0000921895-16-005544.txt : 20160819 0000921895-16-005544.hdr.sgml : 20160819 20160819133452 ACCESSION NUMBER: 0000921895-16-005544 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20160819 DATE AS OF CHANGE: 20160819 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: 161842683 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 sc13da209450002_08182016.htm AMENDMENT NO. 2 TO THE SCHEDULE 13D sc13da209450002_08182016.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. 2)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 17, 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. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”).  This Amendment No. 2 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 17, 2016, the Reporting Persons delivered a letter to the Issuer’s Board of Directors (the “Board”) expressing their serious concerns with the recent collapse in the Issuer’s share price and the Board’s failure to engage in a constructive dialogue with the Reporting Persons regarding their recommendations and concerns as outlined in their previous letters to the Board, including their previous demands that the Board immediately: (i) establish a program to repurchase the Issuer’s shares on the open market (ii) appoint a new member to the Board selected by the Reporting Persons, and (iii) form a special committee to review and consider strategic alternatives, with the Reporting Persons’ Board appointee as the chair. In the letter, the Reporting Persons stated that further change is immediately required given the Board’s failure to timely or meaningfully address their concerns and suggestions and therefore demanded that each of Dennis J. Austin, Michael J. Mahoney, David L. Treadwell, and Wayne L. Wilson immediately resign from the Board.  The Reporting Persons also stated in the letter that to the extent the Board is not immediately responsive to their collective demands, they are prepared to take any and all action necessary to ensure the best interests of shareholders are represented in the boardroom, including by calling a special meeting of shareholders to remove and replace members of the Board.
 
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 17, 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 19, 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 ex991to13da209450002_081816.htm LETTER TO THE BOARD OF DIRECTORS, DATED AUGUST 17, 2016 ex991to13da209450002_081816.htm
Exhibit 99.1

August 17, 2016
 
Via U.S. Mail and Email

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. Over the past few months, we have tried to engage in a constructive dialogue with the FairPoint Board of Directors (the “Board”) to discuss our views and concerns regarding the direction of the Company.  As we stated in our pervious letters to the Board dated June 6, 2016 and August 4, 2016, the Board has failed to act in ways that protect and enhance shareholder value and reward shareholders for the Company’s successes.  Unfortunately, it has become clear to us that the Board does not intend to address our serious concerns or suggestions in a timely or meaningful manner and that further change  is immediately required.

As we stated previously, FairPoint’s stock trades at a significant discount to its peers. In recent days, the Company’s share-price has collapsed, and the Board has remained entirely complacent, despite our recommendations and demands.  We find the lack of insider buying in the face of such a dramatic share-price decline extremely troubling and indicative of a complacent Board that is misaligned with the interests of shareholders.

Further to our previous demands that the Board immediately (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, we hereby demand, that the following members of the Board immediately tender their resignation:
 
 
 
 
 
 
·
Dennis J Austin
 
·
Michael J Mahoney
 
·
David L Treadwell
 
·
Wayne L Wilson
 
* * * *

Since the Company’s exit from Chapter 11 bankruptcy in 2011, there has been NO turnover in the Board’s membership.1 In addition to long tenures, without the purchase of EVEN ONE SHARE of the Company’s stock during the past three years, these directors have not been additive to the Company’s strategy, are not critical to the Board in any way and have not been advocates for shareholder-rewarding activities. Furthermore, David Treadwell is the member of the Board of Directors for seven organizations, including, three public companies.

To the extent that the Board is not immediately responsive to our collective demands, we are prepared to take any and all action necessary to ensure the best interests of shareholders are represented in the boardroom, including by calling a special meeting of shareholders to remove and replace members of the Board.  We do not believe that shareholders should continue to suffer under this Board’s watch by waiting until the next annual meeting to hold directors accountable.  As we have consistently stated, change is needed now.   We believe there are other shareholders of FairPoint who would support our efforts to call a special meeting to realize value for shareholders.

The Company and the Board should turn its attention directly to shareholders and, specifically, to unlocking shareholder value.  We strongly urge you to reconsider your uncooperative and non-constructive approach and instead, immediately engage with us to implement meaningful steps to enhance shareholder value.  We remind you that the Board’s duties are to FairPoint shareholders.


Sincerely,

MAGLAN CAPITAL LP
MAGLAN CAPITAL LP
 
 
By: /s/  Steven Azarbad
Name:  Steven Azarbad
Title:  Chief Investment Officer
 
 
By: /s/  David D. Tawil
Name:  David D. Tawil
Title:  President

 
 
cc:
Edward D. Horowitz
 
Michael J. Mahoney
 
David L. Treadwell
 
Wayne L. Wilson
 
Peter C. Gingold
 
Dennis J. Austin
 
Michael K. Robinson
 
Peter D. Aquino
 
­
1 Other than the appointment of Peter C. Gingold upon Todd W. Arden’s resignation in June 2012, both of whom are affiliated with  Angelo, Gordon & Co.
 
2
 
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