UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Avatar Holdings Inc.
(Name of Issuer)
Common Stock, $1.00 par value per share
(Title of Class of Securities)
053494100
(CUSIP Number)
December 31, 2007
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G 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 purposes 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 12 Pages
CUSIP No. 053494100 13G/A Page 2 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge International LLC
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
4.50% Convertible Senior Notes due 2024 convertible into 342,010
shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
4.50% Convertible Senior Notes due 2024 convertible into 342,010
shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4.50% Convertible Senior Notes due 2024 convertible into 342,010
shares of Common Stock
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.96%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 053494100 13G/A Page 3 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Convertible Arbitrage Master Fund, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
4.50% Convertible Senior Notes due 2024 convertible into
19,000 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
4.50% Convertible Senior Notes due 2024 convertible into
19,000 shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4.50% Convertible Senior Notes due 2024 convertible into 19,000
shares of Common Stock
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.23%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 053494100 13G/A Page 4 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
STAR, L.P. (a statistical arbitrage strategy)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
21,077 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
21,077 shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
21,077 shares of Common Stock
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.25%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 053494100 13G/A Page 5 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Capital Management, LLC 20-1901985
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.42%
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(12) TYPE OF REPORTING PERSON **
OO - Limited Liability Company
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 053494100 13G/A Page 6 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Glenn Dubin
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN
SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.42%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 053494100 13G/A Page 7 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Henry Swieca
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4.50% Convertible Senior Notes due 2024 convertible into 361,011
shares of Common Stock
21,077 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.42%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 053494100 13G/A Page 8 of 12 Pages
This Amendment No. 2 (this "Amendment") amends the statement on Schedule 13G
filed on December 2, 2005, as amended by Amendment No. 1 filed on February 8,
2008 (as amended, the "Schedule 13G") with respect to shares of common stock
(the "Common Stock") of Avatar Holdings Inc., a Delaware corporation (the
"Company"). Capitalized terms used herein and not otherwise defined in this
Amendment have the meanings set forth in the Schedule 13G. This Amendment amends
and restates items 2(a), 2(b), 2(c), 4 and 5 in their entirety as set forth
below.
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
Highbridge International LLC
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Convertible Arbitrage Master Fund, L.P.
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
STAR, L.P. (a statistical arbitrage strategy)
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: State of Delaware
Glenn Dubin
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
Henry Swieca
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
Due to a change in the reporting structure of Highbridge Capital Management,
LLC, Highbridge Master L.P., Highbridge Capital Corporation, Highbridge Capital
L.P., Highbridge GP, Ltd. and Highbridge GP, LLC, are no longer Reporting
Persons.
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As of the date of this filing, each Reporting Person may be
deemed the beneficial owner of (i) 342,010 shares of Common Stock issuable to
CUSIP No. 053494100 13G/A Page 9 of 12 Pages
Highbridge International LLC upon conversion of the 4.50% Convertible Senior
Notes due 2024, (ii) 19,000 shares of Common Stock issuable to Highbridge
Convertible Arbitrage Master Fund, L.P. upon conversion of the 4.50% Convertible
Senior Notes due 2024 and (iii) 21,077 shares of Common Stock owned by STAR,
L.P. (a statistical arbitrage strategy).
Highbridge Capital Management, LLC is the trading manager of
Highbridge International LLC, Highbridge Convertible Arbitrage Master Fund, L.P.
and STAR, L.P. (a statistical arbitrage strategy). Glenn Dubin is the Chief
Executive Officer of Highbridge Capital Management, LLC. Henry Swieca is the
Chief Investment Officer of Highbridge Capital Management, LLC. The foregoing
should not be construed in and of itself as an admission by any Reporting Person
as to beneficial ownership of shares of Common Stock owned by another Reporting
Person. In addition, each of Highbridge Capital Management, LLC, Glenn Dubin and
Henry Swieca disclaims beneficial ownership of shares of Common Stock owned by
Highbridge International LLC and Highbridge Convertible Arbitrage Master Fund,
L.P.
