UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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)
Consolidated-Tomoka
Land. Co.
(Name
of
Issuer)
Common
Stock, par value $1.00 per share
(Title
of
Class of Securities)
210226106
(CUSIP
Number)
Mr.
James
A. Mitarotonda
c/o
Barington Companies Equity Partners, L.P.
888
Seventh Avenue, 17th Floor
New
York,
NY 10019
(212)
974-5700
(Name,
Address and Telephone Number of
Person
Authorized to Receive Notices
and
Communications)
May
9,
2006
(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 which 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: o.
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Companies Equity Partners, L.P. 13-4088890
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS WC
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
103,064
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON 103,064
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
103,064
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.82%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
PN
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Investments, L.P.
20-2871525
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS WC
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
36,864
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
36,864
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
36,864
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.65%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
PN
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Companies Advisors, LLC
20-0327470
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF 36,864
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY 103,064
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
36,864
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
103,064
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
139,928
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.47%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSONIA,
OO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Companies Investors, LLC
13-4126527
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A
GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF none
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY 103,064
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
none
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
103,064
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
103,064
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.82%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
OO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Companies Offshore Fund, Ltd.
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS WC
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
British
Virgin Islands
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF 169,472
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
169,472
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
169,472
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.99%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
CO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Offshore Advisors, LLC
20-4797640
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
169,472
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
169,472
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
169,472
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.99%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IA,
OO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington
Capital Group, L.P. 13-3635132
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
New
York
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
309,400
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
309,400
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
309,400
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.45%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
PN
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LNA
Capital Corp. 13-3635168
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
309,400
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING 9) SOLE
DISPOSITIVE POWER
PERSON
309,400
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
309,400
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.45%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
CO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James
Mitarotonda
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
309,400
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
309,400
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
309,400
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.45%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IN
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Starboard
Value and Opportunity Master Fund Ltd.
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS WC
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Cayman
Islands
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
25,872
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
25,872
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,872
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.46%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
CO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Parche,
LLC 20-0870632
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS WC
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
4,928
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING 9) SOLE
DISPOSITIVE POWER
PERSON
4,928
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,928
___________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
__________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.09%
__________________________________________________________________________
14) TYPE
OF REPORTING PERSON
OO
__________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Admiral
Advisors, LLC 37-1484525
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
30,800
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING 9) SOLE
DISPOSITIVE POWER
PERSON
30,800
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IA,
OO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ramius
Capital Group, L.L.C. 13-3937658
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
30,800
SHARES ____________________________________________________________
BENEFICIALLY
8) SHARED
VOTING POWER
OWNED
BY
none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
30,800
WITH ____________________________________________________________
10)SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IA,
OO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
C4S
&
Co., L.L.C. 13-3946794
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
30,800
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY none
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
30,800
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
none
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
OO
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter
A.
Cohen
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
none
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY
30,800
EACH ____________________________________________________________
REPORTING 9) SOLE
DISPOSITIVE POWER
PERSON
none
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
30,800
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
_____________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IN
_____________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgan
B.
Stark
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
none
SHARES ____________________________________________________________
BENEFICIALLY
8) SHARED
VOTING POWER
OWNED
BY
30,800
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
none
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
30,800
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IN
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jeffrey
M. Solomon
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
none
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY 30,800
EACH ____________________________________________________________
REPORTING 9) SOLE
DISPOSITIVE POWER
PERSON
none
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
30,800
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
______________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
______________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IN
______________________________________________________________________________
SCHEDULE
13D
CUSIP
No. 210226106
1) NAME
OF REPORTING PERSON
S.S.
OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas
W.
Strauss
_____________________________________________________________________________
2) CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)x
(b) o
______________________________________________________________________________
3) SEC
USE ONLY
______________________________________________________________________________
4) SOURCE
OF FUNDS OO
______________________________________________________________________________
5) CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e) o
______________________________________________________________________________
6) CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
______________________________________________________________________________
7) SOLE
VOTING POWER
NUMBER
OF
none
SHARES ____________________________________________________________
BENEFICIALLY 8) SHARED
VOTING POWER
OWNED
BY 30,800
EACH ____________________________________________________________
REPORTING
9) SOLE
DISPOSITIVE POWER
PERSON
none
WITH ____________________________________________________________
10) SHARED
DISPOSITIVE POWER
30,800
______________________________________________________________________________
11) AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,800
______________________________________________________________________________
12) CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES o
__________________________________________________________________________
13) PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.54%
__________________________________________________________________________
14) TYPE
OF REPORTING PERSON
IN
__________________________________________________________________________
Item
1. Security
and Issuer.
This
statement on Schedule 13D (the “Statement”) relates to the common stock, par
value $1.00 per share (the "Common Stock"), of Consolidated-Tomoka Land. Co.,
a
Florida corporation (the "Company"). The principal executive offices of the
Company are located at 1530 Cornerstone Boulevard, Suite 100, Daytona Beach,
Florida 32117.
Item
2. Identity
and Background.
