sc13d06297008_10232009.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

Phoenix Technologies Ltd.
(Name of Issuer)

Common Stock, $.001 Par Value
(Title of Class of Securities)

719153108
(CUSIP Number)
 
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

October 23, 2009
(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. 719153108
 
1
NAME OF REPORTING PERSON
 
RAMIUS VALUE AND OPPORTUNITY 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
 
2,010,796
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
2,010,796
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,010,796
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.7%
14
TYPE OF REPORTING PERSON
 
CO

2

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
RAMIUS ENTERPRISE 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
 
558,404
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
558,404
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
558,404
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.6%
14
TYPE OF REPORTING PERSON
 
OO

3

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
RCG PB, 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
 
1,573,843
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
1,573,843
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,573,843
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
4.5%
14
TYPE OF REPORTING PERSON
 
OO

4

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
RAMIUS ADVISORS, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
2,132,247
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
2,132,247
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,132,247
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.1%
14
TYPE OF REPORTING PERSON
 
OO

5

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
RCG STARBOARD ADVISORS, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
2,010,796
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
2,010,796
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,010,796
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.7%
14
TYPE OF REPORTING PERSON
 
OO

6

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
RAMIUS LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
4,143,043
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
OO

7

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
COWEN GROUP, INC.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
4,143,043
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
CO

8

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
RCG HOLDINGS LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
4,143,043
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
OO

9

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
C4S & CO., L.L.C.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
8
SHARED VOTING POWER
 
- 0 -
9
SOLE DISPOSITIVE POWER
 
4,143,043
10
SHARED DISPOSITIVE POWER
 
- 0 -
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
OO

10

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
PETER A. COHEN
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
9
SOLE DISPOSITIVE POWER
 
 - 0 -
10
SHARED DISPOSITIVE POWER
 
4,143,043
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
IN

11

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
MORGAN B. STARK
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
9
SOLE DISPOSITIVE POWER
 
 - 0 -
10
SHARED DISPOSITIVE POWER
 
4,143,043
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
IN

12

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
JEFFREY M. SOLOMON
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
9
SOLE DISPOSITIVE POWER
 
 - 0 -
10
SHARED DISPOSITIVE POWER
 
4,143,043
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
IN

13

CUSIP NO. 719153108
 
1
NAME OF REPORTING PERSON
 
THOMAS W. STRAUSS
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (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 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
 
4,143,043
9
SOLE DISPOSITIVE POWER
 
 - 0 -
10
SHARED DISPOSITIVE POWER
 
4,143,043
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
4,143,043
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
11.8%
14
TYPE OF REPORTING PERSON
 
IN

14

CUSIP NO. 719153108
 
The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).
 
Item 1.
Security and Issuer
 
This statement relates to the Common Stock, par value $.001 per share (the “Shares”), of Phoenix Technologies Ltd. (the “Issuer”).  The address of the principal executive offices of the Issuer is 915 Murphy Ranch Road, Milpitas, California 95035.
 
Item 2.
Identity and Background.
 
(a)           This statement is filed by:
 
 
(i)
Ramius Value and Opportunity Master Fund Ltd, a Cayman Islands exempted company (“Value and Opportunity Master Fund”), with respect to the Shares directly and beneficially owned by it;
 
 
(ii)
Ramius Enterprise Master Fund Ltd, a Cayman Islands exempted company (“Enterprise Master Fund”), with respect to the Shares directly and beneficially owned by it;
 
 
(iii)
RCG PB, Ltd, a Cayman Islands exempted company (“RCG PB”), with respect to the Shares directly and beneficially owned by it;
 
 
(iv)
Ramius Advisors, LLC, a Delaware limited liability company (“Ramius Advisors”), who serves as the investment advisor of Enterprise Master Fund and RCG PB;
 
 
(v)
RCG Starboard Advisors, LLC, a Delaware limited liability company (“RCG Starboard Advisors”), who serves as the investment manager of Value and Opportunity Master Fund;
 
