UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13D-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13(d)-2(b)
Star Gas Partners, L.P.
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(Name of Issuer)
Common Units
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(Title of Class of Securities)
85512C105
(CUSIP Number)
January 10, 2005
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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).
CUSIP No. 85512C105 Page 2 of 11 pages
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1 NAMES OF REPORTING PERSONS The Pabrai Investment Fund II, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES
BENEFICIALLY -----------------------------------------------------
OWNED BY 6 SHARED VOTING POWER 292,800
EACH
REPORTING -----------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER 0
WITH
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8 SHARED DISPOSITIVE POWER 292,800
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 292,800
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.9%
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12 TYPE OF REPORTING PERSON PN
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CUSIP No. 85512C105 Page 3 of 11 pages
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1 NAMES OF REPORTING PERSONS Pabrai Investment Fund 3, Ltd.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES
BENEFICIALLY --------------------------------------------------
OWNED BY 6 SHARED VOTING POWER 520,000
EACH
REPORTING --------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER 0
WITH
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8 SHARED DISPOSITIVE POWER 520,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 520,000
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.6%
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12 TYPE OF REPORTING PERSON CO
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CUSIP No. 85512C105 Page 4 of 11 pages
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1 NAMES OF REPORTING PERSONS The Pabrai Investment Fund IV, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES
BENEFICIALLY --------------------------------------------------
OWNED BY 6 SHARED VOTING POWER 948,000
EACH
REPORTING --------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER 0
WITH
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8 SHARED DISPOSITIVE POWER 948,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 948,000
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.9%
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12 TYPE OF REPORTING PERSON PN
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CUSIP No. 85512C105 Page 5 of 11 pages
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1 NAMES OF REPORTING PERSONS Dalal Street, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES
BENEFICIALLY -------------------------------------------------
OWNED BY 6 SHARED VOTING POWER 1,785,000
EACH
REPORTING --------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER 0
WITH
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8 SHARED DISPOSITIVE POWER 1,785,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 1,785,000
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.5%
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12 TYPE OF REPORTING PERSON CO
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CUSIP No. 85512C105 Page 6 of 11 pages
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1 NAMES OF REPORTING PERSONS Mohnish Pabrai
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION United States
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NUMBER OF 5 SOLE VOTING POWER 10,607*
SHARES
BENEFICIALLY --------------------------------------------------
OWNED BY 6 SHARED VOTING POWER 1,792,319**
EACH
REPORTING --------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER 10,607*
WITH
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8 SHARED DISPOSITIVE POWER 1,792,310**
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 1,802,926
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.6%
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12 TYPE OF REPORTING PERSON IN
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* Includes 8,165 Common Units held by Mr. Pabrai, as trustee, for the
benefit of others under the Uniform Gifts to Minors Act.
** Includes 6,519 Common Units held by Mr. Pabrai and his wife as joint
tenants with rights of survivorship.
CUSIP No. 85512C105 Page 7 of 11 pages
ITEM 1.(a) NAME OF ISSUER. Star Gas Partners, L.P.
ITEM 1.(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES. 2187 Atlantic Street
Stamford, CT 06902
ITEM 2.(a) NAME OF PERSON FILING.
This Schedule 13G is filed on behalf of The Pabrai Investment Fund II,
L.P., an Illinois limited partnership ("PIF2"), Pabrai Investment Fund 3, Ltd.,
a British Virgin Islands corporation ("PIF3"), The Pabrai Investment Fund IV,
L.P., a Delaware limited partnership ("PIF4"), Dalal Street, Inc., an Illinois
corporation ("Dalal"), which is general partner of PIF2 and PIF4 and sole
investment manager of PIF3, and Mohnish Pabrai, sole shareholder and chief
executive officer of Dalal and a shareholder and president of PIF3
(collectively, the "Reporting Persons"), pursuant to a Joint Reporting Agreement
dated October 15, 2004, which is being filed as Exhibit A to this Schedule 13G.
ITEM 2.(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
17 Spectrum Point Drive
Suite 503
Lake Forest, CA 92630
ITEM 2.(c) CITIZENSHIP.
PIF2 is an Illinois limited partnership. PIF4 is a Delaware limited
partnership. PIF3 is a British Virgin Islands corporation. Dalal is an Illinois
corporation. Mohnish Pabrai is a United States citizen.
ITEM 2.(d) TITLE OF CLASS OF SECURITIES. Common Units.
ITEM 2.(e) CUSIP NUMBER. 85512C105
ITEM 3. IF THIS STATEMENT IS FLED PURSUANT TO RULE 13D-1(b), 13D-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP.