(a)
- (c)
This Statement is being filed by Barington Companies Equity Partners, L.P.,
Barington Investments, L.P., Barington Companies Advisors, LLC, Barington
Companies Investors, LLC, Barington Companies Offshore Fund, Ltd., Barington
Offshore Advisors, LLC, Barington Capital Group, L.P., LNA Capital Corp., James
Mitarotonda, Starboard Value and Opportunity Master Fund Ltd., Parche, LLC,
Admiral Advisors, LLC, Ramius Capital Group, L.L.C., C4S & Co., L.L.C.,
Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon and Thomas W. Strauss
(each, a “Reporting Entity” and, collectively, the “Reporting
Entities”).
As
of May
18, 2006, the Reporting Entities are the beneficial owners of, in the aggregate,
340,200 shares of Common Stock, representing approximately 6.00% of the shares
of Common Stock presently outstanding.
Barington
Companies Equity Partners, L.P. is a Delaware limited partnership. The principal
business of Barington Companies Equity Partners, L.P. is acquiring, holding
and
disposing of investments in various companies. The address of the principal
business and principal office of Barington Companies Equity Partners, L.P.
is
888 Seventh Avenue, 17th Floor, New York, New York 10019.
Barington
Investments, L.P. is a Delaware limited partnership. The principal business
of
Barington Investments, L.P. is acquiring, holding and disposing of investments
in various companies. The address of the principal business and principal office
of Barington Investments, L.P. is 888 Seventh Avenue, 17th Floor, New York,
New
York 10019.
Barington
Companies Offshore Fund, Ltd. is an international business company organized
under the laws of the British Virgin Islands. The principal business of
Barington Companies Offshore Fund, Ltd. is acquiring, holding and disposing
of
investments in various companies. The address of the principal business and
principal office of Barington Companies Offshore Fund, Ltd. is c/o Bison
Financial Services Limited, Bison Court, Road Town, Tortola, British Virgin
Islands. The executive officers and directors of Barington Companies Offshore
Fund, Ltd. and their principal occupations and business addresses are set forth
on Schedule I and incorporated by reference in this Item 2.
The
investment advisor of Barington Companies Equity Partners, L.P. and the
investment advisor and general partner of Barington Investments, L.P. is
Barington Companies Advisors, LLC. Barington Companies Advisors, LLC is a
Delaware limited liability company. The principal business of Barington
Companies Advisors, LLC is serving as the investment advisor of Barington
Companies Equity Partners, L.P. and the investment advisor and general partner
of Barington Investments, L.P. The address of the principal business and
principal office of
Barington
Companies Advisors, LLC is 888 Seventh Avenue, 17th Floor, New York, New York
10019. James Mitarotonda is the Managing Member of Barington Companies Advisors,
LLC.
The
general partner of Barington Companies Equity Partners, L.P. is Barington
Companies Investors, LLC. Barington Companies Investors, LLC is a Delaware
limited liability company. The principal business of Barington Companies
Investors, LLC is serving as the general partner of Barington Companies Equity
Partners, L.P. The address of the principal business and principal office of
Barington Companies Investors, LLC is 888 Seventh Avenue, 17th Floor, New York,
New York 10019. James Mitarotonda is the Managing Member of Barington Companies
Investors, LLC.
The
investment advisor of Barington Companies Offshore Fund, Ltd. is Barington
Offshore Advisors, LLC. Barington Offshore Advisors, LLC is a Delaware limited
liability company. The principal business of Barington Offshore Advisors, LLC
is
serving as the investment advisor of Barington Companies Offshore Fund, Ltd.
The
address of the principal business and principal office of Barington Offshore
Advisors, LLC is 888 Seventh Avenue, 17th Floor, New York, New York 10019.
James
Mitarotonda is the Managing Member of Barington Offshore Advisors,
LLC.
Barington
Companies Advisors, LLC, Barington Companies Investors, LLC and Barington
Offshore Advisors, LLC are each majority-owned subsidiaries of Barington Capital
Group, L.P. Barington Capital Group, L.P. is a New York limited partnership.
The
principal business of Barington Capital Group, L.P. is acquiring, holding and
disposing of investments in various companies. The address of the principal
business and principal office of Barington Capital Group, L.P. is 888 Seventh
Avenue, 17th Floor, New York, New York 10019.
The
general partner of Barington Capital Group, L.P. is LNA Capital Corp. LNA
Capital Corp. is a Delaware corporation. The principal business of LNA Capital
Corp. is serving as the general partner of Barington Capital Group, L.P. The
address of the principal business and principal office of LNA Capital Corp.
is
c/o Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York,
New
York 10019. James Mitarotonda is the sole stockholder and director of LNA
Capital Corp. The executive officers of LNA and their principal occupations
and
business addresses are set forth on Schedule II and incorporated by reference
in
this Item 2. The principal occupation of Mr. Mitarotonda is serving as the
Chairman and Chief Executive Officer of Barington Capital Group, L.P. The
business address of Mr. Mitarotonda is c/o Barington Capital Group, L.P., 888
Seventh Avenue, 17th Floor, New York, New York 10019.
