--------------------------
                                                             OMB APPROVAL
                                                      --------------------------
                                                      OMB Number:      3235-0145
                                                      Expires: February 28, 2009
                                                      Estimated  average  burden
                                                      hours per response....14.5
                                                      --------------------------

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*


                       Ligand Pharmaceuticals Incorporated
--------------------------------------------------------------------------------
                                (Name of Issuer)

                    Common Stock, par value $0.001 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    53220K207
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                 Mark C. Wehrly
                       Farallon Capital Management, L.L.C.
                         One Maritime Plaza, Suite 1325
                         San Francisco, California 94111
                                 (415) 421-2132
--------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                September 8, 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  that is the subject of this  Schedule  13D, and is filing this
schedule because of Sections 240.13d-1(e),  240.13d-1(f) or 240.13d-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 Section 240.13d-7 for other
parties to whom copies are to be sent.

* 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 following pages)
                               Page 1 of 43 Pages







                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Noonday Asset Management, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                               Page 2 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Noonday G.P. (U.S.), L.L.C.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            OO
------------====================================================================


                               Page 3 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Noonday Capital, L.L.C.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            OO
------------====================================================================


                               Page 4 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            David I. Cohen
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================


                               Page 5 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Saurabh K. Mittal
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            India
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================


                               Page 6 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Noonday Capital Partners, L.L.C.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    28,500 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     28,500 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            28,500 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            0.0% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            OO
------------====================================================================


                               Page 7 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            California
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    1,316,261 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     1,316,261 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            1,316,261 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            1.7% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                               Page 8 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Institutional Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            California
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    1,234,108 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     1,234,108 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            1,234,108 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            1.6% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                               Page 9 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Institutional Partners II, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            California
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    172,723 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     172,723 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            172,723 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            0.2% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                              Page 10 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Institutional Partners III, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    138,811 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     138,811 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            138,811 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            0.2% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                              Page 11 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Tinicum Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            New York
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    50,988 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     50,988 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            50,988 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            0.1% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                              Page 12 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            RR Capital Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    17,850 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     17,850 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            17,850 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            0.0% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                              Page 13 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Offshore Investors II, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            WC, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Cayman Islands
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    1,228,175 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     1,228,175 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            1,228,175 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            1.5% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            PN
------------====================================================================


                              Page 14 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Management, L.L.C.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    3,079,911 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     3,079,911 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            3,079,911 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            3.9% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IA, OO
------------====================================================================


                              Page 15 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Partners, L.L.C.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    4,187,416 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     4,187,416 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            4,187,416 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            5.2% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            OO
------------====================================================================


                              Page 16 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Chun R. Ding
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================


                              Page 17 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            William F. Duhamel
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 18 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Richard B. Fried
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 19 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Monica R. Landry
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================


                              Page 20 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            William F. Mellin
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 21 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Stephen L. Millham
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 22 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Jason E. Moment
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 23 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Rajiv A. Patel
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 24 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Derek C. Schrier
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================


                              Page 25 of 43 Pages




                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Thomas F. Steyer
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================



                              Page 26 of 43 Pages



                                       13D
===================
CUSIP No. 53220K207
===================


------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Mark C. Wehrly
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 7,267,327  Shares,  which is 8.8% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            SOURCE OF FUNDS (See Instructions)
    4
            AF, OO
------------====================================================================
            CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    5       TO ITEMS 2(d) OR 2(e)
                                                                  [   ]
------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    6
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             7
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          8
         OWNED BY                    7,267,327 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             9
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             10
                                     7,267,327 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    11
            7,267,327 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
    12      CERTAIN SHARES (See Instructions)
                                                                  [   ]
------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    13
            8.8% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    14
            IN
------------====================================================================


                              Page 27 of 43 Pages



         This  Amendment No. 1 to Schedule 13D amends the Schedule 13D initially
filed on  August  10,  2006  (collectively,  with all  amendments  thereto,  the
"Schedule 13D").

