SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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. 2)
United Rentals, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
911363109
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(CUSIP Number)
Bruce R. Berkowitz
c/o Fairholme Capital Management, L.L.C.
4400 Biscayne Boulevard, 9th Floor
Miami, FL 33137
(305) 358-3000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 30, 2009
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(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 Amendment, and
is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box [x].
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.
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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. 911363109
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fairholme Capital Management, L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
AF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
8,454,927
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
10,041,676
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,041,676
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.7%
14. TYPE OF REPORTING PERSON
IA
CUSIP No. 911363109
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce R. Berkowitz
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
AF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
7. SOLE VOTING POWER
182,730
8. SHARED VOTING POWER
8,454,927
9. SOLE DISPOSITIVE POWER
182,730
10. SHARED DISPOSITIVE POWER
10,041,676
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,224,406
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.0%
14. TYPE OF REPORTING PERSON
IN, HC
CUSIP No. 911363109
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fairholme Funds, Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
8,197,518
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
8,197,518
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,197,518
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
14. TYPE OF REPORTING PERSON
IC
CUSIP No. 911363109
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Item 1. Security and Issuer.
The name of the issuer is United Rentals, Inc. (the "Issuer"). The address
of the Issuer's offices is Five Greenwich Office Park, Greenwich, Connecticut
06831. This Schedule 13D Amendment relates to the Issuer's Common Stock, $.01
par value (the "Shares").
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Item 2. Identity and Background.
(a-c, f) This Schedule 13D Amendment is being filed jointly by Fairholme
Capital Management, L.L.C., a Delaware limited liability company ("Fairholme"),
Fairholme Funds, Inc. (the "Fund"), a Maryland corporation and Bruce R.
Berkowitz, a United States citizen (collectively with Fairholme and the Fund,
the "Reporting Persons").
The principal business address of the Reporting Persons is 4400 Biscayne
Boulevard, 9th Floor, Miami, FL 33137.
Bruce R. Berkowitz is the managing member of Fairholme, an investment
management firm that serves as the general partner, managing member and
investment adviser to several investment funds, both public and private (the
"Fairholme Funds").
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
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.
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Item 3. Source and Amount of Funds or Other Consideration.
The funds for the purchase of the Shares came from the working capital of
the Fairholme Funds over which Bruce Berkowitz, through his role at Fairholme,
exercises investment discretion.
No borrowed funds were used to purchase the Shares, other than any borrowed
funds used for working capital purposes (including certain leverage
arrangements) in the Fairholme Funds' ordinary course of business.
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Item 4. Purpose of Transaction.
The shares of Common Stock were acquired by the Reporting Persons in the
course of their business of making portfolio investments as part of their
proprietary trading strategy. The Reporting Persons intend to monitor their
investments in accordance with market and general economic conditions, as well
as the Issuer's operating results, financial condition and conditions in the
Issuer's industry. Except as set forth herein, the Reporting Persons have no
present plans or proposals that relate to, or that would result in, any of the
actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. However,
the Reporting Persons reserve the right, at any time in the future and from time
to time, to consider various courses of action that relate to or that would
result in any of the actions specified in clauses (a) through (j) of Item 4 of
Schedule 13D. As part of monitoring their investments, the Reporting Persons may
also, from time to time, seek to meet with and engage in discussions with the
Issuer's management and directors as well as with other holders of Common Stock.
On October 20, 2008, in response to the Issuer's announced second amendment of
it stockholders rights plan, Fairholme Capital Management, on behalf of itself
and the other Reporting Persons, sent a letter to the Issuer, the complete text
of which is incorporated by reference herewith.
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Item 5. Interest in Securities of the Issuer.
(a-e) As of the date hereof, Fairholme may be deemed to be the beneficial
owner of 10,041,676 Shares (16.7%) of the Issuer, the Fund may be deemed to be
the beneficial owner of 8,197,518 Shares (13.7%) of the Issuer and Bruce R.
Berkowitz may be deemed to be the beneficial owner of 10,224,406 Shares (17.0%)
of the Issuer, based upon the 60,002,403 Shares outstanding as of February 23,
2009, according to the Issuer.
