SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Steven Madden, Ltd.
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(Name of Issuer)
Common Stock, Par Value $0.0001 Per Share
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(Title of Class of Securities)
556269108
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(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 19, 2008
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(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
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.
(Continued on following pages)
(Page 1 of 15 Pages)
--------------------------
* 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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CUSIP NO. 556269108 SCHEDULE 13D PAGE 2 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 850,520
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
850,520
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
850,520
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.23%
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14 TYPE OF REPORTING PERSON*
IA; CO
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* SEE INSTRUCTIONS
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 3 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MULTISTRATEGY MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 178,635
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
178,635
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
178,635
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.89%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 4 OF 15 PAGES
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 248,917
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
248,917
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
248,917
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.24%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 5 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MAGNOLIA MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 196,600
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
196,600
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
196,600
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.98%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 6 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON LEXINGTON MASTER FUND, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 226,368
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
226,368
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
226,368
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.13%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 7 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE HALL
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
83,400
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 850,520
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 83,400
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
850,520
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
933,920
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.65%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 8 OF 15 PAGES
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ITEM 1. SECURITY AND ISSUER.
This Amendment No.2 is filed with respect to the shares of the common stock, par
value $0.0001 per share (the "Shares"), of Steven Madden, Ltd., a Delaware
corporation (the "Issuer"), beneficially owned by the Reporting Persons (as
defined below) as of February 19, 2008 and amends and supplements the Schedule
13D, as heretofore amended (the "Schedule 13D"). Except as set forth herein, the
Schedule 13D is unmodified.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by Clinton Group, Inc., a Delaware
corporation ("CGI"), Clinton Multistrategy Master Fund, Ltd., a Cayman Islands
company ("CMSF"), Clinton Special Opportunities Master Fund, Ltd., a Cayman
Islands company ("CSO"), Clinton Magnolia Master Fund, Ltd., a Cayman Islands
exempted company ("CMAG"), Clinton Lexington Master Fund, L.P., a Cayman Islands
exempted limited partnership ("CLEX") and George Hall (collectively, the
"Reporting Persons").
(b) The principal business address of CGI and George Hall is 9 West
57th Street, 26th Floor, New York, New York 10019. The principal business
address of CMSF, CSO, CMAG and CLEX is c/o Fortis Fund Services (Cayman)
Limited, P.O. Box 2003 GT, Grand Pavilion Commercial Centre, 802 West Bay Road,
Grand Cayman, Cayman Islands.
(c) The principal business of CGI is investing for funds and
accounts under its management. The principal business of CMSF, CSO, CMAG and
CLEX is to invest in securities. George Hall is the Chief Investment Officer and
President of CGI.
(d) None of the Reporting Persons nor any of the individuals set
forth in Schedule A attached hereto has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons nor any of the individuals set
forth in Schedule A attached hereto has, during the last five years, 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) George Hall is a citizen of the United States of America.
The name, citizenship, present principal occupation or employment
and business address of each director and executive officer of CGI, CMSF, CSO,
CMAG and CLEX is set forth in Schedule A attached hereto. To the best of the
Reporting Persons' knowledge, except as set forth in this statement on Schedule
13D, none of such individuals owns any Shares.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Funds for the purchase of the Shares reported herein were derived from
available capital of CMSF, CSO and CLEX. A total of approximately $24.1 million
was paid to acquire such Shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on February 19, 2008, the Reporting
Persons excepting George Hall may be deemed the beneficial owners of an
aggregate of 850,520 Shares, constituting approximately 4.23% of the Shares
outstanding. George Hall may be deemed the beneficial owner of an aggregate of
933,920 Shares, including 83,400 Shares beneficially owned individually,
constituting approximately 4.65% of the Shares outstanding.
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 9 OF 15 PAGES
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The aggregate percentage of Shares beneficially owned by the Reporting Persons
is based upon 20,086,316 Shares outstanding, which is the total number of Shares
outstanding as of November 6, 2007 as reported in the Issuer's Quarterly Report
on Form 10-Q filed with the Securities and Exchange Commission on November 9,
2007 for the period ended September 30, 2007.
(b) By virtue of investment management agreements with each of CMSF,
CSO, CMAG and CLEX, CGI has the power to vote or direct the voting, and to
dispose or direct the disposition, of all of the 178,635 Shares held by CMSF,
the 248,917 Shares held by CSO, the 196,600 Shares held by CMAG and the 226,368
Shares held by CLEX. By virtue of his direct and indirect control of CGI, George
Hall is deemed to have shared voting power and shared dispositive power with
respect to all Shares as to which CGI has voting power or dispositive power, and
he individually holds an additional 83,400 Shares. Accordingly, CGI and George
Hall are deemed to have shared voting and shared dispositive power with respect
to an aggregate of 850,520 Shares, and George Hall has sole voting and
dispositive power with respect to an additional 83,400 Shares.
(c) Information concerning transactions in the Shares effected by
the Reporting Persons during the past sixty days is set forth in Schedule B
hereto and is incorporated herein by reference. Unless otherwise indicated, all
of such transactions were effected in the open market.
(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 the
proceeds from the sale of, the Shares.
