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Whippoorwill Associates, Inc., et al. – ‘SC 13D’ on 2/6/09 re: Ambassadors International Inc

On:  Friday, 2/6/09, at 1:41pm ET   ·   Accession #:  914121-9-338   ·   File #:  5-44561

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

 2/06/09  Whippoorwill Associates, Inc.     SC 13D                 1:19K  Ambassadors International Inc     Cadwalader Wickersh… LLP
          Shelley F. Greenhaus
          Steven K. Gendal

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

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D      General Statement of Beneficial Ownership              9     35K 


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
5Item 1. Security and Issuer
"Item 2. Identity and Background
"Item 3. Source and Amount of Funds or Other Consideration
"Item 4. Purpose of Transaction
6Item 5. Interest in Securities of the Issuer
"Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
"Item 7. Material to be filed as Exhibits
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 Ambassadors International, Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share -------------------------------------------------------------------------------- (Title of Class of Securities) 023178106 -------------------------------------------------------------------------------- (CUSIP Number) Whippoorwill Associates, Inc. 11 Martine Avenue White Plains, New York 10606 (914) 683-1002 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 29, 2009 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box |_|. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The Information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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CUSIP NO.: 023178106 1 NAMES OF REPORTING PERSONS Whippoorwill Associates, Incorporated -------------------------------------------------------------------------------- S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH 728,865(1) REPORTING ------------------------------------------------------------ PERSON 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 728,865(1) -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 728,865(1) -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IA; CO -------------------------------------------------------------------------------- ------------------ (1) Includes 424,562 shares of Common Stock currently issuable upon the conversion of the 3.75% Convertible Senior Notes due 2027 issued by the Company (the "Convertible Notes") and currently held by the Reporting Persons.
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CUSIP NO.: 023178106 1 NAMES OF REPORTING PERSONS Shelley F. Greenhaus -------------------------------------------------------------------------------- S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH 728,865(1) REPORTING ------------------------------------------------------------ PERSON 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 728,865(1) -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 728,865(1) -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN; HC --------------------------------------------------------------------------------
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CUSIP NO.: 023178106 1 NAMES OF REPORTING PERSONS Steven K. Gendal -------------------------------------------------------------------------------- S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH 728,865(1) REPORTING ------------------------------------------------------------ PERSON 9 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 728,865(1) -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 728,865(1) -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN; HC --------------------------------------------------------------------------------
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Item 1. Security and Issuer. This statement on Schedule 13D relates to the shares of Common Stock, $0.01 par value per share (the "Common Stock") of Ambassadors International, Inc. (the "Company"). The principal executive offices of the Company are located at 1071 Camelback Street, Newport Beach, CA 92660. Item 2. Identity and Background. This statement on Schedule 13D is being filed by Whippoorwill Associates, Incorporated ("Whippoorwill"), Shelley F. Greenhaus and Steven K. Gendal (together, the "Reporting Persons"). Whippoorwill is a Delaware corporation having its principal place of business at 11 Martine Avenue, White Plains, New York 10606. Shelley F. Greenhaus is Principal and President of Whippoorwill having his principal business address c/o Whippoorwill at 11 Martine Avenue, White Plains, New York 10606. Mr. Greenhaus is a citizen of the United States. Steven K. Gendal is Principal of Whippoorwill having his principal business address c/o Whippoorwill at 11 Martine Avenue, White Plains, New York 10606. Mr. Gendal is a citizen of the United States. The principal business of each Reporting Person is to provide discretionary investment advisory services and any business related thereto or useful in connection therewith. None of the Reporting Persons has, during the past five years, (i) been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Item 3. Source and Amount of Funds or Other Consideration. The shares of Common Stock and the Convertible Notes covered by this statement were purchased in the ordinary course of business by the Accounts (as defined below) for an aggregate purchase price of $12,318,681.28. The source of funds for the purchases was assets of the Accounts available for investment. Item 4. Purpose of Transaction. The shares of Common Stock and the Convertible Notes covered by this statement were purchased for investment by the Accounts (as defined below). From time to time, Whippoorwill has discussed with management of the Company possible ways to maximize the value of its investment, and expects to continue these discussions.
