UNITED STATES
                        SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                 Tejon Ranch Co.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    879080109

                                 (CUSIP Number)

                                   May 5, 2004
             (Date of event which requires filing of this statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule 13G 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 purposes 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).










                               Page 1 of 20 Pages


CUSIP No. 879080109 13G Page 2 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Smithfield Fiduciary LLC - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 3 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Highbridge International LLC - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 4 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Highbridge Capital Corporation - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** BD - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 5 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Highbridge Capital Management, LLC - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 6 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Glenn Dubin - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 7 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Henry Swieca - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 8 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Highbridge/Zwirn Special Opportunities Fund, L.P. - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** PN - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 9 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Highbridge/Zwirn Special Opportunities Fund, Ltd. - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 10 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS D.B. Zwirn & Co., L.P. - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** PN - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 11 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Zwirn Holdings, LLC - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 12 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS DBZ GP, LLC - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) ERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 13 of 20 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Daniel B. Zwirn - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1,538,876 (See Item 4(a)) OWNED BY ---------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,538,876 (See Item 4(a)) - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.28% (See Item 4(b)) - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN - ------------------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 879080109 13G Page 14 of 20 Pages Item 1. (a) Name of Issuer Tejon Ranch Co., a Delaware corporation (the "Company"). (b) Address of Issuer's Principal Executive Offices P.O. Box 1000 Lebec, California 93243 Item 2(a). Name of Person Filing Item 2(b). Address of Principal Business Office Item 2(c). Citizenship Smithfield Fiduciary LLC The Cayman Corporate Center Fourth Floor 27 Hospital Road Georgetown, Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies Highbridge International LLC The Cayman Corporate Center Fourth Floor 27 Hospital Road Georgetown, Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies Highbridge Capital Corporation The Cayman Corporate Center Fourth Floor 27 Hospital Road Georgetown, Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies Highbridge Capital Management, LLC 9 West 57th Street, 27th Floor New York, New York 10019 Citizenship: Delaware Glenn Dubin c/o Highbridge Capital Management, LLC 9 West 57th Street, 27th Floor New York, New York 10019 Citizenship: United States Henry Swieca c/o Highbridge Capital Management, LLC 9 West 57th Street, 27th Floor New York, New York 10019 Citizenship: United States Highbridge/Zwirn Special Opportunities Fund, L.P. c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor

CUSIP No. 879080109 13G Page 15 of 20 Pages New York, New York 10151 Citizenship: Delaware Highbridge/Zwirn Special Opportunities Fund, Ltd. c/o Goldman Sachs (Cayman) Trust, Limited P.O. Box 896 George Town Harbour Centre, 2nd Floor Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware Zwirn Holdings, LLC c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware DBZ GP, LLC c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware Daniel B. Zwirn c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: United States Item 2(d) Title of Class of Securities Common Stock, par value $0.50 per share ("Common Stock") Item 2(e) CUSIP Number 879080109 Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

CUSIP No. 879080109 13G Page 16 of 20 Pages (e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (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 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). If this statement is filed pursuant to Rule 13d-1(c), check this box. [X] Item 4. Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: As of the date hereof, each Reporting Person may be deemed the beneficial owner of (i) 563,098 shares of Common Stock owned by Smithfield Fiduciary LLC, (ii) 206,340 shares of Common Stock currently issuable to Smithfield Fiduciary LLC upon exercise of additional investment rights, (iii) 281,549 shares of Common Stock owned by Highbridge/Zwirn Special Opportunities Fund, L.P., (iv) 103,170 shares of Common Stock currently issuable to Highbridge/Zwirn Special Opportunities Fund, L.P. upon exercise of additional investment rights, (v) 281,549 shares of Common Stock owned by Highbridge/Zwirn Special Opportunities Fund, Ltd. and (vi) 103,170 shares of Common Stock currently issuable to Highbridge/Zwirn Special Opportunities Fund, Ltd. upon exercise of additional investment rights. Highbridge Capital Management, LLC is the trading manager of Highbridge International LLC and Highbridge Capital Corporation. Glenn Dubin is a Managing Partner of Highbridge Capital Management, LLC. Henry Swieca is a Managing Partner of Highbridge Capital Management, LLC. Smithfield Fiduciary LLC is a wholly-owned subsidiary of Highbridge International LLC which is a wholly-owned subsidiary of Highbridge Capital Corporation, a broker/dealer. D.B. Zwirn & Co., L.P. is the trading manager of each of Highbridge/Zwirn Special Opportunities Fund, Ltd. and Highbridge/Zwirn Special Opportunities Fund, L.P. and consequently has voting control and investment discretion over the securities held by each of Highbridge/Zwirn Special Opportunities Fund, Ltd. and Highbridge/Zwirn Special Opportunities Fund, L.P. Daniel B. Zwirn is the managing member of and thereby controls Zwirn Holdings, LLC, which in turn is the managing member of and thereby controls DBZ GP, LLC, which in turn is the general partner of and thereby controls D.B. Zwirn & Co., L.P.

CUSIP No. 879080109 13G Page 17 of 20 Pages The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. (b) Percent of class: Approximately 9.28% as of the date hereof. (Based on the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004, there were 15,809,083 shares of Common Stock issued and outstanding as of May 10, 2004. In addition, (i) 206,340 shares of Common Stock are currently issuable to Smithfield Fiduciary LLC upon exercise of the additional investment rights referred to in Item 4(a) above, (ii) 103,170 shares of Common Stock are currently issuable to Highbridge/Zwirn Special Opportunities Fund, L.P. upon exercise of the additional investment rights referred to in Item 4(a) above and (iii) 103,170 shares of Common Stock are currently issuable to Highbridge/Zwirn Special Opportunities Fund, Ltd. upon exercise of the additional investment rights referred to in Item 4(a) above.) (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote 0 (ii) Shared power to vote or to direct the vote 1,538,876 shares of Common Stock. (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,538,876 shares of Common Stock. 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 Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person Not applicable. Item 8. Identification and Classification of Members of the Group See Exhibit I.

