UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PORTFOLIO RECOVERY ASSOCIATES, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
73640Q105
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(CUSIP Number)
February 9, 2005
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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 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. 73640Q105 13G Page 2 of 4 Pages
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1. NAME OF REPORTING PERSON
Veredus Asset Management, LLC
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
61-1350302
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
COMMONWEALTH OF KENTUCKY
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NUMBER OF 5. SOLE VOTING POWER 1,574,550
SHARES -------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER 264,100(A)
OWNED BY -------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER 1,838,650
REPORTING PERSON -------------------------------------------------------
WITH 8. SHARED DISPOSITIVE POWER
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,838,650
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.9%
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12. TYPE OF REPORTING PERSON*
IA
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(A) Certain clients have retained voting power on these shares.
Cusip No. 73640Q105 13G Page 3 of 4 Pages
Schedule 13G Additional Information
Item #
1. (a) Name of Issuer:
PORTFOLIO RECOVERY ASSOCIATES, INC.
(b) Address of Issuer's Principal Executive Offices:
120 CORPORATE BLVD.
NORFOLK, VA 23502
2. (a) Name of Person Filing:
VEREDUS ASSET MANAGEMENT, LLC An Investment Advisor Registered under
the Investment Advisors Act of 1940
(b) Address of Principal Business Office for Each of the Above:
6060 DUTCHMANS LANE, SUITE 320
LOUISVILLE, KY 40205
(c) Citizenship:
US -- ORGANIZED IN THE COMMONWEALTH OF KENTUCKY
(d) Title of Class of Securities:
COMMON STOCK
(e) CUSIP Number:
73640Q105
3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b).
The person filing is a:
[E] An investment adviser in accordance with ss240.13d-1(b)(1)(ii)(E).
4. Ownership:
(a) Amount Beneficially Owned: 1,838,650
(b) Percent of Class: 11.9%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote 1,574,550
(ii) shared power to vote or to direct the vote 264,100(A)
(iii) sole power to dispose or to direct the disposition of 1,838,650
(iv) shared power to dispose or to direct the disposition of
(A) Certain clients have retained the voting power on these shares.
5. Ownership of Five Percent or Less of a Class:
6. Ownership of More than Five Percent on Behalf of Another Person:
7. Subsidiary
Cusip No. 73640Q105 13G Page 4 of 4 Pages
8. Identification and Classification of Members of the Group:
9. Notice of Dissolution of Group:
10. Certification:
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect
of changing or influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any transaction
having such 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.
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Date:
/s/ James J. Jenkins
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Signature
James J. Jenkins
Vice President and
Chief Operating Officer
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Name/Title