UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Spiros Development Corporation II, Inc. (SDCOZ)
(Name of Issuer)
Units
(Title of Class of Securities)
CUSIP No. 848935201
(CUSIP Number)
Thomas F. Steyer
Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California
94111
(415) 421-2132
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 17, 1997
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
* 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 ("Act") or otherwise subject to the liabilities of that section of that Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 42 Pages
Exhibit Index Located on Page 41
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Partners, L.P.
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
WC, 00
- -----------=====================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- -----------=====================================================================
6 Citizenship or Place of Organization
California
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 12,600
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
12,600
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
12,600
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
0.2 %
- -----------=====================================================================
14 Type of Reporting Person*
PN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners, L.P.
- -----------=====================================================================
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
California
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 12,100
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
12,100
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
12,100
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
0.2 %
- -----------=====================================================================
14 Type of Reporting Person*
PN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners II, L.P.
- -----------=====================================================================
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
California
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 85,700
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
85,700
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
85,700
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
1.6%
- -----------=====================================================================
14 Type of Reporting Person*
PN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners III, L.P.
- -----------=====================================================================
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
Delaware
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 171,500
Reporting Person
With
--------=====================================================
0 9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
171,500
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
171,500
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
3.1 %
- -----------=====================================================================
14 Type of Reporting Person*
PN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Tinicum Partners, L.P.
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
WC, 00
- -----------=====================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- -----------=====================================================================
6 Citizenship or Place of Organization
New York
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 2,400
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
2,400
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
2,400
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- -----------=====================================================================
14 Type of Reporting Person*
PN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon 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*
00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 65,700
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
65,700
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
65,700
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
1.2%
- -----------=====================================================================
14 Type of Reporting Person*
IA, 00
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Partners, 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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 284,300
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
284,300
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
284,300
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
5.2%
- -----------=====================================================================
14 Type of Reporting Person*
00
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Enrique H. Boilini
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- -----------=====================================================================
6 Citizenship or Place of Organization
Argentina
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
David I. Cohen
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- -----------=====================================================================
6 Citizenship or Place of Organization
South Africa
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Joseph F. Downes
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Fleur E. Fairman
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 284,300
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
284,300
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
284,300
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
5.2 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jason M. Fish
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 42
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew B. Fremder
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
William F. Mellin
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stephen L. Millham
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Meridee A. Moore
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 42 Pages
<PAGE>
SCHEDULE 13D
=====================================
CUSIP No. 848935201
=====================================
- -----------=====================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Thomas F. Steyer
- -----------=====================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- -----------=====================================================================
3 SEC Use Only
- -----------=====================================================================
4 Source of Funds*
AF, 00
- -----------=====================================================================
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
- ---------------------------=====================================================
7 Sole Voting Power
-0-
--------=====================================================
Number of Shares 8 Shared Voting Power
Beneficially
Owned By Each 350,000
Reporting Person
With
--------=====================================================
9 Sole Dispositive Power
-0-
--------=====================================================
10 Shared Dispositive Power
350,000
- -----------=====================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
350,000
- -----------=====================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- -----------=====================================================================
13 Percent of Class Represented by Amount in Row (11)
6.4 %
- -----------=====================================================================
14 Type of Reporting Person*
IN
- -----------=====================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 42 Pages
<PAGE>
Item 1. Security and Issuer.
This statement relates to units (the "Units") issued jointly by Spiros
Development Corporation II, Inc. (the "Company") and Dura Pharmaceuticals, Inc.
("Dura"). Each Unit consists of one share of common stock, par value $.001 per
share, of the Company (the "Shares") and one warrant to purchase 1/4 of one
share of common stock, par value $.001 per share, of Dura (the "Warrants"). The
Shares and Warrants trade jointly as Units (and cannot be traded separately )
through December 31, 1999 or such earlier date that Dura exercises its option to
purchase all of the then outstanding Shares of the Company or such option
expires unexercised. For further information on such purchase option by Dura,
see the Prospectus filed by the Company and Dura with the Securities and
Exchange Commission pursuant to Rule 424B1 on December 17, 1997. The Company's
principal offices are located at the following address: 7475 Lusk Blvd., San
Diego, California, 92121.
Item 2. Identity and Background.
