UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
Encore Capital Group, Inc.
--------------------------
(Name of Issuer)
Common Stock ($.01 par value)
-----------------------------
(Title of Class of Securities)
292554 10 2
-----------
(CUSIP Number)
Stuart I. Rosen
Senior Vice President and Associate General Counsel
Triarc Companies, Inc.
280 Park Avenue
New York, New York 10017
---------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 21, 2006
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.240.13d-1(e), (f) or (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 ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes 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).
(1) Name of Reporting Person Madison West Associates Corp.
I.R.S. Identification No.
of Above Person
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------------
(b) X
---------------------------------------
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
Number of (7) Sole Voting Power None
Shares -------------------------------------------------------------
Beneficially (8) Shared Voting Power 875,881
Owned by Each -------------------------------------------------------------
Reporting (9) Sole Dispositive Power None
Person With -------------------------------------------------------------
(10) Shared Dispositive Power 875,881
- --------------------------------------------------------------------------------
(11) Aggregate Amount
Beneficially Owned by Each
Reporting Person 875,881
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate
Amount in Row (11) Excludes [ ]
Certain Shares
- --------------------------------------------------------------------------------
(13) Percent of Class Represented
by Amount in Row (11) 3.9%*
- --------------------------------------------------------------------------------
(14) Type of Reporting Person CO
* Based on 22,671,314 shares of Common Stock outstanding as of February 20,
2006, as reported in the Company's Form 10-K, as filed with the Securities and
Exchange Commission on March 15, 2006.
(1) Name of Reporting Person Triarc Companies, Inc.
I.R.S. Identification No.
of Above Person
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------------
(b) X
---------------------------------------
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
Number of (7) Sole Voting Power None
Shares -------------------------------------------------------------
Beneficially (8) Shared Voting Power 977,156
Owned by Each -------------------------------------------------------------
Reporting (9) Sole Dispositive Power None
Person With -------------------------------------------------------------
(10) Shared Dispositive Power 977,156
- --------------------------------------------------------------------------------
(11) Aggregate Amount
Beneficially Owned by Each
Reporting Person 977,156
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate
Amount in Row (11) Excludes [ ]
Certain Shares
- --------------------------------------------------------------------------------
(13) Percent of Class Represented
by Amount in Row (11) 4.3%*
- --------------------------------------------------------------------------------
(14) Type of Reporting Person CO
* Based on 22,671,314 shares of Common Stock outstanding as of February 20,
2006, as reported in the Company's Form 10-K, as filed with the Securities and
Exchange Commission on March 15, 2006.
(1) Name of Reporting Person Nelson Peltz
I.R.S. Identification No.
of Above Person
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------------
(b) X
---------------------------------------
- --------------------------------------------------------------------------------
(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 United States
- --------------------------------------------------------------------------------
Number of (7) Sole Voting Power None
Shares -------------------------------------------------------------
Beneficially (8) Shared Voting Power 1,965,160
Owned by Each -------------------------------------------------------------
Reporting (9) Sole Dispositive Power None
Person With -------------------------------------------------------------
(10) Shared Dispositive Power 1,965,160
- --------------------------------------------------------------------------------
(11) Aggregate Amount
Beneficially Owned by Each
Reporting Person 1,965,160
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate
Amount in Row (11) Excludes [ ]
Certain Shares
- --------------------------------------------------------------------------------
(13) Percent of Class Represented
by Amount in Row (11) 8.7%*
- --------------------------------------------------------------------------------
(14) Type of Reporting Person IN
* Based on 22,671,314 shares of Common Stock outstanding as of February 20,
2006, as reported in the Company's Form 10-K, as filed with the Securities and
Exchange Commission on March 15, 2006.
(1) Name of Reporting Person Peter W. May
I.R.S. Identification No.
of Above Person
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------------
(b) X
---------------------------------------
- --------------------------------------------------------------------------------
(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 United States
- --------------------------------------------------------------------------------
Number of (7) Sole Voting Power 15,000
Shares -------------------------------------------------------------
Beneficially (8) Shared Voting Power 977,156
Owned by Each -------------------------------------------------------------
Reporting (9) Sole Dispositive Power 15,000
Person With -------------------------------------------------------------
(10) Shared Dispositive Power 977,156
- --------------------------------------------------------------------------------
(11) Aggregate Amount
Beneficially Owned by Each
Reporting Person 992,156
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate
Amount in Row (11) Excludes [ ]
Certain Shares
- --------------------------------------------------------------------------------
(13) Percent of Class Represented
by Amount in Row (11) 4.4%*
- --------------------------------------------------------------------------------
(14) Type of Reporting Person IN
* Based on 22,671,314 shares of Common Stock outstanding as of February 20,
2006, as reported in the Company's Form 10-K, as filed with the Securities and
Exchange Commission on March 15, 2006.
