SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D*
(Rule 13d-101)
Amendment No. 3
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
LEAP WIRELESS INTERNATIONAL, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
521863308
(CUSIP Number)
Owl Creek Asset Management, L.P.
640 Fifth Avenue, 20th Floor, New York, NY 10019, Attn: Daniel Sapadin
(212) 688-2550
(Name, address and telephone number of person
authorized to receive notices and communications)
February 25, 2009
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 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 Rule 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 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 16 Pages)
CUSIP No. 521863308 13D Page 2 of 16 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek I, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
109,231
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
109,231
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
109,231
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
.2%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 521863308 13D Page 3 of 16 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek II, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
974,783
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
974,783
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
974,783
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.4%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 521863308 13D Page 4 of 16 pages
----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek Advisors, LLC
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
1,084,014
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,084,014
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,084,014
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.6%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 521863308 13D Page 5 of 16 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Owl Creek Asset Management, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
4,153,865
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,153,865
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,153,865
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 521863308 13D Page 6 of 16 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Jeffrey A. Altman
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC, OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
5,237,879
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
5,237,879
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,237,879
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.5%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 521863308 13D Page 7 of 16 Pages
The Schedule 13D initially filed on December 21, 2007 and amended by
Amendment No. 1 filed on February 7, 2008 and by Amendment No. 2 on March 13,
2008 (the "Amended Schedule 13D"), relating to the common stock, par value
$.0001 (the "Common Stock"), of Leap Wireless International, Inc. (the
"Issuer"), a Delaware corporation whose principal executive offices are located
at 10307 Pacific Center Court, San Diego, California 92121, is hereby amended by
this Amendment No. 3 to the Schedule 13D.
Items 3, 5 and 6 of the Amended Schedule 13D are hereby amended and
restated in their entirety as follows:
CUSIP No. 521863308 13D Page 8 of 16 Pages
Item 3. Source and Amount of Funds and Other Consideration.
The Reporting Persons expended an aggregate of approximately
$193,087,648.14 of investment capital to purchase the 5,237,879 shares of Common
Stock. Such transactions were effected in open market purchases and acquired in
the ordinary course of business and are held by the Reporting Persons in
commingled margin accounts maintained at Morgan Stanley & Co., which may extend
margin credit to the Reporting Persons as and when required to open or carry
positions in the margin account, subject to applicable federal margin
regulations, stock exchange rules and credit policies. In such instances, the
positions held in the margin account are pledged as collateral security for the
repayment of debit balances in the account. The margin account may from time to
time have debit balances. Since other securities are held in the margin account,
it is not possible to determine the amounts, if any, of margin used to purchase
the shares of Common Stock reported herein.
All or part of the shares of Common Stock beneficially owned by the
Reporting Persons may from time to time be pledged with one or more banking
institutions or brokerage firms as collateral for loans made by such bank(s) or
brokerage firm(s) to Owl Creek I, Owl Creek II, Owl Creek Overseas or SRIF. Such
loans bear interest at a rate based upon the broker's call rate from time to
time in effect. Such indebtedness may be refinanced with other banks or
broker-dealers.
CUSIP No. 521863308 13D Page 9 of 16 Pages
Item 5. Interest in Securities of the Issuer.
A. Owl Creek I, L.P.
(a) Aggregate number of shares beneficially owned: 109,231.
Percentage: 0.2% The percentages used herein and in the rest
of Item 5 are calculated based upon 69,422,166 shares of Common Stock issued and
outstanding as of October 31, 2008 as reported by the Issuer in its Form 10-Q
for the quarterly period ended September 30, 2008 filed on November 7, 2008.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 109,231
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 109,231
(c) The acquisition/sale dates, number of shares of Common Stock
acquired/sold and the price per share for all transactions by Owl Creek I in the
Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Owl Creek Advisors, LLC, the general partner of Owl Creek I,
has the power to direct the affairs of Owl Creek I, including decisions
respecting the receipt of dividends from the shares and the disposition of the
proceeds from the sale of the shares. Mr. Altman is the managing member of Owl
Creek Advisors, LLC and in that capacity directs its operations.
(e) Not applicable.
B. Owl Creek II, L.P.
(a) Aggregate number of shares beneficially owned: 974,783
Percentage: 1.4%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 974,783
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
974,783
(c) The acquisition/sale dates, number of shares of Common Stock
acquired/sold and the price per share for all transactions by Owl Creek II in
the Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
CUSIP No. 521863308 13D Page 10 of 16 Pages
(d) Owl Creek Advisors, LLC, the general partner of Owl Creek II,
has the power to direct the affairs of Owl Creek II, including decisions
respecting the receipt of dividends from the shares and the disposition of the
proceeds from the sale of the shares. Mr. Altman is the managing member of Owl
Creek Advisors, LLC and in that capacity directs its operations.
(e) Not applicable.
C. Owl Creek Advisors, LLC
(a) Aggregate number of shares beneficially owned: 1,084,014
Percentage: 1.6%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,084,014
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
1,084,014
(c) Owl Creek Advisors, LLC did not enter into any transactions
in the Common Stock of the Issuer within the last 60 days. However, Owl Creek
Advisors, LLC is the general partner of Owl Creek I and Owl Creek II, and has
the power to direct the affairs of Owl Creek I and Owl Creek II. The
acquisition/sale dates, number of shares of Common Stock acquired/sold and the
price per share for all transactions by Owl Creek I and Owl Creek II in the
Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Owl Creek Advisors, LLC, as the general partner of Owl Creek I
and Owl Creek II, has the power to direct the affairs of Owl Creek I and Owl
Creek II, including decisions respecting the receipt of dividends from the
shares and the disposition of the proceeds from the sale of the shares. Mr.
