UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
The Steak n Shake Company
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(NAME OF ISSUER)
Common Stock, stated value $0.50 per share
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(TITLE OF CLASS OF SECURITIES)
857873-10-3
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(CUSIP NUMBER)
Jon L. Mosle Marc L. Lipshy
HBK Investments L.P. Hudson Advisors LLC
300 Crescent Court, Suite 700 717 North Harwood Street, Suite 2100
Dallas, Texas 75201 Dallas, Texas 75201
(214) 758-6107 (214) 754-8430
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with a copy to:
Jeffrey B. Hitt, Esq.
Weil, Gotshal & Manges LLP
200 Crescent Court, Suite 300
Dallas, Texas 75201
(214) 746-7700
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------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS)
June 13, 2007
------------------------------------------------------------------------
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss.240.13d-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 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).
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CUSIP No. 857873-10-3 13D Page 2 of 33
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1 NAME OF REPORTING PERSON: HBK MASTER FUND L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
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 CAYMAN ISLANDS
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,482,955
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,482,955
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,482,955
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.2%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 3 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: HBK FUND L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
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 DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 766,845
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 766,845
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 766,845
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 4 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: HBK INVESTMENTS L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
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 DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,249,800
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,249,800
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,249,800
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.9%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 5 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: HBK SERVICES LLC
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
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 DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,249,800
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,249,800
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,249,800
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.9%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 6 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: HBK PARTNERS II L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
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 DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,249,800
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,249,800
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,249,800
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.9%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 7 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: HBK MANAGEMENT LLC
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
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 DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,249,800
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,249,800
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,249,800
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.9%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 8 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LSF5 INDY INVESTMENTS, LLC
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 9 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LSF5 INDY HOLDINGS, LLC
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 10 of 33
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-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LSF5 REOC VII, L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 11 of 33
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-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LSF5 GENPAR VII, LLC
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 12 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LONE STAR FUND V (U.S.), L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 13 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LONE STAR PARTNERS V, L.P.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF BERMUDA
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 14 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LONE STAR MANAGEMENT CO. V, LTD.
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF BERMUDA
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 15 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: JOHN P. GRAYKEN
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF IRELAND
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER:
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,324,150(1)
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER:
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,324,150(1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 1,324,150(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
-------------------------------------------------------------------------------
(1) Includes 925,650 shares which LSF5 Indy Investments, LLC has contracted to
acquire from HBK Master Fund L.P. and/or HBK Fund L.P.
-------------------------------------------------------------------------------
CUSIP No. 857873-10-3 13D Page 16 of 33
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: ROBERT J. STETSON
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY):
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 55,426(1)
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER:
OWNED BY
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 55,426(1)
REPORTING
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER:
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 55,426(1)
BY REPORTING PERSON:
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [_]
EXCLUDES CERTAIN SHARES:
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.2%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
-------------------------------------------------------------------------------
(1) Includes 15,000 shares held in the account of a family member over which he
has sole voting and dispositive power.
SCHEDULE 13D
------------
EXPLANATORY NOTES: This statement on Schedule 13D (this "Statement") is
being filed by the HBK Reporting Persons (as defined herein), the Lone Star
Reporting Persons (as defined herein) and Robert J. Stetson. As a result of the
matters described herein, such persons may be deemed to constitute a "group"
within the meaning of Section 13(d)(3) of the Exchange Act of 1934, as amended
(the "Exchange Act"). As a result, such persons, who are collectively referred
to herein as the "Reporting Persons," may be deemed to beneficially own any
shares of common stock, stated value $0.50 per share, of The Steak n Shake
Company ("SNS Common Stock") that may be beneficially owned by the other
Reporting Persons. Except as set forth herein, each of the Reporting Persons
hereby disclaims beneficial ownership of any SNS Common Stock that may be
beneficially owned by the other Reporting Persons.
ITEM 1. SECURITY AND ISSUER
The class of equity securities to which this Statement relates is the SNS
Common Stock.
