| Maiden Holdings, Ltd. |
| (Name of Issuer) |
| Common Stock ($0.01 par value) |
| (Title of Class of Securities) |
| G5753U112 |
| (CUSIP Number) |
| December 31, 2009 |
|
(Date
of Event Which Requires Filing of this
Statement)
|
|
CUSIP
No. G5753U112
|
13G/A
|
Page
2 of 7 Pages
|
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|
1
|
NAMES
OF REPORTING PERSONS
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Park
West Asset Management LLC
|
||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
o
(b) o |
|||
|
3
|
SEC
USE ONLY
|
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|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
DELAWARE |
||||
|
NUMBER
OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
|
SOLE
VOTING POWER
2,838,103
|
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|
6
|
SHARED
VOTING POWER
None
|
||||
|
7
|
SOLE
DISPOSITIVE POWER
2,838,103
|
||||
|
8
|
SHARED
DISPOSITIVE POWER
None
|
||||
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,838,103
|
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|
10
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)
Not applicable |
||||
|
11
|
Percent
of Class Represented by Amount in Row (9): - 4.0% (based on 70,287,664)
shares of Common Stock ($0.01 par value) of Maiden Holdings, Ltd. (“Issuer
Common Stock”) outstanding as of November 13, 2009, as disclosed by Maiden
Holdings, Ltd. (“Issuer”) in its Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission (“SEC”) on November 16,
2009)
|
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|
12
|
TYPE
OF REPORTING PERSON
IA |
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|
CUSIP No. G5753U112
|
13G/A
|
Page
3 of 7 Pages
|
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|
1
|
NAMES
OF REPORTING PERSONS
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Peter
S. Park
|
||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
o
(b) o |
|||
|
3
|
SEC
USE ONLY
|
||||
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States of America
|
||||
|
NUMBER
OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
|
SOLE
VOTING POWER
2,838,103
|
|||
|
6
|
SHARED
VOTING POWER
None
|
||||
|
7
|
SOLE
DISPOSITIVE POWER
2,838,103
|
||||
|
8
|
SHARED
DISPOSITIVE POWER
None
|
||||
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,838,103
|
||||
|
10
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)
Not
applicable
|
||||
|
11
|
Percent
of Class Represented by Amount in Row (9): - 4.0% (based on 70,287,664
shares of Issuer Common Stock outstanding as of November 13, 2009, as
disclosed by the Issuer in its Quarterly Report on Form 10-Q filed with
the SEC on November 16, 2009)
|
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|
12
|
TYPE
OF REPORTING PERSON
IN |
||||
| Item 1. |
|
|
| (a) |
Name
of Issuer – Maiden Holdings, Ltd.
|
|
| (b) |
Address
of Issuer’s Principal Executive Offices-131 Front Street, Hamilton HM12,
Bermuda
|
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| Item 2. | ||
| (a) |
Name
of Persons Filing – (1) Park West Asset Management LLC, a Delaware limited
liability company (“PWAM”), and (2) Peter S. Park (collectively, the
“Reporting Persons”).
|
|
| (b) |
Address
of Principal Business Office or, if none, Residence — 900 Larkspur Landing
Circle, Suite 165, Larkspur, California 94939
|
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| (c) |
Citizenship
– (1) Delaware; (2) United States of America
|
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|
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| (d) |
Title
of Class of Securities- Common Stock ($0.01 par
value)
|
|
|
(e)
|
CUSIP
Number - G5753U112
|
|
| Item 3. | |||
|
If
this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c),
check whether the person filing is a:
|
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| (a) | o |
Broker
or dealer registered under section 15 of the Act.
|
|
|
|
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| (b) | o |
Bank
as defined in section 3(a)(6) of the Act.
|
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| (c) | o |
Insurance
company as defined in section 3(a)(19) of the Act.
|
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| (d) | o |
Investment
company registered under section 8 of the Investment Company Act of
1940.
