UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
P-Com, Inc.
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(Name of Issuer)
Common Stock, par value $0.0001 per share
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(Title of Class of Securities)
693262305
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(CUSIP Number)
December 31, 2004
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule 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 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).
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CUSIP No. 693262305 SCHEDULE 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
North Sound Capital LLC(1)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(See Instructions)
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5. SOLE VOTING POWER 0
NUMBER OF
SHARES ----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER 1,621,028
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER 0
PERSON
WITH ----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 1,621,028
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,621,028
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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
13.7%
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12 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
(1) The ultimate managing member of North Sound Capital LLC is Thomas McAuley.
The Reporting Person may be deemed the beneficial owner of the shares in
its capacity as the managing member of North Sound Legacy Fund LLC and
North Sound Legacy Institutional Fund LLC and the investment advisor of
North Sound Legacy International Ltd. (the "Funds"), who are the holders of
such shares. As the managing member or investment advisor, respectively, of
the Funds, the Reporting Person has voting and investment control with
respect to the shares of common stock held by the Funds.
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CUSIP No. 693262305 SCHEDULE 13G Page 3 of 5 Pages
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Item 1(a). Name of Issuer:
P-Com, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
3175 S. Winchester Boulevard
Campbell, California 95008
Item 2(a). Name of Person Filing.
Item 2(b). Address of Principal Business Office or, if None, Residence.
Item 2(c). Citizenship.
North Sound Capital LLC
53 Forest Avenue, Suite 202
Old Greenwich, CT 06870
Delaware limited liability company
Item 2(d). Title of Class of Securities:
Common Stock, par value $0.0001 per share
Item 2(e). CUSIP Number:
693262305
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
Not Applicable
Item 4. Ownership.
The following is information regarding the aggregate number
and percentage of the class of securities of the issuer
identified in Item 1 as of December 31, 2004:
(a) Amount beneficially owned: 1,621,028 shares of Common
Stock
(b) Percent of Class: 13.7%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
(ii) shared power to vote or direct the vote:
1,621,028
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CUSIP No. 693262305 SCHEDULE 13G Page 4 of 5 Pages
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(iii) sole power to dispose or direct the disposition of:
0
(iv) shared power to dispose or direct the disposition
of: 1,621,028
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
Certification pursuant to ss.240.13d-1(c):
By signing below I certify that, to the best of my 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.
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CUSIP No. 693262305 SCHEDULE 13G Page 5 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 4, 2005
NORTH SOUND CAPITAL LLC
By: /s/ Andrew Wilder
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Name: Andrew Wilder
Title: Chief Financial Officer