The Steak n Shake Company (the "Issuer") is an Indiana corporation with
its principal executive offices located at 36 S. Pennsylvania Street, Suite 500,
Indianapolis, Indiana 46204.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed jointly on behalf of the following persons
(collectively, the "Reporting Persons"):
HBK Master Fund L.P., a Cayman Islands limited partnership ("HBK
Master");
HBK Fund L.P., a Delaware limited partnership ("HBK Fund");
HBK Investments L.P., a Delaware limited partnership ("HBK
Investments");
HBK Services LLC, a Delaware limited liability company ("HBK Services");
HBK Partners II L.P., a Delaware limited partnership ("HBK Partners");
HBK Management LLC, a Delaware limited liability company ("HBK
Management" and, together with HBK Partners, HBK Services, HBK
Investments and HBK Master, the "HBK Reporting Persons");
LSF5 Indy Investments, LLC, a Delaware limited liability company ("Indy
Investments");
LSF5 Indy Holdings, LLC, a Delaware limited liability company ("Indy
Holdings");
LSF5 REOC VII, L.P., a Delaware limited partnership ("REOC VII");
Page 17 of 33
LSF5 GenPar VII, LLC, a Delaware limited liability company ("GenPar
VII");
Lone Star Fund V (U.S.), L.P., a Delaware limited partnership ("Fund
V");
Lone Star Partners V, L.P., a Bermuda limited partnership ("Lone Star
Partners");
Lone Star Management Co. V, Ltd., a Bermuda exempted company ("Lone Star
Management");
John P. Grayken ("Mr. Grayken") and, together with Lone Star Management,
Lone Star Partners, Fund V, GenPar VII, REOC VII, Indy Holdings, and
Indy Investments, the "Lone Star Reporting Persons"); and
Robert J. Stetson, a United States citizen ("Mr. Stetson").
A Joint Filing Agreement among the Reporting Persons is attached hereto
as Exhibit 7.01.
Certain Information Concerning the HBK Reporting Persons
HBK Master is an investment fund designed to invest directly or indirectly
in various companies. HBK Fund is an investment fund designed to invest directly
or indirectly in various companies. HBK Master and HBK Fund have delegated
discretion to vote and dispose of the SNS Common Stock to HBK Investments. HBK
Investments is an investment management firm that provides investment management
services to private investment funds. HBK Investments has delegated discretion
to vote and dispose of the SNS Common Stock to HBK Services. HBK Services is an
investment management firm. HBK Partners is the general partner of HBK
Investments. HBK Management is the general partner of HBK Partners and the
managing member of HBK Services. Pursuant to Instruction C to Form 13D
promulgated under the Exchange Act, information is also included herein with
respect to the following persons: HBK Capital L.P., a Delaware limited
partnership ("HBK Capital"); HBK Offshore Fund Ltd., a Cayman Islands
corporation ("HBK Offshore"); and Richard L. Booth, Laurence H.Lebowitz, William
E. Rose, David C. Haley and Jamiel A. Akhtar (collectively, the "HBK Managers"
and together with HBK Offshore and HBK Fund, the "Additional HBK Persons"; the
Additional HBK Persons, together with the HBK Reporting Persons, are referred to
herein as the "HBK Persons"). HBK Fund and HBK Offshore are general partners of
HBK Master. HBK Capital is the general partner of HBK Fund. The HBK Managers are
members of HBK Management and may control HBK Management. The principal
occupation of each of the HBK Managers is serving as a Managing Director of HBK
Investments. Each of the HBK Managers is a United States citizen.
The principal office or business address of each of the HBK Persons is 300
Crescent Court, Suite 700, Dallas Texas, 75201.
During the last five years, none of the HBK Reporting Persons, nor to the
best knowledge of the HBK Reporting Persons, any of the Additional HBK Persons,
has been (i) convicted in a criminal proceeding (excluding traffic violations or
Page 18 of 33
similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final 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.
Certain Information Concerning the Lone Star Reporting Persons
Indy Investments is an investment vehicle formed to engage in the
acquisition of SNS Common Stock. Indy Holdings is the sole member of Indy
Investments. REOC VII is the managing member of Indy Holdings. Gen Par VII is
the general partner of REOC VII. Fund V is an investment fund created to invest
directly or indirectly in various companies and is the sole member of Gen Par
VII. Lone Star Partners is the general partner of Fund V. Lone Star Management
is the general partner of Lone Star Partners. Mr. Grayken is the sole
shareholder of Lone Star Management. Additional information concerning Mr.