CUSIP No. 879080109 13G Page 18 of 20 Pages Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certification By signing below each of the undersigned certifies that, to the best of its 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. Exhibits: Exhibit I: Joint Filing Agreement, dated as of May 17, 2004, by and among Smithfield Fiduciary LLC, Highbridge International LLC, Highbridge Capital Corporation, Highbridge Capital Management, LLC, Glenn Dubin, Henry Swieca, Highbridge/Zwirn Special Opportunities Fund, L.P., Highbridge/Zwirn Special Opportunities Fund, Ltd., D.B. Zwirn & Co., L.P., Zwirn Holdings, LLC, DBZ GP, LLC and Daniel B. Zwirn

CUSIP No. 879080109 13G Page 19 of 20 Pages SIGNATURES After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct. Dated: May 17, 2004 SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC By: /s/ Howard Feitelberg By: /s/ Howard Feitelberg ------------------------- -------------------------- Name: Howard Feitelberg Name: Howard Feitelberg Title: Director Title: Director HIGHBRIDGE CAPITAL CORPORATION HIGHBRIDGE CAPITAL MANAGEMENT, LLC By: /s/ Howard Feitelberg By: /s/ Ronald S. Resnick ------------------------- -------------------------- Name: Howard Feitelberg Name: Ronald S. Resnick Title: Controller Title: Managing Director /s/ Glenn Dubin /s/ Henry Swieca - ----------------------------- ------------------------------ GLENN DUBIN HENRY SWIECA HIGHBRIDGE/ZWIRN SPECIAL OPPORTUNITIES HIGHBRIDGE/ZWIRN SPECIAL FUND, L.P. OPPORTUNITIES FUND, Ltd. By: D.B. Zwirn & Co., L.P. By: D.B. Zwirn & Co., L.P. By: DBZ GP, LLC, By: DBZ GP, LLC, its General Partner its General Partner By: Zwirn Holdings, LLC, By: Zwirn Holdings, LLC, its Managing Member its Managing Member By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn ------------------------- -------------------------- Name: Daniel B. Zwirn Name: Daniel B. Zwirn Title: Managing Member Title: Managing Member D.B. ZWIRN & CO., L.P. ZWIRN HOLDINGS, LLC By: DBZ GP, LLC, its General Partner By: Zwirn Holdings, LLC, By: /s/ Daniel B. Zwirn its Managing Member -------------------------- Name: Daniel B. Zwirn Title: Managing Member By: /s/ Daniel B. Zwirn ------------------------- Name: Daniel B. Zwirn Title: Managing Member DBZ GP, LLC By: Zwirn Holdings, LLC, its Managing Member /s/ Daniel B. Zwirn ------------------------------ By: /s/ Daniel B. Zwirn DANIEL B. ZWIRN ------------------------- Name: Daniel B. Zwirn Title: Managing Member

CUSIP No. 879080109 13G Page 20 of 20 Pages EXHIBIT I JOINT FILING AGREEMENT This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Common Stock, $0.50 par value, of Tejon Ranch Co., a Delaware corporation, is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Dated as of May 17, 2004 SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC By: /s/ Howard Feitelberg By: /s/ Howard Feitelberg ------------------------- -------------------------- Name: Howard Feitelberg Name: Howard Feitelberg Title: Director Title: Director HIGHBRIDGE CAPITAL CORPORATION HIGHBRIDGE CAPITAL MANAGEMENT, LLC By: /s/ Howard Feitelberg By: /s/ Ronald S. Resnick ------------------------- -------------------------- Name: Howard Feitelberg Name: Ronald S. Resnick Title: Controller Title: Managing Director /s/ Glenn Dubin /s/ Henry Swieca - ----------------------------- ------------------------------ GLENN DUBIN HENRY SWIECA HIGHBRIDGE/ZWIRN SPECIAL OPPORTUNITIES HIGHBRIDGE/ZWIRN SPECIAL FUND, L.P. OPPORTUNITIES FUND, Ltd. By: D.B. Zwirn & Co., L.P. By: D.B. Zwirn & Co., L.P. By: DBZ GP, LLC, By: DBZ GP, LLC, its General Partner its General Partner By: Zwirn Holdings, LLC, By: Zwirn Holdings, LLC, its Managing Member its Managing Member By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn ------------------------- -------------------------- Name: Daniel B. Zwirn Name: Daniel B. Zwirn Title: Managing Member Title: Managing Member D.B. ZWIRN & CO., L.P. ZWIRN HOLDINGS, LLC By: DBZ GP, LLC, its General Partner By: Zwirn Holdings, LLC, By: /s/ Daniel B. Zwirn its Managing Member -------------------------- Name: Daniel B. Zwirn Title: Managing Member By: /s/ Daniel B. Zwirn ------------------------- Name: Daniel B. Zwirn Title: Managing Member DBZ GP, LLC By: Zwirn Holdings, LLC, its Managing Member /s/ Daniel B. Zwirn ------------------------------ By: /s/ Daniel B. Zwirn DANIEL B. ZWIRN ------------------------- Name: Daniel B. Zwirn Title: Managing Member