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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
714157104
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(CUSIP Number)
MARCH 2, 2007
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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 the
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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CUSIP No. 714157104 SCHEDULE 13G Page 2 of 15 Pages
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1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
SANDLER CAPITAL MANAGEMENT
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2 Check the Appropriate Box If a Member of a Group
a. [_]
b. [_]
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3 SEC Use Only
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4 Citizenship or Place of Organization
NEW YORK
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5 Sole Voting Power
Number of
-0-
Shares -----------------------------------------------------
6 Shared Voting Power
Benefically
2,816,676
Owned By -----------------------------------------------------
7 Sole Dispositive Power
Each
-0-
Reporting -----------------------------------------------------
8 Shared Dispositive Power
Person With
2,816,676
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,816,676 shares of Common Stock
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10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
[_]
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11 Percent of Class Represented By Amount in Row (9)
5.41%
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12 Type of Reporting Person (See Instructions)
OO
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CUSIP No. 714157104 SCHEDULE 13G Page 3 of 15 Pages
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1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
SANDLER ASSOCIATES
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2 Check the Appropriate Box If a Member of a Group
a. [_]
b. [_]
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3 SEC Use Only
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4 Citizenship or Place of Organization
NEW YORK
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5 Sole Voting Power
Number of
1,373,476
Shares -----------------------------------------------------
6 Shared Voting Power
Benefically
-0-
Owned By -----------------------------------------------------
7 Sole Dispositive Power
Each
1,373,476
Reporting -----------------------------------------------------
8 Shared Dispositive Power
Person With
-0-
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,373,476 shares of Common Stock
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
[_]
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11 Percent of Class Represented By Amount in Row (9)
2.64%
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12 Type of Reporting Person (See Instructions)
PN
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CUSIP No. 714157104 SCHEDULE 13G Page 4 of 15 Pages
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1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
SANDLER ASSOCIATES II, L.P.
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2 Check the Appropriate Box If a Member of a Group
a. [_]
b. [_]
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3 SEC Use Only
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4 Citizenship or Place of Organization
NEW YORK
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5 Sole Voting Power
Number of
71,000
Shares -----------------------------------------------------
6 Shared Voting Power
Benefically
-0-
Owned By -----------------------------------------------------
7 Sole Dispositive Power
Each
71,000
Reporting -----------------------------------------------------
8 Shared Dispositive Power
Person With
-0-
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
71,000 shares of Common Stock
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10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
[_]
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11 Percent of Class Represented By Amount in Row (9)
0.14%
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12 Type of Reporting Person (See Instructions)
PN
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CUSIP No. 714157104 SCHEDULE 13G Page 5 of 15 Pages
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1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
SANDLER OFFSHORE FUND, INC.
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2 Check the Appropriate Box If a Member of a Group
a. [_]
b. [_]
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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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5 Sole Voting Power
Number of
424,900
Shares -----------------------------------------------------
6 Shared Voting Power
Benefically
-0-
Owned By -----------------------------------------------------
7 Sole Dispositive Power
Each
424,900
Reporting -----------------------------------------------------
8 Shared Dispositive Power
Person With
-0-
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
424,900 shares of Common Stock
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
[_]
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
0.82%
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12 Type of Reporting Person (See Instructions)
CO
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CUSIP No. 714157104 SCHEDULE 13G Page 6 of 15 Pages
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1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
SANDLER PLUS MASTER FUND, LTD.
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2 Check the Appropriate Box If a Member of a Group
a. [_]
b. [_]
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3 SEC Use Only
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4 Citizenship or Place of Organization
CAYMAN ISLANDS
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5 Sole Voting Power
Number of
645,500
Shares -----------------------------------------------------
6 Shared Voting Power
Benefically
-0-
Owned By -----------------------------------------------------
7 Sole Dispositive Power
Each
645,500
Reporting -----------------------------------------------------
8 Shared Dispositive Power
Person With
-0-
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
645,500 shares of Common Stock
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10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
[_]
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11 Percent of Class Represented By Amount in Row (9)
1.24%
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12 Type of Reporting Person (See Instructions)
CO
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CUSIP No. 714157104 SCHEDULE 13G Page 7 of 15 Pages
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1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
ANDREW SANDLER
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2 Check the Appropriate Box If a Member of a Group
a. [_]
b. [_]
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3 SEC Use Only
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4 Citizenship or Place of Organization
UNITED STATES
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5 Sole Voting Power
Number of
-0-
Shares -----------------------------------------------------
6 Shared Voting Power
Benefically
2,816,676
Owned By -----------------------------------------------------
7 Sole Dispositive Power
Each
-0-
Reporting -----------------------------------------------------
8 Shared Dispositive Power
Person With
2,816,676
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,816,676 shares of Common Stock
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
[_]
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
5.41%
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12 Type of Reporting Person (See Instructions)
IN
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CUSIP No. 714157104 SCHEDULE 13G Page 8 of 15 Pages
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ITEM 1.