(a) This statement is filed by: (i) Farallon Capital Partners, L.P., a
California limited partnership ("FCP"), with respect to the Units (and
corresponding Shares) held by it; (ii) Farallon Capital Institutional Partners,
L.P., a California limited partnership ("FCIP"), with respect to the Units (and
corresponding Shares) held by it; (iii) Farallon Capital Institutional Partners
II, L.P., a California limited partnership ("FCIP II"), with respect to the
Units (and corresponding Shares) held by it; (iv) Farallon Capital Institutional
Partners III, L.P., a Delaware limited partnership ("FCIP III"), with respect to
the Units (and corresponding Shares) held by it; (v) Tinicum Partners, L.P., a
New York limited partnership ("Tinicum"; collectively with FCP, FCIP, FCIP II
and FCIP III, the "Partnerships"), with respect to the Units (and corresponding
Shares) held by it; (vi) Farallon Capital Management, L.L.C., a Delaware limited
liability company ("FCMLLC"), with respect to the Units
Page 19 of 42 Pages
<PAGE>
(and corresponding Shares) held by Farallon Capital Offshore Investors, Inc., a
British Virgin Islands corporation ("Offshore"), and certain other accounts
managed by FCMLLC (together with Offshore, the "Managed Accounts"(1)); (vii)
Farallon Partners, L.L.C., a Delaware limited liability company ("FPLLC"), with
respect to the Units (and corresponding Shares) held by each of the
Partnerships; (viii) each of Enrique H. Boilini ("Boilini"), David I. Cohen
("Cohen"), Joseph F. Downes ("Downes"), Jason M. Fish ("Fish"), Andrew B.
Fremder ("Fremder"), William F. Mellin ("Mellin"), Stephen L. Millham
("Millham"), Meridee A. Moore ("Moore") and Thomas F. Steyer ("Steyer"), with
respect to the Units (and corresponding Shares) held by each of the Partnerships
and the Managed Accounts; and (ix) Fleur E. Fairman ("Fairman") with respect to
the Units (and corresponding Shares) held by each of the Partnerships (FCP,
FCIP, FCIP II, FCIP III, Tinicum, FCMLLC, FPLLC, Boilini, Cohen, Downes,
Fairman, Fish, Fremder, Mellin, Millham, Moore and Steyer shall collectively be
referred to hereafter as the "Reporting Persons").
The name, address, principal business, citizenship or state of
organization, executive officers, directors and controlling persons of FCMLLC
and FPLLC are set forth on Annex 1 hereto. The Units (and corresponding Shares)
reported hereby for the Partnerships are owned directly by the Partnerships and
those reported by FCMLLC on behalf of the Managed Accounts are owned directly by
the Managed Accounts. Each of Boilini, Cohen, Downes, Fish, Fremder, Mellin,
Millham, Moore and Steyer may be deemed, as managing members of FPLLC and
FCMLLC, to be the beneficial owner of all such Units (and corresponding Shares).
Each of FPLLC and Fairman, as a managing member of FPLLC, may be deemed to be
the beneficial owner of all such Units (and corresponding Shares) owned by the
Partnerships. FCMLLC
- --------
(1) Of the Units (and corresponding Shares) reported by FCMLLC on behalf of the
Managed Accounts, 42,800 Units (and such corresponding Shares) (equal to
0.8 % of the total Units currently outstanding) are held by The Absolute
Return Fund of The Common Fund, a non-profit corporation whose principal
address is 450 Post Road East, Westport, Connecticut, 06881.
Page 20 of 42 Pages
<PAGE>
may be deemed to be the beneficial owner of all such Units (and corresponding
Shares) owned by the Managed Accounts. Each of FCMLLC, FPLLC, Boilini, Cohen,
Downes, Fairman, Fish, Fremder, Mellin, Millham, Moore and Steyer hereby
disclaim any beneficial ownership of any such Units (and corresponding Shares).
(b) The address of the principal business and principal office of (i) the
Partnerships, FCMLLC and FPLLC is One Maritime Plaza, Suite 1325, San Francisco,
California 94111, and (ii) Offshore is Craigmuir Chambers, P.O. Box 71, Road
Town, Tortola, British Virgin Islands.
(c) The principal business of each of the Partnerships and Offshore is that
of a private investment fund engaging in the purchase and sale of investments
for its own account. The principal business of FPLLC is to act as the general
partner (the "General Partner") of the Partnerships. The principal business of
FCMLLC is that of a registered investment adviser.
(d) None of the Partnerships, FCMLLC, FPLLC, Offshore or any of the persons
listed on Annex 1 hereto has, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) None of the Partnerships, FCMLLC, FPLLC, Offshore or any of the persons
listed on Annex 1 hereto 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.
Item 3. Source and Amount of Funds and Other Consideration.
The net investment cost (including commissions) is $213,850 for the 12,600
Units (and corresponding Shares) held by FCP, $205,525 for the 12,100 Units (and
corresponding Shares) held by FCIP, $1,371,200 for the 85,700 Units (and
corresponding Shares) held by FCIP II, $2,744,000 for the 171,500 Units (and
corresponding Shares) held by FCIP III, $40,775 for the 2,400 Units (and
Page 21 of 42 Pages
<PAGE>
corresponding Shares) held by Tinicum and $1,074,024 for the 65,700 Units (and
corresponding Shares) held by the Managed Accounts.(2)
The consideration for such acquisitions was obtained as follows: (i) with
respect to FCIP, FCIP II and FCIP III, from working capital; (ii) with respect
to the Managed Accounts, from the working capital of each Managed Account and/or
from borrowings pursuant to margin accounts maintained by some of the Managed
Accounts at Goldman Sachs & Co.; and (iii) with respect to FCP and Tinicum, from
working capital and/or from borrowings pursuant to margin accounts maintained by
FCP and Tinicum at Goldman Sachs & Co. FCP, Tinicum and some of the Managed
Accounts hold certain securities in their respective margin accounts at Goldman
Sachs & Co., and the accounts may from time to time have debit balances. It is
not possible to determine the amount of borrowings, if any, used to acquire the
Units (and corresponding Shares).
Item 4. Purpose of the Transaction.
The purpose of the acquisition of the Units (and corresponding Shares) is
for investment, and the acquisitions of the Units (and corresponding Shares) by
each of the Partnerships and the Managed Accounts were made in the ordinary
course of business and were not made for the purpose of acquiring control of the
Company.
Although no Reporting Person has any specific plan or proposal to acquire
or dispose of Units (and corresponding Shares), consistent with its investment
purpose, each Reporting Person at any time and from time to time may acquire
additional Units (and corresponding Shares) or dispose of any or all of its
Units (and corresponding Shares) depending upon an ongoing evaluation of the
investment in the Units (and corresponding Shares), prevailing market
conditions, other investment opportunities, liquidity requirements of the
Reporting Person and/or other investment considerations.
(2) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported cost is a per Unit cost. For purposes of this Schedule
13D, the net investment cost attributes all of the Unit cost to the related
Share.
Page 22 of 42 Pages
<PAGE>
No Reporting Person has made a determination regarding a maximum or minimum
number of Units (and corresponding Shares) which it may hold at any point in
time.
Also, consistent with their investment intent, the Reporting Persons may
engage in communications with one or more shareholders of the Company, one or
more officers of the Company and/or one or more members of the board of
directors of the Company regarding the Company, including but not limited to its
operations.
Except to the extent the foregoing may be deemed a plan or proposal, none
of the Reporting Persons has any plans or proposals which relate to, or could
result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting Persons
may, at any time and from time to time, review or reconsider their position
and/or change their purpose and/or formulate plans or proposals with respect
thereto.
Item 5. Interest in Securities of the Issuer.
A. Farallon Capital Partners, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCP is incorporated herein by reference.
The percentage amount set forth in Row 13 of such cover page and
of each other cover page filed herewith as well as Footnote 1
hereto is calculated based upon the 5,500,000 Units outstanding
as reported by the Company in the Prospectus filed by the Company
and Dura with the Securities and Exchange Commission pursuant to
Rule 424B1 on December 17, 1997.
(c) The trade date, number of Units (and corresponding Shares) purchased
or sold and the price per Unit (and per Share) for all purchases and
sales in the past 60 days are set forth on Schedule A hereto and are
incorporated herein by reference. All of such transactions were
open-market transactions.
(d) FPLLC as General Partner has the power to direct the affairs of FCP,
including the disposition of the proceeds of the sale of the Units
(and corresponding Shares). Steyer is the senior managing member of
FPLLC, and Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) Not applicable.
Page 23 of 42 Pages
<PAGE>
B. Farallon Capital Institutional Partners, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCIP is incorporated herein by reference.
(c) The trade date, number of Units (and corresponding Shares) purchased
or sold and the price per Unit (and per Share) for all purchases and
sales in the past 60 days are set forth on Schedule B hereto and are
incorporated herein by reference. All of such transactions were
open-market transactions.
(d) FPLLC as General Partner has the power to direct the affairs of FCIP,
including the disposition of the proceeds of the sale of the Units
(and corresponding Shares). Steyer is the senior managing member of
FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) Not applicable.
C. Farallon Capital Institutional Partners II, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCIP II is incorporated herein by
reference.
(c) The trade date, number of Units (and corresponding Shares) purchased
or sold and the price per Unit (and per Share) for all purchases and
sales in the past 60 days are set forth on Schedule C hereto and are
incorporated herein by reference. All of such transactions were
purchases in the Company's initial public offering.
(d) FPLLC as General Partner has the power to direct the affairs of FCIP
II, including the disposition of the proceeds of the sale of the Units
(and corresponding Shares). Steyer is the senior managing member of
FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) Not applicable.
D. Farallon Capital Institutional Partners III, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCIP III is incorporated herein by
reference.
(c) The trade date, number of Units (and corresponding Shares) purchased
or sold and the price per Unit (and per Share) for all purchases and
sales in the past 60 days are set forth on Schedule D hereto and are
incorporated herein by reference. All of such transactions were
purchases in the Company's initial public offering.
Page 24 of 42 Pages
<PAGE>
(d) FPLLC as General Partner has the power to direct the affairs of FCIP
III, including the disposition of the proceeds of the sale of the
Units (and corresponding Shares). Steyer is the senior managing member
of FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) Not applicable.
E. Tinicum Partners, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Tinicum is incorporated herein by
reference.
(c) The trade date, number of Units (and corresponding Shares) purchased
or sold and the price per Unit (and per Share) for all purchases and
sales in the past 60 days are set forth on Schedule E hereto and are
incorporated herein by reference. All of such transactions were
open-market transactions.
(d) FPLLC as General Partner has the power to direct the affairs of
Tinicum, including the disposition of the proceeds of the sale of the
Units (and corresponding Shares). Steyer is the senior managing member
of FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) Not applicable.
F. Farallon Capital Management, L.L.C.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCMLLC is incorporated herein by reference.
(c) The trade date, number of Units (and corresponding Shares) purchased
or sold and the price per Unit (and per Share) for all purchases and
sales by the Managed Accounts in the past 60 days are set forth on
Schedule F hereto and are incorporated herein by reference. All of
such transactions were purchases in the Company's initial public
offering or were open-market transactions.
(d) FCMLLC, as an investment adviser, has the power to direct the
disposition of the proceeds of the sale of the Units (and
corresponding Shares) held by the Managed Accounts. Steyer is the
senior managing member of FCMLLC and Boilini, Cohen, Downes, Fish,
Fremder, Mellin, Millham and Moore are managing members of FCMLLC.
(e) Not applicable.
Page 25 of 42 Pages
<PAGE>
G. Farallon Partners, L.L.C.
(a), (b) The information set forth in rows 7, 8, 9, 10, 11, and 13 of the
cover page hereto for FPLLC is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). Steyer is the senior managing
member of FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder,
Mellin, Millham and Moore are managing members of FPLLC.
(e) Not applicable.
H. Enrique H. Boilini
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Boilini is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Boilini is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
I. David I. Cohen
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Cohen is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Cohen is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
Page 26 of 42 Pages
<PAGE>
J. Joseph F. Downes
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Downes is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Downes is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
K. Fleur E. Fairman
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fairman is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). Fairman is a managing member of
FPLLC.
(e) Not applicable.
L. Jason M. Fish
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fish is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Fish is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
Page 27 of 42 Pages
<PAGE>
M. Andrew B. Fremder
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fremder is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Fremder is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
N. William F. Mellin
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Mellin is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Mellin is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
O. Stephen L. Millham
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Millham is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Millham is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
Page 28 of 42 Pages
<PAGE>
P. Meridee A. Moore
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Moore is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Moore is a managing member of FCMLLC and FPLLC.
(e) Not applicable.
Q. Thomas F. Steyer
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Steyer is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units (and corresponding Shares). FCMLLC, as an investment
adviser, has the power to direct the disposition of the proceeds of
the sale of the Units (and corresponding Shares) held by the Managed
Accounts. Steyer is the senior managing member of FCMLLC and FPLLC.
(e) Not applicable.
The Units (and corresponding Shares) reported hereby for the Partnerships
are owned directly by the Partnerships and those reported by FCMLLC on behalf of
the Managed Accounts are owned directly by the Managed Accounts. Each of
Boilini, Cohen, Downes, Fish, Fremder, Mellin, Millham, Moore and Steyer may be
deemed, as managing members of FPLLC and FCMLLC, to be the beneficial owner of
all such Units (and corresponding Shares). Each of FPLLC and Fairman, as a
managing member of FPLLC, may be deemed to be the beneficial owner of all such
Units (and corresponding Shares) owned by the Partnerships. FCMLLC may be deemed
to be the beneficial owner of all such Units (and corresponding Shares) owned by
the Managed Accounts. Each of FCMLLC, FPLLC, Boilini, Cohen, Downes, Fairman,
Fish, Fremder, Mellin, Millham, Moore and Steyer hereby disclaim any beneficial
ownership of any such Units (and corresponding Shares).
Page 29 of 42 Pages
<PAGE>
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the Reporting Persons
or between such persons and any other person with respect to any securities of
the Company, including but not limited to transfer or voting of any securities
of the Company, finder's fees, joint ventures, loan or option arrangements, puts
or calls, guarantees of profits, divisions of profits or loss, or the giving or
withholding of proxies.
Item 7. Materials to be Filed as Exhibits.
There is filed herewith as Exhibit 1 a written agreement relating to the
filing of joint acquisition statements as required by Rule 13d-1(f)(1) under the
Securities Exchange Act of 1934, as amended.
Page 30 of 42 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: December 29, 1997
/s/ Thomas F. Steyer
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS, L.P., FARALLON CAPITAL
INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS III, L.P. and TINICUM PARTNERS,
L.P.
by Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
FARALLON CAPITAL MANAGEMENT, L.L.C.
By Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
Thomas F. Steyer, individually and as
attorney-in-fact for each of Enrique H.
Boilini, David I. Cohen, Joseph F. Downes,
Fleur E. Fairman, Jason M. Fish, Andrew B.
Fremder, William F. Mellin, Stephen L.
Millham, and Meridee A. Moore.
The Powers of Attorney each executed by Boilini, Cohen, Downes, Fairman,
Fish, Fremder, Mellin, Millham and Moore authorizing Steyer to sign and file
this Schedule 13D on each person's behalf was filed with Amendment No. 1 to the
Schedule 13D filed with the SEC on September 26, 1997 by such Reporting Persons
with respect to the Common Stock of Sphere Drake Holdings Limited are hereby
incorporated by reference.
Page 31 of 42 Pages
<PAGE>
ANNEX 1
Set forth below with respect to FCMLLC and FPLLC is the following: (a)
name; (b) address; (c) principal business; (d) state of organization; and (e)
controlling persons. Set forth below with respect to each managing member of
FCMLLC and FPLLC is the following: (a) name; (b) business address; (c) principal
occupation; and (d) citizenship.
1. (a) Farallon Capital Management, L.L.C.
(b) One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Serves as investment adviser to various managed accounts
(d) Delaware limited liability company
(e) Managing Members: Thomas F. Steyer, Senior Managing
Member; Enrique H. Boilini, David I. Cohen, Joseph F.
Downes, Jason M. Fish, Andrew B. Fremder, William F.
Mellin, Stephen L. Millham and Meridee A. Moore, Managing
Members.
2. (a) Farallon Partners, L.L.C.
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Serves as general partner to investment partnerships
(d) Delaware limited liability company
(e) Managing Members: Thomas F. Steyer, Senior Managing
Member; Enrique H. Boilini, David I. Cohen, Joseph F.
Downes, Fleur E. Fairman, Jason M. Fish, Andrew B.
Fremder, William F. Mellin, Stephen L. Millham and
Meridee A. Moore, Managing Members.
3. (a) Enrique H. Boilini
(b) c/o Farallon Capital Management, L.L.C.
75 Holly Hill Lane
Greenwich, CT 06830
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) Argentinean Citizen
4. (a) David I. Cohen
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) South African Citizen
Page 32 of 42 Pages
<PAGE>
5. (a) Joseph F. Downes
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing ember of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
6. (a) Fleur E. Fairman
(b) 993 Park Avenue
New York, New York 10028
(c) Managing Member of Farallon Partners, L.L.C.
