Sec Form 13D Filing - GOLDENTREE ASSET MANAGEMENT LP filing for CALIFORNIA RES CORP COM PAR $ (CRC) - 2023-02-21

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)*

 

 

California Resources Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

13057Q305

(CUSIP Number)

George Travers

GoldenTree Asset Management LP

300 Park Avenue, 21st Floor

New York, New York 10022

(212) 847-3500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 20, 2022

(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), Rule 13d-1(f) or Rule 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(b) for other parties to whom copies are to be sent.

 

 

 

 

*

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 (“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. 13057Q305    13D    Page 1 of 8 pages

 

  1    

  Names of Reporting Persons

 

  GoldenTree Asset Management LP

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  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

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  2,543,115

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  2,543,115

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,543,115

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  3.5%

14  

  Type of Reporting Person

 

  PN

 


CUSIP No. 13057Q305    13D    Page 2 of 8 pages

 

  1    

  Names of Reporting Persons

 

  GoldenTree Asset Management LLC

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  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

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  2,543,115

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  2,543,115

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,543,115

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  3.5%

14  

  Type of Reporting Person

 

  OO

 


CUSIP No. 13057Q305    13D    Page 3 of 8 pages

 

  1    

  Names of Reporting Persons

 

  Steven A. Tananbaum

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  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

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  2,543,115

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  2,543,115

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,543,115

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  3.5%

14  

  Type of Reporting Person

 

  IN

 


CUSIP No. 13057Q305    13D    Page 4 of 8 pages

 

Explanatory Note

This Amendment No. 11 to Schedule 13D (“Amendment No. 11”) amends and supplements the Schedule 13D originally filed with the SEC on November 6, 2020 (as amended to date, the “Schedule 13D”), relating to the shares of Common Stock, par value $0.01 per share (the “Common Stock”), of California Resources Corporation, a Delaware corporation (the “Issuer”). Capitalized terms used herein without definition shall have the meanings set forth in the Schedule 13D.

 

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 of the Schedule 13D is hereby amended and supplemented by inserting the following information at the end of Item 3:

From June 17, 2022 to July 1, 2022, the Advisor purchased 401,380 shares of Common Stock for aggregate consideration of approximately $16 million in a series of open-market transactions.

The Reporting Persons obtained the funds used to acquire their interests in the Issuer’s securities through capital contributions from their partners and members.


CUSIP No. 13057Q305    13D    Page 5 of 8 pages

 

Item 5.

Interest in Securities of the Issuer.

Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:

(a) – (b)

The following sets forth, as of the date hereof, the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 73,470,932 shares of Common Stock outstanding as of September 30, 2022, as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on November 7, 2022:

 

Reporting Person

   Amount
beneficially
owned
     Percent
of class
    Sole power
to vote or
to direct
the vote
     Shared
power to
vote or to
direct the
vote
     Sole power
to dispose
or to direct
the
disposition
     Shared
power to
dispose or to
direct the
disposition
 

GoldenTree Asset Management LP

     2,543,115        3.5     0        2,543,115        0        2,543,115  

GoldenTree Asset Management LLC

     2,543,115        3.5     0        2,543,115        0        2,543,115  

Steven A. Tananbaum

     2,543,115        3.5     0        2,543,115        0        2,543,115  

The Advisor is the beneficial owner of 2,354,178 shares of Common Stock, which includes 188,937 shares of Common Stock underlying Warrants that are exercisable within 60 days. The General Partner is the general partner of the Advisor. Mr. Tananbaum is the managing member of the General Partner.

(c) From April 5, 2022 through April 20, 2022, the Reporting Persons disposed of 849,668 shares of Common Stock in a series of open-market transactions.

From August 5, 2022 through August 12, 2022, the Reporting Persons disposed of 233,082 shares of Common Stock in a series of open-market transactions. For the amount of shares acquired within 60 days of August 12, 2022, see Item 3.

