sec document

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 --------------

                                  SCHEDULE 13D
                                 (RULE 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                              (Amendment No. 2)(1)

                            PHOENIX TECHNOLOGIES LTD.
                            -------------------------
                                (Name of Issuer)

                          COMMON STOCK, $.001 PAR VALUE
                         ------------------------------
                         (Title of Class of Securities)

                                    719153108
                                    ---------
                                 (CUSIP Number)

                              STEVEN WOLOSKY, ESQ.
                 OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
                                Park Avenue Tower
                               65 East 55th Street
                            New York, New York 10022
                                 (212) 451-2300
                                 --------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  June 29, 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 Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box. / /

     NOTE.  Schedules  filed in paper format shall include a signed original and
five copies of the schedule,  including  all exhibits.  SEE Rule 13d-7 for other
parties to whom copies are to be sent.

                         (Continued on following pages)

                              (Page 1 of 17 Pages)

-------------------------
(1) 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 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).




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 2 of 17 Pages
----------------------                                    ----------------------


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

                    STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    WC
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Cayman Islands
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  1,950,508
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              1,950,508
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    1,950,508
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    7.7%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    CO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 3 of 17 Pages
----------------------                                    ----------------------


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

                    PARCHE, LLC 20-0870632
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    WC
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  371,525
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              371,525
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    371,525
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    1.5%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 4 of 17 Pages
----------------------                                    ----------------------


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

                    ADMIRAL ADVISORS, LLC 37-1484525
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,322,033
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,322,033
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IA, OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 5 of 17 Pages
----------------------                                    ----------------------


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

                    RAMIUS CAPITAL GROUP, L.L.C. 13-3937658
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,322,033
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,322,033
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IA, OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 6 of 17 Pages
----------------------                                    ----------------------


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

                    C4S & CO., L.L.C. 13-3946794
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,322,033
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,322,033
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 7 of 17 Pages
----------------------                                    ----------------------


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

                    PETER A. COHEN
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  -0-
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,322,033
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              -0-
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,322,033
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 8 of 17 Pages
----------------------                                    ----------------------


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

                    MORGAN B. STARK
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  -0-
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,322,033
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              -0-
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,322,033
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 9 of 17 Pages
----------------------                                    ----------------------


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

                    JEFFREY M. SOLOMON
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  -0-
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,322,033
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              -0-
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,322,033
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 10 of 17 Pages
----------------------                                    ----------------------


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

                    THOMAS W. STRAUSS
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  -0-
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,322,033
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              -0-
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,322,033
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,322,033
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    9.2%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 11 of 17 Pages
----------------------                                    ----------------------


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

                    JOHN MUTCH
--------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
--------------------------------------------------------------------------------
     3         SEC USE ONLY

--------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    PF
--------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
--------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
--------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  200,000
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              200,000
              ------------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
--------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    200,000
--------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
--------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    Less than 1%
--------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 12 of 17 Pages
----------------------                                    ----------------------


     The  following  constitutes  Amendment  No. 2  ("Amendment  No.  2") to the
Schedule 13D filed by the undersigned.  This Amendment No. 2 amends the Schedule
13D as specifically set forth.

     The final paragraph of Item 2(a) is hereby amended and restated as follows:

          Each of the  foregoing  is  referred  to as a  "Reporting  Person" and
collectively  as the  "Reporting  Persons." As of June 30, 2006,  the  Reporting
Persons  were the  beneficial  owners of, in the  aggregate,  2,522,033  Shares,
representing approximately 9.95% of the Shares presently outstanding. Each of the
Reporting  Persons is party to that certain Joint Filing  Agreement,  as further
described in Item 6.  Accordingly,  the  Reporting  Persons are hereby  filing a
joint Schedule 13D.

     The first paragraph of Item 3 is hereby amended and restated as follows:

          The Shares  purchased by Starboard and Parche were  purchased with the
working capital of such entities  (which may, at any given time,  include margin
loans made by brokerage firms in the ordinary course of business) in open market
purchases,  except as  otherwise  noted,  as set forth in  Schedule  A, which is
incorporated by reference herein.  The aggregate  purchase cost of the 2,322,033
Shares   beneficially  owned  in  the  aggregate  by  Starboard  and  Parche  is
approximately $12,350,821, excluding brokerage commissions. The Shares purchased
by Mr. Mutch were purchased with personal funds. The aggregate  purchase cost of
the 200,000  Shares  owned by Mr.  Mutch is  approximately  $940,833,  excluding
brokerage commissions.