Starboard
Value and Opportunity Master Fund Ltd. is an exempted company organized under
the laws of the Cayman Islands formed to be a private investment fund. The
address of the principal business and principal office of Starboard Value and
Opportunity Master Fund Ltd. is c/o Citco Fund Services (Cayman Islands)
Limited, Corporate Center, West Bay Road, Grand Cayman, Cayman Islands, British
West Indies. The
executive officers and directors of Starboard Value and Opportunity Master
Fund
Ltd. and their principal occupations and business addresses are set forth on
Schedule III and incorporated by reference in this Item 2. Parche,
LLC is a Delaware limited liability company. The address of the principal
business and principal office of Parche, LLC is 666 Third Avenue, 26th Floor,
New York, New York 10017. Each of Starboard Value and Opportunity Master Fund
Ltd. and Parche, LLC 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
managing member of Parche, LLC is Admiral Advisors, LLC, a Delaware limited
liability company formed to be the managing member of Parche, LLC. Admiral
Advisors, LLC also serves as the investment manager for Starboard Value and
Opportunity Master Fund Ltd. The address of the principal business and principal
office of Admiral Advisors, LLC is 666 Third Avenue, 26th
Floor,
New York, New York 10017.
The
sole
member of Admiral Advisors, LLC is Ramius Capital Group, L.L.C. Ramius Capital
Group, L.L.C. is a Delaware limited liability company that is engaged in money
management and investment advisory services for third parties and proprietary
accounts. The address of the principal business and principal office of Ramius
Capital Group, L.L.C. is 666 Third Avenue, 26th Floor, New York, New York 10017.
The managing member of Ramius Capital Group, L.L.C. is C4S & Co., L.L.C., a
Delaware limited liability company formed to be the managing member of Ramius
Capital Group, L.L.C. The address of the principal business and principal office
of C4S & Co., L.L.C. is 666 Third Avenue, 26th Floor, New York, New York
10017. Each of Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon and Thomas
W.
Strauss is a managing member of C4S & Co., L.L.C. The business address of
each of Messrs. Cohen, Stark, Solomon and Strauss is 666 Third Avenue, 26th
Floor, New York, New York 10017.
The
Reporting Entities do not believe that certain of the foregoing information
is
called for by the Items of Schedule 13D and are disclosing it for supplemental
informational purposes only. Information with respect to each of the Reporting
Entities is given solely by such Reporting Entity and no Reporting Entity shall
have responsibility for the accuracy or completeness of information supplied
by
another Reporting Entity.
(d)
- (e)
During the last five years, none of the Reporting Entities or any other person
identified in response to this Item 2 was convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors) or was 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) Each
natural person identified in Item 2 is a citizen of the United States, other
than Graham Cook, a director of Barington Companies Offshore Fund, Ltd., who
is
a citizen of the United Kingdom, and Jonathan Clipper, a director of Barington
Companies Offshore Fund, Ltd., who is a citizen of Bermuda and the United
Kingdom.
Item
3. Source
and Amount of Funds or Other Consideration.
All
purchases of Common Stock by the Reporting Entities were made in open market
transactions except to the extent set forth below. The transactions effected
in
the past 60 days are described in the attached Schedule IV. All such purchases
of Common Stock 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 amount of funds expended for such purchases was approximately $6,182,577.65
by Barington Companies Equity Partners, L.P., $10,166,119.68 by
Barington
Companies Offshore Fund Ltd., $2,211,295.02 by Barington Investments, L.P.,
$1,579,193.87 by Starboard Value and Opportunity Master Fund Ltd. and
$288,111.47 by Parche, LLC.
Certain
shares of Common Stock reported in the Statement as owned by Parche, LLC 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. Ramius Capital
Group, L.L.C. is the sole member of Admiral Advisors, LLC, which is the managing
member of Parche, LLC. Parche, LLC acquired from such transferors an aggregate
of 3,872 shares of Common Stock on May 18, 2006, before the market opened,
at a
per share price of $58.3700, equal to the closing price reported on
the American Stock Exchange on May 17, 2006, or an aggregate of
$226,008.64. The total of 3,872 shares transferred to Parche, LLC were initially
acquired by the transferors for an aggregate of $238,696.00 (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: 03/24/06 purchased 1,600 shares at a price per
Share
of $61.5000; 03/27/06 purchased 2,272 shares at a price per Share of $61.7500;
05/18/06 sold 3,872 shares at a price per share of $58.3700. All purchases
of
Common Stock referenced in this paragraph 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 Entities 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.
Each
of
the Reporting Entities acquired beneficial ownership of the shares of Common
Stock to which this Statement relates in order to obtain a significant equity
position in the Company, the Common Stock of which, in the opinion of the
Reporting Entities, has been undervalued.
The
Reporting Entities consider their equity position to be for investment purposes
only. Each of the Reporting Entities may acquire additional shares of Common
Stock or sell or otherwise dispose of any or all of the shares of Common Stock
beneficially owned by it, in the open market, in privately negotiated
transactions or otherwise. The Reporting Entities may also take any other action
with respect to the Company or any of its debt or equity securities in any
manner permitted by law.
