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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___________) *
Primus Telecommunications Group, Inc.
- - --------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 par value per share
- - --------------------------------------------------------------------------
(Title of Class of Securities)
741929103
-------------------------------
(CUSIP Number)
July 31, 2006
- - --------------------------------------------------------------------------
(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 in 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).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
CUSIP No. 741929103
- - --------------------------------------------------------------------------
1. Names of Reporting Persons. Sedna Capital Management LLC
I.R.S. Identification Nos. of above persons (entities only).
- - --------------------------------------------------------------------------
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 0
Shares Bene- -----------------------------------------------------------
ficially owned 6. Shared Voting Power 6,731,419
by Each -----------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: -----------------------------------------------------------
8. Shared Dispositive Power 6,731,419
- ----------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,731,419
10. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) |_|
11. Percent of Class Represented by Amount in Row (9) 5.92%
- ----------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) OO
- ----------------------------------------------------------------------------
CUSIP No. 741929103
- - --------------------------------------------------------------------------
1. Names of Reporting Persons. Paul Yook
I.R.S. Identification Nos. of above persons (entities only).
- ---------------------------------------------------------------------------
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 0
Shares Bene- -----------------------------------------------------------
ficially owned 6. Shared Voting Power 6,731,419
by Each -----------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: -----------------------------------------------------------
8. Shared Dispositive Power 6,731,419
- ---------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,731,419(1)
10. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) |_|
11. Percent of Class Represented by Amount in Row (9) 5.92%
- ---------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IN
- - --------------------------------------------------------------------------
(1) Paul Yook and Rengan Rajaratnam are the managing members of Sedna
Capital Management LLC.
CUSIP No. 741929103
- ---------------------------------------------------------------------------
1. Names of Reporting Persons. Rengan Rajaratnam
I.R.S. Identification Nos. of above persons (entities only).
- ---------------------------------------------------------------------------
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 0
Shares Bene- -----------------------------------------------------------
ficially owned 6. Shared Voting Power 6,731,419
by Each -----------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: -----------------------------------------------------------
8. Shared Dispositive Power 6,731,419
- ---------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,731,419(1)
10. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) |_|
11. Percent of Class Represented by Amount in Row (9) 5.92%
- ---------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IN
- - --------------------------------------------------------------------------
(1) Paul Yook and Rengan Rajaratnam are the managing members of Sedna
Capital Management LLC.
Item 1.
(a) The name of the issuer is Primus Telecommunications Group, Inc.
(the "Issuer").
(b) The principal executive office of the Issuer is located at
7901 Jones Branch Drive, Suite 900, McLean, VA 22102.
Item 2.
(a)-(c) Sedna Capital Management LLC - Delaware
Paul Yook - United States of America
Rengan Rajaratnam - United States of America
Sedna Capital Management LLC, Paul Yook and Rengan Rajaratnam -
200 Park Avenue, 33rd Floor
New York, NY 10166
Item 3. If this statement is filed pursuant to ss. 240.13d-1(b), or 240.13d-2(b
or (c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) |_| Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) |_| Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C. 80a-8).
(e) |_| An investment adviser in accordance with ss. 240.13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance
with ss. 240.13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance
with ss. 240.13d-1(b)(1)(ii)(G);
(h) |_| A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) |_| A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of
1940 (15 U.S.C. 80a-3);
(j) |_| Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J);
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.
(a) Amount beneficially owned:
Sedna Capital Management 6,731,419 shares
Paul Yook 6,731,419 shares
Rengan Rajaratnam 6,731,419 shares
(b) Percent of class:
Sedna Capital Management 5.92%
Paul Yook 5.92%
Rengan Rajaratnam 5.92%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
Sedna Capital Management 0 shares
Paul Yook 0 shares
Rengan Rajaratnam 0 shares
(ii) Shared power to vote or to direct the vote
Sedna Capital Management 6,731,419 shares
Paul Yook 6,731,419 shares
Rengan Rajaratnam 6,731,419 shares
(iii) Sole power to dispose or to direct the disposition of
Sedna Capital Management 0 shares
Paul Yook 0 shares
Rengan Rajaratnam 0 shares
(iv) Shared power to dispose or to direct the disposition of
Sedna Capital Management 6,731,419 shares
Paul Yook 6,731,419 shares
Rengan Rajaratnam 6,731,419 shares
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 |_|.
N/A
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.
N/A
Item7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
If a parent holding company or control person has filed this schedule, pursuant
to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit
stating the identity and the Item 3 classification of the relevant subsidiary.
If a parent holding company or control person has filed this schedule pursuant
to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification
of the relevant subsidiary.
N/A
Item 8. Identification and Classification of Members of the Group
If a group has filed this schedule pursuant to Rule 13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and Item 3
classification of each member of the group. If a group has filed this schedule
pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the
identity of each member of the group.
N/A
Item 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit stating the date
of the dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.
N/A
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 my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: August 9, 2006
SEDNA CAPITAL MANAGEMENT LLC
By: /s/ Rengan Rajaratnam
-----------------------
Name: Rengan Rajaratnam
Title: Managing Member
EXHIBIT A
In accordance with Rule 13d-1(k) promulgated under the Securities Exchange
Act of 1934, as amended, each of the undersigned does hereby consent and
agree to the joint filing on behalf of each of them of a statement on Schedule
13G and all amendments thereto with respect to the Common Stock, $0.01
per share of Primus Telecommunications Group, Inc. beneficially owned by
each of them, and the inclusion of this Joint Filing Agreement as an exhibit
thereto.
Dated: August 9, 2006
Sedna Capital Management LLC
By: /s/ Rengan Rajaratnam
- -----------------------------
Name: Rengan Rajaratnam
Title: Managing Member
/s/ Paul Yook
- -----------------------------
Paul Yook
/s/ Rengan Rajaratnam
- ----------------------------
Rengan Rajaratnam