 
(vi)
Ramius LLC, a Delaware limited liability company (“Ramius”), who serves as the sole member of each of RCG Starboard Advisors and Ramius Advisors;
 
 
(vii)
Cowen Group, Inc., a Delaware corporation (“Cowen”), who serves as the sole member of Ramius;
 
 
(viii)
RCG Holdings LLC, a Delaware limited liability company (“RCG Holdings”), who is the majority shareholder of Cowen;
 
 
(ix)
C4S & Co., L.L.C., a Delaware limited liability company (“C4S”), who serves as managing member of RCG Holdings;
 
 
(x)
Peter A. Cohen, who serves as one of the managing members of C4S;
 
 
(xi)
Morgan B. Stark, who serves as one of the managing members of C4S;
 
 
(xii)
Thomas W. Strauss, who serves as one of the managing members of C4S; and
 
 
(xiii)
Jeffrey M. Solomon, who serves as one of the managing members of C4S.
 
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6.  Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
 
15

CUSIP NO. 719153108
 
(b)           The address of the principal office of each of Ramius Advisors, RCG Starboard Advisors, Ramius, Cowen, RCG Holdings, C4S, and Messrs. Cohen, Stark, Strauss and Solomon is 599 Lexington Avenue, 20th Floor, New York, New York 10022.
 
The address of the principal office of each of Value and Opportunity Master Fund, Enterprise Master Fund and RCG PB is c/o Citco Fund Services (Cayman Islands) Limited, Corporate Center, West Bay Road, Grand Cayman, Cayman Islands, British West Indies.  The officers and directors of Value and Opportunity Master Fund and their principal occupations and business addresses are set forth on Schedule B and incorporated by reference in this Item 2.  The officers and directors of Enterprise Master Fund and their principal occupations and business addresses are set forth on Schedule C and incorporated by reference in this Item 2.  The officers and directors of RCG PB and their principal occupations and business addresses are set forth on Schedule D and incorporated by reference in this Item 2.  The officers and directors of Cowen and their principal occupations and business addresses are set forth on Schedule E and incorporated by reference in this Item 2.
 
(c)           The principal business of each of Value and Opportunity Master Fund, Enterprise Master Fund and RCG PB is serving as a private investment fund.  Value and Opportunity Master Fund has been formed for the purpose of making equity investments and, on occasion, taking an active role in the management of portfolio companies in order to enhance shareholder value.  Each of Enterprise Master Fund and RCG PB have been formed for the purpose of making equity and debt investments.  The principal business of RCG Starboard Advisors is acting as the investment manager of Value and Opportunity Master Fund.  The principal business of Ramius Advisors is acting as the investment advisor of Enterprise Master Fund and RCG PB.  Ramius is engaged in money management and investment advisory services for third parties and proprietary accounts and serves as the sole member of each of RCG Starboard Advisors and Ramius Advisors.  Cowen provides alternative investment management, investment banking, research, and sales and trading services through its business units, Ramius and Cowen and Company.  Cowen also serves as the sole member of Ramius.  RCG Holdings is the majority shareholder of Cowen.  C4S serves as managing member of RCG Holdings.  Messrs. Cohen, Strauss, Stark and Solomon serve as co-managing members of C4S.
 
(d)           No Reporting Person, nor any person listed on Schedule B, Schedule C, Schedule D or Schedule E, each annexed hereto, has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
 
(e)           No Reporting Person, nor any person listed on Schedule B, Schedule C, Schedule D or Schedule E, each annexed hereto, has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
 
(f)           Messrs. Cohen, Stark, Strauss, and Solomon are citizens of the United States of America.
 

Item 3.
Source and Amount of Funds or Other Consideration.
 
The Shares purchased by Value and Opportunity Master Fund, PCG PB and Enterprise Master Fund 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, as set forth in Schedule A, which is incorporated by reference herein.  The aggregate purchase cost of the 4,143,043 Shares beneficially owned in the aggregate by Value and Opportunity Master Fund, RCG PB and Enterprise Master Fund is approximately $10,479,129, excluding brokerage commissions.
 