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Item 5. Interest in Securities of the Issuer. (a) Based upon the Company's Quarterly Report on Form 10-Q, there were 11,138,067 shares of Common Stock outstanding as of October 29, 2008. As of the date hereof, Whippoorwill may be deemed to be the beneficial owner of 728,865 shares of Common Stock (including 424,562 shares of Common Stock currently issuable upon the conversion of the 3.75% Convertible Senior Notes due 2027 issued by the Company and currently held by the Reporting Persons), or 6.3% of the Company's outstanding Common Stock, held for the account of various funds and separate accounts (the "Accounts") for which Whippoorwill has discretionary authority and acts as general partner or investment manager. Mr. Greenhaus, as the President and a Principal of Whippoorwill, may be deemed to be the beneficial owner of the 728,865 shares of Common Stock (including 424,562 shares of Common Stock currently issuable upon the conversion of the 3.75% Convertible Senior Notes due 2027 issued by the Company and currently held by the Reporting Persons), or 6.3% of the Company's outstanding Common Stock, deemed to be beneficially owned by Whippoorwill as referred to above. Mr. Gendal, as a Principal of Whippoorwill, may also be deemed to be the beneficial owner of the foregoing shares of Common Stock. (b) See Items 7 through 10 of the cover page for each Reporting Person. (c) The transactions in the Company's securities by the Accounts during the sixty days prior to the obligation to file this statement on Schedule 13D are listed as Exhibit A attached hereto and incorporated herein by reference. The transactions were effected through one or more brokers in the market. (d) The Accounts have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported as beneficially owned by Whippoorwill. None of the Accounts holds more than 5% of the Company's outstanding Common Stock. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. 1. On February 6, 2009, Whippoorwill, Mr. Greenhaus, and Mr. Gendal entered into a Joint Filing Agreement (the "Joint Filing Agreement"). A copy of the Joint Filing Agreement is filed herewith as Exhibit B and incorporated herein by reference. Item 7. Material to be filed as Exhibits. Exhibit A Transactions in the Company's securities by the Reporting Persons in the sixty days prior to the obligation to file this statement on Schedule 13D Exhibit B Joint Filing Agreement, dated February 6, 2009, by and among Whippoorwill Associates, Incorporated, Shelley F. Greenhaus, and Steven K. Gendal
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SIGNATURE After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. WHIPPOORWILL ASSOCIATES, INCORPORATED By: /s/ Shelley F. Greenhaus ------------------------------------ Name: Shelley F. Greenhaus Title: President SHELLEY F. GREENHAUS By: /s/ Shelley F. Greenhaus ------------------------------------ Name: Shelley F. Greenhaus STEVEN K. GENDAL By: /s/ Steven K. Gendal ------------------------------------ Name: Steven K. Gendal Dated: February 6, 2009 [Signature Page to Schedule 13D - Ambassadors International, Inc.]
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EXHIBIT A TRANSASCTIONS IN THE COMPANY'S SECURITIES ---------------------------------------------------------- Number of Average Transaction Shares Price Per Transaction Date Purchased Share Type ---------------------------------------------------------- 12/1/08 12,100 0.8825 Purchase ---------------------------------------------------------- 12/2/08 3,100 0.90 Purchase ---------------------------------------------------------- 12/4/08 4,000 0.9238 Purchase ---------------------------------------------------------- 12/5/08 200 0.90 Purchase ---------------------------------------------------------- 12/8/08 11,500 0.9244 Purchase ---------------------------------------------------------- 12/9/08 500 0.87 Purchase ---------------------------------------------------------- 12/11/08 29,800 0.7949 Purchase ---------------------------------------------------------- 12/12/08 20,000 0.747 Purchase ---------------------------------------------------------- 12/15/08 8,465 0.7466 Purchase ---------------------------------------------------------- 12/16/08 7,000 0.815 Purchase ---------------------------------------------------------- 12/23/08 1,800 0.70 Purchase ---------------------------------------------------------- 12/30/08 3,702 0.6419 Purchase ---------------------------------------------------------- 12/31/08 7,411 0.5519 Purchase ---------------------------------------------------------- 1/15/09 20,000 0.649 Purchase ---------------------------------------------------------- 1/16/09 15,000 0.6093 Purchase ---------------------------------------------------------- 1/20/09 10,000 0.5412 Purchase ---------------------------------------------------------- 1/22/09 5,500 0.45 Purchase ---------------------------------------------------------- 1/23/09 1,100 0.48 Purchase ---------------------------------------------------------- 1/26/09 8,715 0.4369 Purchase ----------------------------------------------------------
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EXHIBIT B SCHEDULE 13D JOINT FILING AGREEMENT The undersigned and each other person executing this joint filing agreement (this "Agreement") agree as follows: (i) The undersigned and each other person executing this Agreement are individually eligible to use the Schedule 13D to which this Exhibit is attached and such Schedule 13D is filed on behalf of the undersigned and each other person executing this Agreement; and (ii) The undersigned and each other person executing this Agreement are responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of the undersigned or any other person executing this Agreement is responsible for the completeness or accuracy of the information statement concerning any other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, taken together, shall constitute one and the same instrument. WHIPPOORWILL ASSOCIATES, INCORPORATED By: /s/ Shelley F. Greenhaus ------------------------------------ Name: Shelley F. Greenhaus Title: President SHELLEY F. GREENHAUS By: /s/ Shelley F. Greenhaus ------------------------------------ Name: Shelley F. Greenhaus STEVEN K. GENDAL By: /s/ Steven K. Gendal ------------------------------------ Name: Steven K. Gendal Dated: February 6, 2009

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:2/6/09698-K
1/29/091
10/29/086
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