<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Volunteer Capital Corporation
(Name of Issuer)
Common Stock
(Title of class of securities)
928753102
(CUSIP number)
Check the following box if a fee is being paid with this statement / / (A fee is
not required only if the filing 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).
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 the
disclosures provided in a prior cover page.
The information required in 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).
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CUSIP No. 928753102 13G Page 2 of 9 Pages
- ------------------- -----------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Group Inc.
IRS # 13-283-8891
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 158,800
EACH -----------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH 0
-----------------------------------
8 SHARED DISPOSITIVE POWER
158,800
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
158,800
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.01%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT !
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CUSIP No. 928753102 13G Page 3 of 9 Pages
- ------------------- -----------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley & Co. Incorporated
IRS # 13-265-5996
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 158,800
EACH -----------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH 0
-----------------------------------
8 SHARED DISPOSITIVE POWER
158,800
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
158,800
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.01%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
BD, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT !
<PAGE> 4
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CUSIP No. 928753102 13G Page 4 of 9 Pages
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Item 1 (a) Name of Issuer
- ----------- ----------------
Volunteer Capital Corporation
Item 1 (b) Address of issuer's principal executive
- ----------- offices
--------------------------------------------
3401 West End Avenue Suite 260
P.O. Box 24300
Nashville, TN 37202
Item 2 (a) Name of person filing
- ----------- ------------------------
(a) Morgan Stanley Group Inc.
(b) Morgan Stanley & Co. Inc.
Item 2 (b) Principal business office
- ----------- ---------------------------
(a) 1585 Broadway
New York, New York 10036
(b) 1585 Broadway
New York, New York 10036
Item 2 (c) Citizenship
- ----------- -----------
Incorporated by reference to Item 4 of
the cover page pertaining to each
reporting person.
Item 2 (d) Title of class of Securities
- ----------- --------------------------------
Common Stock
Item 2 (e) Cusip No.
- ----------- ----------
928753102
Item 3 (a) Morgan Stanley Group Inc. is (e) an
- --------- Investment Adviser registered under section
203 of the Investment Advisers Act of 1940.
(b) Morgan Stanley & Co., Incorporated is (a) a
Broker-Dealer registered under section 15 of
the Securities Exchange Act of 1934.
Item 4 Ownership
- --------- ---------
Incorporated by reference to Items (5)
- (9) and (11) of the cover page
pertaining to each reporting person.
<PAGE> 5
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CUSIP No. 928753102 13G Page 5 of 9 Pages
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Item 5 Ownership of 5 Percent or Less of a Class
- --------- -------------------------------------------------
a) As of the date hereof Morgan Stanley Group Inc. has
ceased to be the beneficial owner of more than five
percent of the class of securities.
b) As of the date hereof Morgan Stanley & Co. Incorporated
has ceased to be the beneficial owner of more than five
percent of the class of securities.
Item 6 Ownership of More than 5 Percent on Behalf of
- --------- Another Person
-----------------------------------------------------
Accounts managed on a discretionary basis by Morgan Stanley
& Co. Incorporated, a wholly owned subsidiary of Morgan
Stanley Group Inc., are 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. No such
account holds more than 5 percent of the class.
Item 7 Identification and Classification of the Subsidiary Which
- --------- Acquired the Security Being Reported on By the Parent
Holding Company
----------------------------------------------------------
Inapplicable
Item 8 Identification and Classification of Members of the
- --------- Group
---------------------------------------------------------
Inapplicable
Item 9 Notice of Dissolution of Group
- --------- ----------------------------------
Inapplicable
Item 10 Certification
- ---------- --------------
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purpose or
effect.
<PAGE> 6
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CUSIP No. 928753102 13G Page 6 of 9 Pages
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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.
Date : February 4, 1997
Signature : /s/ Edward J. Johnsen
------------------------------------------------------
Name / Title : Edward J. Johnsen / Vice-President Morgan Stanley & Co.
Incorporated
-------------------------------------------------------
MORGAN STANLEY GROUP INC.
Date : February 4, 1997
Signature : /s/ Edward J. Johnsen
------------------------------------------------------
Name / Title : Edward J. Johnsen / Vice-President Morgan Stanley & Co.