16

CUSIP NO. 719153108
 
Item 4.
Purpose of Transaction.
 
The Reporting Persons originally purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
 
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, communications with management and the Board of the Issuer, nominating or recommending candidates to serve as members of the Board, engaging in discussions with third parties about the Issuer and the Reporting Persons’ investment, including other stockholders and potential nominees to the Board, making proposals to the Issuer concerning changes to the capitalization, ownership structure or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.
 

Item 5.
Interest in Securities of the Issuer.
 
The aggregate percentage of Shares reported owned by each person named herein is based upon 35,008,787 Shares outstanding as of July 29, 2009, 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 July 31, 2009.

A.
Value and Opportunity Master Fund
 
 
(a)
As of the close of business on October 30, 2009, Value and Opportunity Master Fund beneficially owned 2,010,796 Shares.
 
Percentage: Approximately 5.7%
 
 
(b)
1. Sole power to vote or direct vote: 2,010,796
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 2,010,796
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
The transactions in the Shares by Value and Opportunity Master Fund in the past 60 days are set forth in Schedule A and are incorporated by reference.
 
17

CUSIP NO. 719153108
 
B.
RCG PB
 
 
(a)
As of the close of business on October 30, 2009, RCG PB beneficially owned 1,573,843 Shares.
 
Percentage: 4.5%
 
 
(b)
1. Sole power to vote or direct vote: 1,573,843
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,573,843
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
The transactions in the Shares by RCG PB in the past 60 days are set forth in Schedule A and are incorporated by reference.
 
C.
Enterprise Master Fund
 
 
(a)
As of the close of business on October 30, 2009, Enterprise Master Fund beneficially owned 558,404 Shares.
 
 
Percentage:  1.6%
 
 
(b)
1.  Sole power to vote or direct vote:  558,404
 
2.  Shared power to vote or direct vote:  0
 
3.  Sole power to dispose or direct the disposition:  558,404
 
4.  Shared power to dispose or direct the disposition:  0
 
 
(c)
The transactions in the Shares by Enterprise Master Fund in the past 60 days are set forth in Schedule A and are incorporated by reference.
 
D.
RCG Starboard Advisors
 
 
(a)
RCG Starboard Advisors, as the investment manager of Value and Opportunity Master Fund, may be deemed the beneficial owner of the 2,010,796 Shares owned by Value and Opportunity Master Fund.
 
Percentage: Approximately 5.7%
 
 
(b)
1. Sole power to vote or direct vote: 2,010,796
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 2,010,796
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
RCG Starboard Advisors did not enter into any transactions in the Shares in the past 60 days.  The transactions in the Shares on behalf of Value and Opportunity Master Fund are set forth on Schedule A and incorporated herein by reference.
 
E.
Ramius Advisors
 
 
(a)
Ramius Advisors, as the investment advisor of each of Enterprise Master Fund and RCG PB, may be deemed the beneficial owner of the (i) 558,404 Shares owned by Enterprise Master Fund and (ii) 1,573,843 Shares owned by RCG PB.
 
Percentage: 6.1%.
 
18

CUSIP NO. 719153108
 
 
(b)
1. Sole power to vote or direct vote: 2,132,247
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 2,132,247
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
Ramius Advisors did not enter into any transactions in the Shares in the past 60 days.  The transactions in the Shares on behalf of Enterprise Master Fund and RCG PB.in the past 60 days are set forth in Schedule A and incorporated by reference.
 
F.
Ramius
 
 
(a)
Ramius, as the sole member of each of RCG Starboard Advisors and Ramius Advisors, may be deemed the beneficial owner of the (i) 2,010,796  Shares owned by Value and Opportunity Master Fund, (ii) 1,573,843 Shares owned by RCG PB and (iii) 558,404 Shares owned by Enterprise Master Fund.
 
Percentage: Approximately 11.8%
 
 
(b)
1. Sole power to vote or direct vote: 4,143,043
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 4,143,043
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
Ramius did not enter into any transactions in the Shares in the past 60 days.  The transactions in the Shares in the past 60 days on behalf of Value and Opportunity Master Fund, RCG PB and Enterprise Master Fund are set forth in Schedule A and are incorporated by reference.
 
G.
Cowen
 
 
(a)
Cowen, as the sole member of Ramius, may be deemed the beneficial owner of the (i) 2,010,796  Shares owned by Value and Opportunity Master Fund, (ii) 1,573,843 Shares owned by RCG PB and (iii) 558,404 Shares owned by Enterprise Master Fund.
 
Percentage: Approximately 11.8%
 
 
(b)
1. Sole power to vote or direct vote: 4,143,043
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 4,143,043
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
Cowen did not enter into any transactions in the Shares in the past 60 days.  The transactions in the Shares in the past 60 days on behalf of Value and Opportunity Master Fund, RCG PB and Enterprise Master Fund are set forth in Schedule A and are incorporated by reference.
 
H.
RCG Holdings
 
 
(a)
RCG Holdings, as the majority shareholder of Cowen, may be deemed the beneficial owner of the (i) 2,010,796 Shares owned by Value and Opportunity Master Fund, (ii) 1,573,843 Shares owned by RCG PB and (iii) 558,404 Shares owned by Enterprise Master Fund.
 
Percentage: Approximately 11.8%
 
19

CUSIP NO. 719153108
 
 
(b)
1. Sole power to vote or direct vote: 4,143,043
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 4,143,043
 
4. Shared power to dispose or direct the disposition: 0
 
 
(c)
RCG Holdings did not enter into any transactions in the Shares in the past 60 days.  The transactions in the Shares in the past 60 days on behalf of Value and Opportunity Master Fund, RCG PB and Enterprise Master Fund are set forth in Schedule A and are incorporated by reference.
 
I.
C4S
 
 
(a)
C4S, as the managing member of RCG Holdings, may be deemed the beneficial owner of the (i) 2,010,796 Shares owned by Value and Opportunity Master Fund, (ii) 1,573,843 Shares owned by RCG PB and (iii) 558,404 Shares owned by Enterprise Master Fund.
 
Percentage: Approximately 11.8%
 
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 4,143,043
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 4,143,043
 
 
(c)
C4S did not enter into any transactions in the Shares in the past 60 days.  The transactions in the Shares in the past 60 days on behalf of Value and Opportunity Master Fund, RCG PB and Enterprise Master Fund are set forth in Schedule A and are incorporated by reference.
 
J.
Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
 
 
(a)
Each of Messrs. Cohen, Stark, Strauss and Solomon, as the managing members of C4S,  may be deemed the beneficial owner of the (i) 2,010,796 Shares owned by Value and Opportunity Master Fund, (ii) 1,573,843 Shares owned by RCG PB and (iii) 558,404  Shares owned by Enterprise Master Fund.
 
Percentage: Approximately 11.8%
 
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 4,143,043
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 4,143,043
 
 
(c)
None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon has entered into any transactions in the Shares in the past 60 days.  The transactions in the Shares in the past 60 days on behalf of Value and Opportunity Master Fund, RCG PB and Enterprise Master Fund are set forth in Schedule A and are incorporated by reference.
 
20

CUSIP NO. 719153108
 
 
(d)
No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such Shares.
 
 
(e)
Not applicable.

 
Item 6.
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
 
On November 2, 2009, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D, with respect to securities of the Issuer, to the extent required by applicable law.  A copy of this agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
 
Item 7.
Material to be Filed as Exhibits.
 
Item 7 is hereby amended to add the following exhibits:
 
99.1   Joint Filing Agreement by and among Ramius Value and Opportunity Master Fund Ltd, RCG PB, Ltd, Ramius Enterprise Master Fund Ltd, Ramius Advisors, LLC, RCG Starboard Advisors, LLC, Ramius LLC, Cowen Group, Inc., RCG Holdings LLC, C4S & Co., L.L.C., Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon, dated November 2, 2009.
 
