SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
LAMAR ADVERTISING COMPANY
(Name of Issuer)
CLASS A COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)
512815101
(CUSIP Number)
SPO Advisory Corp.
591 Redwood Highway, Suite 3215
Mill Valley, California 94941
(415) 383-6600
with a copy to:
Alison S. Ressler
Sullivan & Cromwell LLP
1888 Century Park East
Los Angeles, California 90067-1725
(310) 712-6600
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
September 18, 2008
(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 Rule 13d-1(e), 13d-1(f) or 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 Rule 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).
Page 1 of 22 pages
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1. NAME OF REPORTING PERSON SPO Partners II, L.P.
--------------------------------------------------------------------------------
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
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
17,902,984 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
17,902,984 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,902,984
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SPO Advisory Partners,
L.P.
CUSIP No. 512815101 Page 2 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON SPO Advisory Partners, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
17,902,984 (1)(2)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
17,902,984 (1)(2)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,902,984
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of SPO Partners II, L.P.
(2) Power is exercised through its sole general partner, SPO Advisory Corp.
CUSIP No. 512815101 Page 3 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
San Francisco Partners II, L.P.
--------------------------------------------------------------------------------
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
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
735,730 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
735,730 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,730
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SF Advisory Partners,
L.P.
CUSIP No. 512815101 Page 4 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SF Advisory Partners, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
735,730 (1)(2)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
735,730 (1)(2)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,730
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of San Francisco
Partners II, L.P.
(2) Power is exercised through its sole general partner, SPO Advisory Corp.
CUSIP No. 512815101 Page 5 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SPO Advisory Corp.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
18,638,714 (1)(2)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
18,638,714 (1)(2)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,638,714
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of SPO Advisory
Partners, L.P. with respect to 17,902,984 of such shares; and solely
in its capacity as the sole general partner of SF Advisory Partners, L.P.
with respect to 735,730 of such shares.
(2) Power is exercised through its four controlling persons, John H. Scully,
William E. Oberndorf, William J. Patterson and Edward H. McDermott.
CUSIP No. 512815101 Page 6 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
John H. Scully
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
303,300 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED 18,638,714 (2)
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
303,300 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
18,638,714 (2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,942,014
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.9%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) Of these shares, 18,700 shares are held in the John H. Scully Individual
Retirement Accounts, which are self-directed, and 284,600 shares may be
deemed to be beneficially owned by Mr. Scully solely in his capacity as
controlling person, sole director and executive officer of Phoebe Snow
Foundation, Inc.
(2) These shares may be deemed to be beneficially owned by Mr. Scully solely
in his capacity as one of four controlling persons of SPO Advisory Corp.
CUSIP No. 512815101 Page 7 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
William E. Oberndorf
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
84,600 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED 18,638,714 (2)
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
84,600 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
18,638,714 (2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,723,314
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) These shares are held in the William E. Oberndorf Individual Retirement
Account, which is self-directed.
(2) These shares may be deemed to be beneficially owned by Mr. Oberndorf solely
in his capacity as one of four controlling persons of SPO Advisory Corp.
CUSIP No. 512815101 Page 8 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
William J. Patterson
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
1,700 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED 18,689,914 (2)
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
1,700 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
18,689,914 (2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,691,614
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) These shares are held in the William J. Patterson Individual Retirement
Account, which is self directed.
(2) Of these shares, 18,638,714 shares may be deemed to be beneficially owned by
Mr. Patterson solely in his capacity as one of four controlling persons of
SPO Advisory Corp. and 51,200 shares may be deemed to be beneficially owned
by Mr. Patterson solely in his capacity as a controlling person, director
and executive officer of The Elizabeth R. & William J. Patterson Foundation.
CUSIP No. 512815101 Page 9 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
Phoebe Snow Foundation, Inc.
--------------------------------------------------------------------------------
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
ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
284,600 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
284,600 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
284,600
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(1) Power is exercised through its controlling person, sole director and
executive officer, John H. Scully.
CUSIP No. 512815101 Page 10 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
The Elizabeth R. & William J. Patterson Foundation
--------------------------------------------------------------------------------
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
ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
51,200 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
51,200 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
51,200
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(1) Power is exercised through its controlling persons, directors and executive
officers, William J. Patterson and Elizabeth R. Patterson.
CUSIP No. 512815101 Page 11 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
Eli J. Weinberg
--------------------------------------------------------------------------------
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
ITEMS 2(d) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
126
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
126
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
126
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
**0.1%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
** Denotes less than.
CUSIP No. 512815101 Page 12 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
Ian R. McGuire
--------------------------------------------------------------------------------
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
ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
1,156 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED -0-
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
1,156 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,156
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
**0.1%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
** Denotes less than.
(1) Of these shares, 256 shares are held in the Ian R. McGuire Individual
Retirement Account, which is self-directed.