Grayken is set forth on Appendix A attached hereto. Pursuant to Instruction C to
Form 13D promulgated under the Exchange Act, information is also included herein
with respect to the other persons listed on Appendix A attached hereto (the
"Additional Lone Star Persons" and collectively with the Lone Star Reporting
Persons, the "Lone Star Persons").
The principal office or business address of each of the Lone Star
Reporting Persons is 717 North Harwood Street, Suite 2200, Dallas, Texas 75201,
except that the principal office of Lone Star Partners and Lone Star Management
is Washington Mall, Suite 104, 1st Floor, 7 Reid Street, Hamilton HM 11,
Bermuda.
During the last five years, none of the Lone Star Reporting Persons, nor
to the best knowledge of the Lone Star Reporting Persons, any of the Additional
Lone Star Persons, has been (i) convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or (ii) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
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.
Certain Information Concerning Robert J. Stetson
The principal business address of Mr. Stetson is 12240
Inwood Road, Suite 405, Dallas, Texas, 75244. Mr. Stetson's present principal
occupation is management of personal investments. During the last five years,
Mr. Stetson has not been (i) convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or (ii) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
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.
Page 19 of 33
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price for the shares of SNS Common Stock was
approximately $41.2 million. The source of funds for the purchase transactions
consisted of (i) in the case of the HBK Reporting Persons, the working capital
of HBK Master or HBK Fund, which may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business, (ii) in the case of
the Lone Star Reporting Persons, capital contributions made to Indy Investments
(through Indy Holdings) by the members of Indy Holdings, and (iii) in the case
of Mr. Stetson, personal funds. As described below in Item 6, HBK Master and/or
HBK Fund have collectively contracted to sell an aggregate of 925,650 shares of
SNS Common Stock to Indy Holdings.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the shares of SNS Common Stock reported
hereunder for investment purposes, and with a view to engaging in discussions
with management and the Board of Directors of the Issuer concerning the business
and the future plans of the Issuer generally, and with regard to strategies and
potential transactions to maximize shareholder value, including potentially
exploring an acquisition or other transaction involving the Reporting Persons.
The Reporting Persons do not intend to engage in any acquisition, offer or other
transaction that is not supported by the Board of Directors of the Issuer, or
otherwise seek representation on the Board of Directors of the Issuer. Any
future decision of the Reporting Persons with regard to the Issuer or its
securities will take into account various factors, including the results of any
discussions with management and the Board of Directors of the Issuer, the
prospects of the Issuer, general market and economic conditions, the price
levels of common stock of the Issuer, and other matters deemed relevant to the
Reporting Persons.
The Reporting Persons may, and reserve the right to, change their
intentions, acquire additional shares of SNS Common Stock, or dispose of shares
of SNS Common Stock, from time to time in the open market, in privately
negotiated transactions or otherwise.
Except as referenced above, none of the Reporting Persons nor, to the best
knowledge of the HBK Reporting Persons or the Lone Star Reporting Persons, as
applicable, any of the Additional HBK Persons or Additional Lone Star Persons,
has any plans or proposals that relate to or would result in any of the
transactions or changes contemplated in Items 4(a) though 4(j) of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b) The respective percentages set forth below are based on
28,450,690 shares of SNS Common Stock outstanding as of May 9, 2007, as reported
by the Issuer in its Form 10-Q for the sixteen weeks ended April 11, 2007, filed
with the Securities and Exchange Commission on May 18, 2007.
By virtue of the relationships among the Reporting Persons described
herein, the Reporting Persons may be deemed to constitute a "group" within the
meaning of Rule 13d-5(b) under the Exchange Act. As a member of a group, each
Reporting Person may be deemed to beneficially own the SNS Common Stock
Page 20 of 33
beneficially owned by the members of the group as a whole. As of June 25, 2007,
the Reporting Persons beneficially owned in the aggregate 2,703,726 shares of
SNS Common Stock, which represents approximately 9.5% of the outstanding SNS
Common Stock. Except as set forth herein, each of the Reporting Persons
expressly disclaims beneficial ownership of such shares held by any other
members of such group.
