sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
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)
(Amendment No. )(1)
Captaris, Inc.
--------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
---------------------------------------
(Title of Class of Securities)
1407N104
--------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 23, 2007
----------------
(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 24 Pages)
----------------
(1) 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 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. 1407N104 13D Page 2 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PARCHE, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 416,092
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
416,092
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
416,092
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 3 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,184,477
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,184,477
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,184,477
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 4 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RCG ENTERPRISE, LTD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 416,092
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
416,092
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
416,092
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 5 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RCG STARBOARD ADVISORS, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,600,569
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,600,569
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 6 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RAMIUS CAPITAL GROUP, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,600,569
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,600,569
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 7 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
C4S & CO., L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,600,569
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,600,569
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 8 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PETER A. COHEN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 2,600,569
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,600,569
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 9 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MORGAN B. STARK
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 2,600,569
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,600,569
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 10 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JEFFREY M. SOLOMON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 2,600,569
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,600,569
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 11 of 24 Pages
--------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS W. STRAUSS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 2,600,569
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,600,569
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,600,569
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 12 of 24 Pages
--------------------- ----------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. SECURITY AND ISSUER.
This statement relates to shares of the Common Stock, par value
$0.01 per share (the "Shares"), of Captaris, Inc. (the "Issuer"). The address of
the principal executive offices of the Issuer is 10885 NE Fourth Street, Suite
400, Bellevue, Washington, 98004.
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by:
(i) Parche, LLC, a Delaware limited liability company ("Parche"),
with respect to the Shares directly and beneficially owned by
it;
(ii) Starboard Value and Opportunity Master Fund Ltd., a Cayman
Islands exempted company ("Starboard"), with respect to the
Shares directly and beneficially owned by it;
(iii) RCG Enterprise, Ltd, a Cayman Islands exempted company ("RCG
Enterprise");
(iv) RCG Starboard Advisors, LLC, a Delaware limited liability
company ("RCG Starboard Advisors"), who serves as the managing
manager of Parche and as the investment manager of Starboard;
(v) Ramius Capital Group, L.L.C., a Delaware limited liability
company ("Ramius Capital"), who serves as the sole member of
RCG Starboard Advisors and as the investment manager of RCG
Enterprise;
(vi) C4S & Co., L.L.C., a Delaware limited liability company
("C4S"), who serves as managing member of Ramius Capital;
(vii) Peter A. Cohen ("Mr. Cohen"), who serves as one of the
managing members of C4S;
(viii) Morgan B. Stark ("Mr. Stark"), who serves as one of the
managing members of C4S;
(ix) Thomas W. Strauss ("Mr. Strauss"), who serves as one of the
managing members of C4S; and
(x) Jeffrey M. Solomon ("Mr. Solomon"), who serves as one of the
managing members of C4S.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 13 of 24 Pages
--------------------- ----------------------
Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." Each of the Reporting Persons is party
to that certain Joint Filing Agreement, as further described in Item 6.
Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b) The address of the principal office of each of Parche, RCG
Starboard Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and
Mr. Solomon is 666 Third Avenue, 26th Floor, New York, New York 10017.
The address of the principal office of each of Starboard and RCG
Enterprise is c/o Citco Fund Services (Cayman Islands) Limited, Corporate
Center, West Bay Road, Grand Cayman, Cayman Islands, British West Indies. The
officers and directors of Starboard and their principal occupations and business
addresses are set forth on Schedule B and incorporated by reference in this Item
2. The officers and directors of RCG Enterprise and their principal occupations
and business addresses are set forth on Schedule C and incorporated by reference
in this Item 2.
(c) The principal business of each of Starboard, Parche and RCG
Enterprise is serving as a private investment fund. Each of Starboard and Parche
has been formed for the purpose of making equity investments and, on occasion,
taking an active role in the management of portfolio companies in order to
enhance shareholder value. The principal business of RCG Starboard Advisors is
acting as the managing member of Parche and as the investment manager of
Starboard. Ramius Capital is engaged in money management and investment advisory
services for third parties and proprietary accounts and serves as the investment
manager of RCG Enterprise. C4S serves as managing member of Ramius Capital.
Messrs. Cohen, Strauss, Stark and Solomon serve as co-managing members of C4S.
(d) No Reporting Person, nor any person listed on Schedule B or
Schedule C, each annexed hereto, has, during the last five years, been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person, nor any person listed on Schedule B or
Schedule C, each annexed hereto, has, during the last five years, been 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) Messrs. Cohen, Stark, Strauss, and Solomon are citizens of the
United States of America.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Shares purchased by Starboard and Parche were purchased with the
working capital of such entities (which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business) in open market
purchases, except as otherwise noted, as set forth in Schedule A, which is
incorporated by reference herein. The aggregate purchase cost of the 2,600,569
Shares beneficially owned in the aggregate by Starboard and Parche is
approximately $12,249,048, excluding brokerage commissions.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 14 of 24 Pages
--------------------- ----------------------
Certain Shares reported in the Statement as owned by Parche were
acquired in private transactions with various transferors for which Ramius
Capital or an affiliate serves as the investment manager, the managing member or
the managing member of the investment manager. Ramius Capital is the sole member
of RCG Starboard Advisors, which is the managing member of Parche. Parche
acquired from such transferors an aggregate of 209,312 Shares on October 23,
2007 at a per Share price of $4.4200, equal to the last reported sales price on
the Nasdaq National Market on the date the transaction was completed, or an
aggregate of $1,005,501.12. The total of 209,312 Shares transferred to Parche
were initially acquired by the transferors for an aggregate of $1,061,722.23
(excluding commissions and other execution related costs). Such transferors had,
within the 60 days prior to the filing of the Statement, effected the following
transactions in the Shares: 08/22/07 purchased 5,600 Shares at a price per Share
of $5.2040; 08/23/07 purchased 2,336 Shares at a price per Share of $5.2700;
08/23/07 purchased 1,200 Shares at a price per Share of $5.2700; 08/24/07
purchased 2,240 Shares at a price per Share of $5.2213; 08/29/07 purchased 4,048
Shares at a price per Share of $5.3259; 08/30/07 purchased 6,640 Shares at a
price per Share of $5.2500; 09/04/07 purchased 160 Shares at a price per Share
of $5.2500; 09/05/07 purchased 256 Shares at a price per Share of $5.2500;
09/06/07 purchased 8,000 Shares at a price per Share of $5.3766; 09/07/07
purchased 5,600 Shares at a price per Share of $5.4362; 09/10/07 purchased
31,552 Shares at a price per Share of $5.4142; 09/11/07 purchased 4,608 Shares
at a price per Share of $5.3491; 09/12/07 purchased 7,760 Shares at a price per
Share of $5.3866; 09/13/07 purchased 7,744 Shares at a price per Share of
$5.4452; 09/14/07 purchased 28,000 Shares at a price per Share of $5.4214;
09/17/07 purchased 4,256 Shares at a price per Share of $5.4347; 10/12/07
purchased 28,848 Shares at a price per Share of $4.6056; 10/15/07 purchased 128
Shares at a price per Share of $4.6650; 10/16/07 purchased 12,192 Shares at a
price per Share of $4.6354; 10/17/07 purchased 19,808 Shares at a price per
Share of $4.5616; 10/18/07 purchased 10,016 Shares at a price per Share of
$4.5500; 10/19/07 purchased 8,000 Shares at a price per Share of $4.5446; and
10/22/07 purchased 10,320 Shares at a price per Share of $4.4943. All purchases
of Shares referenced above were funded by working capital, which may, at any
given time, include margin loans made by brokerage firms in the ordinary course
of business. The Reporting Persons do not believe that the information contained
in this paragraph is called for by the Items of Schedule 13D and are disclosing
it for supplemental informational purposes only.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons originally purchased the Shares based on the
Reporting Persons' belief that the Shares, when purchased, were undervalued and
represented an attractive investment opportunity. Depending upon overall market
conditions, other investment opportunities available to the Reporting Persons,
and the availability of Shares at prices that would make the purchase or sale of
Shares desirable, the Reporting Persons may endeavor to increase or decrease
their position in the Issuer through, among other things, the purchase or sale
of Shares on the open market or in private transactions or otherwise, on such
terms and at such times as the Reporting Persons may deem advisable.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 15 of 24 Pages
--------------------- ----------------------
No Reporting Person has any present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) - (j)
of Item 4 of Schedule 13D except as set forth herein or such as would occur upon
completion of any of the actions discussed herein. The Reporting Persons intend
to review their investment in the Issuer on a continuing basis. While the
Reporting Persons believe that the Issuer has a valuable core fax business, the
Reporting Persons do not believe the Issuer should remain a public company. The
Reporting Persons have engaged and intend to continue to engage in discussions
with management and the Board of Directors of the Issuer concerning the
business, operations and future plans of the Issuer, as well as certain
strategic alternatives, including a possible merger or sale of the Issuer's
assets, which may include a transaction with the Reporting Persons. The
Reporting Persons intend to contact other shareholders of the Issuer to discuss
the Issuer, its prospects and any or all of the matters referred to in Item 4.
