Highfields Capital Management LP - Schedule 13G - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

NORTHEAST BANCORP
(Name of Issuer)

COMMON STOCK, $1.00 PAR VALUE
(Title of Class of Securities)

663904209
(CUSIP Number)

December 29, 2010
(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-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).



CUSIP No. 663904209 13G Page 2 of 19 Pages

1.

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 
                Highfields Capital Management LP
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) [ ]
(b) [X]
3.

SEC USE ONLY

     
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

     

               Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               317,286
6. SHARED VOTING POWER
   
               —0—
7. SOLE DISPOSITIVE POWER
   
               317,286
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
               317,286
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES                       [ ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
               9.6%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
               PN



CUSIP No. 663904209 13G Page 3 of 19 Pages

1. NAMES OF REPORTING PERSONS
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
                     Highfields GP LLC
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a) [ ]
  (b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
                     Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               317,286
6. SHARED VOTING POWER
   
               —0—
   
7. SOLE DISPOSITIVE POWER
   
               317,286
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 
                     317,286  
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
 

(SEE INSTRUCTIONS)

 
11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 
                     9.6%  
12.

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 
                     OO  



CUSIP No. 663904209 13G Page 4 of 19 Pages

1. NAMES OF REPORTING PERSONS
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
                     Highfields Associates LLC
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a) [ ]
  (b) [X]
3.

SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
                     Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               317,286
6. SHARED VOTING POWER
   
               —0—
   
7. SOLE DISPOSITIVE POWER
   
               317,286
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 
                     317,286  
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
  (SEE INSTRUCTIONS)

 
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 
                     9.6%  
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 
                     OO  



CUSIP No. 663904209 13G Page 5 of 19 Pages

1. NAMES OF REPORTING PERSONS
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
                     Jonathon S. Jacobson
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a) [ ]
  (b) [X]
3.

SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
                     United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               317,286
6. SHARED VOTING POWER
   
               —0—
   
7. SOLE DISPOSITIVE POWER
   
               317,286
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 
                     317,286  
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
  (SEE INSTRUCTIONS)

 
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 
                     9.6%  
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 
                     IN  



CUSIP No. 663904209 13G Page 6 of 19 Pages

1. NAMES OF REPORTING PERSONS
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
                     Highfields Capital I LP
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a) [ ]
  (b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
                     Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               23,860
6. SHARED VOTING POWER
   
               —0—
   
7. SOLE DISPOSITIVE POWER
   
               23,860
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 
                     23,860  
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
  (SEE INSTRUCTIONS)

 
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 
                     0.7%  
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 
                     PN  



CUSIP No. 663904209 13G Page 7 of 19 Pages

1. NAMES OF REPORTING PERSONS
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
                     Highfields Capital II LP
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a) [ ]
  (b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
                     Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               85,286
6. SHARED VOTING POWER
   
               —0—
   
7. SOLE DISPOSITIVE POWER
   
               85,286
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 
                     85,286  
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
  (SEE INSTRUCTIONS)

 
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 
                     2.6%  
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 
                     PN  



CUSIP No. 663904209 13G Page 8 of 19 Pages

1. NAMES OF REPORTING PERSONS
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
                     Highfields Capital III L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a) [ ]
  (b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
                     Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
   
               208,140
6. SHARED VOTING POWER
   
               —0—
   
7. SOLE DISPOSITIVE POWER
   
               208,140
8. SHARED DISPOSITIVE POWER
   
               —0—
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 
                     208,140  
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
  (SEE INSTRUCTIONS)

 
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 
                     6.3%  
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 
                     PN  



CUSIP No. 663904209 13G Page 9 of 19 Pages

Item 1 (a). Name of Issuer:
   
  Northeast Bancorp (the “Issuer”)
   
Item 1 (b). Address of Issuer’s Principal Executive Offices:
   
  500 Canal Street, Lewiston, Maine 04240
   
Item 2 (a). Name of Person Filing:
   

This statement is being filed by the following persons with respect to the shares of common stock (“Common Stock”) of the Issuer directly owned by Highfields Capital I LP (“Highfields I”), Highfields Capital II LP (“Highfields II”) and Highfields Capital III L.P. (“Highfields III” and, together with Highfields I and Highfields II, the “Funds”):


  (i)

Highfields Capital Management LP, a Delaware limited partnership (“Highfields Capital Management”) and investment manager to each of the Funds;

     
  (ii)

Highfields GP LLC, a Delaware limited liability company (“Highfields GP”) and the General Partner of Highfields Capital Management;

     
  (iii)

Highfields Associates LLC, a Delaware limited liability company (“Highfields Associates”) and the General Partner of the Funds;

     
  (iv)

Jonathon S. Jacobson, the Managing Member of Highfields GP and the Senior Managing Member of Highfields Associates;

     
  (v)

Highfields I, a Delaware limited partnership;

     
  (vi)

Highfields II, a Delaware limited partnership; and

     
  (vii)

Highfields III, an exempted limited partnership organized under the laws of the Cayman Islands.


Highfields Capital Management, Highfields GP, Highfields Associates, Mr. Jacobson, Highfields I, Highfields II and Highfields III are sometimes individually referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”

 

Item 2 (b).