(a) NAME OF ISSUER: PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
8302 Dunwoody Place, Suite 250
Atlanta, GA 30350
ITEM 2.
1. (a) NAME OF PERSON FILING: Sandler Capital Management
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE:
711 Fifth Avenue New York, New York 10022
(c) CITIZENSHIP OR PLACE OF ORGANIZATION:
Sandler Capital Management is a registered investment adviser and
general partnership organized under the laws of the State of New
York.
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $0.001 par value
(e) CUSIP NUMBER: 714157104
2. (a) NAME OF PERSON FILING: Sandler Associates ("Sandler Associates")
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE:
711 Fifth Avenue New York, New York 10022
(c) CITIZENSHIP OR PLACE OF ORGANIZATION:
Sandler Associates is a limited partnership organized under the
laws of the State of New York.
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $0.001 par value
(e) CUSIP NUMBER: 714157104
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CUSIP No. 714157104 SCHEDULE 13G Page 9 of 15 Pages
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3. (a) NAME OF PERSON FILING: Sandler Associates II, L.P.
("Sandler Associates II")
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE:
711 Fifth Avenue New York, New York 10022
(c) CITIZENSHIP OR PLACE OF ORGANIZATION:
Sandler Associates II is a limited partnership organized under the
laws of the State of New York.
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $0.001 par value
(e) CUSIP NUMBER: 714157104
4. (a) NAME OF PERSON FILING: Sandler Offshore Fund, Inc.
("Sandler Offshore")
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE:
711 Fifth Avenue New York, New York 10022
(c) CITIZENSHIP OR PLACE OF ORGANIZATION:
Sandler Offshore is a corporation organized under the laws of the
British Virgin Islands.
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $0.001 par value
(e) CUSIP NUMBER: 714157104
5. (a) NAME OF PERSON FILING: Sandler Plus Master Fund, Ltd.
("Sandler Plus")
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE:
711 Fifth Avenue New York, New York 10022
(c) CITIZENSHIP OR PLACE OF ORGANIZATION:
Sandler Plus is a corporation organized under the laws of the
Cayman Islands.
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $0.001 par value
(e) CUSIP NUMBER: 714157104
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CUSIP No. 714157104 SCHEDULE 13G Page 10 of 15 Pages
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6. (a) NAME OF PERSON FILING: Andrew Sandler
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE:
711 Fifth Avenue New York, New York 10022
(c) CITIZENSHIP OR PLACE OF ORGANIZATION: United States
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $0.001 par value
(e) CUSIP NUMBER: 714157104
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:
Not applicable.
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified
in Item 1.
1. Sandler Capital Management:
(a) Amount beneficially owned: 2,816,676(1)(2) shares of Common
Stock, $.001 cents par value, of PERMA-FIX ENVIRONMENTAL
SERVICES, INC. Reporting Person is the investment adviser to
Sandler Associates, Sandler Associates II, Sandler Offshore,
Sandler Plus and various managed accounts.
(b) Percent of class: 5.41%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0 shares
(ii) Shared power to vote or to direct the vote:
2,816,676(1)(2) shares
(iii) Sole power to dispose or to direct the
disposition of: 0 shares
(iv) Shared power to dispose or to direct the
disposition of: 2,816,676(1)(2) shares
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CUSIP No. 714157104 SCHEDULE 13G Page 11 of 15 Pages
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2. Sandler Associates:
(a) Amount beneficially owned: 1,373,476 shares of Common Stock,
$.001 par value, of PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(b) Percent of class: 2.64%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1,373,476 shares
(ii) Shared power to vote or to direct the vote: 0 shares
(iii) Sole power to dispose or to direct the
disposition of: 1,373,476 shares
(iv) Shared power to dispose or to direct the
disposition of: 0 shares
3. Sandler Associates II, L.P.:
(a) Amount beneficially owned: 71,100 shares of Common Stock,
$.001 par value, of PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(b) Percent of class: 0.14%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
