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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 

SCHEDULE 13D

(Amendment No. 5 )

Under the Securities Exchange Act of 1934

Dynegy Inc.
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
(Title of Class of Securities)
26817G102
(CUSIP Number)
David A. Kurzweil
Latham & Watkins LLP
885 Third Avenue
New York, New York 10022
(212) 906-1200
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 14, 2010
(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 subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. o

* 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.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

LS Power Development, LLC
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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
   
  Delaware
       
  7.   Sole Voting Power:
     
Number of   0
       
Shares 8.   Shared Voting Power:
Beneficially    
Owned By   55,907,311
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    55,907,311
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  55,907,311
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  9.3%*
     
14.   Type of Reporting Person
   
  OO
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 2 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

LS Power Partners, L.P.
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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
   
  Delaware
       
  7.   Sole Voting Power:
     
Number of   0
       
Shares 8.   Shared Voting Power:
Beneficially    
Owned By   47,876,014
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    47,876,014
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  47,876,014
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  8.0%*
     
14.   Type of Reporting Person
   
  PN
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 3 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

LS Power Associates, L.P.
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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
   
  Delaware
       
  7.   Sole Voting Power:
     
Number of   0
       
Shares 8.   Shared Voting Power:
Beneficially    
Owned By   8,031,297
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    8,031,297
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  8,031,297
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  1.3%*
     
14.   Type of Reporting Person
   
  PN
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 4 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

LS Power Equity Partners, L.P.
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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
   
  Delaware
       
  7.   Sole Voting Power:
     
Number of   0
       
Shares 8.   Shared Voting Power:
Beneficially    
Owned By   28,795,113
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    28,795,113
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  28,795,113
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  4.8%*
     
14.   Type of Reporting Person
   
  PN
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 5 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

LS Power Equity Partners PIE I, L.P.
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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
   
  Delaware
       
  7.   Sole Voting Power:
     
Number of   0
       
Shares 8.   Shared Voting Power:
Beneficially    
Owned By   17,460,610
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    17,460,610
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  17,460,610
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  2.9%*
     
14.   Type of Reporting Person
   
  PN
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 6 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

LSP Gen Investors, L.P.
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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
   
  Delaware
       
  7.   Sole Voting Power:
     
Number of   0
       
Shares 8.   Shared Voting Power:
Beneficially    
Owned By   685,187
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    685,187
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  685,187
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  0.1%*
     
14.   Type of Reporting Person
   
  PN
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 7 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1.   Name of Reporting Person:

Mikhail Segal
     
     
2.   Check The Appropriate Box If A Member of Group (See Instructions):
  (a)   o 
  (b)   o 
     
3.   SEC Use Only:
   
   
     
4.   Source of Funds:
   
  OO
     
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   55,907,311
       
Each 09.   Sole Dispositive Power:
Reporting    
Person   0
       
With: 10.   Shared Dispositive Power:
     
    55,907,311
     
11.   Aggregate Amount Beneficially Owned By Each Reporting Person:
   
  55,907,311
     
12.   Check Box if The Aggregate Amount In Row (11) Excludes Certain Shares (See Instructions):
   
  o
     
13.   Percent Of Class Represented By Amount In Row (11):
   
  9.3%*
     
14.   Type of Reporting Person
   
  IN
*As reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010.

Page 8 of 14

 