Except
as
set forth in this Item 4, none of the Reporting Entities have any present plans
or proposals that relate to or would result in any of the actions specified
in
clauses (a) through (j) of the instructions to Item 4 of Schedule 13D. The
Reporting Entities intend to review their investment in the Company on a
continuing basis. Depending on various factors including, without limitation,
the willingness of the Company’s management and Board of Directors to meet with
and consider suggestions of the Reporting Entities, the Company’s financial
position and business strategy, the price levels of the shares of Common Stock,
conditions in the securities markets and general economic and industry
conditions, the Reporting Entities may in the future take such actions with
respect to their investment in the Company as they deem appropriate including,
without limitation, making proposals to the Company concerning changes to the
capitalization, ownership structure or operations of the Company, purchasing
additional
shares
of
Common Stock, selling some or all of their shares of Common Stock, making an
offer to purchase the Company, seeking Board representation or changing their
intention with respect to any and all matters referred to in this Item
4.
Item
5. Interest
in Securities of the Issuer.
(a) As
of May
18, 2006, Barington Companies Equity Partners, L.P. beneficially owns an
aggregate of 103,064 shares of Common Stock, representing approximately 1.82%
of
the shares of Common Stock presently outstanding based upon the 5,673,496 shares
of Common Stock reported by the Company to be issued and outstanding as of
May
1, 2006 in its Form 10-Q filed with the Securities and Exchange Commission
on
May 10, 2006 (the “Issued and Outstanding Shares”).
As
of May
18, 2006, Barington Investments, L.P. beneficially owns 36,864 shares of Common
Stock, constituting approximately 0.65% of the Issued and Outstanding Shares.
As
of May 18, 2006, Barington Companies Offshore Fund, Ltd. beneficially owns
169,472 shares of Common Stock, constituting approximately 2.99% of the Issued
and Outstanding Shares. As the investment advisor to Barington Companies Equity
Partners, L.P. and the investment advisor and general partner of Barington
Investments, L.P., Barington Companies Advisors, LLC may be deemed to
beneficially own the 103,064 shares of Common Stock beneficially owned by
Barington Companies Equity Partners, L.P. and the 36,864 shares of Common Stock
beneficially owned by Barington Investments, L.P., representing an aggregate
of
139,928 shares, constituting approximately 2.47% of the Issued and Outstanding
Shares. As the general partner of Barington Companies Equity Partners, L.P.,
Barington Companies Investors, LLC may be deemed to beneficially own the 103,064
shares of Common Stock beneficially owned by Barington Companies Equity
Partners, L.P., constituting approximately 1.82% of the Issued and Outstanding
Shares. As the investment advisor to Barington Companies Offshore Fund, Ltd.,
Barington Offshore Advisors, LLC may be deemed to beneficially own the 169,472
shares of Common Stock beneficially owned by Barington Companies Offshore Fund,
Ltd., constituting approximately 2.99% of the Issued and Outstanding Shares.
As
the majority member of Barington Companies Advisors, LLC and Barington Companies
Investors, LLC, Barington Capital Group, L.P. may be deemed to beneficially
own
the 103,064 shares of Common Stock beneficially owned by Barington Companies
Equity Partners, L.P. and the 36,864 shares of Common Stock beneficially owned
by Barington Investments, L.P. As the majority member of Barington Offshore
Advisors, LLC, Barington Capital Group, L.P. may also be deemed to beneficially
own the 169,472 shares of Common Stock beneficially owned by Barington Companies
Offshore Fund, Ltd., representing an aggregate of 309,400 shares, constituting
approximately 5.45% of the Issued and Outstanding Shares. As the general partner
of Barington Capital Group, L.P., LNA Capital Corp. may be deemed to
beneficially own the 103,064 shares of Common Stock beneficially owned by
Barington Companies Equity Partners, L.P., the 36,864 shares of Common Stock
beneficially owned by Barington Investments, L.P. and the 169,472 shares of
Common Stock beneficially owned by Barington Companies Offshore Fund, Ltd.,
representing an aggregate of 309,400 shares of Common Stock, constituting
approximately 5.45% of the Issued and Outstanding Shares. As the sole
stockholder and director of LNA Capital Corp., Mr. Mitarotonda may be deemed
to
beneficially own the 103,064 shares of Common Stock beneficially owned by
Barington Companies Equity Partners, L.P., the 36,864 shares of Common Stock
beneficially owned by Barington Investments, L.P. and the 169,472 shares
of
Common Stock beneficially owned by Barington Companies Offshore Fund,
Ltd.,
representing
an aggregate of 309,400 shares of Common Stock, constituting approximately
5.45%
of the Issued and Outstanding Shares. Each of Barington Companies Advisors,
LLC
and Barington Companies Investors, LLC share voting and dispositive power with
respect to the 103,064 shares of Common Stock beneficially owned by Barington
Companies Equity Partners, L.P. Mr. Mitarotonda has sole voting and
dispositive power with respect to the 103,064 shares of Common Stock
beneficially owned by Barington Companies Equity Partners, L.P., the 36,864
shares of Common Stock beneficially owned by Barington Investments, L.P. and
the
169,472 shares of Common Stock beneficially owned by Barington Companies
Offshore Fund, Ltd. Mr. Mitarotonda disclaims beneficial ownership of any such
shares except to the extent of his pecuniary interest therein.