Fairholme has the sole power to vote or direct the vote of 0 Shares,
Fairholme Funds, Inc. has the sole power to vote or direct the vote of 0 Shares
and Bruce R. Berkowitz has the sole power to vote or direct the vote of 182,730
Shares to which this filing relates. Fairholme has the shared power to vote or
direct the vote of 8,454,927 Shares, Fairholme Funds, Inc. has the shared power
to vote or direct the vote of 8,197,518 Shares and Bruce R. Berkowitz has the
shared power to vote or direct the vote of 8,454,927 Shares to which this filing
relates.
Fairholme has the sole power to dispose or direct the disposition of 0
Shares, Fairholme Funds, Inc. has the sole power to dispose or direct the
disposition of 0 Shares and Bruce R. Berkowitz has the sole power to dispose or
direct the disposition of 182,730 Shares to which this filing relates. Fairholme
has the shared power to dispose or direct the disposition of 10,041,676 Shares,
Fairholme Funds, Inc. has the shared power to dispose or direct the disposition
of 8,197,518 Shares and Bruce R. Berkowitz has the shared power to dispose or
direct the disposition of 10,041,676 Shares to which this filing relates.
The trading dates, number of Shares purchased and the price per share for
all transactions in the Shares during the 60-day period prior to March 30, 2009
by the Reporting Persons are set forth in Exhibit B and were effected in the
open market, except as otherwise noted.
The Reporting Persons specifically disclaim beneficial ownership in the
Shares reported herein except to the extent of their pecuniary interest therein.
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
The Reporting Persons do not have any contract, arrangement, understanding or
relationship with any person with respect to the Shares.
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Item 7. Material to be Filed as Exhibits.
Exhibit A An agreement relating to the filing of a joint statement as
required by Rule 13d-1(k) under the Securities Exchange Act of
1934 is filed herewith as Exhibit A.
Exhibit B A description of the transactions in the Shares that were
effected by the Reporting Persons during the 60-day period
prior to March 30, 2009 is filed herewith as Exhibit B.
Exhibit C A letter to the Issuer written in response to the Issuer's
announced second amendment of it stockholders rights plan
filed with the Securities Exchange Commission on Schedule 13D
by the Reporting Persons on October 20, 2008 (incorporated by
reference).
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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.
April 6, 2009
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(Date)
Fairholme Capital Management, L.L.C.
By: /s/ Bruce R. Berkowitz
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Name: Bruce R. Berkowitz
Title: Managing Member
Fairholme Funds, Inc.
By: /s/ Bruce R. Berkowitz
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Name: Bruce R. Berkowitz
Title: President
/s/ Bruce R. Berkowitz
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Bruce R. Berkowitz
Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D Amendment dated April 6, 2009
relating to the Common Stock, $.01 par value of United Rentals, Inc. shall be
filed on behalf of the undersigned.
Fairholme Capital Management, L.L.C.
By: /s/ Bruce R. Berkowitz
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Name: Bruce R. Berkowitz
Title: Managing Member
Fairholme Funds, Inc.
By: /s/ Bruce R. Berkowitz
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Name: Bruce R. Berkowitz
Title: President
/s/ Bruce R. Berkowitz
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Bruce R. Berkowitz
April 6, 2009
Exhibit B
Transactions in the Shares -- The Reporting Persons
Fairholme Capital Management, L.L.C.
