UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Gravity Co., Ltd.
(Name of Issuer)
Common Stock, Par Value Won 500 Per Share
(Title of Class of Securities)
38911N107
(CUSIP Number)
Marran Ogilvie
666 Third Avenue
26th Floor
New York, New York 10017
(212) 845-7909
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 23, 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 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.
(Page 1 of 30 Pages)
----------------
*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).
CUSIP No. 38911N107 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
46,185.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
46,185.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
46,185.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.66%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
67,619
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
67,619
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
67,619
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.97%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 4 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
RCG Ambrose 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
40,802
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
40,802
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
40,802
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.59%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 5 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
RCG Halifax 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
41,271.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
41,271.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
41,271.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.59%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 6 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
144,595.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
144,595.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
144,595.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.08%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 7 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Fund III, 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
5,960.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
5,960.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,960.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.09%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 8 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 **
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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
113,804.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
113,804.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
113,804.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.64%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 9 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Advisors, LLC 13-3954331
-----------------------------------------------------------------------------
(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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
150,556.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
150,556.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
150,556.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.17%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 10 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Safe Harbor Master Fund, L.P.
-----------------------------------------------------------------------------
(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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
155,077.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
155,077.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
155,077.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.23%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 11 of 28 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Safe Harbor Investment 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
155,077.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
155,077.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
155,077.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.23%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 12 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
501,511.50
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
501,511.50
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
501,511.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.22%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 13 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
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
501,511.50
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
501,511.50
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
501,511.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.22%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 14 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
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
501,511.50
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
501,511.50
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
501,511.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.22%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 15 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
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
501,511.50
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
501,511.50
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
501,511.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.22%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 16 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
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
501,511.50
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
501,511.50
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
501,511.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.22%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 17 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
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
501,511.50
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
501,511.50
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
501,511.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.22%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 18 of 28 Pages
This Amendment No. 2 ("Amendment No. 1") amends the statement on Schedule 13D
dated March 28, 2006 as amended by Amendment No. 1 dated May 2, 2006 (the
"Original Statement"). Any capitalized terms used in this Amendment No. 2 and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Original Statement.
Item 4. Purpose of the Transaction.
Item 4 is hereby amended and supplemented by the addition of the following:
On May 23, 2006, the Committee sent a letter to the chief executive officer and
board of directors of Gravity demanding that a special committee, consisting of
independent directors and a shareholder representative chosen by the Committee,
be formed to examine alternatives for maximizing the value of the Japan Ragnarok
franchise.
In the letter, the Committee asked the board, among other things, to consider
(i) auctioning the Japan Ragnarok license that expires in August 2006 for
maximum value to interested third parties, including GungHo, or (ii) allowing
the license to expire, creating a Japanese subsidiary to directly offer Ragnarok
in Japan and listing the subsidiary on one of the Japanese stock exchanges. The
Committee expects to discuss this issue with Gravity and will take whatever
steps are necessary to ensure that the value of the Japan Ragnoarok franchise is
realized for the benefit of all Gravity shareholders.
The Committee is issuing a press release regarding this letter. A copy of the
press release, which includes the text of the letter, is attached as Exhibit IV
hereto and is incorporated by reference herein.
CUSIP No. 38911N107 13D Page 19 of 28 Pages
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and supplemented by the addition of the following:
Transactions in the Common Stock since the filing of the Original Statement
(which were all in the open market unless otherwise noted on Schedule F-2) by
the Reporting Persons are set forth in Schedule F-2 attached hereto and
incorporated by reference herein.
1. Starboard
(a) As of the date of this filing, Starboard may be deemed
the beneficial owner of 46,185.25 shares of Common
Stock.
Percentage: Approximately 0.66% as of the date hereof.
The percentages used herein and in the rest of Item 5
are calculated based upon 6,948,900 shares, which
reflects the shares of Common Stock outstanding as of
December 31, 2004, as reported by the Company on its
Form 20-F filed on June 30, 2005.
(b) 1. Sole power to vote or direct vote: 46,185.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
46,185.25
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by
Starboard since the filing of the Original Statement is
set forth in Schedule F-2 and is incorporated by
reference. Starboard entered into transactions in the
Common Stock since the filing of the Original Statement
which are set forth on Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
2. Parche
(a) As of the date of this filing, Parche may be deemed the
beneficial owner of 67,619 shares of Common Stock.