(1) Name of Reporting Person Neale M. Albert
I.R.S. Identification No.
of Above Person
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------------
(b) X
---------------------------------------
- --------------------------------------------------------------------------------
(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 United States
- --------------------------------------------------------------------------------
Number of (7) Sole Voting Power None
Shares -------------------------------------------------------------
Beneficially (8) Shared Voting Power 43,635
Owned by Each -------------------------------------------------------------
Reporting (9) Sole Dispositive Power None
Person With -------------------------------------------------------------
(10) Shared Dispositive Power 43,635
- --------------------------------------------------------------------------------
(11) Aggregate Amount
Beneficially Owned by Each
Reporting Person 43,635
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate
Amount in Row (11) Excludes [ ]
Certain Shares
- --------------------------------------------------------------------------------
(13) Percent of Class Represented
by Amount in Row (11) 0.2%*
- --------------------------------------------------------------------------------
(14) Type of Reporting Person IN
* Based on 22,671,314 shares of Common Stock outstanding as of February 20,
2006, as reported in the Company's Form 10-K, as filed with the Securities and
Exchange Commission on March 15, 2006.
Amendment No. 11 to Schedule 13D
This Amendment No. 11 to Schedule 13D amends the Schedule 13D originally
filed on March 4, 2002 (the "Original Statement"), as supplemented and amended
by Amendment No. 1, dated October 31, 2002, Amendment No. 2, dated September 4,
2003, Amendment No. 3, dated September 29, 2003, Amendment No. 4 dated October
9, 2003, Amendment No. 5 dated October 16, 2003 and Amendment No. 6 dated
December 23, 2004, Amendment No. 7 dated January 20, 2005, Amendment No. 8 dated
May 12, 2005, Amendment No. 9 dated June 17, 2005 and Amendment No. 10 dated
January 23, 2006 (the Original Statement, as so amended, the "Schedule 13D").
Unless otherwise indicated, all capitalized terms shall have the same meaning as
provided in the Schedule 13D. Except as set forth below, there are no changes to
the information set forth in the Schedule 13D.
Item 2. Identity and Background
Schedules I and II are hereby amended and restated as set forth herein
and are incorporated herein by reference.
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended by adding the following:
On March 21, 2006, Madison West and the Peltz LP each filed a Form 144 with
the Securities and Exchange Commission with respect to the proposed sale of up
to 220,919 shares of Common Stock by Madison West and up to 229,655 shares of
Common Stock by the Peltz LP, respectively. On March 21, Madison West sold a
total of 220,919 shares of Common Stock and the Peltz LP sold a total of 229,655
shares of Common Stock.
Item 5. Interest in Securities of the Issuer.
Paragraphs (i), (ii) (iv) and (v) of Part (a)-(b) of Item 5 are
amended and restated to read in their entirety as follows:
(i) Pursuant to Rule 13d-3 of the Exchange Act, Madison West may be
deemed the beneficial owner of 875,881 shares of Common Stock, which
constitute approximately 3.9% of the Company's outstanding shares of Common
Stock (computed in accordance with Rule 13d-3 of the Exchange Act and on
the basis of 22,671,314 shares of Common Stock outstanding as of February
20, 2006, as reported in the Company's Form 10-K, as filed with the
Securities and Exchange Commission on March 15, 2006). Madison West shares
with Triarc, Mr. Peltz and Mr. May voting and dispositive power over the
875,881 shares of Common Stock directly owned by Madison West;
(ii) Pursuant to Rule 13d-3 of the Exchange Act, Triarc may be deemed
the beneficial owner of 977,156 shares of Common Stock, including (i)
875,881 shares of Common Stock directly owned by Madison West and (ii)
101,275 shares of Common Stock directly owned by Triarc. The aggregate
holdings of Triarc constitute approximately 4.3% of the Company's
outstanding shares of Common Stock (computed in accordance with Rule 13d-3
of the Exchange Act and on the basis of 22,671,314 shares of Common Stock
outstanding as of February 20, 2006, as reported in the Company's Form
10-K, as filed with the Securities and Exchange Commission on March 15,
2006). Triarc shares with Madison West, Mr. Peltz and Mr. May voting and
dispositive power over the 875,881 shares of Common Stock directly owned by
Madison West and shares with Mr. Peltz and Mr. May voting and dispositive
power over the 101,275 shares of Common Stock directly owned by Triarc;
(iv) On May 9, 2004 Mr. Peltz transferred all of his general
partnership interests in the Peltz LP to Claudia Peltz, his wife, as a
result of which Mrs. Peltz became the sole general partner of the Peltz LP.
