TRI-CONTINENTAL Corp — Major Shareholding Notification 2007

Jul 25, 2007

SC 13D/A 1 sc13da806290008_07162007.htm sec document SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------- SCHEDULE 13D (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 8)(1) Tri-Continental Corporation --------------------------- (Name of Issuer) Common Stock, par value $0.50 per share (Title of Class of Securities) 895436103 --------- (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) July 16, 2007 ------------- (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 Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 21 Pages) -------- (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 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. 895436103 13D Page 2 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 6,719,315 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 6,719,315 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,719,315 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.5% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 3 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ARTHUR D. LIPSON -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO, PF -------------------------------------------------------------------------------- 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 6,720,216 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 6,720,216 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,720,216 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.5% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 4 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT HEDGED PARTNERS L.P. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 3,046,015 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 3,046,015 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,046,015 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 5 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT ACTIVISM PARTNERS LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 2,929,300 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,929,300 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,929,300 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.9% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 6 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 744,000 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 744,000 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 744,000 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) LESS THAN 1% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 7 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,810,050 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,810,050 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,810,050 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.8% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 8 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BENCHMARK PLUS PARTNERS, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,525,175 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,525,175 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,525,175 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.5% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 9 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BENCHMARK PLUS MANAGEMENT, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 3,335,225 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 3,335,225 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,335,225 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 10 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) SCOTT FRANZBLAU -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 3,335,225 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 3,335,225 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,335,225 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 11 of 21 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ROBERT FERGUSON -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 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 7 SOLE VOTING POWER SHARES BENEFICIALLY 3,335,225 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 3,335,225 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,335,225 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 12 of 21 Pages ---------------------- ---------------------- The following constitutes Amendment No. 8 ("Amendment No. 8") to the Schedule 13D filed by the undersigned. On July 16, 2007, Western Investment Total Return Master Fund Ltd. ("WITR"), an affiliate of Western Investment LLC, executed a cross-trade with Western Investment Institutional Partners LLC ("WIIP") with respect to its shares of Common Stock of the Issuer, as further described in Item 5(c) below. The aggregate number of shares of Common Stock beneficially owned by the Reporting Persons has not changed since the filing of Amendment No. 7. The percentage ownership reported herein has increased for certain of the Reporting Persons since the filing of the Amendment No. 7 solely as a result of a decrease in the number of shares of Common Stock outstanding reported by the Issuer. Except as specifically amended by this Amendment No. 8, the Schedule 13D remains in full force and effect. Item 2. IDENTITY AND BACKGROUND. Item 2 is hereby amended and restated as follows: (a) This statement is filed by Western Investment LLC, a Delaware limited liability company ("WILLC"), Arthur D. Lipson, Western Investment Hedged Partners L.P., a Delaware limited partnership ("WIHP"), Western Investment Activism Partners LLC, a Delaware limited liability company ("WIAP"), WIIP, a Delaware limited liability company, Benchmark Plus Institutional Partners, L.L.C., a Delaware limited liability company ("BPIP"), Benchmark Plus Partners, L.L.C, a Delaware limited liability company ("BPP"), Benchmark Plus Management, L.L.C., a Delaware limited liability company ("BPM"), Scott Franzblau and Robert Ferguson. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." WILLC provides recommendations from time to time to BPIP and BPP with respect to purchases and sales of Shares of the Issuer, pursuant to an oral agreement between WILLC and BPIP and between WILLC and BPP. WILLC has sole voting and investment power over WIHP's, WIAP's and WIIP's security holdings and Mr. Lipson, in his role as the managing member of WILLC, controls WILLC's voting and investment decisions. BPM is the managing member of BPIP and BPP and Messrs. Franzblau and Ferguson, in their role as managing members of BPM, have sole voting and investment control over BPIP's and BPP's security holdings. By virtue of that certain Joint Filing Agreement by and among the Reporting Persons, as described in further detail in Item 6, the Reporting Persons affirm that they are members of a "group" for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"). The principal business address of WILLC, Mr. Lipson, WIHP, WIAP and WIIP is 7050 S. Union Park Center, Suite 590, Midvale, UT 84047. The principal business address of BPIP, BPP, BPM, Mr. Franzblau and Mr. Ferguson is 820 A Street, Suite 700, Tacoma, WA 98402. (c) The principal business of WILLC is acting as the general partner of WIHP and as the managing member of each of WIAP and WIIP, respectively. The principal occupation of Arthur D. Lipson is acting as managing member of WILLC. The principal business of WIHP, WIAP and WIIP is acquiring, holding and disposing of investments in various companies. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 13 of 21 Pages ---------------------- ---------------------- The principal business of BPIP and BPP is acquiring, holding and disposing of investments in various companies. The principal business of BPM is acting as the managing member of BPIP and BPP. The principal occupation of each of Scott Franzblau and Robert Ferguson is acting as a managing member of BPM. (d) No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) No Reporting Person 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. Lipson, Franzblau and Ferguson are citizens of the United States of America. Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 is hereby amended and restated as follows: The aggregate purchase price of the 6,719,315 shares of common stock, $.50 par value per share (the "Common Stock") beneficially owned by WILLC is approximately $135,046,560, including brokerage commissions. The shares of Common Stock beneficially owned by WILLC were acquired with the working capital of each of WIHP, WIAP and WIIP. The aggregate purchase price of the 901 shares of Common Stock owned directly by Mr. Lipson is approximately $18,785, including brokerage commissions. The shares of Common Stock owned directly by Mr. Lipson were acquired with personal funds. The aggregate purchase price of the 3,335,225 shares of Common Stock beneficially owned by BPM is approximately $60,782,340, including brokerage commissions. The shares of Common Stock beneficially owned by BPM were acquired with the working capital of BPIP and the working capital of BPP. Item 5. INTEREST IN SECURITIES OF THE ISSUER. Item 5 is hereby amended and restated as follows: (a) The aggregate percentage of shares of Common Stock reported owned by each person named herein is based upon 102,728,475.97 shares of Common Stock outstanding as of March 20, 2007, as reported in the Issuer's Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 13, 2007. As of the close of business on July 24, 2007, WIHP, WIAP and WIIP, beneficially owned 3,046,015, 2,929,300 and 744,000 shares of Common Stock, respectively, constituting approximately 3.0%, 2.9% and 0.7% respectively, of the shares of Common Stock outstanding. WILLC beneficially owned 6,719,315 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 14 of 21 Pages ---------------------- ---------------------- shares of Common Stock, constituting approximately 6.5% of the shares of Common Stock outstanding. Mr. Lipson beneficially owned 6,720,216 shares of Common Stock, constituting approximately 6.5% of the shares of Common Stock outstanding. As the general partner or managing member, as the case may be, of WIHP, WIAP and WIIP, WILLC may be deemed to beneficially own the 6,719,315 shares of Common Stock owned in the aggregate by WIHP, WIAP and WIIP. As the managing member of WILLC, Mr. Lipson may be deemed to beneficially own the 6,719,315 shares of Common Stock beneficially owned by WILLC, in addition to the 901 shares of Common Stock owned directly by Mr. Lipson. As of the close of business on July 24, 2007, BPIP and BPP beneficially owned 1,810,050 and 1,525,175 shares of Common Stock, respectively, constituting 1.8% and 1.5%, respectively, of the shares of Common Stock outstanding. As the managing member of BPIP and BPP, BPM may be deemed to beneficially own the 3,335,225 shares of Common Stock owned in the aggregate by BPIP and BPP, constituting approximately 3.2% of the shares of Common Stock outstanding. As managing members of BPM, Messrs. Franzblau and Ferguson may each be deemed to beneficially own the 3,335,225 shares of Common Stock beneficially owned by BPM, constituting approximately 3.2% of the shares of Common Stock outstanding. Each of WILLC, Mr. Lipson, WIHP, WIAP and WIIP disclaims beneficial ownership of the shares of Common Stock beneficially owned by the other Reporting Persons. Each of BPIP, BPP, BPM, Mr. Ferguson and Mr. Franzblau disclaims beneficial ownership of the shares of Common Stock beneficially owned by the other Reporting Persons. (b) Each of WILLC and Mr. Lipson is deemed to have sole voting and dispositive power over the shares of Common Stock reported as beneficially owned by WIHP, WIAP and WIIP by virtue of their respective positions as described in paragraph (a). Each of BPM, Mr. Ferguson and Mr. Franzblau is deemed to have sole voting and dispositive power over the shares of Common Stock reported as beneficially owned by BPIP and BPP by virtue of their respective positions as described in paragraph (a). Neither WILLC, Mr. Lipson, WIHP, WIAP nor WIIP has voting or dispositive control over the shares of Common Stock held by the other Reporting Persons. Neither BPIP, BPP, BPM, Mr. Franzblau, nor Mr. Ferguson has voting or dispositive control over the shares of Common Stock held by the other Reporting Persons. (c) Schedule A annexed hereto lists all transactions in the shares of Preferred Stock by the Reporting Persons during the past 60 days. Schedule B annexed hereto lists all transactions in the shares of Common Stock by the Reporting Persons during the past 60 days. (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, the shares of Common Stock. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 15 of 21 Pages ---------------------- ---------------------- (e) Not applicable. Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Item 6 is hereby amended to add the following: On July 24, 2007, the Reporting Persons entered into a Joint Filing Agreement (the "Joint Filing Agreement") in which the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached as Exhibit 1 hereto and is incorporated herein by reference. Item 7. MATERIAL TO BE FILED AS EXHIBITS. Item 7 is hereby amended to add the following exhibit: 1. Joint Filing Agreement by and among Western Investment LLC, Western Investment Hedged Partners L.P., Western Investment Activism Partners LLC, Western Investment Institutional Partners LLC, Arthur D. Lipson, Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus Management, L.L.C., Benchmark Plus Partners, L.L.C., Scott Franzblau and Robert Ferguson, dated July 24, 2007. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 16 of 21 Pages ---------------------- ---------------------- 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: July 24, 2007 WESTERN INVESTMENT LLC By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT HEDGED PARTNERS L.P. By: Western Investment LLC, Its General Partner By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT ACTIVISM PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member ---------------------- ---------------------- CUSIP No. 895436103 13D Page 17 of 21 Pages ---------------------- ---------------------- BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. By: Benchmark Plus Management, L.L.C., Its Managing Member By: /s/ Scott Franzblau -------------------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson -------------------------------------------- Name: Robert Ferguson Title: Managing Member BENCHMARK PLUS PARTNERS, L.L.C. By: Benchmark Plus Management, L.L.C., Its Managing Member By: /s/ Scott Franzblau -------------------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson -------------------------------------------- Name: Robert Ferguson Title: Managing Member BENCHMARK PLUS MANAGEMENT, L.L.C. By: /s/ Robert Ferguson -------------------------------------------- Name: Robert Ferguson Title: Managing Member By: /s/ Scott Franzblau -------------------------------------------- Name: Scott Franzblau Title: Managing Member /s/ Arthur D. Lipson ------------------------------------------------ ARTHUR D. LIPSON /s/ Scott Franzblau ------------------------------------------------ SCOTT FRANZBLAU /s/ Robert Ferguson ------------------------------------------------ ROBERT FERGUSON ---------------------- ---------------------- CUSIP No. 895436103 13D Page 18 of 21 Pages ---------------------- ---------------------- SCHEDULE A TRANSACTIONS IN THE SHARES OF PREFERRED STOCK DURING THE PAST 60 DAYS Shares of Preferred Stock Price Per Date of (Sold) Share($) Sale ------ -------- ---- WESTERN INVESTMENT ACTIVISM PARTNERS LLC ---------------------------------------- (3,300) 44.9778 05/29/07 (500) 44.4993 06/05/07 (2,900) 44.0065 06/07/07 (500) 43.6308 06/08/07 WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC. ---------------------------------------------- None WESTERN INVESTMENT HEDGED PARTNERS L.P. --------------------------------------- None WESTERN INVESTMENT LLC ---------------------- None ARTHUR D. LIPSON ---------------- None BENCHMARK INSTITUTIONAL PARTNERS, L.L.C. ---------------------------------------- None BENCHMARK PLUS PARTNERS, L.L.C. ------------------------------- None BENCHMARK PLUS MANAGEMENT, L.L.C. --------------------------------- None SCOTT FRANZBLAU --------------- None ROBERT FERGUSON --------------- None ---------------------- ---------------------- CUSIP No. 895436103 13D Page 19 of 21 Pages ---------------------- ---------------------- SCHEDULE B TRANSACTIONS IN THE SHARES OF COMMON STOCK DURING THE PAST 60 DAYS Shares of Common Stock Price Per Date of Purchased / (Sold) Share($) Purchase / Sale WESTERN INVESTMENT ACTIVISM PARTNERS LLC ---------------------------------------- None WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC. ---------------------------------------------- 744,000* 26.8301 07/16/07 WESTERN INVESTMENT HEDGED PARTNERS L.P. None WESTERN INVESTMENT LLC None ARTHUR D. LIPSON None BENCHMARK INSTITUTIONAL PARTNERS, L.L.C. None BENCHMARK PLUS PARTNERS, L.L.C. None BENCHMARK PLUS MANAGEMENT, L.L.C. None SCOTT FRANZBLAU None ROBERT FERGUSON None ------------------------ * Transaction was a cross-trade between Western Investment Institutional Partners LLC and Western Investment Total Return Master Fund, Ltd., an affiliate of Western Investment LLC. The transaction did not affect the aggregate number of shares of Common Stock beneficially owned by the Reporting Persons. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 20 of 21 Pages ---------------------- ---------------------- JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D dated July 24, 2007 (including amendments thereto) with respect to the Common Stock of Tri-Continental Corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement. Dated: July 24, 2007 WESTERN INVESTMENT LLC By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT HEDGED PARTNERS L.P. By: Western Investment LLC, Its General Partner By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT ACTIVISM PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson -------------------------------------------- Name: Arthur D. Lipson Title: Managing Member ---------------------- ---------------------- CUSIP No. 895436103 13D Page 21 of 21 Pages ---------------------- ---------------------- BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. By: Benchmark Plus Management, L.L.C., Its Managing Member By: /s/ Scott Franzblau -------------------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson -------------------------------------------- Name: Robert Ferguson Title: Managing Member BENCHMARK PLUS PARTNERS, L.L.C. By: Benchmark Plus Management, L.L.C., Its Managing Member By: /s/ Scott Franzblau -------------------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson -------------------------------------------- Name: Robert Ferguson Title: Managing Member BENCHMARK PLUS MANAGEMENT, L.L.C. By: /s/ Robert Ferguson -------------------------------------------- Name: Robert Ferguson Title: Managing Member By: /s/ Scott Franzblau -------------------------------------------- Name: Scott Franzblau Title: Managing Member /s/ Arthur D. Lipson ------------------------------------------------ ARTHUR D. LIPSON /s/ Scott Franzblau ------------------------------------------------ SCOTT FRANZBLAU /s/ Robert Ferguson ------------------------------------------------ ROBERT FERGUSON