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. 8)(1)
Tri-Continental Corporation
---------------------------
(Name of Issuer)
Common Stock, par value $0.50 per share
(Title of Class of Securities)
895436103
---------
(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)
July 16, 2007
-------------
(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 21 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. 895436103 13D Page 2 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT 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 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 6,719,315
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,719,315
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,719,315
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 3 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARTHUR D. LIPSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO, 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 6,720,216
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,720,216
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,720,216
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 4 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT HEDGED PARTNERS L.P.
--------------------------------------------------------------------------------
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 3,046,015
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,046,015
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,046,015
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 5 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
--------------------------------------------------------------------------------
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 2,929,300
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,929,300
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,929,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 6 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC
--------------------------------------------------------------------------------
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 744,000
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
744,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
744,000
--------------------------------------------------------------------------------
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*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 7 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
--------------------------------------------------------------------------------
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 1,810,050
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,810,050
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,810,050
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 8 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS PARTNERS, L.L.C.
--------------------------------------------------------------------------------
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 1,525,175
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,525,175
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,525,175
--------------------------------------------------------------------------------
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. 895436103 13D Page 9 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS MANAGEMENT, L.L.C.
--------------------------------------------------------------------------------
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 3,335,225
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,335,225
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,335,225
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 10 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOTT FRANZBLAU
--------------------------------------------------------------------------------
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 3,335,225
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,335,225
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,335,225
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 11 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ROBERT FERGUSON
--------------------------------------------------------------------------------
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 3,335,225
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,335,225
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,335,225
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 895436103 13D Page 12 of 21 Pages
---------------------- ----------------------
The following constitutes Amendment No. 8 ("Amendment No. 8") to the
Schedule 13D filed by the undersigned. On July 16, 2007, Western Investment
Total Return Master Fund Ltd. ("WITR"), an affiliate of Western Investment LLC,
executed a cross-trade with Western Investment Institutional Partners LLC
("WIIP") with respect to its shares of Common Stock of the Issuer, as further
described in Item 5(c) below. The aggregate number of shares of Common Stock
beneficially owned by the Reporting Persons has not changed since the filing of
Amendment No. 7. The percentage ownership reported herein has increased for
certain of the Reporting Persons since the filing of the Amendment No. 7 solely
as a result of a decrease in the number of shares of Common Stock outstanding
reported by the Issuer. Except as specifically amended by this Amendment No. 8,
the Schedule 13D remains in full force and effect.
Item 2. IDENTITY AND BACKGROUND.
Item 2 is hereby amended and restated as follows:
(a) This statement is filed by Western Investment LLC, a Delaware
limited liability company ("WILLC"), Arthur D. Lipson, Western Investment Hedged
Partners L.P., a Delaware limited partnership ("WIHP"), Western Investment
Activism Partners LLC, a Delaware limited liability company ("WIAP"), WIIP, a
Delaware limited liability company, Benchmark Plus Institutional Partners,
L.L.C., a Delaware limited liability company ("BPIP"), Benchmark Plus Partners,
L.L.C, a Delaware limited liability company ("BPP"), Benchmark Plus Management,
L.L.C., a Delaware limited liability company ("BPM"), Scott Franzblau and Robert
Ferguson. Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." WILLC provides recommendations from
time to time to BPIP and BPP with respect to purchases and sales of Shares of
the Issuer, pursuant to an oral agreement between WILLC and BPIP and between
WILLC and BPP.
WILLC has sole voting and investment power over WIHP's, WIAP's and
WIIP's security holdings and Mr. Lipson, in his role as the managing member of
WILLC, controls WILLC's voting and investment decisions. BPM is the managing
member of BPIP and BPP and Messrs. Franzblau and Ferguson, in their role as
managing members of BPM, have sole voting and investment control over BPIP's and
BPP's security holdings.
By virtue of that certain Joint Filing Agreement by and among the
Reporting Persons, as described in further detail in Item 6, the Reporting
Persons affirm that they are members of a "group" for the purposes of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act").
The principal business address of WILLC, Mr. Lipson, WIHP, WIAP and
WIIP is 7050 S. Union Park Center, Suite 590, Midvale, UT 84047.
The principal business address of BPIP, BPP, BPM, Mr. Franzblau and
Mr. Ferguson is 820 A Street, Suite 700, Tacoma, WA 98402.
(c) The principal business of WILLC is acting as the general partner
of WIHP and as the managing member of each of WIAP and WIIP, respectively. The
principal occupation of Arthur D. Lipson is acting as managing member of WILLC.
The principal business of WIHP, WIAP and WIIP is acquiring, holding and
disposing of investments in various companies.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 13 of 21 Pages
---------------------- ----------------------
The principal business of BPIP and BPP is acquiring, holding and
disposing of investments in various companies. The principal business of BPM is
acting as the managing member of BPIP and BPP. The principal occupation of each
of Scott Franzblau and Robert Ferguson is acting as a managing member of BPM.
