UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
BALLY TOTAL FITNESS HOLDING CORPORATION
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
05873K108
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(CUSIP Number)
Mr. Joseph R. Thornton, Chief Operating Officer with a copy to:
Pardus Capital Management L.P. Robert G. Minion, Esq.
1001 Avenue of the Americas Lowenstein Sandler PC
Suite 1100 65 Livingston Avenue
New York, NY 10018 Roseland, New Jersey 07068
(212) 719-7550 (973) 597-2424
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 25, 2005
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule l3G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Cusip No. 05873K108
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only):
Pardus Capital Management L.P. (34-2037131)
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) Not
(b) Applicable
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3. SEC Use Only
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4. Source of Funds (See Instructions): WC
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e):
Not Applicable
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6. Citizenship or Place of Organization: United States
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Number of 7. Sole Voting Power: 2,218,200*
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Shares Beneficially 8. Shared Voting Power: 0
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Owned by
Each Reporting 9. Sole Dispositive Power: 2,218,200*
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Person With 10. Shared Dispositive Power: 0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person: 2,218,200*
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions): Not Applicable
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13. Percent of Class Represented by Amount in Row (11): 6.4%*
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14. Type of Reporting Person (See Instructions): IA
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* Pardus European Special Opportunities Master Fund L.P., a limited partnership
formed under the laws of the Cayman Islands (the "Fund"), is the holder of
2,218,200 shares of the common stock, par value $0.01 per share (the "Shares"),
of Bally Total Fitness Holding Corporation, a Delaware corporation (the
"Company"). Pardus Capital Management L.P., a Delaware limited partnership
("PCM"), serves as the investment manager of the Fund and possesses sole power
to vote and direct the disposition of all Shares held by the Fund. Thus, as of
August 25, 2005, for the purposes of Reg. Section 240.13d-3, PCM is deemed to
beneficially own 2,218,200 Shares, or 6.4% of the Shares deemed issued and
outstanding as of that date.
Item 1. Security and Issuer.
-------------------
The title of the class of equity securities to which this Schedule 13D
relates is the common stock, par value $0.01 per share (the "Shares"), of Bally
Total Fitness Holding Corporation, a Delaware corporation (the "Company"). The
principal executive offices of the Company are located at 8700 West Bryn Mawr
Avenue, Chicago, Illinois 60631.
Item 2. Identity and Background.
-----------------------
The person filing this statement is Pardus Capital Management L.P., a
Delaware limited partnership ("PCM"), whose business address is 1001 Avenue of
the Americas, Suite 1100, New York, New York 10018. PCM serves as the investment
manager of Pardus European Special Opportunities Master Fund L.P., a limited
partnership formed under the laws of the Cayman Islands (the "Fund") and the
holder of the Shares set forth in this Schedule 13D. PCM, through one or more
funds and/or accounts managed by it and/or its affiliates, is engaged in the
investment in property of all kinds, including but not limited to capital stock,
depository receipts, investment companies, mutual funds, subscriptions,
warrants, bonds, notes, debentures, options and other securities and instruments
of various kind and nature. Mr. Karim Samii is the sole member of Pardus Capital
Management LLC, a Delaware limited liability company which serves as the sole
general partner of PCM.
Neither PCM nor Mr. Samii has ever been convicted in any criminal
proceeding, nor been a party to any civil proceeding commenced before a judicial
or administrative body of competent jurisdiction as a result of which it or he
was or is now subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
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All of the funds used to purchase the Shares described in this
Schedule 13D came from the working capital of the Fund.
Item 4. Purpose of Transaction.
----------------------
PCM has communicated with management of the Company, and expects to
continue to communicate with management of the Company, regarding PCM's desire
that the Company pursue appropriate measures to enhance shareholder value. PCM
intends to, among other things, closely evaluate the performance of the Company
and the value of the Shares, including but not limited to the continued analysis
and assessment by PCM of the Company's business, assets, operations, financial
condition, capital structure, management and prospects. Depending upon such
factors that PCM may from time to time deem relevant, PCM may, among other
things, (i) communicate with other shareholders of the Company, or persons who
may desire to become shareholders of the Company, regarding the composition of
the Company's board of directors and management, (ii) solicit proxies or
consents, to be used at either the Company's regular annual meeting of
shareholders, or at a special meeting of shareholders, or otherwise, with
respect to the matters described in clause (i) above, including possibly the
election of one or more nominees of PCM and/or such other shareholders to the
board of directors of the Company, (iii) seek to cause the Company to merge with
or into, consolidate with, transfer all or substantially all of its assets to,
or otherwise engage in any business combination with, one or more other parties,
(iv) acquire additional Shares, (v) dispose of any or all of the Shares held by
the Fund and/or (vi) take such other actions with respect to the Company as PCM
may from time to time determine.
