SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
Denny's Corporation
(formerly Advantica Restaurant Group, Inc.)
-------------------------------------------
(Name of Issuer)
Common Stock
------------------------------
(Title of Class of Securities)
24869P104
--------------
(CUSIP Number)
August 22, 2003
-------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c) (Rule 13d-2(b)
[ ] Rule 13d-1(d)
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 the
disclosures provided in a prior cover page.
The information required in 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).
Page 1 of 9
CUSIP No. 24869P104 13G
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Aspen Partners
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
[ ] (a)
[x] (b)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,720,660
REPORTING -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
1,720,660
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,720,660
--------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.27%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
Page 2 of 9
CUSIP No. 24869P104 13G
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Aspen Capital LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
[ ] (a)
[x] (b)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,720,660
REPORTING -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
1,720,660
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,720,660
--------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.27%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
00
--------------------------------------------------------------------------------
Page 3 of 9
CUSIP No. 24869P104 13G
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Aspen Advisors LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
[ ] (a)
[x] (b)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,939,700
REPORTING -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
1,939,700
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,939,700
--------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.81%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
00
--------------------------------------------------------------------------------
Page 4 of 9
CUSIP No. 24869P104 13G
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Nikos Hecht
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
[ ] (a)
[x] (b)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,939,700
REPORTING -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
1,939,700
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,939,700
--------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.81%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 5 of 9
Item 1(a). Name of Issuer.
Denny's Corporation (formerly Advantica Restaurant Group Inc.)
Item 1(b). Address of Issuer's Principal Executive Offices.
203 East Main Street, Spartansburg, SC 29319-9966
Item 2(a). Name of Person Filing.
1. Aspen Partners, a series of Aspen Capital Partners, LP
(the "Partnership")
2. Aspen Capital LLC, its General Partner (the "General
Partner")
3. Aspen Advisors LLC, investment adviser to Aspen
Partners & others, including two managed accounts
holding securities of the issuer (the "Adviser")
4. Nikos Hecht, Managing Member of the General Partner and
the Adviser
Item 2(b). Address of Principal Business Office or, if None, Residence.
c/o Aspen Advisors LLC
152 W. 57th Street, 46th Floor, New York, NY 10019
Item 2(c). Citizenship.
The Partnership, General Partner and Adviser: Delaware
Nikos Hecht: U.S. citizen
Item 2(d). Title of Class of Securities.
Common Stock
Item 2(e). CUSIP Number.
24869P104
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange
Act.
Page 6 of 9
(c) [ ] Insurance company as defined in section 3(a)(19)
of the Exchange Act.
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the
definition of an investment company under Section
3(c)(14) of the Investment Company Act.
Item 4. Ownership.
The Partnership directly owns 1,720,660 shares of the common
stock of the Issuer (the "Common Stock"). The General Partner,
is deemed to beneficially own 1,720,660 shares of the Common
Stock, and the Adviser and Nikos Hecht are each deemed to
beneficially own 1,939,700 shares of the Common Stock. There
are 40,290,160 shares of the Common Stock outstanding. Thus,
the Partnership's ownership percentage of the Common Stock is
4.27%. The General Partner is deemed to beneficially own a
4.27% interest in the Com mon Stock, and the Adviser and Nikos
Hecht are each deemed to own an 4.81% interest in the Common
Stock. The Partnership, the General Partner, the Adviser and
Nikos Hecht each share the power to vote and the power to
dispose of 1,720,660 shares of the Common Stock directly held
by the Part nership. The Adviser and Nikos Hecht share the
power to vote and the power to dispose of an additional
219,040 shares of Common Stock. Thus, the Advisor and Nikos
Hecht share the power to vote and power to dispose of
1,939,700 shares of Common Stock.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [X]
Page 7 of 9
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
The Adviser manages investments for several institutional
investors and private investment funds, none of whom
beneficially owns more than 5% of the Common Stock.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
Page 8 of 9
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: August 26, 2003
ASPEN PARTNERS
By: Aspen Capital LLC, General Partner
By: /s/ Nikos Hecht
----------------------------------
Nikos Hecht
Title: Managing Member
ASPEN CAPITAL LLC
By: /s/ Nikos Hecht
----------------------------------
Nikos Hecht
Title: Managing Member
ASPEN ADVISORS LLC
By: /s/ Nikos Hecht
----------------------------------
Nikos Hecht
Title: Managing Member
NIKOS HECHT
By: /s/ Nikos Hecht
----------------------------------
Nikos Hecht
Page 9 of 9