SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 5) (1)
SPIROS DEVELOPMENT CORPORATION II, INC.
(Name of Issuer)
UNITS
(Title of Class of Securities)
848935201
(CUSIP Number)
Thomas F. Steyer
Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(415) 421-2132
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
FEBRUARY 10, 1999
(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
Page 1 of 44 Pages
Exhibit Index Found on Page 43
- -----------
1 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 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
175,900
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
175,900
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
175,900
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
189,500
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
189,500
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
189,500
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
112,000
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
112,000
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
112,000
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
197,400
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
197,400
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
197,400
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
16,400
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
16,400
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,400
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
406,600
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
406,600
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
406,600
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IA, OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
691,200
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
691,200
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
691,200
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Argentina
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
South Africa
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Duhamel
- ---------======================================================================
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
691,200
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
691,200
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
691,200
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Richard B. Fried
- ---------======================================================================
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 19 of 44 Pages
<PAGE>
13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 2(d) OR 2(e) [ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
1,097,800
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,097,800
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,097,800
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.4 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 20 of 44 Pages
<PAGE>
This Amendment No. 5 to Schedule 13D amends the Schedule 13D initially
filed on December 29, 1997 (collectively, with all amendments thereto, the
"Schedule 13D").
Item 2. Identity and Background.
Item 2 of the Schedule 13D is amended and restated in its entirety as
follows:
(a) This statement is filed by: (i) Farallon Capital Partners, L.P., a
California limited partnership ("FCP"), with respect to the Units (and
corresponding Shares) held by it; (ii) Farallon Capital Institutional Partners,
L.P., a California limited partnership ("FCIP"), with respect to the Units (and
corresponding Shares) held by it: (iii) Farallon Capital Institutional Partners
II, L.P., a California limited partnership ("FCIP II"), with respect to the
Units (and corresponding Shares) held by it; (iv) Farallon Capital Institutional
Partners III, L.P., a Delaware limited partnership ("FCIP III"), with respect to
the Units (and corresponding Shares) held by it; (v) Tinicum Partners, L.P., a
New York limited partnership ("Tinicum"; collectively with FCP, FCIP, FCIP II
and FCIP III, the "Partnerships"), with respect to the Units (and corresponding
Shares) held by it; (vi) Farallon Capital Management, L.L.C., a Delaware limited
liability company ("FCMLLC"), with respect to the Units (and corresponding
Shares) held by Farallon Capital Offshore Investors, Inc., a British Virgin
Islands corporation ("Offshore"), and certain other accounts managed by FCMLLC
(together with Offshore, the "Managed Accounts" (2)); (vii) Farallon Partners,
L.L.C., a Delaware limited liability company ("FPLLC"), with respect to the
Units (and corresponding Shares) held by each of the Partnerships; (viii) each
of Enrique H. Boilini ("Boilini"), David I. Cohen ("Cohen"), Joseph F. Downes
("Downes"), William F. Duhamel ("Duhamel"), Jason M. Fish ("Fish"), Andrew B.
Fremder ("Fremder"), Richard B. Fried ("Fried"), William F. Mellin ("Mellin"),
Stephen L. Millham
- -----------
2 Of the Units (and corresponding Shares) reported by FCMLLC on behalf of
the Managed Accounts, 50,600 Units (and corresponding Shares) (equal to
approximately 0.8 % of the total Units currently outstanding) are held by The
Absolute Return Fund of The Common Fund, a non-profit corporation whose
principal address is 450 Post Road East, Westport, Connecticut 06881.
Page 21 of 44 Pages
<PAGE>
("Millham"), Meridee A. Moore ("Moore") and Thomas F. Steyer ("Steyer"), with
respect to the Units (and corresponding Shares) held by each of the Partnerships
and the Managed Accounts; and (ix) Fleur E. Fairman ("Fairman") with respect to
the Units (and corresponding Shares) held by each of the Partnerships (FCP,
FCIP, FCIP II, FCIP III, Tinicum, FCMLLC, FPLLC, Boilini, Cohen, Downes,
Duhamel, Fairman, Fish, Fremder, Fried, Mellin, Millham, Moore and Steyer shall
collectively be referred to hereafter as the "Reporting Persons").
