SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934*
The Babcock & Wilcox Company
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
05615F102
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(CUSIP Number)
August 4, 2010
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
- ---------------------
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the 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).
- ----------------------------
CUSIP No. 05615F102
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1 NAME OF REPORTING PERSONS
Mason Capital Management LLC, in its capacity as investment manager
for certain investment funds and managed accounts
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,640,663
OWNED BY -----------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH -0-
-----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,640,663
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,640,663 Shares of Common Stock
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [ ]
CERTAIN SHARES (See Instructions)
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.7%
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12 TYPE OF REPORTING PERSON (See Instructions)
OO
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Page 2 of 12 Pages
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CUSIP No. 05615F102
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1 NAME OF REPORTING PERSONS
Kenneth M. Garschina
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 6,640,663
-----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
6,640,663
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,640,663 Shares of Common Stock
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [ ]
CERTAIN SHARES (See Instructions)
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
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Page 3 of 12 Pages
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CUSIP No. 05615F102
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1 NAME OF REPORTING PERSONS
Michael E. Martino
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 6,640,663
-----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
6,640,663
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,640,663 Shares of Common Stock
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [ ]
CERTAIN SHARES (See Instructions)
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
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Page 4 of 12 Pages
SCHEDULE 13G
ITEM 1(a). NAME OF ISSUER:
---------------
The Babcock & Wilcox Company
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
-----------------------------------------------
The Harris Building
13024 Ballantyne Corporate Place
Suite 700
Charlotte, North Carolina 28277
ITEM 2(a). NAME OF PERSON FILING:
----------------------
This Schedule is being filed jointly by the following reporting
persons (hereinafter sometimes collectively referred to as the "Reporting
Persons") pursuant to an Agreement of Joint Filing attached hereto as Exhibit A:
(i) Mason Capital Management LLC, a Delaware limited
liability company ("Mason Management");
(ii) Kenneth M. Garschina; and
(iii) Michael E. Martino.
Mason Management, Mr. Garschina and Mr. Martino are filing this
Schedule with respect to 6,640,663 shares of Common Stock (the "Shares of Common
Stock") directly owned by Mason Capital L.P., a Delaware limited partnership
("Mason Capital LP"), Mason Capital Master Fund, L.P., a Cayman Islands exempted
limited partnership ("Mason Capital Master Fund"), and certain other funds and
accounts (the "Managed Accounts").
Mason Management is the investment manager of each of Mason Capital
LP, Mason Capital Master Fund and the Managed Accounts, and Mason Management may
be deemed to have beneficial ownership over the Shares of Common Stock reported
in this Schedule by virtue of the authority granted to Mason Management by Mason
Capital LP, Mason Capital Master Fund and the Managed Accounts to vote and
dispose of such shares.
Mr. Garschina and Mr. Martino are managing principals of Mason
Management.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
------------------------------------------------------------
The principal business office address of Mason Management,
Mr. Garschina and Mr. Martino is:
110 East 59th Street
New York, New York 10022
Page 5 of 12 Pages
ITEM 2(c). CITIZENSHIP:
------------
The place of organization or citizenship of each Reporting Person is
as follows:
Name of Reporting Person Place of Organization/Citizenship
- ------------------------ ---------------------------------
Mason Capital Management LLC Delaware
Kenneth M. Garschina United States
Michael E. Martino United States
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
-----------------------------
Common Stock, par value $.01 per share
ITEM 2(e). CUSIP NUMBER:
-------------
05615F102
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO ss.ss. 240.13d-1(b), OR
--------------------------------------------------------------
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
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Not applicable.
ITEM 4. OWNERSHIP.
----------
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(i) Mason Capital Management LLC
(a) Amount beneficially owned: 6,640,663.
(b) Percent of class: 5.7%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 6,640,663.
(ii) Shared power to vote or direct the vote -0-.
(iii) Sole power to dispose or direct the disposition of
6,640,663.
(iv) Shared power to dispose or direct the disposition of
-0-.
Page 6 of 12 Pages
(ii) Kenneth M. Garschina
(a) Amount beneficially owned: 6,640,663.
(b) Percent of class: 5.7%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote -0-.
(ii) Shared power to vote or direct the vote 6,640,663.
(iii) Sole power to dispose or direct the disposition of
-0-.
(iv) Shared power to dispose or direct the disposition of
6,640,663.
(iii) Michael E. Martino
(a) Amount beneficially owned: 6,640,663.
(b) Percent of class: 5.7%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote -0-.
(ii) Shared power to vote or direct the vote 6,640,663.
(iii) Sole power to dispose or direct the disposition of
-0-.
(iv) Shared power to dispose or direct the disposition of
6,640,663.
The number of shares beneficially owned and the percentage of
outstanding shares represented thereby for each Reporting Person have been
computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The percentages of ownership described above are based on
116,225,732 Shares of Common Stock outstanding as of July 31, 2010, as reported
in the issuer's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on August 9, 2010.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
---------------------------------------------
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [ ].
Page 7 of 12 Pages
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
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The right to receive dividends from, or the proceeds from the sale
of, all Shares of Common Stock reported in this Schedule as beneficially owned
by Mason Management, Mr. Garschina and Mr. Martino is held by Mason Capital LP,
Mason Capital Master Fund or the Managed Accounts, as the case may be, all of
which are the advisory clients of Mason Management. To the knowledge of the
Reporting Persons, none of these advisory clients holds such right with respect
to more than five percent of the outstanding shares of Common Stock. Mason
Management, Mr. Garschina and Mr. Martino disclaim beneficial ownership of all
Shares of Common Stock reported in this Schedule pursuant to Rule 13d-4 under
the Securities Exchange Act of 1934, as amended.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
---------------------------------------------------------
ACQUIRED THE SECURITIES BEING REPORTED ON BY THE PARENT
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HOLDING COMPANY OR CONTROL PERSON.
----------------------------------
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
----------------------------------------------------------
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
-------------------------------
Not applicable.
Page 8 of 12 Pages
ITEM 10. CERTIFICATION.
--------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to it is true,
complete and correct.
Dated: August 10, 2010
MASON CAPITAL MANAGEMENT LLC
By: /s/ John Grizzetti
----------------------------
John Grizzetti
Chief Financial Officer
Page 9 of 12 Pages
ITEM 10. CERTIFICATION.
--------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to him is true,
complete and correct.
Dated: August 10, 2010
/s/ Kenneth M. Garschina
----------------------------
Kenneth M. Garschina
Page 10 of 12 Pages
ITEM 10. CERTIFICATION.
--------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to him is true,
complete and correct.
Dated: August 10, 2010
/s/ Michael E. Martino
----------------------------
Michael E. Martino
Page 11 of 12 Pages
EXHIBIT A
AGREEMENT OF JOINT FILING
THE BABCOCK & WILCOX COMPANY
COMMON STOCK
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby confirm the agreement by and among them
to the joint filing on behalf of them of a Statement on Schedule 13G and any and
all amendments thereto, with respect to the above referenced securities and that
this Agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same Agreement.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
this 10th day of August, 2010.
MASON CAPITAL MANAGEMENT LLC
By: /s/ John Grizzetti
----------------------------
John Grizzetti
Chief Financial Officer
/s/ Kenneth M. Garschina
--------------------------------
Kenneth M. Garschina
/s/ Michael E. Martino
--------------------------------
Michael E. Martino
Page 12 of 12 Pages