HBK Master has direct beneficial ownership of 1,482,955 shares of SNS
Common Stock, which represents approximately 5.2% of the outstanding SNS Common
Stock.
HBK Fund has direct beneficial ownership of 766,845 shares of SNS Common
Stock, which represents approximately 2.7% of the outstanding SNS Common Stock.
HBK Master and HBK Fund have delegated discretion to vote and dispose of
the SNS Common Stock to HBK Investments. HBK Investments, as a result of such
delegations, has indirect beneficial ownership of 2,249,800 shares of SNS Common
Stock, which represents approximately 7.9% of the outstanding SNS Common Stock.
HBK Investments has delegated discretion to vote and dispose of the SNS
Common Stock to HBK Services. HBK Services, as a result of such delegation, has
indirect beneficial ownership of 2,249,800 shares of SNS Common Stock, which
represents approximately 7.9% of the outstanding SNS Common Stock.
HBK Partners, as the general partner of HBK Investments, has indirect
beneficial ownership of 2,249,800 shares of SNS Common Stock, which represents
approximately 7.9% of the outstanding SNS Common Stock.
HBK Management, as the general partner of HBK Partners and the managing
member of HBK Services, has indirect beneficial ownership of 2,249,800 shares of
SNS Common Stock, which represents approximately 7.9% of the outstanding SNS
Common Stock.
Indy Investments has direct beneficial ownership of 1,324,150 shares of
SNS Common Stock, which represents approximately 4.7% of the outstanding SNS
Common Stock. Such number includes 925,650 shares which Indy Investments has
contracted to acquire from HBK Master and/or HBK Fund pursuant to the Investment
Letter Agreement described in Item 6.
Indy Holdings, as the sole member of Indy Investments, has indirect
beneficial ownership of 1,324,150 shares of SNS Common Stock, which represents
approximately 4.7% of the outstanding SNS Common Stock. Such number includes
925,650 shares which Indy Investments has contracted to acquire from HBK Master
and/or HBK Fund pursuant to the Investment Letter Agreement described in Item 6.
REOC VII, as the managing member of Indy Holdings, has indirect beneficial
ownership of 1,324,150 shares of SNS Common Stock, which represents
approximately 4.7% of the outstanding SNS Common Stock. Such number includes
925,650 shares which Indy Investments has contracted to acquire from HBK Master
and/or HBK Fund pursuant to the Investment Letter Agreement described in Item 6.
Page 21 of 33
GenPar VII, as the general partner of REOC VII, has indirect beneficial
ownership of 1,324,150 shares of SNS Common Stock, which represents
approximately 4.7% of the outstanding SNS Common Stock. Such number includes
925,650 shares which Indy Investments has contracted to acquire from HBK Master
and/or HBK Fund pursuant to the Investment Letter Agreement described in Item 6.
Fund V, as the general partner of GenPar VII, has indirect beneficial
ownership of 1,324,150 shares of SNS Common Stock, which represents
approximately 4.7% of the outstanding SNS Common Stock. Such number includes
925,650 shares which Indy Investments has contracted to acquire from HBK Master
and/or HBK Fund pursuant to the Investment Letter Agreement described in Item 6.
Lone Star Partners, as the general partner of Fund V, has indirect
beneficial ownership of 1,324,150 shares of SNS Common Stock, which represents
approximately 4.7% of the outstanding SNS Common Stock. Such number includes
925,650 shares which Indy Investments has contracted to acquire from HBK Master
and/or HBK Fund pursuant to the Investment Letter Agreement described in Item 6.
Lone Star Management, as the general partner of Lone Star Partners, has
indirect beneficial ownership of 1,324,150 shares of SNS Common Stock, which
represents approximately 4.7% of the outstanding SNS Common Stock. Such number
includes 925,650 shares which Indy Investments has contracted to acquire from
HBK Master and/or HBK Fund pursuant to the Investment Letter Agreement described
in Item 6.
Mr. Grayken, as the sole shareholder of Lone Star Management, has indirect
beneficial ownership of 1,324,150 shares of SNS Common Stock, which represents
approximately 4.7% of the outstanding SNS Common Stock. Such number includes
925,650 shares which Indy Investments has contracted to acquire from HBK Master
and/or HBK Fund pursuant to the Investment Letter Agreement described in Item 6.
