SEC Info - RCG Holdings LLC, et al. - ‘SC 13D/A’ on 1/16/07 re: Phoenix Technologies Ltd

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RCG Holdings LLC, et al. – ‘SC 13D/A’ on 1/16/07 re: Phoenix Technologies Ltd

On: Tuesday, 1/16/07, at 8:22am ET · Accession #: 1193805-7-71 · File #: 5-39845

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/16/07  RCG Holdings LLC                  SC 13D/A               1:60K  Phoenix Technologies Ltd          E-Data Systems, Inc./FA
          Admiral Advisors, LLC
          C4S & Co., L.L.C.
          Jeffrey C. Smith
          Jeffrey M. Solomon
          John Mutch
          Morgan B. Stark
          Parche, LLC
          Peter A. Cohen
          Philip Moyer
          Starboard Value and Opportunity Master Fund Ltd.
          Thomas W. Strauss

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to General Statement of Beneficial          28    104K 
                          Ownership

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Is Hereby Amended and Restated as Follows: Is Hereby Amended to Add the Following: Is Hereby Amended to Include the Following Exhibits:
1	1st Page - Filing Submission
14	Item 4. Is Hereby Amended to Add the Following:
"	Item 5. Is Hereby Amended and Restated as Follows:
"	Item 7. Is Hereby Amended to Include the Following Exhibits:

SC 13D/A 1st Page of 28 TOC ↑Top Previous Next ↓Bottom Just 1st
 
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 1 of 28 Pages
-------------------                                           ------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

--------------

SCHEDULE 13D
(RULE 13D-101)

 INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
 TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
 RULE 13D-2(A)

(Amendment No. 6)(1)

 PHOENIX TECHNOLOGIES LTD.
 -------------------------
(Name of Issuer)

 COMMON STOCK, $.001 PAR VALUE
------------------------------
(Title of Class of Securities)

 719153108
--------------
(CUSIP Number)

STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
 Park Avenue Tower
 65 East 55th Street
New York, New York 10022
(212) 451-2300
 ---------------------------------------------
 (Name, Address and Telephone Number of Person
 Authorized to Receive Notices and Communications)

JANUARY 16, 2007
 -------------------------------------------------------
 (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),  13d-1(f)  or  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.                                          

(Continued on following pages)

(Page 1 of 28 Pages)

--------                                                                        
(1)   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 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).                                                                         

SC 13D/A 2nd Page of 28 TOC 1st Previous Next ↓Bottom Just 2nd
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 2 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.                    
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

WC                                                                  
--------------------------------------------------------------------------------
5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
      PURSUANT TO ITEMS 2(d) OR 2(e)                                         |_|

--------------------------------------------------------------------------------
6     CITIZENSHIP OR PLACE OF ORGANIZATION                                      

Cayman Islands                                                      
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

2,774,471                             
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            2,774,471                                               
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

2,774,471                                                           
--------------------------------------------------------------------------------
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*                                                 

CO                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 3rd Page of 28 TOC 1st Previous Next ↓Bottom Just 3rd
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 3 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

PARCHE, LLC 20-0870632                                              
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

WC                                                                  
--------------------------------------------------------------------------------
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                                                            
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

528,470                               
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            528,470                                                 
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

528,470                                                             
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

2.1%                                                                
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

OO                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 4th Page of 28 TOC 1st Previous Next ↓Bottom Just 4th
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 4 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

ADMIRAL ADVISORS, LLC 37-1484525                                    
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                                            
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

3,302,941                             
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            3,302,941                                               
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IA, OO                                                              
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 5th Page of 28 TOC 1st Previous Next ↓Bottom Just 5th
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 5 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

RAMIUS CAPITAL GROUP, L.L.C. 13-3937658                             
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                                            
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

3,302,941                             
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            3,302,941                                               
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IA, OO                                                              
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 6th Page of 28 TOC 1st Previous Next ↓Bottom Just 6th
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 6 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

C4S & CO., L.L.C. 13-3946794                                        
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                                            
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

3,302,941                             
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            3,302,941                                               
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

OO                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 7th Page of 28 TOC 1st Previous Next ↓Bottom Just 7th
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 7 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

PETER A. COHEN                                                      
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

-0-                                   
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        3,302,941                                                 
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            -0-                                                     
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

3,302,941                             
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 8th Page of 28 TOC 1st Previous Next ↓Bottom Just 8th
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 8 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

MORGAN B. STARK                                                     
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

-0-                                   
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        3,302,941                                                 
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            -0-                                                     
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

3,302,941                             
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 9th Page of 28 TOC 1st Previous Next ↓Bottom Just 9th
-------------------                                           ------------------
CUSIP No. 719153108                    13D                    Page 9 of 28 Pages
-------------------                                           ------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

JEFFREY M. SOLOMON                                                  
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

-0-                                   
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        3,302,941                                                 
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            -0-                                                     
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

3,302,941                             
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 10th Page of 28 TOC 1st Previous Next ↓Bottom Just 10th
-------------------                                          -------------------
CUSIP No. 719153108                    13D                   Page 10 of 28 Pages
-------------------                                          -------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

