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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 8)
Under the Securities Exchange Act of 1934
AVID TECHNOLOGY, INC.
----------------
(Name of Issuer)
Common Stock, Par Value $.01 Per Share
-----------------------------
(Title of Class of Securities)
05367P100
----------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 29, 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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box [ ].
*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 18
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 2 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 94-3205364
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
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 -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 3 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 94-2967812
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
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 -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 4 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 04-3809436
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 5 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 02-0742606
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 6 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 04-3809438
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 7 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP IV, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 26-0588693
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 8 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP IV, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 26-0588732
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 9 of 18
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 83-0424234
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,138,057**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,138,057**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,138,057**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.2%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 10 of 18
Item 1. Security and Issuer
- -----------------------------
This Amendment No. 8 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on March
15, 2007 by Blum Capital Partners, L.P., a California limited partnership,
("Blum LP"); Richard C. Blum & Associates, Inc., a California corporation
("RCBA Inc."); Blum Strategic GP III, L.L.C., a Delaware limited liability
company ("Blum GP III"); Blum Strategic GP III, L.P., a Delaware limited
partnership ("Blum GP III LP"); Blum Strategic Partners III, L.P., a Delaware
limited partnership ("Blum Strategic III")and Saddlepoint Partners GP, L.L.C.,
a Delaware limited liability company ("Saddlepoint GP") (collectively, the
"Reporting Persons").
This amendment relates to shares of common stock, $.01 par value per share
(the "Common Stock") of Avid Technology, Inc., a Delaware corporation (the
"Issuer"). The principal executive office and mailing address of the Issuer
is One Park West, Tewksbury, MA 01876.
The following amendments to the Schedule 13D are hereby made. Unless otherwise
defined herein, all capitalized terms shall have the meanings ascribed to them
in the Schedule 13D as previously amended.
Item 2. Identity and Background
- ---------------------------------
Item 2 is hereby amended and restated in its entirety with the following:
Blum LP is a California limited partnership whose principal business is acting
as general partner for investment partnerships and providing investment
advisory services. Blum LP is an investment advisor registered with the
Securities and Exchange Commission. The sole general partner of Blum LP is
RCBA Inc.
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 11 of 18
The principal business office address of Blum LP and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the executive officers and directors of RCBA Inc., their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum LP
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Partner Suite 400 Norway Blum LP
& Director San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Nadine F. Terman 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Partner, Chief Suite 400 Operating Officer,
Operating Officer, San Francisco, CA 94133 General Counsel and
General Counsel and Secretary, Blum LP
Secretary
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum LP
Assistant Secretary
& Director
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 12 of 18
Blum GP III is a Delaware limited liability company whose principal business
is acting as the general partner of Blum GP III LP, a Delaware limited
partnership, whose principal business is acting as the general partner of Blum
Strategic III whose principal office is 909 Montgomery Street, Suite 400, San
Francisco, California 94133.
The principal business office address of Blum GP III and Blum GP III LP is
909 Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the managing members and members of Blum GP III, their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Nadine F. Terman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member Suite 400 Operating Officer,
San Francisco, CA 94133 General Counsel and
Secretary, Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 13 of 18
Blum Strategic GP IV, L.L.C ("Blum GP IV") is a Delaware limited liability
company whose principal business is acting as the general partner of Blum
Strategic GP IV, L.P. ("Blum GP IV LP"), a Delaware limited partnership,
whose principal business is acting as the general partner of Blum Strategic
Partners IV, L.P. ("Blum Strategic IV"), whose principal office is 909
Montgomery Street, Suite 400, San Francisco, California 94133.
The principal business office address of Blum GP IV and Blum GP IV LP is
909 Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the managing members and members of Blum GP IV, their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Nadine F. Terman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member Suite 400 Operating Officer,
San Francisco, CA 94133 General Counsel and
Secretary, Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 14 of 18
Saddlepoint GP is a Delaware limited liability company whose principal
business is acting as the general partner of Saddlepoint Partners, L.P.,
a Delaware limited partnership ("Saddlepoint LP"), and Saddlepoint Partners
(Cayman), L.P., a Cayman Islands exempted limited partnership ("Saddlepoint
(Cayman) LP"). The principal business office address of Saddlepoint GP,
Saddlepoint LP and Saddlepoint (Cayman) LP is 909 Montgomery Street, Suite
400, San Francisco, California 94133. Blum LP is the managing member of
Saddlepoint GP. RCBA Inc. is the sole general partner of Blum LP. The
principal business office for Blum LP and RCBA Inc. and the names of the
executive officers and directors of RCBA Inc. and their addresses,
citizenship and principal occupations are disclosed above.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or similar
misdemeanors), nor been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Considerations
- ------------------------------------------------------------
Item 3 is hereby amended and restated in its entirety with the following:
The source of funds for the purchases of securities was the working capital
of Blum LP's limited partnerships and investment advisory clients, the
partnership for which Blum GP III LP serves as the sole general partner, the
partnership for which Blum GP IV LP serves as the sole general partner, and
the partnerships for which Saddlepoint GP serves as the general partner.
Item 4. Purpose of Transaction
- --------------------------------
Item 4 is hereby amended and restated in its entirety with the following:
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 15 of 18
On April 30, 2008 Blum Strategic IV filed a Notification and Report Form (the
"April 2008 HSR Notification") under the Hart-Scott-Rodino Antitrust
Improvement Act of 1976, as amended (the "HSR Act"), with respect to the
intended acquisition by Blum Strategic IV of additional shares of Common
Stock. Upon the expiration or termination of the applicable waiting period
under the HSR Act, Blum Strategic IV may acquire additional shares of Common
Stock that result in the aggregate value of all shares of Common Stock held by
Blum Strategic IV after such acquisitions to exceed $63.1 million but be less
than $126.2 million. With respect to each of the foregoing sentences of this
paragraph, any such value would be determined pursuant to the HSR Act by using
the lowest closing quotation or closing bid price during the 45 calendar days
immediately prior to April 30, 2008.
Subject to the expiration or termination of the applicable waiting period
under the HSR Act with respect to the April 2008 HSR Notification, each as
described above, the Reporting Persons may periodically acquire additional
shares of Common Stock. The purpose of any such acquisitions of the Common
Stock would be for investment, and any such acquisitions of the Common Stock
would be made in the ordinary course of business and not for the purpose of
acquiring control of the Issuer.
Other than the April 2008 HSR Notification described above, no Reporting
Person has any specific plan or proposal to acquire or dispose of the Common
Stock, although consistent with its investment purpose, each Reporting Person
at any time and from time to time may acquire additional Common Stock or
dispose of any or all of its Common Stock depending upon an ongoing evaluation
of the investment in the Common Stock, prevailing market conditions, other
investment opportunities, liquidity requirements of the Reporting Persons
and/or other investment considerations.
Also, consistent with the investment purpose, the Reporting Persons may
engage in communications with one or more shareholders of the Issuer, one or
more officers of the Issuer and/or one or more members of the board of
directors of the Issuer and/or one or more representatives of the Issuer
regarding the Issuer, including but not limited to its operations. The
Reporting Persons may discuss ideas that, if effected, may result in any of
the following: the acquisition by such persons of additional Common Stock of
the Issuer, an extraordinary corporate transaction involving the Issuer,
and/or changes in the board of directors or management of the Issuer.
John Park, who is an executive officer or managing member of each of
the Reporting Persons, is a member of the Board of Directors of the Issuer.
Except to the extent the foregoing may be deemed a plan or proposal, none of
the Reporting Persons has any plans or proposals which relate to, or could
result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting
Persons may, at any time and from time to time, review or reconsider their
position and/or change their purpose and/or formulate plans or proposals with
respect thereto.
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 16 of 18
Item 5. Interest in Securities of the Issuer
- ----------------------------------------------
(a), (b) According to the Issuer's Form DEF 14A filed with the Commission on
April 7, 2008, there were 37,241,822 shares of Common Stock issued and
outstanding as of March 25, 2008. Based on such information, after taking
into account the transactions described in Item 5(c) below, the Reporting
Persons report beneficial ownership of the following shares of Common Stock:
(i) 2,257,402 shares of Common Stock held by Blum LP and RCBA Inc. on behalf
of the limited partnerships for which Blum LP serves as the general partner,
or on behalf of an entity for which Blum LP serves as investment advisor,
which represents 6.1% of the outstanding shares of the Common Stock; (ii)
4,100,000 shares of the Common Stock held by Blum GP III which serves as
general partner of Blum GP III LP which, in turn, serves as the general
partner of Blum Strategic III, which represents 11.0% of the outstanding
shares of the Common Stock; (iii) 278,615 shares of the Common Stock held by
Blum GP IV which serves as general partner of Blum GP IV LP which, in turn,
serves as the general partner of Blum Strategic IV, which represents 0.7% of
the outstanding shares of the Common Stock; (iv) 329,840 shares of the Common
Stock held by Saddlepoint GP on behalf of a partnership for which it serves as
the general partner, which represents 0.9% of the outstanding shares of the
Common Stock; and (v) 86,100 shares of the Common Stock that are legally owned
by The Nuclear Decommissioning Trust of Dominion Nuclear Connecticut, Inc.
("Dominion Connecticut"), which represents 0.2% of the outstanding shares of
the Common Stock and 86,100 shares of the Common Stock that are legally owned
by Virginia Electric and Power Company Qualified Nuclear Decommissioning Trust
("Virginia Electric"), which represents 0.2% of the outstanding shares of the
Common Stock (collectively, the "Investment Advisory Clients"), with respect
to which Blum LP has voting and investment power. Each Investment Advisory
Client has entered into an investment management agreement with Blum LP, but
neither Investment Advisory Client has any contract, arrangement or
understanding with the other Investment Advisory Client, or any other
Reporting Person, with respect to the acquisition, ownership, disposition or
voting of any shares of the Common Stock. Each Investment Advisory Client
disclaims membership in a group with any Reporting Person or with the other
Investment Advisory Client, and each disclaims beneficial ownership of any
shares beneficially owned by the Reporting Persons other than for their own
account.
Voting and investment power concerning the above shares are held solely by
Blum LP, Blum GP III, Blum GP IV and Saddlepoint GP. The Reporting Persons
therefore may be deemed to be members in a group, in which case the group
would be deemed to have beneficial ownership of an aggregate of 7,138,057
shares of the Common Stock, which is 19.2% of the outstanding Common Stock.
As the sole general partner of Blum LP, RCBA Inc. is deemed the beneficial
owner of the securities over which Blum LP has voting and investment power.
The filing of this Schedule shall not be construed as an admission that any of
the shareholders, directors or executive officers of RCBA Inc. or the managing
members and members of Blum GP III, Blum GP III LP, Blum GP IV, Blum GP IV LP
and Saddlepoint GP, is, for any purpose, the beneficial owner of any of the
securities that are beneficially owned by RCBA Inc., Blum LP, Blum GP III LP,
Blum GP III, Blum GP IV, Blum GP IV LP or Saddlepoint GP.
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 17 of 18
c) Since the most recent filing of Schedule 13D, the Reporting Persons
purchased the following number of shares of Common Stock in the open market:
Entity Trade Date Shares Price/Share
- ------- ---------- -------- -----------
For Blum Strategic IV for 04-29-2008 2,000 20.4400
which Blum GP IV LP 04-29-2008 30,000 20.7497
serves as the general partner 04-30-2008 6,200 20.7500
and for Blum GP IV which 04-30-2008 240,415 20.9361
serves as the general
partner for Blum GP IV LP
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
- -----------------------------------------------------------------------------
There have been no changes to Item 6 since the initial Schedule 13D filed on
April 24, 2006.
Item 7. Material to be Filed as Exhibits
- ------------------------------------------
Exhibit A - Joint Filing Undertaking
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 18 of 18
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: May 1, 2008
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
-------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
BLUM STRATEGIC PARTNERS III, L.P. BLUM STRATEGIC GP IV, L.L.C.
By: Blum Strategic GP III, L.P.,
its General Partner
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
--------------------------- ------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Managing Member Managing Member
BLUM STRATEGIC GP IV, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP IV, L.L.C. By: Blum Capital Partners, L.P.
its General Partner its Managing Member
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- -------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Managing Member Partner, Chief Operating Officer,
General Counsel and Secretary
* * * * *
CUSIP NO. 05367P100 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement of the
below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of
each such party.
Dated: May 1, 2008
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
-------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
BLUM STRATEGIC PARTNERS III, L.P. BLUM STRATEGIC GP IV, L.L.C.
By: Blum Strategic GP III, L.P.,
its General Partner
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
--------------------------- ------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Managing Member Managing Member
BLUM STRATEGIC GP IV, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP IV, L.L.C. By: Blum Capital Partners, L.P.
its General Partner its Managing Member
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- -------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Managing Member Partner, Chief Operating Officer,
General Counsel and Secretary