99.2   Power of Attorney for Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon, dated August 16, 2007.
 
21

CUSIP NO. 719153108
 
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:  November 2, 2009

RAMIUS VALUE AND OPPORTUNITY MASTER FUND LTD
By: RCG Starboard Advisors, LLC,
       its investment manager
 
RCG PB, LTD.
By: Ramius Advisors, LLC,
       its investment advisor
 
RAMIUS ENTERPRISE MASTER FUND LTD
By: Ramius Advisors, LLC,
       its investment advisor
 
RCG STARBOARD ADVISORS, LLC
By: Ramius LLC,
      its sole member
 
RAMIUS ADVISORS, LLC
By: Ramius LLC,
       its sole member
 
RAMIUS LLC
By: Cowen Group, Inc.,
       its sole member
 
COWEN GROUP, INC.
 
RCG HOLDINGS LLC
By: C4S & Co., L.L.C.,
       as managing member
 
C4S & CO., L.L.C.
 


By:
/s/ Jeffrey M. Solomon
 
Name:
Jeffrey M. Solomon
 
Title:
Authorized Signatory


s/ Jeffrey M. Solomon
JEFFREY M. SOLOMON
Individually and as attorney-in-fact for Peter A.
Cohen, Morgan B. Stark and Thomas W. Strauss
 
22

CUSIP NO. 719153108
 
SCHEDULE A
 

Transactions in the Shares During the Past 60 Days

Shares of Common Stock
Purchased / (Sold)
Price Per
Share($)
Date of
Purchase / Sale

 
RAMIUS VALUE AND OPPORTUNITY MASTER FUND LTD
 
17,211
 
3.7631
09/01/09
2,508
 
3.7000
09/02/09
10,499
 
3.6500
09/03/09
4,368
 
3.6500
09/04/09
26,374
 
3.6500
09/08/09
10,500
 
3.6697
09/08/09
16,464
 
3.6740
09/08/09
26,877
 
3.9355
09/09/09
4,200
 
3.9000
09/10/09
4,284
 
3.9000
09/11/09
6,635
 
3.8502
09/14/09
15,035
 
3.9063
09/15/09
20,998
 
4.0245
09/16/09
20,998
 
4.0501
09/17/09
62,994
 
3.9475
09/18/09
20,998
 
3.9926
09/21/09
10,583
 
4.0057
09/21/09
31,413
 
4.0462
09/22/09
7,559
 
3.9131
09/23/09
13,439
 
3.7505
09/24/09
20,998
 
3.7201
09/25/09
20,998
 
3.7553
09/28/09
12,599
 
3.7065
09/29/09
1,260
 
3.7000
09/30/09
(20,417)**
 
3.6500
10/01/09
(23,135)**
 
3.6500
10/01/09
(4,134)**
 
3.6500
10/01/09
(14,829)**
 
3.6500
10/01/09
(531)**
 
3.6500
10/01/09
(18,963)**
 
3.6500
10/01/09
(573)**
 
3.6500
10/01/09
(18,390)**
 
3.6500
10/01/09
(18,963)**
 
3.6500
10/01/09
(796)**
 
3.6500
10/01/09
(16,687)**
 
3.6500
10/01/09
(18,963)**
 
3.6500
10/01/09
 

** Shares were transferred to RCG PB, Ltd., an affiliate of Ramius Value and Opportunity Master Fund Ltd, in connection with a restructuring of the Reporting Persons’ ownership in the Issuer.
23