Address of Principal Business Office or, if None, Residence:

 

Address for Highfields Capital Management, Highfields GP, Highfields Associates, Mr. Jacobson, Highfields I and Highfields II:

   
  c/o Highfields Capital Management LP
  John Hancock Tower
  200 Clarendon Street, 59th Floor
  Boston, Massachusetts 02116



CUSIP No. 663904209 13G Page 10 of 19 Pages

  Address for Highfields III:
   
  c/o Goldman Sachs (Cayman) Trust, Limited
  Suite 3307, Gardenia Court
  45 Market Street, Camana Bay
  P.O. Box 896
  Grand Cayman KY1-1103
  Cayman Islands
   
Item 2  (c). Citizenship:
   
  Highfields Capital Management – Delaware
  Highfields GP – Delaware
  Highfields Associates – Delaware
  Jonathon S. Jacobson – United States
  Highfields I – Delaware  
  Highfields II – Delaware  
  Highfields III – Cayman Islands
   
Item 2  (d). Title of Class of Securities:
   
  Common Stock, $1.00 par value
   
Item 2  (e). CUSIP Number:
   
  663904209
   
Item 3. Not applicable.



CUSIP No. 663904209 13G Page 11 of 19 Pages

Item 4. Ownership.
   

For Highfields Capital Management, Highfields GP, Highfields Associates, and Mr. Jacobson:


  (a)

Amount beneficially owned: 317,286 shares of Common Stock

       
  (b)

Percent of class: 9.6%

       
  (c)

Number of shares as to which such person has:

       
  (i)

Sole power to vote or to direct the vote: 317,286

       
  (ii)

Shared power to vote or to direct the vote: —0—

       
  (iii)

Sole power to dispose or to direct the disposition of: 317,286

       
  (iv)

Shared power to dispose or to direct the disposition of: —0—

For Highfields I:

  (a)

Amount beneficially owned: 23,860 shares of Common Stock

       
  (b)

Percent of class: 0.7 %

       
  (c)

Number of shares as to which such person has:

       
  (i)

Sole power to vote or to direct the vote: 23,860

       
  (ii)

Shared power to vote or to direct the vote: —0—

       
  (iii)

Sole power to dispose or to direct the disposition of: 23,860

       
  (iv)

Shared power to dispose or to direct the disposition of: —0—

For Highfields II:

  (a)

Amount beneficially owned: 85,286 shares of Common Stock

     
  (b)

Percent of class: 2.6 %

     
  (c)

Number of shares as to which such person has:


  (i)

Sole power to vote or to direct the vote: 85,286




CUSIP No. 663904209 13G Page 12 of 19 Pages

  (ii)

Shared power to vote or to direct the vote: —0—

     
  (iii)

Sole power to dispose or to direct the disposition of: 85,286

     
  (iv)

Shared power to dispose or to direct the disposition of: —0—

For Highfields III:

  (a)

Amount beneficially owned: 208,140 shares of Common Stock

       
  (b)

Percent of class: 6.3 %

       
  (c)

Number of shares as to which such person has:

       
  (i)

Sole power to vote or to direct the vote: 208,140

       
  (ii)

Shared power to vote or to direct the vote: —0—

       
  (iii)

Sole power to dispose or to direct the disposition of: 208,140

       
  (iv)

Shared power to dispose or to direct the disposition of: —0—




CUSIP No. 663904209 13G Page 13 of 19 Pages

Item 5. Ownership of Five Percent or Less of a Class.
   
  Not applicable.
   
Item 6. Ownership of More than Five Percent on Behalf of Another Person.

The shares of Common Stock beneficially owned by Highfields Capital Management, Highfields GP, Highfields Associates, and Mr. Jacobson are directly owned by the Funds. Highfields Capital Management serves as the investment manager to each of the Funds. Each of Highfields Capital Management, Highfields GP, Highfields Associates, and Mr. Jacobson has the power to direct the dividends from or the proceeds of the sale of the shares of Common Stock owned by the Funds.

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.

 

See Exhibit 2 attached hereto.

 

Each Reporting Person disclaims beneficial ownership of the shares of Common Stock beneficially owned by the other Reporting Persons.

 

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.




CUSIP No. 663904209 13G Page 14 of 19 Pages

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.

  January 10, 2011
  Date

  HIGHFIELDS CAPITAL MANAGEMENT LP

  By: Highfields GP LLC, its General Partner

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title

  HIGHFIELDS GP LLC

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title

  HIGHFIELDS ASSOCIATES LLC

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title

  JONATHON S. JACOBSON

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title



CUSIP No. 663904209 13G Page 15 of 19 Pages

  HIGHFIELDS CAPITAL I LP

  By: Highfields Associates LLC, its General Partner

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title

  HIGHFIELDS CAPITAL II LP

  By: Highfields Associates LLC, its General Partner

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title

  HIGHFIELDS CAPITAL III L.P.

  By: Highfields Associates LLC, its General Partner

  /s/ Joseph F. Mazzella
  Signature

  Joseph F. Mazzella, Authorized Signatory
  Name/Title



CUSIP No. 663904209 13G Page 16 of 19 Pages

EXHIBIT INDEX

Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.
   
Exhibit 2. List of Members of Group