     Item 5 is hereby amended and restated as follows:

          The aggregate percentage of Shares reported owned by each person named
herein is based upon 25,341,554 Shares outstanding, which is the total number of
Shares  outstanding  as reported in the Issuer's  Quarterly  Report on Form 10-Q
filed with the Securities and Exchange Commission on May 10, 2006.

 A.       Starboard

   (a)    As of June 30, 2006, Starboard beneficially owned 1,950,508 Shares.

          Percentage: Approximately 7.7%

   (b)    1. Sole power to vote or direct vote: 1,950,508
          2. Shared power to vote or direct vote: 0
          3. Sole power to dispose or direct the disposition: 1,950,508
          4. Shared power to dispose or direct the disposition: 0

   (c)    The number of Shares acquired by Starboard since June 22, 2006 is set
forth in Schedule A and is incorporated by reference.

 B.       Parche




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 13 of 17 Pages
----------------------                                    ----------------------


   (a)    As of June 30, 2006, Parche beneficially owned 371,525 Shares.

          Percentage: Approximately 1.5%

   (b)    1. Sole power to vote or direct vote: 371,525
          2. Shared power to vote or direct vote: 0
          3. Sole power to dispose or direct the disposition: 371,525
          4. Shared power to dispose or direct the disposition: 0

   (c)    The number of Shares acquired by Parche since June 22, 2006 is set
forth in Schedule A and is incorporated by reference.

 C.       Admiral Advisors

   (a)    As of June 30, 2006, as the investment manager of Starboard and the
managing member of Parche, Admiral Advisors may be deemed the beneficial owner
of (i) 1,950,508 Shares owned by Starboard and (ii) 371,525 Shares owned by
Parche.

          Percentage: Approximately 9.2%

   (b)    1. Sole power to vote or direct vote: 2,322,033
          2. Shared power to vote or direct vote: 0
          3. Sole power to dispose or direct the disposition: 2,322,033
          4. Shared power to dispose or direct the disposition: 0

   (c)    Admiral Advisors did not enter into any transactions in the Shares
since June 22, 2006. The transactions in the Shares since June 22, 2006 on
behalf of Starboard and Parche, which, except as otherwise noted, were all in
the open market, are set forth in Schedule A, and are incorporated by reference.

 D.       Ramius

   (a)    As of June 30, 2006, as the sole member of Admiral Advisors, Ramius
may be deemed the beneficial owner of (i) 1,950,508 Shares owned by Starboard
and (ii) 371,525 Shares owned by Parche.

          Percentage: Approximately 9.2%

   (b)    1. Sole power to vote or direct vote: 2,322,033
          2. Shared power to vote or direct vote: 0
          3. Sole power to dispose or direct the disposition: 2,322,033
          4. Shared power to dispose or direct the disposition: 0

   (c)    Ramius did not enter into any transactions in the Shares since June
22, 2006. The transactions in the Shares since June 22, 2006 on behalf of
Starboard and Parche are set forth in Schedule A, and are incorporated herein by
reference.



----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 14 of 17 Pages
----------------------                                    ----------------------


 E.       C4S

   (a)    As of June 30, 2006, as the managing member of Ramius, C4S may be
deemed the beneficial owner of (i) 1,950,508 Shares owned by Starboard and (ii)
371,525 Shares owned by Parche.

          Percentage: Approximately 9.2%

   (b)    1. Sole power to vote or direct vote: 2,322,033
          2. Shared power to vote or direct vote: 0
          3. Sole power to dispose or direct the disposition: 2,322,033
          4. Shared power to dispose or direct the disposition: 0

   (c)    C4S did not enter into any transactions in the Shares since June 22,
2006. The transactions in the Shares since June 22, 2006 on behalf of Starboard
and Parche are set forth in Schedule A and are incorporated by reference.