THOMAS W. STRAUSS                                                   
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

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                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

-0-                                   
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        3,302,941                                                 
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            -0-                                                     
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

3,302,941                             
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

3,302,941                                                           
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

12.9%                                                               
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 11th Page of 28 TOC 1st Previous Next ↓Bottom Just 11th
-------------------                                          -------------------
CUSIP No. 719153108                    13D                   Page 11 of 28 Pages
-------------------                                          -------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

JOHN MUTCH                                                          
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

PF                                                                  
--------------------------------------------------------------------------------
5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
      PURSUANT TO ITEMS 2(d) OR 2(e)                                         |_|

--------------------------------------------------------------------------------
6     CITIZENSHIP OR PLACE OF ORGANIZATION                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

200,000                               
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            200,000                                                 
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

200,000                                                             
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

Less than 1%                                                        
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 12th Page of 28 TOC 1st Previous Next ↓Bottom Just 12th
-------------------                                          -------------------
CUSIP No. 719153108                    13D                   Page 12 of 28 Pages
-------------------                                          -------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

PHILIP MOYER                                                        
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

--------------------------------------------------------------------------------
5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
      PURSUANT TO ITEMS 2(d) OR 2(e)                                         |_|

--------------------------------------------------------------------------------
6     CITIZENSHIP OR PLACE OF ORGANIZATION                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

- 0 -                                 
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            - 0 -                                                   
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

- 0 -                                                               
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

0%                                                                  
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 13th Page of 28 TOC 1st Previous Next ↓Bottom Just 13th
-------------------                                          -------------------
CUSIP No. 719153108                    13D                   Page 13 of 28 Pages
-------------------                                          -------------------

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSONS                                                 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)         

JEFFREY C. SMITH                                                    
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) |X|
                                                                         (b) |_|

--------------------------------------------------------------------------------
3     SEC USE ONLY                                                              

--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*                                                          

--------------------------------------------------------------------------------
5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
      PURSUANT TO ITEMS 2(d) OR 2(e)                                         |_|

--------------------------------------------------------------------------------
6     CITIZENSHIP OR PLACE OF ORGANIZATION                                      

USA                                                                 
--------------------------------------------------------------------------------
7     SOLE VOTING POWER                           

- 0 -                                 
               -----------------------------------------------------------------
NUMBER OF    8     SHARED VOTING POWER                                      
SHARES                                                                    
BENEFICIALLY        - 0 -                                                     
  OWNED BY     -----------------------------------------------------------------
EACH       9     SOLE DISPOSITIVE POWER                                 
REPORTING                                                                   
PERSON            - 0 -                                                   
    WITH       -----------------------------------------------------------------
10    SHARED DISPOSITIVE POWER                    

- 0 -                                 
--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON              

- 0 -                                                               
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|

--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                        

0%                                                                  
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*                                                 

IN                                                                  
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

SC 13D/A 14th Page of 28 TOC 1st Previous Next ↓Bottom Just 14th
-------------------                                          -------------------
CUSIP No. 719153108                    13D                   Page 14 of 28 Pages
-------------------                                          -------------------

      The  following  constitutes  Amendment  No. 6  ("Amendment  No. 6") to the
Schedule 13D filed by the undersigned.  This Amendment No. 6 amends the Schedule
13D as specifically set forth.                                                  

      The final  paragraph  of Item  2(a) is  hereby  amended  and  restated  as
follows:                                                                        

            As of January 12, 2007,  the Reporting  Persons were the  beneficial
owners of, in the aggregate,  3,502,941 Shares, representing approximately 13.7%
of the Shares presently outstanding.                                            

Item 4 is hereby amended to add the following:                      

            On January  16,  2007,  Admiral  Advisors  delivered  a letter  (the
"Letter") to the Board of Directors of the Issuer  submitting a revised offer to
acquire all of the Shares of the Issuer it does not already  own,  for $5.25 per
Share in cash (the  "Offer").  The Letter,  including  the terms of the proposed
Offer, is attached as an exhibit hereto and incorporated herein by reference.   

            On January 16,  2007,  Ramius  Capital  issued a press  release (the
"Press  Release")  relating to the Offer.  The Press Release also announced that
Starboard has filed  preliminary proxy material with the Securities and Exchange
Commission  (the "SEC") seeking to elect an alternate slate of candidates to the
Board  of  Directors  of  the  Issuer.  The  Press  Release,  including  certain
information concerning the participants and the proxy materials,  is attached as
an exhibit hereto and incorporated herein by reference. Upon finalization of its
proxy materials and the filing of definitive proxy material with the SEC, Ramius
Capital intends to solicit proxies from the  stockholders of the Issuer in order
to elect John Mutch and Philip Moyer (the  "Nominees")  as Class II directors of
the Issuer.                                                                     

            On  January  16,  2007,  Starboard,  in  response  to  the  Issuer's
reduction of the size of the Issuer's  Board of Directors  from seven to six and
the number of Class II directors  from three to two,  delivered a supplement  to
the Nomination Letter (the "Nomination Letter  Supplement")  withdrawing Jeffrey
C. Smith as a nominee  for  election  as a Class II  director at the 2007 Annual
Meeting.  The Nomination Letter Supplement  further provided that Messrs.  Mutch
and Moyer are Starboard's two Nominees for election as Class II directors at the
Annual  Meeting.  The  Nomination  Letter  Supplement  is attached as an exhibit
hereto and incorporated herein by reference.                                    