Except as otherwise described in this Item 4 of this Schedule 13D, the
acquisition of the Shares by the Fund is for investment purposes on behalf of
the Fund.
Item 5. Interest in Securities of the Issuer.
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Based upon information provided by the Company, as of June 30, 2005
there were 34,645,133 Shares issued and outstanding. As of August 25, 2005, the
Fund holds 2,218,200 Shares. PCM possesses sole power to vote and direct the
disposition of all of the Shares held by the Fund. Thus, as of August 25, 2005,
for the purposes of Reg. Section 240.13d-3, PCM may be deemed to beneficially
own 2,218,200 Shares, or 6.4% of the Shares deemed issued and outstanding as of
that date.
Schedule A annexed to this Schedule 13D sets forth the transactions in
Shares, or securities convertible into, exercisable for or exchangeable for
Shares, by PCM or any person or entity controlled by it or any person or entity
for which it possesses voting or investment control over the securities thereof,
during the sixty days on or prior to August 25, 2005. All of the transactions
set forth on such Schedule A were purchases and were effected in ordinary
brokerage transactions.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
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None.
Item 7. Material to be Filed as Exhibits.
--------------------------------
None.
Signature
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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.
September 6, 2005
/s/ Karim Samii
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Karim Samii, in his capacity
as the sole member of Pardus
Capital Management LLC, the
sole general partner of Pardus
Capital Management L.P.
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).
Schedule A
Date Quantity Price
---- -------- -----
07/11/05 10,000 $3.20
07/12/05 3,800 $3.29
07/12/05 15,100 $3.28
07/12/05 12,200 $3.27
07/12/05 7,100 $3.26
07/12/05 39,500 $3.25
07/12/05 11,700 $3.24
07/12/05 600 $3.23
07/13/05 1,600 $3.26
07/13/05 5,000 $3.25
07/13/05 100 $3.24
07/13/05 800 $3.22
07/13/05 600 $3.21
07/13/05 1,700 $3.20
07/13/05 200 $3.19
07/14/05 2,100 $3.25
07/14/05 1,400 $3.24
07/14/05 5,000 $3.22
07/14/05 6,500 $3.21
07/14/05 13,000 $3.20
07/14/05 200 $3.19
07/14/05 1,000 $3.18
07/14/05 800 $3.16
07/19/05 2,600 $3.28
07/19/05 17,000 $3.27
07/19/05 300 $3.26
07/19/05 100 $3.25
07/25/05 100 $3.55
07/25/05 300 $3.52
07/25/05 19,300 $3.50
07/25/05 800 $3.48
07/25/05 3,500 $3.47
07/25/05 700 $3.46
07/25/05 1,300 $3.45
07/25/05 100 $3.44
07/25/05 10,200 $3.43
07/25/05 38,900 $3.42
07/25/05 8,000 $3.41
07/25/05 4,200 $3.40
07/25/05 1,700 $3.39
07/25/05 700 $3.38
07/25/05 5,800 $3.37
07/25/05 1,800 $3.36
07/25/05 500 $3.35
07/25/05 800 $3.34
07/25/05 1,300 $3.33
07/26/05 200 $3.62
07/26/05 2,800 $3.61
07/26/05 2,800 $3.60
07/26/05 8,700 $3.59
07/26/05 2,200 $3.58
07/26/05 2,000 $3.57
07/26/05 3,900 $3.56
07/26/05 5,000 $3.55
07/26/05 3,800 $3.54
07/26/05 3,000 $3.53
07/26/05 100 $3.52
07/26/05 1,000 $3.51
07/26/05 4,400 $3.50
07/26/05 100 $3.49
07/27/05 800 $3.69
07/27/05 700 $3.67
07/27/05 1,000 $3.66
07/27/05 700 $3.65
07/27/05 100 $3.63
07/27/05 100 $3.62
07/27/05 100 $3.61
07/27/05 100 $3.60
07/27/05 6,400 $3.58
07/27/05 2,400 $3.57
07/27/05 2,100 $3.56
07/27/05 500 $3.55
07/29/05 1,200 $3.74
07/29/05 3,400 $3.73
07/29/05 2,900 $3.72
07/29/05 5,200 $3.71
07/29/05 1,400 $3.70
07/29/05 2,700 $3.69
07/29/05 1,700 $3.67
07/29/05 2,600 $3.62
07/29/05 9,500 $3.60
07/29/05 4,200 $3.59
07/29/05 200 $3.58
08/02/05 1,100 $3.70
08/02/05 1,600 $3.68
08/02/05 22,000 $3.67
08/02/05 11,400 $3.66
08/02/05 29,200 $3.65
08/02/05 10,300 $3.64
08/02/05 2,900 $3.63
08/02/05 1,200 $3.62
08/02/05 300 $3.61
08/03/05 28,300 $3.66
08/03/05 2,700 $3.65
08/04/05 1,300 $3.61
08/04/05 21,500 $3.60
08/04/05 1,600 $3.59
08/04/05 2,200 $3.58
08/04/05 8,700 $3.57
08/04/05 3,500 $3.56
08/04/05 100 $3.54
08/04/05 100 $3.50
08/05/05 7,000 $3.73
08/05/05 5,000 $3.72
08/05/05 2,700 $3.71
08/05/05 1,900 $3.70
08/05/05 13,300 $3.69
08/05/05 8,700 $3.68
08/05/05 19,900 $3.67
08/05/05 7,900 $3.66
08/05/05 14,100 $3.65
08/05/05 1,300 $3.64
08/05/05 1,300 $3.63
08/05/05 2,800 $3.62
08/05/05 1,400 $3.61
08/05/05 200 $3.57
08/05/05 100 $3.56
08/05/05 400 $3.55
08/05/05 700 $3.54
08/08/05 4,900 $3.40
08/08/05 300 $3.39
08/08/05 10,100 $3.38
08/08/05 1,000 $3.36
08/08/05 1,100 $3.34
08/08/05 600 $3.32
08/08/05 4,800 $3.30
08/08/05 1,900 $3.29
08/08/05 500 $3.28
08/08/05 2,800 $3.27
08/08/05 1,000 $3.26
08/08/05 4,600 $3.25
08/08/05 2,600 $3.24
08/08/05 1,000 $3.23
08/08/05 3,300 $3.22
08/08/05 7,000 $3.20
08/08/05 2,000 $3.18
08/08/05 900 $3.15
08/08/05 10,500 $3.14
08/08/05 1,000 $3.12
08/08/05 2,400 $3.00
08/08/05 1,100 $2.96
08/08/05 11,700 $2.95
08/08/05 2,500 $2.94
08/08/05 1,700 $2.90
08/09/05 4,000 $3.00
08/09/05 2,200 $2.99
08/09/05 2,300 $2.99
08/09/05 3,900 $2.97
08/09/05 300 $2.96
08/09/05 4,500 $2.95
08/09/05 1,100 $2.92
08/11/05 37,000 $3.15
08/11/05 98,300 $3.14
08/11/05 13,700 $3.06
08/11/05 1,000 $3.04
08/12/05 400 $3.27
08/12/05 7,000 $3.26
08/12/05 13,500 $3.25
08/12/05 30,700 $3.24
08/12/05 14,700 $3.23
08/12/05 1,600 $3.19
08/12/05 200 $3.18
08/12/05 2,000 $3.17
08/12/05 9,600 $3.15
08/12/05 1,600 $3.14
08/15/05 2,800 $3.31
08/15/05 28,200 $3.30
08/15/05 40,000 $3.29
08/15/05 91,700 $3.28
08/15/05 7,900 $3.27
08/15/05 300 $3.25
08/16/05 39,900 $3.23
08/16/05 2,800 $3.22
08/16/05 48,500 $3.21
08/16/05 14,500 $3.20
08/16/05 1,200 $3.19
08/16/05 800 $3.18
08/16/05 200 $3.17
08/16/05 1,600 $3.14
08/17/05 1,500 $3.32
08/17/05 200 $3.27
08/17/05 3,100 $3.25
08/17/05 200 $3.24
08/18/05 600 $3.27
08/18/05 1,600 $3.25
08/18/05 1,300 $3.23
08/18/05 5,900 $3.22
08/18/05 600 $3.21
08/19/05 2,000 $3.48
08/19/05 500 $3.47
08/19/05 800 $3.45
08/19/05 600 $3.39
08/19/05 8,200 $3.35
08/19/05 21,100 $3.34
08/19/05 2,400 $3.33
08/19/05 1,600 $3.31
08/19/05 400 $3.28
08/19/05 2,400 $3.25
08/23/05 37,400 $3.25
08/23/05 4,300 $3.24
08/23/05 100 $3.23
08/23/05 14,400 $3.22
08/23/05 300 $3.21
08/24/05 6,700 $3.26
08/24/05 25,100 $3.25
08/24/05 4,400 $3.24
08/24/05 177,100 $3.28
08/25/05 200,000 $3.38
08/25/05 15,000 $3.37
08/25/05 28,400 $3.35
08/25/05 150,000 $3.33
08/25/05 175,000 $3.23
08/25/05 125,000 $3.22