Immediately thereafter, Mrs. Peltz contributed all of the general
partnership interests in the Peltz LP to a limited liability company of
which she is the sole member. On January 23, 2006, the Peltz LP pledged
1,174,024 shares of Common Stock to a third party brokerage firm as
security for a margin account. On March 21, 2006, 229,655 of the shares
owned by the Peltz LP were sold. Accordingly, Mr. Peltz may be deemed to
beneficially own 944,369 shares of Common Stock directly owned by the Peltz
LP. As a co-trustee of the Peltz Family Foundation, Mr. Peltz shares voting
and dispositive power over of the 43,635 shares of Common Stock directly
owned by the Peltz Family Foundation. As a result of the Voting Agreement,
Mr. Peltz and Mr. May may be deemed to beneficially own, in the aggregate,
approximately 45.1% of the voting power of the outstanding Class A Common
Stock and Class B Common Stock, of Triarc (computed in accordance with Rule
13d-3 of the Exchange Act and on the basis of 23,964,599 shares of Class A
Common Stock and 52,472,346 shares of Class B Common Stock of Triarc
outstanding as of October 31, 2005, as reported in Triarc's Form 10-Q as
filed with the Securities and Exchange Commission on November 14, 2005),
and thus Mr. Peltz shares voting and dispositive power with Triarc and Mr.
May over the 977,156 shares of Common Stock beneficially owned by Triarc
(see (ii) above). As a result, pursuant to Rule 13d-3 of the Exchange Act,
Mr. Peltz may be deemed the indirect beneficial owner of (i) the 944,369
shares of Common Stock directly owned by the Peltz LP, (ii) the 43,635
shares of Common Stock directly owned by the Peltz Family Foundation and
(iii) the 977,156 shares of Common Stock beneficially owned by Triarc,
which, in the aggregate, constitute approximately 8.7% of the Company's
outstanding shares of Common Stock (computed in accordance with Rule 13d-3
of the Exchange Act and on the basis of 22,671,314 shares of Common Stock
outstanding as of February 20, 2006, as reported in the Company's Form
10-K, as filed with the Securities and Exchange Commission on March 15,
2006). Mr. Peltz disclaims beneficial ownership of such shares;
(v) Mr. May beneficially owns 15,000 shares of Common Stock that he
acquired through a brokerage transaction and has sole voting and
dispositive power over such shares. As a result of the Voting Agreement,
Mr. Peltz and Mr. May may be deemed to beneficially own approximately 45.1%
of the voting power of the outstanding Class A Common Stock and Class B
Common Stock, of Triarc (computed in accordance with Rule 13d-3 of the
Exchange Act and on the basis of 23,964,599 shares of Class A Common Stock
and 52,472,346 shares of Class B Common Stock of Triarc outstanding as of
October 31, 2005, as reported in Triarc's Form 10-Q as filed with the
Securities and Exchange Commission on November 14, 2005), and thus, Mr. May
shares with Triarc and Mr. Peltz voting and dispositive power over the
977,156 shares of Common Stock beneficially owned by Triarc (see (ii)
above). As a result, pursuant to Rule 13d-3 of the Exchange Act, Mr. May
may be deemed the beneficial owner of (i) the 977,156 shares of Common
Stock beneficially owned by Triarc, and (ii) the 15,000 shares of Common
Stock owned directly by Mr. May, which, in the aggregate, constitute
approximately 4.4% of the Company's outstanding shares of Common Stock
Stock (computed in accordance with Rule 13d-3 of the Exchange Act and on
the basis of 22,671,314 shares of Common Stock outstanding as of February
20, 2006, as reported in the Company's Form 10-K, as filed with the
Securities and Exchange Commission on March 15, 2006). Mr. May disclaims
beneficial ownership of all such shares other than the 15,000 shares of
Common Stock that he owns directly;
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
Date: March 28, 2006
MADISON WEST ASSOCIATES CORP.
By: /s/STUART I. ROSEN
------------------------------------------
Name: Stuart I. Rosen
Title: Senior Vice President and Secretary
TRIARC COMPANIES, INC.
By: /s/STUART I. ROSEN
------------------------------------------
Name: Stuart I. Rosen
Title: Senior Vice President and Secretary
/S/NELSON PELTZ
----------------------------------------------
Nelson Peltz
/S/PETER W. MAY
----------------------------------------------
Peter W. May
/S/NEALE M. ALBERT
----------------------------------------------
Neale M. Albert
SCHEDULE I
DIRECTORS AND EXECUTIVE OFFICERS
TRIARC COMPANIES, INC.
Set forth below are the names, citizenship, addresses and, to the best
knowledge of the Reporting Persons, the beneficial ownership in the securities
of the Company of each of the directors and executive officers of Triarc, other
than Messrs. Peltz and May who are also Reporting Persons. (1)
- ------------------------------- --------------------- --------------------------------- -------------------------
Name Citizenship Residence or Business Address Beneficial Ownership
- ------------------------------- --------------------- --------------------------------- -------------------------
Hugh L. Carey USA 805 Third Avenue
New York, NY 10022 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Clive Chajet USA 575 Madison Avenue,
New York, NY 10022 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Joseph A. Levato USA 280 Park Avenue
New York, NY 10017 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Gregory H. Sachs USA 8700 West Bryn Mawr, 12th Fl.
Chicago, IL 60631 0
- ------------------------------- --------------------- --------------------------------- -------------------------
David E. Schwab II USA 1133 Avenue of the Americas
New York, NY 10036 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Raymond S. Troubh USA 10 Rockefeller Plaza
New York, NY 10020 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Gerald Tsai, Jr. USA 200 Park Avenue
New York, NY 10166 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Jack G. Wasserman USA 280 Park Avenue
New York, NY 10017 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Edward Garden USA 280 Park Avenue
New York, NY 10017 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Russell V. Umphenour, Jr. USA 5995 Barfield Road
Atlanta, GA 30328 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Brian L. Schorr USA 280 Park Avenue
New York, NY 10017 5,008 (2) (3)
- ------------------------------- --------------------- --------------------------------- -------------------------
Francis T. McCarron USA 280 Park Avenue
New York, NY 10017 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Greg Essner USA 280 Park Avenue
New York, NY 10017 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Stuart I. Rosen USA 280 Park Avenue
New York, NY 10017 22,000 (2)
- ------------------------------- --------------------- --------------------------------- -------------------------
Fred H. Schaefer USA 280 Park Avenue
New York, NY 10017 50,000 (2)
- ------------------------------- --------------------- --------------------------------- -------------------------
Anne A. Tarbell USA 280 Park Avenue
New York, NY 10017 0
- ------------------------------- --------------------- --------------------------------- -------------------------
Douglas N. Benham USA 1155 Perimeter Center West
Atlanta, Georgia 30338 0
- ------------------------------- --------------------- --------------------------------- -------------------------
1) To the best knowledge of the Reporting Persons, except where otherwise noted, each of the directors and
executive officers of Triarc listed above (i) funded their purchase of shares of Common Stock reported
herein from personal funds; (ii) acquired the shares of Common Stock for investment purposes; (iii) has sole
voting and dispositive power over the shares listed on this Schedule I and (iv) has the sole right to
receive dividends from, or the proceeds from the sale of the shares listed on this Schedule I.
2) Consists of Common Stock.
3) The shares reported herein are held by Mr. Schorr's wife, as to which shares Mr. Schorr disclaims beneficial
ownership.
SCHEDULE II
DIRECTORS AND EXECUTIVE OFFICERS
MADISON WEST ASSOCIATES CORP.
Set forth below are the names, citizenship, addresses and, to the best
knowledge of the Reporting Persons, the beneficial ownership in the securities
of the Company of each of the directors and executive officers of Madison West.
(1)
- ---------------------------- -------------------------- -------------------------- --------------------------
Name Citizenship Residence or Business Beneficial Ownership
Address
- ---------------------------- -------------------------- -------------------------- --------------------------
Edward Garden USA 280 Park Avenue
New York, NY 10017 0
- ---------------------------- -------------------------- -------------------------- --------------------------
Francis T. McCarron USA 280 Park Avenue
New York, NY 10017 0
- ---------------------------- -------------------------- -------------------------- --------------------------
Brian L. Schorr USA 280 Park Avenue
New York, NY 10017 5,008 (2)
- ---------------------------- -------------------------- -------------------------- --------------------------
Greg Essner USA 280 Park Avenue
New York, NY 10017 0
- ---------------------------- -------------------------- -------------------------- --------------------------
Stuart I. Rosen USA 280 Park Avenue
New York, NY 10017 22,000 (2)
- ---------------------------- -------------------------- -------------------------- --------------------------
Fred H. Schaefer USA 280 Park Avenue
New York, NY 10017 50,000 (2)
- ---------------------------- -------------------------- -------------------------- --------------------------
Anne A. Tarbell USA 280 Park Avenue
New York, NY 10017 0
- ---------------------------- -------------------------- -------------------------- --------------------------
1) To the best knowledge of the Reporting Persons, except where otherwise noted, each of the directors and
executive officers of Madison West listed above (i) funded their purchase of shares of Common Stock
reported herein from personal funds; (ii) acquired the shares of Common Stock for investment purposes;
and (iii) has sole voting and dispositive power over the shares listed on this Schedule II.
2) See Schedule I.