As
of May
18, 2006, each of Starboard Value and Opportunity Master Fund Ltd. and Parche,
LLC beneficially own 25,872 and 4,928 shares of Common Stock, respectively,
constituting approximately 0.46% and 0.09%, respectively, of the Issued and
Outstanding Shares. As the investment manager of Starboard Value and Opportunity
Master Fund Ltd., and the managing member of Parche, LLC, Admiral Advisors,
LLC
may be deemed to beneficially own the 25,872 shares and the 4,928 shares of
Common Stock owned by Starboard Value and Opportunity Master Fund Ltd. and
Parche, LLC, respectively, representing an aggregate of 30,800 shares,
constituting approximately 0.54% of the Issued and Outstanding Shares. As the
sole member of Admiral Advisors, LLC, Ramius Capital Group, L.L.C. may be deemed
to beneficially own the 25,872 shares and the 4,928 shares of Common Stock
owned
by Starboard Value and Opportunity Master Fund Ltd. and Parche, LLC,
respectively, representing an aggregate of 30,800 shares, constituting
approximately 0.54% of the Issued and Outstanding Shares. As the managing member
of Ramius Capital Group, L.L.C., C4S & Co., L.L.C. may be deemed to
beneficially own the 25,872 shares and the 4,928 shares of Common Stock owned
by
Starboard Value and Opportunity Master Fund Ltd. and Parche, LLC, respectively,
representing an aggregate of 30,800 shares, constituting approximately 0.54%
of
the Issued and Outstanding Shares. As the managing members of C4S & Co.,
L.L.C., each of Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon and Thomas
W. Strauss may be deemed to beneficially own the 25,872 shares and the 4,928
shares of Common Stock owned by Starboard Value and Opportunity Master Fund
Ltd.
and Parche, LLC, respectively, representing an aggregate of 30,800 shares,
constituting approximately 0.54% of the Issued and Outstanding Shares. Each
of
Messrs. Cohen, Stark, Solomon and Strauss share voting and dispositive power
with respect to the 25,872 shares and the 4,928 shares owned by Starboard Value
and Opportunity Master Fund Ltd. and Parche, LLC, respectively, by virtue of
their shared authority to vote and dispose of such shares. Messrs. Cohen, Stark,
Solomon and Strauss disclaim beneficial ownership of such shares.
The
Reporting Entities do not believe that certain of the foregoing information
is
called for by the Items of Schedule 13D and are disclosing it for supplemental
informational purposes only. Information with respect to each of the Reporting
Entities is given solely by such Reporting Entity and no Reporting Entity shall
have responsibility for the accuracy or completeness of information supplied
by
another Reporting Entity.
(b) Each
of
the Reporting Entities may be deemed to have sole voting and dispositive power
over the shares of Common Stock reported as beneficially owned by such person
by
virtue of their respective positions as described in paragraph (a), except
that
(i) Messrs. Cohen, Stark, Solomon
and Strauss have shared authority to vote and dispose of the shares reported
as
beneficially
owned by them and (ii) Barington Companies Advisors, LLC and Barington Companies
Investors, LLC have shared authority to vote and dispose of the shares reported
as beneficially owned by Barington Companies Equity Partners, L.P. Messrs.
Cohen, Stark, Solomon and Strauss disclaim beneficial ownership of the shares
reported as beneficially owned by them.
Except
as
set forth above, each of the other Reporting Entities may be deemed to have
sole
voting and dispositive power with respect to the shares each reports as
beneficially owned by such person, regardless of the fact that multiple
Reporting Entities within the same chain of ownership report sole voting and
dispositive power with respect to such shares. Each such Reporting Entity
reports sole voting and dispositive power with respect to such shares based
on
such person’s relationship to the other Reporting Entities within the same chain
of ownership. Except to the extent expressly stated herein, each Reporting
Entity disclaims beneficial ownership of any shares of Common Stock beneficially
owned by any other Reporting Entity.
(c) No
person
identified in Item 2 hereof has effected any transaction in shares of such
Common Stock during the 60 days preceding the date of this filing, except to
the
extent disclosed herein.
(d)
Not
applicable.
(e)
Not
applicable.
Item
6. Contracts,
Arrangements, Understanding or Relationships With Respect to Securities
of the Issuer.
Barington
Capital Group, L.P. or one or more of its affiliates expect to receive from
Starboard Value and Opportunity Master Fund Ltd. and Parche, LLC a fee with
respect to certain profits those entities may derive from their investment
in
the Common Stock of the Company. An agreement between the parties with respect
to the foregoing has not yet been formalized.
Barington
Companies Advisors, LLC is compensated for its services as the general partner
of Barington Investments, L.P. by an affiliate of Millennium Partners, L.P.,
the
limited partner of Barington Investments, L.P., pursuant to a separate
agreement.