Depending on various factors including, without limitation, the
Issuer's financial position and investment strategy, the price levels of the
Shares, conditions in the securities markets and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Issuer as they deem appropriate including,
without limitation, seeking Board representation, making proposals to the Issuer
concerning changes to the capitalization, ownership structure or operations of
the Issuer, purchasing additional Shares, selling some or all of their Shares,
engaging in short selling of or any hedging or similar transaction with respect
to the Shares, or changing their intention with respect to any and all matters
referred to in Item 4.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
The aggregate percentage of Shares reported owned by each person
named herein is based upon 27,167,076 Shares outstanding, as of August 1, 2007,
which is the total number of Shares outstanding as reported in the Issuer's
Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission
on August 6, 2007.
A. Parche
(a) As of the close of business on November 1, 2007, Parche
beneficially owned 416,092 Shares.
Percentage: Approximately 1.5%.
(b) 1. Sole power to vote or direct vote: 416,092
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 416,092
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Parche in the past 60 days are
set forth in Schedule A and are incorporated by reference.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 16 of 24 Pages
--------------------- ----------------------
B. Starboard
(a) As of the close of business on November 1, 2007, Starboard
beneficially owned 2,184,477 Shares.
Percentage: Approximately 8.0%.
(b) 1. Sole power to vote or direct vote: 2,184,477
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,184,477
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Starboard in the past 60 days
are set forth in Schedule A and are incorporated by reference.
C. RCG Enterprise
(a) As of the close of business on November 1, 2007, RCG Enterprise,
as the sole non-managing member of Parche and owner of all
economic interests therein, may be deemed the beneficial owner of
the 416,092 Shares owned by Parche.
Percentage: Approximately 1.5%.
(b) 1. Sole power to vote or direct vote: 416,092
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 416,092
4. Shared power to dispose or direct the disposition: 0
(c) RCG Enterprise did not enter into any transactions in the Shares
in the past 60 days. The transactions in the Shares by Parche in
the past 60 days are set forth in Schedule A and are incorporated
by reference.
D. RCG Starboard Advisors
(a) As of the close of business on November 1, 2007, as the managing
member of Parche and the investment manager of Starboard, RCG
Starboard Advisors may be deemed the beneficial owner of the (i)
2,184,477 Shares owned by Starboard, and (ii) 416,092 Shares
owned by Parche.
Percentage: Approximately 9.6%.
(b) 1. Sole power to vote or direct vote: 2,600,569
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,600,569
4. Shared power to dispose or direct the disposition: 0
(c) RCG Starboard Advisors did not enter into any transactions in the
Shares in the past 60 days. The transactions in the Shares in
the past 60 days on behalf of Starboard and Parche, which were
all in the open market, are set forth in Schedule A and are
incorporated by reference.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 17 of 24 Pages
--------------------- ----------------------
E. Ramius Capital
(a) As of the close of business on November 1, 2007, as the sole
member of RCG Starboard Advisors, Ramius Capital may be deemed
the beneficial owner of the (i) 2,184,477 Shares owned by
Starboard and (ii) 416,092 Shares owned by Parche.
Percentage: Approximately 9.6%.
(b) 1. Sole power to vote or direct vote: 2,600,569
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,600,569
4. Shared power to dispose or direct the disposition: 0
(c) Ramius Capital did not enter into any transactions in the Shares
in the past 60 days. The transactions in the Shares in the past
60 days on behalf of Starboard and Parche, which were all in the
open market, are set forth in Schedule A and are incorporated by
reference.
F. C4S
(a) As of the close of business on November 1, 2007, as the managing
member of Ramius Capital, C4S may be deemed the beneficial owner
of the (i) 2,184,477 Shares owned by Starboard and (ii) 416,092
Shares owned by Parche.
