UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13d - 102)
Information to be included in statements filed pursuant
to Rules 13d-1(b), (c) and (d) and amendments thereto filed
pursuant to 13d-2(b)
(AMENDMENT NO.1)*
LSB Industries, Inc.
(Name of Issuer)
Common Stock, par value $.10
(Title of Class of Securities)
502160104
(CUSIP Number)
December 31, 2004
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule
pursuant to which this Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on the Following Pages)
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corsair Capital Partners, L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
334,770
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
334,770
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
334,770
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.6%
12. TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corsair Long Short International, Ltd.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
10,300
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
10,300
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,300
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 0.1%
12. TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corsair Select, L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
123,350
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
123,350
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,350
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.9%
12. TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corsair Capital Partners 100, L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
15,164
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
15,164
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,164
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1%
12. TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corsair Capital Investors, Ltd.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
51,366
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
51,366
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
51,366
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.4%
12. TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corsair Capital Management, L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
534,950
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
553,600
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
553,600
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.2%
12. TYPE OF REPORTING PERSON*
OO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jay R. Petschek
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
15,000
6. SHARED VOTING POWER
534,950
7. SOLE DISPOSITIVE POWER
15,000
8. SHARED DISPOSITIVE POWER
553,600
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
568,600
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.4%
12. TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Steven Major
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
534,950
7. SOLE DISPOSITIVE POWER
0
8. SHARED DISPOSITIVE POWER
553,600
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
553,600
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.2%
12. TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
This statement is filed pursuant to Rule 13d-2(b) promulgated under the
Securities Exchange Act of 1934, as amended, with respect to the shares of
common stock (the "Common Stock") of LSB Industries, Inc. beneficially owned by
the Reporting Persons identified in Item 2(a) below as of February 8, 2005, and
amends and supplements the Schedule 13G originally filed on January 20, 2004
(collectively, the "Schedule 13G"). Except as set forth herein, the Schedule 13G
is unmodified.
ITEM 2(a). NAME OF PERSON FILING:
The names of the persons filing this statement on Schedule 13G are: Corsair
Capital Partners, L.P. ("Corsair Capital"), Corsair Long Short International,
Ltd. ("Corsair International"), Corsair Select, L.P. ("Corsair Select"), Corsair
Capital Partners 100, L.P. ("Corsair 100"), Corsair Capital Investors, Ltd.
("Corsair Investors"), Corsair Capital Management, L.L.C. ("Corsair
Management"), Jay R. Petschek ("Mr. Petschek") and Steven Major ("Mr. Major" and
collectively, the "Reporting Persons"). Corsair Management is the investment
manager of Corsair Capital, Corsair International, Corsair Select, Corsair 100
and Corsair Investors and the manager of other separate accounts. Messrs.
Petschek and Major are the controlling persons of Corsair Management.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The principal business address for each of Corsair Capital, Corsair Select,
Corsair 100, Corsair Management, Mr. Petschek and Mr. Major is 350 Madison
Avenue, 9th Floor, New York, New York 10017.
The principal business address for each of Corsair International and
Corsair Investors is c/o M&C Corporate Services Limited, P.O. Box 309, Ugland
House, 113 South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies.
ITEM 2(c). CITIZENSHIP:
Each of Corsair Capital, Corsair Select and Corsair 100 is a limited
partnership formed under the laws of the State of
Delaware.
Corsair Management is a limited liability company formed under the laws of
the State of Delaware.
Each of Corsair International and Corsair Investors is an exempted company
formed under the laws of the Cayman Islands, British West Indies.
Each of Mr. Petschek and Mr. Major is a citizen of the United States.
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
Corsair Capital beneficially owns 334,770 shares of Common Stock.
Corsair International beneficially owns 10,300 shares of Common Stock.
Corsair Select beneficially owns 123,350 shares of Common Stock.
Corsair 100 beneficially owns 15,164 shares of Common Stock.
Corsair Investors beneficially owns 51,366 shares of Common Stock.
Corsair Management, as the investment manager of each of Corsair
Capital, Corsair International, Corsair Select, Corsair 100 and
Corsair Investors is deemed to beneficially own the 534,950 shares of
Common Stock beneficially owned by them and an additional 18,650
shares of Common Stock held in separate accounts managed by it.
Mr. Petschek, as a controlling person of Corsair Management, is deemed
to beneficially own the 553,600 shares of Common Stock beneficially
owned by Corsair Management and the beneficial owner of an additional
15,000 shares of Common Stock that he owns personally or through
separate accounts managed by him.
Mr. Major is a controlling person of Corsair Management and is deemed
to beneficially own the 553,600 shares of Common Stock beneficially
owned by it.
Collectively, the Reporting Persons beneficially own 568,600 shares of
Common Stock.
