UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(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. 11)*
Intrawest Corporation
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
460915200
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(CUSIP Number)
Thomas R. Hudson Jr.
Pirate Capital LLC
200 Connecticut Avenue, 4th Floor
Norwalk, CT 06854
(203) 854-1100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 8, 2006
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(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 6 Pages)
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* 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).
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CUSIP NO. 460915200 SCHEDULE 13D PAGE 2 OF 6 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY).
PIRATE CAPITAL LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 8,928,570
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,928,570
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,928,570
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.2%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 460915200 SCHEDULE 13D PAGE 3 OF 6 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY).
THOMAS R. HUDSON JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 8,928,570
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,928,570
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,928,570
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.2%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 460915200 SCHEDULE 13D PAGE 4 OF 6 PAGES
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The Schedule 13D filed on June 28, 2005 by Pirate Capital LLC, a Delaware
limited liability company ("Pirate Capital"), and Thomas R. Hudson Jr.
(together, the "Reporting Persons"), relating to the shares of common stock, no
par value ("Shares"), of Intrawest Corporation (the "Issuer"), as previously
amended by Amendment No. 1 to the Schedule 13D filed on July 25, 2005, Amendment
No. 2 filed on October 18, 2005, Amendment No. 3 filed on November 4, 2005,
Amendment No. 4 filed on December 16, 2005, Amendment No. 5 filed on February 9,
2006, Amendment No. 6 filed on March 2, 2006, Amendment No. 7 filed on April 18,
2006, Amendment No. 8 filed on April 28, 2006, Amendment No. 9 filed on May 19,
2006 and Amendment No. 10 filed on June 26, 2006 is hereby amended by this
Amendment No. 11 to the Schedule 13D. The principal executive office of the
Issuer is located at 200 Burrard Street, Suite 800, Vancouver, BC V6C 3L6,
Canada.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended and restated as follows:
Funds for the purchase of the Shares reported herein were derived from
available capital of the Holders. A total of approximately $239,239,012 was paid
to acquire such Shares.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
On August 11, 2006, Pirate Capital issued a press release (the "Release") (i)
announcing its support for the sale of the Issuer to Fortress Investment Group
LLC for US$2.8 Billion (US$35 cash per share), and (ii) commending the Board of
Directors and executive management of the Issuer for conducting the broad and
thorough strategic review that resulted in the sale. A copy of the Release is
attached hereto as Exhibit 1 and incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY
Paragraphs (a), (b) and (c) of Item 5 are hereby amended and restated as
follows:
(a) The Reporting Persons beneficially own 8,928,570 Shares, constituting
approximately 18.2% of the Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 49,059,126 Shares outstanding, which is the total number
of Shares outstanding as reported in the Issuer's Report of Foreign Issuer on
Form 6-K filed on May 15, 2006.
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CUSIP NO. 460915200 SCHEDULE 13D PAGE 5 OF 6 PAGES
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(b) By virtue of its position as general partner of Jolly Roger Fund LP,
Pirate Capital has the power to vote or direct the voting, and to dispose or
direct the disposition, of all of the 994,100 Shares held by Jolly Roger Fund
LP. By virtue of agreements with Jolly Roger Offshore Fund LTD and Jolly Roger
Activist Portfolio Company LTD, Pirate Capital has the power to vote or direct
the voting, and to dispose or direct the disposition, of all of the 7,934,470
Shares held by Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio
Company LTD (Mint Master Fund LTD no longer owns Shares due to an internal
reallocation). By virtue of his position as sole Managing Member of Pirate
Capital, Thomas R. Hudson Jr. is deemed to have shared voting power and shared
dispositive power with respect to all Shares as to which Pirate Capital has
voting power or dispositive power. Accordingly, Pirate Capital LLC and Thomas R.
Hudson Jr. are deemed to have shared voting and shared dispositive power with
respect to an aggregate of 8,928,570 Shares.
(c) The following transactions in the Shares were effected by the
Reporting Persons since the most recent filing on Schedule 13D. All of the
Shares were purchased in open market transactions.
Jolly Roger Offshore Fund LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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6/28/2006 6,300 30.70
6/29/2006 3,100 30.95
7/06/2006 10,000 31.36
7/11/2006 9,400 29.75
7/12/2006 5,000 30.04
7/21/2006 5,000 28.00
7/25/2006 10,000 29.48
7/25/2006 25,000 29.30
8/08/2006 85,700 26.95
8/08/2006 150,000 27.00
8/09/2006 25,000 26.94
8/09/2006 10,000 26.75
8/10/2006 10,000 26.55
Jolly Roger Activist Portfolio Company LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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6/30/2006 33,500 31.75
8/03/2006 2,600 26.30
8/04/2006 100,000 26.69
8/07/2006 40,200 27.01
8/07/2006 65,000 27.00
8/07/2006 50,000 26.93
Mint Master Fund LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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7/17/2006 5,000 28.75
7/18/2006 6,200 28.37
7/19/2006 5,000 28.86
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1. Press Release of Pirate Capital dated August 11, 2006
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CUSIP NO. 460915200 SCHEDULE 13D PAGE 6 OF 6 PAGES
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SIGNATURES
After reasonable inquiry and to the best of each of the undersigneds'
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Dated: August 11, 2006
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Managing Manager
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.