UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934 (Amendment No. 3)*
CONSTAR INTERNATIONAL INC.
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(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
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(Title of Class of Securities)
21036U107
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(CUSIP Number)
Robin L. Garman, Esq.
EagleRock Capital Management, LLC
240 West 40th St., 10th Floor
New York, NY 10018
(212) 278-2156
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 30, 2008
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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 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 Rule 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
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CUSIP No. 21036U107 Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
EagleRock Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
----------- --------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 2,171,482
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,171,482
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,171,482
----------- --------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.8%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
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SCHEDULE 13D
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CUSIP No. 21036U107 Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
EagleRock Institutional Partners, LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 933,427
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
933,427
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
933,427
----------- --------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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SCHEDULE 13D
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CUSIP No. 21036U107 Page 4 of 9 Pages
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----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
EagleRock Master Fund, LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,238,055
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,238,055
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,055
----------- --------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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SCHEDULE 13D
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CUSIP No. 21036U107 Page 5 of 9 Pages
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1 NAME OF REPORTING PERSON
Nader Tavakoli
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK 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 SHARES
BENEFICIALLY OWNED 2,171,482
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,171,482
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,171,482
----------- --------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.8%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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Pursuant to Rule 13d-2 promulgated under the Act, this Schedule 13D/A (this
"Amendment No. 3") amends the Schedule 13D filed on March 30, 2005 (the
"Original Schedule 13D"), as amended by the Schedule 13D/A filed on March 31,
2005 (the "Amendment No. 1") and the Schedule 13D/A filed on October 31, 2005
(the "Amendment No. 2) (the Original Schedule 13D, Amendment No. 1, and
Amendment No. 2, together with this Amendment No. 3, are collectively referred
to herein as the "Schedule 13D"). This Amendment No. 3 relates to the common
stock, par value $0.01 per share, of Constar International Inc., a Delaware
corporation (the "Issuer"). Unless the context otherwise requires, references
herein to the "Common Stock" are to such common stock of the Issuer. Capitalized
terms used but not defined herein shall have the meanings given them in the
Original Schedule 13D.
Item 2. Identity and Background
Item 2 is hereby amended and restated in its entirety as follows:
(a) This statement is filed by:
(i) EagleRock Capital Management, LLC ("EagleRock Capital") with
respect to shares of Common Stock directly beneficially owned by EagleRock
Institutional Partners, LP, a Delaware limited partnership ("ERIP") and
EagleRock Master Fund, LP, a limited partnership existing under the laws of
the Cayman Islands ("ERMF");
(ii) ERIP with respect to shares of Common Stock directly beneficially
owned by ERIP;
(iii) ERMF with respect to shares of Common Stock directly
beneficially owned by ERMF; and
(iv) Nader Tavakoli with respect to shares of Common Stock
beneficially owned by EagleRock Capital, ERIP, and ERMF.
EagleRock Capital, ERIP, ERMF, and Mr. Tavakoli (collectively, the
"Reporting Persons") expressly disclaim beneficial ownership of securities
directly beneficially owned by any person or entity other than, to the extent of
any pecuniary interest therein, the various accounts under the Reporting
Persons' management and control.
(b) The address of the principal business office of the Reporting Persons
is 24 West 40th St., 10th Floor, New York, NY 10018.