 F.       Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon

   (a)    As of June 30, 2006, as the managing members of C4S, each of Mr.
Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed the beneficial owner
of (i) 1,950,508 shares owned by Starboard and (ii) 371,525 Shares owned by
Parche. Each of Messrs. Cohen, Stark, Solomon and Strauss share voting and
dispositive power with respect to the Shares owned by Starboard and Parche by
virtue of their shared authority to vote and dispose of such Shares. Messrs.
Cohen, Stark, Solomon and Strauss disclaim beneficial ownership of such Shares.

          Percentage: Approximately 9.2%

   (b)    1. Sole power to vote or direct vote: 0
          2. Shared power to vote or direct vote: 2,322,033
          3. Sole power to dispose or direct the disposition: 0
          4. Shared power to dispose or direct the disposition: 2,322,033

   (c)    None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon have entered
into any transactions in the Shares since June 22, 2006. The transactions in the
Shares since June 22, 2006 on behalf of Starboard and Parche are set forth in
Schedule A and are incorporated by reference.

 G.       Mr. Mutch

   (a)    As of June 30, 2006, Mr. Mutch beneficially owned 200,000 Shares.

          Percentage: Less than 1%

   (b)    1. Sole power to vote or direct vote: 200,000
          2. Shared power to vote or direct vote: 0




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 15 of 17 Pages
----------------------                                    ----------------------


          3. Sole power to dispose or direct the disposition: 200,000
          4. Shared power to dispose or direct the disposition: 0

   (c)    The transactions in the Shares since June 22, 2006 by Mr. Mutch are
set forth in Schedule A and are incorporated herein by reference.

   (d)    No person other than the Reporting Persons is known to have the right
to receive, or the power to direct the receipt of dividends from, or proceeds
from the sale of, such shares of the Common Stock.

   (e)    Not applicable.


----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 16 of 17 Pages
----------------------                                    ----------------------


                                   SIGNATURES

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


Dated:   June 30, 2006

STARBOARD VALUE AND                             ADMIRAL ADVISORS, LLC
OPPORTUNITY MASTER FUND LTD.                    By: Ramius Capital Group, L.L.C.,
                                                its managing member
PARCHE, LLC
By: Admiral Advisors, LLC,
its managing member                             RAMIUS CAPITAL GROUP, L.L.C.
                                                By: C4S & Co., L.L.C.,
                                                 as managing member

                                                C4S & CO., L.L.C.


                       By: /s/ Jeffrey M. Solomon
                           ------------------------
                        Name: Jeffrey M. Solomon
                        Title: Authorized Signatory


JEFFREY M. SOLOMON
/s/ Jeffrey M. Solomon
----------------------------------------
Individually and as attorney-in-fact for
Peter A. Cohen, Morgan B. Stark and
Thomas W. Strauss


/s/ Jeffrey C. Smith
----------------------------------------
Jeffrey C. Smith, as attorney-in-fact for John Mutch




----------------------                                    ----------------------
CUSIP No. 719153108                   13D                    Page 17 of 17 Pages
----------------------                                    ----------------------


SCHEDULE A

                 TRANSACTIONS IN THE SHARES SINCE JUNE 22, 2006

           Shares of Common Stock        Price Per             Date of
                 Purchased                Share($)             Purchase
                 ---------                --------             --------

                STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
                ------------------------------------------------

                   42,000                 3.9000               6/23/06
                   12,600                 3.9500               6/23/06
                    8,400                 4.1300               6/28/06
                   51,280                 4.0690               6/28/06
                   80,002                 4.1430               6/29/06
                   35,801                 4.4558               6/30/06
                  189,000                 4.5500               6/30/06

                                   PARCHE, LLC
                                   -----------

                    8,000                 3.9000               6/23/06
                    2,400                 3.9500               6/23/06
                    1,600                 4.1300               6/28/06
                    9,768                 4.0690               6/28/06
                   15,238                 4.1430               6/29/06
                    6,819                 4.4558               6/30/06
                   36,000                 4.5500               6/30/06

                                   JOHN MUTCH
                                   ----------

                   90,000                 4.0037               6/23/06
                   10,000                 3.8500               6/23/06