         Preliminary  Note: The Reporting  Persons (as defined below) are filing
this Schedule 13D with respect to the shares of Common  Stock,  par value $0.001
per  share  (the  "Shares"),   of  Ligand   Pharmaceuticals   Incorporated  (the
"Company").  Certain of the Reporting  Persons own, in aggregate,  (i) 2,017,500
Shares, (ii) $18,800,000  principal amount of 6% Convertible  Subordinated Notes
due 2007 (the "Convertible Notes") issued by the Company,  each $1,000 principal
amount of Convertible  Notes  immediately  convertible to 161.9905  Shares,  and
(iii)  Warrants  (the  "Warrants")  issued by the  Company to  purchase  357,006
Shares.  Each  Warrant has an exercise  price of $10 per Share,  is  immediately
exercisable  and has an  expiration  date of  October  6,  2006.  If all of such
Convertible Notes and Warrants were converted or exercised,  as applicable,  the
Reporting Persons would (including  Shares currently held)  beneficially own, in
aggregate,   7,267,327  Shares.   Unless  stated  otherwise,   all  numbers  and
percentages  contained in the cover pages to this Schedule 13D represent  Shares
currently held by certain  Reporting Persons and all Shares that would be issued
to  certain  Reporting   Persons  assuming  full  conversion  or  exercise,   as
applicable,  of the  Convertible  Notes  and  Warrants  owned  by the  Reporting
Persons.  Such numbers and percentages do not reflect the conversion or exercise
of Convertible  Notes or Warrants  beneficially  owned by any persons other than
the Reporting Persons. For information  regarding the Convertible Notes, see the
Company's  Registration  Statement on a Form S-3 filed with the  Securities  and
Exchange Commission on January 13, 2003, as amended.  For information  regarding
the Warrants,  see the Company's  Annual  Statement on a Form 10K filed with the
Securities and Exchange Commission on March 21, 2003, as amended.

Item 3.  Source And Amount Of Funds And Other Consideration
------   --------------------------------------------------

         Item  3 of  the  Schedule  13D  is  amended  and  supplemented  by  the
following:

         The net investment cost (including commissions) for the Shares acquired
by each of the  Funds and the  Managed  Accounts  since the  filing of the prior
Schedule 13D is set forth below:

      Entity                   Shares Acquired              Approximate Net
      ------                   ---------------              ---------------
                                                            Investment Cost
                                                            ---------------
      Noonday Fund                    19,400                     $195,467
      FCP                            337,300                   $3,368,263
      FCIP                           400,600                   $4,026,841
      FCIP II                         29,900                     $298,323
      FCIP III                        40,600                     $407,633
      Tinicum                         13,600                     $136,374
      FCOI II                        471,300                   $4,726,901
      Managed Accounts             1,381,400                  $13,841,048

         The consideration  for such  acquisitions was obtained as follows:  (i)
with respect to the Noonday Fund, FCP, Tinicum and FCOI II, from working capital
and/or from borrowings  pursuant to margin  accounts  maintained in the ordinary
course of  business by the Noonday  Fund,


                              Page 28 of 43 Pages



FCP,  Tinicum and FCOI II at Goldman,  Sachs & Co.;  (ii) with  respect to FCIP,
FCIP II and FCIP III,  from  working  capital;  and (iii)  with  respect  to the
Managed  Accounts,  from the working capital of the Managed Accounts and/or from
borrowings  pursuant to margin  accounts  maintained  in the ordinary  course of
business  by some of the Managed  Accounts  at Goldman,  Sachs & Co. The Noonday
Fund,  FCP,  Tinicum,  FCOI II and some of the  Managed  Accounts  hold  certain
securities in their respective margin accounts at Goldman,  Sachs & Co., and the
accounts  may from time to time  have  debit  balances.  It is not  possible  to
determine the amount of borrowings, if any, used to acquire the Shares.