CUSIP No. 512815101 Page 13 of 22 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
Edward H. McDermott
--------------------------------------------------------------------------------
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
ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
1357 (1)
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER
BENEFICIALLY OWNED 18,638,714 (2)
BY EACH REPORTING ------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
1357 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
18,638,714 (2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,640,071
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) Of these, 800 shares are held in the Edward H. McDermott Individual
Retirement Account, which is self-directed, and 557 shares are restricted
stock awarded to Mr. McDermott in his capacity as a member of the board of
directors of the issuer.
(2) These shares may be deemed to be beneficially owned by Mr. McDermott solely
in his capacity as one of four controlling persons of SPO Advisory Corp.
Page 14 of 22 pages
This Amendment No. 11 amends the Schedule 13D (the "Original 13D")
filed with the Securities and Exchange Commission ("SEC") on August 22, 2005 and
as amended on May 10, 2006, July 19, 2006, July 31, 2007, October 2, 2007, March
21, 2008, April 15, 2008, June 26, 2008, July 1, 2008, July 7, 2008 and July 15,
2008. Unless otherwise stated herein, the Original 13D, as previously amended,
remains in full force and effect. Terms used therein and not defined herein
shall have the meanings ascribed thereto in the Original 13D.
ITEM 2. IDENTITY AND BACKGROUND.
The following subsections of Item 2(b)-(c) are hereby amended and
restated in their entirety as follows:
JHS
JHS's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co., a Delaware corporation. The principal business
of SPO Partners & Co. is operating as an investment firm. The principal business
address of SPO Partners & Co., which serves as its principal office, is 591
Redwood Highway, Suite 3215, Mill Valley, California 94941. JHS is one of four
controlling persons of SPO Advisory Corp., the sole general partner of each of
SPO Advisory Partners and SF Advisory Partners.
WEO
WEO's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co., a Delaware corporation. The principal business
of SPO Partners & Co. is operating as an investment firm. The principal business
address of SPO Partners & Co., which serves as its principal office, is 591
Redwood Highway, Suite 3215, Mill Valley, California 94941. WEO is one of four
controlling persons of SPO Advisory Corp., the sole general partner of each of
SPO Advisory Partners and SF Advisory Partners.
WJP
WJP's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co., a Delaware corporation. The principal business
of SPO Partners & Co. is operating as an investment firm. The principal business
address of SPO Partners & Co., which serves as its principal office, is 591
Redwood Highway, Suite 3215, Mill Valley, California 94941. WJP is one of four
controlling persons of SPO Advisory Corp., the sole general partner of each of
SPO Advisory Partners and SF Advisory Partners.
EHM
EHM's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co., a Delaware corporation. The principal business
of SPO Partners & Co. is operating as an investment firm. The principal business
address of SPO Partners & Co., which serves as its principal office, is 591
Redwood Highway, Suite 3215, Mill Valley, California 94941. EHM is one of four
controlling persons of SPO Advisory Corp., the sole general partner of each of
SPO Advisory Partners and SF Advisory Partners.
Page 15 of 22 pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated in its entirety as follows:
The source and amount of the funds used or to be used by the Reporting
Persons to purchase Shares are as follows:
NAME SOURCE OF FUNDS AMOUNT OF FUNDS
--------------------- --------------------------- ---------------
SPO Contributions from Partners $734,134,107
SPO Advisory Partners Not Applicable Not Applicable
SFP Contributions from Partners $30,762,451
SF Advisory Partners Not Applicable Not Applicable
SPO Advisory Corp. Not Applicable Not Applicable
JHS Not Applicable and Personal Funds $778,865
WEO Not Applicable and Personal Funds $2,857,755
WJP Not Applicable and Personal Funds $66,412
PS Foundation Contributions from Shareholders $15,077,638
Patterson Foundation Contributions from Shareholders $1,994,537
EJW Personal Funds $5,672
IRM Personal Funds $55,943
EHM Not Applicable and Personal Funds $26,280
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Percentage interest calculations for each Reporting Person are
based upon the Issuer having 75,977,891 total outstanding shares of Class A
common stock as reported on the Issuer's 10-Q filed with the Securities and
Exchange Commission on August 8, 2008.
SPO
The aggregate number of Shares that SPO owns beneficially, pursuant to
Rule 13d-3 of the Act, is 17,902,984 Shares, which constitutes approximately
23.6% of the outstanding Shares.
SPO Advisory Partners
Because of its position as the sole general partner of SPO, SPO
Advisory Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 17,902,984 Shares, which constitutes approximately 23.6% of
the outstanding Shares.
SFP
The aggregate number of Shares that SFP owns beneficially, pursuant to
Rule 13d-3 of the Act, is 735,730 Shares, which constitutes approximately 1.0%
of the outstanding Shares.
Page 16 of 22 pages
SF Advisory Partners
Because of its position as the sole general partner of SFP, SF Advisory
Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial
owner of 735,730 Shares, which constitutes approximately 1.0% of the outstanding
Shares.
SPO Advisory Corp.
Because of its positions as the sole general partner of each of SPO
Advisory Partners and SF Advisory Partners, SPO Advisory Corp. may, pursuant to
Rule 13d-3 of the Act, be deemed to be the beneficial owner of 18,638,714 Shares
in the aggregate, which constitutes approximately 24.5% of the outstanding
Shares.
JHS
Individually, and because of his positions as a control person of SPO
Advisory Corp. and controlling person, sole director and executive officer of PS
Foundation, JHS may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 18,942,014 Shares, which constitutes approximately 24.9% of
the outstanding Shares.
WEO
Individually and because of his position as a control person of SPO
Advisory Corp., WEO may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 18,723,314 Shares, which constitutes approximately 24.6% of
the outstanding Shares.
WJP
Individually and because of his position as a control person of SPO
Advisory Corp. and as a control person, director and executive officer of
Patterson Foundation, WJP may, pursuant to Rule 13d-3 of the Act, be deemed to
be the beneficial owner of 18,691,614 Shares, which constitutes approximately
24.6% of the outstanding Shares.
PS FOUNDATION
The aggregate number of Shares that PS Foundation owns beneficially,
pursuant to Rule 13d-3 of the Act, is 284,600 Shares, which constitutes
approximately 0.4% of the outstanding Shares.
Page 17 of 22 pages
PATTERSON FOUNDATION
The aggregate number of Shares that Patterson Foundation owns
beneficially, pursuant to Rule 13d-3 of the Act, is 51,200 Shares, which
constitutes approximately 0.1% of the outstanding Shares.
EJW
The aggregate number of Shares that EJW owns beneficially, pursuant to
Rule 13d-3 of the Act, is 126 Shares, which constitutes less than 0.1% of the
outstanding Shares.
IRM
The aggregate number of Shares that IRM owns beneficially, pursuant to
Rule 13d-3 of the Act, is 1,156 Shares, which constitutes less than 0.1% of the
outstanding Shares.
EHM
Individually and because of his position as a control person of SPO
Advisory Corp., EHM may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 18,640,071 Shares, which constitutes approximately 24.5% of
the outstanding Shares.
To the best of the knowledge of each of the Reporting Persons, other
than as set forth above, none of the persons named in Item 2 hereof is the
beneficial owner of any Shares.
(b)
SPO
Acting through its sole general partner, SPO has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 17,902,984
Shares.
SPO Advisory Partners
Acting through its sole general partner and in its capacity as the sole
general partner of SPO, SPO Advisory Partners has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 17,902,984
Shares.
SFP
Acting through its sole general partner, SFP has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 735,730
Shares.
SF Advisory Partners
Acting through its sole general partner and in its capacity as the sole
general partner of SFP, SF Advisory Partners has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 735,730 Shares.
SPO Advisory Corp.
Acting through its controlling persons and in its capacities as the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
SPO Advisory Corp. has the sole power to vote or to direct the vote and to
dispose or to direct the disposition of 18,638,714 Shares in the aggregate.
Page 18 of 22 pages
JHS
As one of four controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
JHS may be deemed to have shared power with WEO, WJP and EHM to vote or to
direct the vote and to dispose or to direct the disposition of 18,638,714 Shares
held by SPO and SFP in the aggregate. In addition, JHS has the sole power to
vote or to direct the vote and to dispose or to direct the disposition of 18,700
Shares held in the John H. Scully Individual Retirement Accounts, which are
self-directed individual retirement accounts, and 284,600 Shares held by the PS
Foundation, for which JHS is the controlling person, sole director and executive
officer.
WEO
As one of four controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
WEO may be deemed to have shared power with JHS, WJP and EHM to vote or to
direct the vote and to dispose or to direct the disposition of 18,638,714 Shares
held by SPO and SFP in the aggregate. In addition, WEO has the sole power to
vote or to direct the vote and to dispose or to direct the disposition of 84,600
shares held in the William E. Oberndorf Individual Retirement Account, which is
a self- directed individual retirement account.
WJP
As one of four controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
WJP may be deemed to have shared power with JHS, WEO and EHM to vote or to
direct the vote and to dispose or to direct the disposition of 18,638,714 Shares
held by SPO and SFP in the aggregate. WJP may be deemed to have shared power to
vote or to direct the vote and to dispose or to direct the disposition of 51,200
Shares held by the Patterson Foundation. In addition, WJP has the sole power to
vote or to direct the vote and to dispose or to direct the disposition of 1,700
Shares held in the William J. Patterson Individual Retirement Account, which is
a self-directed individual retirement account.
