SC 13D/A
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)
Overseas Shipholding Group, Inc.
(Name of Issuer)
Common Stock, par value $1 per share
 
(Title of Class of Securities)
690368 10 5
 
(CUSIP Number)
Howard S. Kelberg, Esq., Milbank, Tweed, Hadley & McCloy LLP
1 Chase Manhattan Plaza, New York New York 10005 (212) 530-5000
 
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 11, 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 which is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o.
Check the following box if a fee is being paid with this statement: o.
 
 

Table of Contents

                     
CUSIP No.
  
690368 10 5 
SCHEDULE 13D 
 Page  
2 
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Oudi Recanati

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  PF
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Israel
       
  7   SOLE VOTING POWER
     
NUMBER OF   12,500*
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   3,123,599
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   12,500*
       
WITH 10   SHARED DISPOSITIVE POWER
     
    3,123,599
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  3,136,099
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  11.7%
     
14   TYPE OF REPORTING PERSON
   
  IN
* Includes 5,000 options held by the reporting person.

Page 2

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CUSIP No.
  
690368 10 5 
 SCHEDULE 13D Page  
3  
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Diane Recanati

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United Kingdom
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   3,123,599
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    3,123,599
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  3,123,599
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  11.6%
     
14   TYPE OF REPORTING PERSON
   
  IN

Page 3

Table of Contents

                     
CUSIP No.
  
690368 10 5 
 SCHEDULE 13D Page  
4 
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Ariel Recanati

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   2,000**
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   3,123,599
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   2,000**
       
WITH 10   SHARED DISPOSITIVE POWER
     
    2,603,724
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  3,125,599
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  11.6%
     
14   TYPE OF REPORTING PERSON
   
  IN
** Includes 2,000 options held by the reporting person.

Page 4

Table of Contents

                     
CUSIP No.
  
690368 10 5 
 SCHEDULE 13D Page  
5 
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Leon Recanati

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Israel
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   3,123,599
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    2,603,724
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  3,123,599
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  11.6%
     
14   TYPE OF REPORTING PERSON
   
  IN
Page 5

 

Table of Contents

                     
CUSIP No.
  
690368 10 5 
 SCHEDULE 13D Page  
6 
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Yudith Yovel Recanati

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Israel
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   3,123,599
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    2,603,724
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  3,123,599
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  11.6%
     
14   TYPE OF REPORTING PERSON
   
  IN

Page 6

Table of Contents

                     
CUSIP No.
  
690368 10 5 
 SCHEDULE 13D  Page  
7 
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Starec Trust

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Alaska
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   519,875
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    519,875
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  519,875
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  1.9%
     
14   TYPE OF REPORTING PERSON
   
  OO - Trust

Page 7

Table of Contents

                     
CUSIP No.
  
690368 10 5 
 SCHEDULE 13D Page  
8 
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Michael Recanati, individually and as trustee of Starec Trust

S.S or I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   16,368
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   3,123,599
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   16,368
       
WITH 10   SHARED DISPOSITIVE POWER
     
    3,123,599
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  3,139,967
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  11.7%
     
14   TYPE OF REPORTING PERSON
   
  IN

Page 8

Table of Contents

SCHEDULE 13D
                     
CUSIP No.
  
690368 10 5 
   Page  
9  
   of   
11 Pages 

 

           
1   NAME OF REPORTING PERSONS

Daniel Pearson, as trustee of Starec Trust

S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   þ 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  NA
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   519,875
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    519,875
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON
   