The name, address, principal business, citizenship or state of
organization, executive officers, directors and controlling persons of FCMLLC
and FPLLC are set forth on Annex 1 hereto. The Units (and corresponding Shares)
reported hereby for the Partnerships are owned directly by the Partnerships and
those reported by FCMLLC on behalf of the Managed Accounts are owned directly by
the Managed Accounts. Each of Boilini, Cohen, Downes, Duhamel, Fish, Fremder,
Fried, Mellin, Millham, Moore and Steyer may be deemed, as a managing member 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, Duhamel, Fairman, Fish,
Fremder, Fried, Mellin, Millham, Moore and Steyer hereby disclaims any
beneficial ownership of any such Units (and corresponding Shares).
(b) The address of the principal business and principal office of (i) the
Partnerships, FCMLLC and FPLLC is One Maritime Plaza, Suite 1325, San Francisco,
California 94111, and (ii) Offshore is Craigmuir Chambers, P.O. Box 71, Road
Town, Tortola, British Virgin Islands.
(c) The principal business of each of the Partnerships and Offshore is
that of a private investment fund engaging in the purchase and sale of
investments for its own account. The principal
Page 22 of 44 Pages
<PAGE>
business of FPLLC is to act as the general partner (the "General Partner") of
the Partnerships. The principal business of FCMLLC is that of a registered
investment adviser.
(d) None of the Partnerships, FCMLLC, FPLLC, Offshore or any of the
persons listed on Annex 1 hereto has, during the last five years, been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) None of the Partnerships, FCMLLC, FPLLC, Offshore or any of the
persons listed on Annex 1 hereto has, during the last five years, been party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was, or is subject to, a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 of the Schedule 13D is amended and supplemented by the following:
The net investment cost (including commissions) is approximately
$544,320.84 for the 56,900 Units (and corresponding Shares) acquired by FCP
since the filing of the prior Schedule 13D, approximately $521,640.47 for the
55,000 Units (and corresponding Shares) acquired by FCIP since the filing of the
prior Schedule 13D, approximately $99,544.98 for the 10,400 Units (and
corresponding Shares) acquired by FCIP II since the filing of the prior Schedule
13D, approximately $111,165.14 for the 12,100 Units (and corresponding Shares)
acquired by FCIP III since the filing of the prior Schedule 13D, approximately
$45,300.35 for the 4,900 Units (and corresponding Shares) acquired by Tinicum
since the filing of the prior Schedule 13D and approximately $973,728.82 for the
106,200 Units (and corresponding Shares) acquired by the Managed Accounts since
the filing of the prior Schedule 13D. (3)
- -----------
3 As the Shares currently trade as part of the Units, the reported cost is
a per Unit cost. For purposes of the Schedule 13D, the net investment cost
attributes all of the Unit cost to the related Share.
Page 23 of 44 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 in the ordinary course of
business 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 in the ordinary course of business 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 Two hereto is calculated based upon the 6,325,000
Units (and corresponding Shares) outstanding as of October 30,
1998, as reported by the Company in its Quarterly Report on
Form 10-Q for the period ended September 30, 1998, filed with
the Securities and Exchange Commission on November 16, 1998.
(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, Duhamel,
Fairman, Fish, Fremder, Fried, Mellin, Millham and Moore are
managing members of FPLLC.
Page 24 of 44 Pages
<PAGE>
(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, Duhamel,
Fairman, Fish, Fremder, Fried, 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,
Duhamel, Fairman, Fish, Fremder, Fried, 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
Page 25 of 44 Pages
<PAGE>
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,
Duhamel, Fairman, Fish, Fremder, Fried, 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,
Duhamel, Fairman, Fish, Fremder, Fried, 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, Duhamel, Fish, Fremder, Fried, Mellin, Millham and
Moore are managing members of FCMLLC.
Page 26 of 44 Pages
<PAGE>
(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, Duhamel, Fairman, Fish, Fremder, Fried, 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.