|
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| (e) | o |
An
investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
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| (f) | o |
An
employee benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F);
|
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| (g) | o |
A
parent holding company or control person in accordance with Rule
13d-1(b)(1)(ii)(G);
|
|
| (h) | o |
A
savings associations as defined in Section 3(b) of the Federal Deposit
Insurance Act;
|
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| (i) | o |
A
church plan that is excluded from the definition of an investment company
under section 3(c)(14) of the Investment Company Act of
1940;
|
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| (j) | o |
Group,
in accordance with Rule 13d-1(b)(1)(ii)(J).
|
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| Item 4. |
Ownership
|
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|
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| (a) |
Amount beneficially owned — PWAM is the
investment manager of Park West Investors
Master Fund, Limited, a Cayman Islands exempted company (“PWIMF”) and
Park West Partners International, Limited, a Cayman Islands
exempted company (“PWPI”). Peter S. Park is the sole member and
manager of PWAM.
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|
|
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|
As of December 31, 2009, the Reporting
Persons’ beneficial ownership were as follows: PWAM, beneficially owned 2,838,103 shares of
Issuer Common Stock, consisting of 2,380,275 shares held by PWIMF and
457,828 shares held by PWPI; and (ii) Peter S. Park, as sole member and
manager of PWAM, beneficially owned the 2,838,103 shares beneficially
owned by PWAM.
|
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|
The
Reporting Persons have, within the ordinary course of business, purchased
securities of the Company. The Reporting Persons have not
acquired securities in the Company with the purpose, nor with the effect
of changing or influencing the control of the issuer, nor in connection
with or as a participant in any transaction having such purpose or
effect. The Reporting Persons have purchased, and may in the
future purchase, shares on the open market at prevailing
prices.
|
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| (b) |
Percent
of class —As of December 31, 2009, the Reporting Persons’ beneficial
ownership, based on 70,287,664 shares of Issuer Common Stock outstanding
as of November 13, 2009, as disclosed by the Issuer in its Quarterly
Report on Form 10-Q filed with the SEC on November 16, 2009, were as follows: (i) PWAM
beneficially owned 4.0% of the outstanding Issuer Common Stock; and
(ii) Peter
S. Park beneficially owned 4.0% of the Issuer Common
Stock.
|
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| (c) |
Number
of shares as to which the person has:
|
||
|
(i)
|
Sole
power to vote or to direct voting —PWAM and Peter S. Park, as its sole
member and manager, each have the sole power to vote or to direct the vote
of 2,838,103 shares of Issuer Common Stock.
|
||
|
(ii)
|
Shared
power to vote or to direct voting — Neither PWAM nor Peter S. Park, as its
sole member and manager thereof, have shared power with respect to the
voting or direction of voting with respect to the shares of Issuer Common
Stock they beneficially own.
|
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|
(iii)
|
Sole
power to dispose or to direct disposition — PWAM and Peter S. Park, as its
sole member and manager thereof, each have the sole power to dispose or
direct the disposition of 2,838,103 shares of Issuer Common
Stock.
|
||
|
(iv)
|
Shared
power to dispose or to direct disposition — Neither PWAM nor Peter S.
Park, as its sole member and manager thereof, have shared power with
respect to the disposition or direction to dispose of the shares of Issuer
Common Stock they beneficially
own.
|
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| Item 5. | |
|
Ownership
of Five Percent or Less of a Class
|
|
|
If
this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the
following x .
|
|
| Item 6. | |
|
Ownership
of More than Five Percent on Behalf of Another Person.
|
|
|
Not
applicable.
|
|
| Item 7. | |
|
Identification
and Classification of the Subsidiary Which Acquired the Security Being
Reported on By the Parent Holding Company or Control
Person.
|
|
|
Not
Applicable.
|
|
| Item 8. | |
|
Identification
and Classification of Members of the Group
|
|
|
Not
Applicable.
|
|
| Item 9. | |
|
Notice
of Dissolution of Group
|
|
|
Not
Applicable.
|
|
| Item 10. | |
|
Certification
|
|
|
By
signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose
or effect
|
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| Date: | February 11, 2010 |
|
PARK
WEST ASSET MANAGEMENT LLC
|
|
| By: | /s/ James J. Watson |
| Name: |
James
J. Watson
|
| Title: |
Chief
Financial Officer
|
| /s/ Peter S. Park | |
|
Peter
S. Park
|
|