  519,875
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  1.9%
     
14   TYPE OF REPORTING PERSON
   
  IN

Page 9

TABLE OF CONTENTS

Item 2. Identity and Background
Item 5. Interest in Securities of the Issuer

Table of Contents

     Item 2. Identity and Background.
     Item 2 of the Statement on Schedule 13D, as amended from time to time, is amended by adding the following paragraphs:
     (a) Name
     (b) Residence or business address
     (c) Present Principal Occupation
      Starec Trust
A trust for the benefit of Michael Recanati, Ira Statfeld and other discretionary beneficiaries
c/o Michael Recanati and Daniel Pearson, as Investment Trustees
590 Fifth Avenue
19th Floor
New York, NY 10036
Michael Recanati
Executive
590 Services Corp.
590 Fifth Avenue
19th Floor
New York, NY 10036
Daniel Pearson
Daniel Pearson disclaims beneficial ownership of the Common Stock held by Starec Trust
Executive
590 Services Corp.
590 Fifth Avenue
19th Floor
New York, NY 10036
(d) and (e)
Neither of Mr. Recanati or Mr. Pearson, during the last five years, has been convicted in a criminal proceeding or subject to any judgment, decree or final order referred to in Items 2(d) and (e)
(f) Citizenship
Starec Trust is located in the state of Alaska. Michael Recanati is a citizen of United States. Daniel Pearson is a citizen of United States.

 

Table of Contents

     Item 5. Interest in Securities of the Issuer.
     Item 5 of the Statement on Schedule 13D, as amended from time to time, is amended by adding the following paragraphs:
     Commencing on March 11, 2009, Oudi Recanati purchased, with personal funds, an aggregate of 90,000 shares of Common Stock in open market purchases on the New York Stock Exchange, as set forth below.
                 
Date     Number of Shares     Price
3/11/2009
     10,000     $22.10  
3/11/2009
     10,000     $22.00  
3/12/2009
     15,000     $21.59  
3/13/2009
     15,000     $21.52  
3/13/2009
     15,000     $21.50  
3/13/2009
     15,000     $21.20  
3/17/2009
     10,000     $22.50  
     On January 27, 2009 and January 30, 2009, The Recanati Foundation made charitable gifts of 564 shares and 115 shares, respectively, of Common Stock.
     Pursuant to the First Amendment to the Amended and Restated Stockholders Agreement, among Diane Recanati, Oudi Recanati, Leon Recanati, Capital Generations Company Ltd., Yudith Recanati, Ariel Recanati, David Recanati, the SEAVIEW Trust and Starec Trust, dated as of December 18, 2003, each of Oudi Recanati, Diane Recanati, Ariel Recanati, Leon Recanati, Yudith Recanati and Michael Recanati, may be deemed to share the power to vote 3,053,215 shares of Common Stock and the power to dispose of 2,533,340 shares of Common Stock.
     Pursuant to a separate Stockholders Agreement, by and among Diane Recanati, Oudi Recanati and Starec Trust, dated as of September 10, 2003, each of Diane Recanati, Oudi Recanati, Starec Trust, Michael Recanati, as trustee of Starec Trust, and Daniel Pearson, as trustee of Starec Trust, may be deemed to share the power to dispose of 519,875 shares of Common Stock.
     In addition, Diane Recanati, Oudi Recanati, Leon Recanati, Yudith Recanati, Ariel Recanati and Michael Recanati, as directors and officers of the Recanati Foundation, may be deemed to share the power to vote and dispose of 70,384 shares of Common Stock held by The Recanati Foundation.
     Oudi Recanati and Ariel Recanati have options (exercisable within 60 days) to purchase 5,000 and 2,000 shares of Common Stock, respectively, under the Issuer’s Non-Employee Directors Stock Option Plan.

 

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          After reasonable inquiry and to the best knowledge and belief of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
         
March 23, 2009
  /s/ Oudi Recanati    
Date
 
 
Oudi Recanati 		   
 
        
March 23, 2009
  /s/ Diane Recanati    
Date
 
 
Diane Recanati 		   
 
        
March 23, 2009
  /s/ Ariel Recanati    
Date
 
 
Ariel Recanati 		   
 
        
March 21, 2009
  /s/ Leon Recanati    
Date
 
 
Leon Recanati 		   
 
        
March 20, 2009
  /s/ Yudith Yovel Recanati    
Date
 
 
Yudith Yovel Recanati 		   
 
        
 
  Starec Trust    
 
        
March 23, 2009
  /s/ Michael Recanati    
Date
 
 
Michael Recanati, individually and as Investment Trustee of Starec Trust 		   
 
        
March 23, 2009
  /s/ Daniel Pearson    
Date
 
 
Daniel Pearson, as Investment Trustee of Starec Trust