71,100 shares
(ii) Shared power to vote or to direct the vote: 0 shares
(iii) Sole power to dispose or to direct the disposition
of: 71,100 shares
(iv) Shared power to dispose or to direct the disposition
of: 0 shares
4. Sandler Offshore Fund, Inc.
(a) Amount beneficially owned: 424,900 shares of Common Stock,
$.001 par value, of PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(b) Percent of class: 0.82%
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CUSIP No. 714157104 SCHEDULE 13G Page 12 of 15 Pages
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(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
424,900 shares
(ii) Shared power to vote or to direct the vote: 0 shares
(iii) Sole power to dispose or to direct the disposition
of: 424,900 shares
(iv) Shared power to dispose or to direct the disposition
of: 0 shares
5. Sandler Plus Master Fund, Ltd.
(a) Amount beneficially owned: 645,500 shares of Common Stock,
$.001 par value, of PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(b) Percent of class: 1.24%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
645,500 shares
(ii) Shared power to vote or to direct the vote: 0 shares
(iii) Sole power to dispose or to direct the disposition
of: 645,500 shares
(iv) Shared power to dispose or to direct the disposition
of: 0 shares
6. Andrew Sandler:
(a) Amount beneficially owned: 2,816,676((1))((2)) shares of
Common Stock, $.001 par value, of PERMA-FIX ENVIRONMENTAL
SERVICES, INC. Reporting Person is the portfolio manager of
Sandler Associates, Sandler Associates II, Sandler Offshore
and various separately managed accounts.
(b) Percent of class: 5.41%
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CUSIP No. 714157104 SCHEDULE 13G Page 13 of 15 Pages
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(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0 shares
(ii) Shared power to vote or to direct the vote:
2,816,676(1)(2) shares
(iii) Sole power to dispose or to direct the disposition
of: 0 shares
(iv) Shared power to dispose or to direct the disposition
of: 2,816,676(1)(2) shares
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(1) Includes 1,373,476, 71,100, 424,900 and 645,500 shares of Common Stock
beneficially owned by Sandler Associates, Sandler Associates II, Sandler
Offshore and Sandler Plus, respectively, and 301,700 shares of Common
Stock beneficially owned by separately managed accounts.
(2) The reporting person disclaims beneficial ownership of these securities
except to the extent of his/her/its equity interest therein.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
See Item 4.
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.
See Exhibit A for Joint Filing Agreement.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
By signing below each party certifies that, to the best of his,
her or its 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 dare not held in connection
with or as a participant in any transaction having that purpose or
effect.
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CUSIP No. 714157104 SCHEDULE 13G Page 14 of 15 Pages
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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.
Date: March 7, 2007 SANDLER CAPITAL MANAGEMENT
By: ALCR Corp., a general partner
By: /s/ Moira Mitchell
---------------------------
Name: Moira Mitchell
Title: President
Date: March 7, 2007 SANDLER ASSOCIATES
By: /s/ Andrew Sandler
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Name: Andrew Sandler
Title: General Partner
Date: March 7, 2007 SANDLER ASSOCIATES II, L.P.
By: /s/ Andrew Sandler
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Name: Andrew Sandler
Title: General Partner
Date: March 7, 2007 SANDLER OFFSHORE FUND, INC.
By: /s/ Steven Warshavsky
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Name: Steven Warshavsky
Title: Director
Date: March 7, 2007 SANDLER PLUS MASTER FUND LTD.
By: /s/ Steven Warshavsky
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Name: Steven Warshavsky
Title: Director
Date: March 7, 2007 By: /s/ Andrew Sandler
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Name: Andrew Sandler
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CUSIP No. 714157104 SCHEDULE 13G Page 15 of 15 Pages
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Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock of PERMA-FIX ENVIRONMENTAL SERVICES, INC. and that
this Agreement be included as an Exhibit to such statement.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement
effective as of the dates set forth next to the undersigned's name.
Date: March 7, 2007 SANDLER CAPITAL MANAGEMENT
By: ALCR Corp., a general partner
By: /s/ Moira Mitchell
---------------------------
Name: Moira Mitchell
Title: President
Date: March 7, 2007 SANDLER ASSOCIATES
By: /s/ Andrew Sandler
---------------------------
Name: Andrew Sandler
Title: General Partner
Date: March 7, 2007 SANDLER ASSOCIATES II, L.P.
By: /s/ Andrew Sandler
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Name: Andrew Sandler
Title: General Partner
Date: March 7, 2007 SANDLER OFFSHORE FUND, INC.
By: /s/ Steven Warshavsky
---------------------------
Name: Steven Warshavsky
Title: Director
Date: March 7, 2007 SANDLER PLUS MASTER FUND LTD.
By: /s/ Steven Warshavsky
---------------------------
Name: Steven Warshavsky
Title: Director
Date: March 7, 2007 By: /s/ Andrew Sandler
----------------------
Name: Andrew Sandler