SEC Company Response from DEEPHAVEN CAPITAL MANAGEMENT LLC (CIK 0001140223) — Aug 2, 2005
DEEPHAVEN CAPITAL MANAGEMENT LLC (CIK 0001140223)
Date: Aug. 2, 2005 · CIK: 0001140223 · Accession: 0000905148-05-004034
AI Filing Summary & Sentiment
Referenced dates: August 1, 2005
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SIDLEY AUSTIN BROWN & WOOD LLP
BEIJING 787 SEVENTH AVENUE LOS ANGELES
NEW YORK, NEW YORK 10019
BRUSSELS TELEPHONE 212 839 5300 NEW YORK
FACSIMILE 212 839 5599
CHICAGO www.sidley.com SAN FRANCISCO
DALLAS FOUNDED 1866 SHANGHAI
GENEVA SINGAPORE
HONG KONG TOKYO
LONDON WASHINGTON, D.C.
CONFIDENTIAL
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August 2, 2005
VIA ELECTRONIC FILING
United States Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Attention: Division of Corporation Finance
Re: MCI, Inc.
Revised preliminary proxy statement filed on Schedule 14A
Filed on July 26, 2005 by Deephaven Capital Management LLC
File No. 1-10415
Ladies and Gentlemen:
On behalf of our client Deephaven Capital Management LLC
("Deephaven"), transmitted herewith for filing with the Securities and
Exchange Commission (the "Commission") under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), is a third amendment (the "Proposed
Amendment No. 3") to Deephaven's preliminary proxy statement on Schedule 14A
as amended on July 15, 2005 and July 26, 2005 (collectively, the "Preliminary
Proxy Statement"), including the annexes thereto. The Proposed Amendment No. 3
is marked to indicate revisions from the Preliminary Proxy Statement as filed
with the Commission on July 26, 2005.
The comments set forth below were provided by the Commission's staff
(the "Staff") to us as special counsel to Deephaven by letter dated August 1,
2005 (the "Comments"). We have provided the Staff's Comments to
representatives of Deephaven and have set forth Deephaven's responses below.
Unless otherwise indicated, all page references in the Comments are to the
Preliminary Proxy Statement and all page references in the responses to the
Comments
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United States Securities and Exchange Commission
Attention: Division of Corporation Finance
August 2, 2005
Page 2
are to the Proposed Amendment No. 3. Unless otherwise indicated,
defined terms used herein have the meanings set forth in the Proposed
Amendment No. 3.
General
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Background of the Decision to Oppose the Proposed Merger, page 1
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1. SEC Comment: It does not appear that you have added the section title you
have referenced in your response to prior comment 1. Please add the
section title after the second paragraph.
Response: In response to the Staff's comment, Deephaven has added
the section title "Background of Deephaven's Contacts and
Relationships with Other Parties" on page 1 of the Proposed
Amendment No. 3.
2. SEC Comment: We note the disclosure you have added in response to prior
comment 2. In particular, we note your disclosure that "[t]o the extent
there is any benefit or detriment to the holders of MCI common stock as a
result of the outcome of the vote regarding the potential MCI-Verizon
merger, Deephaven would benefit or be harmed ratably with other MCI
stockholders." Please also disclose that Deephaven nevertheless may
profit from its positions in, for example, Verizon even if MCI's stock
price falls. Alternatively, please revise to remove the last sentence of
this new paragraph as it mitigates the point of this disclosure which is
to indicate that your interests may differ from those of other MCI
shareholders.
Response: In response to the Staff's comment, Deephaven has added the
disclosure on page 2 of the Proposed Amendment No. 3.
* * *
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United States Securities and Exchange Commission
Attention: Division of Corporation Finance
August 2, 2005
Page 3
Please direct any questions or further communications relating to
these filings to the undersigned at (212) 839-5838 or, alternatively, Lori
Anne Czepiel at (212) 839-8768 or Scott Freeman at (212) 839-7358. Thank you
for your consideration of this filing.
Very truly yours,
/s/ Janet E. Miller
Janet E. Miller
cc: Michele Anderson
Legal Branch Chief
Division of Corporation Finance
United States Securities and Exchange Commission
Albert Pappas
Division of Corporation Finance
United States Securities and Exchange Commission
Mara Ransom
Special Counsel, Office of Mergers and Acquisitions
Division of Corporation Finance
United States Securities and Exchange Commission
Lori Anne Czepiel
Sidley Austin Brown & Wood LLP
Scott Freeman
Sidley Austin Brown & Wood LLP
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