UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)
Gravity Co., Ltd.
-------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value Won 500 Per Share
Shares of Common Stock in the form of American
Depository Shares*
--------------------------------------------------------------------------------
(Title of Class of Securities)
38911N107
---------------------------------------------------------
(CUSIP Number)
Moon Capital Master Fund Ltd.
c/o Moon Capital Management LP
499 Park Avenue, 8th Floor
New York, NY 10022
Attention: Richard Walz, Esq.
General Counsel
(212) 652-4567
with a copy to:
Chadbourne & Parke LLP
30 Rockefeller Plaza
New York, NY 10112
Attention: Sey-Hyo Lee, Esq.
(212) 408-5100
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
October 12, 2009
--------------------------------------------------------------------------------
(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 |X|
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 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act.
--------------------
* Each American Depository Share represents one-fourth of one share of common
stock, par value Won 500 per share (the "Common Stock").
SCHEDULE 13D
-------------------- --------------------
CUSIP No. 38911N107 Page 2 of 12 Pages
-------------------- --------------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Moon Capital 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
OO
--------- ----------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------------- ------- ----------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 314,682.5*
------- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 314,682.5*
------------------- ------- ----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
314,682.5*
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.53% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------- ----------------------------------------------------------------------
--------------------
* Includes 105,971 shares of Common Stock and 834,846 American Depository
Shares ("ADSs") representing 208,711.5 shares of Common Stock.
SCHEDULE 13D
-------------------- --------------------
CUSIP No. 38911N107 Page 3 of 12 Pages
-------------------- --------------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Moon Capital Leveraged 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
OO
--------- ----------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------------- ------- ----------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 82,631.5*
------- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 82,631.5*
------------------- ------- ----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
82,631.5*
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.19% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------- ----------------------------------------------------------------------
--------------------
* Represents 330,526 ADSs.
SCHEDULE 13D
-------------------- --------------------
CUSIP No. 38911N107 Page 4 of 12 Pages
-------------------- --------------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Moon Capital Management LP
--------- ----------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------- ------- ----------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 397,314*
------- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 397,314*
------------------- ------- ----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
397,314*
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.72% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------- ----------------------------------------------------------------------
--------------------
* Includes 105,971 shares of Common Stock and 1,165,372 ADSs representing
291,343 shares of Common Stock.
SCHEDULE 13D
-------------------- --------------------
CUSIP No. 38911N107 Page 5 of 12 Pages
-------------------- --------------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
JWM Capital LLC
--------- ----------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------- ------- ----------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 397,314*
------- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 397,314*
------------------- ------- ----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
397,314*
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.72% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------- ----------------------------------------------------------------------
--------------------
* Includes 105,971 shares of Common Stock and 1,165,372 ADSs representing
291,343 shares of Common Stock.
SCHEDULE 13D
-------------------- --------------------
CUSIP No. 38911N107 Page 6 of 12 Pages
-------------------- --------------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
John W. Moon
--------- ----------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
------------------- ------- ----------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 397,314*
------- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 397,314*
------------------- ------- ----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
397,314*
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.72% of outstanding shares of Common Stock
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------- ----------------------------------------------------------------------
--------------------
* Includes 105,971 shares of Common Stock and 1,165,372 ADSs representing
291,343 shares of Common Stock.
CUSIP No. 38911N107 SCHEDULE 13D Page 7 of 12 Pages
This Amendment No. 13 (this "Amendment No. 13") further amends and
supplements the Schedule 13D dated March 28, 2006 filed by Moon Capital Master
Fund Ltd., Moon Capital Management LP, JWM Capital LLC and Mr. John W. Moon (the
"Schedule 13D") in connection with the American Depository Shares of Gravity
Co., Ltd., as amended and supplemented by Amendment No. 1 to Schedule 13D dated
May 4, 2006 ("Amendment No. 1"), Amendment No. 2 to Schedule 13D dated May 23,
2006 ("Amendment No. 2"), Amendment No. 3 to Schedule 13D dated June 1, 2006
("Amendment No. 3"), Amendment No. 4 to Schedule 13D dated July 18, 2006
("Amendment No. 4"), Amendment No. 5 to Schedule 13D dated July 31, 2006
("Amendment No. 5"), Amendment No. 6 to Schedule 13D dated August 22, 2006
("Amendment No. 6"), Amendment No. 7 to Schedule 13D dated August 25, 2006
("Amendment No. 7"), Amendment No. 8 to Schedule 13D dated November 9, 2006
("Amendment No. 8"), Amendment No. 9 to Schedule 13D dated November 20, 2006
("Amendment No. 9"), Amendment No. 10 to Schedule 13D dated July 13, 2009
("Amendment No. 10"), Amendment No. 11 to Schedule 13D dated August 7, 2009
("Amendment No. 11") and Amendment No. 12 to Schedule 13D dated August 24, 2009
filed by Moon Capital Master Fund Ltd., Moon Capital Leveraged Master Fund Ltd.,
Moon Capital Management LP, JWM Capital LLC and Mr. John W. Moon in connection
with the American Depository Shares and shares of common stock of Gravity Co.,
Ltd. Capitalized terms used in this Amendment No. 13 and not otherwise defined
herein have the meanings assigned to such terms in Amendments Nos. 1 through 12
and/or the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
Section A of Item 5 is hereby amended and supplemented as follows:
The percentages used in this Schedule 13D are calculated based upon the
6,948,900 shares of Common Stock issued and outstanding as of December 31, 2008,
including through ADSs.
A. As of the date hereof, the Reporting Persons have the following interests
in the securities of Gravity:
(a) Moon Capital Master Fund Ltd.
(i) Amount beneficially owned: 314,682.5*
(ii) Percent of class: 4.53% of outstanding shares of Common Stock
(iii) Number of shares as to which such person has:
(a) Sole power to vote or direct the vote: -0-
(b) Shared power to vote or direct the vote: 314,682.5*
(c) Sole power to dispose or direct the disposition: -0-
--------------------
* Includes 105,971 shares of Common Stock and 834,846 ADSs representing
208,711.5 shares of Common Stock.
CUSIP No. 38911N107 SCHEDULE 13D Page 8 of 12 Pages
(d) Shared power to dispose or direct the disposition:
314,682.5*
(b) Moon Capital Leveraged Master Fund Ltd.
(i) Amount beneficially owned 82,631.5**
(ii) Percent of class: 1.19% of outstanding shares of Common Stock
(iii) Number of shares as to which such person has:
(a) Sole power to vote or direct the vote: -0-
(b) Shared power to vote or direct the vote: 82,631.5**
(c) Sole power to dispose or direct the disposition: -0-
(d) Shared power to dispose or direct the disposition:
82,631.5**
(c) Moon Capital Management LP
(i) Amount beneficially owned: 397,314***
(ii) Percent of class: 5.72% of outstanding shares of Common Stock
(iii) Number of shares as to which such person has:
(a) Sole power to vote or direct the vote: -0-
(b) Shared power to vote or direct the vote: 397,314***
(c) Sole power to dispose or direct the disposition: -0-
(d) Shared power to dispose or direct the disposition:
397,314***
(d) JWM Capital LLC
(i) Amount beneficially owned: 397,314***
(ii) Percent of class: 5.72% of outstanding shares of Common Stock
(iii) Number of shares as to which such person has:
(a) Sole power to vote or direct the vote: -0-
--------------------
** Represents 330,526 ADSs.
*** Includes 105,971 shares of Common Stock and 1,165,372 ADSs representing
291,343 shares of Common Stock.
CUSIP No. 38911N107 SCHEDULE 13D Page 9 of 12 Pages
(b) Shared power to vote or direct the vote: 397,314***
(c) Sole power to dispose or direct the disposition: -0-
(d) Shared power to dispose or direct the disposition:
397,314***
(e) Mr. John W. Moon
(i) Amount beneficially owned: 397,314***
(ii) Percent of class: 5.72% of Outstanding shares of Common Stock
(iii) Number of shares as to which such person has:
(a) Sole power to vote or direct the vote: -0-
(b) Shared power to vote or direct the vote: 397,314***
(c) Sole power to dispose or direct the disposition: -0-
(d) Shared power to dispose or direct the disposition:
397,314***
Section C of Item 5 is hereby supplemented as follows:
Moon Capital Leveraged Master Fund Ltd.
---------------------------------------
On September 16, 2009 the Moon Capital Leveraged Master Fund Ltd. sold 200
ADSs on the open market at a price of $2.10 per share.
On September 16, 2009 the Moon Capital Leveraged Master Fund Ltd. sold
13,500 ADSs on the open market at a price of $2.02 per share.
On September 16, 2009 the Moon Capital Leveraged Master Fund Ltd. sold
2,700 ADSs on the open market at a price of $2.005 per share.
On September 17, 2009 the Moon Capital Leveraged Master Fund Ltd. sold
6,000 ADSs on the open market at a price of $2.002 per share.
On September 18, 2009 the Moon Capital Leveraged Master Fund Ltd. sold
1,400 ADSs on the open market at a price of $2.004 per share.
--------------------
*** Includes 105,971 shares of Common Stock and 1,165,372 ADSs representing
291,343 shares of Common Stock.
