UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No.1)*
MAGELLAN HEALTH SERVICES, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
559079207
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(CUSIP Number)
December 31, 2006
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ X / Rule 13d-1(b)
/ / 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 the section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13G/A
CUSIP NO. 559079207
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Quaker Capital Management Corporation
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2. Check the Appropriate Box if a Member of a Group
(a)
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(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Pennsylvania
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Number of 5. Sole Voting Power 836,040
Shares --------------
Beneficially 6. Shared Voting Power 290,839
Owned by --------------
Each Reporting 7. Sole Dispositive Power 836,040
Person --------------
With: 8. Shared Dispositive Power 290,839
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,126,879
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
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The Reporting Person disclaims beneficial ownership of
1,121,039 shares owned by its clients.
11. Percent of Class Represented by Amount in Row (9)
2.98%
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12. Type of Reporting Person IA
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Page 2 of 6 Pages
SCHEDULE 13G/A
CUSIP NO. 559079207
Item 1.
(a) Name of Issuer
MAGELLAN HEALTH SERVICES, INC.
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(b) Address of Issuer's Principal Executive Offices
55 Nod Road, Avon, Connecticut 06001
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Item 2.
(a) Name of Persons Filing
Quaker Capital Management Corporation
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(b) Address of Principal Business Office or, if none, Residence
401 Wood Street, Suite 1300, Pittsburgh, PA 15222
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(c) Citizenship
Pennsylvania Corporation
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(d) Title of Class of Securities
Common Stock
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(e) CUSIP Number
559079207
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Page 3 of 6 Pages
SCHEDULE 13G/A
CUSIP NO. 559079207
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) / / Broker of dealer registered under section 15 of the Act;
(b) / / Bank as defined in section 3(a)(6) of the Act;
(c) / / Insurance company as defined in section 3(a)(19) of the
Act;
(d) / / Investment company registered under section 8 of the
Investment Company Act of 1940;
(e) / X / An investment adviser in accordance with
ss.240.13d-1(b)(l)(ii)(E);
(f) / / An employee benefit plan or endowment fund in accordance
with ss.240.13d-1(b)(1)(ii)(F);
(g) / / A parent holding company or control person in accordance
with ss.240.13d-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 of 1940;
(j) / / Group, in accordance with ss.240.13d-1((b)(l)(ii)(J)
Item 4. Ownership
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(a) The Reporting Person, in its capacity as investment adviser, may be
deemed to be the beneficial owner of 1,121,039 shares of the Common
Stock of the Issuer which are owned by various investment advisory
clients of the Reporting Person in accounts over which the Reporting
Person has discretionary authority. The filing of this report shall
not be construed as an admission that the Reporting Person is, for
purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of
these securities. Additionally, the Reporting Person and/or its
principals and employees own 5,840 shares of the Common Stock of the
Issuer.
Page 4 of 6 Pages
SCHEDULE 13G/A
CUSIP NO. 559079207
(b) The shares covered by this report represent 2.98% of the Common Stock
of the Issuer.
(c) The Reporting Person has shared voting and dispositive power over
290,839 shares and sole voting and dispositive power over 830,200
shares owned by its clients and held in accounts over which it has
discretionary authority. The Reporting Person and/or its principals
and employees have sole voting and dispositive power over the 5,840
shares owned by the Reporting Person and/or its principals and
employees.
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
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Item 6. Ownership of More than Five Percent on Behalf of Another Person
1,121,039 of the shares with respect to which this report is filed are
owned by a variety of investment advisory clients of the Reporting Person, which
clients are entitled to receive dividends on and the proceeds from the sale of
such shares. No client is known to own more than 5% of the class.
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.
Page 5 of 6 Pages
SCHEDULE 13G/A
CUSIP NO. 559079207
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the
ordinary course of business and 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.
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.
QUAKER CAPITAL MANAGEMENT CORPORATION
February 13, 2007
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Date
/s/ Mark G. Schoeppner
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Signature
Mark G. Schoeppner, President
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Name/Title
Page 6 of 6 Pages