Altman is the managing member of Owl Creek Advisors, LLC and in that capacity
directs its operations.
(e) Not applicable.
D. Owl Creek Asset Management, L.P.
(a) Aggregate number of shares beneficially owned: 4,153,865
Percentage: 6.0%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 4,153,865
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
4,153,865
(c) Owl Creek Asset Management, L.P. did not enter into any
transactions in the Common Stock of the Issuer within the last 60 days. However,
Owl Creek Asset Management, L.P. is the investment manager to Owl Creek Overseas
and SRIF and has the power to direct the investment activities of Owl Creek
Overseas and SRIF. The acquisition/sale dates, number of shares of Common Stock
acquired/sold and the price per share for all transactions by Owl Creek Overseas
and SRIF in the Common Stock within the last 60 days, are set forth in Schedule
A and are incorporated by reference.
(d) Owl Creek Asset Management, L.P., as the investment manager to
Owl Creek Overseas and SRIF, has the power to direct the investment activities
of Owl Creek Overseas and SRIF, including decisions respecting the receipt of
dividends from the shares and the disposition of the proceeds from the sale of
the shares. Mr. Altman is the managing member of the general partner of Owl
Creek Asset Management, L.P. and in that capacity directs its operations.
CUSIP No. 521863308 13D Page 11 of 16 Pages
(e) Not applicable.
E. Jeffrey A. Altman
(a) Aggregate number of shares beneficially owned: 5,237,879
Percentage: 7.5%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 5,237,879
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
5,237,879
(c) Mr. Altman did not enter into any transactions in the Common
Stock of the Issuer within the last 60 days. The acquisition/sale dates, number
of shares of Common Stock acquired/sold and the price per share for all
transactions by Owl Creek I, Owl Creek II, Owl Creek Overseas and SRIF in the
Common Stock within the last 60 days, are set forth in Schedule A and are
incorporated by reference.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
The Reporting Persons are no longer parties to certain cash-settled
equity swap or other similar derivative agreements with a large financial
institution.
CUSIP No. 521863308 13D Page 12 of 16 Pages
SIGNATURES
After reasonable inquiry and to the best of knowledge and belief of
the undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
DATED: February 27, 2009
/s/ JEFFREY A. ALTMAN
---------------------
Jeffrey A. Altman, individually, and as
managing member of Owl Creek Advisors, LLC,
for itself and as general partner of
Owl Creek I, L.P. and Owl Creek II L.P.,
and as managing member of the general
partner of Owl Creek Asset Management, L.P.,
for itself and as investment manager to Owl
Creek Overseas Fund, Ltd. and Owl Creek
Socially Responsible Investment Fund, Ltd.
CUSIP No. 521863308 13D Page 13 of 16 pages
Schedule A
OWL CREEK I, L.P.
Open
market/ Price
Date of Number of shares Cross per
Transaction Purchased/(Sold) Transaction share
1/1/2009 (17,700) C ($26.89)
1/15/2009 (9,800) O ($24.74)
1/20/2009 (2,700) O ($23.57)
1/21/2009 (6,100) O ($23.67)
1/22/2009 (1,000) O ($24.12)
2/1/2009 3,900 C $25.20
2/25/2009 (8,000) O ($24.62)
CUSIP No. 521863308 13D Page 14 of 16 Pages
OWL CREEK II, L.P.
Open
market/ Price
Date of Number of shares Cross per
Transaction Purchased/(Sold) Transaction share
1/1/2009 (33,000) C ($26.89)
1/15/2009 (88,800) O ($24.74)
1/20/2009 (24,500) O ($23.57)
1/21/2009 (54,700) O ($23.67)
1/22/2009 (7,800) O ($24.12)
2/1/2009 32,900 C $25.20
2/25/2009 (70,700) O ($24.62)
CUSIP No. 521863308 13D Page 15 of 16 Pages
OWL CREEK OVERSEAS FUND, LTD.
Open
market/ Price
Date of Number of shares Cross per
Transaction Purchased/(Sold) Transaction share
1/1/2009 41,800 C $26.89
1/15/2009 (388,400) O ($24.74)
1/20/2009 (105,300) O ($23.57)
1/21/2009 (238,800) O ($23.67)
1/22/2009 (35,300) O ($24.12)
2/1/2009 (41,300) C ($25.20)
2/25/2009 (298,500) O ($24.62)
CUSIP No. 521863308 13D Page 16 of 16 Pages
OWL CREEK SOCIALLY RESPONSIBLE INVESTMENT FUND, LTD.
Open
market/ Price
Date of Number of shares Cross per
Transaction Purchased/(Sold) Transaction share
1/1/2009 8,900 C $26.89
1/15/2009 (10,400) O ($24.74)
1/20/2009 (2,800) O ($23.57)
1/21/2009 (6,700) O ($23.67)
1/22/2009 (900) O ($24.12)
2/1/2009 4,500 C $25.20
2/25/2009 (8,200) O ($24.62)