Page 27 of 44 Pages
<PAGE>
(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. William F. Duhamel
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Duhamel 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. Duhamel is
a managing member of FCMLLC and FPLLC.
(e) Not applicable.
L. 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.
Page 28 of 44 Pages
<PAGE>
M. 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.
N. 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.
O. Richard B. Fried
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Fried 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. Fried is a
managing member of FCMLLC and FPLLC.
(e) Not applicable.
Page 29 of 44 Pages
<PAGE>
P. 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.
Q. 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.
R. 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.
Page 30 of 44 Pages
<PAGE>
(e) Not applicable.
S. 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, Duhamel, Fish, Fremder, Fried, Mellin, Millham, Moore
and Steyer may be deemed, as a managing member 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, Duhamel, Fairman, Fish, Fremder, Fried, Mellin, Millham, Moore and
Steyer hereby disclaims any beneficial ownership of any such Units (and
corresponding Shares).
Page 31 of 44 Pages
<PAGE>
Item 7. Materials to be Filed as Exhibits.
There is filed herewith as Exhibit 1 a written agreement relating to the
filing of joint acquisition statements as required by Rule 13d-1(f)(1) under the
Securities Exchange Act of 1934, as amended.
Page 32 of 44 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: February 17, 1999
/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, William F. Duhamel, Fleur E. Fairman,
Jason M. Fish, Andrew B. Fremder, Richard B. Fried,
William F. Mellin, Stephen L. Millham,
and Meridee A. Moore.
The Powers of Attorney 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. The Powers of
Attorney executed by Duhamel and Fried authorizing Steyer to sign and file this
Schedule 13D on each person's behalf, which were filed with Amendment No. 1 to
the Schedule 13G filed with the Securities and Exchange Commission on January
13, 1999, by such Reporting Persons with respect to the Callable Class A Common
Shares of CliniChem Development Inc., are hereby incorporated by reference.
Page 33 of 44 Pages
<PAGE>
ANNEX 1
Set forth below with respect to FCMLLC and FPLLC is the following: (a)
name; (b) address; (c) principal business; (d) state of organization; and (e)
controlling persons. Set forth below with respect to each managing member of
FCMLLC and FPLLC is the following: (a) name; (b) business address; (c) principal
occupation; and (d) citizenship.
1. (a) Farallon Capital Management, L.L.C.
(b) One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Serves as investment adviser to various managed accounts
(d) Delaware limited liability company
(e) Managing Members: Thomas F. Steyer, Senior Managing Member;
Enrique H. Boilini, David I. Cohen, Joseph F. Downes, William F.
Duhamel, Jason M. Fish, Andrew B. Fremder, Richard B. Fried,
William F. Mellin, Stephen L. Millham and Meridee A. Moore,
Managing Members.
2. (a) Farallon Partners, L.L.C.
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Serves as general partner to investment partnerships
(d) Delaware limited liability company
(e) Managing Members: Thomas F. Steyer, Senior Managing Member;
Enrique H. Boilini, David I. Cohen, Joseph F. Downes, William F.
Duhamel, Fleur E. Fairman, Jason M. Fish, Andrew B. Fremder,
Richard B. Fried, William F. Mellin, Stephen L. Millham and
Meridee A. Moore, Managing Members.
3. (a) Enrique H. Boilini
(b) c/o Farallon Capital Management, L.L.C.
75 Holly Hill Lane
Greenwich, Connecticut 06830
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) Argentinean Citizen
4. (a) David I. Cohen
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) South African Citizen
Page 34 of 44 Pages
<PAGE>
5. (a) Joseph F. Downes
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
6. (a) William F. Duhamel
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
7. (a) Fleur E. Fairman
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.
(d) United States Citizen
8. (a) Jason M. Fish
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
9. (a) Andrew B. Fremder
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
10. (a) Richard B. Fried
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
Page 35 of 44 Pages
<PAGE>
11. (a) William F. Mellin
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
12. (a) Stephen L. Millham
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
13. (a) Meridee A. Moore
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Managing Member of Farallon Partners, L.L.C.; Managing Member of
Farallon Capital Management, L.L.C.