Item 5.  Interest In Securities Of The Issuer
------   ------------------------------------

         Item 5 of the  Schedule  13D is amended and restated in its entirety as
follows:

         (a)      The Funds
                  ---------

                  (a),(b)  The information set forth in Rows 7 through 13 of the
                           cover  page  hereto  for  each  Fund is  incorporated
                           herein  by   reference   for  each  such  Fund.   The
                           percentage  amount  set forth in Row 13 for all cover
                           pages  filed  herewith is  calculated  based upon the
                           78,740,945 Shares  outstanding as of July 31, 2006 as
                           reported  by the Company in its  Quarterly  Report on
                           Form 10-Q for the period  ended  June 30,  2006 filed
                           with the Securities and Exchange Commission on August
                           9, 2006,  plus the number of  additional  Shares each
                           Reporting   Person  is  deemed  to  beneficially  own
                           through its beneficial ownership of Convertible Notes
                           and Warrants.


                  (c)      The trade dates,  number of Shares  purchased or sold
                           and the price per Share  (including  commissions) for
                           all  purchases  and sales of the  Shares by the Funds
                           since the  filing of the prior  Schedule  13D are set
                           forth on  Schedules  A-G hereto and are  incorporated
                           herein by reference.  All of such  transactions  were
                           open-market   transactions.    No   transactions   in
                           Convertible  Notes or Warrants have been  consummated
                           since the filing of the prior Schedule 13D.

                  (d)      Each of the First  Noonday  Sub-adviser,  the  Second
                           Noonday  Sub-adviser and the Farallon General Partner
                           has the  power to direct  the  receipt  of  dividends
                           relating  to, or the  disposition  of the proceeds of
                           the sale of, all of the Shares, Convertible Notes and
                           Warrants  held by the Funds as reported  herein.  The
                           Noonday General Partner is the general partner of the
                           Second Noonday  Sub-adviser.  The Noonday  Individual
                           Reporting  Persons are  managing  members of both the
                           First  Noonday  Sub-adviser  and the Noonday  General
                           Partner.  The Farallon  Individual  Reporting Persons
                           are managing members of the Farallon General Partner.

                  (e)      Not applicable.


                              Page 29 of 43 Pages



         (b)      The Noonday Sub-adviser Entities
                  --------------------------------

                  (a),(b)  The information set forth in Rows 7 through 13 of the
                           cover page hereto for each Noonday Sub-adviser Entity
                           is  incorporated  herein by  reference  for each such
                           Noonday Sub-adviser Entity.

                  (c)      None.

                  (d)      Each of the First  Noonday  Sub-adviser,  the  Second
                           Noonday  Sub-adviser and the Farallon General Partner
                           has the  power to direct  the  receipt  of  dividends
                           relating  to, or the  disposition  of the proceeds of
                           the sale of, all of the Shares, Convertible Notes and
                           Warrants held by the Funds as reported  herein.  Each
                           of the First Noonday Sub-adviser,  the Second Noonday
                           Sub-adviser and the Management  Company has the power
                           to direct the receipt of  dividends  relating  to, or
                           the  disposition  of the proceeds of the sale of, all
                           of the Shares, Convertible Notes and Warrants held by
                           the Managed Accounts as reported herein.  The Noonday
                           General  Partner is the general partner of the Second
                           Noonday Sub-adviser. The Noonday Individual Reporting
                           Persons  are  managing  members  of  both  the  First
                           Noonday  Sub-adviser and the Noonday General Partner.
                           The  Farallon   Individual   Reporting   Persons  are
                           managing members of both the Farallon General Partner
                           and the Management Company.

                  (e)      Not applicable.

         (c)      The Noonday Individual Reporting Persons
                  ----------------------------------------

                  (a),(b)  The information set forth in Rows 7 through 13 of the
                           cover  page  hereto  for  each   Noonday   Individual
                           Reporting Person is incorporated  herein by reference
                           for each such Noonday Individual Reporting Person.

                  (c)      None.

