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 13d-2(b)(1)
Maiden Holdings, Ltd.
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(Name of Issuer)
Common Shares, par value $0.01
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(Title of Class of Securities)
G5753U112
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(CUSIP Number)
January 20, 2009
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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)
(1) 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 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).
1 of 7 Pages
CUSIP No. G5753U112
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Park West Asset Management LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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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 - 3,591,250
Shares
Beneficially --------------------------------------------------------------
Owned by 6. Shared Voting Power - None
Each
Reporting --------------------------------------------------------------
Person 7. Sole Dispositive Power - 3,591,250
With
--------------------------------------------------------------
8. Shared Dispositive Power - None
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9. Aggregate Amount Beneficially Owned by Each Reporting Person - 3,591,250
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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): - 5.1% (based on
70,287,664) shares of Common Shares, par value $0.01 per share, of Maiden
Holdings, Ltd. ("Issuer Common Stock") outstanding as of January 20, 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 14, 2008 and its Current Report on Form 8-K filed with the SEC on
January 26, 2009.)
12. Type of Reporting Person - IA
2 of 7 Pages
CUSIP No. G5753U112
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Peter S. Park
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Citizenship or Place of Organization: United States of America
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Number of 5. Sole Voting Power - 3,591,250
Shares
Beneficially --------------------------------------------------------------
Owned by 6. Shared Voting Power - None
Each
Reporting --------------------------------------------------------------
Person 7. Sole Dispositive Power - 3,591,250
With
--------------------------------------------------------------
8. Shared Dispositive Power - None
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9. Aggregate Amount Beneficially Owned by Each Reporting Person - 3,591,250
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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): - 5.1% (based on
70,287,664 shares of Issuer Common Stock outstanding as of January 20,
2009, as disclosed by the Issuer in its Quarterly Report on Form 10-Q filed
with the SEC on November 14, 2008 and its Current Report on Form 8-K filed
with the SEC on January 26, 2009.)
12. Type of Reporting Person - IN
3 of 7 Pages
CUSIP No. G5753U112
Item 1.
(a) Name of Issuer - Maiden Holdings, Ltd.
(b) Address of Issuer's Principal Executive Offices- 48 Par-la-Ville Road,
Suite 1141, Hamilton HM11, Bermuda
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
(c) Citizenship - (1) Delaware; (2) United States of America
(d) Title of Class of Securities- Common Shares, par value $0.01
(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:
(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) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) [ ] 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;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
4 of 7 Pages
CUSIP No. G5753U112
Item 4.
Ownership
(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.
As of January 20, 2009, the Reporting Persons' beneficial ownership
were as follows: PWAM, beneficially owned 3,591,250 shares of Issuer
Common Stock, consisting of 2,770,932 shares held by PWIMF and 820,318
shares held by PWPI; and (ii) Peter S. Park, as sole member and
manager of PWAM, beneficially owned the 3,591,250 shares beneficially
owned by PWAM.
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.
(b) Percent of class --As of January 20, 2009, the Reporting Persons'
beneficial ownership, based on 70,287,664 shares of Issuer Common
Stock outstanding on January 20, 2009, as disclosed by the Issuer in
its Quarterly Report on Form 10-Q filed with the SEC on November 14,
2008 and its Current Report on Form 8-K filed with the SEC on January
26, 2009, were as follows: (i) PWAM beneficially owned 5.1% of the
outstanding Issuer Common Stock; and (ii) Peter S. Park beneficially
owned 5.1% of the Issuer Common Stock.
(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 3,591,250 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.
(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
3,591,250 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.
5 of 7 Pages
CUSIP No. G5753U112
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.
Peter S. Park is the sole member and manager of PWAM.
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.
6 of 7 Pages
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.
January 30, 2009
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Date
PARK WEST ASSET MANAGEMENT LLC
By: /s/James J. Watson
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Name: James J. Watson
Title: Chief Financial Officer
/s/Peter S. Park
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Peter S. Park
7 of 7 Pages
Exhibit 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities and Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
them of a statement on Schedule 13G (including amendments thereto) with respect
to the Common Shares, par value $0.01, of Maiden Holdings, Ltd.; and further
agree that this Joint Filing Agreement be included as Exhibit 1. In evidence
thereof, the undersigned hereby execute this agreement this 30th day of January,
2009.
PARK WEST ASSET MANAGEMENT LLC
By: /s/James J. Watson
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Name: James J. Watson
Title: Chief Financial Officer
/s/Peter S. Park
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Peter S. Park