Incorporated
-------------------------------------------------------
MORGAN STANLEY & CO., INCORPORATED
<TABLE>
<CAPTION>
INDEX TO EXHIBITS PAGE
------------------- ----
<S> <C> <C>
EXHIBIT 1 Agreement to Make a Joint Filing. 7
EXHIBIT 2 Secretary's Certificate Authorizing Edward J. Johnsen 8
to Sign on Behalf of Morgan Stanley Group Inc.
EXHIBIT 3 Secretary's Certificate Authorizing Edward J. Johnsen
to Sign on Behalf of Morgan Stanley & Co., Incorporated. 9
</TABLE>
<PAGE> 1
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CUSIP No. 928753102 13G Page 7 of 9 Pages
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EXHIBIT 1 TO SCHEDULE 13G
FEBRUARY 4, 1997
MORGAN STANLEY GROUP INC. and MORGAN STANLEY & CO. INCORPORATED
hereby agree that, unless differentiated, this Schedule 13G is filed on
behalf of each of the parties.
MORGAN STANLEY GROUP INC.
BY: /s/ Edward J. Johnsen
--------------------------------------------------------------------
Edward J. Johnsen / Vice-President Morgan Stanley & Co. Incorporated
MORGAN STANLEY & CO. INCORPORATED
BY: /s/ Edward J. Johnsen
--------------------------------------------------------------------
Edward J. Johnsen / Vice-President Morgan Stanley & Co. Incorporated
<PAGE> 1
EXHIBIT 2 Page 8 of 9 Pages
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant
Secretary of Morgan Stanley Group Inc., a corporation organized and existing
under the laws of the State of Delaware (the "Corporation"), certify that the
following resolutions were duly and validly adopted by a Consent in Lieu of a
Meeting of the Executive Committee of the Board of Directors of the Corporation
dated as of October 19, 1995 and that such resolutions are in full force and
effect on the date hereof:
RESOLVED, that the resolutions adopted on September 8, 1993
and April 17, 1995 relating to signatories to certain reports to be
filed with the Securities and Exchange Commission (the "SEC") are
superseded in their entirety by these resolutions and Stuart J. M.
Breslow, Robert G. Koppenol and Edward J. Johnsen are severally
authorized and directed to sign on behalf of the Corporation any
reports to be filed under Section 13 and Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations
thereunder, with the Securities and Exchange Commission, such
authorizations to cease automatically upon termination of employment
with any affiliate of the Corporation; and
RESOLVED FURTHER, that all actions heretofore taken by Stuart
J. M. Breslow, Robert G. Koppenol and Edward J. Johnsen that are within
the authority conferred by the foregoing resolution are approved,
ratified and confirmed in all respects.
RESOLVED, that any and all actions to be taken, caused to be
taken or heretofore taken by any officer of the Corporation in
executing any and all documents, agreements and instruments and in
taking any and all steps (including the payment of all expenses) deemed
by such officer as necessary or desirable to carry out the intents and
purposes of the foregoing resolutions are authorized, ratified and
confirmed.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 20th day of October, 1995.
/S/ Charlene R. Herzer
------------------------------------
CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
<PAGE> 1
EXHIBIT 3 Page 9 of 9 Pages
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, the duly elected and acting Assistant
Secretary of Morgan Stanley & Co. Incorporated, a corporation organized and
existing under the laws of the State of Delaware (the "Corporation"), certify
that the following resolutions were duly and validly adopted by the Executive
Committee of the Board of Directors of the Corporation by a Consent in Lieu of
Meeting dated September 20, 1995 and that such resolutions are in full force
and effect on the date hereof:
RESOLVED, that the resolutions adopted on September 16, 1993
relating to signatories on certain reports to be filed with the
Securities and Exchange Commission (the "SEC") are superseded in their
entirety by these resolutions and Stuart J. M. Breslow, Robert G.
Koppenol and Edward J. Johnsen are severally authorized and directed to
sign on behalf of the Corporation any reports to be filed under Section
13 and Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder, with the Securities and
Exchange Commission, such authorizations to cease automatically upon
termination of employment with the Corporation or any of its
affiliates; and
RESOLVED FURTHER, that any actions heretofore taken by Stuart
J. M. Breslow, Robert G. Koppenol and Edward J. Johnsen in connection
with the responsibilities noted in the preceding resolution are
ratified, approved and confirmed.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 9th day of October, 1995.
/s/ Charlene R. Herzer
------------------------------------
CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