Percentage: Approximately 0.97% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 67,619
2. Shared power to vote or direct vote: 0
CUSIP No. 38911N107 13D Page 20 of 28 Pages
3. Sole power to dispose or direct the disposition:
67,619
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by Parche
since the filing of the Original Statement is set forth
in Schedule F-2 and is incorporated by reference. Parche
entered into transactions in the Common Stock since the
filing of the Original Statement which are set forth on
Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
3. RCG Ambrose
(a) As of the date of this filing, RCG Ambrose may be deemed
the beneficial owner of 40,802 shares of Common
Stock.
Percentage: Approximately 0.59% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 40,802
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
40,802
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by RCG
Ambrose since the filing of the Original Statement is
set forth in Schedule F-2 and is incorporated by
reference. RCG Ambrose entered into transactions in the
Common Stock since the filing of the Original Statement
which are set forth on Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
4. RCG Halifax
(a) As of the date of this filing, RCG Halifax may be
deemed the beneficial owner of 41,271.25 shares of
Common Stock.
Percentage: Approximately 0.59% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 41,271.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
41,271.25
4. Shared power to dispose or direct the disposition: 0
CUSIP No. 38911N107 13D Page 21 of 28 Pages
(c) The number of shares of Common Stock acquired by RCG
Halifax since the filing of the Original Statement is
set forth in Schedule F-2 and is incorporated by
reference. RCG Halifax entered into transactions in the
Common Stock since the filing of the Original Statement
which are set forth on Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
5. Ramius Master Fund
(a) As of the date of this filing, Ramius Master Fund may be
deemed the beneficial owner of 144,595.75 shares of
Common Stock.
Percentage: Approximately 2.08% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 144,595.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
144,595.75
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by Ramius
Master Fund since the filing of the Original Statement
is set forth in Schedule F-2 and is incorporated by
reference. Ramius Master Fund entered into transactions
in the Common Stock since the filing of the Original
Statement which are set forth on Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
6. Ramius Fund III
(a) As of the date of this filing, Ramius Fund III may be
deemed the beneficial owner of 5,960.5 shares of Common
Stock.
Percentage: Approximately 0.09% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 5,960.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
5,960.5
4. Shared power to dispose or direct the disposition: 0
CUSIP No. 38911N107 13D Page 22 of 28 Pages
(c) The number of shares of Common Stock acquired by Ramius
Fund III since the filing of the Original Statement is
set forth in Schedule F-2 and is incorporated by
reference. Ramius Fund III entered into transactions in
the Common Stock since the filing of the Original
Statement which are set forth on Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
7. Admiral
(a) As of the date of this filing, Admiral may be deemed the
beneficial owner of 113,804.25 shares of Common Stock.
Percentage: Approximately 1.64% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 113,804.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
113,804.25
4. Shared power to dispose or direct the disposition: 0
(c) Admiral did not enter into any transactions in the
Common Stock since the filing of the Original Statement.
The transactions in the Common Stock since the filing of
the Original Statement on behalf of Starboard and
Parche, which were all in the open market (except as
otherwise indicated on Schedule F-2), are set forth in
Schedule F-2, and are incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
8. Ramius Advisors
(a) As of the date of this filing, Ramius Advisors may be
deemed the beneficial owner of 150,556.25 shares of
Common Stock.
Percentage: Approximately 2.17% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 150,556.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
150,556.25
4. Shared power to dispose or direct the
CUSIP No. 38911N107 13D Page 23 of 28 Pages
disposition: 0
(c) Ramius Advisors did not enter into any transactions in
the Common Stock since the filing of the Original
Statement. The transactions in the Common Stock since
the filing of the Original Statement on behalf of Ramius
Master Fund and Ramius Fund III, which were all in the
open market (except as otherwise indicated on Schedule
F-2), are set forth in Schedule F-2, and are
incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
9. Safe Harbor Master Fund
(a) As of the date of this filing, Safe Harbor Master Fund
may be deemed the beneficial owner of 155,077.75 shares
of Common Stock.
Percentage: Approximately 2.23% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 155,077.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
155,077.75
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by Safe
Harbor Master Fund is set forth in Schedule F-2 and is
incorporated by reference. Safe Harbor Master Fund
entered into transactions in the Common Stock since the
filing of the Original Statement which are set forth on
Schedule F-2.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
10. Safe Harbor Investment
(a) As of the date of this filing, Safe Harbor Investment
may be deemed the beneficial owner of 155,077.75 shares
of Common Stock.
