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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
(Name of Issuer)
Class A Common Stock, $.01 Par Value
(Title of Class of Securities)
(CUSIP Number)
Phil Frohlich
1924 South Utica, Suite #1120
Tulsa, Oklahoma 74104-6429
(918) 747-3412
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
- with copies to -
Eliot D. Raffkind
Akin, Gump, Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4618
(214) 969-2800
April 25, 2008
(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 that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. þ
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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NAMES OF REPORTING PERSONS
PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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SEC USE ONLY |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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WC |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Oklahoma
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7 |
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SOLE VOTING POWER |
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| NUMBER OF |
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6,229,124 |
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| SHARES |
8 |
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SHARED VOTING POWER |
| BENEFICIALLY |
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| OWNED BY |
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0 |
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| EACH |
9 |
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SOLE DISPOSITIVE POWER |
| REPORTING |
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| PERSON |
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6,229,124 |
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| WITH |
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SHARED DISPOSITIVE POWER |
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0 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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6,229,124 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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6.6% |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IA |
Page 2 of 10
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NAMES OF REPORTING PERSONS
PRESCOTT GROUP AGGRESSIVE SMALL CAP, L.P. |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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SEC USE ONLY |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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WC |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Oklahoma
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7 |
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SOLE VOTING POWER |
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| NUMBER OF |
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0 |
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| SHARES |
8 |
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SHARED VOTING POWER |
| BENEFICIALLY |
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| OWNED BY |
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6,229,124 |
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| EACH |
9 |
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SOLE DISPOSITIVE POWER |
| REPORTING |
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| PERSON |
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0 |
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| WITH |
10 |
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SHARED DISPOSITIVE POWER |
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6,229,124 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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6,229,124 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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6.6% |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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PN |
Page 3 of 10
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NAMES OF REPORTING PERSONS
PRESCOTT GROUP AGGRESSIVE SMALL CAP II, L.P. |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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SEC USE ONLY |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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WC |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Oklahoma
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SOLE VOTING POWER |
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| NUMBER OF |
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0 |
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| SHARES |
8 |
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SHARED VOTING POWER |
| BENEFICIALLY |
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| OWNED BY |
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6,229,124 |
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| EACH |
9 |
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SOLE DISPOSITIVE POWER |
| REPORTING |
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| PERSON |
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0 |
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| WITH |
10 |
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SHARED DISPOSITIVE POWER |
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6,229,124 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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6,229,124 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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6.6% |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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PN |
Page 4 of 10
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NAMES OF REPORTING PERSONS
PHIL FROHLICH |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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SEC USE ONLY |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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PF |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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U.S. CITIZEN
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SOLE VOTING POWER |
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| NUMBER OF |
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6,229,124 |
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| SHARES |
8 |
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SHARED VOTING POWER |
| BENEFICIALLY |
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| OWNED BY |
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0 |
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| EACH |
9 |
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SOLE DISPOSITIVE POWER |
| REPORTING |
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| PERSON |
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6,229,124 |
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| WITH |
10 |
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SHARED DISPOSITIVE POWER |
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0 |
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| 11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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6,229,124 |
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| 12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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6.6% |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IN |
Page 5 of 10
SCHEDULE 13D
This Schedule 13D (the “Schedule 13D”) is being filed on behalf of Prescott Group Capital
Management, L.L.C., an Oklahoma limited liability company (“Prescott Capital”), Prescott Group
Aggressive Small Cap, L.P., an Oklahoma limited partnership (“Prescott Small Cap”), Prescott Group
Aggressive Small Cap II, L.P., an Oklahoma limited partnership (“Prescott Small Cap II” and
together with Prescott Small Cap, the “Small Cap Funds”) and Mr. Phil Frohlich the principal of
Prescott Capital, relating to shares of common stock of Levitt Corporation, a Florida corporation
(the “Issuer”).