                  (d)      Each of the First  Noonday  Sub-adviser,  the  Second
                           Noonday  Sub-adviser and the Farallon General Partner
                           has the  power to direct  the  receipt  of  dividends
                           relating  to, or the  disposition  of the proceeds of
                           the sale of, all of the Shares, Convertible Notes and
                           Warrants held by the Funds. Each of the First Noonday
                           Sub-adviser,  the Second Noonday  Sub-adviser and the
                           Management  Company  has  the  power  to  direct  the
                           receipt of dividends  relating to, or the disposition
                           of the  proceeds  of the sale of, all of the  Shares,
                           Convertible  Notes and  Warrants  held by the Managed
                           Accounts.  The Noonday General Partner is the general
                           partner  of  the  Second  Noonday  Sub-adviser.   The
                           Noonday  Individual  Reporting  Persons are  managing
                           members of both the First Noonday Sub-adviser and the



                              Page 30 of 43 Pages



                           Noonday  General  Partner.  The  Farallon  Individual
                           Reporting  Persons are  managing  members of both the
                           Farallon General Partner and the Management Company.

                  (e)      Not applicable.

         (d)      The Management Company
                  ----------------------

                  (a),(b)  The information set forth in Rows 7 through 13 of the
                           cover  page  hereto  for the  Management  Company  is
                           incorporated herein by reference.

                  (c)      The trade dates,  number of Shares  purchased or sold
                           and the price per Share  (including  commissions) for
                           all   purchases  and  sales  of  the  Shares  by  the
                           Management  Company on behalf of the Managed Accounts
                           since the  filing of the prior  Schedule  13D are set
                           forth  on  Schedule  H  hereto  and are  incorporated
                           herein by reference.  All of such  transactions  were
                           open-market   transactions.    No   transactions   in
                           Convertible  Notes or Warrants have been  consummated
                           since the filing of the prior Schedule 13D.

                  (d)      Each of the First  Noonday  Sub-adviser,  the  Second
                           Noonday  Sub-adviser  and the Management  Company has
                           the power to direct the receipt of dividends relating
                           to, or the  disposition  of the  proceeds of the sale
                           of, all of the Shares, Convertible Notes and Warrants
                           held by the Managed Accounts as reported herein.  The
                           Noonday General Partner is the general partner of the
                           Second Noonday  Sub-adviser.  The Noonday  Individual
                           Reporting  Persons are  managing  members of both the
                           First  Noonday  Sub-adviser  and the Noonday  General
                           Partner.  The Farallon  Individual  Reporting Persons
                           are managing members of the Management Company.

                  (e)      Not applicable.

         (e)      The Farallon General Partner
                  ----------------------------

                  (a),(b)  The information set forth in Rows 7 through 13 of the
                           cover page hereto for the Farallon General Partner is
                           incorporated herein by reference.

                  (c)      None.

                  (d)      Each of the First  Noonday  Sub-adviser,  the  Second
                           Noonday  Sub-adviser and the Farallon General Partner
                           has the  power to direct  the  receipt  of  dividends
                           relating  to, or the  disposition  of the proceeds of
                           the sale of, all of the Shares, Convertible Notes and
                           Warrants  held by the Funds as reported  herein.  The
                           Noonday General Partner is the general partner of the
                           Second Noonday  Sub-adviser.  The Noonday  Individual
                           Reporting  Persons are  managing  members of both the
                           First  Noonday  Sub-adviser  and the Noonday  General
                           Partner.  The Farallon  Individual  Reporting Persons
                           are managing members of the Farallon General Partner.


                              Page 31 of 43 Pages



                  (e)      Not applicable.

         (f)      The Farallon Individual Reporting Persons
                  -----------------------------------------

                  (a),(b)  The information set forth in Rows 7 through 13 of the
                           cover  page  hereto  for  each  Farallon   Individual
                           Reporting Person is incorporated  herein by reference
                           for each such Farallon Individual Reporting Person.

                  (c)      None.

                  (d)      Each of the First  Noonday  Sub-adviser,  the  Second
                           Noonday  Sub-adviser and the Farallon General Partner
                           has the  power to direct  the  receipt  of  dividends
                           relating  to, or the  disposition  of the proceeds of
                           the sale of, all of the Shares, Convertible Notes and
                           Warrants held by the Funds as reported  herein.  Each
                           of the First Noonday Sub-adviser,  the Second Noonday
                           Sub-adviser and the Management  Company has the power
                           to direct the receipt of  dividends  relating  to, or
                           the  disposition  of the proceeds of the sale of, all
                           of the Shares, Convertible Notes and Warrants held by
                           the Managed Accounts as reported herein.  The Noonday
                           General  Partner is the general partner of the Second
                           Noonday Sub-adviser. The Noonday Individual Reporting
                           Persons  are  managing  members  of  both  the  First
                           Noonday  Sub-adviser and the Noonday General Partner.
                           The  Farallon   Individual   Reporting   Persons  are
                           managing members of both the Farallon General Partner
                           and the Management Company.