Purchase/Sale Date of Number of Shares Price per
Transaction Share
Sale 2/2/2009 2,600 5.30
Sale 2/2/2009 2,300 5.23
Sale 2/2/2009 3,512 5.21
Sale 2/3/2009 1,649 5.06
Sale 2/5/2009 1,100 5.34
Sale 2/6/2009 5,082 5.67
Sale 2/17/2009 5,300 5.05
Sale 2/17/2009 1,300 5.05
Sale 2/18/2009 500 4.86
Sale 2/18/2009 5,600 4.74
Sale 2/20/2009 19,010 4.47
Sale 2/20/2009 8,948 4.47
Sale 2/23/2009 700 4.35
Sale 2/23/2009 1,961 4.35
Sale 2/23/2009 2,525 4.38
Sale 2/23/2009 2,499 4.38
Sale 2/24/2009 2,000 4.64
Sale 2/24/2009 1,300 4.51
Sale 2/25/2009 1,121 4.06
Transfer 2/25/2009 215 (2)
Sale 2/27/2009 1,200 4.19
Sale 3/2/2009 1,960 3.86
Sale 3/2/2009 4,700 3.85
Sale 3/2/2009 2,098 3.86
Sale 3/3/2009 8,203 3.50
Sale 3/4/2009 1,787 3.11
Transfer 3/5/2009 4,646 (1)
Sale 3/5/2009 686 3.12
Sale 3/9/2009 582 3.11
Sale 3/9/2009 4,459 3.04
Sale 3/10/2009 900 3.06
Sale 3/11/2009 2,855 3.19
Sale 3/11/2009 3,174 3.19
Transfer 3/11/2009 1,933 (1)
Sale 3/12/2009 2,300 3.18
Transfer 3/16/2009 1,449 (2)
Transfer 3/16/2009 5,103 (1)
Transfer 3/16/2009 2,479 (1)
Sale 3/17/2009 5,243 3.50
Sale 3/17/2009 2,647 3.50
Sale 3/18/2009 14,331 3.81
Sale 3/23/2009 30,439 3.89
Sale 3/24/2009 6,127 3.87
Sale 3/24/2009 557 3.87
Sale 3/24/2009 974 3.80
Sale 3/24/2009 1,150 3.80
Sale 3/24/2009 999 3.80
Sale 3/24/2009 10,686 3.80
Sale 3/24/2009 1,800 3.80
Sale 3/24/2009 5,646 3.80
Sale 3/24/2009 4,708 3.80
Sale 3/24/2009 3,034 3.80
Sale 3/24/2009 1,086 3.80
Sale 3/24/2009 2,907 3.78
Sale 3/24/2009 2,900 3.80
Sale 3/26/2009 4,500 3.67
Sale 3/26/2009 249 3.74
Sale 3/26/2009 5,007 3.85
Sale 3/26/2009 8,365 3.88
Sale 3/26/2009 625 3.90
Sale 3/26/2009 1,074 4.00
Sale 3/27/2009 1,436 4.70
Sale 3/30/2009 7,407 4.24
Sale 3/30/2009 1,636 4.24
Sale 3/30/2009 5,047 4.24
Sale 3/30/2009 2,872 4.24
Sale 3/30/2009 1,374 4.24
Sale 3/30/2009 1,300 4.24
Sale 3/30/2009 2,212 4.24
Sale 3/30/2009 16,864 4.24
Sale 3/31/2009 7,772 4.20
Sale 3/31/2009 2,247 4.20
Sale 3/31/2009 4,708 4.20
Sale 3/31/2009 712 4.20
Sale 4/2/2009 997 4.77
Sale 4/2/2009 1,261 4.86
Sale 4/2/2009 4,084 4.86
Sale 4/2/2009 2,322 4.86
Sale 4/2/2009 200 4.87
Sale 4/2/2009 4,634 4.87
Sale 4/2/2009 912 4.80
Sale 4/3/2009 7,153 4.58
Sale 4/3/2009 1,435 (1)
Fairholme Funds, Inc.
Purchase/Sale Date of Number of Shares Price per
Transaction Share
None
Bruce R. Berkowitz
Purchase/Sale Date of Number of Shares Price per
Transaction Share
None
(1) The securities were held in a managed account managed by Fairholme Capital
Management, L.L.C. ("Fairholme") pursuant to an investment management agreement
that was terminated. Accordingly, Fairholme and Bruce R. Berkowitz are no longer
deemed to be beneficial owners of such securities.
(2) Ownership of these securities was transferred from one of Fairholme's
private funds to its investors. The investors subsequently placed the securities
to which this footnote relates in separately managed accounts advised by
Fairholme.
SK 22146 0001 983380