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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D/A
(Amendment No. 2)
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)
July 18, 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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Page 1 of 9
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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
----- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
----- --------------------------------------------------------------------------
3 SEC USE ONLY
----- --------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
----- --------------------------------------------------------------------------
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
-------------------- ------- ---------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------- ---------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING 11,992,500
PERSON WITH ------- ---------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,992,500
--------------------------------------------------------------------------------
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
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CUSIP No. 235811106 13D
------------------- -------------------
----- --------------------------------------------------------------------------
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
----- --------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
----- --------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
-------------------- ------- ---------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------- ---------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING 10,507,500
PERSON WITH ------- ---------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------
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%
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14 TYPE OF REPORTING PERSON
CO
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Page 3 of 9
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CUSIP No. 235811106 13D
------------------- -------------------
----- --------------------------------------------------------------------------
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
----- --------------------------------------------------------------------------
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
-------------------- ------- ---------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------- ---------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING 22,500,000
PERSON WITH ------- ---------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------
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
PN
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Page 4 of 9
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CUSIP No. 235811106 13D
------------------- -------------------
----- --------------------------------------------------------------------------
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
-------------------- ------- ---------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------- ---------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING 22,500,000
PERSON WITH ------- ---------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------
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
CO
----- --------------------------------------------------------------------------
Page 5 of 9
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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
-------------------- ------- ---------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------- ---------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING 22,500,000
PERSON WITH ------- ---------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------
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
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Page 6 of 9
This Amendment No. 2 (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 (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:
Yesterday evening, AMLP sent a letter to the Board asking that the Board
reconsider the Issuer's current restructuring strategy and abandon its pursuit
of the proposed transaction with Centerbridge Capital Partners, L.P.
("Centerbridge"), which is described in the Issuer's current report on Form 8-K
filed on July 5, 2007 (the "Proposed Centerbridge Transaction"). As described in
the letter, AMLP has made a fully committed offer to replace Centerbridge on
terms superior to the terms of the Proposed Centerbridge Transaction. Notably,
AMLP's offer to replace Centerbridge is not subject to a due diligence
condition, despite the fact that the Issuer has not provided AMLP with the
opportunity to conduct any due diligence regarding the Issuer. AMLP has also
delivered with its letter to the Board a term sheet for an alternative
restructuring proposal, which AMLP believes will be materially more favorable to
stakeholders than the plan of reorganization proposed under the Proposed
Centerbridge Transaction. The foregoing summary of AMLP's July 18th letter to
the Board is qualified in its entirety by reference to the July 18th letter, a
copy of which is filed with this Amendment No. 2 as Exhibit 3 to the Schedule
13D.
While the Reporting Persons do not have any current plans or proposals,
except as otherwise described in this Statement, 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 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
Page 7 of 9
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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3 Letter sent by Appaloosa Management L.P. to the Members of the
Board of Directors of Dana Corporation, dated July 18, 2007,
together with attachment thereto.
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: July 19, 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
--------------------------
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
--------------------------
Name: David A. Tepper
Title: President
APPALOOSA PARTNERS INC.
By: /s/ David A. Tepper
--------------------------
Name: David A. Tepper
Title: President
/s/ David A. Tepper
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David A. Tepper
Page 9 of 9