(b) Percent of class:
The Company's Quarterly Report on Form 10-Q for the quarterly
period ended September 30, 2007 filed on November 9, 2007, indicates there were
8,286,308 shares of Common Stock outstanding as of October 31, 2007. Therefore,
based on the Company's outstanding shares of Common Stock and the Common Stock
issuable upon the conversion of the 4.50% Convertible Senior Notes due 2024, (i)
Highbridge International LLC owns approximately 3.96% of the outstanding shares
of Common Stock of the Company, (ii) Highbridge Convertible Arbitrage Master
Fund, L.P. owns approximately 0.23% of the outstanding shares of Common Stock of
the Company, (iii) STAR, L.P. (a statistical arbitrage strategy) owns
approximately 0.25% of the outstanding shares of Common Stock of the Company and
(iv) each of Highbridge Capital Management, LLC, Glenn Dubin and Henry Swieca
may be deemed to beneficially own 4.42% of the outstanding shares of Common
Stock of the Company. The foregoing should not be construed in and of itself as
an admission by any Reporting Person as to beneficial ownership of shares of
Common Stock owned by another Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
See Item 4(a)
(iii) Sole power to dispose or to direct the disposition of
0
(iv) Shared power to dispose or to direct
the disposition of
See Item 4(a)
Item 5. Ownership of Five Percent or Less of a Class
CUSIP No. 053494100 13G/A Page 10 of 12 Pages
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [X]
Item 10. Certification
By signing below each of the undersigned certifies that, to the best of
its 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.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of February 1, 2008, by and among
Highbridge International LLC, Highbridge Convertible Arbitrage Master Fund,
L.P., Highbridge Capital Management, LLC, Glenn Dubin and Henry Swieca.
CUSIP No. 053494100 13G/A Page 11 of 12 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.
Dated: February 1, 2008
HIGHBRIDGE INTERNATIONAL LLC HIGHBRIDGE CONVERTIBLE ARBITRAGE
MASTER FUND, L.P.
By: Highbridge Capital Management, LLC
Its Trading Manager By: Highbridge Capital Management,
LLC, its Trading Manager
By: /s/ Noah Greenhill
----------------------------------
By: /s/ Noah Greenhill Name: Noah Greenhill
-------------------------------- Title: Managing Director
Name: Noah Greenhill
Title: Managing Director
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
STAR, L.P.
By: Highbridge Capital Management, LLC
Its Trading Manager
By: /s/ Noah Greenhill
---------------------------------- By: /s/ Noah Greenhill
Name: Noah Greenhill ----------------------------------
Title: Managing Director Name: Noah Greenhill
Title: Managing Director
-------------------------------- ------------------------------------
HENRY SWIECA GLENN DUBIN
CUSIP No. 053494100 13G/A Page 12 of 12 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the Common
Stock, $0.01 par value, of Avatar Holdings Inc., a Delaware corporation, is
being filed, and all amendments thereto will be filed, on behalf of each of the
persons and entities named below in accordance with Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
Dated: February 1, 2008
HIGHBRIDGE INTERNATIONAL LLC HIGHBRIDGE CONVERTIBLE ARBITRAGE
MASTER FUND, L.P.
By: Highbridge Capital Management, LLC
Its Trading Manager By: Highbridge Capital Management,
LLC, its Trading Manager
By: /s/ Noah Greenhill
----------------------------------
By: /s/ Noah Greenhill Name: Noah Greenhill
-------------------------------- Title: Managing Director
Name: Noah Greenhill
Title: Managing Director
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
STAR, L.P.
By: Highbridge Capital Management, LLC
Its Trading Manager
By: /s/ Noah Greenhill
---------------------------------- By: /s/ Noah Greenhill
Name: Noah Greenhill ----------------------------------
Title: Managing Director Name: Noah Greenhill
Title: Managing Director
-------------------------------- ------------------------------------
HENRY SWIECA GLENN DUBIN