Item
7. Material
to be Filed as Exhibits.
| Exhibit No. |
Exhibit
Description
|
|
99.1
|
Agreement
of Joint Filing among Barington Companies Equity Partners, L.P.,
Barington
Investments, L.P., Barington Companies Advisors, LLC, Barington Companies
Investors, LLC, Barington Companies Offshore Fund, Ltd., Barington
Offshore Advisors, LLC, Barington Capital Group, L.P., LNA Capital
Corp.,
James Mitarotonda, Starboard Value and Opportunity Master Fund Ltd.,
Parche, LLC, Admiral Advisors, LLC, Ramius Capital Group, L.L.C.,
C4S
& Co., L.L.C., Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon
and
Thomas W. Strauss dated May 19, 2006.
|
|
99.2
|
Power
of attorney for Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss
and
Jeffrey M. Solomon dated March 11,
2005.
|
SIGNATURES
After
reasonable inquiry and to the best knowledge and belief of the undersigned,
the
undersigned certify that the information set forth in this Statement is true,
complete and correct.
Dated:
May 19, 2006
BARINGTON
COMPANIES
EQUITY PARTNERS, L.P.
By: Barington
Companies Investors, LLC, its general partner
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
Managing Member
BARINGTON
INVESTMENTS, L.P.
By: Barington
Companies Advisors, LLC, its general partner
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
Managing Member
BARINGTON
COMPANIES ADVISORS, LLC
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
Managing Member
BARINGTON
COMPANIES INVESTORS, LLC
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
Managing Member
BARINGTON
COMPANIES OFFSHORE FUND, LTD.
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
President
BARINGTON
OFFSHORE ADVISORS, LLC
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
Authorized Signatory
BARINGTON
CAPITAL GROUP, L.P.
By:
LNA
Capital Corp., its general
partner
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
President and CEO
LNA
CAPITAL
CORP.
By:
/s/
James A. Mitarotonda
Name:
James
A. Mitarotonda
Title:
President and CEO
/s/
James
A. Mitarotonda
James
A.
Mitarotonda
|
STARBOARD
VALUE AND OPPORTUNITY MASTER FUND LTD.
PARCHE,
LLC
By:
Admiral Advisors, LLC, its managing member
|
ADMIRAL
ADVISORS, LLC
By:
Ramius Capital Group, L.L.C., its sole member
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
|
|
|
JEFFREY
M. SOLOMON
/s/
Jeffrey M. Solomon
Individually
and as attorney-in-fact
for
Peter A. Cohen, Morgan B. Stark
and
Thomas W. Strauss
|
|
SCHEDULE
I
Directors
and Officers of Barington Companies Offshore Fund, Ltd.
|
Name
and Position
|
Principal
Occupation
|
Principal
Business Address
|
|
James
A. Mitarotonda
|
Chairman
and Chief Executive
|
888
Seventh Avenue
|
|
Director
and President
|
Officer
of Barington Capital
Group,
L.P.
|
17th
Floor
New
York, NY 10019
|
|
Sebastian
E. Cassetta
|
Senior
Managing Director and
|
888
Seventh Avenue
|
|
Director
|
Chief
Operating Officer of
|
17th
Floor
|
|
|
Barington
Capital Group, L.P.
|
New
York, NY 10019
|
|
Jonathan
Clipper
|
Managing
Director of
|
7
Reid Street, Suite 108
|
|
Director
|
Bedford
Management Ltd.
|
Hamilton
HM11, Bermuda
|
|
Graham
Cook
|
Director/Manager,
Corporate
|
Bison
Court
|
|
Director
|
Services
of Byson Financial
|
P.O.
Box 3460
|
|
Services,
Ltd.
|
Road
Town, Tortola
|
|
|
British
Virgin Islands
|
||
|
Forum
Fund Services, Ltd.
|
Fund
Administration
|
Washington
Mall 1, 3rd
Flr.
|
|
Secretary
|
22
Church Street
|
|
|
Hamilton
HM11, Bermuda
|
||
|
Melvyn
Brunt
|
Chief
Financial Officer of
|
888
Seventh Avenue
|
|
Treasurer
|
Barington
Capital Group, L.P.
|
17th
Floor
|
|
New
York, NY 10019
|
SCHEDULE
II
Officers
of LNA Capital Corp.
|
Name
and Position
|
Principal
Occupation
|
Principal
Business Address
|
|
James
A. Mitarotonda
President
and CEO
|
Chairman
and Chief Executive Officer of Barington Capital
Group,
L.P.
|
888
Seventh Avenue
17th
Floor
New
York, NY 10019
|
|
Sebastian
E. Cassetta
Secretary
|
Senior
Managing Director and Chief Operating Officer of
Barington
Capital Group, L.P.
|
888
Seventh Avenue
17th
Floor
New
York, NY 10019
|
|
Melvyn
Brunt
Treasurer
|
Chief
Financial Officer of
Barington
Capital Group, L.P.
|
888
Seventh Avenue
17th
Floor
New
York, NY 10019
|
SCHEDULE
III
Directors
and Officers of Starboard Value and Opportunity Master Fund Ltd.
|
Name
and Position
|
Principal
Occupation
|
Principal
Business Address
|
|
Mark
Mitchell
Director
|
Managing
Director of Ramius Capital Group, L.L.C.
|
666
Third Avenue
26th
Floor
New
York, New York 10017
|
|
Jeffrey
M. Solomon
Director
|
Managing
Member of C4S & Co., L.L.C., which is the
Managing
Member of Ramius Capital Group, L.L.C.
|
666
Third Avenue
26th
Floor
New
York, New York 10017
|
|
CFS
Company Ltd.
