SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Star Maritime Acquisition Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
85516E206
(CUSIP Number)
December 31, 2005
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes 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 30 Pages)
Exhibit List: Page 28
CUSIP No. 85516E206 13G Page 2 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE FUND I, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
70
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
70
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.00%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 3 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE FUND II, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
218,290
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
218,290
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
218,290
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.75%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 4 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE FUND IV, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
43,940
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
43,940
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
43,940
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.15%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 5 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE OVERSEAS FUND, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
493,640
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
493,640
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
493,640
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.70%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 6 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
THE APOGEE FUND, LTD. (F/K/A SATELLITE OVERSEAS FUND III, LTD.)
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
101,620
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
101,620
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
101,620
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.35%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 7 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE OVERSEAS FUND V, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
55,270
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
55,270
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
55,270
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.19%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 8 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE OVERSEAS FUND VI, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
29,440
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
29,440
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
29,440
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.10%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 9 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE OVERSEAS FUND VII, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
120
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
120
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
120
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.00%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 10 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE OVERSEAS FUND VIII, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,370
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,370
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,370
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
XXX 0.02%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 11 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE OVERSEAS FUND IX, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
43,940
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
43,940
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
43,940
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.15%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 12 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
501,000
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
501,000
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
501,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.73%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 13 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE ASSET MANAGEMENT, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
1,492,700
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,492,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,492,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.14%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 14 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE FUND MANAGEMENT LLC
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
1,492,700
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,492,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,492,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.14%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 15 of 30 Pages
-------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE ADVISORS, L.L.C.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
262,300
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
262,300
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
262,300
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.90%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 85516E206 13G Page 16 of 30 Pages
-------------------------------------------------------------------------------
Item 1(a). NAME OF ISSUER:
STAR MARITIME ACQUISITION CORP. (the "Issuer").
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
c/o Schwartz & Weiss, P.C.
457 Madison Avenue
New York, NY 10022
Item 2(a). NAME OF PERSON FILING:
This statement is filed by:
(i) Satellite Fund I, L.P. ("Satellite I");
(ii) Satellite Fund II, L.P. ("Satellite II");
(iii) Satellite Fund IV, L.P. ("Satellite IV");
(iv) Satellite Overseas Fund, Ltd. ("Satellite Overseas")
(v) The Apogee Fund, Ltd. (f/k/a Satellite Overseas Fund III, Ltd.)
("Apogee");
(vi) Satellite Overseas Fund V, Ltd. ("Satellite Overseas V");
(vii) Satellite Overseas Fund VI, Ltd. ("Satellite Overseas VI");
(viii) Satellite Overseas Fund VII, Ltd. ("Satellite Overseas VII");
(ix) Satellite Overseas Fund VIII, Ltd. ("Satellite Overseas VIII");
(x) Satellite Overseas Fund IX, Ltd. ("Satellite Overseas IX");
(xi) Satellite Strategic Finance Partners, Ltd. ("SSFP");
(xii) Satellite Asset Management, L.P. ("Satellite Asset Management");
(xiii) Satellite Fund Management LLC ("Satellite Fund Management"); and
(xiv) Satellite Advisors, L.L.C. ("Satellite Advisors").
This statement relates to Shares (as defined herein) held by (i)
Satellite I, Satellite II, Satellite IV (collectively, the "Delaware Funds")
over which Satellite Advisors has discretionary trading authority, as general
partner, and (ii) Satellite Overseas, Apogee, Satellite Overseas V, Satellite
Overseas VI, Satellite Overseas VII, Satellite Overseas VIII, Satellite Overseas
IX and SSFP (collectively, the "Offshore Funds" and together with the Delaware
Funds, the "Satellite Funds") over which Satellite Asset Management has
discretionary investment trading authority. The general partner of Satellite
Asset Management is Satellite Fund Management. Satellite Fund Management and
Satellite Advisors each share the same four members that make investment
decisions on behalf of the Satellite Funds and investment decisions made by such
members, when necessary, are made through approval of a majority of such
members.