Mr. Stetson has direct beneficial ownership of 55,426 shares of SNS Common
Stock, which represents approximately 0.2% of the outstanding SNS Common Stock.
Of such 55,426 shares, 15,000 shares of SNS Common Stock are held in an account
for a family member over which he has sole voting and dispositive power.
The Cover Pages of this Schedule 13D are incorporated herein by reference.
(c) Except as described in Item 6 or as set forth on Appendix B attached
hereto, none of the Reporting Persons nor, to the best knowledge of the HBK
Reporting Persons or the Lone Star Reporting Persons, as applicable, any of the
Additional HBK Persons or Additional Lone Star Persons, have effected any
transactions in SNS Common Stock in the past 60 days. All of such transactions
described on Appendix B were conducted through open market purchases.
(d) The limited partners or shareholders of the funds that own HBK
Master, and the limited partners of HBK Fund, for which HBK Investments and HBK
Services act as investment manager, have the right to participate indirectly in
the receipt of dividends from, or proceeds from the sale of, the SNS Common
Stock in accordance with their respective ownership interests in the FUNDS. The
Page 22 of 33
limited partners or shareholders of the funds that are direct or indirect
investors in Indy Holdings have the right to participate directly or indirectly
in the receipt of dividends from, or proceeds for the sale of, the SNS Common
Stock in accordance with their respective ownership interests in such funds.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
On June 25, 2007, HBK Master, HBK Fund, Indy Investments and Mr. Stetson
entered into a letter agreement (the "Investment Letter Agreement"), setting
forth the agreement of such persons in connection with the acquisition of SNS
Common Stock by such persons as to, among other things (i) the purchase by Indy
Investment from HBK Master and/or HBK Fund of 925,650 shares of SNS Common Stock
previously acquired by HBK Master and/or HBK Fund, (ii) certain matters related
to additional purchases and sales of SNS Common Stock and assets of the Issuer
by such persons and their affiliates, and (iii) the terms on which the shares of
SNS Common Stock may be acquired or sold by such persons upon termination of the
Investment Letter Agreement. This description of the Investment Letter Agreement
does not purport to be complete and is qualified in its entirety by reference to
the Investment Letter Agreement, which is attached hereto as Exhibit 7.02 and
incorporated herein by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 7.01. Joint Filing Agreement by and among the Reporting
Persons, dated as of June 25, 2007.
Exhibit 7.02. Investment Letter Agreement, dated as of June 25, 2007,
by and among HBK Master Fund L.P., HBK Fund L.P., LSF5
Indy Investments, LLC, and Robert J. Stetson.
Page 23 of 33
Signatures
----------
After reasonable inquiry and to the best knowledge and belief of each
of the undersigned, such person certifies that the information set forth in this
Schedule 13D with respect to such person is true, complete and correct.
Dated: June 25, 2007
HBK MASTER FUND L.P.
BY: HBK SERVICES LLC
INVESTMENT ADVISOR
BY: /S/ JON L. MOSLE
------------------------------
NAME: JON L. MOSLE
TITLE: AUTHORIZED SIGNATORY (1)
HBK FUND L.P.
BY: HBK SERVICES LLC
INVESTMENT ADVISOR
BY: /S/ JON L. MOSLE
------------------------------
NAME: JON L. MOSLE
TITLE: AUTHORIZED SIGNATORY (1)
HBK INVESTMENTS L.P.
BY: /S/ JON L. MOSLE
------------------------------
NAME: JON L. MOSLE
TITLE: AUTHORIZED SIGNATORY (1)
Page 24 of 33
HBK SERVICES LLC
BY: /S/ JON L. MOSLE
------------------------------
NAME: JON L. MOSLE
TITLE: AUTHORIZED SIGNATORY (1)
HBK PARTNERS II L.P.
BY: HBK MANAGEMENT LLC
GENERAL PARTNER
BY: /S/ JON L. MOSLE
------------------------------
NAME: JON L. MOSLE
TITLE: AUTHORIZED SIGNATORY (1)
HBK MANAGEMENT LLC
BY: /S/ JON L. MOSLE
------------------------------
NAME: JON L. MOSLE
TITLE: AUTHORIZED SIGNATORY (1)
(1) AN AUTHORIZATION CERTIFICATE AUTHORIZING JON L. MOSLE TO ACT ON BEHALF OF
EACH REPORTING PERSON WAS PREVIOUSLY FILED.