Item 5 is hereby amended and restated as follows:                   

            The  aggregate  percentage of Shares  reported  owned by each person
named herein is based upon 25,574,579 Shares outstanding as of January 10, 2007,
which is the total  number of Shares  outstanding  as reported  in the  Issuer's
Preliminary  Proxy  Statement on Schedule  14A,  filed with the  Securities  and
Exchange Commission on January 12, 2007.                                        

Item 7 is hereby amended to include the following exhibits:         

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CUSIP No. 719153108                    13D                   Page 15 of 28 Pages
-------------------                                          -------------------

     11.   Letter from Admiral Advisors to the Issuer, dated January 16, 2007.

12.   Press Release, dated January 16, 2007.                        

      13.   Nomination Letter  Supplement,  from Starboard to the Issuer,  dated
January 16, 2007.                                       

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CUSIP No. 719153108                    13D                   Page 16 of 28 Pages
-------------------                                          -------------------

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: January 16, 2007                                                         

STARBOARD VALUE AND                     ADMIRAL ADVISORS, LLC                   
OPPORTUNITY MASTER FUND LTD.            By: Ramius Capital Group, L.L.C., its   
               managing member

PARCHE, LLC                             RAMIUS CAPITAL GROUP, L.L.C.            
By: Admiral Advisors, LLC, its          By: C4S & Co., L.L.C.,                  
managing member                             as managing member                  

                 C4S & CO., L.L.C.

By: /s/ Jeffrey M. Solomon    
 -----------------------
  Name: Jeffrey M. Solomon
 Title: Authorized Signatory

JEFFREY M. SOLOMON                                                              

/s/ Jeffrey M. Solomon                                                          
-------------------------------                                                 
Individually and as attorney-in-fact                                            
for Peter A. Cohen, Morgan B. Stark                                             
and Thomas W. Strauss                                                           

JEFFREY C. SMITH                                                                

/s/ Jeffrey C. Smith                                                            
-------------------------------                                                 
Individually and as attorney-in-fact                                            
for John Mutch and Philip Moyer                                                 

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CUSIP No. 719153108                    13D                   Page 17 of 28 Pages
-------------------                                          -------------------

 EXHIBIT INDEX

    EXHIBIT                                                             PAGE

11.   Letter from Admiral  Advisors to the Issuer,  dated January       18 to 21
16, 2007.                                                           

12.   Press Release, dated January 16, 2007.                            22 to 26

13.   Nomination  Letter Supplement from Starboard to the Issuer,       27 to 28
dated January 16, 2007.                                             

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CUSIP No. 719153108                    13D                   Page 18 of 28 Pages
-------------------                                          -------------------

ADMIRAL ADVISORS, LLC LETTERHEAD                                                

January 16, 2007                                                                

Board of Directors                                                              
Phoenix Technologies Ltd.                                                       
915 Murphy Ranch Road                                                           
Milpitas, CA 95035                                                              

Dear Board Members,                                                             

      As you know, Admiral Advisors,  LLC, a subsidiary of Ramius Capital Group,
L.L.C.  (together,  "Ramius"),  remains  seriously  committed to purchasing  the
outstanding  capital  stock  of  Phoenix  Technologies  Ltd.  ("Phoenix"  or the
"Company").  Therefore,  we are  resubmitting  our revised offer to purchase for
$5.25 per share,  in cash, all of the  outstanding  shares of Phoenix that we do
not  already  own.  We have  structured  our offer to  promptly  bring value and
liquidity to all of the Company's  shareholders  on the terms and conditions set
forth below.                                                                    

      While we respect Woody, his new team, and the hardworking employees of the
Company, we believe Phoenix faces a difficult and risky operational  turnaround.
We believe that Phoenix should not attempt this  turnaround as a public company.
History has shown that this board of directors  (the  "Board"),  when faced with
the  pressures  of being a public  company,  has  responded  with poor  business
decisions   that  have  had   disastrous   consequences   for  Phoenix  and  its
stockholders.  We believe our $5.25  all-cash  offer for all of the  outstanding
shares is in the best interest of the Company's shareholders.                   