This Amendment No. 5 amends the statement on Schedule 13D filed on December 10, 2009 and amended on March 22, 2010, April 2, 2010, April 20, 2010 and April 30, 2010 (the “Schedule 13D”), by and on behalf of the Reporting Persons relating to the Class A Common Stock of Dynegy Inc. Capitalized terms used but not defined in this Amendment No. 5 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D. This Amendment No. 5 reports beneficial ownership of the Issuer’s Class A Common Stock as of May 14, 2010.
Item 5. Interest in Securities of the Issuer.
The information set forth in Item 5 is hereby amended and supplemented with the following:
     (a) and (b) The information contained on the cover pages to this Schedule 13D and Item 3 is incorporated herein by reference.
     As of May 14, 2010, the Reporting Persons held a total of 55,907,311 shares of the Issuer’s Class A Common Stock. Of these shares, LSP Partners directly holds 935,104 shares, LSP Associates directly holds 8,031,297 shares, LSPEP directly holds 28,795,113 shares, PIE I directly holds 17,460,610 shares, and Gen Investors directly holds 685,187 shares. As a result of its relationship with LSPEP, PIE I and Gen Investors, LSP Partners may be deemed the beneficial owner of 47,876,014 shares of Class A Common Stock, representing approximately 8.0% of the outstanding shares of Class A Common Stock as reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 10, 2010. As a result of its relationship with LSP Partners and LSP Associates, LSP Development may be deemed the beneficial owner of 55,907,311 shares of Class A Common Stock, representing approximately 9.3% of the outstanding shares of Class A Common Stock as calculated in the previous sentence. As a result of his position, Mikhail Segal may be deemed to control LSP Development and to have shared beneficial ownership of 55,907,311 shares of Class A Common Stock, representing approximately 9.3% of the outstanding shares of Class A Common Stock as calculated above.
     (c) Please see Annex A for a list of transactions in the Issuer’s Class A Common Stock from April 30, 2010 to May 14, 2010. All of the transactions reported on Annex A were executed through brokers and settled through facilities of The Depository Trust & Clearing Corporation (DTCC).
     (d) Not applicable.
     (e) Not applicable.
Item 7. Material to be Filed as Exhibits.
1.   Joint Filing Agreement, dated as of December 10, 2009, by and among the Reporting Persons. (incorporated by reference to Exhibit 1 to the Reporting Persons Schedule 13D filed on December 10, 2009).

Page 9 of 14

 

2.   Purchase and Sale Agreement, dated as of August 9, 2009, among LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., LSP Gen Investors, L.P., Port River, LLC, Valley Road, LLC, Dos Rios, LLC, Dynegy Inc., Dynegy Gen Finance Co, LLC, Southwest Power Partners, LLC, Riverside Generation, Inc., Dynegy Renaissance Power, Inc., Bluegrass Generation, Inc., Dynegy Midwest Generation, Inc., RRP Company, Dynegy Power Services, Inc., and Dynegy Falcon Holdings Inc. (incorporated by reference to Exhibit 2.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on August 13, 2009).
 
3.   Amendment No. 1 to the Purchase and Sale Agreement, dated as of November 25, 2009, by and among LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., LSP Gen Investors, L.P., Port River, LLC, Valley Road, LLC, Dos Rios, LLC, Dynegy Inc., Dynegy Gen Finance Co, LLC, Southwest Power Partners, LLC, Riverside Generation, Inc., Dynegy Renaissance Power, Inc., Bluegrass Generation, Inc., Dynegy Midwest Generation, Inc., RRP Company, Dynegy Power Services, Inc., and Dynegy Falcon Holdings Inc. (incorporated by reference to Exhibit 2.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on December 1, 2009).
 
4.   Shareholder Agreement, dated as of August 9, 2009, among Dynegy Inc. and LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 10.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on August 13, 2009).
 
5.   Amendment No. 1 to the Registration Rights Agreement dated September 14, 2006 by and between Dynegy Inc. and LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 10.2 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on August 13, 2009).
 
6.   Registration Rights Agreement, dated as of September 14, 2006, among Dynegy Acquisition, Inc., LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P. and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Dynegy Inc. filed on September 19, 2006, File No. 1-15659).

Page 10 of 14

 

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.
Date: May 17, 2010
         
  LS POWER DEVELOPMENT LLC
 		  
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia   
    Title:   Managing Director   
 
  LS POWER PARTNERS, L.P.
 		  
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia   
    Title:   Managing Director   
 
  LS POWER ASSOCIATES, L.P.
 		  
  By:   LS Power Development, LLC, its    
    General Partner   
     
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia   
    Title:   Managing Director   
 
  LS POWER EQUITY PARTNERS, L.P.
 		  
  By:   LS Power Partners, L.P., its General    
    Partner   
     
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia   
    Title:   Managing Director   
 

Page 11 of 14

 

         
  LS POWER EQUITY PARTNERS PIE I, L.P.
 		  
  By:   LS Power Partners, L.P., its General    
    Partner   
     
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia   
    Title:   Managing Director   
 
  LSP GEN INVESTORS, L.P.
 		  