Page 25 of 33
LSF5 INDY INVESTMENTS, LLC
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
LSF5 INDY HOLDINGS, LLC
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
LSF5 REOC VII, L.P.
BY: LSF5 GENPAR VII, LLC, ITS GENERAL PARTNER
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
LSF5 GENPAR VII, LLC
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
Page 26 of 33
LONE STAR FUND V (U.S.), L.P.
BY: LONE STAR PARTNERS V, L.P.,
ITS GENERAL PARTNER
BY: LONE STAR MANAGEMENT CO. V, LTD.,
ITS GENERAL PARTNER
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
LONE STAR PARTNERS V, L.P.
BY: LONE STAR MANAGEMENT CO. V, LTD.,
ITS GENERAL PARTNER
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
LONE STAR MANAGEMENT CO. V, LTD.
BY: /S/ MARC L. LIPSHY
------------------------------
NAME: MARC L. LIPSHY
TITLE: VICE PRESIDENT
/S/ JOHN P. GRAYKEN
----------------------------------
JOHN P. GRAYKEN
Page 27 of 33
/S/ ROBERT J. STETSON
----------------------------------
ROBERT J. STETSON
Page 28 of 33
APPENDIX A
----------
INFORMATION CONCERNING THE ADDITIONAL LONE STAR PERSONS
The following table sets forth the name and current principal occupation
of each director, executive officer of the Lone Star Reporting Persons. Unless
otherwise specified, each person listed below is a citizen of the United States.
NAME AND PRINCIPAL POSITIONS HELD WITH PRESENT PRINCIPAL OCCUPATION
BUSINESS ADDRESS LONE STAR REPORTING
PERSONS
John P. Grayken* President of Lone Principal, Lone Star Global
Star Management Acquisitions, Ltd.,
717 N. Harwood St. Washington Mall, 1st Floor,
Suite 2200 Suite 104, 7 Reid Street,
Dallas, TX 75201. Hamilton HM 11 Bermuda. Its
principal business is
providing origination
services.
Louis Paletta Vice President of Executive Vice President /
Lone Star Management Investor Relations, Lone
717 N. Harwood St. Star Global Acquisitions,
Suite 2200 Ltd., 717 N. Harwood St.,
Dallas, TX 75201. Suite 2200, Dallas, TX
75201. Its principal business is
the providing origination
services.
Michael D. Thomson Director, Chairman Executive Vice President /
and General Counsel General Counsel, Hudson
717 N. Harwood St. of Lone Star Advisors LLC, 717 N.
Suite 2100 Management Harwood St., Suite 2100,
Dallas, TX 75201. Dallas, TX 75201. Its
principal business is
providing asset management
services.
Benjamin D. Velvin III Director and Vice Senior Vice President/
President of Lone Director of Closings,
717 N. Harwood St. Star Management. Hudson Advisors LLC, 717 N.
Suite 2100 President of Indy Harwood St., Suite 2100,
Dallas, TX 75201. Investments, Indy Dallas, TX 75201. Its
Holdings and Gen Par principal business is
VII providing asset management
services.
Marc L. Lipshy Vice President of Vice President/Legal
Lone Star Management, Counsel, Hudson Advisors
717 N. Harwood St. Indy Investments, LLC, 717 N. Harwood St.,
Suite 2100 Indy Holdings and Gen Suite 2100, Dallas, TX
Dallas, TX 75201. Par VII 75201. Its principal
business is providing asset
management services.
Page 29 of 33
Dawn C. Griffiths** Director and Deputy Attorney, Conyers Dill &
Chairman of Lone Star Pearman,
Clarendon House Management Clarendon House
2 Church Street 2 Church Street
PO Box HM 666 PO Box HM 666
Hamilton HM CX Hamilton HM CX
Bermuda Bermuda. Its principal
business is providing legal
services.
