UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Intelligent Polymers Ltd.
(Name of Issuer)
Units
(Title of Class of Securities)
CUSIP No. 45815V200
(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)
July 16, 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 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 85,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
85,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
85,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
2.3 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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 98,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
98,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
98,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
2.6 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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 18,000
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
18,000
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
18,000
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.5 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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 13,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
13,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
13,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.4 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 12,100
Owned By Each
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)
0.3 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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*
OO
- ---------======================================================================
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 140,300
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
140,300
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
140,300
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
3.8 %
- ---------======================================================================
14 Type of Reporting Person*
IA, OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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 227,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
227,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
227,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.1 %
- ---------======================================================================
14 Type of Reporting Person*
OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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 227,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
227,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
227,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.1 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 32 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 45815V200
===============================
- ---------======================================================================
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, OO
- ---------======================================================================
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 367,500
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
367,500
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,500
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
9.8 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 32 Pages
<PAGE>
This Amendment No. 3 to Schedule 13D amends the Schedule 13D initially
filed on December 12, 1997 (collectively, with all amendments thereto, the
"Schedule 13D").
Item 2. Identity and Background.
Footnote No. 1 to Item 2 of the Schedule 13D is amended and restated in
its entirety as follows:
1. Of the Units (and corresponding Shares) reported by FMLLC on behalf of
the Managed Accounts, 4,900 Units (and such corresponding Shares) (equal
to approximately 0.1% 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 3. Source and Amount of Funds and Other Consideration.
Item 3 of the Schedule 13D is amended and supplemented by the following:
The net investment cost (including commissions) is approximately
$187,131.08 for the 8,200 Units (and corresponding Shares) acquired by FCP since
the filing of the prior Schedule 13D, approximately $368,432.36 for the 17,100
Units (and corresponding Shares) acquired by FCIP since the filing of the prior
Schedule 13D, approximately $55,472.04 for the 2,500 Units (and corresponding
Shares) acquired by FCIP II since the filing of the prior Schedule 13D,
approximately $46,457.52 for the 2,100 Units (and corresponding Shares) acquired
by FCIP III since the filing of the prior Schedule 13D, approximately $21,195.00
for the 900 Units (and corresponding Shares) acquired by Tinicum since the
filing of the prior Schedule 13D and approximately $477,143.64 for the 21,700
Units (and corresponding Shares) acquired by the Managed Accounts since the
filing of the prior Schedule 13D. (1)
- -----------
1 As the Shares currently trade as part of the Units, 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 19 of 32 Pages
<PAGE>
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 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 3,737,500
Units outstanding as reported by the Company in the Prospectus
filed by the Company and Biovail with the Securities and
Exchange Commission on October 10, 1997, pursuant to Rule
424(b)(4) of the Securities Act of 1933, as amended.
(c) The trade dates, number of Units (and corresponding Shares)
purchased or sold and the price per Unit (and per Share) for
all purchases and sales of the Units (and corresponding
Shares) 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 20 of 32 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 dates, number of Units (and corresponding Shares)
purchased or sold and the price per Unit (and per Share) for
all purchases and sales of the Units (and corresponding
Shares) 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 dates, number of Units (and corresponding Shares)
purchased or sold and the price per Unit (and per Share) for
all purchases and sales of the Units (and corresponding
Shares) in the past 60 days are set forth on Schedule C 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 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 dates, number of Units (and corresponding Shares)
purchased or sold and the price per Unit (and per Share) for
all purchases and sales of the Units (and corresponding
Shares) in the past 60 days are set forth on
Page 21 of 32 Pages
<PAGE>
Schedule D 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 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) Tinicum has not consummated any transactions in the Units (and
corresponding Shares) in the past 60 days.
(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 dates, number of Units (and corresponding Shares)
purchased or sold and the price per Unit (and per Share) for
all purchases and sales of the Units (and corresponding
Shares) 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 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 22 of 32 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 23 of 32 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 24 of 32 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 25 of 32 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 26 of 32 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: July 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, which were filed with Amendment No. 1
to the Schedule 13D filed with the Securities and Exchange Commission 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 27 of 32 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) OR PRICE
TRADE DATE SOLD (S) PER UNIT (2)
(including commission)
06/23/98 500 (P) $20.02
07/16/98 800 (P) $19.50
07/21/98 600 (P) $21.93
- ------------
2 As the Shares currently trade as part of the Units, 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 28 of 32 Pages
<PAGE>
SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) OR PRICE
TRADE DATE SOLD (S) PER UNIT (3)
(including commission)
06/23/98 500 (P) $20.02
07/15/98 700 (P) $19.52
07/16/98 4,000 (P) $19.50
07/17/98 1,900 (P) $19.27
07/21/98 3,300 (P) $21.93
- ------------
3 As the Shares currently trade as part of the Units, 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 29 of 32 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) OR PRICE
TRADE DATE SOLD (S) PER UNIT (4)
(including commission)
07/16/98 600 (P) $19.50
07/21/98 600 (P) $21.93
- ------------
4 As the Shares currently trade as part of the Units, 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 30 of 32 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) OR PRICE
TRADE DATE SOLD (S) PER UNIT (5)
(including commission)
07/16/98 500 (P) $19.50
07/21/98 600 (P) $21.93
- ------------
5 As the Shares currently trade as part of the Units, 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 31 of 32 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) OR PRICE
TRADE DATE SOLD (S) PER UNIT (6)
(including commission)
06/19/98 1,000 (P) $20.02
06/22/98 300 (P) $19.77
06/23/98 500 (P) $20.02
07/16/98 4,200 (P) $19.50
07/21/98 5,500 (P) $21.93
07/16/98 100 (P) $19.50
07/16/98 200 (P) $19.50
07/21/98 200 (P) $21.93
- ------------
6 As the Shares currently trade as part of the Units, 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 32 of 32 Pages