Director
|
Nominee
Company registered with Cayman Islands
Monetary
Authority and is affiliated with Administrator
of
the Fund
|
c/o
Citco Fund Services (Cayman Islands) Limited
Corporate
Center
West
Bay Road
Grand
Cayman, Cayman Islands
British
West Indies
|
|
CSS
Corporation Ltd.
Secretary
|
Affiliate
of the Administrator of the Fund
|
c/o
Citco Fund Services (Cayman Islands) Limited
Corporate
Center
West
Bay Road
Grand
Cayman, Cayman Islands
British
West Indies
|
SCHEDULE
IV
This
schedule sets forth information with respect to each purchase of Common Stock
which was effectuated by a Reporting Entity during the past 60 days. All
transactions were effectuated in the open market through a broker except
to the
extent set forth in Item 3 above.
Shares
purchased by Barington Companies Equity Partners, L.P.
|
Date
|
Number
of
Shares
|
Price
Per Share
|
Per
Share Cost(*)
|
|
3/24/2006
|
13,600
|
$61.500
|
$836,400.00
|
|
3/27/2006
|
19,312
|
$61.750
|
$1,192,516.00
|
|
4/17/2006
|
1,140
|
$57.670
|
$65,743.80
|
|
4/18/2006
|
1,700
|
$58.556
|
$99,545.20
|
|
4/19/2006
|
4,114
|
$58.614
|
$241,138.00
|
|
4/20/2006
|
3,876
|
$58.477
|
$226,656.85
|
|
4/21/2006
|
4,862
|
$58.485
|
$284,354.07
|
|
4/25/2006
|
34,000
|
$59.000
|
$2,006,000.00
|
|
5/5/2006
|
1,922
|
$62.456
|
$120,040.43
|
|
5/8/2006
|
2,170
|
$62.213
|
$135,002.21
|
|
5/9/2006
|
1,457
|
$61.907
|
$90,198.50
|
|
5/10/2006
|
1,581
|
$61.867
|
$97,811.73
|
|
5/11/2006
|
3,069
|
$59.895
|
$183,817.76
|
|
5/12/2006
|
3,224
|
$58.975
|
$190,135.40
|
|
5/15/2006
|
1,705
|
$58.726
|
$100,127.83
|
|
5/16/2006
|
1,085
|
$58.658
|
$63,643.93
|
|
5/17/2006
|
2,635
|
$58.059
|
$152,985.47
|
|
5/18/2006
|
1,612
|
$59.839
|
$96,460.47
|
|
Shares
purchased by Barington Investments, L.P.
|
|||
|
Number
of
|
|||
|
Date
|
Shares
|
Price
Per Share
|
Per Share Cost(*) |
|
3/24/2006
|
4,400
|
$61.500
|
$270,600.00
|
|
3/27/2006
|
6,248
|
$61.750
|
$385,814.00
|
|
4/17/2006
|
608
|
$57.670
|
$35,063.36
|
|
4/18/2006
|
550
|
$58.556
|
$32,205.80
|
|
4/19/2006
|
1,331
|
$58.614
|
$78,015.23
|
|
4/20/2006
|
1,254
|
$58.477
|
$73,330.16
|
|
4/21/2006
|
1,573
|
$58.485
|
$91,996.91
|
|
4/25/2006
|
11,000
|
$59.000
|
$649,000.00
|
|
5/5/2006
|
930
|
$62.456
|
$58,084.08
|
|
5/8/2006
|
1,050
|
$62.213
|
$65,323.65
|
|
5/9/2006
|
705
|
$61.907
|
$43,644.44
|
|
5/10/2006
|
765
|
$61.867
|
$47,328.26
|
|
5/11/2006
|
1,485
|
$59.895
|
$88,944.08
|
|
5/12/2006
|
1,560
|
$58.975
|
$92,001.00
|
|
5/15/2006
|
825
|
$58.726
|
$48,448.95
|
|
5/16/2006
|
525
|
$58.658
|
$30,795.45
|
|
5/17/2006
|
1,275
|
$58.059
|
$74,025.23
|
|
5/18/2006
|
780
|
$59.839
|
$46,674.42
|
|
Shares
purchased by Barington Companies Offshore Fund, Ltd.
