0000921895-16-005329.txt : 20160808 0000921895-16-005329.hdr.sgml : 20160808 20160808151926 ACCESSION NUMBER: 0000921895-16-005329 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20160808 DATE AS OF CHANGE: 20160808 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FAIRPOINT COMMUNICATIONS INC CENTRAL INDEX KEY: 0001062613 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 133725229 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80601 FILM NUMBER: 161813894 BUSINESS ADDRESS: STREET 1: 521 EAST MOREHEAD ST STREET 2: STE 250 CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 7043448150 MAIL ADDRESS: STREET 1: 521 EAST MOREHEAD ST STREET 2: STE 250 CITY: CHARLOTTE STATE: NC ZIP: 28202 FORMER COMPANY: FORMER CONFORMED NAME: MJD COMMUNICATIONS INC DATE OF NAME CHANGE: 19980527 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MAGLAN CAPITAL LP CENTRAL INDEX KEY: 0001549263 IRS NUMBER: 273315174 STATE OF INCORPORATION: DE FISCAL YEAR END: 1212 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 25 WEST 39TH STREET, 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 212-300-6576 MAIL ADDRESS: STREET 1: 25 WEST 39TH STREET, 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 SC 13D/A 1 sc13da109450002_08082016.htm AMENDMENT NO. 1 TO THE SCHEDULE 13D sc13da109450002_08082016.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)

(Amendment No. 1)1

FairPoint Communications, Inc.
(Name of Issuer)

Common Stock, par value $0.01 per share
(Title of Class of Securities)

305560302
(CUSIP Number)
 
STEVEN AZARBAD
DAVID D. TAWIL
MAGLAN CAPITAL LP
25 West 39th Street, 2nd Floor
New York, New York 10018

ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

August 4, 2016
(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 that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.


_______________
1              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).
 
 
 

CUSIP NO. 305560302
 
1
NAME OF REPORTING PERSON
 
MAGLAN CAPITAL LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
 
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
- 0 -
8
SHARED VOTING POWER
 
2,062,812
9
SOLE DISPOSITIVE POWER
 
- 0 -
10
SHARED DISPOSITIVE POWER
 
2,062,812
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,062,812
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.6%
14
TYPE OF REPORTING PERSON
 
IA-PN

 
2

CUSIP NO. 305560302
 
1
NAME OF REPORTING PERSON
 
MAGLAN CAPITAL GP LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
 
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
- 0 -
8
SHARED VOTING POWER
 
2,062,812
9
SOLE DISPOSITIVE POWER
 
- 0 -
10
SHARED DISPOSITIVE POWER
 
2,062,812
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,062,812
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.6%
14
TYPE OF REPORTING PERSON
 
OO

 
3

CUSIP NO. 305560302
 
1
NAME OF REPORTING PERSON
 
STEVEN AZARBAD
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
OO
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
 
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
- 0 -
8
SHARED VOTING POWER
 
2,062,812
9
SOLE DISPOSITIVE POWER
 
- 0 -
10
SHARED DISPOSITIVE POWER
 
2,062,812
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,062,812
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.6%
14
TYPE OF REPORTING PERSON
 
IN

 
4

CUSIP NO. 305560302
 
1
NAME OF REPORTING PERSON
 
DAVID D. TAWIL
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
OO
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
 
¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
- 0 -
8
SHARED VOTING POWER
 
2,062,812
9
SOLE DISPOSITIVE POWER
 
- 0 -
10
SHARED DISPOSITIVE POWER
 
2,062,812
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,062,812
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.6%
14
TYPE OF REPORTING PERSON
 
IN

 
5

CUSIP NO. 305560302
 
The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”).  This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
 
Item 4.
Purpose of Transaction.
 