(e) February 19, 2008.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended and restated in its entirety as follows:
Certain of the Reporting Persons are parties to certain option
agreements (the "Option Contracts"), pursuant to which the counterparty has the
right to purchase an aggregate of 289,100 shares of the Issuer at prices ranging
from $12.50 to $17.50. The option contracts can be exercised at anytime prior to
the expiration date of March 20, 2008. Such contracts do not give the Reporting
Persons direct or indirect voting, investment or dispositive control over any
securities of the Issuer and do not require the counterparties thereto to
acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the
Reporting Persons disclaim any beneficial ownership in any securities that may
be referenced in such contracts or that may be held from time to time by any
counterparties to such contracts.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A - Joint Filing Agreement dated October 17, 2007 (previously filed)
Exhibit B - Letter to the Issuer's Chairman and CEO dated October 17, 2007
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 10 OF 15 PAGES
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(previously filed)
Exhibit C - Letter to the Issuer's Chairman and CEO dated November 2, 2007
(previously filed)
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 11 OF 15 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 21, 2008
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON MULTISTRATEGY MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON LEXINGTON MASTER FUND, L.P.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
/s/ George Hall
------------------------------
George Hall
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 12 OF 15 PAGES
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SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF CERTAIN REPORTING PERSONS
The following sets forth the name, position and principal occupation of
each director and executive officer of CGI. Each such person is a citizen of the
United States of America. The business address of each director and executive
officer is 9 West 57th Street, 26th Floor, New York, New York 10019.
CLINTON GROUP, INC.
Name Position
--------------------------- -------------------------------------------
George Hall Director and President
Francis A. Ruchalski Director and Chief Financial Officer
Wendy Ruberti General Counsel and Assistant Secretary
John L. Hall Director
Hani K. Findakly Director
The following sets forth the name, citizenship, principal occupation and
business address of each director of each of CMSF, CSO, CMAG and of the general
partner of CLEX. There are no executive officers of CMSF, CSO, CMAG and CLEX.
CLINTON MULTISTRATEGY MASTER FUND, LTD.
Jane Fleming is a citizen of the United Kingdom. Her principal occupation is
Client Accountant of Queensgate Bank & Trust Company Ltd. Her business address
is Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South
Church Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
Dennis Hunter is a citizen of the United Kingdom. His principal occupation is
Director of Queensgate Bank & Trust Company Ltd. His business address is
Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
Roger Hanson is a citizen of the United Kingdom. His principal occupation is
director of dms Management Ltd. His business address is dms Management Ltd.,
P.O. Box 31910 SMB, Ansbacher House, 20 Genesis Close, Grand Cayman, Cayman
Islands.
Blair Gauld is a citizen of New Zealand. His principal occupation is Director of
Queensgate Bank & Trust Company Ltd. His business address is Queensgate Bank &
Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church Street, P.O. Box
30464 SMB, Grand Cayman, Cayman Islands.
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
Dennis Hunter's citizenship, principal occupation and business address are set
forth above.
Roger Hanson's citizenship, principal occupation and business address are set
forth above.
Cassandra Powell is a citizen of the Cayman Islands. Her principal occupation is
Senior Manager of Queensgate Bank & Trust Company Ltd. Her business address is
Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 13 OF 15 PAGES
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CLINTON MAGNOLIA MASTER FUND, LTD.
Jane Fleming's citizenship, principal occupation and business address are set
forth above.
Dennis Hunter's citizenship, principal occupation and business address are set
forth above.
Roger Hanson's citizenship, principal occupation and business address are set
forth above.
CLINTON LEXINGTON MASTER FUND, L.P.
Clinton GP, Inc., a Delaware limited liability company ("Clinton GP"), is the
general partner of Clinton Lexington Master Fund, L.P. Clinton GP is controlled
by George E. Hall. George Hall's citizenship, principal occupation and business
address are set forth above.
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 14 OF 15 PAGES
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SCHEDULE B
TRANSACTIONS IN THE SHARES BY THE REPORTING PERSONS DURING THE PAST 60 DAYS
Clinton Multistrategy Master Fund, Ltd.
Trade Date Shared Purchased (Sold) Price Per Share ($)
----------- ------------------------ -------------------
1/3/08 (8,500) 19.10
1/7/08 (10,000) 17.71
1/7/08 (10,000) 17.78
1/16/08 (11,900) 16.53
1/17/08 (55,000) 16.72
1/17/08 (120,000) 16.68
1/18/08 (14,000) 16.55
1/22/08 (30,000) 16.27
1/22/08 (7,800) 16.25
1/22/08 (36,000) 16.16
1/22/08 (4,000) 16.07
1/30/08 (11,202) 16.26
2/11/08 (26,000) 16.40
2/12/08 (5,600) 15.00
2/13/08 (2,500) 15.00
2/15/08 (31,900) 15.00
Clinton Special Opportunities
Trade Date Shared Purchased (Sold) Price Per Share ($)
----------- ------------------------ -------------------
1/3/08 (5,293) 19.10
1/7/08 (10,000) 17.78
1/8/08 (10,000) 16.94
1/9/08 (10,000) 16.78
2/12/08 (5,000) 15.00
2/15/08 (16,000) 15.00
2/15/08 (10,000) 12.50
2/15/08 6,500 16.23
2/19/08 (152,013) 18.30
Clinton Lexington Master Fund, L.P.
Trade Date Shared Purchased (Sold) Price Per Share ($)
----------- ------------------------ -------------------
1/3/08 (3,400) 19.10
1/7/08 (9,700) 17.78
1/17/08 55,000 16.72
2/8/08 (300) 15.00
2/12/08 (600) 15.00
2/15/08 (9,100) 15.00
2/15/08 6,400 16.23
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CUSIP NO. 556269108 SCHEDULE 13D PAGE 15 OF 15 PAGES
--------------------------- -------------------
Clinton Magnolia Master Fund, Ltd.
Trade Date Shared Purchased (Sold) Price Per Share ($)
----------- ------------------------ -------------------
1/17/08 120,000 16.68
1/18/08 14,000 16.55
1/22/08 30,000 16.27
2/11/08 26,000 16.40
2/15/08 6,600 16.22