UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
U.S. Home Corporation
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(Name of Issuer)
$.01 Par Value Common Stock
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(Title of Class of Securities)
911920106
----------------------------------------------
(CUSIP Number)
Mr. Edgar Wachenheim III
Greenhaven Associates, Inc., Three Manhattanville Road, Purchase, NY 10577
(914) 253-9366
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
April 20, 1998
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(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 [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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 the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
CUSIP NO. 911920106 Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Greenhaven Associates, Inc., Tax ID #13-3436799
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF, 00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 589,350
-------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON -------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
589,350
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
589,350
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.99%
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14 TYPE OF REPORTING PERSON*
IA, IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 911920106 Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edgar Wachenheim III, SS ####-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
NUMBER OF
139,500
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
-------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
207,000
PERSON -------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
207,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.75%
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14 TYPE OF REPORTING PERSON*
IN, CO, EP
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 911920106 Page 4 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Accounts managed by Greenhaven Associates, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
PF, WC, 00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 382,350
-------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON -------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
382,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
382,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.24%
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14 TYPE OF REPORTING PERSON
IN, PN, CO, EP
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 911920106 Page 5 of 7
Item 1. SECURITY AND ISSUER
This is a statement on Schedule 13D relating to the Common Stock, $.01 par
value ("Common Stock"), of U.S. Home Corporation (the "Company"), the principal
executive offices of which are located at 1800 West Loop South, Houston, Texas
77027.
Item 2. IDENTITY AND BACKGROUND
Greenhaven Associates is filing this statement. Greenhaven Associates,
Inc., a New York corporation owned by Edgar Wachenheim III and his children, is
engaged in providing investment advisory services. Greenhaven has its office at
Three Manhattanville Road, Purchase, New York 10577. Edgar Wachenheim III is a
United States citizen and is Chairman and President of Greenhaven Associates,
Inc.
Greenhaven Associates provides investment advisory services to managed
accounts. Such clients are the direct owners of such securities.
No formal understanding or agreement exists among the persons filing this
statement as to the voting of the securities to which this statement relates.
At no time during the past five years has any of the persons filing this
statement, or, to the best of the knowledge of the persons filing this
statement, been, (a) convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors) or, (b) a 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 judgement, decree or final order
enjoining future violations of, or prohibiting activities subject to Federal or
State securities laws or finding any violation of such laws.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Funds used for the purchase of Common Stock were from the general funds of
each of the persons filing this statement.
See also Item 5.
Item 4. PURPOSE OF TRANSACTION
Because U.S. Home Corporation has issued additional shares, the number of
shares
<PAGE>
CUSIP No. 911920106 Page 6 of 7
owned by Edgar Wachenheim III and Greenhaven Associates now is below 5% of the
total shares outstanding. The purpose of the purchases of Common Stock by Edgar
Wachenheim II and Greenhaven Associates acting as investment advisor was to
invest in the Company. The shares were acquired in the ordinary course of
Greenhaven's investment business.
Greenhaven intends to continuously review its investment and may,
depending upon various factors, including general economic conditions, monetary
and stock market conditions, regulatory conditions and future developments
affecting the Company, acquire additional shares of Common Stock in open market
or private transactions or sell any or all of the shares of Common Stock now
owned or hereafter acquired by it.
Except as set forth above, the persons filing this statement have no plans
or proposals to take any action enumerated in the instructions to Item 4 of
Schedule 13D.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
Persons filing this statement owned Common Stock on April 20, 1998 as
follows:
Number of Shares
of Common Stock
---------------
Edgar Wachenheim (a) 207,000 (1.75%)
Accounts managed by Greenhaven Associates 382,350 (3.24%)
------- -----
Aggregate amount beneficially owned by
Greenhaven Associates 589,350 (4.99%)
(a) Includes shares owned by Edgar Wachenheim III, his immediate family,
and the Sue and Edgar Wachenheim Foundation
Edgar Wachenheim III has the sole power to vote 139,500 shares and the
sole power to dispose of 207,000 shares. Mr. Wachenheim's immediate family,
including adult children, have the sole power to vote 67,500 shares. Clients of
Greenhaven are the direct owners of all other shares reported as beneficially
owned. Greenhaven acting as investment advisor shares investment discretion and
voting power with respect to shares owned by clients of Greenhaven.
Within the past 60 days, persons filing this statement sold the following
common shares of U.S. Home Corporation:
<PAGE>
CUSIP No. 911920106 Page 7 of 7
Date Shares Price per Share Reporting Person
---- ------ --------------- ----------------
03/16/98 500 $45.4375 Client of Greenhaven
Except as set forth above, none of the persons filing this statement, or,
to the best of the knowledge of the persons filing this statement, (a)
beneficially owns or has rights to acquire shares of Common Stock, or (b) has
engaged in transactions in shares of Common Stock within the past sixty days.
No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of such
securities.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
Except as set forth in this statement, none of the persons filing this
statement, nor to the best of the knowledge of the persons filing this
statement, (a) is a party to any contract, arrangement, understanding or
relationship with any person with respect to securities of the Company, or, (b)
has pledged or otherwise subjected securities of the Company to a contingency
the occurrence of which would give any persons voting over said securities.
Item 7. MATERIALS TO BE FILED AS EXHIBITS
Not applicable.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
April 20, 1998
------------------------------------
(Date)
Edgar Wachenheim III
------------------------------------
(Signature)
Edgar Wachenheim III, Individually, as
Chairman and President of
Greenhaven Associates, Inc.
------------------------------------
(Title)