Percentage: Approximately 9.6%.
(b) 1. Sole power to vote or direct vote: 2,600,569
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,600,569
4. Shared power to dispose or direct the disposition: 0
(c) C4S did not enter into any transactions in the Shares in the past
60 days. The transactions in the Shares in the past 60 days on
behalf of Starboard and Parche, which were all in the open
market, are set forth in Schedule A and are incorporated by
reference.
G. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
(a) As of the close of business on November 1, 2007, as the managing
members of C4S, each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr.
Solomon may be deemed the beneficial owner of the (i) 2,184,477
Shares owned by Starboard and (ii) 416,092 Shares owned by Parche.
Percentage: Approximately 9.6%.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,600,569
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,600,569
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 18 of 24 Pages
--------------------- ----------------------
(c) None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon has
entered into any transactions in the Shares in the past 60 days.
The transactions in the Shares in the past 60 days on behalf of
Starboard and Parche, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
(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 proceeds from the sale of, such shares of the Common
Stock.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
On November 2, 2007, the Reporting Persons entered into a Joint
Filing Agreement in which the Reporting Persons agreed to the joint filing on
behalf of each of them of statements on Schedule 13D, with respect to securities
of the Issuer, to the extent required by applicable law. A copy of this
agreement is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
Other than as described herein, there are no contracts,
arrangements, understandings or relationships among the Reporting Persons, or
between the Reporting Persons and any other person, with respect to the
securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 99.1 Joint Filing Agreement by and among Starboard
Value and Opportunity Master Fund Ltd., Parche,
LLC, RCG Enterprise, Ltd, RCG Starboard Advisors,
LLC, RCG Enterprise, Ltd, Ramius Capital Group,
L.L.C., C4S & Co., L.L.C., Peter A. Cohen, Morgan
B. Stark, Thomas W. Strauss, and Jeffrey M.
Solomon, dated November 2, 2007.
Exhibit 99.2 Power of Attorney for Peter A. Cohen, Morgan B.
Stark, Thomas W. Strauss and Jeffrey M. Solomon,
dated August 16, 2007.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 19 of 24 Pages
--------------------- ----------------------
SIGNATURES
----------
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: November 2, 2007
PARCHE, LLC RCG STARBOARD ADVISORS, LLC
By: RCG Starboard Advisors, LLC, By: Ramius Capital Group, L.L.C.,
its managing member its sole member
STARBOARD VALUE AND OPPORTUNITY MASTER RCG ENTERPRISE, LTD
FUND LTD. By: Ramius Capital Group, L.L.C.,
By: RCG Starboard Advisors, LLC, its investment manager
its investment manager
RAMIUS CAPITAL GROUP, L.L.C.
By: C4S & Co., L.L.C.,
as managing member
C4S & CO., L.L.C.
By:
/s/ Jeffrey M. Solomon
--------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
/s/ Jeffrey M. Solomon
--------------------------
JEFFREY M. SOLOMON
Individually and as attorney-in-fact
for Peter A. Cohen, Morgan B. Stark
and Thomas W. Strauss
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 20 of 24 Pages
--------------------- ----------------------
SCHEDULE A
Transactions in the Shares During the Past 60 Days
--------------------------------------------------
Shares of Common Stock Price Per Date of
Purchased Share($) Purchase
--------- -------- --------
PARCHE, LLC
-----------
56,128 4.3908 10/23/07
209,312* 4.4200 10/23/07
4,800 4.3800 10/23/07
3,680 4.4861 10/23/07
8,678 4.4682 10/24/07
9,600 4.5083 10/24/07
3,853 4.4942 10/25/07
8,000 4.5000 10/25/07
7,040 4.4500 10/26/07
256 4.4966 10/26/07
3,289 4.4462 10/26/07
17,296 4.5000 10/29/07
8,000 4.5000 10/29/07
14,400 4.5000 10/29/07
13,600 4.5206 10/30/07
16,000 4.5201 10/30/07
4,160 4.4999 10/30/07
12,000 4.5000 10/30/07
16,000 4.6500 11/01/07
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
------------------------------------------------
29,400 5.2040 08/22/07
6,300 5.2700 08/23/07
12,264 5.2700 08/23/07
11,760 5.2213 08/24/07
21,252 5.3259 08/29/07
34,860 5.2500 08/30/07
840 5.2500 09/04/07
1,344 5.2500 09/05/07
42,000 5.3766 09/06/07
29,400 5.4362 09/07/07
165,648 5.4142 09/10/07
----------------
* Shares were acquired in private transactions with various transferors for
which Ramius Capital Group, L.L.C. or an affiliate serves as the investment
manager, the managing member or the managing member of the investment manager.