CUSIP NO. 719153108
 
(17,711)**
 
3.6500
10/01/09
(4,022)**
 
3.6500
10/01/09
(2,048)**
 
3.6500
10/01/09
(4,096)**
 
3.6500
10/01/09
(8,533)**
 
3.6500
10/01/09
(1,859)**
 
3.6500
10/01/09
(948)**
 
3.6500
10/01/09
(871)**
 
3.6500
10/01/09
(7,585)**
 
3.6500
10/01/09
(12,320)**
 
3.6500
10/01/09
(3,793)**
 
3.6500
10/01/09
(271)**
 
3.6500
10/01/09
(2,693)**
 
3.6500
10/01/09
(1,221)**
 
3.6500
10/01/09
(3,944)**
 
3.6500
10/01/09
(5,120)**
 
3.6500
10/01/09
(6,817)**
 
3.6500
10/01/09
(303)**
 
3.6500
10/01/09
(9,178)**
 
3.6500
10/01/09
11,996
 
3.4325
10/01/09
8,339
 
3.4301
10/02/09
8,820
 
3.3923
10/05/09
3,430
 
3.4000
10/07/09
4,900
 
3.4000
10/07/09
19,600
 
3.2820
10/08/09
294
 
3.2000
10/08/09
15,148
 
3.2180
10/08/09
2,744
 
3.2779
10/09/09
19,012
 
3.3596
10/12/09
2,002
 
3.3885
10/13/09
7,840
 
3.3775
10/13/09
11,760
 
3.4726
10/14/09
4,600
 
3.4968
10/15/09
10,100
 
3.4629
10/16/09
12,789
 
3.2820
10/19/09
10,878
 
3.3725
10/20/09
833
 
3.4747
10/21/09
147,000
 
2.5196
10/22/09
227,213
 
2.6642
10/22/09
5,537
 
3.1715
10/22/09
619,850
 
2.3500
10/22/09
31,051
 
2.4380
10/23/09
73,500
 
2.3593
10/26/09
6,870
 
2.1166
10/27/09
41,538
 
2.2499
10/27/09
 

** Shares were transferred to RCG PB, Ltd., an affiliate of Ramius Value and Opportunity Master Fund Ltd, in connection with a restructuring of the Reporting Persons’ ownership in the Issuer.
24

CUSIP NO. 719153108
 
5,978
 
2.0200
10/28/09
1,784
 
2.0493
10/28/09
33,417
 
2.0760
10/28/09
12,583
 
2.2166
10/29/09
55,540
 
2.2122
10/29/09
24,353
 
2.2122
10/29/09
9,800
 
2.2000
10/30/09
21,521
 
2.2064
10/30/09
110,925
 
2.2393
10/30/09
11,121
 
2.3787
11/02/09
112,760
 
2.3950
11/02/09

 
 
RCG PB, LTD
 
20,417*
 
2.5800
09/30/09
23,135*
 
2.6066
09/30/09
4,134*
 
2.7159
09/30/09
14,829*
 
2.6889
09/30/09
531*
 
2.7038
09/30/09
18,963*
 
2.6699
09/30/09
573*
 
2.6371
09/30/09
18,390*
 
2.6535
09/30/09
18,963*
 
2.6435
09/30/09
796*
 
2.5897
09/30/09
16,687*
 
2.7037
09/30/09
18,963*
 
2.6839
09/30/09
17,711*
 
2.8257
09/30/09
4,022*
 
2.8957
09/30/09
2,048*
 
2.8904
09/30/09
4,096*
 
2.8911
09/30/09
8,533*
 
2.9086
09/30/09
1,859*
 
2.9076
09/30/09
948*
 
2.9100
09/30/09
871*
 
2.9065
09/30/09
7,585*
 
2.8776
09/30/09
12,320*
 
2.8456
09/30/09
3,793*
 
3.0106
09/30/09
271*
 
2.8969
09/30/09
2,693*
 
2.8945
09/30/09
1,221*
 
2.8683
09/30/09
3,944*
 
2.8694
09/30/09
5,120*
 
3.1747
09/30/09
6,817*
 
3.1598
09/30/09
303*
 
3.2278
09/30/09
9,178*
 
3.2054
09/30/09
9,303
 
3.4325
10/01/09
6,467
 
3.4301
10/02/09


 * Shares were acquired from Ramius Value and Opportunity Master Fund Ltd, an affiliate of RCG PB, Ltd., in connection with a restructuring of the Reporting Persons’ ownership in the Issuer.
 
