock 1,740,741 $37.5 D
Put Option (right to sell) (2) (2) Common Stock 5,054,595 $25 D
Put Option (right to sell) (2) (2) Common Stock 9,735,254 $25 D
Put Option (right to sell) (2) (2) Common Stock 9,670,782 $25 D
Put Option (right to sell) (2) (2) Common Stock 1,998,628 $25 D
Put Option (right to sell) (2) (2) Common Stock 1,740,741 $25 D
Explanation of Responses:
1. Pursuant to the Sixth Amended Joint Plan of Reorganization For Owens Corning And Its Affiliated Debtors And Debtors-In-Possession (as Modified) (the "Plan") the Reporting Person accepted and assumed five letter agreements between Owens Corning and certain counterparties. Under the terms of the letter agreements, each counterparty has call options to purchase shares of Common Stock from the Reporting Person, exercisable upon delivery of the 28,200,000 shares of Common Stock by Owens Corning to the Reporting Person and expiring 12 months after such delivery.
2. Under the terms of the letter agreements, the Reporting Person has put options to sell shares of Common Stock to the counterparties, exercisable upon delivery of the 28,200,000 shares of Common Stock by Owens Corning to the Reporting Person and expiring 3 months after such delivery.
Dean M. Trafelet, Managing Trustee 12/19/2006
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.