CUSIP No. 38911N107 SCHEDULE 13D Page 10 of 12 Pages
On September 22, 2009 the Moon Capital Leveraged Master Fund Ltd. sold
3,600 ADSs on the open market at a price of $2.00 per share.
On September 23, 2009 the Moon Capital Leveraged Master Fund Ltd. sold
6,000 ADSs on the open market at a price of $2.004 per share.
On October 12, 2009 the Moon Capital Leveraged Master Fund Ltd. sold 17,300
ADSs on the open market at a price of $2.026 per share.
On October 13, 2009 the Moon Capital Leveraged Master Fund Ltd. sold 21,500
ADSs on the open market at a price of $2.014 per share.
On October 14, 2009 the Moon Capital Leveraged Master Fund Ltd. sold 7,400
ADSs on the open market at a price of $2.041 per share.
Moon Capital Master Fund Ltd.
-----------------------------
On August 24, 2009 the Moon Capital Master Fund Ltd. sold 80,000 ADSs on
the open market at a price of $2.504 per share.
On August 25, 2009 the Moon Capital Master Fund Ltd. sold 28,000 ADSs on
the open market at a price of $2.354 per share.
On September 16, 2009 the Moon Capital Master Fund Ltd. sold 600 ADSs on
the open market at a price of $2.10 per share.
On September 16, 2009 the Moon Capital Master Fund Ltd. sold 36,500 ADSs on
the open market at a price of $2.020 per share.
On September 16, 2009 the Moon Capital Master Fund Ltd. sold 7,400 ADSs on
the open market at a price of $2.005 per share.
On September 17, 2009 the Moon Capital Master Fund Ltd. sold 16,100 ADSs on
the open market at a price of $2.002 per share.
On September 18, 2009 the Moon Capital Master Fund Ltd. sold 3,900 ADSs on
the open market at a price of $2.004 per share.
On September 22, 2009 the Moon Capital Master Fund Ltd. sold 9,900 ADSs on
the open market at a price of $2.00 per share.
On September 23, 2009 the Moon Capital Master Fund Ltd. sold 16,501 ADSs on
the open market at a price of $2.004 per share.
On October 12, 2009 the Moon Capital Master Fund Ltd. sold 43,415 ADSs on
the open market at a price of $2.026 per share.
CUSIP No. 38911N107 SCHEDULE 13D Page 11 of 12 Pages
On October 13, 2009 the Moon Capital Master Fund Ltd. sold 53,900 ADSs on
the open market at a price of $2.014 per share.
On October 14, 2009 the Moon Capital Master Fund Ltd. sold 18,284 ADSs on
the open market at a price of $2.041 per share.
On September 1, 2009 and October 1, 2009, the Moon Capital Master Fund Ltd.
transferred 52,392 ADSs and 8,506 ADSs, respectively, to the Moon Capital
Leveraged Master Fund Ltd. in connection with rebalancing their portfolios.
Item 7. Material to be Filed as Exhibits.
--------------------------------
Exhibit 1. Joint Filing Agreement Pursuant to Rule 13d-1(k) is
incorporated by reference to Exhibit 1 to Amendment No. 2 to
Schedule 13D.
Exhibit 2. Sharing Agreement dated as of March 28, 2006 between the Reporting
Persons and the Ramius Entities is incorporated by reference to
Exhibit 2 to Schedule 13D.
Exhibit 3. Press Release dated May 24, 2006 is incorporated by reference to
Exhibit 3 to Amendment No. 2 to Schedule 13D.
Exhibit 4. Press Release dated June 1, 2006 is incorporated by reference to
Exhibit 4 to Amendment No. 3 to Schedule 13D.
Exhibit 5. Press Release dated July 19, 2006 is incorporated by reference to
Exhibit 5 to Amendment No. 4 to Schedule 13D.
Exhibit 6. Press Release dated August 22, 2006 is incorporated by reference
to Exhibit 6 to Amendment No. 6 to Schedule 13D.
Exhibit 7. Preliminary Proxy Statement in connection with the Extraordinary
General Meeting of Shareholders of Gravity to be held on December
26, 2006 is incorporated by reference to Exhibit 7 to Amendment
No. 9 to Schedule 13D.
Exhibit 8. Press Release dated November 20, 2006 is incorporated by reference
to Exhibit 8 to Amendment No. 9 to Schedule 13D.
CUSIP No. 38911N107 SCHEDULE 13D Page 12 of 12 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: October 16, 2009 /s/ John W. Moon
-------------------------------------
John W. Moon,
individually and as managing member
of JWM Capital LLC, for itself and as
the general partner of Moon Capital
Management LP, for itself and as the
investment manager of Moon Capital
Master Fund Ltd. and Moon Capital
Leveraged Master Fund Ltd.