sc13da109624004_08152014.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)

(Amendment No. 1)1

Wausau Paper Corp.
(Name of Issuer)

Common Stock, no par value
(Title of Class of Securities)

943315101
(CUSIP Number)
 
STEPHEN RANERI
LIONEYE CAPITAL MANAGEMENT LLC
152 W. 57th Street, 10th Floor
New York, New York 10019
(212) 257-5690
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

August 15, 2014
(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-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 § 240.13d-7 for other parties to whom copies are to be sent.


_______________
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 (“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. 943315101
 
1
NAME OF REPORTING PERSON
 
LIONEYE MASTER FUND LTD
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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
 
CAYMAN ISLANDS
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
1,980,009
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
1,980,009
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,980,009
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
4.0%
14
TYPE OF REPORTING PERSON
 
CO

 
2
 
CUSIP NO. 943315101
 
1
NAME OF REPORTING PERSON
 
LIONEYE CAPITAL MANAGEMENT LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
AF, 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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
3,469,670
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
3,469,670
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
3,469,670
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.9%
14
TYPE OF REPORTING PERSON
 
OO

 
3
 
CUSIP NO. 943315101
 
1
NAME OF REPORTING PERSON
 
STEPHEN RANERI
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
AF
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
- 0 -
8
SHARED VOTING POWER
 
       3,469,670
9
SOLE DISPOSITIVE POWER
 
- 0 -
10
SHARED DISPOSITIVE POWER
 
       3,469,670
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
       3,469,670
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.9%
14
TYPE OF REPORTING PERSON
 
IN

 
4
 
CUSIP NO. 943315101
 
1
NAME OF REPORTING PERSON
 
ARTHUR ROSEN
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
AF
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
- 0 -
8
SHARED VOTING POWER
 
3,469,670
9
SOLE DISPOSITIVE POWER
 
- 0 -
10
SHARED DISPOSITIVE POWER
 
3,469,670
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
3,469,670
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.9%
14
TYPE OF REPORTING PERSON
 
IN

 
5
 
CUSIP NO. 943315101
 
The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”).  This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
 
Item 3.
Source and Amount of Funds or Other Consideration.
 
Item 3 is hereby amended and restated to read as follows:
 
The Shares purchased by LionEye Master Fund and held in the LionEye Capital Management Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted on Schedule A.  The aggregate purchase price of the 1,980,009 Shares beneficially owned by LionEye Master Fund is approximately $21,180,259, including brokerage commissions.  The aggregate purchase price of the 1,489,661 Shares held in the LionEye Capital Management Accounts is approximately $16,095,305, including brokerage commissions.
 
Item 5.
Interest in Securities of the Issuer.
 
Items 5(a) – (c) are hereby amended and restated to read as follows:
 
The aggregate percentage of Shares reported owned by each person named herein is based upon 49,970,649 Shares outstanding as of July 31, 2014, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 7, 2014.
 
A.
LionEye Master Fund
 
 
(a)
As of the close of business on August 18, 2014, LionEye Master Fund beneficially owned 1,980,009 Shares.
 
Percentage: Approximately 4.0%
 
 
(b)
1. Sole power to vote or direct vote: 1,980,009
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,980,009
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
The transactions in the Shares by LionEye Master Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
 
B.
LionEye Capital Management
 
 
(a)
As of the close of business on August 18, 2014, 1,489,661 Shares were held in the LionEye Capital Management Accounts.  LionEye Capital Management, as the investment manager of LionEye Master Fund and the LionEye Capital Management Accounts, may be deemed the beneficial owner of the (i) 1,980,009 Shares owned by LionEye Master Fund and (ii) 1,489,661 Shares held in the LionEye Capital Management Accounts.
 
Percentage: Approximately 6.9%
 
 
6
 
CUSIP NO. 943315101
 
 
(b)
1. Sole power to vote or direct vote: 3,469,670
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 3,469,670
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
The transactions in the Shares by LionEye Capital Management through the LionEye Capital Management Accounts and on behalf of LionEye Master Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
 
C.
Messrs. Raneri and Rosen
 
 
(a)
Each of Messrs. Raneri and Rosen, as a managing member of LionEye Capital Management, may be deemed the beneficial owner of the (i) 1,980,009 Shares owned by LionEye Master Fund and (ii) 1,489,661 Shares held in the LionEye Capital Management Accounts.
 
