SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)*
TRIAD HOSPITALS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
89579K109
(CUSIP Number)
Mary A. Lee
TPG-Axon Capital Management, L.P.
888 Seventh Avenue, 38th Floor
New York, New York 10019
(212) 479-2000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
OCTOBER 30, 2006
(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. [X]
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).
(Continued on following pages)
(Page 1 of 16 Pages)
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 2 of 16 Pages
----------------------------- -------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
TPG-Axon GP, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [_]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
-----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
5,475,200
-----------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 5,475,200
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,475,200
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
* All percentage ownership reported in this Schedule 13D is based on 87,871,914
shares of Common Stock issued and outstanding as of July 31, 2006, as reported
by the Issuer (as defined below) in its Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2006 filed with the Securities and Exchange
Commission on August 8, 2006.
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 3 of 16 Pages
----------------------------- -------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
TPG-Axon Partners GP, L.P.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
-----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
1,882,011
-----------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 1,882,011
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,882,011
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-------------------------------------------------------------------------------
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 4 of 16 Pages
----------------------------- -------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
TPG-Axon Partners, LP
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
-------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
1,882,011
-------------------------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
PERSON
-------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 1,882,011
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,882,011
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-------------------------------------------------------------------------------
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 5 of 16 Pages
----------------------------- -------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
TPG-Axon Capital Management, L.P.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
-----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
5,475,200
-----------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
-----------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 5,475,200
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,475,200
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-------------------------------------------------------------------------------
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 6 of 16 Pages
----------------------------- -------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
TPG-Axon Partners (Offshore), Ltd.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, BWI
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
3,593,189
-------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
-------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 3,593,189
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,593,189
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 7 of 16 Pages
----------------------------- -------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Dinakar Singh LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
5,475,200
----------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
----------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 5,475,200
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,475,200
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 8 of 16 Pages
----------------------------- -------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Dinakar Singh
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) [X]
(B) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e).
N/A
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
5,475,200
----------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING
----------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 5,475,200
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,475,200
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%*
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-------------------------------------------------------------------------------
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 9 of 16 Pages
----------------------------- -------------------------
This Schedule 13D is being filed by TPG-Axon GP, LLC ("GPLLC"), TPG-Axon
Partners GP, L.P. ("PartnersGP"), TPG-Axon Partners, LP ("TPG-Axon Domestic"),
TPG-Axon Capital Management, L.P. ("TPG-Axon Management"), TPG-Axon Partners
(Offshore), Ltd. ("TPG-Axon Offshore"), Dinakar Singh LLC ("Singh LLC") and
Dinakar Singh ("Mr. Singh"). The foregoing persons are sometimes collectively
referred to herein as the "Reporting Persons." Any disclosures herein with
respect to persons other than the Reporting Persons are made on information and
belief of the Reporting Persons. This Schedule 13D relates to the Common Stock,
par value $0.01 per share (the "Common Stock"), of Triad Hospitals, Inc., a
Delaware corporation (the "Issuer"). References herein to the "Shares" are to
the shares of Common Stock of the Issuer being reported herein by the Reporting
Persons.
The Reporting Persons are making a single, joint filing because they may be
deemed to constitute a "group" within the meaning of Section 13(d)(3) of the
Act. The agreement among the Reporting Persons to file jointly (the "Joint
Filing Agreement") is attached hereto as Exhibit 1.
TPG-Axon Management, as investment manager to TPG-Axon Domestic and
TPG-Axon Offshore, has the power to direct the disposition and voting of the
Shares held by TPG-Axon Domestic and TPG-Axon Offshore. PartnersGP is the
general partner of TPG-Axon Domestic. GPLLC is the general partner of PartnersGP
and TPG-Axon Management. Singh LLC is a Managing Member of GPLLC. Mr. Singh, an
individual, is the Managing Member of Singh LLC and in such capacity may be
deemed to control Singh LLC, GPLLC and TPG-Axon Management, and therefore may be
deemed the beneficial owner of the securities held by TPG-Axon Domestic and
TPG-Axon Offshore. Mr. Singh and Eric Mandelblatt ("Mr. Mandelblatt") are
Co-Chief Executive Officers of TPG-Axon Management.