25

CUSIP NO. 719153108
 
6,840
 
3.3923
10/05/09
2,660
 
3.4000
10/07/09
3,800
 
3.4000
10/07/09
15,200
 
3.2820
10/08/09
228
 
3.2000
10/08/09
11,747
 
3.2180
10/08/09
2,128
 
3.2779
10/09/09
14,744
 
3.3596
10/12/09
1,553
 
3.3885
10/13/09
6,080
 
3.3775
10/13/09
9,120
 
3.4726
10/14/09
3,568
 
3.4968
10/15/09
7,833
 
3.4629
10/16/09
9,918
 
3.2820
10/19/09
8,436
 
3.3725
10/20/09
646
 
3.4747
10/21/09
114,000
 
2.5196
10/22/09
176,206
 
2.6642
10/22/09
4,294
 
3.1715
10/22/09
480,700
 
2.3500
10/22/09
24,080
 
2.4380
10/23/09
57,000
 
2.3593
10/26/09
5,328
 
2.1166
10/27/09
32,214
 
2.2499
10/27/09
4,636
 
2.0200
10/28/09
1,383
 
2.0493
10/28/09
25,916
 
2.0760
10/28/09
9,758
 
2.2166
10/29/09
43,072
 
2.2122
10/29/09
18,886
 
2.2122
10/29/09
7,600
 
2.2000
10/30/09
16,690
 
2.2064
10/30/09
86,024
 
2.2393
10/30/09
8,625  
 
2.3787
11/02/09
87,446  
 
2.3950
11/02/09
 

 
RAMIUS ENTERPRISE MASTER FUND LTD
 
(3,280)
 
3.7631
09/01/09
(478)
 
3.7000
09/02/09
(2,001)
 
3.6500
09/03/09
(832)
 
3.6500
09/04/09
(925)
 
3.6500
09/08/09
(4,101)
 
3.6500
09/08/09
(2,000)
 
3.6697
09/08/09
(3,136)
 
3.6740
09/08/09
(5,123)
 
3.9355
09/09/09
(800)
 
3.9000
09/10/09
(816)
 
3.9000
09/11/09
(1,265)
 
3.8502
09/14/09
 
26

CUSIP NO. 719153108
 
(2,865)
 
3.9063
09/15/09
(4,002)
 
4.0245
09/16/09
(4,002)
 
4.0501
09/17/09
(12,006)
 
3.9475
09/18/09
(4,002)
 
3.9926
09/21/09
(2,017)
 
4.0057
09/21/09
(5,987)
 
4.0462
09/22/09
(1,441)
 
3.9131
09/23/09
(2,561)
 
3.7505
09/24/09
(4,002)
 
3.7201
09/25/09
(4,002)
 
3.7553
09/28/09
(2,401)
 
3.7065
09/29/09
(240)
 
3.7000
09/30/09
3,183
 
3.4325
10/01/09
2,212
 
3.4301
10/02/09
2,340
 
3.3923
10/05/09
910
 
3.4000
10/07/09
1,300
 
3.4000
10/07/09
5,200
 
3.2820
10/08/09
78
 
3.2000
10/08/09
4,019
 
3.2180
10/08/09
728
 
3.2779
10/09/09
5,044
 
3.3596
10/12/09
531
 
3.3885
10/13/09
2,080
 
3.3775
10/13/09
3,120
 
3.4726
10/14/09
1,220
 
3.4968
10/15/09
2,679
 
3.4629
10/16/09
3,393
 
3.2820
10/19/09
2,886
 
3.3725
10/20/09
221
 
3.4747
10/21/09
39,000
 
2.5196
10/22/09
60,281
 
2.6642
10/22/09
1,469
 
3.1715
10/22/09
164,450
 
2.3500
10/22/09
8,238
 
2.4380
10/23/09
19,500
 
2.3593
10/26/09
1,822
 
2.1166
10/27/09
11,020
 
2.2499
10/27/09
1,586
 
2.0200
10/28/09
473
 
2.0493
10/28/09
8,866
 
2.0760
10/28/09
3,339
 
2.2166
10/29/09
14,735
 
2.2122
10/29/09
6,461
 
2.2122
10/29/09
2,600
 
2.2000
10/30/09
5,709
 
2.2064
10/30/09
29,429
 
2.2393
10/30/09
2,950  
 
2.3787
11/02/09
29,916  
 
2.3950
11/02/09
 
27

CUSIP NO. 719153108
 
SCHEDULE B
 
Directors and Officers of Ramius Value and Opportunity Master Fund Ltd
 
Name and Position
 
Principal Occupation
 
Principal Business Address
 
Citizenship
             
Jeffrey M. Solomon
Director
 
Chairman of the Investment
Committee of Cowen Group, Inc.
 