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 21 of 24 Pages
--------------------- ----------------------
24,192 5.3491 09/11/07
40,740 5.3866 09/12/07
40,656 5.4452 09/13/07
147,000 5.4214 09/14/07
22,344 5.4347 09/17/07
151,452 4.6056 10/12/07
672 4.6650 10/15/07
64,008 4.6354 10/16/07
103,992 4.5616 10/17/07
52,584 4.5500 10/18/07
42,000 4.5446 10/19/07
54,180 4.4943 10/22/07
294,672 4.3908 10/23/07
25,200 4.3800 10/23/07
19,320 4.4861 10/23/07
45,560 4.4682 10/24/07
50,400 4.5083 10/24/07
42,000 4.5000 10/25/07
20,224 4.4942 10/25/07
36,960 4.4500 10/26/07
1,344 4.4966 10/26/07
17,264 4.4462 10/26/07
90,804 4.5000 10/29/07
42,000 4.5000 10/29/07
75,600 4.5000 10/29/07
71,400 4.5206 10/30/07
84,000 4.5201 10/30/07
21,841 4.4999 10/30/07
63,000 4.5000 10/30/07
84,000 4.6500 11/01/07
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 22 of 24 Pages
--------------------- ----------------------
SCHEDULE B
----------
DIRECTORS AND OFFICERS OF STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Mark Mitchell Partner of Ramius Capital 666 Third Avenue
Director Group, L.L.C. 26th Floor
New York, New York 10017
Jeffrey M. Solomon Managing Member of C4S & 666 Third Avenue
Director Co., L.L.C., which is the 26th Floor
Managing Member of Ramius New York, New York 10017
Capital Group, L.L.C.
CFS Company Ltd. Nominee Company registered c/o Citco Fund Services
Director with Cayman Islands (Cayman Islands) Limited
Monetary Authority and is Corporate Center
affiliated with West Bay Road
Administrator of the Fund Grand Cayman, Cayman
Islands
British West Indies
CSS Corporation Ltd. Affiliate of the c/o Citco Fund Services
Secretary Administrator of the Fund (Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman
Islands
British West Indies
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 23 of 24 Pages
--------------------- ----------------------
SCHEDULE C
----------
DIRECTORS AND OFFICERS OF RCG ENTERPRISE, LTD
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Morgan B. Stark Managing Member of C4S & 666 Third Avenue
Director Co., L.L.C., which is the 26th Floor
Managing Member of Ramius New York, New York 10017
Capital Group, L.L.C.
Marran Ogilvie General Counsel of Ramius 666 Third Avenue
Director Capital Group, L.L.C. 26th Floor
New York, New York 10017
CFS Company Ltd. Nominee Company registered c/o Citco Fund Services
Director with Cayman Islands (Cayman Islands) Limited
Monetary Authority and is Corporate Center
affiliated with West Bay Road
Administrator of the Fund Grand Cayman, Cayman
Islands
British West Indies
CSS Corporation Ltd. Affiliate of the c/o Citco Fund Services
Secretary Administrator of the Fund (Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman
Islands
British West Indies
--------------------- ----------------------
CUSIP No. 1407N104 13D Page 24 of 24 Pages
--------------------- ----------------------
EXHIBIT INDEX
-------------
Exhibit Exhibit Number
------- --------------
Joint Filing Agreement by and among Starboard 99.1
Value and Opportunity Master Fund Ltd., Parche,
LLC, RCG Enterprise, Ltd, RCG Starboard Advisors,
LLC, Ramius Capital Group, L.L.C., C4S & Co.,
L.L.C., Peter A. Cohen, Morgan B. Stark, Thomas W.
Strauss, and Jeffrey M. Solomon, dated November 2,
2007.
Power of Attorney for Peter A. Cohen, Morgan B. 99.2
Stark, Thomas W. Strauss and Jeffrey M. Solomon,
dated August 16, 2007.