      In addition, we believe that Phoenix is too small to bear the costs and to
handle the demands  associated  with operating as a public  company.  The market
demands that public companies  demonstrate  revenue growth,  and we believe that
this expectation  will pressure the Company to gain scale - potentially  through
acquisitions - and to drive top-line  growth.  Phoenix's Board has already shown
its susceptibility to these pressures,  as evidenced by its willingness to allow
management to diversify into an enterprise software business,  organically build
the  enterprise  sales  channel,  and sell products on a fully  paid-up  license
basis. These decisions  temporarily  increased  revenue,  but proved to be major
mistakes  ultimately  damaging the core  business and  resulting in  significant
destruction of shareholder value.                                               

      Executing a turnaround is difficult.  Executing a turnaround in the public
spotlight is even more  challenging.  In a public  turnaround,  management  will
disclose  elements of its strategic plan,  which, we believe will likely put the
Company  at  a  competitive   disadvantage  and  possibly   interfere  with  its
effectiveness.                                                                  

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CUSIP No. 719153108                    13D                   Page 19 of 28 Pages
-------------------                                          -------------------

      Ramius is the Company's  largest  shareholder.  Given the  Company's  poor
track  record,  we  believe  that this Board  should not be trusted to  evaluate
acquisition  opportunities,  growth  investments,  and product  expansions while
overseeing a turnaround plan in the public spotlight.                           

      We are committed to our $5.25  all-cash  offer and are ready,  willing and
able  to  immediately  enter  into  negotiations  for a  definitive  acquisition
agreement.  The shareholders  deserve to receive a full and fair price for their
shares now.                                                                     

      Our $5.25  all-cash  offer is full and fair and  represents  a premium  of
approximately  13.4% over the January 12, 2007 closing price of $4.63 per share,
and a premium of  approximately  31.3% over the June 22, 2006  closing  price of
$4.00,  which was the  closing  price of the  stock  the day  after the  Company
announced  the shift in its Core System  Software  pricing  strategy.  Given the
Board's refusal, to date, to negotiate with us in good faith, we have decided to
disclose our offer  publicly and to proceed with our plans to elect an alternate
slate of board members at the Company's annual meeting of stockholders. While we
believe it would be in everyone's best interest to  expeditiously  complete this
transaction on a friendly  basis,  our  candidates,  subject to their  fiduciary
duties,  are committed to facilitating the negotiation of a mutually  beneficial
transaction.  We  also  reserve  the  right  to make an  offer  directly  to the
Company's  shareholders  if this Board continues to ignore the best interests of
its shareholders.                                                               

TRANSACTION TERMS                                                               

      Based upon our review of the materials made available,  Admiral  Advisors,
LLC, a subsidiary of Ramius Capital  Group,  L.L.C.  proposes,  through a merger
with an  appropriate  newly  formed  acquisition  entity (the  "Purchaser"),  to
acquire the Company (the "Transaction") on the following terms:                 

1.    PURCHASE PRICE: $5.25 PER SHARE IN CASH.                                  

2.    CLOSING  CONDITIONS:  The Transaction is subject to the following  limited
conditions:                                                         

            (a)   approval  by  the  board  of  directors  of  the  Company  and
                stockholders pursuant to the requirements of applicable law;

            (b)   receipt of any material governmental and third party approvals
                  (including  expiration of all applicable waiting periods under
Hart-Scott Rodino, to the extent required); 

            (c)   completion  of customary  confirmatory  business,  accounting,
     financial, environmental and legal due diligence;

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CUSIP No. 719153108                    13D                   Page 20 of 28 Pages
-------------------                                          -------------------

            (d)   the waiver of any Company  anti-takeover  provisions including
                  redemption of the Company's shareholder rights plan and waiver
      of Delaware General Corporate Law Section 203; and

            (e)   the  negotiation  and  execution  of a  mutually  satisfactory
                  definitive  merger  agreement  and the  receipt of  disclosure
                  schedules  related thereto in a form reasonably  acceptable to
us.                                         

3.    FUNDING SOURCES: The Purchaser has sufficient committed capital to finance
the Transaction. The Transaction is not subject to financing.       

4.    TIMING:  The Purchaser is committed to  allocating a sufficient  amount of
      resources and is confident  that it will be able to close the  Transaction
on an expedited basis. We require no external approvals.            

5.    CONDUCT OF BUSINESS:  We expect that the Company will  continue to operate
      in the ordinary  course of business and consistent with past practices and
      that there will be no material  adverse change to the Company's  financial
condition or results of operation.                                  

6.    DUE  DILIGENCE:  The proposed  Transaction is subject to completion to our
      satisfaction of customary  confirmatory business,  accounting,  financial,
      environmental,  and legal due diligence.  With the full cooperation of the
      Company  and  based  upon  information  known to us,  we would  expect  to
      complete  this  process in no more than four weeks,  if not  earlier.  Our
      required due  diligence  will be limited to  confirmation  of  information
      generally  known to us on the  assumption  that there is no  material  and
adverse information that the Company has not publicly disclosed.    

7.    NON-BINDING STATEMENT OF INTENT: This proposal is a statement of intention
      only.  A  legally   binding   obligation  with  respect  to  the  proposed
      Transaction  will arise only upon  execution  and  delivery of  definitive
      agreements  (acceptable to the Company and us), and then only on the terms
      and  conditions   contained  therein.  We  are  committed  to  immediately
negotiating and executing a definitive merger agreement.            

8.    MANAGEMENT:  We are receptive to discussions with senior  management about
      their future  involvement in the business.  We intend to speak with senior
      management  regarding their  participation in this Transaction,  and would
      encourage and welcome their participation, although their participation is
      not a condition to closing the Transaction. We are committed to preserving
the relationship of the Company with its employees.                 