                  (e)      Not applicable.

         The Shares reported hereby for the Funds are beneficially  owned by the
Funds (through their direct ownership of Shares, Convertible Notes and Warrants)
and those reported by the Management  Company on behalf of the Managed  Accounts
are beneficially  owned by the Managed Accounts  (through their direct ownership
of Shares,  Convertible Notes and Warrants).  The First Noonday  Sub-adviser and
the Second Noonday Sub-adviser,  as sub-investment advisers to the Funds and the
Managed  Accounts,  may be deemed to be the beneficial owners of all such Shares
beneficially  owned by the Funds and the Managed  Accounts (in each case through
their direct ownership of Shares,  Convertible Notes and Warrants).  The Noonday
General Partner,  as general partner to the Second Noonday  Sub-adviser,  may be
deemed to be the beneficial owner of all such Shares  beneficially  owned by the
Funds and the Managed  Accounts (in each case through their direct  ownership of
Shares,  Convertible  Notes and  Warrants).  The  Noonday  Individual  Reporting
Persons,  as  managing  members of both the First  Noonday  Sub-adviser  and the
Noonday General  Partner,  may each be deemed to be the beneficial  owner of all
such Shares  beneficially  owned by the Funds and the Managed  Accounts (in each
case through their direct ownership of Shares,  Convertible Notes and Warrants).
The Management  Company,  as investment adviser to the Managed Accounts,  may be
deemed to be the beneficial owner of all such Shares  beneficially  owned by the
Managed Accounts  (through their direct ownership of Shares,  Convertible  Notes
and Warrants).  The Farallon General Partner, as general partner to the Farallon
Funds  and  managing  member  of  the  Noonday  Fund,  may be  deemed  to be the
beneficial  owner of all such Shares  beneficially  owned by the Funds


                              Page 32 of 43 Pages



(through their direct ownership of Shares,  Convertible Notes and Warrants). The
Farallon  Individual   Reporting  Persons,  as  managing  members  of  both  the
Management  Company and the Farallon  General Partner with the power to exercise
investment discretion, may each be deemed to be the beneficial owner of all such
Shares  beneficially  owned by the Funds and the Managed  Accounts (in each case
through their direct ownership of Shares,  Convertible Notes and Warrants). Each
of the Noonday  Sub-adviser  Entities,  the  Management  Company,  the  Farallon
General  Partner and the  Individual  Reporting  Persons  hereby  disclaims  any
beneficial ownership of any such Shares.





















                              Page 33 of 43 Pages



                                   SIGNATURES
                                   ----------


         After  reasonable  inquiry and to the best of our knowledge and belief,
the  undersigned  certify that the  information  set forth in this  statement is
true, complete and correct.

Dated:  September 18, 2006


                        /s/ Monica R. Landry
                     ----------------------------------------
                     NOONDAY G.P. (U.S.), L.L.C.
                     By Monica R. Landry, Attorney-in-fact


                        /s/ Monica R. Landry
                     ----------------------------------------
                     NOONDAY CAPITAL, L.L.C.,
                     On its own behalf
                     and as the General Partner of
                     NOONDAY ASSET MANAGEMENT, L.P.
                     By Monica R. Landry, Attorney-in-fact


                        /s/ Monica R. Landry
                     ----------------------------------------
                     FARALLON PARTNERS, L.L.C.,
                     On its own behalf,
                     as the General Partner of
                     FARALLON CAPITAL PARTNERS, L.P.,
                     FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
                     FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
                     FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,
                     TINICUM PARTNERS, L.P.,
                     RR CAPITAL PARTNERS, L.P. and
                     FARALLON CAPITAL OFFSHORE INVESTORS II, L.P.
                     and as the Managing Member of
                     NOONDAY CAPITAL PARTNERS, L.L.C.
                     By Monica R. Landry, Managing Member