The foregoing persons are hereinafter sometimes collectively referred
to as the "Reporting Persons." Any disclosures herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The address of the business office of each of the Reporting Persons is 623
Fifth Avenue, 19th Floor, New York, NY 10022.
CUSIP No. 85516E206 13G Page 17 of 30 Pages
-------------------------------------------------------------------------------
Item 2(c). CITIZENSHIP:
1) Satellite I is a Delaware limited partnership;
2) Satellite II is a Delaware limited partnership;
3) Satellite IV is a Delaware limited partnership;
4) Satellite Overseas is a Cayman Islands exempted company;
5) Apogee is a Cayman Islands exempted company;
6) Satellite Overseas V is a Cayman Islands exempted company;
7) Satellite Overseas VI is a Cayman Islands exempted company;
8) Satellite Overseas VII is a Cayman Islands exempted company;
9) Satellite Overseas VIII is a Cayman Islands exempted company;
10) Satellite Overseas IX is a Cayman Islands exempted company;
11) SSFP is a Cayman Islands exempted company;
12) Satellite Asset Management is a Delaware limited partnership;
13) Satellite Fund Management is a Delaware limited liability company; and
14) Satellite Advisors is a Delaware limited liability company.
Item 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, $.001 par value per share (the "Shares").
Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) or 13d-2(b) OR
(c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [X] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
13d-1(b)(1)(ii)(F),
CUSIP No. 85516E206 13G Page 18 of 30 Pages
-------------------------------------------------------------------------------
(g) [ ] Parent Holding Company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [ ]
CUSIP No. 85516E206 13G Page 19 of 30 Pages
-------------------------------------------------------------------------------
Item 4. OWNERSHIP.
The percentages used herein and in the rest of Item 4 are calculated
based upon the 29,026,924 shares of Common Stock issued and outstanding as of
December 15, 2005, as described in the Issuer's Form 424B3 filed on December 16,
2005.
Satellite Fund I, L.P.
--------------------------
(a) Amount beneficially owned: 70
(b) Percent of class: 0.00%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 70
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 70
Satellite Fund II, L.P.
--------------------------
(a) Amount beneficially owned: 218,290
(b) Percent of class: 0.75%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 218,290
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 218,290
Satellite Fund IV, L.P.
------------------------------
(a) Amount beneficially owned: 43,940
(b) Percent of class: 0.15%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 43,940
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 43,940
CUSIP No. 85516E206 13G Page 20 of 30 Pages
-------------------------------------------------------------------------------
Satellite Overseas Fund, Ltd.
------------------------------
(a) Amount beneficially owned: 493,640
(b) Percent of class: 1.70%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 493,640
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 493,640
The Apogee Fund, Ltd. (f/k/a Satellite Overseas Fund III, Ltd.)
------------------------------
(a) Amount beneficially owned: 101,620
(b) Percent of class: 0.35%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 101,620
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 101,620
Satellite Overseas Fund V, Ltd.
------------------------------
(a) Amount beneficially owned: 55,270
(b) Percent of class: 0.19%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 55,270
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 55,270
CUSIP No. 85516E206 13G Page 21 of 30 Pages
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Satellite Overseas Fund VI, Ltd.
------------------------------
(a) Amount beneficially owned: 29,440
(b) Percent of class: 0.10%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 29,440
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 29,440
Satellite Overseas Fund VII, Ltd.
------------------------------
(a) Amount beneficially owned: 120
(b) Percent of class: 0.00%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 120
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 120
Satellite Overseas Fund VIII, Ltd.
------------------------------
(a) Amount beneficially owned: 5,370
(b) Percent of class: 0.02%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 5,370
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 5,370
CUSIP No. 85516E206 13G Page 22 of 30 Pages
-------------------------------------------------------------------------------
Satellite Overseas Fund IX, Ltd.
------------------------------
(a) Amount beneficially owned: 43,940
(b) Percent of class: 0.15%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 43,940
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 43,940
Satellite Strategic Finance Partners, Ltd.
------------------------------
(a) Amount beneficially owned: 501,000
(b) Percent of class: 1.73%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 501,000
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 501,000
Satellite Asset Management, L.P.