  By:   LS Power Partners, L.P., its General    
    Partner   
     
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia   
    Title:   Managing Director   
 
  MIKHAIL SEGAL
 		  
  /s/ Mikhail Segal    
     
     
 

Page 12 of 14

 

ANNEX A
Transactions in Dynegy Inc. Class A Common Stock
April 30, 2010 to May 14, 2010
LS Power Associates, L.P.
                     
Date of Transaction   Nature of Transaction   Number of Shares   Avg. Price per Share
April 30, 2010
   SELL     69,200     $ 1.3556  
May 3, 2010
   SELL     35,703     $ 1.3414  
May 4, 2010
   SELL     74,660     $ 1.3098  
May 5, 2010
   SELL     181,366     $ 1.2994  
May 6, 2010
   SELL     130,550     $ 1.2683  
May 7, 2010
   SELL     44,178     $ 1.2185  
May 10, 2010
   SELL     105,874     $ 1.3208  
May 11, 2010
   SELL     118,981     $ 1.3149  
May 12, 2010
   SELL     53,658     $ 1.3064  
May 13, 2010
   SELL     61,802     $ 1.3385  
May 14, 2010
   SELL     74,128     $ 1.3040  
LS Power Equity Partners, L.P.
                     
April 30, 2010
   SELL     248,109     $ 1.3556  
May 3, 2010
   SELL     128,010     $ 1.3414  
May 4, 2010
   SELL     267,681     $ 1.3098  
May 5, 2010
   SELL     650,262     $ 1.2994  
May 6, 2010
   SELL     468,070     $ 1.2683  
May 7, 2010
   SELL     158,392     $ 1.2185  
May 10, 2010
   SELL     379,597     $ 1.3208  
May 11, 2010
   SELL     426,593     $ 1.3149  
May 12, 2010
   SELL     192,382     $ 1.3064  
May 13, 2010
   SELL     221,584     $ 1.3385  
May 14, 2010
   SELL     265,775     $ 1.3040  
LS Power Equity Partners PIE I, L.P.
                     
April 30, 2010
   SELL     150,447     $ 1.3556  
May 3, 2010
   SELL     77,622     $ 1.3414  
May 4, 2010
   SELL     162,316     $ 1.3098  
May 5, 2010
   SELL     394,302     $ 1.2994  
May 6, 2010
   SELL     283,826     $ 1.2683  
May 7, 2010
   SELL     96,045     $ 1.2185  
May 10, 2010
   SELL     230,178     $ 1.3208  
May 11, 2010
   SELL     258,674     $ 1.3149  
May 12, 2010
   SELL     116,656     $ 1.3064  
May 13, 2010
   SELL     134,363     $ 1.3385  
May 14, 2010
   SELL     161,159     $ 1.3040  

Page 13 of 14

 

LS Power Partners, L.P.
                     
April 30, 2010
   SELL     8,057     $ 1.3556  
May 3, 2010
   SELL     4,157     $ 1.3414  
May 4, 2010
   SELL     8,693     $ 1.3098  
May 5, 2010
   SELL     21,117     $ 1.2994  
May 6, 2010
   SELL     15,200     $ 1.2683  
May 7, 2010
   SELL     5,144     $ 1.2185  
May 10, 2010
   SELL     12,327     $ 1.3208  
May 11, 2010
   SELL     13,853     $ 1.3149  
May 12, 2010
   SELL     6,247     $ 1.3064  
May 13, 2010
   SELL     7,196     $ 1.3385  
May 14, 2010
   SELL     8,631     $ 1.3040  
LSP Gen Investors, L.P.
                     
April 30, 2010
   SELL     5,904     $ 1.3556  
May 3, 2010
   SELL     3,046     $ 1.3414  
May 4, 2010
   SELL     6,370     $ 1.3098  
May 5, 2010
   SELL     15,473     $ 1.2994  
May 6, 2010
   SELL     11,138     $ 1.2683  
May 7, 2010
   SELL     3,769     $ 1.2185  
May 10, 2010
   SELL     9,033     $ 1.3208  
May 11, 2010
   SELL     10,151     $ 1.3149  
May 12, 2010
   SELL     4,578     $ 1.3064  
May 13, 2010
   SELL     5,273     $ 1.3385  
May 14, 2010
   SELL     6,324     $ 1.3040  

Page 14 of 14