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) No Reporting Person has, during the last five years, been party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Messrs. Lipson, Franzblau and Ferguson are citizens of the
United States of America.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated as follows:
The aggregate purchase price of the 6,719,315 shares of common
stock, $.50 par value per share (the "Common Stock") beneficially owned by WILLC
is approximately $135,046,560, including brokerage commissions. The shares of
Common Stock beneficially owned by WILLC were acquired with the working capital
of each of WIHP, WIAP and WIIP. The aggregate purchase price of the 901 shares
of Common Stock owned directly by Mr. Lipson is approximately $18,785, including
brokerage commissions. The shares of Common Stock owned directly by Mr. Lipson
were acquired with personal funds. The aggregate purchase price of the 3,335,225
shares of Common Stock beneficially owned by BPM is approximately $60,782,340,
including brokerage commissions. The shares of Common Stock beneficially owned
by BPM were acquired with the working capital of BPIP and the working capital of
BPP.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated as follows:
(a) The aggregate percentage of shares of Common Stock reported
owned by each person named herein is based upon 102,728,475.97 shares of Common
Stock outstanding as of March 20, 2007, as reported in the Issuer's Proxy
Statement on Schedule 14A filed with the Securities and Exchange Commission on
April 13, 2007.
As of the close of business on July 24, 2007, WIHP, WIAP and WIIP,
beneficially owned 3,046,015, 2,929,300 and 744,000 shares of Common Stock,
respectively, constituting approximately 3.0%, 2.9% and 0.7% respectively, of
the shares of Common Stock outstanding. WILLC beneficially owned 6,719,315
---------------------- ----------------------
CUSIP No. 895436103 13D Page 14 of 21 Pages
---------------------- ----------------------
shares of Common Stock, constituting approximately 6.5% of the shares of Common
Stock outstanding. Mr. Lipson beneficially owned 6,720,216 shares of Common
Stock, constituting approximately 6.5% of the shares of Common Stock
outstanding.
As the general partner or managing member, as the case may be, of
WIHP, WIAP and WIIP, WILLC may be deemed to beneficially own the 6,719,315
shares of Common Stock owned in the aggregate by WIHP, WIAP and WIIP. As the
managing member of WILLC, Mr. Lipson may be deemed to beneficially own the
6,719,315 shares of Common Stock beneficially owned by WILLC, in addition to the
901 shares of Common Stock owned directly by Mr. Lipson.
As of the close of business on July 24, 2007, BPIP and BPP
beneficially owned 1,810,050 and 1,525,175 shares of Common Stock, respectively,
constituting 1.8% and 1.5%, respectively, of the shares of Common Stock
outstanding. As the managing member of BPIP and BPP, BPM may be deemed to
beneficially own the 3,335,225 shares of Common Stock owned in the aggregate by
BPIP and BPP, constituting approximately 3.2% of the shares of Common Stock
outstanding. As managing members of BPM, Messrs. Franzblau and Ferguson may each
be deemed to beneficially own the 3,335,225 shares of Common Stock beneficially
owned by BPM, constituting approximately 3.2% of the shares of Common Stock
outstanding.
Each of WILLC, Mr. Lipson, WIHP, WIAP and WIIP disclaims beneficial
ownership of the shares of Common Stock beneficially owned by the other
Reporting Persons.
Each of BPIP, BPP, BPM, Mr. Ferguson and Mr. Franzblau disclaims
beneficial ownership of the shares of Common Stock beneficially owned by the
other Reporting Persons.
(b) Each of WILLC and Mr. Lipson is deemed to have sole voting and
dispositive power over the shares of Common Stock reported as beneficially owned
by WIHP, WIAP and WIIP by virtue of their respective positions as described in
paragraph (a).
Each of BPM, Mr. Ferguson and Mr. Franzblau is deemed to have sole
voting and dispositive power over the shares of Common Stock reported as
beneficially owned by BPIP and BPP by virtue of their respective positions as
described in paragraph (a).
Neither WILLC, Mr. Lipson, WIHP, WIAP nor WIIP has voting or
dispositive control over the shares of Common Stock held by the other Reporting
Persons. Neither BPIP, BPP, BPM, Mr. Franzblau, nor Mr. Ferguson has voting or
dispositive control over the shares of Common Stock held by the other Reporting
Persons.
(c) Schedule A annexed hereto lists all transactions in the shares
of Preferred Stock by the Reporting Persons during the past 60 days. Schedule B
annexed hereto lists all transactions in the shares of Common Stock by the
Reporting Persons during the past 60 days.
