UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
DOUBLE HULL TANKERS, INC.
-------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------
(Title of Class of Securities)
Y21110104
----------------------
(CUSIP Number)
December 31, 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 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).
Continued on following pages
Page 1 of 14 Pages
SCHEDULE 13G
CUSIP No.: Y21110104 Page 2 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL PARTNERS, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: Y21110104 Page 3 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL PARTNERS II, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: Y21110104 Page 4 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB OVERSEAS MASTER FUND, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Cayman Islands
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: Y21110104 Page 5 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL ADVISORS, L.L.C.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: Y21110104 Page 6 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL MANAGEMENT, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: Y21110104 Page 7 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL MANAGEMENT, L.L.C.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: Y21110104 Page 8 of 14 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SCOTT A. BOMMER
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) |X|
(b) |_|
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
United States of America
.................................................................................
5. Sole Voting Power - 0 -
Number of .................................................................
Shares 6. Shared Voting Power - 0 -
Beneficially .................................................................
Owned by Each 7. Sole Dispositive Power - 0 -
Reporting .................................................................
Person With 8. Shared Dispositive Power - 0 -
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0%
.................................................................................
12. Type of Reporting Person:
IN
Page 9 of 14 Pages
Item 1(a). Name of Issuer:
Double Hull Tankers, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
26 New Street, St. Helier, Jersey JE23RA, Channel Islands.
Item 2(a). Name of Person Filing:
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) SAB Capital Partners, L.P. ("SAB");
ii) SAB Capital Partners II, L.P. ("SAB II", and together with
SAB, the "Domestic Partnerships");
iii) SAB Overseas Master Fund, L.P. (the "Master Fund");
iv) SAB Capital Advisors, L.L.C. (the "General Partner");
v) SAB Capital Management, L.P. (the "Investment Manager");
vi) SAB Capital Management, L.L.C. (the "IMGP"); and
vii) Scott A. Bommer ("Mr. Bommer").
This Statement relates to Shares (as defined herein) held for the
accounts of each of SAB, SAB II, and the Master Fund. The General Partner serves
as the general partner of each of the Domestic Partnerships and the Master Fund.
The Investment Manager serves as the investment manager of each of the Domestic
Partnerships and the Master Fund. The IMGP serves as the general partner of the
Investment Manager. Mr. Bommer serves as the managing member of each of the
General Partner and IMGP.
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 principal business office of each of the
Reporting Persons is 767 Fifth Avenue, 21st Floor, New York, New York 10153.
Item 2(c). Citizenship:
i) SAB is a Delaware limited partnership;
ii) SAB II is a Delaware limited partnership;
Page 10 of 14 Pages
iii)The Master Fund is a Cayman Islands exempted limited
partnership;
iv) The General Partner is a Delaware limited liability company;
v) The Investment Manager is a Delaware limited partnership;
vi) The IMGP is a Delaware limited liability company; and
v) Mr. Bommer is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share (the "Shares")
Item 2(e). CUSIP Number:
Y21110104
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned
None of the Reporting Persons may be deemed to beneficially own
any Shares.
Item 4(b) Percent of Class:
The number of Shares of which the Reporting Persons may be deemed
to be the beneficial owner of constitutes 0% of the total number of shares
outstanding.
Page 11 of 14 Pages
Item 4(c) Number of Shares of which such person has:
SAB:
----
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 0
SAB II:
-------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 0
The Master Fund:
----------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 0
The General Partner, the Investment Manager, the IMGP and Mr. Bommer:
---------------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 0
Page 12 of 14 Pages
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 |X|.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
This Item 6 is not applicable.
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:
See disclosure in Item 2 hereof.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that, to
the best of their 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.
Page 13 of 14 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.
Date: February 14, 2008
/s/ Michael Casey
-----------------------------------------
Michael Casey, attorney-in-fact for Scott A. Bommer,
individually and (a) as managing member of SAB Capital
Advisors, L.L.C., for itself and as the general partner
of (i) SAB Capital Partners, L.P. and
(ii) SAB Capital Partners II, L.P.; and
(iii) SAB Overseas Master Fund, L.P.; and (b) as
managing member of SAB Capital Management, L.L.C.,
for itself and as the general partner of SAB Capital
Management, L.P.
Page 14 of 14 Pages
EXHIBIT 1
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT, that I, Scott A. Bommer, hereby
make, constitute and appoint each of Michael Casey, Brian Jackelow and
Alessandro De Giorgis, acting individually, as my agent and attorney-in-fact for
the purpose of executing in my name, (a) in my personal capacity or (b) in my
capacity as managing member of or in other capacities with SAB Capital Advisors,
L.L.C., a Delaware limited liability company, and each of its affiliates or
entities advised or controlled by me or SAB Capital Advisors, L.L.C., all
documents, certificates, instruments, statements, filings and agreements
("documents") to be filed with or delivered to any foreign or domestic
governmental or regulatory body or required or requested by any other person or
entity pursuant to any legal or regulatory requirement relating to the
acquisition, ownership, management or disposition of securities, futures
contracts or other investments, and any other documents relating or ancillary
thereto, including, without limitation, all documents relating to filings with
the United States Securities and Exchange Commission (the "SEC") pursuant to the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended (the "Act"), and the rules and regulations promulgated thereunder,
including, without limitation: (1) all documents relating to the beneficial
ownership of securities required to be filed with the SEC pursuant to Section
13(d) or Section 16(a) of the Act, including, without limitation: (a) any
acquisition statements on Schedule 13D or Schedule 13G and any amendments
thereto, (b) any joint filing agreements pursuant to Rule 13d-1(k), and (c) any
initial statements of, or statements of changes in, beneficial ownership of
securities on Form 3, Form 4 or Form 5 and (2) any information statements on
Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.
All past acts of these attorneys-in-fact in furtherance of the
foregoing are hereby ratified and confirmed.
This Power of Attorney shall remain in effect until revoked, in
writing, by the undersigned.
IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney, this 9th day of August 2006.
/s/ Scott A. Bommer
--------------------------------
Scott A. Bommer