UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)*
PENN TREATY AMERICAN CORPORATION
(Name of Issuer)
COMMON STOCK, $.10 PAR VALUE
(Title of Class of Securities)
707874103
(CUSIP Number)
Michael J. Gibbons
Chief Financial Officer
WL Ross & Co. LLC
101 East 52nd Street, 19th Floor
New York, NY 10022
(212) 826-2042
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 21, 2003
(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
[X] .
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.
* 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).
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SCHEDULE 13D
CUSIP NO. 707874103 PAGE 2 OF 8 PAGES
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1 NAME OF REPORTING PERSON
WL Ross & Co. LLC
--------------------------------------------------------------------------------
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 8 SHARED VOTING POWER
OWNED BY 7,526,857
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
7,526,857
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,526,857
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
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SCHEDULE 13D
CUSIP NO. 707874103 PAGE 3 OF 8 PAGES
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1 NAME OF REPORTING PERSON
WLR Recovery Fund II, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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 8 SHARED VOTING POWER
OWNED BY 7,526,857
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
7,526,857
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,526,857
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
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SCHEDULE 13D
CUSIP NO. 707874103 PAGE 4 OF 8 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
WLR Recovery Associates II LLC
--------------------------------------------------------------------------------
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 8 SHARED VOTING POWER
OWNED BY 7,526,857
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
7,526,857
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,526,857
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
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SCHEDULE 13D
CUSIP NO. 707874103 PAGE 5 OF 8 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Wilbur L. Ross, Jr.
--------------------------------------------------------------------------------
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
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 7,526,857
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
7,526,857
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,526,857
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
-5-
This Amendment No. 3 (the "Amendment") is filed jointly on behalf of W.L. Ross &
Co. LLC, WLR Recovery Fund II, L.P., WLR Recovery Associates II LLC and Wilbur
L. Ross, Jr. (the "Reporting Persons"). This Amendment amends and supplements
the Schedule 13D filed by the Reporting Persons on April 7, 2003 (the "Schedule
13D") and amended by Amendment Nos. 1 and 2 to the Schedule 13D dated September
29, 2003 and October 7, 2003, respectively. Except as provided herein, this
Amendment does not modify any of the information previously reported on the
Schedule 13D.
The Schedule 13D is hereby amended as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) Ownership percentages are based on 21,069,735 shares of Common Stock
reported to be outstanding as of August 7, 2003, as reflected in the Issuer's
quarterly report on Form 10-Q filed on August 14, 2003. For each of the
Reporting Persons, beneficial ownership of 7,526,857 shares represents the total
number of shares of Common Stock issuable upon conversion of the issuer's
convertible subordinated notes held by WLR Recovery Fund II, L.P. The notes were
acquired in two transactions with the Issuer and are convertible into Common
Stock of the Issuer at a price of $1.75 per share.
(I) WLR Recovery Fund II, L.P.
(a) Amount beneficially owned: 7,526,857
(b) Percent of Class: 26.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or to direct the vote: 7,526,857
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of: 7,526,857
(II) WLR Recovery Associates II, LLC
(a) Amount beneficially owned: 7,526,857
(b) Percent of Class: 26.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or to direct the vote: 7,526,857
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of: 7,526,857
(III) WL Ross & Co. LLC
(a) Amount beneficially owned: 7,526,857
(b) Percent of Class: 26.3%
(c) Number of shares as to which such person has:
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(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or to direct the vote: 7,526,857
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of: 7,526,857
(IV) Wilbur L. Ross, Jr.
(a) Amount beneficially owned: 7,526,857
(b) Percent of Class: 26.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or to direct the vote: 7,526,857
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of: 7,526,857
(c) On October 9, 14 and 15, 2003, WLR Recovery Fund II, L.P. sold
$2,000,000.00, $400,000.00 and $200,000.00 in aggregate principal amounts of the
convertible subordinated notes for prices of $1,999,975, $403,975 and $201,975
respectively, in private sales.
(d) Not applicable.
(e) Not applicable.
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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.
October 21, 2003
WLR RECOVERY FUND II, L.P.
By: WLR Recovery Associates II LLC,
its General Partner
By: /s/ Wilbur L. Ross, Jr.
-----------------------
Wilbur L. Ross, Jr.
Its Managing Member
WLR RECOVERY ASSOCIATES II, LLC
By:/s/ Wilbur L. Ross, Jr.
-----------------------
Wilbur L. Ross, Jr.
Its Managing Member
WL ROSS & CO. LLC
By: /s/ Wilbur L. Ross, Jr.
-----------------------
Wilbur L. Ross, Jr.
Its Managing Member
/s/ Wilbur L. Ross, Jr.
-----------------------
Wilbur L. Ross, Jr.
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