      We look  forward to working  with you to  successfully  and  expeditiously
complete this transaction.                                                      

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CUSIP No. 719153108                    13D                   Page 21 of 28 Pages
-------------------                                          -------------------

                                 Very truly yours,

                                    /s/ Jeffrey C. Smith
                                            ----------------------------
                                Jeffrey C. Smith
                                           Executive Managing Director

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CUSIP No. 719153108                    13D                   Page 22 of 28 Pages
-------------------                                          -------------------

 RAMIUS CAPITAL SUBMITS REVISED OFFER TO ACQUIRE OUTSTANDING SHARES OF PHOENIX
TECHNOLOGIES FOR $5.25 IN CASH

FILES PRELIMINARY PROXY MATERIALS SEEKING TO ELECT ALTERNATE SLATE OF CANDIDATES
 TO PHOENIX BOARD OF DIRECTORS

NEW YORK - JANUARY  16, 2007 - Admiral  Advisors,  LLC, a  subsidiary  of Ramius
Capital Group, L.L.C. (together, "Ramius") today announced that it has submitted
a revised offer to acquire for $5.25, in cash, all of the outstanding  shares of
Phoenix  Technologies Ltd. ("Phoenix" or the "Company")  (NASDAQ:  PTEC) that it
does not already own.                                                           

In a letter  delivered to Phoenix's  Board of Directors  and filed with the U.S.
Securities and Exchange  Commission ("SEC") in an amendment to its Schedule 13D,
Ramius,  Phoenix's  largest  shareholder,   stated  that  it  remains  seriously
committed  to  purchasing  the  outstanding  capital  stock of Phoenix  and that
Phoenix  shareholders will benefit from an immediate  all-cash  transaction that
offers an attractive premium.                                                   

Ramius  Executive  Managing  Director  Jeffrey C.  Smith,  stated in the letter:
"While we respect  Woody,  his new team,  and the  hardworking  employees of the
Company, we believe Phoenix faces a difficult and risky operational  turnaround.
We believe that Phoenix should not attempt this  turnaround as a public company.
History has shown that this board of directors  (the  "Board"),  when faced with
the  pressures  of being a public  company,  has  responded  with poor  business
decisions   that  have  had   disastrous   consequences   for  Phoenix  and  its
stockholders."                                                                  

Smith  continued,  "Given the Company's poor track record,  we believe that this
Board  should not be  trusted  to  evaluate  acquisition  opportunities,  growth
investments,  and product  expansions  while overseeing a turnaround plan in the
public spotlight."                                                              

The non-binding offer is not subject to financing, but is subject to a number of
other  conditions  including the completion of due  diligence,  and represents a
13.4% premium to Phoenix's closing share price on January 12, 2007.             

In addition,  Starboard Value and Opportunity  Master Fund Ltd., an affiliate of
Ramius, today filed preliminary proxy materials with the SEC seeking to elect an
alternate slate of candidates to the Board of Directors of Phoenix. The nominees
identified in Starboard's  preliminary  proxy  materials look to replace the two
current Class II directors whose terms will expire at the 2007 Annual Meeting of
Shareholders, which has been scheduled for February 14, 2007. Ramius stated that
the proposed nominees,  John Mutch and Philip Moyer,  subject to their fiduciary
duties,  are committed to facilitating the negotiation of a mutually  beneficial
transaction.                                                                    

ABOUT RAMIUS CAPITAL GROUP, L.L.C.                                              

Ramius Capital Group is a registered  investment  advisor that manages assets of
approximately  $7.9 billion in a variety of alternative  investment  strategies.
Ramius  Capital  Group is  headquartered  in New York with  offices  located  in
London, Tokyo, Hong Kong, Munich, and Vienna.                                   

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CUSIP No. 719153108                    13D                   Page 23 of 28 Pages
-------------------                                          -------------------

 CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Starboard Value and Opportunity Master Fund Ltd., an affiliate of Ramius Capital
Group,  L.L.C.  ("Ramius  Capital"),  together with the other participants named
herein,  has  made  a  preliminary  filing  with  the  Securities  and  Exchange
Commission  ("SEC") of a proxy  statement and an  accompanying  proxy card to be
used to  solicit  votes for the  election  of its  nominees  at the 2007  annual
meeting of stockholders  of Phoenix  Technologies  Ltd., a Delaware  corporation
(the "Company").                                                                

RAMIUS  CAPITAL  ADVISES  ALL  STOCKHOLDERS  OF THE  COMPANY  TO READ THE  PROXY
STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME  AVAILABLE  BECAUSE THEY WILL
CONTAIN  IMPORTANT  INFORMATION.  SUCH PROXY  MATERIALS  WILL BE AVAILABLE AT NO
CHARGE  ON  THE  SEC'S  WEB  SITE  AT   HTTP://WWW.SEC.GOV.   IN  ADDITION,  THE
PARTICIPANTS  IN THE  PROXY  SOLICITATION  WILL  PROVIDE  COPIES  OF  THE  PROXY
STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO
THE PARTICIPANTS' PROXY SOLICITOR,  INNISFREE M&A INCORPORATED, AT ITS TOLL-FREE
NUMBER: (877) 800-5185.                                                         