Percentage: Approximately 6.9%
 
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 3,469,670
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 3,469,670
 
 
(c)
None of Messrs. Raneri or Rosen has entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of LionEye Master Fund and through the LionEye Capital Management Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
 
Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons.  Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
 
 
7
 
CUSIP NO. 943315101
 
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:  August 19, 2014
 
 
LionEye Master Fund Ltd
   
   
 
By:
 /s/ Stephen Raneri
   
Name:
Stephen Raneri
   
Title:
Director


 
LionEye Capital Management LLC
   
   
 
By:
 /s/ Stephen Raneri
   
Name:
Stephen Raneri
   
Title:
Managing Member


  /s/ Stephen Raneri
 
Stephen Raneri


  /s/ Arthur Rosen
 
Arthur Rosen
 
 
8
 
CUSIP NO. 943315101

 
SCHEDULE A
 
Transactions in the Shares During the Past Sixty Days
 
Shares of Common Stock
Purchased / (Sold)
Price Per
Share($)
Date of
Purchase / Sale
 
LIONEYE MASTER FUND LTD

28,596   10.55000  
06/16/2014
(31,594 ) 10.90984  
07/01/2014
3,480   10.25039  
07/08/2014
4,330   10.25058  
07/10/2014
15,291   10.26163  
07/11/2014
691   10.30685  
07/15/2014
2,225   10.25708  
07/16/2014
4,080   10.15333  
07/17/2014
2,448   10.05667  
07/21/2014
1,995   10.11000  
07/28/2014
62,147 * 10.07000  
08/01/2014
11,805   10.08000  
08/01/2014
57,003   9.80000  
08/04/2014
71,396   9.90600  
08/06/2014
28,558   9.47000  
08/07/2014
2,950   9.41000  
08/07/2014
12,759   9.52000  
08/08/2014
11,413   9.23000  
08/14/2014
285   8.89000  
08/15/2014
239,920   8.70000  
08/15/2014


LIONEYE CAPITAL MANAGEMENT LLC
(Through the LionEye Capital Management Accounts)

48   10.55000  
06/16/2014
21,356   10.55000  
06/16/2014
(8,701 ) 10.90984  
07/01/2014
(4,968 ) 10.90984  
07/01/2014
45,800   10.90959  
07/01/2014
(537 ) 10.90984  
07/01/2014
739   10.25039  
07/08/2014
586   10.25039  
07/08/2014
780   10.25039  
07/08/2014
854   10.25039  
07/08/2014
 
____________________
* Represents an internal transfer of Shares to LionEye Master Fund from the LionEye Capital Management Accounts.
 
 
9
 
CUSIP NO. 943315101
 
720   10.25058  
07/10/2014
799   10.25058  
07/10/2014
805   10.25058  
07/10/2014
3,226   10.26163  
07/11/2014
2,326   10.26163  
07/11/2014
3,231   10.26163  
07/11/2014
3,682   10.26163  
07/11/2014
147   10.30685  
07/15/2014
115   10.30685  
07/15/2014
148   10.30685  
07/15/2014
168   10.30685  
07/15/2014
475   10.25708  
07/16/2014
372   10.25708  
07/16/2014
475   10.25708  
07/16/2014
542   10.25708  
07/16/2014
872   10.15333  
07/17/2014
682   10.15333  
07/17/2014
871   10.15333  
07/17/2014
995   10.15333  
07/17/2014
523   10.05667  
07/21/2014
409   10.05667  
07/21/2014
523   10.05667  
07/21/2014
597   10.05667  
07/21/2014
426   10.11000  
07/28/2014
334   10.11000  
07/28/2014
426   10.11000  
07/28/2014
487   10.11000  
07/28/2014
(23,282 )** 10.07000  
08/01/2014
2,242   10.08000  
08/01/2014
(1 ) 10.08000  
08/01/2014
(15,155 )** 10.07000  
08/01/2014
1,779   10.08000  
08/01/2014
(1 ) 10.08000  
08/01/2014
(18,405 ) 10.08000  
08/01/2014
(23,710 )** 10.07000  
08/01/2014
2,581   10.08000  
08/01/2014
10,829   9.80000  
08/04/2014
8,586   9.80000  
08/04/2014
10,918   9.80000  
08/04/2014
12,464   9.80000  
08/04/2014
13,561   9.90600  
08/06/2014
10,754   9.90600  
08/06/2014
13,678   9.90600  
08/06/2014
15,611   9.90600  
08/06/2014
 
____________________
** Represents an internal transfer of Shares from the LionEye Capital Management Accounts to LionEye Master Fund.
 
 
10
 
CUSIP NO. 943315101
 
5,426   9.47000  
08/07/2014
561   9.41000  
08/07/2014
4,301   9.47000  
08/07/2014
444   9.41000  
08/07/2014
5,471   9.47000  
08/07/2014
565   9.41000  
08/07/2014
6,244   9.47000  
08/07/2014
645   9.41000  
08/07/2014
3,130   9.52000  
08/08/2014
3,078   9.52000  
08/08/2014
3,347   9.52000  
08/08/2014
2,686   9.52000  
08/08/2014
2,173   9.23000  
08/14/2014
1,727   9.23000  
08/14/2014
2,192   9.23000  
08/14/2014
2,495   9.23000  
08/14/2014
54   8.89000  
08/15/2014
45,674   8.70000  
08/15/2014
43   8.89000  
08/15/2014
36,297   8.70000  
08/15/2014
56   8.89000  
08/15/2014
46,088   8.70000  
08/15/2014
62   8.89000  
08/15/2014
52,444   8.70000  
08/15/2014
 
 
11