SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G/A
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 2)
Cal Dive International, Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
127914109
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 127914109 13G/A Page 2 of 7 Pages
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1. NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fletcher Asset Management, Inc.
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(a) [ ]
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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5. SOLE VOTING POWER 4,175,524
NUMBER OF
SHARES ---------------------------------------------------
BENEFICIALLY
OWNED BY 6. SHARED VOTING POWER 0
EACH
REPORTING ---------------------------------------------------
PERSON WITH
7. SOLE DISPOSITIVE POWER 4,175,524
---------------------------------------------------
8. SHARED DISPOSITIVE POWER 0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 4,175,524
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [ ]
CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.1%
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12. TYPE OF REPORTING PERSON* IA
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CUSIP No. 127914109 13G/A Page 3 of 7 Pages
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1. NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alphonse Fletcher, Jr.
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(a) [ ]
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION United States
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5. SOLE VOTING POWER 0
NUMBER OF
SHARES ------ --------------------------------------------
BENEFICIALLY
OWNED BY 6. SHARED VOTING POWER 0
EACH
REPORTING ------ --------------------------------------------
PERSON WITH
7. SOLE DISPOSITIVE POWER 0
------ --------------------------------------------
8. SHARED DISPOSITIVE POWER 0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 4,175,524
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [ ]
CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.1%
-------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON* HC
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Item 1(a). Name of Issuer:
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Cal Dive International, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
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400 N. Sam Houston Parkway E., Suite 400
Houston, Texas 77060
Item 2(a). Names of Persons Filing:
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Fletcher Asset Management, Inc. ("FAM") and
Alphonse Fletcher, Jr.
Item 2(b). Address of Principal Business Office or, if none,
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Residence:
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HSBC Tower, 29th Floor
452 Fifth Avenue
New York, New York 10018
Item 2(c). Citizenship:
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FAM is a corporation organized under the laws of the
State of Delaware. Alphonse Fletcher, Jr. is a
citizen of the United States.
Item 2(d). Title of Class of Securities:
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Common Stock, no par value
Item 2(e). CUSIP Number:
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127914109
Item 3. If this statement is filed pursuant to Rule 13d-1(b),
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or Rule 13d-2(b) or (c), check whether the person
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filing is a:
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(a) [ ] Broker or dealer registered under Section 15
of the Exchange Act;
(b) [ ] Bank as defined in Section 3(a)(6) of the
Exchange Act;
(c) [ ] Insurance company as defined in Section
3(a)(19) of the Exchange Act;
(d) [ ] Investment company registered under Section 8
of the Investment Company Act;
(e) [X] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [X] A parent holding company or control person in
accordance with Rule 13d-1(b)(ii)(G);
(h) [ ] A savings association as defined in Section
3(b) of the Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the
definition of an investment company under
Section 3(c)(14) of the Investment Company
Act; or
(j) [ ] Group, in accordance with Rule
13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this
box [ ].
Item 4. Ownership.
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(a) Amount Beneficially Owned:
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4,175,524
(b) Percent of Class:
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5.1% (based on 81,479,128 shares of Common Stock (the
"Common Stock") of Cal Dive International, Inc. (the
"Company") consisting of (i) 77,848,404 shares publicly
reported by the Company to be outstanding as of
November 8, 2005 and (ii) 3,630,724 shares of Common
Stock underlying Convertible Securities (as defined
below) beneficially owned by FAM and Mr. Fletcher
issuable within 60 days as of December 31, 2005).
