UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
Amendment No. 1
Beasley Broadcast Group Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Class A common
--------------------------------------------------------------------------------
(Title of Class of Securities)
074014101
--------------------------------------------------------------------------------
(CUSIP Number)
JIM KORN, ESQ.
DEEPHAVEN CAPITAL MANAGEMENT LLC
130 CHESHIRE LANE, SUITE 102
MINNETONKA, MN 55305
952-249-5538
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 29, 2005
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the 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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-2(g), check
the following box. [ ]
CUSIP No. 074014101
================================================================================
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Deephaven Capital Management LLC
41-1908497
================================================================================
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) N/A
(b) N/A
================================================================================
3. SEC Use Only
================================================================================
4. Source of Funds
WC
================================================================================
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
================================================================================
6. Citizenship or Place of Organization
Delaware
================================================================================
7. Sole Voting Power
1,642,206
Number of ==================================================================
Shares 8. Shared Voting Power
Beneficially 0
Owned by ==================================================================
Each 9. Sole Dispositive Power
Reporting 1,642,206
Person With ==================================================================
10. Shared Dispositive Power
0
================================================================================
11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,642,206
================================================================================
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
N/A
================================================================================
13. Percent of Class Represented by Amount in Row (11)
22.06%
================================================================================
14. Type of Reporting Person
00
================================================================================
Item 1. Security and Issuer
Common Stock Class A
Beasley Broadcast Group Inc.
3033 RIVIERA DRIVE
SUITE 200
NAPLES FL 34103
Item 2.
(a) This statement is filed on behalf of Deephaven Capital Management LLC, a
Delaware limited liability company.
(b) The principal business address of Deephaven Capital Management LLC is 130
Cheshire Lane, Suite 102, Minnetonka, MN 55305
(c) The principal business of Deephaven Capital Management LLC is an
unregistered investment advisor.
(d) During the last 5 years, Deephaven Capital Management LLC has not been
convicted in a criminal proceeding.
(e) During the last 5 years, Deephaven Capital Management LLC, has not been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction.
(f) Deephaven Capital Management LLC is a Delaware limited liability company.
Item 3.
The source of funding for the purchase of these Shares was general working
capital.
Item 4. Purpose of Transaction.
Deephaven Capital Management LLC acquired the Shares believing them to be
undervalued.
Deephaven Capital Management LLC reserves the right to acquire additional Shares
at any time and from time to time in the open market or otherwise. In addition,
Registrant may dispose of all or any portion of the Shares at any time or from
time to time in the open market or otherwise. Registrant may seek to participate
in, and influence the outcome of, any proxy solicitation and the bidding process
involving the Issuer, as a bidder or otherwise.
Item 5. Interest in Securities of Issuer
(a) Deephaven Capital Management LLC is the beneficial owner of 1,642,206
shares of Beasley common stock, which constitutes 22.06% of total shares
outstanding.
(b) Deephaven Capital Management LLC has sole power to vote or to direct the
vote, as well as the sole power to dispose or to direct the disposition of
the 1,642,206 shares.
(c) Deephaven Capital Management LLC effected the following transactions in the
open market in the last 60 days:
Trade Date Transaction Type Quantity Price
04/29/05 Buy 1,794 15.61
04/29/05 Buy 506 15.61
05/02/05 Buy 78 16.92
05/02/05 Buy 22 16.92
05/03/05 Buy 1,113 16.74
05/03/05 Buy 314 16.74
05/04/05 Buy 88 16.98
05/04/05 Buy 312 16.98
05/05/05 Buy 88 16.93
05/05/05 Buy 312 16.93
05/06/05 Buy 308 17.23
05/06/05 Buy 1,092 17.23
05/09/05 Buy 78 17.22
05/09/05 Buy 22 17.22
05/10/05 Buy 990 17.55
05/10/05 Buy 3,510 17.55
05/11/05 Buy 425 17.51
05/11/05 Buy 1,505 17.51
05/12/05 Buy 1,092 17.58
05/12/05 Buy 308 17.58
05/13/05 Buy 3,117 17.50
05/13/05 Buy 11,049 17.50
05/17/05 Buy 44 17.83
05/17/05 Buy 156 17.83
05/18/05 Buy 88 17.81
05/18/05 Buy 312 17.81
05/19/05 Buy 2,106 17.41
05/19/05 Buy 594 17.41
05/20/05 Buy 572 17.14
05/20/05 Buy 2,028 17.14
05/23/05 Buy 4,476 16.88
05/23/05 Buy 1,262 16.88
05/24/05 Buy 1,342 16.84
05/24/05 Buy 4,758 16.84
05/25/05 Buy 825 16.34
05/25/05 Buy 2,923 16.34
05/25/05 Sell (550) 16.29
05/25/05 Sell (1,950) 16.29
05/26/05 Buy 3,363 16.35
05/26/05 Buy 949 16.35
05/27/05 Buy 1,851 16.32
05/27/05 Buy 349 16.32
05/27/05 Sell (1,477) 16.42
05/27/05 Sell (278) 16.42
05/31/05 Buy 1,068 16.20
05/31/05 Buy 3,785 16.20
06/01/05 Buy 3,666 15.71
06/01/05 Buy 1,034 15.71
06/02/05 Buy 176 16.02
06/02/05 Buy 624 16.02
06/03/05 Buy 1,425 15.70
06/03/05 Buy 5,054 15.70
06/03/05 Sell (176) 15.91
06/03/05 Sell (624) 15.91
06/06/05 Buy 309 15.54
06/06/05 Buy 1,095 15.54
06/07/05 Buy 1,716 15.56
06/07/05 Buy 484 15.56
06/08/05 Buy 2,496 15.42
06/08/05 Buy 704 15.42
06/09/05 Buy 807 15.23
06/09/05 Buy 2,862 15.23
06/09/05 Sell (132) 15.18
06/09/05 Sell (468) 15.18
06/10/05 Buy 3,311 15.20
06/10/05 Buy 934 15.20
06/13/05 Buy 484 15.39
06/13/05 Buy 1,716 15.39
06/14/05 Buy 44 15.72
06/14/05 Buy 156 15.72
06/14/05 Sell (6) 15.71
06/14/05 Sell (19) 15.71
06/15/05 Buy 66 15.63
06/15/05 Buy 234 15.63
06/16/05 Buy 110 15.59
06/16/05 Buy 390 15.59
06/17/05 Buy 110 14.56
06/17/05 Buy 390 14.56
06/20/05 Buy 880 14.45
06/20/05 Buy 3,120 14.45
06/21/05 Buy 25,504 14.34
06/21/05 Buy 154 14.44
06/21/05 Buy 546 14.44
06/21/05 Sell (25,504) 14.34
06/22/05 Buy 242 14.45
06/22/05 Buy 858 14.45
(d) N/A
(e) N/A
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
N/A
Item 7. Material to be Filed as Exhibits
N/A
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
June 23, 2005
Signature
/s/ Jim Korn, Chief Legal Officer