From August 15, 2022 through August 22, 2022, the Reporting Persons disposed of 821,958 shares of Common Stock in a series of open-market transactions.

From August 29, 2022 through October 25, 2022, the Reporting Persons disposed of 691,570 shares of Common Stock in a series of open-market transactions.

From October 26, 2022 through November 11, 2022, the Reporting Persons disposed of 933,201 shares of Common Stock in a series of open-market transactions.


CUSIP No. 13057Q305    13D    Page 6 of 8 pages

 

From November 14, 2022 through January 12, 2023, the Reporting Persons disposed of 1,015,315 shares of Common Stock in a series of open-market transactions.

Details by date, listing the number of shares of Common Stock disposed of and the weighted average price per share are provided below. The Reporting Persons undertake to provide, upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price for each transaction.

 

Date

   Shares Disposed Of      Weighted Average Price Per
Share
 

April 5, 2022

     200,000      $ 44.3735  

April 6, 2022

     29,302      $ 44.0734  

April 12, 2022

     117,243      $ 45.3288  

April 13, 2022

     247,156      $ 44.6756  

April 14, 2022

     134,077      $ 44.6083  

April 20, 2022

     121,890      $ 47.2976  

August 5, 2022

     35,557      $ 43.9877  

August 9, 2022

     100,000      $ 44.4710  

August 12, 2022

     97,525      $ 46.0262  

August 15, 2022

     200,000      $ 46.0470  

August 17, 2022

     67,568      $ 47.8063  

August 18, 2022

     300,000      $ 48.7378  

August 19, 2022

     174,062      $ 48.6391  

August 22, 2022

     80,328      $ 48.7341  

August 29, 2022

     75,584      $ 51.0565  

August 31, 2022

     125,000      $ 50.0012  

September 12, 2022

     68,387      $ 46.0029  

October 4, 2022

     160,000      $ 41.6659  

October 6, 2022

     107,048      $ 42.7032  

October 7, 2022

     52,441      $ 42.7942  

October 24, 2022

     18,967      $ 43.8750  

October 25, 2022

     84,143      $ 43.4294  

October 26, 2022

     46,890      $ 44.8855  

October 27, 2022

     100,000      $ 45.1688  

November 1, 2022

     50,000      $ 45.1815  

November 3, 2022

     150,418      $ 47.0692  

November 4, 2022

     150,000      $ 48.0165  

November 7, 2022

     36,830      $ 48.8140  

November 8, 2022

     57,034      $ 48.4037  

November 10, 2022

     88,620      $ 46.4802  

November 11, 2022

     253,409      $ 47.8279  

November 14, 2022

     23,912      $ 47.2606  

November 25, 2022

     11,737      $ 46.4151  

December 1, 2022

     11,505      $ 45.7642  

December 5, 2022

     16,194      $ 45.7776  

December 9, 2022

     76,969      $ 40.6856  

December 12, 2022

     23,031      $ 41.0708  

January 9, 2023

     71,753      $ 43.0268  

January 10, 2023

     218,362      $ 42.7263  

January 11, 2023

     298,574      $ 43.2173  

January 12, 2023

     263,278      $ 44.7929  

 

(d)

None.


CUSIP No. 13057Q305    13D    Page 7 of 8 pages

 

(e)

As of January 12, 2023, the Reporting Persons ceased to be the beneficial owners of greater than 5% of the Issuer’s shares of Common Stock.


CUSIP No. 13057Q305    13D    Page 8 of 8 pages

 

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 21, 2023

 

Goldentree Asset Management LP
By: GoldenTree Asset Management LLC, its general partner
By:   /s/ Steven A. Tananbaum
Name:   Steven A. Tananbaum
Title:   Managing Member
Goldentree Asset Management LLC
By:   /s/ Steven A. Tananbaum
Name:   Steven A. Tananbaum
Title:   Managing Member
Steven A. Tananbaum

/s/ Steven A. Tananbaum