(b) Percent of Class:
Corsair Capital's beneficial ownership of 334,770 shares of Common
Stock represents 2.6% of all the outstanding shares of Common Stock.
Corsair International's beneficial ownership of 10,300 shares of
Common Stock represents less than 0.1% of all the outstanding shares
of Common Stock.
Corsair Select's beneficial ownership of 123,350 shares of Common
Stock represents 0.9% of all the outstanding shares of Common Stock.
Corsair 100's beneficial ownership of 15,164 shares of Common Stock
represents 0.1% of all the outstanding shares of Common Stock.
Corsair Investors' beneficial ownership of 51,366 shares of Common
Stock represents 0.4% of all the outstanding shares of Common Stock.
Corsair Management's and Mr. Major's beneficial ownership of 553,600
shares of Common Stock represents 4.2% of all the outstanding shares
of Common Stock.
The 568,600 shares of Common Stock deemed to be beneficially owned by
Mr. Petschek represent 4.4% of all the outstanding shares of Common
Stock.
Collectively, the Reporting Persons beneficially own 568,600 shares of
Common Stock representing 4.4% of all the outstanding shares of Common
Stock.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
Mr. Petschek has the sole power to or to direct the vote of
the 15,000 shares of Common Stock beneficially owned by him
personally or through separate accounts managed by him.
(ii) Shared power to vote or to direct the vote of shares of Common
Stock:
Corsair Capital, Corsair Management, Mr. Petschek and Mr.
Major have shared power to vote or direct the vote of
334,770 shares of Common Stock.
Corsair International, Corsair Management, Mr. Petschek and
Mr. Major have the shared power to vote or direct the vote
of 10,300 shares of Common Stock.
Corsair Select, Corsair Management, Mr. Petschek and Mr.
Major have the shared power to vote or direct the vote of
123,350 shares of Common Stock.
Corsair 100, Corsair Management, Mr. Petschek and Mr. Major
have the shared power to vote or direct the vote of 15,164
shares of Common Stock.
Corsair Investors, Corsair Management, Mr. Petschek and Mr.
Major have shared power to vote or direct the vote of 51,366
shares of Common Stock.
(iii) Sole power to dispose or to direct the disposition of shares of
Common Stock:
Mr. Petschek has the sole power to dispose or to direct the
disposition of the 15,000 shares of Common Stock
beneficially owned by him personally or through separate
accounts managed by him.
(iv) Shared power to dispose or to direct the disposition of shares
of Common Stock:
Corsair Capital, Corsair Management, Mr. Petschek and Mr.
Major have the power to dispose or to direct the disposition
of 334,770 shares of Common Stock.
Corsair International, Corsair Management, Mr. Petschek and
Mr. Major have the power to dispose or to direct the
disposition of 10,300 shares of Common Stock.
Corsair Select, Corsair Management, Mr. Petschek and Mr.
Major have the power to dispose or to direct the disposition
of 123,350 shares of Common Stock.
Corsair 100, Corsair Management, Mr. Petschek and Mr. Major
have the power to dispose or to direct the disposition of
15,164 shares of Common Stock.
Corsair Investors, Corsair Management, Mr. Petschek and Mr.
Major have the power to dispose or to direct the disposition
of 51,366 shares of Common Stock.
Corsair Management, Mr. Petschek and Mr. Major have the
power to dispose or to direct the disposition of 18,650
shares of Common Stock held in separate accounts managed by
Corsair Management.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the Reporting Persons have ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [X].
ITEM 10. CERTIFICATION.
By signing below the undersigned certifies that, to the best of its or his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete, and correct.
Dated: February 14, 2005
CORSAIR CAPITAL PARTNERS, L.P.
By: Corsair Capital Advisors, L.L.C.,
General Partner
By: /s/ Steven Major
----------------
Steven Major, Managing Member
CORSAIR LONG SHORT INTERNATIONAL, LTD.
By: Corsair Capital Management, L.L.C.,
Director
By: /s/ Steven Major
----------------
Steven Major, Managing Member
CORSAIR SELECT, L.P.
By: Corsair Select Advisors, L.L.C.,
General Partner
By: /s/ Steven Major
----------------
Steven Major, Managing Member
CORSAIR CAPITAL INVESTORS, LTD.
By: Corsair Capital Management, L.L.C.,
Director
By: /s/ Steven Major
----------------
Steven Major, Managing Member
CORSAIR CAPITAL PARTNERS 100, L.P.
By: Corsair Capital Advisors, L.L.C.,
General Partner
By: /s/ Steven Major
----------------
Steven Major, Managing Member
CORSAIR CAPITAL MANAGEMENT, L.L.C.
By: /s/ Steven Major
----------------
Steven Major, Managing Member
/s/ Jay R. Petschek
-------------------
Jay R. Petschek
/s/ Steven Major
----------------
Steven Major