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Filing Details

Accession Number:: 0001181431-13-029347
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2013-05-21 14:21:46
Reporting Period:: 2013-05-20

Filing Date:: 2013-05-21
Accepted Time:: 2013-05-21 14:21:46
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
878560	Standard Pacific Corp	SPF	Operative Builders (1531)	330475989

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1251956	J David Matlin	C/O Matlinpatterson Global Advisers Llc 520 Madison Avenue New York NY 10022		Yes	No	Yes	No
1251962	Matlinpatterson Global Advisers Llc	520 Madison Avenue New York NY 10022		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2013-05-20	23,000,000	$9.50	66,400,000	No	4	S	Indirect	See Footnotes
Common Stock	Acquisiton	2013-05-20	60,000,000	$3.05	126,400,000	No	4	C	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Footnotes
No	4	C	Indirect	See Footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Series B Junior Participating Convertible Preferred Stock	Disposition	2013-05-20	183,000	$0.00	60,000,000	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
267,829	2008-08-18		No	4	C	Indirect

Footnotes

MP CA Homes LLC was the direct owner of 89,400,000 shares of Common Stock and 450,829 shares of Series B Junior Participating Convertible Preferred Stock ("Junior Convertible Preferred Stock"). On May 20, 2013, MP CA Homes LLC sold 23,000,000 shares of Common Stock and also converted 183,000 shares of Junior Convertible Preferred Stock into 60,000,000 shares of Common Stock. MatlinPatterson Global Opportunities Partners III L.P. and MatlinPatterson Global Opportunities Partners (Cayman) III L.P. (together, "the Funds"), hold 100 percent of the membership interests in MP CA Homes LLC. MatlinPatterson Global Partners III LLC (the "General Partner") is the general partner of the Funds. MatlinPatterson Global Advisers LLC (the "Adviser") is the investment adviser to the Funds. MatlinPatterson PE Holdings LLC holds 100 percent of the voting interest and equity of the Adviser and the General Partner. (Continued in footnote 2)
MatlinPatterson LLC holds 100 percent of the equity of MatlinPatterson PE Holdings LLC. Other than MP CA Homes LLC, each of the foregoing reporting persons disclaims beneficial ownership of the shares held by MP CA Homes LLC, except to the extent that such reporting person holds an indirect pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
David J. Matlin is an employee of the Adviser and a holder of 50 percent of the membership interests in MatlinPatterson LLC. David J. Matlin may be deemed to have shared voting and investment control (together with Mark R. Patterson) over the shares held by MP CA Homes LLC. He also has an indirect pecuniary interest in the Funds. His exact pecuniary interest therein is not readily determinable because it is subject to several variables, including without limitation, the internal rates of return of the Funds overall with respect to their indirect investment in the Issuer. David J. Matlin disclaims beneficial ownership of any of the reported securities except to the extent of his pecuniary interest therein.
Each share of Junior Convertible Preferred Stock is convertible into such number of shares of Common Stock of the Issuer equal to $1,000 divided by the applicable conversion price of the Junior Convertible Preferred Stock ($3.05 as of the date hereof, subject to anti-dilution adjustment); provided that upon such conversion the holder thereof cannot own more than 49% of the total voting power of the voting stock of the Issuer.
The Junior Convertible Preferred Stock has no expiration date.