(d) United States Citizen
14. (a) Thomas F. Steyer
(b) c/o Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(c) Senior Managing Member of Farallon Partners, L.L.C.; Senior Managing
Member of Farallon Capital Management, L.L.C.
(d) United States Citizen
Page 36 of 44 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) PRICE
TRADE DATE OR SOLD (S) PER UNIT (4)
(including commission)
02/09/99 4,700 (P) $8.68
02/10/99 40,700 (P) $8.50
02/16/99 900 (P) $8.66
- -----------
4 As the Shares currently trade as part of the Units, the reported price
is a per Unit price. For purposes of the Schedule 13D, the price attributes all
of the Unit price to the related Share.
Page 37 of 44 Pages
<PAGE>
SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) PRICE
TRADE DATE OR SOLD (S) PER UNIT (5)
(including commission)
02/09/99 5,100 (P) $8.68
02/10/99 40,700 (P) $8.50
02/16/99 1,000 (P) $8.66
- -----------
5 As the Shares currently trade as part of the Units, the reported price
is a per Unit price. For purposes of the Schedule 13D, the price attributes all
of the Unit price to the related Share.
Page 38 of 44 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) PRICE
TRADE DATE OR SOLD (S) PER UNIT (6)
(including commission)
02/09/99 900 (P) $8.68
02/10/99 7,400 (P) $8.50
02/16/99 200 (P) $8.66
- -----------
6 As the Shares currently trade as part of the Units, the reported price
is a per Unit price. For purposes of the Schedule 13D, the price attributes all
of the Unit price to the related Share.
Page 39 of 44 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) PRICE
TRADE DATE OR SOLD (S) PER UNIT (7)
(including commission)
02/09/99 1,200 (P) $8.68
02/10/99 9,300 (P) $8.50
02/16/99 300 (P) $8.66
- -----------
7 As the Shares currently trade as part of the Units, the reported price
is a per Unit price. For purposes of the Schedule 13D, the price attributes all
of the Unit price to the related Share.
Page 40 of 44 Pages
<PAGE>
SCHEDULE E
TINICUM PARTNERS, L.P.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) PRICE
TRADE DATE OR SOLD (S) PER UNIT (8)
(including commission)
02/09/99 500 (P) $8.68
02/10/99 3,700 (P) $8.50
02/16/99 100 (P) $8.66
- -----------
8 As the Shares currently trade as part of the Units, the reported price
is a per Unit price. For purposes of the Schedule 13D, the price attributes all
of the Unit price to the related Share.
Page 41 of 44 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF UNITS
(AND CORRESPONDING SHARES)
PURCHASED (P) PRICE
TRADE DATE OR SOLD (S) PER UNIT (9)
(including commission)
02/09/99 9,000 (P) $8.68
02/10/99 70,100 (P) $8.50
02/16/99 1,600 (P) $8.66
02/09/99 200 (P) $8.68
02/10/99 1,900 (P) $8.50
02/16/99 100 (P) $8.65
02/09/99 200 (P) $8.68
02/10/99 1,900 (P) $8.50
02/16/99 100 (P) $8.66
02/09/99 1,200 (P) $8.68
02/10/99 9,300 (P) $8.50
02/16/99 200 (P) $8.66
- -----------
9 As the Shares currently trade as part of the Units, the reported price
is a per Unit price. For purposes of the Schedule 13D, the price attributes all
of the Unit price to the related Share.
Page 42 of 44 Pages
<PAGE>
Exhibit Index
Exhibit 1 Joint Acquisition Statement Pursuant to Rule
13D-(f)(1)
Page 43 of 44 Pages
<PAGE>
EXHIBIT 1
to
SCHEDULE 13D
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-(f)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him, her or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other entities or persons, except to the extent that he, she or
it knows or has reason to believe that such information is inaccurate.
Dated: February 17, 1999
/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, William F. Duhamel, Fleur E. Fairman,
Jason M. Fish, Andrew B. Fremder, Richard B. Fried,
William F. Mellin, Stephen L. Millham,
and Meridee A. Moore.
Page 44 of 44 Pages