                        /s/ Monica R. Landry
                     ----------------------------------------
                     FARALLON CAPITAL MANAGEMENT, L.L.C.
                     By Monica R. Landry, Managing Member


                        /s/ Monica R. Landry
                     ----------------------------------------
                     Monica R. Landry, individually and as attorney-in-fact for
                     each of David I. Cohen, Chun R. Ding, William F. Duhamel,
                     Richard B. Fried, William F. Mellin, Stephen L. Millham,
                     Saurabh K. Mittal, Jason E. Moment, Rajiv A. Patel,
                     Derek C. Schrier, Thomas F. Steyer and Mark C. Wehrly


                              Page 34 of 43 Pages



         The Powers of Attorney  executed by Duhamel,  Fried,  Mellin,  Millham,
Steyer and Wehrly  authorizing Landry to sign and file this Schedule 13D on each
person's behalf, which were filed with Amendment No. 2 to the Schedule 13D filed
with the Securities and Exchange  Commission on July 16, 2003, by such Reporting
Persons with respect to the Common Stock of New World  Restaurant  Group,  Inc.,
are hereby  incorporated by reference.  The Powers of Attorney  executed by Ding
and  Schrier  authorizing  Landry  to sign and file  this  Schedule  13D on each
person's behalf, which were filed with Amendment No. 1 to the Schedule 13D filed
with the Securities  and Exchange  Commission on July 2, 2003, by such Reporting
Persons  with respect to the Common Stock of Salix  Pharmaceuticals,  Ltd.,  are
hereby  incorporated  by  reference.  The Power of  Attorney  executed  by Patel
authorizing  Landry to sign and file this Schedule 13D on his behalf,  which was
filed with  Amendment  No. 4 to the Schedule 13G filed with the  Securities  and
Exchange Commission on January 8, 2004, by such Reporting Person with respect to
the Common Stock of Catalytica Energy Systems,  Inc., is hereby  incorporated by
reference.  The Powers of Attorney  executed  by Noonday  G.P.  (U.S.),  L.L.C.,
Noonday Asset Management,  L.P.,  Noonday Capital,  L.L.C. and Cohen authorizing
Landry to sign and file this Schedule 13D on its or his behalf, which were filed
with  Amendment No. 5 to the Schedule 13G filed with the Securities and Exchange
Commission  on January 10, 2005, by such  Reporting  Persons with respect to the
Common Stock of Catalytica  Energy  Systems,  Inc., are hereby  incorporated  by
reference.  The Power of Attorney executed by Mittal  authorizing Landry to sign
and file this Schedule 13D on his behalf,  which was filed with  Amendment No. 6
to the Schedule 13G filed with the Securities and Exchange Commission on October
5, 2005, by such Reporting Person with respect to the Common Stock of Catalytica
Energy Systems, Inc., is hereby incorporated by reference. The Power of Attorney
executed by Moment  authorizing Landry to sign and file this Schedule 13D on his
behalf,  which was filed with the  Schedule  13D filed with the  Securities  and
Exchange Commission on January 9, 2006, by such Reporting Person with respect to
the  Common  Stock  of  Vintage  Petroleum,  Inc.,  is  hereby  incorporated  by
reference.







                              Page 35 of 43 Pages



                                   SCHEDULE A
                                   -----------


                        NOONDAY CAPITAL PARTNERS, L.L.C.
                        --------------------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                   ----------

         8/11/2006                      400                         $8.43
          9/7/2006                    1,154                         $9.71
          9/7/2006                    1,846                         $9.71
          9/7/2006                    4,800                         $9.69
          9/8/2006                      670                        $10.54
          9/8/2006                    1,278                        $10.52
          9/8/2006                      922                        $10.54
          9/8/2006                      930                        $10.52
          9/8/2006                      880                        $10.54
          9/8/2006                    1,220                        $10.52
          9/8/2006                      628                        $10.54
          9/8/2006                      872                        $10.52
         9/11/2006                      200                        $10.38
         9/11/2006                      100                        $10.22
         9/11/2006                      700                        $10.23
         9/12/2006                    1,300                        $10.06
         9/13/2006                    1,500                        $10.15