|
|||
|
Number
of
|
|||
|
Date
|
Shares
|
Price
Per Share
|
Per
Share Cost(*)
|
| 3/24/2006 | 22,000 | $61.500 | $1,353,000.00 |
|
3/27/2006
|
31,240
|
$61.750
|
$1,929,070.00
|
|
4/17/2006
|
2,052
|
$57.670
|
$118,338.84
|
|
4/18/2006
|
2,750
|
$58.556
|
$161,029.00
|
|
4/19/2006
|
6,655
|
$58.614
|
$390,076.17
|
|
4/20/2006
|
6,270
|
$58.477
|
$366,650.79
|
|
4/21/2006
|
7,865
|
$58.485
|
$459,984.53
|
|
4/25/2006
|
55,000
|
$59.000
|
$3,245,000.00
|
|
5/5/2006
|
3,348
|
$62.456
|
$209,102.69
|
|
5/8/2006
|
3,780
|
$62.213
|
$235,165.14
|
|
5/9/2006
|
2,538
|
$61.907
|
$157,119.97
|
|
5/10/2006
|
2,754
|
$61.867
|
$170,381.72
|
|
5/11/2006
|
5,346
|
$59.895
|
$320,198.67
|
|
5/12/2006
|
5,616
|
$58.975
|
$331,203.60
|
|
5/15/2006
|
2,970
|
$58.726
|
$174,416.22
|
|
5/16/2006
|
1,890
|
$58.658
|
$110,863.62
|
|
5/17/2006
|
4,590
|
$58.059
|
$266,490.81
|
|
5/18/2006
|
2,808
|
$59.839
|
$168,027.91
|
|
Shares
purchased by Starboard Value and Opportunity Master Fund
Ltd.
|
|||
|
Number
of
|
|||
|
Date
|
Shares
|
Price
Per Share
|
Per
Share Cost(*)
|
|
3/24/2006
|
8,400
|
$61.5000
|
$516,600.00
|
|
3/27/2006
|
11,928
|
$61.7500
|
$736,554.00
|
|
5/18/2006
|
5,544
|
$58.8095
|
$326,039.87
|
|
Shares
purchased by Parche, LLC
|
|||
|
Number
of
|
|||
|
Date
|
Shares
|
Price
Per Share
|
Per
Share Cost(*)
|
|
5/18/2006
|
1,056
|
$58.8095
|
$62,102.83
|
|
5/18/2006
|
3,872
|
$58.3700
|
$226,008.64
|
----------
(*)
Excludes commissions and other execution-related costs.
EXHIBIT
99.1
Agreement
of Joint Filing
Pursuant
to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as
amended, the undersigned persons hereby agree to file with the Securities and
Exchange Commission the Statement on Schedule 13D (the “Statement”) to which
this Agreement is attached as an exhibit, and agree that such Statement, as
so
filed, is filed on behalf of each of them.
IN
WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: May
19,
2006
BARINGTON
COMPANIES EQUITY PARTNERS, L.P.
By: Barington
Companies Investors, LLC, its general partner
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title
: Managing Member
BARINGTON
INVESTMENTS, L.P.
By: Barington
Companies Advisors, LLC, its general partner
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
Managing Member
BARINGTON
COMPANIES ADVISORS, LLC
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
Managing Member
BARINGTON
COMPANIES INVESTORS, LLC
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
Managing Member
BARINGTON
COMPANIES OFFSHORE FUND, LTD.
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
President
BARINGTON
OFFSHORE ADVISORS, LLC
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
Authorized Signatory
BARINGTON
CAPITAL GROUP, L.P.
By:
LNA
Capital Corp., its general
partner
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
President and CEO
LNA
CAPITAL CORP.
By:
/s/
James A. Mitarotonda
Name:
James A. Mitarotonda
Title:
President and CEO
/s/
James A. Mitarotonda
James
A.
Mitarotonda
|
STARBOARD
VALUE AND OPPORTUNITY MASTER FUND LTD.
PARCHE,
LLC
By:
Admiral Advisors, LLC, its managing member
|
ADMIRAL
ADVISORS, LLC
By:
Ramius Capital Group, L.L.C., its sole member
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
|
|
|
JEFFREY
M. SOLOMON
/s/
Jeffrey M. Solomon
Individually
and as attorney-in-fact for
Peter
A. Cohen, Morgan B. Stark and
Thomas
W. Strauss
|
|
EXHIBIT
99.2
POWER
OF
ATTORNEY
The
undersigned hereby appoints Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss
and Jeffrey M. Solomon, or any of them, his true and lawful attorney-in fact
and
agent to execute and file with the Securities and Exchange Commission any
Schedule 13D, Schedule 13G, any amendments thereto and any related documentation
which may be required to be filed in his individual capacity as a result of
the
undersigned’s beneficial ownership of, or participation in a group with respect
to, securities directly or indirectly beneficially owned by Ramius Capital
Group, LLC or any of its affiliates, and granting unto said attorney-in-fact
and
agent full power and authority to do and perform each and every act and thing
which he might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent may lawfully do or cause to be done by virtue
hereof. The authority of Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss
and
Jeffrey M. Solomon, or any of them, under this Power of Attorney shall continue
with respect to the undersigned until the undersigned is no longer required
to
file Schedule 13Ds or Schedule 13Gs unless revoked earlier in
writing.
Date: March
11,
2005
/s/
Peter A.
Cohen
Peter
A.
Cohen
/s/
Morgan B.
Stark
Morgan
B.
Stark
/s/
Jeffrey M.
Solomon
Jeffrey
M. Solomon
/s/
Thomas W.
Strauss
Thomas W. Strauss