The  participants in the proxy  solicitation are Starboard Value and Opportunity
Master Fund Ltd., a Cayman Islands exempted company ("Starboard"),  Parche, LLC,
a Delaware  limited  liability  company  ("Parche"),  Admiral  Advisors,  LLC, a
Delaware limited  liability  company,  Ramius Capital Group,  L.L.C., a Delaware
limited  liability  company  ("Ramius  Capital"),  C4S & Co., L.L.C., a Delaware
limited liability company ("C4S"),  Peter A. Cohen,  Morgan B. Stark,  Thomas W.
Strauss,  Jeffrey M. Solomon, John Mutch, Philip Moyer and Jeffrey C. Smith (the
"Participants").                                                                

Starboard  beneficially  owns  2,774,471  shares of Common Stock of the Company.
Parche  beneficially owns 528,470 shares of Common Stock of the Company.  As the
investment  manager of  Starboard  and the  managing  member of Parche,  Admiral
Advisors may be deemed to beneficially  own the 2,774,471 shares of Common Stock
of the Company owned by Starboard and the 528,470  shares of Common Stock of the
Company owned by Parche. As the sole member of Admiral Advisors,  Ramius Capital
may be deemed to  beneficially  own the 2,774,471  shares of Common Stock of the
Company owned by Starboard and the 528,470 shares of Common Stock of the Company
owned by Parche. As the managing member of Ramius Capital,  C4S may be deemed to
beneficially  own the  2,774,471  shares of Common Stock of the Company owned by
Starboard and the 528,470 shares of Common Stock of the Company owned by Parche.

As the managing  members of C4S, each of Mr. Cohen,  Mr. Stark,  Mr. Strauss and
Mr.  Solomon may be deemed to  beneficially  own the 2,774,471  shares of Common
Stock of the Company owned by Starboard  and the 528,470  shares of Common Stock
of the Company owned by Parche.                                                 

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CUSIP No. 719153108                    13D                   Page 24 of 28 Pages
-------------------                                          -------------------

Mr. Mutch beneficially owns 200,000 shares of Common Stock of the Company.      
Mr. Moyer does not beneficially own any shares of Common Stock of the Company.  
Mr. Smith does not beneficially own any shares of Common Stock of the Company.  

 # # #

CONTACT:                                                                        

Media & Shareholders:                                                           
Sard Verbinnen & Co.                                                            
Dan Gagnier or Renee Soto, 212-687-8080                                         

The full text of the letter follows:                                            

January 16, 2007                                                                

Board of Directors                                                              
Phoenix Technologies Ltd.                                                       
915 Murphy Ranch Road                                                           
Milpitas, CA 95035                                                              

Dear Board Members,                                                             

As you know, Admiral Advisors, LLC, a subsidiary of Ramius Capital Group, L.L.C.
(together,  "Ramius"), remains seriously committed to purchasing the outstanding
capital  stock  of  Phoenix  Technologies  Ltd.  ("Phoenix"  or the  "Company").
Therefore,  we are  resubmitting  our revised  offer to  purchase  for $5.25 per
share, in cash, all of the outstanding  shares of Phoenix that we do not already
own. We have  structured  our offer to promptly bring value and liquidity to all
of the Company's shareholders on the terms and conditions set forth below.      

While we respect  Woody,  his new team,  and the  hardworking  employees  of the
Company, we believe Phoenix faces a difficult and risky operational  turnaround.
We believe that Phoenix should not attempt this  turnaround as a public company.
History has shown that this board of directors  (the  "Board"),  when faced with
the  pressures  of being a public  company,  has  responded  with poor  business
decisions   that  have  had   disastrous   consequences   for  Phoenix  and  its
stockholders.  We believe our $5.25  all-cash  offer for all of the  outstanding
shares is in the best interest of the Company's shareholders.                   

In  addition,  we  believe  that  Phoenix  is too small to bear the costs and to
handle the demands  associated  with operating as a public  company.  The market
demands that public companies  demonstrate  revenue growth,  and we believe that
this expectation  will pressure the Company to gain scale - potentially  through
acquisitions - and to drive top-line  growth.  Phoenix's Board has already shown
its susceptibility to these pressures,  as evidenced by its willingness to allow
management to diversify into an enterprise software business,  organically build
the  enterprise  sales  channel,  and sell products on a fully  paid-up  license
basis. These decisions  temporarily  increased  revenue,  but proved to be major
mistakes  ultimately  damaging the core  business and  resulting in  significant
destruction of shareholder value.                                               

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CUSIP No. 719153108                    13D                   Page 25 of 28 Pages
-------------------                                          -------------------

Executing  a  turnaround  is  difficult.  Executing a  turnaround  in the public
spotlight is even more  challenging.  In a public  turnaround,  management  will
disclose  elements of its strategic plan,  which, we believe will likely put the
Company  at  a  competitive   disadvantage  and  possibly   interfere  with  its
effectiveness.                                                                  

Ramius is the Company's  largest  shareholder.  Given the  Company's  poor track
record, we believe that this Board should not be trusted to evaluate acquisition
opportunities,  growth  investments,  and product  expansions while overseeing a
turnaround plan in the public spotlight.                                        

We are committed to our $5.25 all-cash offer and are ready,  willing and able to
immediately enter into negotiations for a definitive acquisition agreement.  The
shareholders deserve to receive a full and fair price for their shares now.     