(a) and (b).
This Schedule 13G shall not be construed as an admission that any
Reporting Person is, either for purposes of Section 13(d) or 13(g) of the
Exchange Act of 1934, as amended (the "Act") or for other purposes, is the
beneficial owner of any securities covered by this statement. By virtue of the
relationships between and among (i) Dalal in
CUSIP No. 85512C105 Page 8 of 11 pages
its capacity as the general partner and investment manager of PIF2, PIF4 and
PIF3, respectively and (ii) Mohnish Pabrai, in his capacity as sole shareholder
and chief executive officer of Dalal and president of PIF3, each of the
Reporting Persons may be deemed to be the beneficial owner of all or a portion
of the Common Units held by the other Reporting Persons. Because of the
relationships described in Item 2(a), the Reporting Persons may be deemed to
constitute a "group" within the meaning of Rule 13d-5 under the Act, and as
such, each member of the group would be deemed to beneficially own, in the
aggregate, all the Common Units held by members of the group. The Reporting
Persons disclaim membership in a group and disclaim beneficial ownership of any
of the Common Units except as follows.
Common Units
Reporting Person Beneficially Owned % of Class (++)
----------------------------------- ------------------ ---------------
The Pabrai Investment Fund II, L.P. 292,800 0.9%
Pabrai Investment Fund 3, Ltd. 520,000 1.6%
Pabrai Investment Fund IV, L.P. 948,000 2.9%
Dalal Street, Inc 25,000 *
Mohnish Pabrai 17,126** *
* Less than one-tenth of one percent.
** Includes 6,519 Common Units held by Mr. Pabrai and his wife as joint tenants
with rights of survivorship and 8,165 Common Units held by Mr. Pabrai, as
trustee, for the benefit of others under Uniform Gifts to Minors Act.
++ All percentages in this table are based on the 32,165,528 Common Units of
Star Gas Partners, L.P. issued and outstanding as of December 8, 2004, as
reported in the Form 10-K for the fiscal year ended September 30, 2004 filed
with the Securities and Exchange Commission on December 12, 2004.
(c)
Dalal Street, Inc. and Mohnish Pabrai, in his capacity as chief
executive officer of Dalal Street, Inc., have the shared power to vote or to
direct the vote and the shared power to dispose or to direct the disposition of
the Common Units set forth opposite the name of each of PIF2, PIF4 and PIF3 in
the table above. Dalal Street, Inc. and Mohnish Pabrai disclaim beneficial
ownership of any such Common Units except to the extent of their pecuniary
interest therein, if any.
CUSIP No. 85512C105 Page 9 of 11 pages
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: [ ]
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.
This Schedule 13G is being filed jointly pursuant to Rule 13d-1(k). As
a result of the relationships among the Reporting Persons described herein, some
or all of the Reporting Persons may be deemed to comprise a "group" within the
meaning of Section 13 of the Act and the Rules promulgated thereunder. However,
the Reporting Persons deny such group status.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
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.
CUSIP No. 85512C105 Page 10 of 11 pages
SIGNATURES
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: January 20, 2005
THE PABRAI INVESTMENT FUND II, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabrai
Mohnish Pabrai, Chief Executive Officer
PABRAI INVESTMENT FUND 3, LTD.
By: /s/ Mohnish Pabrai
Mohnish Pabrai, President
THE PABRAI INVESTMENT FUND IV, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabrai
Mohnish Pabrai, Chief Executive Officer
DALAL STREET, INC.
By: /s/ Mohnish Pabrai
Mohnish Pabrai, Chief Executive Officer
/s/ Mohnish Pabrai
Mohnish Pabrai
CUSIP No. 85512C105 Page 11 of 11 pages
EXHIBIT INDEX
EXHIBIT DESCRIPTION
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EXHIBIT A JOINT REPORTING AGREEMENT
EXHIBIT A
JOINT REPORTING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed on or about this date with respect to the beneficial ownership of the
undersigned of the Common Units of Star Gas Partners, L.P. is being filed on
behalf of each of the parties named below.
Dated: January 20, 2005
THE PABRAI INVESTMENT FUND II, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabrai
Mohnish Pabrai, Chief Executive Officer
PABRAI INVESTMENT FUND 3, LTD.
By: /s/ Mohnish Pabrai
Mohnish Pabrai, President
THE PABRAI INVESTMENT FUND IV, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabrai
Mohnish Pabrai, Chief Executive Officer
DALAL STREET, INC.
By: /s/ Mohnish Pabrai
Mohnish Pabrai, Chief Executive Officer
/s/ Mohnish Pabrai
Mohnish Pabrai