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SCHEDULE 13D
(AMENDMENT NO. 2)
Under the Securities Exchange Act of 1934
PRG-SCHULTZ INTERNATIONAL, INC.
-----------------------------------------------------------
(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.
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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)
March 17, 2006
-----------------------------------------------------------
(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
----------------------------------------- --------------------------
CUSIP NO. 69357C107 PAGE 2 OF 10 PAGES
----------------------------------------- --------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Thales Holdings LTD
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[ ]
(b)[X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 440,142 shares (including 335,142 shares issuable upon
EACH conversion of notes and payable as shares of interest
REPORTING under the notes) (see Item 5)
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
440,142 shares (including 335,142 shares issuable upon
conversion of notes and payable as shares of interest
under the notes) (see Item 5)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
440,142 shares (including 335,142 shares issuable upon conversion of
notes and payable as shares of interest under the notes) (see Item 5)
-------------------------------------------------------------------------------
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)
0.6% (see Item 5)
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
---------------------------------------- --------------------------
CUSIP NO. 69357C107 PAGE 3 OF 10 PAGES
---------------------------------------- --------------------------
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Thales Fund 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
-------------------------------------------------------------------------------
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
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7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 440,142 shares (including 335,142 shares issuable upon
EACH conversion of notes and payable as shares of interest
REPORTING under the notes) (see Item 5)
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
440,142 shares (including 335,142 shares issuable upon
conversion of notes and payable as shares of interest
under the notes) (see Item 5)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
440,142 shares (including 335,142 shares issuable upon conversion of
notes and payable as shares of interest under the notes) (see Item 5)
-------------------------------------------------------------------------------
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)
0.6% (see Item 5)
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-------------------------------------------------------------------------------
This Amendment No. 2 (this "Amendment") amends the Statement on Schedule
13D (the "Schedule 13D") filed with the Securities and Exchange Commission on
January 5, 2006 by Thales Holdings LTD a company incorporated in Bermuda and
Thales Fund Management, LLC, a Delaware limited liability company (collectively,
the "Reporting Persons"). This Amendment 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. Unless
otherwise defined herein, all capitalized terms shall have the meanings ascribed
to them in the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5(e) is hereby amended and restated in its entirety as follows:
As of March 17, 2006, the Noteholders' Committee ceased to function. As a
consequence, the group for purposes of Rule 13d-5(b) that may have been deemed
to have been created thereby ceased to exist. Accordingly, the Reporting Persons
ceased to be the beneficial owners of more than five percent of the Shares on
March 17, 2006. This Amendment No. 2 is the final amendment to the Schedule 13D
and is an exit filing.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Item 6 is hereby amended and restated in its entirety as follows:
As of March 17, 2006, the Noteholders' Committee ceased to function. As a
consequence, the group for purposes of Rule 13d-5(b) that may have been deemed
to have been created thereby ceased to exist.
The Reporting Persons have no oral or written agreements, understandings or
arrangements with each other or any other person relating to acquiring, holding,
voting or disposing of any securities of the Company or otherwise with respect
to the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement, dated March 27, 2006.
2. Press release, dated March 20, 2006.
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: March 27, 2006
THALES HOLDINGS LTD
By: THALES FUND MANAGEMENT, LLC
its Investment Advisor
By: /s/ Roger Insley
------------------------------
Name: Roger Insley
Title: Chief Financial Officer
THALES FUND MANAGEMENT, LLC
By: /s/ Roger Insley
-------------------------------
Name: Roger Insley
Title: Chief Financial Officer
EXHIBIT INDEX
1. Joint Filing Agreement, dated March 27, 2006.
2. Press release, dated March 20, 2006.
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: March 27, 2006
THALES HOLDINGS LTD
By: THALES FUND MANAGEMENT, LLC
its Investment Advisor
By: /s/ Roger Insley
------------------------------
Name: Roger Insley
Title: Chief Financial Officer
THALES FUND MANAGEMENT, LLC
By: /s/ Roger Insley
------------------------------
Name: Roger Insley
Title: Chief Financial Officer