This Schedule 13D relates to shares of Class A Common Stock, $0.01 par value of the Issuer
purchased by the Small Cap Funds through the account of Prescott Group Aggressive Small Cap Master
Fund, G.P., an Oklahoma general partnership (“Prescott Master Fund”), of which the Small Cap Funds
are the general partners. Prescott Capital serves as the general partner of the Small Cap Funds
and may direct the Small Cap Funds, the general partners of Prescott Master Fund, to direct the
vote and disposition of the 6,229,124 shares of Common Stock held by the Prescott Master Fund. As
the principal of Prescott Capital, Mr. Frohlich may direct the vote and disposition of the
6,229,124 shares of Common Stock held by Prescott Master Fund.
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| Item 1. |
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Security and Issuer |
Securities acquired: Shares of Class A Common Stock, $.01 Par Value (the “Common Stock”).
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| Issuer: |
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Levitt Corporation
2200 W. Cypress Creek Road
Fort Lauderdale, FL 33309 |
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| Item 2. |
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Identity and Background |
(a) This Schedule 13D is jointly filed by Prescott Capital, Prescott Small Cap, Prescott
Small Cap II, and Phil Frohlich. Because Phil Frohlich is the managing member of Prescott Capital,
which is the general partner of the Small Cap Funds (with Phil Frohlich and Prescott Capital
hereinafter referred to as the “Controlling Persons”), the Controlling Persons may be deemed,
pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Act”) to be the
beneficial owners of all shares of Common Stock held by the Small Cap Funds. The Reporting Persons
(as hereinafter defined) are filing this Schedule 13D jointly, as they may be considered a “group”
under Section 13(d)(3) of the Act. However, neither the fact of this filing nor anything contained
herein shall be deemed to be an admission by the Reporting Persons that such a group exists.
(b) The principal place of business for each of the Reporting Persons is 1924 South Utica,
Suite #1120, Tulsa, Oklahoma, 74104.
Page 6 of 10
(c) The principal occupation of Phil Frohlich is serving as the managing member of Prescott
Capital. The principal business of Prescott Capital is acting as the general partner of the Small
Cap Funds. The principal business of the Small Cap Funds is investing in securities.
(d) During the last five years, none of the Reporting Persons has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the Reporting Persons has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, Federal or State securities laws or finding any
violation with respect to such laws.
(f) Prescott Capital and the Small Cap Funds are organized under the laws of the State of
Oklahoma. Mr. Frohlich is a citizen of the United States of America.
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| Item 3. |
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Source and Amount of Funds |
As of April 29, 2008, the Small Cap Funds had invested $12,530,923 (inclusive of brokerage
commissions) in shares of Common Stock of the Issuer. The source of these funds was the working
capital of the Small Cap Funds.
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| Item 4. |
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Purpose of the Transaction |
The Small Cap Funds (together with Phil Frohlich and Prescott Capital the “Reporting Persons”)
purchased the Common Stock based on the belief that such securities, when purchased, were
undervalued and represented an attractive investment opportunity. Although the Reporting Persons
have no specific plan or proposal to acquire or dispose of the Common Stock, consistent with their
investment purpose, the Reporting Persons at any time and from time to time may acquire additional
Common Stock or dispose of any or all of its Common Stock depending upon an ongoing evaluation of
the investment in the Common Stock, prevailing market conditions, other investment opportunities,
liquidity requirements of the Reporting Persons and/or other investment considerations.
The purpose of the acquisition of the Common Stock is for investment, and the acquisitions of
the Common Stock were made in the ordinary course of business and were not made for the purpose of
acquiring control of the Issuer.
Also, consistent with the investment purpose, the Reporting Persons may engage in
communications with one or more shareholders of the Issuer, one or more officers of the Issuer
and/or one or more members of the board of directors of the Issuer and/or one or more
representatives or regulators of the Issuer regarding the Issuer, including but not limited to its
operations. The Reporting Persons may discuss ideas that, if effected, may result in any of the
following: the acquisition by persons of additional Common Stock of the Issuer, an extraordinary
corporate transaction involving the Issuer, and/or changes in the board of directors or management
of the Issuer.
Page 7 of 10
In addition, on April 25, 2008, the Reporting Persons felt compelled to write a letter to the
Chairman and Chief Executive Officer of Office Depot, Inc. in order to apologize for the wasteful
and senseless actions of the Issuer. A copy of this letter is attached hereto as Exhibit 2.
