UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Intelligent Polymers Ltd. (IXP/U)
(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)
March 18, 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 34 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 67,300
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
67,300
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
67,300
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
1.8 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 34 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 64,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
64,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
64,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
1.7 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 34 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 13,900
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
13,900
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
13,900
- ---------======================================================================
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 4 of 34 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 10,100
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
10,100
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
10,100
- ---------======================================================================
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 5 of 34 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 10,200
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
10,200
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
10,200
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.3 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 34 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 94,000
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
94,000
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
94,000
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
2.5 %
- ---------======================================================================
14 Type of Reporting Person*
IA, OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 34 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 165,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
165,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
165,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
4.4 %
- ---------======================================================================
14 Type of Reporting Person*
OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 34 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 165,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
165,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
165,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
4.4 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 34 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 259,700
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
259,700
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
259,700
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
6.9 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 34 Pages
<PAGE>
This Amendment No. 1 to Schedule 13D amends the Schedule 13D initially
filed on December 12, 1997 (collectively, with all amendments thereto, the
"Schedule 13D").
Item 1. Security and Issuer.
The last sentence of Item 1 of the Schedule 13D is amended and restated as
follows:
The Company's principal offices are located at the following address: c/o
Conyers Dill & Pearman, Clarendon House, 2 Church Street, Hamilton HM 11 DO,
Bermuda.
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, 3,800 Units (and such corresponding Shares) (equal
to 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 $249,981.00 for the
10,000 Units (and corresponding Shares) acquired by FCP since the filing of the
prior Schedule 13D, $261,847.00 for the 10,800 Units (and corresponding Shares)
acquired by FCIP since the filing of the prior Schedule 13D, $40,507.00 for the
1,600 Units (and corresponding Shares) acquired by FCIP II since the filing of
the prior Schedule 13D, $42,621.00 for the 1,800 Units (and corresponding
Shares) acquired by FCIP III since the filing of the prior Schedule 13D,
$23,729.00 for the 1,000 Units (and corresponding Shares) acquired by Tinicum
since the filing of the prior Schedule 13D and
Page 19 of 34 Pages
<PAGE>
$473,526.00 for the 19,200 Units (and corresponding Shares) acquired by the
Managed Accounts since the filing of the prior Schedule 13D.(1)
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.; (iii) with respect to FCP, from working
capital, and/or from borrowings pursuant to a margin account maintained by FCP
at Goldman, Sachs & Co.; and (iv) with respect to Tinicum, from working capital,
from borrowings pursuant to a margin account maintained by Tinicum at Goldman,
Sachs & Co., and/or from borrowings pursuant to a revolving credit agreement
entered into by Tinicum with ING (U.S.) Capital Corporation. 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 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 in with the Securities and Exchange
Commission pursuant to Rule 424B4 on October 10, 1997.
- ------------
(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 20 of 34 Pages
<PAGE>
(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.
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
Page 21 of 34 Pages
<PAGE>
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 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) 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 E hereto and are incorporated herein by
reference. All of such transactions were open-market
transactions.
(d) FPLLC as General Partner has the power to direct the
affairs of Tinicum, including the disposition of the
proceeds of the sale of the Units (and corresponding
Shares). Steyer is the senior managing member of FPLLC
and Boilini, Cohen, Downes, Fairman, Fish, Fremder,
Mellin, Millham and Moore are managing members of FPLLC.
(e) Not applicable.
F. Farallon Capital Management, L.L.C.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and
13 of the cover page hereto for FCMLLC is incorporated
herein by reference.
Page 22 of 34 Pages
<PAGE>
(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.
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
Page 23 of 34 Pages
<PAGE>
(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.
(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.
Page 24 of 34 Pages
<PAGE>
(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.
(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.
Page 25 of 34 Pages
<PAGE>
(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.
(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
Page 26 of 34 Pages
<PAGE>
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 27 of 34 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: March 25, 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 28 of 34 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES) PRICE
TRADE DATE PURCHASED PER UNIT (2)
(including commission)
02/27/98 2,400 $25.62
03/02/98 1,100 $26.49
03/03/98 600 $26.40
03/16/98 1,400 $28.91
03/18/98 1,400 $28.26
- ------------
(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 29 of 34 Pages
<PAGE>
SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES) PRICE
TRADE DATE PURCHASED PER UNIT (3)
(including commission)
02/27/98 1,400 $25.62
03/02/98 800 $26.50
03/03/98 500 $26.39
03/16/98 1,100 $28.91
03/18/98 1,400 $28.26
03/19/98 500 $28.64
- ------------
(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 30 of 34 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES) PRICE
TRADE DATE PURCHASED PER UNIT (4)
(including commission)
02/27/98 200 $25.62
03/02/98 200 $26.50
03/03/98 100 $26.39
03/16/98 300 $28.91
03/18/98 300 $28.26
- ------------
(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 31 of 34 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES) PRICE
TRADE DATE PURCHASED PER UNIT (5)
(including commission)
02/27/98 300 $25.62
03/02/98 100 $26.49
03/03/98 100 $26.39
03/16/98 200 $28.91
03/18/98 200 $28.26
- ------------
(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 32 of 34 Pages
<PAGE>
SCHEDULE E
TINICUM PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES) PRICE
TRADE DATE PURCHASED PER UNIT (6)
(including commission)
03/16/98 200 $28.91
03/18/98 200 $28.26
- ------------
(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 33 of 34 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF UNITS
(AND CORRESPONDING SHARES) PRICE
TRADE DATE PURCHASED PER UNIT (7)
(including commission)
02/27/98 5,200 $25.62
03/02/98 2,000 $26.49
03/03/98 1,100 $26.39
03/16/98 1,400 $28.91
03/18/98 1,600 $28.26
02/27/98 100 $25.62
03/16/98 100 $28.91
03/18/98 100 $28.26
02/27/98 400 $25.62
03/02/98 200 $26.50
03/03/98 100 $26.39
03/16/98 300 $28.91
03/18/98 300 $28.26
- ------------
(7) 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 34 of 34 Pages