                              Page 36 of 43 Pages



                                   SCHEDULE B
                                   ----------


                         FARALLON CAPITAL PARTNERS, L.P.
                         -------------------------------

                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                  ----------

         8/11/2006                   22,900                         $8.43
         8/11/2006                      400                         $8.40
          9/7/2006                   31,531                         $9.71
          9/7/2006                   82,600                         $9.69
          9/7/2006                   19,469                         $9.71
          9/8/2006                   10,835                        $10.54
          9/8/2006                   20,940                        $10.52
          9/8/2006                   15,065                        $10.52
          9/8/2006                   15,060                        $10.54
          9/8/2006                   14,140                        $10.54
          9/8/2006                   10,165                        $10.54
          9/8/2006                   19,660                        $10.52
          9/8/2006                   14,135                        $10.52
         9/11/2006                    3,700                        $10.38
         9/11/2006                    1,900                        $10.22
         9/11/2006                   11,300                        $10.23
         9/12/2006                   20,000                        $10.06
         9/13/2006                   23,500                        $10.15






                              Page 37 of 43 Pages



                                   SCHEDULE C
                                   ----------


                  FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
                  ---------------------------------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                  ----------

         8/11/2006                    12,600                        $8.43
         8/11/2006                       200                        $8.40
          9/7/2006                    38,330                        $9.71
          9/7/2006                    23,670                        $9.71
          9/7/2006                   100,400                        $9.69
          9/8/2006                    18,729                       $10.52
          9/8/2006                    18,742                       $10.54
          9/8/2006                    13,471                       $10.54
          9/8/2006                    26,058                       $10.52
          9/8/2006                    12,675                       $10.54
          9/8/2006                    24,488                       $10.52
          9/8/2006                    17,612                       $10.54
          9/8/2006                    17,625                       $10.52
         9/11/2006                     4,700                       $10.38
         9/11/2006                    14,500                       $10.23
         9/11/2006                     2,500                       $10.22
         9/12/2006                    25,800                       $10.06
         9/13/2006                    28,500                       $10.15







                              Page 38 of 43 Pages



                                   SCHEDULE D
                                   ----------


                FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
                ------------------------------------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                  ----------

         8/11/2006                     1,700                       $8.43
          9/7/2006                     1,908                       $9.71
          9/7/2006                     3,092                       $9.71
          9/7/2006                     8,100                       $9.69
          9/8/2006                     1,221                      $10.52
          9/8/2006                     1,213                      $10.54
          9/8/2006                       879                      $10.54
          9/8/2006                     1,687                      $10.52
          9/8/2006                     1,629                      $10.52
          9/8/2006                       837                      $10.54
          9/8/2006                     1,163                      $10.52
          9/8/2006                     1,171                      $10.54
         9/11/2006                       300                      $10.38
         9/11/2006                       200                      $10.22
         9/11/2006                     1,000                      $10.23
         9/12/2006                     1,800                      $10.06
         9/13/2006                     2,000                      $10.15








                              Page 39 of 43 Pages



                                   SCHEDULE E
                                   ----------


                FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
                -------------------------------------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                  ----------

         8/11/2006                     1,000                       $8.43
          9/7/2006                     2,678                       $9.71
          9/7/2006                     4,322                       $9.71
          9/7/2006                    11,300                       $9.69
          9/8/2006                     1,350                      $10.54
          9/8/2006                     1,856                      $10.54
          9/8/2006                     2,544                      $10.52
          9/8/2006                     1,850                      $10.52
          9/8/2006                     1,265                      $10.54
          9/8/2006                     1,735                      $10.52
          9/8/2006                     1,729                      $10.54
          9/8/2006                     2,371                      $10.52
         9/11/2006                       400                      $10.38
         9/11/2006                     1,300                      $10.23
         9/11/2006                       200                      $10.22
         9/12/2006                     2,200                      $10.06
         9/13/2006                     2,500                      $10.15









