<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2
(AMENDMENT NO. __)/1/
NEW VALLEY CORPORATION
----------------------
(Name of Issuer)
CLASS A SENIOR PREFERRED SHARES
-------------------------------
(Title of Class of Securities)
64908 0 207
-----------
(CUSIP Number)
MARCH 11, 1998
--------------
(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)
- ----------------------
/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).
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CUSIP NO. 64908 0 207 13G PAGE 2 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON:
CANPARTNERS INCORPORATED
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
CALIFORNIA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
57,118
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 57,118
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
57,118
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
5.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13G PAGE 3 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON:
CANYON CAPITAL MANAGEMENT, L.P.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
CALIFORNIA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
57,118
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
57,118
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
57,118
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
5.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13G PAGE 4 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
MITCHELL R. JULIS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
57,118
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
57,118
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
57,118
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
5.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13G PAGE 5 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
JOSHUA S. FRIEDMAN
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
57,118
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
57,118
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
57,118
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
5.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13G PAGE 6 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
R. CHRISTIAN B. EVENSEN
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
57,118
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
57,118
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
57,118
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
5.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13G PAGE 7 OF 9 PAGES
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ITEM 1(a). NAME OF ISSUER:
New Valley Corporation
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
100 S.E. Second Street
Miami, FL 33131
ITEM 2(a). NAME OF PERSON FILING:
This schedule is being filed on behalf of the following persons*:
(i) Canpartners Incorporated ("Canpartners")
(ii) Canyon Capital Management, L.P. ("CCM")
(iii) Mitchell R. Julis
(iv) Joshua S. Friedman
(v) R. Christian B. Evensen
* Attached as Exhibit A is a copy of an agreement between
the Persons filing (as specified hereinabove) that this
Schedule 13G is being filed on behalf of each of them.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The principal business office of the persons comprising the group
filing this Schedule 13G is located at 9665 Wilshire Boulevard, Suite 200,
Beverly Hills, CA 90212.
ITEM 2(c). CITIZENSHIP:
Canpartners: a California corporation
CCM a California limited partnership
Mitchell R. Julis: United States
Joshua S. Friedman: United States
R. Christian B. Evensen: United States
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
The class of securities beneficially owned by the persons filing this
statement is Class A Senior Preferred Shares.
ITEM 2(e). CUSIP NUMBER:
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CUSIP NO. 64908 0 207 13G PAGE 8 OF 9 PAGES
- ----------------------- ---------------------
64908 0 207
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(c), CHECK THIS BOX:
[X]
ITEM 4. OWNERSHIP:
The information in items 1 and 5 through 11 on the cover pages (pp.2 -
6) on Schedule 13G is hereby incorporated by reference.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities check the following. [_]
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
CCM is an investment advisor to various managed accounts with the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, such securities. Canpartners is the general partner
of CCM and Messrs. Julis, Friedman and Evensen own 100% of Canpartners.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP:
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
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CUSIP NO. 64908 0 207 13G PAGE 9 OF 9 PAGES
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ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my 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.
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.
Dated: March 20, 1998
CANPARTNERS INCORPORATED, CANYON CAPITAL MANAGEMENT, L.P.
a California corporation a California limited partnership
By: Canpartners Incorporated,
By: /s/ Joshua S. Friedman a California corporation,
----------------------------- its general partner
Name: Joshua S. Friedman
Title: Vice President
By: /s/ Joshua S. Friedman
-------------------------------
Name: Joshua S. Friedman
MITCHELL R. JULIS Title: Vice-President
/s/ Mitchell R. Julis JOSHUA S. FRIEDMAN
- ----------------------------------
Mitchell R. Julis
/s/ Joshua S. Friedman
------------------------------------
Joshua S. Friedman
R. CHRISTIAN B. EVENSEN
/s/ R. Christian B. Evensen
- ----------------------------------
R. Christian B. Evensen
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
--------------------------------
The undersigned hereby agree and consent to the joint filing on their
behalf of this Schedule 13G in connection with their beneficial ownership of the
Class A Senior Preferred Shares of New Valley Corporation
Dated: March 20, 1998
CANPARTNERS INCORPORATED, CANYON CAPITAL MANAGEMENT, L.P.
a California corporation a California limited partnership
By: Canpartners Incorporated,
By:/s/ Joshua S. Friedman a California corporation,
- ---------------------------------- its general partner
Name: Joshua S. Friedman
Title: Vice President
By: /s/ Joshua S. Friedman
-------------------------------
Name: Joshua S. Friedman
MITCHELL R. JULIS Title: Vice-President
/s/ Mitchell R. Julis JOSHUA S. FRIEDMAN
- ----------------------------------
Mitchell R. Julis
/s/ Joshua S. Friedman
------------------------------------
R. CHRISTIAN B. EVENSEN Joshua S. Friedman
/s/ R. Christian B. Evensen
- ----------------------------------
R. Christian B. Evensen