* Irish Citizenship
** British Citizenship
Page 30 of 33
APPENDIX B
----------
PURCHASES AND SALES OF SNS COMMON STOCK
Transactions in SNS Common Stock by HBK Master:
PURCHASE
(P) OR
TRADE DATE SALE(S) QTY PRICE
---------------- ------------ ------------- --------------------
5/10/07 P 223,700 $ 15
5/10/07 P 145,000 15
5/10/07 P 50,000 15.00436
5/11/07 P 11,100 15.119099
5/11/07 P 46,000 15.064369
5/11/07 P 1,500 15.281333
5/14/07 P 250,000 15.7
5/14/07 P 41,600 15.487716
5/15/07 P 24,500 15.659551
5/16/07 P 28,100 15.428912
6/13/07 P 150,000 15.1
6/18/07 P 107,400 15.068501
6/18/07 P 15,300 14.978954
6/19/07 P 5,800 15.111552
6/19/07 P 7,300 15.13758082
6/19/07 P 61,700 15.28184765
6/20/07 P 149,800 15.4
6/20/07 P 44,200 15.36979655
6/20/07 P 119,955 15.39162911
Transactions in SNS Common Stock by HBK Fund:
PURCHASE
(P) OR
TRADE DATE SALE(S) QTY PRICE
---------------- ------------ ------------- --------------------
6/21/07 P 59,300 $ 15.25239459
6/21/07 P 112,739 15.27764146
6/22/07 P 553,830 15.241
6/22/07 P 15,942 15.2001518
6/22/07 P 25,000 15.2226
6/22/07 P 34 15.1800
Page 31 of 33
Transactions in SNS Common Stock by Indy Investments:
PURCHASE
(P) OR
TRADE DATE SALE(S) QTY PRICE
---------------- ------------ ------------- --------------------
05/11/07 P 244,900 $15.0979
05/16/07 P 31,600 15.3528
05/18/07 P 72,800 15.3236
05/21/07 P 49,200 15.4315
Transactions in SNS Common Stock by Mr. Stetson:
PURCHASE
(P) OR
TRADE DATE SALE(S) QTY PRICE
---------------- ------------ ------------- --------------------
4/30/07 P 100 $ 16.7200
4/30/07 P 800 16.7200
4/30/07 P 1,200 16.7600
4/30/07 P 200 16.8000
4/30/07 P 100 16.8100
4/30/07 P 300 16.8700
4/30/07 P 100 16.8900
4/30/07 P 200 16.9200
4/30/07 P 1,000 16.9300
5/03/07 P 100 16.4100
5/03/07 P 100 16.4200
5/03/07 P 100 16.4300
5/03/07 P 300 16.4400
5/03/07 P 1,900 16.4500
5/04/07 P 300 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 200 16.31
5/04/07 P 100 16.31
5/04/07 P 200 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 100 16.31
5/04/07 P 200 16.31
5/04/07 P 100 16.11
5/04/07 P 25 16.11
5/04/07 P 100 16.11
5/08/07 P 100 16.11
5/08/07 P 1 16.11
Page 32 of 33
5/10/07 P 600 14.8300
5/10/07 P 200 14.8400
5/10/07 P 400 14.8500
5/10/07 P 200 14.8700
5/10/07 P 3,600 14.8800
5/10/07 P 1,100 14.8300
5/10/07 P 3,900 14.8500
5/10/07 P 5,000* 14.95
5/10/07 P 4,000* 14.95
5/10/07 P 3,000* 14.90
5/14/07 P 500 15.4600
5/14/07 P 1,600 15.5700
5/14/07 P 900 14.4800
5/14/07 P 1,000 15.6000
5/14/07 P 1,000 15.6100
5/14/07 P 1,000 15.5500
5/14/07 P 2,000 15.5600
5/14/07 P 1,000 15.5800
5/14/07 P 800 15.5500
5/14/07 P 1,000 15.49
5/14/07 P 1,000 15.55
5/14/07 P 1,000 15.589
5/14/07 P 1,000 15.62
5/14/07 P 1,000 15.642
5/14/07 P 1,000 15.57
5/14/07 P 200 15.61
5/14/07 P 1,800 15.64
6/06/07 P 3,000 14.9993
6/06/07 P 3,000* 15
*Shares purchased in the account of a family member over which Mr. Stetson has
voting and dispositive power.
Page 33 of 33