Percentage: Approximately 2.23% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 155,077.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
CUSIP No. 38911N107 13D Page 24 of 28 Pages
155,077.75
4. Shared power to dispose or direct the disposition: 0
(c) Safe Harbor Investment did not enter into any
transactions in the Common Stock since the filing of the
Original Statement. The transactions in the Common Stock
since the filing of the Original Statement on behalf of
Safe Harbor Master Fund, which were all in the open
market (except as otherwise indicated on Schedule F-2),
are set forth in Schedule F-2, and are incorporated by
reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
11. Ramius Capital
(a) As of the date of this filing, Ramius Capital may be
deemed the beneficial owner of 501,511.50 shares of
Common Stock.
Percentage: Approximately 7.22% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 501,511.50
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
501,511.50
4. Shared power to dispose or direct the disposition: 0
(c) Ramius Capital did not enter into any transactions in
the Common Stock since the filing of the Original
Statement. The transactions in the Common Stock since
the filing of the Original Statement on behalf of
Starboard, Parche, RCG Ambrose, RCG Halifax, Ramius
Master Fund, Ramius Fund III and Safe Harbor Master
Fund, which were all in the open market (except as
otherwise indicated on Schedule F-2), are set forth in
Schedule F-2, and are incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
12. C4S
(a) As of the date of this filing, C4S may be deemed the
beneficial owner of 501,511.50 shares of Common Stock.
Percentage: Approximately 7.22% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 501,511.50
CUSIP No. 38911N107 13D Page 25 of 28 Pages
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
501,511.50
4. Shared power to dispose or direct the disposition: 0
(c) C4S did not enter into any transactions in the Common
Stock since the filing of the Original Statement. The
transactions in the Common Stock since the filing of the
Original Statement on behalf of Starboard, Parche, RCG
Ambrose, RCG Halifax, Ramius Master Fund, Ramius Fund
III and Safe Harbor Master Fund, which were all in the
open market (except as otherwise indicated on Schedule
F-2), are set forth in Schedule F-2, and are
incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
13. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
(a) As of the date of this filing, each of Mr. Cohen, Mr.
Stark, Mr. Strauss and Mr. Solomon may be deemed the
beneficial owner of 501,511.50 shares of Common Stock.
Each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr.
Solomon disclaims beneficial ownership of the shares of
Common Stock owned by Starboard, Parche, RCG Ambrose,
RCG Halifax, Ramius Master Fund, Ramius Fund III and
Safe Harbor Master Fund, and the filing of this Schedule
13D shall not be construed as an admission that any such
person is the beneficial owner of any such securities.
Percentage: Approximately 7.22% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 501,511.50
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition:
501,511.50
(c) Neither Mr. Cohen, Mr. Stark, Mr. Strauss nor Mr.
Solomon has entered into any transactions in the Common
Stock since the filing of the Original Statement. The
transactions in the Common Stock since the filing of the
Original Statement on behalf of Starboard, Parche, RCG
Ambrose, RCG Halifax, Ramius Master Fund, Ramius Fund
III and Safe Harbor Master Fund, which were all in the
open market (except as otherwise indicated on Schedule
F-2), are set forth in Schedule F-2, and are
incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
CUSIP No. 38911N107 13D Page 26 of 29 Pages
such shares of the Common Stock.
(e) Not applicable.
Upon information and belief, as of the close of business on May 23, 2006,
Moon may be deemed to beneficially own 549,296 shares of Common Stock,
105,971 of which, representing approximately 1.53% of its beneficial ownership,
are owned directly in the form of Common Stock and 443,325 of which,
representing approximately 6.38% of its beneficial ownership, are owned in the
form of ADSs.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended to add the following Exhibit:
Exhibit IV - Press Release being issued May 24, 2006 including the Letter sent
on May 23, 2006 by the Gravity Committee for the Fair Treatment of Minority
Shareholders to I1-Young Ryu, Chairman and Chief Executive Officer of Gravity
and the Board of Directors of Gravity.
