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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 10)
OVERSEAS SHIPHOLDING GROUP, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $1 PER SHARE
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(Title of Class of Securities)
690368 105
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(CUSIP Number)
HOWARD S. KELBERG, ESQ., MILBANK, TWEED, HADLEY & MCCLOY LLP
1 CHASE MANHATTAN PLAZA, NEW YORK NEW YORK 10005 (212) 530-5000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
JANUARY 30, 2004
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(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Page 1 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 2 OF 12 PAGES
------------------------- ------------------------
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1 NAME OF REPORTING PERSONS
Oudi Recanati
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Israel
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7 SOLE VOTING POWER
10,500**
----------------------------------------------------
8 SHARED VOTING POWER
4,379,484
----------------------------------------------------
NUMBER OF 9 SOLE DISPOSITIVE POWER
SHARES
BENEFICIALLY 10,500**
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 4,379,484
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,389,984
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
----------------------------
** Relates solely to options held by the reporting person.
Page 2 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 3 OF 12 PAGES
------------------------- ------------------------
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1 NAME OF REPORTING PERSONS
Diane Recanati
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
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 Kingdom
--------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,379,484
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 4,379,484
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,379,484
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 3 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 4 OF 12 PAGES
------------------------- ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Ariel Recanati
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,379,484
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 3,862,955
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,379,484
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 4 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 5 OF 12 PAGES
------------------------- ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Leon Recanati
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Israel
--------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,379,484
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 3,862,955
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,379,484
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 5 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 6 OF 12 PAGES
------------------------- ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Yudith Yovel Recanati
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Israel
--------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,379,484
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 3,862,955
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,379,484
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 6 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 7 OF 12 PAGES
------------------------- ------------------------
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1 NAME OF REPORTING PERSONS
The Michael Recanati Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Alaska
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7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,278,477
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 4,278,477
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,278,477
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO - Trust
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 7 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 8 OF 12 PAGES
------------------------- ------------------------
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1 NAME OF REPORTING PERSONS
Michael Recanati, as trustee of The Michael Recanati Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,379,484
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 4,379,484
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,379,484
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 8 of 12
SCHEDULE 13D
------------------------- ------------------------
CUSIP NO. 690368 10 5 PAGE 9 OF 12 PAGES
------------------------- ------------------------
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1 NAME OF REPORTING PERSONS
Daniel Pearson, as trustee of The Michael Recanati Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 4,278,477
SHARES ----------------------------------------------------
BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0
OWNED BY ----------------------------------------------------
EACH 10 SHARED DISPOSITIVE POWER
REPORTING
PERSON WITH 4,278,477
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
4,278,477
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 9 of 12
Item 5 of the Statement on Schedule 13D, as amended from time
to time, initially filed by Raphael Recanati, is amended by adding the following
paragraphs:
On January 30, 2004, certain members of the Recanati family
and entities owned by or for the benefit of Recanati family members sold 499,950
shares to the public in an offering registered under the Securities Act of 1933,
as amended. The sale of the 499,950 shares was completed pursuant to the public
offering as follows:
Name Amount of Securities Price Per Share (1) Date
---- -------------------- ------------------- ----
Eagle Corporation 79,302 $36.60 1/30/04
Ariel Recanati 19,264 $36.60 1/30/04
Diane Recanati 60,940 $36.60 1/30/04
Lenny Recanati 19,264 $36.60 1/30/04
Leon Recanati 119,791 $36.60 1/30/04
The Michael Recanati Trust 23,788 $36.60 1/30/04
Yudith Yovel Recanati 119,810 $36.60 1/30/04
Seaview Trust 57,791 $36.60 1/30/04
TOTAL: 499,950
Accordingly, under the Stockholders Agreement, each of Diane
Recanati, Oudi Recanati, Ariel Recanati, Leon Recanati, Yudith Yovel Recanati
and The Michael Recanati Trust may now be deemed to share the power to vote and
(subject to the exception for 516,529 shares held by Diane Recanati) dispose of
4,278,477 shares. Under a separate Stockholders Agreement, by and among Diane
Recanati, Oudi Recanati and The Michael Recanati Trust, dated as of September
10, 2003, Diane Recanati, Oudi Recanati and The Michael Recanati Trust may now
be deemed to share the power to dispose of the 516,529 shares held by Diane
Recanati.
--------------------------
(1) Price includes underwriting discounts and commissions of $.47 per share.
Page 10 of 12
On January 8, 2004, the Recanati Foundation made a
contribution of 296 shares of common stock. Accordingly, Diane Recanati, Oudi
Recanati, Ariel Recanati, Leon Recanati, Yudith Yovel Recanati and Michael
Recanati, by virtue of their positions as directors and officers of the
Recanati Foundation, may be deemed to share the power to vote and dispose of
101,007 shares of common stock through the Recanati Foundation.
Diane Recanati, Ariel Recanati, Leon Recanati, Yudith Yovel
Recanati and Michael Recanati (as trustee of The Michael Recanati Trust) each
beneficially own 4,379,484 shares, representing 11.2% of the outstanding common
stock of Overseas Shipholding Group, Inc. Oudi Recanati beneficially owns
4,389,984 shares, representing 11.2% of the outstanding common stock of Overseas
Shipholding Group, Inc. The Michael Recanati Trust and Daniel Pearson (as
trustee of The Michael Recanati Trust) each beneficially own 4,278,477 shares,
representing 10.9% of the outstanding common stock of Overseas Shipholding
Group, Inc.
OSG Holdings, a partnership in which Diane Recanati and Oudi
Recanati each have a 12.5% interest, also sold shares pursuant to the public
offering. As a result, Diane Recanati now holds 335,055 shares and Oudi Recanati
now holds 335,056 shares indirectly through OSG Holdings. Diane Recanati and
Oudi Recanati disclaim beneficial ownership of the 2,680,444 shares held by OSG
Holdings, including the foregoing shares.
After reasonable inquiry and to the best knowledge and belief
of the undersigned, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Page 11 of 12
February 18, 2004 /s/ Diane Recanati
----------------- ------------------
Date Signature
Diane Recanati
February 18, 2004 /s/ Oudi Recanati
----------------- -----------------
Date Signature
Oudi Recanati
February 18, 2004 /s/ Leon Recanati
----------------- -----------------
Date Signature
Leon Recanati
February 18, 2004 /s/ Yudith Yovel Recanati
----------------- -------------------------
Date Signature
Yudith Yovel Recanati
February 18, 2004 /s/ Ariel Recanati
----------------- -------------------
Date Signature
Ariel Recanati
The Michael Recanati Trust
February 18, 2004 /s/ Daniel Pearson
----------------- ------------------
Date Signature
Daniel Pearson, Investment Trustee
/s/ Michael Recanati
--------------------
Signature
Michael Recanati, Investment Trustee
February 18, 2004 /s/ Michael Recanati
----------------- --------------------
Date Signature
Michael Recanati, as Investment Trustee
of The Michael Recanati Trust
February 18, 2004 /s/ Daniel Pearson
----------------- ------------------
Date Signature
Daniel Pearson, as Investment Trustee
of The Michael Recanati Trust
Page 12 of 12