UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Spiros Development Corporation II, Inc. (SDCO)
(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)
January 20, 1998
(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 26 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 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 8 Shared Voting Power
Shares
Beneficially 50,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
50,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
50,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.8 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 26 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 8 Shared Voting Power
Shares
Beneficially 72,000
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
72,000
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
72,000
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
1.1 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 26 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 8 Shared Voting Power
Shares
Beneficially 88,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
88,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
88,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
1.4 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 26 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 8 Shared Voting Power
Shares
Beneficially 173,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
173,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
173,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
2.7 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 26 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 8 Shared Voting Power
Shares
Beneficially 9,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
9,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
9,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.1 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 26 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 8 Shared Voting Power
Shares
Beneficially 127,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
127,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
127,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
2.0 %
- ---------======================================================================
14 Type of Reporting Person*
IA, 00
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 26 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 8 Shared Voting Power
Shares
Beneficially 392,800
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
392,800
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
392,800
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.2 %
- ---------======================================================================
14 Type of Reporting Person*
00
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 26 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 8 Shared Voting Power
Shares
Beneficially 392,800
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
392,800
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
392,800
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 26 Pages
<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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 26 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 8 Shared Voting Power
Shares
Beneficially 520,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
520,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
520,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
8.2 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 26 Pages
<PAGE>
This Amendment No. 2 to Schedule 13D amends the Schedule 13D initially
filed on December 29, 1997 (collectively, with all amendments thereto, the
"Schedule 13D").
Item 2. Identity and Background.
The footnote to Item 2(a) of the Schedule 13D is amended and restated in
its entirety as follows:
1 Of the Units (and corresponding Shares) reported by FCMLLC on behalf of the
Managed Accounts, 43,500 Units (and such corresponding Shares) (equal to
approximately 0.7% 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.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is amended and restated in its
entirety as follows:
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 One
hereto is calculated based upon the 6,325,000 Units outstanding
as of the date hereof.
(c) There have been no transactions since the filing of the prior Schedule
13D.
(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.
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) There have been no transactions since the filing of the prior Schedule
13D.
Page 19 of 26 Pages
<PAGE>
(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) There have been no transactions since the filing of the prior Schedule
13D.
(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) There have been no transactions since the filing of the prior Schedule
13D.
(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) There have been no transactions since the filing of the prior Schedule
13D.
Page 20 of 26 Pages
<PAGE>
(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) There have been no transactions since the filing of the prior Schedule
13D
(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.
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.
Page 21 of 26 Pages
<PAGE>
(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.
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.
Page 22 of 26 Pages
<PAGE>
(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.
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.
Page 23 of 26 Pages
<PAGE>
(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.
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.
Page 24 of 26 Pages
<PAGE>
(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 25 of 26 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: January 22, 1998
/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 26 of 26 Pages
