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Filing Details

Accession Number:: 0001181431-12-021297
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2012-04-02 20:36:45
Reporting Period:: 2012-03-31

Filing Date:: 2012-04-02
Accepted Time:: 2012-04-02 19:36:45
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
916457	Calpine Corp	CPN	Electric Services (4911)	770212977

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1218663	E William Oberndorf	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	Yes	No	Yes	No
1252467	Trust Oberndorf Susan & William	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1273627	Trust Living Scully H John	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1545752	Trust Mcdermott Elizabeth & Edward	591 Redwood Highway Suite 3215 Mill Valley CA 94941	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2012-03-31	0	$0.00	77,501,208	No	4	S	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Footnotes

Footnotes

On March 31, 2012, the John H. Scully Living Trust ("JHS Trust") and the Edward & Elizabeth McDermott Trust ("EHM Trust") purchased one-third of the outstanding shares of SPO Advisory Corp. ("SPO Corp.") previously owned by the William E. & Susan C. Oberndorf Trust. William E. Oberndorf ("WEO") left the SPO reporting group on March 31, 2012 and is no longer a controlling person of SPO Corp. Following the transaction which caused this filing, WEO beneficially owns 28,700 shares of the Issuer's common stock held in the WEO individual retirement account, which is self directed. These shares are no longer included in the SPO filing group. Additionally, 5,451 restricted stock units are owned by WEO, a director of the Issuer. Pursuant to the partnership agreement governing SPO Partners II, L.P. ("SPO Partners"), these shares may be deemed to be indirectly beneficially owned by SPO Partners together with any profits arising therefrom.
Additionally, following the transaction which caused this filing, 70,541,012 shares of the Issuer's common stock are owned directly by SPO Partners and may be deemed to be indirectly beneficially owned by (i) SPO Advisory Partners, L.P. ("SPO Advisory"), the sole general partner of SPO Partners, (ii) SPO Corp., the sole general partner of SPO Advisory, and (iii) John H. Scully ("JHS") and Edward H. McDermott ("EHM"), the two controlling persons of SPO Corp. Additionally, 4,234,400 shares of the Issuer's common stock are owned directly by SPO Partners II Co-Investment Partnership, L.P. ("SPO Co-Invest"), and may be deemed to be indirectly beneficially owned by (i) SPO Advisory, the sole general partner of SPO Co-Invest, (ii) SPO Corp., the sole general partner of SPO Advisory, and (iii) JHS and EHM, the two controlling persons of SPO Corp.
Additionally, following the transaction which caused this filing, 2,697,096 shares of the Issuer's common stock are owned directly by San Francisco Partners, L.P. ("SF Partners"), and may be deemed to be indirectly beneficially owned by (i) SF Advisory Partners, L.P. ("SF Advisory"), the sole general partner of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS and EHM, the two controlling persons of SPO Corp. Additionally, JHS beneficially owns 5,000 shares of the Issuer's common stock held in the JHS individual retirement accounts, which are self directed. Additionally, EHM beneficially owns 5,600 shares of the Issuer's common stock held in the EHM individual retirement account, which is self directed.