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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D/A
(Amendment No. 5)
Under the Securities Exchange Act of 1934
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DANA CORPORATION
(Name of Issuer)
Common Stock, $1.00 Par Value Per Share
(Title of Class of Securities)
235811106
(CUSIP Number)
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with copies to:
Ken Maiman
Appaloosa Management L.P.
26 Main Street
Chatham, NJ 07928
(Name, Address and Telephone Number of Person
Authorized to Receive Notices of Communication)
August 17, 2007
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which 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. [ ]
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CUSIP No. 235811106 13D
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1 NAME OF REPORTING PERSONS
Appaloosa Investment Limited Partnership I
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 11,992,500
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,992,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,992,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.98%
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14 TYPE OF REPORTING PERSON
PN
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Page 2 of 9
CUSIP No. 235811106 13D
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1 NAME OF REPORTING PERSONS
Palomino Fund Ltd.
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 10,507,500
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,507,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,507,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.00%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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Page 3 of 9
CUSIP No. 235811106 13D
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1 NAME OF REPORTING PERSONS
Appaloosa Management L.P.
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
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5 CHECK BOX 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
0
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 22,500,500
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,500,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,500,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.98%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
Page 4 of 9
CUSIP No. 235811106 13D
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1 NAME OF REPORTING PERSONS
Appaloosa Partners Inc.
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK BOX 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
0
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 22,500,500
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,500,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,500,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.98%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 5 of 9
CUSIP No. 235811106 13D
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1 NAME OF REPORTING PERSONS
David A. Tepper
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 22,500,000
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,500,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,500,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.98%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 6 of 9
This Amendment No. 5 (this "Amendment") to the Schedule 13D filed on
June 22, 2007 by the Reporting Persons, as amended by Amendment No. 1 thereto
filed on June 29, 2007, by Amendment No. 2 thereto filed on July 19, 2007, by
Amendment No. 3 thereto filed on July 23, 2007, and by Amendment No. 4 thereto
filed on July 26, 2007 (as so amended, the "Schedule 13D") relates to the Common
Stock of the Issuer and is being filed to amend the Schedule 13D as specifically
set forth below.
The information set forth in the Exhibits to this Amendment is hereby
expressly incorporated herein by reference, and the responses to each item of
this Amendment are qualified in their entirety by the provisions of such
Exhibits. Unless otherwise indicated, all capitalized terms shall have the
meanings ascribed to them in the Schedule 13D, and unless otherwise amended
hereby, all information previously filed remains in effect.
ITEM 4. IS AMENDED BY ADDING THE FOLLOWING:
On August 17, 2007, AMLP delivered to counsel to the Issuer and to
counsel to the official committee of unsecured creditors of the Issuer an
indication of interest pursuant to the Order Pursuant to 11.U.S.C. Sections 1113
and 1114(e) and Federal Rule of Bankruptcy Procedure 9019, Approving Settlement
Agreements with The United Steelworkers and United Autoworkers, and Pursuant to
11 U.S.C. Sections 105(a), 363(b), 364(c), 503 and 507, Authorizing the Debtors
to Enter into Plan Support Agreement, Investment Agreement and Related
Agreements, dated August 1, 2007 (the "Settlement Order"). AMLP's indication of
interest reaffirmed the proposal set forth in AMLP's letter to the Board, dated
July 25, 2007 (the "July 25th Proposal"), with the modification that the
guaranteed minimum to be received by the Standby Purchasers as described in the
July 25 Proposal is increased from 10 percent to 40 percent. The terms of the
July 25th proposal, including a copy of AMLP's July 25, 2007 letter to the
Board, were disclosed in Amendment No. 4 to the Schedule 13D, which was filed
with the SEC on July 26, 2007. This summary of the August 17, 2007 letter is
qualified in its entirety by reference to the letter, a copy of which is filed
with this Amendment No. 5 as Exhibit 6 to the Schedule 13D.
On August 13, 2007, AMLP filed a notice of appeal of the Settlement
Order, preserving its right to challenge certain aspects of the relief granted
as it relates to the proposed Centerbridge transaction. In so doing, as AMLP
made clear in its pleadings and on the record at the hearing, AMLP is not
challenging or disputing the economics of the new labor agreements between the
Issuer and the USW or the UAW. On August 13, 2007, on account of AMLP's
ownership of bonds issued by the Issuer and in order to preserve its right to
receive the enhanced treatment available to "supporting creditors" under the
Amended Plan Support Agreement, dated as of July 26, 2007 (the "Plan Support
Agreement"), among the Issuer, the USW, the UAW, Centerbridge and certain
creditors of the Issuer, AMLP delivered to the Issuer its executed counterpart
signature page to the Plan Support Agreement. The Plan Support Agreement was
filed as Exhibit 99.1 to the Current Report on Form 8-K filed by the Issuer on
July 31, 2007.
While the Reporting Persons do not have any current plans or proposals,
except as otherwise described in the Schedule 13D, which relate to or would
result in any transaction, event or action enumerated in paragraphs (a) through
(j) of Item 4 of the form of Schedule 13D promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), each of the Reporting
Persons reserves the right, in light of its or his ongoing evaluation of the
Page 7 of 9
Issuer's financial condition, business, operations and prospects, the market
price of the Common Stock, conditions in the securities markets generally,
general economic and industry conditions, its or his business objectives and
other relevant factors, to change its or his plans and intentions at any time,
as it or he deems appropriate. In particular, and without limiting the
generality of the foregoing, but subject to the terms of applicable court
orders, restrictions and agreements and to any limitations imposed by applicable
law, including the Exchange Act, each of the Reporting Persons (and their
respective affiliates) may (i) purchase additional shares of Common Stock or
other securities of or claims against the Issuer, (ii) sell or transfer shares
of Common Stock or other securities or claims beneficially owned by it or him
from time to time in public or private transactions and (iii) cause any of the
Reporting Persons to distribute in kind to their respective stockholders,
partners or members, as the case may be, shares of Common Stock or other
securities or claims owned by such Reporting Persons. The Reporting Persons may
seek the views of, hold discussions with, or respond to inquiries from members
of the Issuer's management or Board of Directors or other persons including
other stockholders, or holders of claims in the Issuer's bankruptcy proceedings,
regarding the Issuer's affairs, restructuring or other strategic matters.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is supplemented as follows:
EXHIBIT NO. DESCRIPTION
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6 Letter from Appaloosa Management L.P. to Counsel to the Debtors
and Counsel to the Official Committee of Unsecured Creditors,
dated August 17, 2007
Page 8 of 9
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Dated: August 21, 2007
APPALOOSA INVESTMENT LIMITED PARTNERSHIP I
By: APPALOOSA MANAGEMENT L.P.,
Its General Partner
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
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Name: David A. Tepper
Title: President
PALOMINO FUND LTD.
By: APPALOOSA MANAGEMENT L.P.,
Its Investment Adviser
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
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Name: David A. Tepper
Title: President
APPALOOSA MANAGEMENT L.P.
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
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Name: David A. Tepper
Title: President
APPALOOSA PARTNERS INC.
By: /s/ David A. Tepper
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Name: David A. Tepper
Title: President
/s/ David A. Tepper
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David A. Tepper
Page 9 of 9