SECURITIES AND 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 RULE 13d-2
(Amendment No.___)*
ACA CAPITAL HOLDINGS, INC.
-------------------------------------------------------
(Name of Issuer)
Common Stock
-------------------------------------------------------
(Title of Class of Securities)
000833103
---------------------------------------------
(CUSIP Number)
December 19, 2007
-------------------------------------------------------
(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).
CUSIP NO. 000833103
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ASPEN ADVISORS LLC
13-4118717
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH REPORT- 546,700
ING PERSON ----------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------
8 SHARED DISPOSITIVE POWER
546,700
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
546,700
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.6%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO, IA
--------------------------------------------------------------------------------
2
CUSIP NO. 000833103
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOPRIS CAPITAL ADVISORS, LLC
20-3177754
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH REPORT- 2,691,400
ING PERSON ----------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------
8 SHARED DISPOSITIVE POWER
2,691,400
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,691,400
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.7%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO, IA
--------------------------------------------------------------------------------
3
CUSIP NO. 000833103
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOPRIS PARTNERS SERIES A, of SOPRIS CAPITAL PARTNERS, L.P.
37-1520276
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH REPORT- 1,938,100
ING PERSON ----------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------
8 SHARED DISPOSITIVE POWER
1,938,100
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,938,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.6%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
4
CUSIP NO. 000833103
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOPRIS CAPITAL, LLC
20-3978493
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH REPORT- 1,938,100
ING PERSON ----------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------
8 SHARED DISPOSITIVE POWER
1,938,100
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,938,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.6%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
5
CUSIP NO. 000833103
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NIKOS HECHT
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH REPORT- 3,238,100
ING PERSON ----------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------
8 SHARED DISPOSITIVE POWER
3,238,100
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,238,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.3%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
6
Item 1.
(a) Name of Issuer:
ACA Capital Holdings, Inc.
(b) Address of Issuer's Principal Executive Offices:
140 Broadway
New York, NY 10004
Item 2.
(a) Name of Persons Filing:
Aspen Advisors LLC ("Aspen Advisors")
Sopris Capital Advisors, LLC ("Sopris Advisors")
Sopris Partners Series A, of Sopris Capital Partners, L.P.
("Sopris Partners")
Sopris Capital, LLC ("Sopris Capital")
Nikos Hecht
(collectively, the "Reporting Persons")
(b) Address of Principal Business Office or, if none, Residence:
The principal business office of Aspen Advisors is 152 West
57th Street, New York, NY, 10019. The principal business office of each
of Sopris Advisors, Sopris Partners, Sopris Capital and Mr. Hecht is
314 S. Galena Street, Suite 300, Aspen, CO 81611.
(c) Citizenship:
Aspen Advisors, Sopris Advisors and Sopris Capital are
Delaware limited liability companies. Sopris Partners is a Delaware
limited partnership. Mr. Hecht is a citizen of the United States.
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
000833103
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
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(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;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
7
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.
(a) Amount beneficially owned:
Aspen Advisors: 546,700
Sopris Advisors: 2,691,400
Sopris Partners and Sopris Capital: 1,938,100
Mr. Hecht: 3,238,100
(b) Percent of class:
Aspen Advisors: 1.6%
Sopris Advisors: 7.7%
Sopris Partners and Sopris Capital: 5.6%
Mr. Hecht: 9.3%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Aspen Advisors: -0-
Sopris Advisors: -0-
Sopris Partners and Sopris Capital: -0-
Mr. Hecht: -0-
(ii) Shared power to vote or to direct the vote:
Aspen Advisors: 546,700
Sopris Advisors: 2,691,400
Sopris Partners and Sopris Capital: 1,938,100
Mr. Hecht: 3,238,100
8
(iii) Sole power to dispose or to direct the disposition of:
Aspen Advisors: -0-
Sopris Advisors: -0-
Sopris Partners and Sopris Capital: -0-
Mr. Hecht: -0-
(iv) Shared power to dispose or to direct the disposition of:
Aspen Advisors: 546,700
Sopris Advisors: 2,691,400
Sopris Partners and Sopris Capital: 1,938,100
Mr. Hecht: 3,238,100
Of the shares reported as beneficially owned in this Schedule 13G,
1,938,100 shares are owned directly by Sopris Partners and 546,700 shares are
owned by private clients of Aspen Advisors and 753,300shares are owned by
private clients of Sopris Advisors. Sopris Capital is the general partner of
Sopris Partners and, as such, may be deemed to share beneficial ownership of the
Common Stock owned directly by Sopris Partners. Mr. Hecht is the managing member
of each of Aspen Advisors and of Sopris Advisors and the sole member of the
managing member of Sopris Capital. As the managing member of Aspen Advisors and
Sopris Advisors, the sole member of the managing member of Sopris Capital and
the owner of a majority of the membership interests in each of Sopris Capital,
Aspen Advisors and of Sopris Advisors, Mr. Hecht may be deemed to be the
controlling person of Sopris Capital, Aspen Advisors and of Sopris Advisors, and
through Sopris Capital, Sopris Partners. Each of Aspen Advisors and Sopris
Advisors, as investment manager for their respective private clients, and with
respect to Sopris Advisors, also as investment manager for Sopris Partners, has
discretionary investment authority over the Common Stock held by their
respective private clients and Sopris Partners, as applicable. Accordingly, Mr.
Hecht may be deemed to be the beneficial owner of the Common Stock held by
Sopris Partners and the private clients of Aspen Advisors and Sopris Advisors.
Each of Sopris Partners and Sopris Capital disclaims any beneficial interest in
the Common Stock owned by the accounts managed by Sopris Advisors and Aspen
Advisors.
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.
Each of Aspen Advisors and Sopris Advisors serves as an investment
manager for private clients, none of which, individually hold more than 5% of
the Common Stock of the Issuer.
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
9
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.
Materials to be filed as Exhibits
Exhibit A Joint Filing Agreement, dated as of December 28, 2007, by
and among the Reporting Persons.
10
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.
Dated: December 28, 2007
SOPRIS PARTNERS SERIES A, of SOPRIS
CAPITAL PARTNERS, L.P.
By: SOPRIS CAPITAL, LLC
Its general partner
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Sole Member of the Managing
Member
SOPRIS CAPITAL, LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Sole Member of the Managing
Member
ASPEN ADVISORS LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Managing Member
SOPRIS CAPITAL ADVISORS, LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Managing Member
/s/ NIKOS HECHT
-----------------------------------------
Nikos Hecht
11
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other, except to the extent that he or it knows or has reason to
believe that such information is accurate.
Dated this 28th day of December, 2007.
SOPRIS PARTNERS SERIES A, of SOPRIS
CAPITAL PARTNERS, L.P.
By: SOPRIS CAPITAL, LLC
Its general partner
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Sole Member of the Managing
Member
SOPRIS CAPITAL, LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Sole Member of the Managing
Member
ASPEN ADVISORS LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Managing Member
SOPRIS CAPITAL ADVISORS, LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Managing Member
/s/ NIKOS HECHT
-----------------------------------------
Nikos Hecht