Each of Singh LLC, GPLLC, PartnersGP, Mr. Singh and Mr. Mandelblatt
disclaims beneficial ownership of all of the shares of Common Stock reported in
this Schedule 13D.
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Common Stock, par value $0.01
per share, of the Issuer, acquired by private investment funds managed by
TPG-Axon Management. The Issuer's principal executive office is located at 5800
Tennyson Parkway, Plano, Texas 75024.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed on behalf of GPLLC, PartnersGP, TPG-Axon
Domestic, TPG-Axon Management, TPG-Axon Offshore, Singh LLC and Mr. Singh.
(b) The address of the principal business office of GPLLC, PartnersGP,
TPG-Axon Domestic, TPG-Axon Management, Singh LLC, Mr. Singh and each of the
executive officers of TPG-Axon Management, is c/o TPG-Axon Capital Management,
L.P., 888 Seventh Avenue, 38th Floor, New York, New York 10019. The address of
the principal business office of TPG-Axon Offshore is c/o Goldman Sachs (Cayman)
Trust Limited, P.O. Box 896 GT, Harbour Centre, George Town, Grand Cayman,
Cayman Islands, BWI.
(c) Each of Mr. Singh and Mr. Mandelblatt is primarily engaged in the
business of investment management. The principal business of TPG-Axon Management
is to serve as investment manager to the investment funds (TPG-Axon Domestic and
TPG-Axon Offshore). The principal business of GPLLC is to serve as the general
partner of PartnersGP and TPG-Axon Domestic. The principal business of
PartnersGP is to serve as the general partner of TPG-Axon Management. The
principal business of Singh LLC is to act as the Managing Member of GPLLC.
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 10 of 16 Pages
----------------------------- -------------------------
(d) None of the Reporting Persons, nor any of their directors, executive
officers or members have, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) None of the Reporting Persons, nor any of their directors, executive
officers or members have, during the last five years, been 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.
(f) Each of PartnersGP, TPG-Axon Domestic and TPG-Axon Management is a
Delaware limited partnership. Each of GPLLC and Singh LLC is a Delaware limited
liability company. TPG-Axon Offshore is a Cayman Islands exempted company.
The name, citizenship, present principal occupation or employment and
business address of each director of TPG-Axon Offshore is set forth below.
TPG-Axon Offshore does not have executive officers. To the best of the Reporting
Persons' knowledge, except as set forth in this statement on Schedule 13D, none
of such individuals owns any shares of Common Stock.
Mr. Singh is a citizen of the United States. His principal occupation
is investment manager and he also serves as Director of TPG-Axon Offshore.
His business address is TPG-Axon Partners (Offshore), Ltd., c/o Goldman
Sachs (Cayman) Trust Limited, P.O. Box 896 GT, Harbour Centre, George Town,
Grand Cayman, Cayman Islands, BWI.
Mr. Mandelblatt is a citizen of the United States. His principal
occupation is investment manager and he also serves as Director of TPG-Axon
Offshore. His business address is TPG-Axon Partners (Offshore), Ltd., c/o
Goldman Sachs (Cayman) Trust Limited, P.O. Box 896 GT, Harbour Centre,
George Town, Grand Cayman, Cayman Islands, BWI.
Ian Goodall is a citizen of the United Kingdom. His principal
occupation is Director of TPG-Axon Offshore. His business address is
International Management Services Ltd., P.O. Box 61, Harbour Centre, George
Town, Grand Cayman, Cayman Islands, BWI.
Martin Lang is a citizen of the United Kingdom. His principal
occupation is Director of TPG-Axon Offshore. His business address is
International Management Services Ltd., P.O. Box 61, Harbour Centre, George
Town, Grand Cayman, Cayman Islands, BWI.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
TPG-Axon Offshore has purchased 3,593,189 Shares, using its investment
capital and margin accounts in the ordinary course of business, for a total
purchase price of approximately $151,614,494. TPG-Axon Domestic has purchased
1,882,011 Shares, using its investment capital and margin accounts in the
ordinary course of business, for a total purchase price of approximately
$79,416,839.
ITEM 4. PURPOSE OF TRANSACTION
The Shares reported in this Schedule 13D were originally reported by the
Reporting Persons on a Schedule 13G that was filed with the Securities and
Exchange Commission on June 26, 2006. The Shares were acquired for investment
purposes in the ordinary course of business.
The Reporting Persons believe that the Common Stock is significantly
undervalued and represents an attractive investment opportunity. The Reporting
Persons believe that the Issuer has valuable and well-positioned assets, whose
value is significantly greater than the current market capitalization of the
company. However, the valuation of the company, and of those assets, is being
depressed and diluted by poor capital discipline. The Reporting Persons believe
that in order to avoid further dilution of shareholder value, the Issuer must
substantially improve its capital discipline and focus on maximizing return on
capital.
Since the merger with Quorum Health Group in 2001, the Issuer has spent all
available funds on expansion, resulting in negative free cash flow and dilution
to shareholders. The Issuer has been unable to analytically demonstrate that
this acquisition strategy is in the interest of shareholders, and does not
appear to have sufficient focus on calculating return on investment, and
ensuring its adequacy. As a result, growth of cash flow, EBITDA and net income,
MEASURED ON A PER SHARE BASIS, have significantly lagged behind comparable
companies.
The Reporting Persons believe the Issuer should take actions to increase
shareholder value, including, but not limited to, the following:
1) significantly reduce capital expenditures and acquisitions;
2) implement rigorous analytical standards for capital expenditures;
3) increase its focus on margins and efficiency of existing assets; and
4) significantly increase stock buybacks, in place of risky and unproven
gambles on acquisitions and new facility construction.
The Reporting Persons may engage in discussions and/or take certain actions
regarding the foregoing, or any other matters, including, without limitation,
the Issuer's operations or business development plans, business strategy,
management or directors, governance, capitalization, strategic plans,
competitive position, capital structure or capital management policy, with
management and the directors of the Issuer, other stockholders, industry
analysts, existing or potential strategic partners or competitors, and
investment and financing professionals. Such discussions may materially affect,
and result in, the Reporting Persons' modifying their ownership of Common Stock.
The Reporting Persons reserve the right at any time to reconsider and change
their plans or proposals relating to the foregoing. Except as set forth herein,
the Reporting Persons do not have any
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 11 of 16 Pages
----------------------------- -------------------------
current plan or proposal that would relate to, or result in, any of the matters
set forth under subsections (a) through (j) of Item 4 of Schedule 13D.
The Reporting Persons further may purchase, hold, vote, trade, dispose of,
engage in short selling of or any hedging or similar transactions with respect
to the Common Stock or otherwise deal in the Shares at times, and in such
manner, as they deem advisable to benefit from changes in the market price of
such Shares, changes in the Issuer's operations, business strategy or prospects,
or from sale or merger of the Issuer and based on other factors including,
without limitation, the price levels of the Common Stock, availability of funds,
subsequent developments affecting the Issuer, the Issuer's business, other
investment and business opportunities available to the Reporting Persons,
conditions in the securities market, general economic and industry conditions
and other factors that the Reporting Persons may deem relevant from time to
time. Any acquisition or disposition of shares of, or short sales or other
hedging transaction with respect to the shares of, Common Stock by the Reporting
Persons may be effected through open market or privately negotiated
transactions, or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Reporting Persons may be deemed to beneficially own, in the
aggregate, 5,475,200 Shares, representing approximately 6.2% of the Issuer's
outstanding Common Stock (based upon the 87,871,914 Shares stated to be
outstanding by the Issuer as of July 31, 2006, in the Issuer's Form 10-Q for the
period ending on June 30, 2006, filed with the Securities and Exchange
Commission on August 8, 2006). Each of Mr. Singh, Singh LLC, TPG-Axon Management
and GPLLC may be deemed to beneficially own 5,475,200 Shares. TPG-Axon Offshore
may be deemed to beneficially own 3,593,189 Shares. Each of PartnersGP and
TPG-Axon Domestic may be deemed to beneficially own 1,882,011 Shares. Each
Reporting Person disclaims beneficial ownership of any of the Shares other than
as reported herein as being directly held by it.