(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, the shares of Common Stock.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 15 of 21 Pages
---------------------- ----------------------
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended to add the following:
On July 24, 2007, the Reporting Persons entered into a Joint Filing
Agreement (the "Joint Filing Agreement") in which the parties agreed to the
joint filing on behalf of each of them of statements on Schedule 13D with
respect to the securities of the Issuer to the extent required by applicable
law. The Joint Filing Agreement is attached as Exhibit 1 hereto and is
incorporated herein by reference.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is hereby amended to add the following exhibit:
1. Joint Filing Agreement by and among Western Investment LLC,
Western Investment Hedged Partners L.P., Western Investment
Activism Partners LLC, Western Investment Institutional Partners
LLC, Arthur D. Lipson, Benchmark Plus Institutional Partners,
L.L.C., Benchmark Plus Management, L.L.C., Benchmark Plus
Partners, L.L.C., Scott Franzblau and Robert Ferguson, dated July
24, 2007.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 16 of 21 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: July 24, 2007 WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
---------------------- ----------------------
CUSIP No. 895436103 13D Page 17 of 21 Pages
---------------------- ----------------------
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
/s/ Arthur D. Lipson
------------------------------------------------
ARTHUR D. LIPSON
/s/ Scott Franzblau
------------------------------------------------
SCOTT FRANZBLAU
/s/ Robert Ferguson
------------------------------------------------
ROBERT FERGUSON
---------------------- ----------------------
CUSIP No. 895436103 13D Page 18 of 21 Pages
---------------------- ----------------------
SCHEDULE A
TRANSACTIONS IN THE SHARES OF PREFERRED STOCK DURING THE PAST 60 DAYS
Shares of Preferred Stock Price Per Date of
(Sold) Share($) Sale
------ -------- ----
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
----------------------------------------
(3,300) 44.9778 05/29/07
(500) 44.4993 06/05/07
(2,900) 44.0065 06/07/07
(500) 43.6308 06/08/07
WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC.
----------------------------------------------
None
WESTERN INVESTMENT HEDGED PARTNERS L.P.
---------------------------------------
None
WESTERN INVESTMENT LLC
----------------------
None
ARTHUR D. LIPSON
----------------
None
BENCHMARK INSTITUTIONAL PARTNERS, L.L.C.
----------------------------------------
None
BENCHMARK PLUS PARTNERS, L.L.C.
-------------------------------
None
BENCHMARK PLUS MANAGEMENT, L.L.C.
---------------------------------
None
SCOTT FRANZBLAU
---------------
None
ROBERT FERGUSON
---------------
None
---------------------- ----------------------
CUSIP No. 895436103 13D Page 19 of 21 Pages
---------------------- ----------------------
SCHEDULE B
TRANSACTIONS IN THE SHARES OF COMMON STOCK DURING THE PAST 60 DAYS
Shares of Common Stock Price Per Date of
Purchased / (Sold) Share($) Purchase / Sale
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
----------------------------------------
None
WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC.
----------------------------------------------
744,000* 26.8301 07/16/07
WESTERN INVESTMENT HEDGED PARTNERS L.P.
None
WESTERN INVESTMENT LLC
None
ARTHUR D. LIPSON
None
BENCHMARK INSTITUTIONAL PARTNERS, L.L.C.
None
BENCHMARK PLUS PARTNERS, L.L.C.
None
BENCHMARK PLUS MANAGEMENT, L.L.C.
None
SCOTT FRANZBLAU
None
ROBERT FERGUSON
None
------------------------
* Transaction was a cross-trade between Western Investment Institutional
Partners LLC and Western Investment Total Return Master Fund, Ltd., an affiliate
of Western Investment LLC. The transaction did not affect the aggregate number
of shares of Common Stock beneficially owned by the Reporting Persons.
---------------------- ----------------------
CUSIP No. 895436103 13D Page 20 of 21 Pages
---------------------- ----------------------
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D dated July 24,
2007 (including amendments thereto) with respect to the Common Stock of
Tri-Continental Corporation. This Joint Filing Agreement shall be filed as an
Exhibit to such Statement.
Dated: July 24, 2007 WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By: /s/ Arthur D. Lipson
--------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
---------------------- ----------------------
CUSIP No. 895436103 13D Page 21 of 21 Pages
---------------------- ----------------------
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
BENCHMARK PLUS PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Robert Ferguson
--------------------------------------------
Name: Robert Ferguson
Title: Managing Member
By: /s/ Scott Franzblau
--------------------------------------------
Name: Scott Franzblau
Title: Managing Member
/s/ Arthur D. Lipson
------------------------------------------------
ARTHUR D. LIPSON
/s/ Scott Franzblau
------------------------------------------------
SCOTT FRANZBLAU
/s/ Robert Ferguson
------------------------------------------------
ROBERT FERGUSON