(c) Number of shares as to which FAM has:
------------------------------------
(i) Sole power to vote or to direct the vote:
----------------------------------------
4,175,524
(ii) Shared power to vote or to direct the vote:
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0 shares
(iii) Sole power to dispose or to direct the
--------------------------------------
disposition of:
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4,175,524
(iv) Shared power to dispose or to direct the
----------------------------------------
disposition of:
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0 shares
The 4,175,524 shares of Common Stock reported to be beneficially owned
consists of 544,800 shares of Common Stock and 3,630,724 shares of Common Stock
issuable upon the exercise by Fletcher International, Ltd. of certain
convertible securities (the "Convertible Securities") pursuant to an Agreement,
dated January 17, 2003, but effective as of December 31, 2002, by and between
Cal Dive International, Inc. and Fletcher International, Ltd. The Convertible
Securities are convertible within 60 days as of December 31, 2005. The holdings
reported reflect the shares of Common Stock issuable within 60 days as of
December 31, 2005 that would have been held had the Convertible Securities been
converted on December 31, 2005.
The shares of Common Stock of the Company reported to be beneficially
owned consist of shares of Common Stock and shares of Common Stock underlying
Convertible Securities held in one or more accounts managed by FAM (the
"Accounts"), for Fletcher International, Ltd. FAM has sole power to vote and
sole power to dispose of all shares of Common Stock in the Accounts. By virtue
of Mr. Fletcher's position as Chairman and Chief Executive Officer of FAM, Mr.
Fletcher may be deemed to have the shared power to vote or direct the vote of,
and the shared power to dispose or direct the disposition of, such shares, and,
therefore, Mr. Fletcher may be deemed to be the beneficial owner of such Common
Stock.
Item 5. Ownership of Five Percent or Less of a Class.
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Not Applicable
Item 6. Ownership of More Than Five Percent on Behalf of
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Another Person.
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This Schedule 13G/A Amendment No. 2 is filed by FAM,
which is an investment adviser registered under Section
203 of the Investment Advisers Act of 1940, as amended,
with respect to the shares of Common Stock and
Convertible Securities held at December 31, 2005 in the
Accounts managed by FAM. By reason of the provisions of
Rule 13d-3 under the Act, FAM and Mr. Fletcher may each
be deemed to own beneficially the shares of Common
Stock and Convertible Securities held in the Accounts.
The Accounts have the right to receive or the power to
direct the receipt of dividends from, or the proceeds
from the sale of, such Common Stock and Convertible
Securities purchased for its account.
Item 7. Identification and Classification of the Subsidiary
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Which Acquired the Security Being Reported on By
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the Parent Holding Company.
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This Schedule 13G/A is filed by FAM and Mr. Fletcher.
Item 8. Identification and Classification of Members of the
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Group.
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Not Applicable
Item 9. Notice of Dissolution of Group.
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Not Applicable
Item 10. Certifications.
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By signing below Fletcher Asset Management, Inc. and
Alphonse Fletcher, Jr. certify that, to the best of
their knowledge and belief, the securities referred to
above were acquired and are held in the ordinary course
of business and were not acquired and are not held for
the purpose of or with the effect of changing or
influencing the control of the issuer of the securities
and were not acquired and are not held in connection
with or as a participant in any transaction having that
purpose or effect.
SIGNATURE
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After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated: February 13, 2006
Fletcher Asset Management, Inc.
By: /s/ Peter Zayfert
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Name: Peter Zayfert
Title: Authorized Signatory
Fletcher Asset Management, Inc.
By: /s/ Patrick Huvane
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Name: Patrick Huvane
Title: Authorized Signatory
Alphonse Fletcher, Jr., in his
individual capacity
By: /s/ Denis J. Kiely
------------------------------
Name: Denis J. Kiely for
Alphonse Fletcher, Jr.
*By Power of Attorney, dated
February 14, 2001, attached
as Exhibit A hereto.
Exhibit A
Power of Attorney
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature appears below
revokes all prior Power of Attorney and appoints Denis J. Kiely to act
severally as attorney-in-fact for the undersigned solely for the purpose of
executing reports required under Sections 13 and 16 of the Securities Exchange
Act of 1934, as amended, and filing the same, with exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission
thereby ratifying and confirming all that said attorney-in-fact may do or cause
to be done by virtue hereof.
Signed: /s/ Alphonse Fletcher Jr.
-------------------------
Alphonse Fletcher Jr.
Dated: February 14, 2001