 
Item 4 is hereby amended to add the following:
 
On August 4, 2016, the Reporting Persons delivered a letter to the Issuer’s Board of Directors (the “Board”) expressing their serious concerns with the Board’s failure to enhance shareholder value despite the Issuer’s solid operational results and recent improvements. The Reporting Persons also outline in the letter various value-creating initiatives that they believe the Board should immediately implement, including: (i) establishing a program to repurchase the Issuer’s shares on the open market; (ii) appointing a new member to the Board to be selected by the Reporting Persons; and (iii) forming a special committee to review and consider strategic alternatives, with the Reporting Persons’ Board appointee serving as the chair.  The Reporting Persons also state in the letter that based on their analysis, they believe a sale of the Issuer at 6x EBITDA would result in a share price of $23 per share, or 60% higher than the current price. The full text of the letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference
 
Item 7.
Material to be Filed as Exhibits.
 
 
Item 7 is hereby amended to add the following exhibit:
 
 
99.1
Letter to the Board of Directors, dated August 4, 2016.
 
 
6

CUSIP NO. 305560302
 
SIGNATURES
 
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
 
Dated:  August 8, 2016
 
 
Maglan Capital LP
   
 
By:
Maglan Capital GP LLC
General Partner
     
 
By:
/s/ Steven Azarbad
   
Name:
Steven Azarbad
   
Title:
Chief Investment Officer

 
Maglan Capital GP LLC
   
 
By:
/s/ Steven Azarbad
   
Name:
Steven Azarbad
   
Title:
Managing Member
 
   
 
/s/ Steven Azarbad
 
Steven Azarbad

   
 
/s/ David D. Tawil
 
David D. Tawil
 
 
7

 
EX-99.1 2 ex991to13da109450002_080816.htm LETTER TO THE BOARD OF DIRECTORS, DATED AUGUST 4, 2016 ex991to13da109450002_080816.htm
Exhibit 99.1
 
 
August 4, 2016
 
 
Members of the Board of Directors
c/o Paul Sunu, CEO
FairPoint Communications, Inc.
521 E Morehead St
Charlotte, NC 28202
 
Gentlemen:
 
Investment funds affiliated with Maglan Capital LP (collectively, "Maglan") are significant, long-term shareholders of FairPoint Communications, Inc. ("FairPoint" or the "Company"), with holdings together representing beneficial ownership of approximately 7.5 % of FairPoint's outstanding common equity. As we recently stated in our letter dated, June 6, 2016, the FairPoint Board of Directors (the "Board") has failed to act in ways that protect and enhance shareholder value and reward shareholders for the Company's successes. 
 
As we stated previously, FairPoint's stock trades at a significant discount to its peers. Moreover, its share price is currently at approximately $14.61 per share, in contrast to the $20+ share price it achieved in early 2015 after the successful conclusion of its unionized-labor force strike and renegotiation of the related collective bargaining agreements. Based on FairPoint's recent operating results and related company rhetoric and recent share-price activity, we believe that absent shareholder-focused activity, the discrepancy between FairPoint's improved balance-sheet, operating performance and prospects, on the one hand, and its current market valuation, on the other, will continue to the detriment of FairPoint shareholders. Therefore, the Board should immediately take the following value-creating initiatives:
 
 
i.
Establish a program to repurchase Company shares on the open market;
 
ii.
Appoint a new member to the Board to be selected by Maglan; and
 
iii.
Form a special committee to review and consider strategic alternatives, with Maglan's Board appointee as the chair.
 
 
 

 
 
On August 3, 2016, the Company reported its operating results for the 2nd quarter, and those results were solid and a sizable cash-balance has accumulated, which should continue to grow in forthcoming quarters. Nevertheless, on the related investor teleconference, when management was probed on value-creating initiatives for shareholders, Paul Sunu, the CEO, stated that the Company would prefer to participate in the consolidation of the industry. And, to that end, the Company made a small business acquisition during the quarter. Also during the quarter, the Company made a belated, feeble and ultimately unsuccessful attempt to retire debt at a discount. Currently, the Company's 8.75% bonds are quoted above par where as they were at 96 before our June 6th letter was released. Furthermore, without any visible rigorous review, the Company dismissed share buybacks and shareholder dividends.
 