(b) As of the date hereof, Mr. Singh, Singh LLC, TPG-Axon Management and
GPLLC have, directly or indirectly, the right to vote and dispose or direct the
disposition of, 5,475,200 Shares. TPG-Axon Offshore has, directly or indirectly,
the right to vote and dispose or direct the disposition of, 3,593,189 Shares.
Each of PartnersGP and TPG-Axon Domestic has, directly or indirectly, the right
to vote and dispose or direct the disposition of, 1,882,011 Shares. (The
percentages herein are based upon the 87,871,914 Shares stated to be outstanding
by the Issuer as of July 31, 2006, in the Issuer's Form 10-Q for the period
ending on June 30, 2006, filed with the Securities and Exchange Commission on
August 8, 2006).
(c) None.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Pursuant to Rule 13d-1(k) promulgated under the Act, the Reporting Persons
have entered into an agreement with respect to the joint filing of this
statement, and any amendment or amendments hereto, which is attached hereto as
Exhibit 1.
Except as otherwise set forth herein, the Reporting Persons do not have any
contract, arrangement, understanding or relationship with any person with
respect to securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 -- Joint Filing Agreement, dated October 31, 2006, signed by
each of the Reporting Persons in order to confirm that this statement is being
filed on behalf of each of the Reporting Persons.
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 12 of 16 Pages
----------------------------- -------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 31, 2006
TPG-Axon GP, LLC
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
TPG-Axon Partners GP, L.P.
By: TPG-Axon GP, LLC, general partner
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
TPG-Axon Partners, LP
By: TPG-Axon Partners GP, L.P., general partner
By: TPG-Axon GP, LLC, general partner
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
TPG-Axon Capital Management, L.P.
By: TPG-Axon GP, LLC, general partner
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 13 of 16 Pages
----------------------------- -------------------------
TPG-Axon Partners (Offshore), Ltd.
By: /S/ Dinakar Singh
----------------------------------------
Dinakar Singh
Director
Dinakar Singh LLC
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Managing Member
/s/ Dinakar Singh
-------------------------------------------
Dinakar Singh
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 14 of 16 Pages
----------------------------- -------------------------
LIST OF EXHIBITS
TO SCHEDULE 13D
1. Joint Filing Agreement
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 15 of 16 Pages
----------------------------- -------------------------
EXHIBIT 1
JOINT FILING AGREEMENT
Each of the undersigned acknowledges and agrees that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing agreements.
Dated: October 31, 2006
TPG-Axon GP, LLC
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
TPG-Axon Partners GP, L.P.
By: TPG-Axon GP, LLC, general partner
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
TPG-Axon Partners, LP
By: TPG-Axon Partners GP, L.P., general partner
By: TPG-Axon GP, LLC, general partner
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
----------------------------- -------------------------
CUSIP NO. 89579K109 SCHEDULE 13D Page 16 of 16 Pages
----------------------------- -------------------------
TPG-Axon Capital Management, L.P.
By: TPG-Axon GP, LLC, general partner
By: /s/ Dinakar Singh
----------------------------------------
Dinakar Singh
Co-President
TPG-Axon Partners (Offshore), Ltd.
By: /s/ Dinakar Singh
-----------------------------------
Dinakar Singh
Director
Dinakar Singh LLC
By: /s/ Dinakar Singh
-----------------------------------
Dinakar Singh
Managing Member
/s/ Dinakar Singh
-----------------------------------
Dinakar Singh