In a recent 13G filing with the Securities and Exchange Commission, Jonathan Lennon‘s Pleasant Lake Partners reported holding 3.47 million common shares of Magnachip Semiconductor Corp (NYSE:MX), which amass 9.99% of the company’s outstanding stock. This represents a slight decrease to its stake, as Pleasant Lake previously held 3.53 million shares, which accounted for 10.2% of the company’s float, according to its previous 13G filing on the company, reported in May.
Magnachip Semiconductor is a holding company engaged in producing mixed-signal and analog semiconductor products for a variety of applications. Year-to-date, the company’s stock is up by 39.7%. In its latest financial report for the second quarter of 2016, Magnachip Semiconductor reported a loss per share of $0.05 and revenue of $167.1 million, well above the EPS estimates of a loss per share of $0.25, but missing revenue expectations of $175.2 million.
The number of investors that we track which were bullish on Magnachip Semiconductor (NYSE:MX) increased during the first quarter, as there were 15 hedge funds long the stock at the end of March, up by one quarter-over-quarter. Among them, Marc Lasry’s Avenue Capital held the biggest position, worth close to $22.2 million, with the second-largest stake being disclosed by Glenn W. Welling’s Engaged Capital. Some other smart money managers with similar optimism included Thomas Ellis and Todd Hammer’s North Run Capital, and Don Morgan’s Brigade Capital.
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Investors who jumped into Magnachip Semiconductor Corp (NYSE:MX) headfirst during the first quarter included Mike Vranos’ Ellington, which had around $0.2 million invested in the company on March 31, and Israel Englander’s Millennium Management, which also held a $0.2 million position at that time. The only other fund with a new position in the stock was John Overdeck and David Siegel’s Two Sigma Advisors.
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Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Pleasant Lake Partners | 0 | 3,472,515 | 0 | 3,472,515 | 3,472,515 | 9.99% |
| P | 0 | 3,472,515 | 0 | 3,472,515 | 3,472,515 | 9.99% |
| Pleasant Lake Onshore GP | 0 | 3,472,515 | 0 | 3,472,515 | 3,472,515 | 9.99% |
| Pleasant Lake Offshore Master Fund | 0 | 3,472,515 | 0 | 3,472,515 | 3,472,515 | 9.99% |
| Jonathan Lennon | 0 | 3,472,515 | 0 | 3,472,515 | 3,472,515 | 9.99% |
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Page 1 of 8 – SEC Filing
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
| SCHEDULE 13G | ||
| Under the Securities Exchange Act of 1934 | ||
| (Amendment No. )* |
| MagnaChip Semiconductor Corporation | ||
| (Name of Issuer) |
| Common Stock | ||
| (Title of Class of Securities) |
| 55933J203 | ||
| (CUSIP Number) |
| August 4, 2016 | ||
| (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).
Page 2 of 8 – SEC Filing
| 1 | Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Pleasant Lake Partners LLC |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [x] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 3,472,515 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 3,472,515 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,472,515 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] N/A |
| 11 | Percent of Class Represented by Amount in Row (9)* 9.99% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) OO (Limited Liability Company) |
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Page 3 of 8 – SEC Filing
| 1 | Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) PLP MM LLC |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [x] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 3,472,515 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 3,472,515 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,472,515 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] N/A |
| 11 | Percent of Class Represented by Amount in Row (9)* 9.99% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) OO (Limited Liability Company) |
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Page 4 of 8 – SEC Filing
| 1 | Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Pleasant Lake Onshore GP LLC |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [x] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 3,472,515 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 3,472,515 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,472,515 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] N/A |
| 11 | Percent of Class Represented by Amount in Row (9)* 9.99% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) OO (Limited Liability Company) |
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Page 5 of 8 – SEC Filing
| 1 | Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Pleasant Lake Offshore Master Fund L.P. |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [x] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Cayman Islands |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 3,472,515 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 3,472,515 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,472,515 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] N/A |
| 11 | Percent of Class Represented by Amount in Row (9)* 9.99% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) PN (Limited Partnership) |
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Page 6 of 8 – SEC Filing
| 1 | Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Jonathan Lennon |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [x] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. United States |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 3,472,515 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 3,472,515 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,472,515 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] N/A |
| 11 | Percent of Class Represented by Amount in Row (9)* 9.99% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) IN |
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Page 7 of 8 – SEC Filing
SCHEDULE 13G
The Reporting Persons initially reported their beneficial ownership of shares of Common Stock of the Issuer on a Schedule 13G filed with the Securities and Exchange Commission (the “Commission”) on May 11, 2015 and subsequently reported their beneficial ownership on a Schedule 13D filed with the Commission on June 10, 2015 (as subsequently amended, the “Schedule 13D”). Pursuant to Rule 13d-1(h), the Reporting Persons are eligible to again report their beneficial ownership of shares of Common Stock of the Issuer on a Schedule 13G, and this Schedule 13G shall operate as an amendment to the Schedule 13D.