Year-to-date, the Company's share-price has lost over 8% of its value, while peers, like Frontier, Windstream, CenturyLink and Consolidated Communications have gained +3%, +40%, +20% and +29%, respectively. In stark contrast, Paul Sunu has been and remains one of the highest compensated CEOs in the industry relative to the size and earnings of the company; in many instances 10-times the relative compensation of his peers. With a grossly healthy compensation structure with limited risk from share-price performance, it is understandable that an executive would be unexcited about immediate shareholder accretive activity versus building a corporate cash-balance for safety, and possibly for growth.
 
Furthermore, other than the exercise of annual compensation-related options, NO member of the Board has purchased even one share of stock in the past 2 years. And, other than Paul Sunu, no member of the Board directly owns more than 90,000 shares, which fails to display the proper alignment of interests between the Board and shareholders and may compromise the Board's ability to properly evaluate and address the opportunities to enhance shareholder value at the Company.
 
Based on the operational consistency of the Company and the strength of its balance-sheet, the Board should immediately consider a share repurchase program.
 
Strategic Review
 
In our view, based on 5 years of investment history with the Company, coupled with thorough experience with and diligence on the wireline telecommunications industry, the overwhelming majority of FairPoint's operational turnaround is complete, and any remaining organic improvement opportunities are merely at the fringes. Therefore, the Company, operating in a consolidating industry, is prime to be sold. The Company offers any potential purchaser multiple attractive and accretive benefits, including:
 
 
·
One of the few remaining contiguous footprints in the wireline telecom industry, in Northern-New England;
 
·
The opportunity to offer for the first time current and potential FairPoint customers a traditional video service and triple-play package;
 
·
A reduced cost-of-capital for FairPoint's operations (FairPoint's debt currently carries a high, 8.75% interest-rate);
 
·
Industry-standard labor terms, with already reduced pension and OPEB liabilities; and
 
·
Economies-of-scale relating to costs and expenses and other synergies.
 
 
 

 
 
FairPoint's current enterprise-value is 5x projected 2016 EBITDA well short of the greater than 6x EBITDA transactions that have taken place over the past few years. Based on our analysis, a sale of FairPoint at 6x EBITDA would result in a share price of $23 per share, or 60% higher than the current price. As we stated previously, other, larger participants in the wireline space have been active and acquisitive recently, at prices substantially higher than 6x EBITDA, before synergies. For instance, in 2015 Frontier Communications ("Frontier") acquired $10B of Verizon's wireline assets in three states, at a price that valued those assets at 6.4x EBITDA. Previously, Frontier purchased AT&T's wireline assets in Connecticut for 6.2x EBITDA. Frontier and other peers such as, Communications Sales & Leasing (CSAL), Consolidated Communications (CNSL), Windstream Communications (WIN), Cincinnati Bell (CBB) and CenturyLink (CTL) are natural potential acquirers of FairPoint's assets.
 
On these bases, it is clear to us that the Company should pursue a strategic review of a possible sale of the Company. And, in connection with that review, Maglan demands to appoint an additional member to the Board, who will also chair the Committee appointed to conduct the strategic review.
 
 
* * * *
 
Shareholders should no longer have to continue to wait to receive what is due. The Company's operational transformation is complete. The Company and the Board should turn its attention directly to shareholders and, specifically, unlocking shareholder value.  We hope that you will take our concerns seriously and immediately engage with us to discuss the value-enhancing initiatives outlined in this letter.  We remind you that the Board's duties are to FairPoint shareholders.

 
Sincerely,
 
MAGLAN CAPITAL LP
 
MAGLAN CAPITAL LP
     
By:
/s/ Steven Azarbad
 
By:
/s/ David D. Tawil
 
Name:
Steven Azarbad
   
Name:
David D. Tawil
 
Title:
Chief Investment Officer
   
Title:
President
 
cc:
Edward D. Horowitz 
 
Michael J. Mahoney 
 
David L. Treadwell 
 
Wayne L. Wilson 
 
Peter Gingold 
 
Dennis J. Austin 
 
Michael K. Robinson 
 
Peter Aquino
 

 
 
 
GRAPHIC 3 maglan_logo.jpg begin 644 maglan_logo.jpg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end