SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(RULE 13d - 102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d)
AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. 1)*
Estee Lauder Automatic Common Exchange Security Trust
(Name of Issuer)
Trust Automatic Common Exchange Securities
(Title of Class of Securities)
518437207
(CUSIP Number)
Michael Katz, Esq., 2 American Lane, Greenwich, Connecticut 06836-2571, Tel:
(203) 862-8000
Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 31, 1999
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initialfiling 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).
(Continued on the Following Pages)
(Page 1 of 8 Pages)
<PAGE>
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paloma Partners L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
345,000
6. SHARED VOTING POWER
0
7. SOLE DISPOSITIVE POWER
345,000
8. SHARED DISPOSITIVE POWER
0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
345,000
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.36%
12. TYPE OF REPORTING PERSON*
OO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paloma Strategic Fund L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
50,000
6. SHARED VOTING POWER
0
7. SOLE DISPOSITIVE POWER
50,000
8. SHARED DISPOSITIVE POWER
0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.07%
12. TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paloma Strategic Advisors L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5. SOLE VOTING POWER
50,000
6. SHARED VOTING POWER
0
7. SOLE DISPOSITIVE POWER
50,000
8. SHARED DISPOSITIVE POWER
0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.07%
12. TYPE OF REPORTING PERSON*
00
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
S. Donald Sussman
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5. SOLE VOTING POWER
395,000
6. SHARED VOTING POWER
0
7. SOLE DISPOSITIVE POWER
395,000
8. SHARED DISPOSITIVE POWER
0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
395,000
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.43%
12. TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This statement is filed pursuant to Rule 13d-2(b) with respect to the
Trust Automatic Common Exchange Securities (the "Trust Common Exchange Stock")
of the Estee Lauder Automatic Common Exchange Security Trust (the "Issuer")
beneficially owned by the Reporting Persons specified herein as of December 31,
1999 and amends and supplements the Schedule 13G dated March 3, 1999 filed by
the Reporting Persons (the "Schedule 13G").
Except as set forth herein, the Schedule 13G is unmodified.
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
The Reporting Persons beneficially own an aggregate of
395,000 shares of Trust Common Exchange Stock.
(b) Percent of class:
Paloma's aggregate beneficial ownership of 345,000 shares of
Trust Common Exchange Stock constitutes 7.36% of all of the
outstanding shares of Trust Common Exchange Stock.
Each of Paloma Strategic's and Paloma Strategic Advisors'
aggregate beneficial ownership of 50,000 shares of Trust
Common Exchange Stock constitutes 1.07% of all of the
outstanding shares of Trust Common Exchange Stock.
S. Donald Sussman's aggregate beneficial ownership of 395,000
shares of Trust Common Exchange Stock constitutes 8.43% of
all of the outstanding shares of Trust Common Exchange Stock.
Together, the Reporting Persons have beneficial ownership of
8.43% of all of the outstanding shares of Trust Common
Exchange Stock.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
Paloma has the sole power to vote or direct the vote of
345,000 shares of Trust Common Exchange Stock.
Each of Paloma Strategic and Paloma Strategic Advisors
has the sole power to vote or direct the vote of 50,000
shares of Trust Common Exchange Stock.
S. Donald Sussman has the sole power to vote or direct
the vote of 395,000 shares of Trust Common Exchange
Stock.
(ii) Shared power to vote or to direct the vote
Not applicable.
(iii) Sole power to dispose or to direct the disposition of
Paloma has the sole power to dispose or direct the
disposition of 345,000 shares of Trust Common Exchange
Stock.
Each of Paloma Strategic and Paloma Strategic Advisors
has the sole power to dispose or direct the disposition
of 50,000 shares of Trust Common Exchange Stock.
S. Donald Sussman has the sole power to dispose or
direct the disposition of 395,000 shares of Trust Common
Exchange Stock.
(iv) Shared power to dispose or to direct the disposition of
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Paloma owns its shares of Trust Common Exchange Stock through
its subsidiaries Paloma Securities L.L.C., a Delaware limited
liability company, which holds 260,000 shares, and Sunrise
Partners L.L.C., a Delaware limited liability company, which
owns 85,000 shares.
Item 10. Certification.
By signing below the undersigned certifies that, to the best of its
knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.
Dated: February 14, 2000
PALOMA PARTNERS L.L.C.
By: Paloma Partners Company L.L.C.
Managing Member
By: /s/ Michael J. Berner
Michael J. Berner,
Vice President
PALOMA STRATEGIC FUND L.P.
By: Paloma Strategic Advisors L.L.C.
Attorney-in-Fact
By: /s/ Michael J. Berner
Michael J. Berner,
Vice President
PALOMA STRATEGIC ADVISORS L.L.C.
By: /s/ Michael J. Berner
Michael J. Berner,
Vice President
/s/ Donald Sussman
S. Donald Sussman
