SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
MediaBay, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
58446J108
(CUSIP Number)
September 2, 2005
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G 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 in the remainder of this cover page shall not be
deemed to be "filed" for purposes 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)
Continued on following pages
(Page 1 of 11 Pages)
CUSIP No. 58446J108 13G Page 2 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE STRATEGIC FINANCE ASSOCIATES, LLC
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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
ANGUILLA
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,337,544
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,337,544
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,337,544
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.7%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 58446J108 13G Page 3 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
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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
CAYMAN ISLANDS
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 3,603,176
EACH ______________________________________________________________
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 0
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(8) SHARED DISPOSITIVE POWER
3,603,176
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,603,176
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[__]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
5.8%
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(12) TYPE OF REPORTING PERSON **
CO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 58446J108 13G Page 4 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE ASSET MANAGEMENT, L.P.
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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
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
5,940,720
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,940,720
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,940,720
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.5%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 58446J108 13G Page 5 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE FUND MANAGEMENT LLC
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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
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
5,940,720
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,940,720
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,940,720
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.5%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 58446J108 13G Page 6 of 10 Pages
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Item 1(a). NAME OF ISSUER:
MediaBay, Inc.(the "Issuer").
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
2 Ridgedale Avenue, Cedar Knolls, NJ 07927
Item 2(a). NAME OF PERSON FILING:
This statement is filed by:
(i) Satellite Strategic Finance Associates, LLC ("Satellite Finance
Associates");
(ii) Satellite Strategic Finance Partners,Ltd. ("Satellite Finance
Partners");
(iii) Satellite Asset Management, L.P. ("Satellite Asset Management"); and
(iv) Satellite Fund Management LLC ("Satellite Fund Management").
This statement relates to Shares (as defined herein) held by Satellite
Finance Partners and Satellite Finance Associates (together, the "Satellite
Finance Funds") over which Satellite Asset Management has discretionary
investment trading authority. The general partner of Satellite Asset Management
is Satellite Fund Management. Satellite Fund Management has four members that
make investment decisions on behalf of the Satellite Finance Funds, and
investment decisions made by such members, when necessary, are made through
approval of a majority of such members.
The foregoing persons are hereinafter sometimes collectively referred
to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and
belief after making inquiry to the appropriate party.
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The address of the business office of each of the Reporting Persons is 623
Fifth Avenue, 20th Floor, New York, NY 10022
Item 2(c). CITIZENSHIP:
1) Satellite Finance Associates is an Anguillan limited liability
company;
2) Satellite Finance Partners is a Cayman Islands Corporation;and
3) Satellite Asset Management is a Delaware limited partnership.
4) Satellite Fund Management is a Delaware limited liability company.
Item 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, $.01 par value per share (the "Shares")
CUSIP No. 58446J108 13G Page 7 of 10 Pages
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Item 2(e). CUSIP NUMBER:
58446J108
Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) or 13d-2(b) OR
(c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule 13d-1
(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with 13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [X]
Item 4. OWNERSHIP.
CUSIP No. 58446J108 13G Page 8 of 10 Pages
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NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
Satellite Strategic Finance Associates, LLC
-------------------------------------------
(a) Amount beneficially owned: 2,337,544
(b) Percent of class: 3.7%
(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 2,337,544
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 2,377,544
Satellite Strategic Finance Partners, Ltd.
------------------------------------------
(a) Amount beneficially owned: 3,603,176
(b) Percent of class: 5.8%
(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 3,603,176
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 3,603,176
Satellite Asset Management, L.P.
--------------------------------
(a) Amount beneficially owned: 5,940,720
(b) Percent of class: 9.5%
(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 5,940,720
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 5,940,720
Satellite Fund Management LLC
------------------------------
(a) Amount beneficially owned: 5,940,720
(b) Percent of class: 9.5%
(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 5,940,720
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 5,940,720
CUSIP No. 58446J108 13G Page 9 of 10 Pages
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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 THEREPORTING PERSON HAS CEASED TO BE THE BENEFICIAL
OWNER OF MORE THAN 5% OF THE CLASS OF SECURITIES CHECK THE FOLLOWING
[ ]
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The limited partners of (or investors in) each of The Satellite
Finance Funds the investment funds and accounts for which Satellite Asset
Management exercises discretionary investment trading authority have the right
to participate in the receipt of dividends from, or proceeds from the sale of,
the securities held for the accounts of their respective funds in accordance
with their respective limited partnership interests (or shares owned) in their
respective funds.
Satellite Asset Management is the investment manager to each of the
Satellite Finance Funds and exercises investment discretion over each of the
Satellite Finance Funds' portfolios. The general partner of Satellite Asset
Management is Satellite Fund Management. Satellite Fund Management has four
members that make investment decisions on behalf of the Satellite Finance Funds,
and investment decisions made by such members, when necessary, are made through
the approval of a majority of such members.
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
This Item 7 is not applicable.
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
This Item 8 is not applicable
Item 9. NOTICE OF DISSOLUTION OF GROUP.
This Item 9 is not applicable.
Item 10. CERTIFICATION.
Each of the Reporting Persons hereby makes the following 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.
CUSIP No. 58446J108 13G Page 10 of 10 Pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: September 2, 2005 SATELLITE STRATEGIC FINANCE ASSOCIATES, LLC
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: September 2, 2005 SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: September 2, 2005 SATELLITE ASSET MANAGEMENT, L.P.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: September 2, 2005 SATELLITE FUND MANAGEMENT LLC
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that this statement on Schedule 13G
with respect to the Common Stock of MediaBay, Inc., dates as of September 2,
2005, is, and any amendments thereto (including amendments on Schedule 13D)
signed by each of the undersigned shall be, filed on behalf of each of us
pursuant to and in accordance with the provisions of Rule 13d-1(k) under the
Securities Exchange Act of 1934
DATED: September 2, 2005 SATELLITE STRATEGIC FINANCE ASSOCIATES, LLC
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: September 2, 2005 SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: September 2, 2005 SATELLITE ASSET MANAGEMENT, L.P.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: September 2, 2005 SATELLITE FUND MANAGEMENT LLC
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact