SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO 13D-2(A)
(AMENDMENT NO. 2)
IMPAC COMMERCIAL HOLDINGS, INC.
(NAME OF ISSUER)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(TITLE OF CLASS OF SECURITIES)
44968J 10 6
(CUSIP NUMBER)
Randal A. Nardone
Chief Operating Officer and Secretary
Fortress Partners, L.P.
Fortress Investment Corp.
1301 Avenue of the Americas
New York, New York 10019
(212) 798-6100
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
COPY TO:
J. Gregory Milmoe
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, New York 10022
(212) 735-3000
November 18 through December 1, 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 which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(e), 13d(f) or 13d-1(g),
check the following box | |.
CUSIP NO. 193559 10 1 13D PAGE 2 OF 8 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
FORTRESS PARTNERS, L.P.
(I.R.S. EMPLOYER IDENTIFICATION NUMBER 33-0745075)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- ------------------------------------------------------------------------------
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
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NUMBER OF 7 SOLE VOTING POWER - 0 -
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER -2,386,035-
OWNED BY -----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER - 0 -
REPORTING -----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER -2,386,035-
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-2,386,035-
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
NOT APPLICABLE
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.6% (BASED ON 8,418,200 SHARES OF COMMON STOCK OUTSTANDING AS OF
DECEMBER 1, 1999 AND ASSUMING CONVERSION OF THE PREFERRED STOCK
BENEFICIALLY OWNED BY THE REPORTING PERSON)
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 193559 10 1 13D PAGE 3 OF 8 PAGES
- ------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
FORTRESS INVESTMENT CORP.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
NOT APPLICABLE
- ------------------------------------------------------------------------------
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 - 0 -
SHARES ---------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER -2,386,035-
OWNED BY ---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER - 0 -
REPORTING ---------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER -2,386,035-
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-2,386,035-
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
NOT APPLICABLE
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.6% (BASED ON 8,418,200 SHARES OF COMMON STOCK OUTSTANDING AS OF
DECEMBER 1, 1999 AND ASSUMING CONVERSION OF THE PREFERRED STOCK
BENEFICIALLY OWNED BY THE REPORTING PERSON)
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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This Amendment No. 2 (this "Amendment") to the Statement on
Schedule 13D dated May 14, 1999 (the "Schedule 13D") filed by Fortress
Partners, L.P., a Delaware limited partnership ("Fortress"), relates to the
common stock, par value $.01 per share (the "Common Stock"), of Impac
Commercial Holdings, Inc. (the "Issuer"). This Amendment is filed jointly
by Fortress and Fortress Investment Corp., a Delaware corporation and the
sole general partner of Fortress ("FIC"). All capitalized terms used but
not defined herein have the meanings ascribed to them in the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Schedule 13D is hereby amended by adding the
following:
Since November 17, 1999, the date of Amendment No. 1 to the
Schedule 13D, Fortress has purchased an aggregate of 702,400 shares
of the Issuer's Common Stock. All such shares were acquired in open
market purchases pursuant to transactions executed by Merrill,
Lynch, Pierce, Fenner & Smith, Inc., a registered broker dealer.
The table below sets forth (i) the date of each such acquisition,
(ii) the number of shares acquired, (iii) the price per share paid
in connection with each such acquisition and (iv) the aggregate
purchase price paid by Fortress in connection with each such
acquisition.
<TABLE>
<CAPTION>
NUMBER OF PER SHARE AGGREGATE
DATE OF ACQUISITION SHARES PURCHASED PURCHASE PRICE PURCHASE PRICE
------------------- ---------------- -------------- --------------
<S> <C> <C> <C>
November 18, 1999............ 5,400 $ 5.3125 $ 28,687.50
1,000 5.2500 5,250.00
500 5.1875 2,593.75
November 19, 1999............ 9,800 5.3750 52,675.00
4,500 5.3125 23,906.25
1,300 5.2500 6,825.00
November 22, 1999............ 35,400 5.6250 199,125.00
3,300 5.5625 18,356.25
25,900 5.5000 142,450.00
12,300 5.4375 66,881.25
1,000 5.3750 5,375.00
500 5.3125 2,656.25
November 23, 1999............ 11,000 5.6250 61,875.00
1,600 5.5625 8,900.00
9,800 5.5000 53,900.00
2,300 5.4375 12,506.25
400 5.2500 2,100.00
300 5.1875 1,556.25
November 24, 1999............ 8,400 5.3750 45,150.00
2,800 5.2500 14,700.00
2,500 5.1875 12,968.75
November 26, 1999............ 900 5.2500 4,725.00
8,600 5.1875 44,612.50
15,000 5.6250 84,375.00
20,400 5.5000 112,200.00
11,000 5.3750 59,125.00
10,000 5.3125 53,125.00
2,200 5.2500 11,550.00
3,300 5.1875 17,118.75
November 30, 1999............ 158,700 5.8750 932,362.50
2,500 5.8125 14,531.25
30,000 5.7500 172,500.00
17,400 5.5000 95,700.00
December 1, 1999............. 260,000 6.0000 1,560,000.00
3,000 5.9375 17,812.50
8,600 5.8750 50,525.00
10,300 5.8125 59,868.75
500 5.7500 $ 2,875.00
-------- --------------
702,400 $ 4,061,443.75
======= ==============
</TABLE>
FIC does not directly own any securities of the Issuer.
However, as the sole general partner of Fortress, FIC has the
ability to direct the management of Fortress' business and affairs.
Accordingly, FIC may be deemed to be the beneficial owner of the
Preferred Shares and shares of the Issuer's Common Stock from time
to time owned directly or beneficially by Fortress.
None of the Covered Persons directly owns any securities of
the Issuer. However, by reason of their status as directors and/or
directors of FIC, the Covered Persons may be deemed to be the
beneficial owners of the Preferred Shares and shares of the Common
Stock owned directly or beneficially by Fortress and FIC. Fortress
and FIC have been advised that each of the Covered Persons
disclaims beneficial ownership of the Preferred Shares and any
shares of the Common Stock from time to time owned directly or
beneficially by Fortress and FIC.
SIGNATURE
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.
December 8, 1999
FORTRESS PARTNERS, L.P.
By: /s/ Randal A. Nardone
-----------------------------
Randal A. Nardone
as Secretary and Chief Operating Officer
of Fortress Investment Corp.,
general partner of Fortress Partners, L.P.
SIGNATURE
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.
December 8, 1999
FORTRESS INVESTMENT CORP.
By: /s/ Randal A. Nardone
------------------------------
Randal A. Nardone
as Secretary and Chief Operating Officer