Our  $5.25  all-cash  offer  is full  and  fair  and  represents  a  premium  of
approximately  13.4% over the January 12, 2007 closing price of $4.63 per share,
and a premium of  approximately  31.3% over the June 22, 2006  closing  price of
$4.00,  which was the  closing  price of the  stock  the day  after the  Company
announced  the shift in its Core System  Software  pricing  strategy.  Given the
Board's refusal, to date, to negotiate with us in good faith, we have decided to
disclose our offer  publicly and to proceed with our plans to elect an alternate
slate of board members at the Company's annual meeting of stockholders. While we
believe it would be in everyone's best interest to  expeditiously  complete this
transaction on a friendly  basis,  our  candidates,  subject to their  fiduciary
duties,  are committed to facilitating the negotiation of a mutually  beneficial
transaction.  We  also  reserve  the  right  to make an  offer  directly  to the
Company's  shareholders  if this Board continues to ignore the best interests of
its shareholders.                                                               

Transaction Terms                                                               

Based upon our review of the materials made available,  Admiral Advisors, LLC, a
subsidiary of Ramius Capital Group,  L.L.C.  proposes,  through a merger with an
appropriate newly formed acquisition  entity (the  "Purchaser"),  to acquire the
Company (the "Transaction") on the following terms:                             

1.    PURCHASE PRICE: $5.25 PER SHARE IN CASH.                                  

2.    CLOSING  CONDITIONS:  The Transaction is subject to the following  limited
conditions:                                                         

            (a)   approval  by  the  board  of  directors  of  the  Company  and
                stockholders pursuant to the requirements of applicable law;

            (b)   receipt of any material governmental and third party approvals
                  (including  expiration of all applicable waiting periods under
Hart-Scott Rodino, to the extent required); 

            (c)   completion  of customary  confirmatory  business,  accounting,
     financial, environmental and legal due diligence;

            (d)   the waiver of any Company  anti-takeover  provisions including
                  redemption of the Company's shareholder rights plan and waiver
      of Delaware General Corporate Law Section 203; and

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CUSIP No. 719153108                    13D                   Page 26 of 28 Pages
-------------------                                          -------------------

            (e)   the  negotiation  and  execution  of a  mutually  satisfactory
                  definitive  merger  agreement  and the  receipt of  disclosure
                  schedules  related thereto in a form reasonably  acceptable to
us.                                         

3.    FUNDING SOURCES: The Purchaser has sufficient committed capital to finance
the Transaction. The Transaction is not subject to financing.       

4.    TIMING:  The Purchaser is committed to  allocating a sufficient  amount of
      resources and is confident  that it will be able to close the  Transaction
on an expedited basis. We require no external approvals.            

5.    CONDUCT OF BUSINESS:  We expect that the Company will  continue to operate
      in the ordinary  course of business and consistent with past practices and
      that there will be no material  adverse change to the Company's  financial
condition or results of operation.                                  

6.    DUE  DILIGENCE:  The proposed  Transaction is subject to completion to our
      satisfaction of customary  confirmatory business,  accounting,  financial,
      environmental,  and legal due diligence.  With the full cooperation of the
      Company  and  based  upon  information  known to us,  we would  expect  to
      complete  this  process in no more than four weeks,  if not  earlier.  Our
      required due  diligence  will be limited to  confirmation  of  information
      generally  known to us on the  assumption  that there is no  material  and
adverse information that the Company has not publicly disclosed.    

7.    NON-BINDING STATEMENT OF INTENT: This proposal is a statement of intention
      only.  A  legally   binding   obligation  with  respect  to  the  proposed
      Transaction  will arise only upon  execution  and  delivery of  definitive
      agreements  (acceptable to the Company and us), and then only on the terms
      and  conditions   contained  therein.  We  are  committed  to  immediately
negotiating and executing a definitive merger agreement.            

8.    MANAGEMENt:  We are receptive to discussions with senior  management about
      their future  involvement in the business.  We intend to speak with senior
      management  regarding their  participation in this Transaction,  and would
      encourage and welcome their participation, although their participation is
      not a condition to closing the Transaction. We are committed to preserving
the relationship of the Company with its employees.                 