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Mark R. Mitchell
Director
 
Partner Managing Director of Ramius LLC
 
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
CFS Company Ltd.
Director
 
Nominee Company
registered with Cayman
Islands Monetary Authority
and is affiliated with
Administrator of the Fund
 
c/o Citco Fund Services
(Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
 
Cayman Islands
             
CSS Corporation Ltd.
Secretary
 
Affiliate of the Administrator
of the Fund
 
c/o Citco Fund Services (Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
 
Cayman Islands
 

 
28

CUSIP NO. 719153108
 
SCHEDULE C
 
Directors and Officers of Ramius Enterprise Master Fund Ltd
 
Name and Position
 
Principal Occupation
 
Principal Business Address
 
Citizenship
             
Morgan B. Stark
Director
 
Chief Executive Officer and
 President of Ramius LLC
 
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Marran Ogilvie
Director
 
Partner Managing Director
of Cowen Group, Inc.
 
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
CFS Company Ltd.
Director
 
Nominee Company registered
with Cayman Islands Monetary
Authority and is affiliated with
Administrator of the Fund
 
c/o Citco Fund Services
(Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
 
Cayman Islands
             
CSS Corporation Ltd.
Secretary
 
Affiliate of the Administrator
of the Fund
 
c/o Citco Fund Services
(Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
 
Cayman Islands

 
29

CUSIP NO. 719153108
 
SCHEDULE D
 
Directors and Officers of RCG PB, Ltd
 
Name and Position
 
Principal Occupation
 
Principal Business Address
 
Citizenship
             
Morgan B. Stark
Director
 
Chief Executive Officer and
President of Ramius LLC
 
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Marran Ogilvie
Director
 
Partner Managing Director
of Cowen Group, Inc.
 
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
CFS Company Ltd.
Director
 
Nominee Company registered
with Cayman Islands Monetary
Authority and is affiliated with
Administrator of the Fund
 
c/o Citco Fund Services
(Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
 
Cayman Islands
             
CSS Corporation Ltd.
Secretary
 
Affiliate of the Administrator
of the Fund
 
c/o Citco Fund Services
(Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands
British West Indies
 
Cayman Islands
 
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CUSIP NO. 719153108
 
SCHEDULE E
 
Directors and Officers of Cowen Group, Inc.
 
Name and Position
 
Principal Occupation
 
Principal Business Address
 
Citizenship
             
Peter A. Cohen
Chairman of the Board and Chief Executive Officer
 
Managing Member of C4S & Co., L.L.C.
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Jules B. Kroll
Director
 
President of JEMKroll Group
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
David M. Malcolm
Director
 
President and Chief Executive Officer of Cowen and Company
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Jerome S. Markowitz
Director
 
Senior Partner at Conifer Securities LLC
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Jack H. Nusbaum
Director
 
Chairman of Willkie Farr & Gallagher LLP
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
L. Thomas Richards, M.D.
Director
 
Physician, UCSF Medical Center
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Edoardo Spezzotti
Director
 
Senior Executive Vice President of Unicredit Group
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
Italy
             
John E. Toffolon, Jr.
Lead Director
 
Director, Westway Group, Inc.
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Charles W.B. Wardell, III
Director
 
Senior Client Partner at Korn/Ferry
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Christopher A. White
Chief Financial Officer
 
Chief Financial Officer of Cowen Group, Inc.
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
             
Joseph R. Wright
Director
 
Chief Executive Officer and Director of Scientific Games Corporation
 
c/o Cowen Group, Inc.
599 Lexington Avenue
20th Floor
New York, New York 10022
 
United States
 
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