PS FOUNDATION
Acting through its controlling person, PS Foundation has the sole power
to vote or to direct the vote and to dispose or to direct the disposition of
284,600 Shares.
PATTERSON FOUNDATION
Acting through its two controlling persons, directors and executive
officers, Patterson Foundation has the sole power to vote or to direct the vote
and to dispose or to direct the disposition of 51,200 Shares.
EJW
EJW has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 126 Shares.
IRM
IRM has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 256 Shares held in the Ian R. McGuire Individual
Retirement Account, which is a self-directed individual retirement account. In
addition, IRM has the sole power to vote or to direct the vote and to dispose
or to direct the disposition of 900 Shares.
Page 19 of 22 pages
EHM
As one of four controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
EHM may be deemed to have shared power with JHS, WEO and WJP to vote or to
direct the vote and to dispose or to direct the disposition of 18,638,714 Shares
held by SPO and SFP in the aggregate. In addition, EHM has the sole power to
vote or to direct the vote and to dispose or to direct the disposition of 800
Shares held in the Edward H. McDermott Individual Retirement Account, which is a
self-directed individual retirement account and 557 shares of restricted stock
awarded to EHM in his capacity as a director of the Issuer.
(c) During the past 60 days, Reporting Persons purchased Shares in open
market transactions on the Nasdaq Global Select Market as set forth on Schedule
I attached hereto.
Except as set forth in this paragraph (c), to the best of the knowledge
of each of the Reporting Persons, none of the persons named in response to
paragraph (a) has effected any transactions in Shares during the past 60 days.
(d) Each of the Reporting Persons affirms that no person other than
such Reporting Person has the right to receive or the power to direct the
receipt of distributions with respect to, or the proceeds from the sale of,
Shares owned by such Reporting Person.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended and restated in its entirety as follows:
Effective as of September 18, 2008, EHM has been appointed as a member
of the Board of Directors of the Issuer.
Otherwise, except as set forth herein, there are no contracts,
arrangements, understandings or relationships of the type required to be
disclosed in response to Item 6 of Schedule 13D of the Act with respect to the
Shares owned by the Reporting Persons.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is hereby amended and restated in its entirety as follows:
Exhibit A: Agreement pursuant to Rule 13d-1 (k)
Page 20 of 22 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 September 19, 2008 By: /s/ Kim M. Silva
--------------------------------
Kim M. Silva
Attorney-in-Fact for:
SPO PARTNERS II, L.P.(1)
SPO ADVISORY PARTNERS, L.P.(1)
SAN FRANCISCO PARTNERS II, L.P.(1)
SF ADVISORY PARTNERS, L.P.(1)
SPO ADVISORY CORP.(1)
JOHN H. SCULLY(1)
WILLIAM E. OBERNDORF(1)
WILLIAM J. PATTERSON(1)
PHOEBE SNOW FOUNDATION, INC.(1)
THE ELIZABETH R. & WILLIAM J.
PATTERSON FOUNDATION(1)
ELI J. WEINBERG(1)
IAN R. McGUIRE(1)
EDWARD H. MCDERMOTT(1)
(1) A Power of Attorney
authorizing Kim M. Silva to
act on behalf of this
person or entity has been
previously filed with the
Securities and Exchange
Commission.
Page 21 of 22 pages
SCHEDULE I TO SCHEDULE 13D
Reporting Person Date of Type Number of Price Per Where/How
Transaction Shares Share ($) Transaction Effected
--------------------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 07/21/2008 Buy 780 34.0900 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 195 34.1000 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 780 34.1100 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 585 34.1200 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 780 34.1300 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 1,154 34.1400 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 390 34.1600 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 976 34.1700 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 976 34.1800 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 780 34.1900 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 3,041 34.2000 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 1,366 34.2100 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 683 34.2200 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 1,463 34.2400 Open Market/Broker
SPO Partners II, L.P. 07/21/2008 Buy 6,051 34.2500 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 20 34.0900 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 5 34.1000 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 20 34.1100 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 15 34.1200 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 20 34.1300 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 29 34.1400 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 10 34.1600 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 24 34.1700 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 24 34.1800 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 20 34.1900 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 76 34.2000 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 34 34.2100 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 17 34.2200 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 37 34.2400 Open Market/Broker
William E. Oberndorf IRA 07/21/2008 Buy 149 34.2500 Open Market/Broker
Page 22 of 22 pages
EXHIBIT INDEX
EXHIBIT DOCUMENT DESCRIPTION
------- --------------------
A Agreement Pursuant to Rule 13d-1 (k)