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SCHEDULE 13D
(AMENDMENT NO. 2)
Under the Securities Exchange Act of 1934
PRG-SCHULTZ INTERNATIONAL, INC.
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(Name of Company)
Common Stock
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(Title of Class of Securities)
69357C107
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(CUSIP Number of Class of Securities)
Andre Weiss, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2431
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 30, 2006
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 2 OF 9 PAGES
--------------------------------------- ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alexandra Global Master Fund Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, 00
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 736,434 shares issuable upon conversion of notes
EACH and payable as shares of interest under the notes
REPORTING (see Item 3)
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
736,434 shares issuable upon conversion of notes
and payable as shares of interest under the notes
(see Item 3)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH PERSON
736,434 shares issuable upon conversion of notes and payable as
shares of interest under the notes (see Item 3)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
1.1% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 3 OF 9 PAGES
--------------------------------------- ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alexandra Investment Management, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, 00
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING 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
BENEFICIALLY
OWNED BY 736,434 shares issuable upon conversion of notes
EACH and payable as shares of interest under the notes
REPORTING (see Item 3)
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
736,434 shares issuable upon conversion of notes
and payable as shares of interest under the notes)
(see Item 3)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH PERSON
736,434 shares issuable upon conversion of notes and payable as
shares of interest under the notes (see Item 3)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
1.1% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 4 OF 9 PAGES
--------------------------------------- ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Mikhail Filimonov
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, 00
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 736,434 shares issuable upon conversion of notes
EACH and payable as shares of interest under the notes
REPORTING (see Item 3)
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
736,434 shares issuable upon conversion of notes
and payable as shares of interest under the notes)
(see Item 3)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH PERSON
736,434 shares issuable upon conversion of notes and payable as
shares of interest under the notes (see Item 3)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
1.1% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 5 OF 9 PAGES
--------------------------------------- ------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dimitri Sogoloff
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, 00
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 736,434 shares issuable upon conversion of notes
EACH and payable as shares of interest under the notes
REPORTING (see Item 3)
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
736,434 shares issuable upon conversion of notes
and payable as shares of interest under the notes)
(see Item 3)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH PERSON
736,434 shares issuable upon conversion of notes and payable as
shares of interest under the notes (see Item 3)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
1.1% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 6 OF 9 PAGES
--------------------------------------- ------------------------
This Amendment No. 2 amends the Statement on Schedule 13D (as amended, the
"Schedule 13D") filed with the Securities and Exchange Commission on December
13, 2005 by Alexandra Global Master Fund Ltd., a company incorporated in the
British Virgin Islands, Alexandra Investment Management, LLC, a Delaware limited
liability company, Mikhail Filimonov and Dimitri Sogoloff (collectively, the
"Reporting Persons") and amended by Amendment No. 1 to the Schedule 13D filed
with the Securities and Exchange Commission on December 22, 2005. This amendment
to the Schedule 13D relates to the shares of Common Stock (the "Shares") of
PRG-Schultz International, Inc., a Georgia corporation (the "Company"). The
following amendments to the Schedule 13D are hereby made. This Amendment is
being filed for the sole purpose of amending Item 4 of the Schedule 13D. Unless
otherwise defined herein, all capitalized terms shall have the meanings ascribed
to them in the Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby supplemented by the following:
On January 30, 2006, Alexandra resigned from the Ad Hoc Committee of holders of
the Company's 4 3/4% Convertible Subordinated Note Due 2006.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE COMPANY.
Item 6 of the Schedule 13D is hereby supplemented by the following:
On January 30, 2006, Alexandra resigned from the Ad Hoc Committee of holders of
the Company's 4 3/4% Convertible Subordinated Note Due 2006.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement dated February 17, 2006.
SCHEDULE 13D/A
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CUSIP NO. 69357C107 PAGE 7 OF 9 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: February 17, 2006
ALEXANDRA GLOBAL MASTER FUND LTD.
By: ALEXANDRA INVESTMENT MANAGEMENT, LLC
its Investment Advisor
By: /s/ Mikhail Filimonov
----------------------
Name: Mikhail Filimonov
Title: Managing Member, Chairman, CEO, Chief Investment Officer
ALEXANDRA INVESTMENT MANAGEMENT, LLC
By: /s/ Mikhail Filimonov
----------------------
Name: Mikhail Filimonov
Title: Managing Member, Chairman, CEO, Chief Investment Officer
By: /s/ Mikhail Filimonov
----------------------
Name: Mikhail Filimonov
By: /s/ Dimitri Sogoloff
----------------------
Name: Dimitri Sogoloff
SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 8 OF 9 PAGES
--------------------------------------- ------------------------
EXHIBIT INDEX
1. Joint Filing Agreement dated February 17, 2006.
SCHEDULE 13D/A
--------------------------------------- ------------------------
CUSIP NO. 69357C107 PAGE 9 OF 9 PAGES
--------------------------------------- ------------------------
EXHIBIT 1
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 as of February 17, 2006
ALEXANDRA GLOBAL MASTER FUND LTD.
By: ALEXANDRA INVESTMENT MANAGEMENT, LLC
its Investment Advisor
By: /s/ Mikhail Filimonov
----------------------
Name: Mikhail Filimonov
Title: Managing Member, Chairman, CEO, Chief Investment Officer
ALEXANDRA INVESTMENT MANAGEMENT, LLC
By: /s/ Mikhail Filimonov
----------------------
Name: Mikhail Filimonov
Title: Managing Member, Chairman, CEO, Chief Investment Officer
By: /s/ Mikhail Filimonov
----------------------
Name: Mikhail Filimonov
By: /s/ Mikhail Filimonov
----------------------
Name: Dimitri Sogoloff