| Item 1. |
| (a) | Name of Issuer |
| MagnaChip Semiconductor Corporation | |
| (b) | Address of Issuer’s Principal Executive Offices |
| c/o MagnaChip Semiconductor S.A. 1, Allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg |
| Item 2. |
| (a) | Name of Person Filing |
| Pleasant Lake Partners LLC PLP MM LLC Pleasant Lake Onshore GP LLC Pleasant Lake Offshore Master Fund L.P. Jonathan Lennon | |
| (b) | Address of Principal Business Office or, if none, Residence |
| 110 Greene Street, Suite 604 New York, New York 10012 | |
| (c) | Citizenship |
| Pleasant Lake Partners LLC – Delaware PLP MM LLC – Delaware Pleasant Lake Onshore GP LLC – Delaware Pleasant Lake Offshore Master Fund L.P. – Cayman Islands Jonathan Lennon – United States | |
| (d) | Title of Class of Securities |
| Common Stock | |
| (e) | CUSIP Number |
| 55933J203 |
| Item 3. | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | [ ] | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). |
| (b) | [ ] | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). |
| (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 (15 U.S.C 80a-8). |
| (e) | [ ] | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); |
| (f) | [ ] | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); |
| (g) | [ ] | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); |
| (h) | [ ] | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); |
| (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 (15 U.S.C. 80a-3); |
| (j) | [ ] | A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J); |
| (k) | [ ] | Group, in accordance with §240.13d-1(b)(1)(ii)(K). |
| 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.
Shares reported herein represent shares beneficially owned by Pleasant Lake Offshore Master Fund L.P., for which Pleasant Lake Partners LLC (“PLP”) serves as the investment manager and for which Pleasant Lake Onshore GP LLC (“GP LLC”) serves as General Partner. PLP MM LLC is the managing member of PLP. Jonathan Lennon serves as manager of PLP MM LLC and GP LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
| (a) | Amount Beneficially Owned*** |
| Pleasant Lake Partners LLC – 3,472,515 shares PLP MM LLC – 3,472,515 shares Pleasant Lake Onshore GP LLC – 3,472,515 shares Pleasant Lake Offshore Master Fund L.P. – 3,472,515 shares Jonathan Lennon – 3,472,515 shares | |
| (b) | Percent of Class |
| Pleasant Lake Partners LLC – 9.99% PLP MM LLC – 9.99% Pleasant Lake Onshore GP LLC – 9.99% Pleasant Lake Offshore Master Fund L.P. – 9.99% Jonathan Lennon – 9.99% |
| (c) | Number of shares as to which such person has: | |
| (i) | sole power to vote or to direct the vote | |
| Pleasant Lake Partners LLC – 0 shares PLP MM LLC – 0 shares Pleasant Lake Onshore GP LLC – 0 shares Pleasant Lake Offshore Master Fund L.P. – 0 shares Jonathan Lennon – 0 shares | ||
| (ii) | shared power to vote or to direct the vote | |
| Pleasant Lake Partners LLC – 3,472,515 shares PLP MM LLC – 3,472,515 shares Pleasant Lake Onshore GP LLC 3,472,515 shares Pleasant Lake Offshore Master Fund L.P. – 3,472,515 shares Jonathan Lennon – 3,472,515 shares | ||
| (iii) | sole power to dispose or to direct the disposition of | |
| Pleasant Lake Partners LLC – 0 shares PLP MM LLC – 0 shares Pleasant Lake Onshore GP LLC – 0 shares Pleasant Lake Offshore Master Fund L.P. – 0 shares Jonathan Lennon – 0 shares | ||
| (iv) | shared power to dispose or to direct the disposition of | |
| Pleasant Lake Partners LLC – 3,472,515 shares PLP MM LLC – 3,472,515 shares Pleasant Lake Onshore GP LLC – 3,472,515 shares Pleasant Lake Offshore Master Fund L.P. – 3,472,515 shares Jonathan Lennon – 3,472,515 shares | ||
| 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 |
| Not applicable. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company |
| 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.
Exhibits
Exhibit 99.1 Joint Filing Agreement by and among the Reporting Persons, incorporated by reference to Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on May 11, 2015.
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Page 8 of 8 – SEC Filing
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.
| August 8, 2016 | PLEASANT LAKE PARTNERS LLC |
| By: PLP MM LLC | |
| its Managing Member | |
| By: /s/ Jonathan Lennon | |
| Jonathan Lennon, Manager | |
| PLP MM LLC | |
| By: /s/ Jonathan Lennon | |
| Jonathan Lennon, Manager | |
| PLEASANT LAKE ONSHORE GP LLC | |
| By: /s/ Jonathan Lennon | |
| Jonathan Lennon, Manager | |
| PLEASANT LAKE OFFSHORE MASTER FUND L.P. | |
| By: Pleasant Lake Onshore GP LLC | |
| its General Partner | |
| By: /s/ Jonathan Lennon | |
| Jonathan Lennon, Manager | |
| JONATHAN LENNON | |
| By: /s/ Jonathan Lennon | |
| Jonathan Lennon, Individually |
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