                              Page 40 of 43 Pages



                                   SCHEDULE F
                                   ----------


                             TINICUM PARTNERS, L.P.
                             ----------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                  ----------

         8/11/2006                       700                        $8.43
          9/7/2006                       769                        $9.71
          9/7/2006                     1,231                        $9.71
          9/7/2006                     3,200                        $9.69
          9/8/2006                       462                       $10.54
          9/8/2006                       870                       $10.52
          9/8/2006                       630                       $10.54
          9/8/2006                       638                       $10.52
          9/8/2006                       812                       $10.52
          9/8/2006                       588                       $10.54
          9/8/2006                       420                       $10.54
          9/8/2006                       580                       $10.52
         9/11/2006                       200                       $10.38
         9/11/2006                       100                       $10.22
         9/11/2006                       500                       $10.23
         9/12/2006                       900                       $10.06
         9/13/2006                     1,000                       $10.15







                              Page 41 of 43 Pages



                                   SCHEDULE G
                                   ----------


                  FARALLON CAPITAL OFFSHORE INVESTORS II, L.P.
                  --------------------------------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                   ----------

         8/11/2006                       400                       $8.40
         8/11/2006                    23,200                       $8.43
          9/7/2006                    26,348                       $9.71
          9/7/2006                    42,652                       $9.71
          9/7/2006                   111,700                       $9.69
          9/8/2006                    30,289                      $10.52
          9/8/2006                    21,801                      $10.52
          9/8/2006                    21,811                      $10.54
          9/8/2006                    15,699                      $10.54
          9/8/2006                    20,513                      $10.54
          9/8/2006                    28,487                      $10.52
          9/8/2006                    14,777                      $10.54
          9/8/2006                    20,523                      $10.52
         9/11/2006                     5,900                      $10.38
         9/11/2006                    18,000                      $10.23
         9/11/2006                     3,100                      $10.22
         9/12/2006                    31,100                      $10.06
         9/13/2006                    35,000                      $10.15






                              Page 42 of 43 Pages



                                   SCHEDULE H
                                   ----------


                       FARALLON CAPITAL MANAGEMENT, L.L.C.
                       -----------------------------------


                                    NO. OF SHARES                  PRICE
         TRADE DATE                  PURCHASED                   PER SHARE
        ------------                 ---------                  -----------

         8/11/2006                    60,100                       $8.43
         8/11/2006                     1,200                       $8.40
          9/7/2006                    58,805                       $9.71
          9/7/2006                    95,195                       $9.71
          9/7/2006                   249,300                       $9.69
          9/8/2006                    48,224                      $10.54
          9/8/2006                    48,227                      $10.52
          9/8/2006                    34,673                      $10.54
          9/8/2006                    67,076                      $10.52
          9/8/2006                    32,623                      $10.54
          9/8/2006                    63,120                      $10.52
          9/8/2006                    45,377                      $10.52
          9/8/2006                    45,380                      $10.54
         9/11/2006                    13,000                      $10.38
         9/11/2006                    40,000                      $10.23
         9/11/2006                     6,865                      $10.22
         9/12/2006                    72,035                      $10.06
         9/13/2006                    80,500                      $10.15

         8/11/2006                       300                       $8.40
         8/11/2006                    14,000                       $8.43
          9/7/2006                    29,055                       $9.71
          9/7/2006                    17,945                       $9.71
          9/7/2006                    76,100                       $9.69
          9/8/2006                    10,364                      $10.54
          9/8/2006                    14,417                      $10.54
          9/8/2006                    20,083                      $10.52
          9/8/2006                    14,436                      $10.52
          9/8/2006                    18,918                      $10.52
          9/8/2006                    13,582                      $10.54
          9/8/2006                    13,563                      $10.52
          9/8/2006                     9,737                      $10.54
         9/11/2006                     4,100                      $10.38
         9/11/2006                    12,700                      $10.23
         9/11/2006                     2,200                      $10.22
         9/12/2006                    22,700                      $10.06
         9/13/2006                    25,500                      $10.15



                              Page 43 of 43 Pages