---------------------------------
(a) Amount beneficially owned: 1,492,700
(b) Percent of class: 5.14%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 1,492,700
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 1,492,700
CUSIP No. 85516E206 13G Page 23 of 30 Pages
-------------------------------------------------------------------------------
Satellite Fund Management LLC
--------------------------
(a) Amount beneficially owned: 1,492,700
(b) Percent of class: 5.14%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 1,492,700
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 1,492,700
Satellite Advisors, L.L.C.
--------------------------
(a) Amount beneficially owned: 262,300
(b) Percent of class: 0.90%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 262,300
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 262,300
Satellite Asset Management, Satellite Fund Management and
Satellite Advisors expressly declare that this filing shall not be construed as
an admission that each is, for the purposes of sections 13(d) or 13(g) of the
Act, the beneficial owner of any securities covered by this filing.
CUSIP No. 85516E206 13G Page 24 of 30 Pages
-------------------------------------------------------------------------------
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE
DATE HEREOF THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL
OWNER OF MORE THAN 5% OF THE CLASS OF SECURITIES, CHECK THE
FOLLOWING [ ]
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The investment manager of the Offshore Funds and the general
partner of the Delaware Funds each have the power to direct the receipt of
dividends from, or proceeds from the sale of, the securities held for the
accounts of their respective funds.
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
This Item 7 is not applicable.
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
This Item 8 is not applicable.
Item 9. NOTICE OF DISSOLUTION OF GROUP.
This Item 9 is not applicable.
Item 10. CERTIFICATION.
Each of the Reporting Persons hereby makes the following
certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP No. 85516E206 13G Page 25 of 30 Pages
-------------------------------------------------------------------------------
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: February 14, 2006 SATELLITE FUND I, L.P.
By: Satellite Advisors, L.L.C.,
as General Partner
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE FUND II, L.P.
By: Satellite Advisors, L.L.C.,
as General Partner
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE FUND IV, L.P.
By: Satellite Advisors, L.L.C.,
as General Partner
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE OVERSEAS FUND, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
CUSIP No. 85516E206 13G Page 26 of 30 Pages
-------------------------------------------------------------------------------
DATED: February 14, 2006 THE APOGEE FUND, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND V, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND VI, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND VII, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND VIII, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
CUSIP No. 85516E206 13G Page 27 of 30 Pages
-------------------------------------------------------------------------------
DATED: February 14, 2006 SATELLITE OVERSEAS FUND IX, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE ASSET MANAGEMENT, L.P.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE FUND MANAGEMENT LLC
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE ADVISORS, L.L.C.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
CUSIP No. 85516E206 13G Page 28 of 30 Pages
-------------------------------------------------------------------------------
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that this statement on Schedule 13G with
respect to the Common Stock of Star Maritime Acquisition Corp., dated as of
February 14, 2006, is, and any amendments thereto (including amendments on
Schedule 13G) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(k)
under the Securities Exchange Act of 1934.
DATED: February 14, 2006 SATELLITE FUND I, L.P.
By: Satellite Advisors, L.L.C.,
as General Partner
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE FUND II, L.P.
By: Satellite Advisors, L.L.C.,
as General Partner
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE FUND IV, L.P.
By: Satellite Advisors, L.L.C.,
as General Partner
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE OVERSEAS FUND, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
CUSIP No. 85516E206 13G Page 29 of 30 Pages
-------------------------------------------------------------------------------
DATED: February 14, 2006 THE APOGEE FUND, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND V, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND VI, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND VII, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE OVERSEAS FUND VIII, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
CUSIP No. 85516E206 13G Page 30 of 30 Pages
-------------------------------------------------------------------------------
DATED: February 14, 2006 SATELLITE OVERSEAS FUND IX, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE ASSET MANAGEMENT, L.P.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: February 14, 2006 SATELLITE FUND MANAGEMENT LLC
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
DATED: February 14, 2006 SATELLITE ADVISORS, L.L.C.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact