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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PRG-Schultz International, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value
--------------------------------------------------------------------------------
(Title of Class of Securities)
69357C107
--------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2003
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for 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).
(Continued on the following pages)
Page 1 of 28 Pages
Exhibit Index found on Page 27
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 319,300
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
319,300
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
319,300
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.5 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 2 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 301,900
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
301,900
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
301,900
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.5 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 3 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners II, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 32,900
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
32,900
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,900
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.1 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 4 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners III, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 37,200
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
37,200
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,200
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.1 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 5 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Tinicum Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
New York
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 16,200
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
16,200
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,200
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.0 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 6 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Management, L.L.C.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 895,767
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
895,767
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
895,767
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
1.5 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IA, OO
------------====================================================================
Page 7 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Partners, L.L.C.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 707,500
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
707,500
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
707,500
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
1.1 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
OO
------------====================================================================
Page 8 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
David I. Cohen
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 9 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Chun R. Ding
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 10 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Joseph F. Downes
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 11 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Duhamel
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 12 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Charles E. Ellwein
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 13 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Richard B. Fried
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 14 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Monica R. Landry
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 15 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Mellin
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 16 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen L. Millham
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 17 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Rajiv A. Patel
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 18 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Derek C. Schrier
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 19 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas F. Steyer
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 20 of 28 Pages
13G
===================
CUSIP No. 69357C107
===================
------------====================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Mark C. Wehrly
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,603,267 Shares, which is 2.6% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
5 SOLE VOTING POWER
-0-
NUMBER OF --------------===========================================
6 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,603,267
OWNED BY --------------===========================================
SOLE DISPOSITIVE POWER
EACH 7
-0-
REPORTING --------------===========================================
PERSON WITH SHARED DISPOSITIVE POWER
8
1,603,267
------------====================================================================
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,267
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 21 of 28 Pages
This Amendment No. 1 to Schedule 13G amends the Schedule 13G initially
filed on August 13, 2003 (collectively, with all amendments thereto, the
"Schedule 13G").
Item 1. Issuer
------
(a) Name of Issuer:
--------------
PRG-Schultz International, Inc. (the "Company")
(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
600 Galleria Parkway, Suite 100, Atlanta, Georgia 30339-5986
Item 2. Identity And Background
-----------------------
Title Of Class Of Securities And CUSIP Number (Item 2(d) and (e))
----------------------------------------------------------------
This statement relates to Shares of Common Stock, no par value, (the
"Shares") of the Company. The CUSIP number of the Shares is 69357C107.
Name Of Persons Filing, Address Of Principal Business Office And
-----------------------------------------------------------------------
Citizenship (Item 2(a), (b) and (c))
------------------------------------
This statement is filed by the entities and persons listed below, all
of whom together are referred to herein as the "Reporting Persons."
The Partnerships
----------------
(i) Farallon Capital Partners, L.P., a California limited
partnership ("FCP"), with respect to the Shares held
by it;
(ii) Farallon Capital Institutional Partners, L.P., a
California limited partnership ("FCIP"), with respect
to the Shares held by it;
(iii) Farallon Capital Institutional Partners II, L.P., a
California limited partnership ("FCIP II"), with
respect to the Shares held by it;
(iv) Farallon Capital Institutional Partners III, L.P., a
Delaware limited partnership ("FCIP III"), with
respect to the Shares held by it; and
(v) Tinicum Partners, L.P., a New York limited
partnership ("Tinicum"), with respect to the Shares
held by it.
FCP, FCIP, FCIP II, FCIP III and Tinicum are together referred to
herein as the "Partnerships."
Page 22 of 28 Pages
The Management Company
----------------------
(vi) Farallon Capital Management, L.L.C., a Delaware
limited liability company (the "Management Company"),
with respect to the Shares held by certain accounts
managed by the Management Company (the "Managed
Accounts").
The General Partner Of The Partnerships
---------------------------------------
(vii) Farallon Partners, L.L.C., a Delaware limited
liability company which is the general partner of
each of the Partnerships (the "General Partner"),
with respect to the Shares held by each of the
Partnerships.
The Managing Members Of the General Partner And The Management Company
----------------------------------------------------------------------
(viii) The following persons who are managing members of
both the General Partner and the Management Company,
with respect to the Shares held by the Partnerships
and the Managed Accounts: David I. Cohen ("Cohen"),
Chun R. Ding ("Ding"), Joseph F. Downes ("Downes"),
William F. Duhamel ("Duhamel"), Charles E. Ellwein
("Ellwein"), Richard B. Fried ("Fried"), Monica R.
Landry ("Landry"), William F. Mellin ("Mellin"),
Stephen L. Millham ("Millham"), Rajiv A. Patel
("Patel"), Derek C. Schrier ("Schrier"), Thomas F.
Steyer ("Steyer") and Mark C. Wehrly ("Wehrly").
Cohen, Ding, Downes, Duhamel, Ellwein, Fried, Landry, Mellin, Millham,
Patel, Schrier, Steyer and Wehrly are together referred to herein as the
"Individual Reporting Persons."
The citizenship of each of the Partnerships, the General Partner and
the Management Company is set forth above. Each of the Individual Reporting
Persons is a United States citizen. The address of the principal business office
of each of the Reporting Persons is c/o Farallon Capital Management, L.L.C., One
Maritime Plaza, Suite 1325, San Francisco, California 94111.
Item 3. If This Statement Is Filed Pursuant To Sections 240.13d-1(b) or
-----------------------------------------------------------------------
240.13d-2(b) or (c), Check Whether The Person Filing Is An Entity
-----------------------------------------------------------------------
Specified in (a) - (j):
-----------------------
Not Applicable.
If This Statement Is Filed Pursuant To Section 240.13d-1(c), Check This
-----------------------------------------------------------------------
Box. [X]
--------
Item 4. Ownership
---------
The information required by Items 4(a) - (c) and set forth in Rows 5
through 11 of the cover page for each Reporting Person hereto is incorporated
herein by reference for each such Reporting Person.
Page 23 of 28 Pages
The Shares reported hereby for the Partnerships are owned directly by
the Partnerships and those reported by the Management Company on behalf of the
Managed Accounts are owned directly by the Managed Accounts. The General
Partner, as general partner to the Partnerships, may be deemed to be the
beneficial owner of all such Shares owned by the Partnerships. The Management
Company, as investment adviser to the Managed Accounts, may be deemed to be the
beneficial owner of all such Shares owned by the Managed Accounts. The
Individual Reporting Persons, as managing members of both the General Partner
and/or the Management Company, may each be deemed to be the beneficial owner of
all such Shares held by the Partnerships and the Managed Accounts. Each of the
Management Company, the General Partner and the Individual Reporting Persons
hereby disclaims any beneficial ownership of any such Shares.
Item 5. Ownership Of Five Percent Or Less Of A Class
--------------------------------------------
If this statement is being filed to report the fact that as of
the date hereof the Reporting Persons have ceased to be the deemed
beneficial owner of more than five percent of the class of securities,
check the following [X].
Item 6. Ownership Of More Than Five Percent On Behalf Of Another Person
---------------------------------------------------------------
Not Applicable.
Item 7. Identification And Classification Of The Subsidiary Which Acquired The
-----------------------------------------------------------------------
Security Being Reported On By The Parent Holding Company
--------------------------------------------------------
Not Applicable.
Item 8. Identification And Classification Of Members Of The Group
---------------------------------------------------------
The Reporting Persons are filing this Schedule 13G pursuant to
Rule 13d-1(c). Consistent with Item 2 of the cover page for each
Reporting Person above, the Reporting Persons neither disclaim nor
affirm the existence of a group among them.
Item 9. Notice Of Dissolution Of Group
------------------------------
Not Applicable.
Item 10. Certification
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
Page 24 of 28 Pages
SIGNATURES
----------
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: February 2, 2004
/s/ Joseph F. Downes
----------------------------------------
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,
And TINICUM PARTNERS, L.P.