We look forward to working with you to successfully and  expeditiously  complete
this transaction.                                                               

                                     Very truly yours,

                                        /s/ Jeffrey C. Smith
                                                  ------------------------------
                                    Jeffrey C. Smith
                                               Executive Managing Director

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CUSIP No. 719153108                    13D                   Page 27 of 28 Pages
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STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
C/O RAMIUS CAPITAL GROUP, L.L.C.
666 THIRD AVENUE, 26TH FLOOR
NEW YORK, NEW YORK 10017

                                                                January 16, 2007

BY FACSIMILE, FEDERAL EXPRESS AND FIRST-CLASS MAIL                              

Phoenix Technologies Ltd.                                                       
915 Murphy Ranch Road                                                           
Milpitas, California 95035                                                      
Attn: Corporate Secretary                                                       

      Re:   SUPPLEMENT  TO NOTICE OF  SHAREHOLDER  NOMINATION  FOR  ELECTION  OF
            DIRECTORS  FOR THE 2007 ANNUAL  MEETING OF  SHAREHOLDERS  OF PHOENIX
TECHNOLOGIES LTD.                                       

Dear Sir:                                                                       

      This  letter  shall  serve  as a  supplement  to  our  letter  to  Phoenix
Technologies  Ltd.  ("PTEC" or the  "Company"),  dated  December  27,  2006 (the
"Nomination  Letter"),  and hereby  incorporates herein by reference the defined
terms set forth in the Nomination  Letter.  Except as  specifically  modified or
supplemented  by the  information  contained in this  supplemental  notice,  all
information set forth in the Nomination Letter remains applicable, including the
Exhibits thereto.                                                               

      The Nomination Letter served to satisfy the advance notice requirements of
Article I, Section 11 of the Bylaws of PTEC as to the nomination by Starboard of
three  nominees  for  election  to Class II of the PTEC Board at the 2007 Annual
Meeting.                                                                        

      As of the date we submitted  the  Nomination  Letter,  the Company had not
publicly  announced  that the PTEC Board had  earlier  adopted a  resolution  on
December  19, 2006  reducing the number of  authorized  directors of the Company
from  seven  to six and the  number  of Class II  Directors  from  three to two,
effective immediately prior to the commencement of the 2007 Annual Meeting. This
reduction  in the size of the PTEC Board and in the number of Class II directors
was not made publicly  available  until the filing of the Company's  preliminary
proxy  materials on January 12, 2007.  Having no knowledge  that the size of the
PTEC  Board  had been  reduced,  we  submitted  our  Nomination  Letter  for the
nomination  and  election of three  nominees as Class II  directors  at the 2007
Annual  Meeting.  We hereby  provide  notice to the Company of the withdrawal of
Jeffrey C. Smith as a nominee  for  election  as a Class II director at the 2007
Annual Meeting.  Therefore, John Mutch and Philip Moyer are Starboard's nominees
for election as Class II directors at the 2007 Annual Meeting.                  

      Starboard  continues to reserve the right to nominate  additional nominees
for election as  directors  at the 2007 Annual  Meeting to the extent that there
are in excess of two (2) vacancies on the PTEC Board to be filled by election at
the 2007 Annual  Meeting or PTEC  increases the size of the PTEC Board above its
existing size.  Additional  nominations made pursuant to the preceding  sentence
are without prejudice to the position of Starboard that any attempt to increase 

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CUSIP No. 719153108                    13D                   Page 28 of 28 Pages
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the size of the current PTEC Board or to reconstitute or reconfigure the classes
on which the current  directors  serve  constitutes an unlawful  manipulation of
PTEC's corporate machinery.                                                     

      Please  address any  correspondence  to  Starboard  Value and  Opportunity
Master  Fund  Ltd.,  Attention:  Jeffrey C.  Smith,  telephone  (212)  845-7955,
facsimile  (212)  201-4802  and  Owen  S.  Littman,  telephone  (212)  201-4841,
facsimile  (212)  845-7995  (with a copy to our counsel,  Olshan  Grundman Frome
Rosenzweig & Wolosky LLP, Park Avenue Tower, 65 East 55th Street,  New York, New
York 10022, Attention: Steven Wolosky, Esq., telephone (212) 451-2333, facsimile
(212)  451-2222).  The  giving  of this  notice  is not an  admission  that  any
purported  procedures  for notice  concerning the nomination of directors to the
Board and  submission  of business  proposals are legal,  valid or binding,  and
Starboard reserves the right to challenge their validity.                       

                           Very truly yours,

                                         STARBOARD VALUE AND OPPORTUNITY
                          MASTER FUND LTD.

                                  By: /s/ Mark R. Mitchell
                                                 -------------------------------
                                         Name:  Mark R. Mitchell
                                             Title: Authorized Signatory

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘SC 13D/A’ Filing	Date	First	Last	Other Filings

	2/14/07	22		PRE 14A, SC 13D/A, SC 13G/A
Filed on:	1/16/07	1	27	4, DFAN14A, PREC14A
	1/12/07	14	27	PRE 14A
	1/10/07	14		SC 13D
	12/27/06	27
	12/19/06	27		8-K
	6/22/06	19	25	3, 4, 8-K
				List all Filings

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Filing Submission 0001193805-07-000071 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

RCG Holdings LLC, et al. – ‘SC 13D/A’ on 1/16/07 re: Phoenix Technologies Ltd

On: Tuesday, 1/16/07, at 8:22am ET · Accession #: 1193805-7-71 · File #: 5-39845

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Amendment to General Statement of Beneficial Ownership — Schedule 13DFiling Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

Amendment to General Statement of Beneficial Ownership — Schedule 13D
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