(d) United States Citizen
7. (a) Jason M. Fish
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
8. (a) Andrew B. Fremder
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
9. (a) William F. Mellin
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
10. (a) Stephen L. Millham
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
Page 33 of 42 Pages
<PAGE>
11. (a) Meridee A. Moore
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
12. (a) Thomas F. Steyer
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, CA 94111
(c) Senior Managing Member of Farallon Partners, L.L.C.;
Senior Managing Member of Farallon Capital Management,
L.L.C.
(d) United States Citizen
Page 34 of 42 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF UNITS PRICE
TRADE DATE PURCHASED PER UNIT(3)
(including commission)
12/17/97 6,400 $16.88
12/19/97 1,800 $17.25
12/24/97 4,400 $17.00
- --------
(3) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported price is a per Unit price. For purposes of this
Schedule 13D, the price attributes all of the Unit price to the related
Share.
Page 35 of 42 Pages
<PAGE>
SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF UNITS PRICE
TRADE DATE PURCHASED PER UNIT(4)
(including commission)
12/17/97 5,800 $16.88
12/19/97 2,200 $17.25
12/24/97 4,100 $17.00
- --------
(4) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported price is a per Unit price. For purposes of this
Schedule 13D, the price attributes all of the Unit price to the related
Share.
Page 36 of 42 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF UNITS PRICE
TRADE DATE PURCHASED PER UNIT(5)
(including commission)
12/17/97 85,700(6) $16.00
- --------
(5) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported price is a per Unit price. For purposes of this
Schedule 13D, the price attributes all of the Unit price to the related
Share.
(6) Such Units (and corresponding Shares) were purchased in the Company's
initial public offering.
Page 37 of 42 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF UNITS PRICE
TRADE DATE PURCHASED PER UNIT(7)
(including commission)
12/17/97 171,500(8) $16.00
- --------
(7) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported price is a per Unit price. For purposes of this
Schedule 13D, the price attributes all of the Unit price to the related
Share.
(8) Such Units (and corresponding Shares) were purchased in the Company's
initial public offering.
Page 38 of 42 Pages
<PAGE>
SCHEDULE E
TINICUM PARTNERS, L.P.
NO. OF UNITS PRICE
TRADE DATE PURCHASED PER UNIT(9)
(including commission)
12/17/97 1,200 $16.88
12/19/97 500 $17.25
12/24/97 700 $17.00
- --------
(9) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported price is a per Unit price. For purposes of this
Schedule 13D, the price attributes all of the Unit price to the related
Share.
Page 39 of 42 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF UNITS PRICE
TRADE DATE PURCHASED PER UNIT(10)
(including commission)
12/17/97 9,300 $16.88
12/19/97 4,000 $17.25
12/24/97 4,400 $17.00
12/17/97 42,800(11) $16.00
12/17/97 2,300 $16.88
12/19/97 1,500 $17.25
12/24/97 1,400 $17.00
- --------
(10) As the Shares currently trade as part of the Units (as described in Item 1
above), the reported price is a per Unit price. For purposes of this
Schedule 13D, the price attributes all of the Unit price to the related
Share.
(11) Such Units (and corresponding Shares) were purchased in the Company's
initial public offering. All other purchases reflected on this Schedule F
were open-market transactions.
Page 40 of 42 Pages
<PAGE>
EXHIBIT INDEX
EXHIBIT 1 Joint Acquisition Statement Pursuant to Rule 13D-(f)(1)
Page 41 of 42 Pages
<PAGE>
EXHIBIT 1
to
SCHEDULE 13D
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-(f)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him, her or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other entities or persons, except to the extent that he, she or
it knows or has reason to believe that such information is inaccurate.
Dated: December 29, 1997
/s/ Thomas F. Steyer
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS, L.P., FARALLON CAPITAL
INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS III,
L.P. and TINICUM PARTNERS, L.P.
by Thomas F. Steyer,
Senior Managing
/s/ Thomas F. Steyer
FARALLON CAPITAL MANAGEMENT, L.L.C.
By Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
Thomas F. Steyer, individually and as
attorney-in-fact for each of Enrique H.
Boilini, David I. Cohen, Joseph F. Downes,
Fleur E. Fairman, Jason M. Fish, Andrew B.
Fremder, William F. Mellin, Stephen L.
Millham, and Meridee A. Moore.
Page 42 of 42 Pages