By Joseph F. Downes,
Managing Member
/s/ Joseph F. Downes
----------------------------------------
FARALLON CAPITAL MANAGEMENT, L.L.C.,
By Joseph F. Downes,
Managing Member
/s/ Joseph F. Downes
----------------------------------------
Joseph F. Downes, individually and as attorney-in-fact
for each of David I. Cohen, Chun R. Ding,
William F. Duhamel, Charles E. Ellwein,
Richard B. Fried, Monica R. Landry, William F. Mellin,
Stephen L. Millham, Rajiv A. Patel, Derek C. Schrier,
Thomas F. Steyer and Mark C. Wehrly.
The Powers of Attorney, each executed by Cohen, Mellin, Millham and
Steyer authorizing Downes to sign and file this Schedule 13D on each person's
behalf, which were filed with Amendment No. 1 to the Schedule 13D filed with the
Securities and Exchange Commission on January 20, 1998, by such Reporting
Persons with respect to the Units of Spiros Development Corporation II, Inc.,
are hereby incorporated by reference. The Powers of Attorney, each executed by
Duhamel and Fried authorizing Downes to sign and file this Schedule 13D on each
person's behalf, which were filed with Amendment No. 7 to the Schedule 13D filed
with the Securities and Exchange Commission on February 9, 1999 by such
Reporting Persons with respect to the Callable Class A Common Stock of Crescendo
Pharmaceuticals Corporation, are
Page 25 of 28 Pages
hereby incorporated by reference. The Power of Attorney executed by Mark C.
Wehrly authorizing Downes to sign and file this Schedule 13D on his behalf,
which was filed with Amendment No. 4 to the Schedule 13D filed with the
Securities and Exchange Commission on January 18, 2000, by such Reporting Person
with respect to the Class A Common Stock of Momentum Business Applications,
Inc., is hereby incorporated by reference. The Power of Attorney executed by
Monica R. Landry authorizing Downes, as well as Steyer and Cohen, to sign and
file this Schedule 13D on her behalf, which was filed with the Schedule 13G
filed with the Securities and Exchange Commission on January 22, 2001, by such
Reporting Person with respect to the Common Stock of Korn/Ferry International is
hereby incorporated by reference. The Powers of Attorney executed by each of
Chun R. Ding and Derek C. Schrier authorizing Downes to sign and file this
Schedule 13D on his behalf, which was filed with Amendment No. 1 to the Schedule
13D filed with the Securities and Exchange Commission on July 2, 2003, by such
Reporting Person with respect to the Common Stock of Salix Pharmaceuticals,
Ltd., is hereby incorporated by reference. The Powers of Attorney executed by
each of Charles E. Ellwein and Rajiv A. Patel authorizing Downes to sign and
file this Schedule 13D on his behalf, which was filed with Amendment No. 4 to
the Schedule 13G filed with the Securities and Exchange Commission on January 8,
2004 by such Reporting Person with respect to the Common Stock of Catalytica
Energy Systems, Inc., is hereby incorporated by reference.
Page 26 of 28 Pages
EXHIBIT INDEX
EXHIBIT 9 Joint Acquisition Statement Pursuant to Section
240.13d1(k)
Page 27 of 28 Pages
EXHIBIT 9
to
SCHEDULE 13G
JOINT ACQUISITION STATEMENT
PURSUANT TO SECTION 240.13d-1(k)
--------------------------------
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him, her or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other entities or persons, except to the extent that he, she or
it knows or has reason to believe that such information is inaccurate.
Dated: February 2, 2004
/s/ Joseph F. Downes
----------------------------------------
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,
And TINICUM PARTNERS, L.P.,
By Joseph F. Downes
Managing Member
/s/ Joseph F. Downes
----------------------------------------
FARALLON CAPITAL MANAGEMENT, L.L.C.
By Joseph F. Downes
Managing Member
/s/ Joseph F. Downes
----------------------------------------
Joseph F. Downes, individually and as
attorney-in-fact for each of David I. Cohen,
Chun R. Ding, William F. Duhamel, Charles E. Ellwein,
Richard B. Fried, Monica R. Landry, William F. Mellin,
Stephen L. Millham, Rajiv A. Patel, Derek C. Schrier,
Thomas F. Steyer and Mark C. Wehrly.
Page 28 of 28 Pages