(c) The principal business of EagleRock Capital is to serve as investment
manager to a variety of private investment funds, including ERIP and ERMF, and
to control the investing and trading in securities by these private investment
funds. The principal business of each of ERIP and ERMF is to serve as a private
investment limited partnership. The principal business of Mr. Tavakoli is to
serve as a principal of EagleRock Capital.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
Page 6 of 9
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) EagleRock Capital is a Delaware limited liability company. ERIP is a
Delaware limited partnership. ERMF is a limited partnership existing under the
laws of the Cayman Islands. Mr. Tavakoli is a United States Citizen.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated in its entirety as follows:
The Reporting Persons expended an aggregate of approximately $8,216,076 of
their investment capital to purchase the 2,171,482 shares of Common Stock. Such
transactions were effected in open market purchases and acquired in the ordinary
course of business and are held by ERIP and ERMF in commingled margin accounts
maintained at Merrill Lynch and Morgan Stanley, respectively, which may extend
margin credit to the Reporting Persons as and when required to open or carry
positions in the margin accounts, subject to applicable federal margin
regulations, stock exchange rules and credit policies. In such instances, the
positions held in the margin accounts are pledged as collateral security for the
repayment of debit balances in the accounts. The margin accounts may from time
to time have debit balances. Since other securities are held in the margin
accounts, it is not possible to determine the amounts, if any, of margin used to
purchase the shares of Common Stock reported herein.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated in its entirety as follows:
(a) As of the close of business on February 13, 2009, the Reporting Persons
beneficially own an aggregate of 2,171,482 shares of Common Stock, representing
approximately 16.8% of the shares of Common Stock outstanding. The percentages
used herein are based upon the 12,952,309 shares of Common Stock reported to be
outstanding as of November 10, 2008 by the Issuer in its Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on November 14,
2008.
EagleRock Capital and Mr. Tavakoli own directly no shares of Common Stock.
Pursuant to an investment management agreement, EagleRock Capital maintains
investment and voting power with respect to securities held by ERIP and ERMF.
Mr. Tavakoli is the manager of EagleRock Capital and therefore controls its
investment decisions. By reason of the provisions of Rule 13d-3 of the Act, as
amended, each of EagleRock Capital and Mr. Tavakoli may be deemed to own
beneficially 2,171,482 shares of Common Stock (constituting approximately 16.8%
of the shares of Common Stock outstanding).
Page 7 of 9
(b) None of the Reporting Persons has sole power to vote or direct the vote
or sole power to dispose or direct the disposition of shares of Common Stock.
(i) EagleRock Capital has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of 2,171,482 shares of
Common Stock, constituting approximately 16.8% of such class of securities;
(ii) ERIP has shared power to vote or direct the vote and shared power
to dispose or direct the disposition of 933,427 shares of Common Stock,
constituting approximately 7.2% of such class of securities;
(iii) ERMF has shared power to vote or direct the vote and shared
power to dispose or direct the disposition of 1,238,055 shares of Common
Stock, constituting approximately 9.6% of such class of securities; and
(iv) Mr. Tavakoli has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of 2,171,482 shares of
Common Stock, constituting approximately 16.8% of such class of securities.
(c) During the past sixty days, the Reporting Persons have engaged in the
following transactions:
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Date Name Amount Price Per Share ($)
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12/30/2008 EagleRock Master Fund, LP - 85,260 $0.05
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12/30/2008 EagleRock Institutional Partners, LP -56,840 $0.05
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12/30/2008 EagleRock Master Fund, LP - 60,000 $0.11
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12/30/2008 EagleRock Institutional Partners, LP - 40,000 $0.11
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12/31/2008 EagleRock Master Fund, LP - 296,800 $0.08
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Such transactions were effected on the NASDAQ Stock Market through various
brokerage entities.
(d) No person other than EagleRock Capital, ERIP, ERMF, and Mr. Tavakoli is
known to have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the shares of Common Stock
directly beneficially owned by ERIP and ERMF.
(e) Not applicable.
Item 7. Material to be filed as Exhibits.
1. Exhibit 99.1 - Joint Filing Agreement
Page 8 of 9
SIGNATURES
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned, severally and not jointly,
certifies that the information set forth in this statement is true, complete and
correct.
Dated: February 17, 2009
EAGLEROCK CAPITAL MANAGEMENT, LLC
By: /s/ Nader Tavakoli
-----------------------------------
Name: Nader Tavakoli
Title: Managing Member
EAGLEROCK INSTITUTIONAL PARTNERS, LP
By: EagleRock Institutional GP, LLC,
its general partner
By: /s/ Nader Tavakoli
-----------------------------------
Name: Nader Tavakoli
Title: Managing Member
EAGLEROCK MASTER FUND, LP
By: Mariel Capital Management, LLC,
its general partner
By: /s/ Nader Tavakoli
-----------------------------------
Name: Nader Tavakoli
Title: Managing Member
NADER TAVAKOLI
/s/ Nader Tavakoli
-----------------------------------
Page 9 of 9