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Filing Details

Accession Number:: 0001181431-12-032126
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2012-05-23 19:02:09
Reporting Period:: 2012-05-22

Filing Date:: 2012-05-23
Accepted Time:: 2012-05-23 19:02:09
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
916457	Calpine Corp	CPN	Electric Services (4911)	770212977

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
919468	Spo Advisory Corp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
948279	Sf Advisory Partners Lp	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1046206	Spo Partners Ii Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1202553	H John Scully	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252456	Spo Advisory Partners Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252458	San Francisco Partners Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252464	H Edward Mcdermott	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252480	Foundation Snow Phoebe	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1398581	Spo Partners Ii Co Investment Partnership Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1425020	Stuart J. Ryan	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	Yes	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	2012-05-22	18,500,000	$16.83	59,008,708	No	4	S	Indirect	See footnotes

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

Footnotes

The entities and individuals directly selling these shares reported in this filing are SPO Partners II, L.P. ("SPO Partners"), which sold 16,811,800 shares, SPO Partners II Co-Investment Partnership, L.P. ("SPO Co-Invest"), which sold 1,009,200 shares, San Francisco Partners, L.P. ("SF Partners"), which sold 642,800 shares, John H. Scully ("JHS"), who sold 1,200 shares, Edward H. McDermott ("EHM"), who sold 1,300 shares and Phoebe Snow Foundation ("PSF"), which sold 33,700 shares. The price for the sales on 5/22/12, reported in Line 1 above, was $16.83.
As a result of the sales causing this filing 53,729,212 shares are owned directly by SPO Partners, and may be deemed to be indirectly beneficially owned by (i) SPO Advisory Partners, L.P. ("SPO Advisory"), the sole general partner of SPO Partners, (ii) SPO Advisory Corp. ("SPO Corp."), the sole general partner of SPO Advisory, and (iii) JHS and EHM, the two controlling persons of SPO Corp. Additionally, as a result of the sales causing this filing, 3,225,200 shares are owned directly by SPO Co-Invest, and may be deemed to be indirectly beneficially owned by (i) SPO Advisory, the sole general partner of SPO Co-Invest, (ii) SPO Corp, the sole general partner of SPO Advisory, and (iii) JHS and EHM, the two controlling persons of SPO Corp.
Additionally, as a result of the sales causing this filing, 2,054,296 shares are owned directly by SF Partners, and may be deemed to be indirectly beneficially owned by (i) SF Advisory Partners, L.P. ("SF Advisory"), the sole general partner of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS and EHM, the two controlling persons of SPO Corp. Additionally, as a result of the sales causing this filing, JHS owns 3,800 shares in his IRAs, which are self-directed, EHM owns 4,300 shares in his IRA, which is self-directed and PSF owns 107,800 shares.
Additionally, the shares represented in Column 5 above may be deemed to be indirectly beneficially owned by J. Stuart Ryan ("JSR"), solely in his advisory capacity to SPO Corp. Additionally, 5,029 shares of common stock and 31,838 restricted stock units are owned by JSR, a director of the Issuer.