Except to the extent the foregoing may be deemed a plan or proposal, the Reporting Persons
have no plans or proposals which relate to, or could result in, any of the matters referred to in
paragraphs (a) through (j), inclusive, of the instructions to Item 4 of the Schedule 13D. The
Reporting Persons may, at any time and from time to time, review or reconsider their position
and/or change their purpose and/or formulate plans or proposals with respect thereto.
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| Item 5. |
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Interest in Securities of the Issuer |
(a) The aggregate percentage of shares of Common Stock reported to be owned by the Reporting
Persons is based upon 95,040,731 shares outstanding, which is the total number of shares of Common
Stock outstanding pursuant to the Issuer’s Form 10-K/A filed with the Securities and Exchange
Commission on April 29, 2008.
As of April 29, 2008, the Small Cap Funds beneficially owned 6,229,124 shares of Common Stock,
representing approximately 6.6% of the issued and outstanding Common Stock of the Issuer.
Prescott Capital as the general partner of the Small Cap Funds may also be deemed to
beneficially own the 6,229,124 shares of Common Stock held by the Small Cap Funds, representing
approximately 6.6% of the issued and outstanding Common Stock of the Issuer.
In addition, Phil Frohlich, as managing member of Prescott Capital, the general partner of the
Small Cap Funds, may also be deemed to beneficially own the 6,229,124 shares of Common Stock
beneficially owned by the Small Cap Funds.
Prescott Capital and Mr. Frohlich disclaim beneficial ownership of the shares of Common Stock
held by the Small Cap Funds except to the extent of their pecuniary interest therein.
(b) By virtue of his position with Prescott Capital and the Small Cap Funds, Phil Frohlich has
the sole power to vote and dispose of the shares of Common Stock owned by the Small Cap Funds
reported in this Schedule 13D.
The filing of this statement on Schedule 13D shall not be construed as admission that Prescott
Capital or Mr. Frohlich is for the purposes of Section 13(d) or 13(g) of the Securities Exchange
Act of 1934, as amended, the beneficial owner of any of the 6,229,124 shares of Common Stock owned
by the Small Cap Funds. Pursuant to Rule 13d-4, Prescott Capital and Mr. Frohlich disclaim all
such beneficial ownership.
(c) Annex A attached hereto lists all transactions in the Common Stock during the past sixty
days by the Reporting Persons. The transactions in the Common Stock were effected in the open
market.
Page 8 of 10
(d) No person other than the Reporting Persons is known to have the right to receive, or the
power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common
Stock.
(e) Not applicable.
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| Item 6. |
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Contracts, Arrangements, Understandings or Relationships with Respect to Securities of
the Issuer |
Other than as described herein, there are no contracts, arrangements, understandings or
relationships among the Reporting Persons, or between the Reporting Persons and any other person,
with respect to the securities of the Issuer.
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| Item 7. |
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Material to be Filed as Exhibits |
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| Exhibit 1 |
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Joint Filing Agreement by and among Prescott Group Capital
Management, L.L.C., Prescott Group Aggressive Small Cap, L.P.,
Prescott Group Aggressive Small Cap II, L.P. and Phil Frohlich
dated April 30, 2008. |
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| Exhibit 2 |
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Letter from Prescott Group Capital Management, L.L.C. to the
Chairman and Chief Executive Officer of Office Depot, Inc. dated
April 25, 2008. |
Page 9 of 10
Signatures
After reasonable inquiry and to the best of their knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true, complete and
correct.
Dated: April 30, 2008
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Prescott Group Capital Management, L.L.C.
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By: |
/s/ Phil Frohlich
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Phil Frohlich, Managing Member |
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Prescott Group Aggressive Small Cap, L.P.
By: Prescott Group Capital Management, L.L.C.,
its general partner
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By: |
/s/ Phil Frohlich
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Phil Frohlich, Managing Member |
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Prescott Group Aggressive Small Cap II, L.P.
By: Prescott Group Capital Management, L.L.C.,
its general partner
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By: |
/s/ Phil Frohlich
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Phil Frohlich, Managing Member |
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Phil Frohlich
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By: |
/s/ Phil Frohlich
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Phil Frohlich |
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Page 10 of 10