CUSIP No. 38911N107 13D Page 27 of 28 Pages
SCHEDULE F-2
PURCHASES OF COMMON STOCK
Date Price Qua(1)
RCG Ambrose Master Fund, Ltd. 5/4/2006 $8.0929 2,585
5/8/2006 8.0002 1,118
5/9/2006 8.1323 1,522
5/10/2006 8.1510 97
5/10/2006 8.2314 873
5/15/2006 8.1635 2,465
5/15/2006 7.8400 143
5/16/2006 8.2233 47
5/22/2006 8.4458 1,252
RCG Halifax Fund, Ltd. 5/4/2006 $8.0929 2,585
5/8/2006 8.0002 1,118
5/9/2006 8.1323 1,553
5/10/2006 8.1510 99
5/10/2006 8.2314 891
5/15/2006 8.1635 2,515
5/15/2006 7.8400 146
5/16/2006 8.2233 48
5/22/2006 8.4458 1,277
Parche, LLC 5/4/2006 $8.0929 5,686
5/4/2006 8.0929 510
5/8/2006 8.0002 2,459
5/8/2006 8.0002 324
5/9/2006 8.1323 2,206
5/9/2006 8.1323 652
5/10/2006 8.1510 141
5/10/2006 8.1510 42
5/10/2006 8.2314 1,266
5/10/2006 8.2314 379
5/15/2006 8.1635 3,572
5/15/2006 8.1635 1,057
5/15/2006 7.8400 207
5/15/2006 7.8400 60
5/16/2006 8.2233 68
5/16/2006 8.2233 20
5/22/2006 8.4458 1,814
5/22/2006 8.4458 537
Ramius Master Fund, Ltd. 5/4/2006 $8.0929 14,216
5/8/2006 8.0002 6,147
5/9/2006 8.1323 5,313
5/10/2006 8.1510 338
5/10/2006 8.2314 3,048
5/15/2006 8.1635 8,602
5/15/2006 7.8400 498
5/16/2006 8.2233 164
5/22/2006 8.4458 4,369
Ramius Fund III, Ltd. 5/4/2006 $8.0929 775
5/8/2006 8.0002 335
5/9/2006 8.1323 311
5/10/2006 8.1510 20
5/10/2006 8.2314 178
5/15/2006 8.1635 503
5/15/2006 7.8400 29
5/16/2006 8.2233 10
5/22/2006 8.4458 255
Safe Harbor Master Fund L.P. 5/4/2006 $8.0929 8,952
5/8/2006 8.0002 5,689
5/9/2006 8.1323 11,651
5/10/2006 8.1510 741
5/10/2006 8.2314 6,686
5/15/2006 8.1635 18,865
5/15/2006 7.8400 1,091
5/16/2006 8.2233 361
5/22/2006 8.4458 9,581
Starboard Value and Opportunity
Master Fund Ltd. 5/4/2006 8.0929 2,691
5/8/2006 8.0002 1,710
5/9/2006 8.1323 3,480
5/10/2006 8.1510 222
5/10/2006 8.2314 1,991
5/15/2006 8.1635 5,634
5/15/2006 7.8400 326
5/16/2006 8.2233 108
5/22/2006 8.4458 2,861
(1) The Reporting Persons purchased ADS, each of which represents .25 shares
of Common Stock.
CUSIP No. 38911N107 13D Page 28 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: May 23, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD.
MASTER FUND LTD. By: Ramius Advisors, LLC
its investment manager
PARCHE, LLC By: Ramius Capital Group, L.L.C.
By: Admiral Advisors, LLC, its its managing member
managing member
RAMIUS FUND III, LTD
RCG AMBROSE MASTER FUND, LTD. By: Ramius Advisors, LLC
By: Ramius Capital Group, L.L.C., its investment manager
its investment manager By: Ramius Capital Group, LLC
By: C4S & Co., L.L.C., its managing member
its managing member
ADMIRAL ADVISORS, LLC
RCG HALIFAX FUND, LTD. By: Ramius Capital Group, L.L.C.,
By: Ramius Capital Group, L.L.C., its managing member
its investment manager
By: C4S & Co., L.L.C., RAMIUS ADVISORS, LLC
its managing member By: Ramius Capital Group, L.L.C.,
its managing member
RAMIUS CAPITAL GROUP, L.L.C.
By: C4S & Co., L.L.C.,
as managing member
C4S & CO., L.L.C.
By: /s/ Jeffrey M. Solomon
-------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
SAFE HARBOR MASTER FUND, L.P. SAFE HARBOR INVESTMENT LTD.
By: Safe Harbor Investment Ltd., By: /s/ Jeffrey M. Solomon
its general partner ----------------------------
Name: Jeffrey M. Solomon
By: /s/ Jeffrey M. Solomon Title: Authorized Signatory
----------------------------
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