<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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)(1)
NEW VALLEY CORPORATION
----------------------
(Name of Issuer)
CLASS A SENIOR PREFERRED SHARES
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(Title of Class of Securities)
64908 0 207
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(CUSIP Number)
CANYON CAPITAL ADVISORS LLC
9665 WILSHIRE BOULEVARD, SUITE 200
BEVERLY HILLS, CALIFORNIA 90212
ATTN: MITCHELL R. JULIS
(310) 247-2700
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
MARCH 5, 1999
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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(e), 13d-1(f) or 13d-1(g), check the
following box / /.
NOTE: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. SEE Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 9 Pages)
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(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 13D Page 2 of 9 Pages
- ----------------------------------- -----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
CANYON CAPITAL ADVISORS LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF 57,118
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 57,118
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
57,118
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.3%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13D Page 3 of 9 Pages
- ----------------------------------- -----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
MITCHELL R. JULIS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 57,118
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
57,118
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
57,118
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13D Page 4 of 9 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
JOSHUA S. FRIEDMAN
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 57,118
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
57,118
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
57,118
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64908 0 207 13D Page 5 of 9 Pages
- ----------------------------------- -----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
R. CHRISTIAN B. EVENSEN
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 57,118
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
57,118
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
57,118
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the Class A Senior Preferred Shares (the
"Preferred Stock"), of New Valley Corporation, a Delaware corporation, which has
its principal executive offices at 100 S.E. Second Street, Miami, Florida ("New
Valley").
ITEM 2. IDENTITY AND BACKGROUND
(a) This Schedule is being filed by the following persons:
(i) Canyon Capital Advisors LLC ("CCA");
(ii) Mitchell R. Julis;
(iii) R. Christian B. Evensen; and
(iv) Joshua S. Friedman (each of Messrs. Julis, Evensen and
Friedman, and CCA is referred to herein as a "Reporting
Persons"; they are collectively referred to herein as the
"Reporting Persons").
CCA is the investment advisor to the following persons:
(i) The Value Realization Fund L.P., a Delaware limited
partnership ("VRF");
(ii) The Value Realization Fund B L.P., a Delaware limited
partnership ("VRFB"); and
(iii) The Canyon Value Realization Fund (Cayman), Ltd., a
Cayman Islands corporation ("CVRF" and collectively
with VRF and VRFB, the "Managed Accounts").
The filing of this Schedule shall not be construed as an
admission that any Reporting Person is, for purposes of Section 13(d) or 13(g)
of the Act, the beneficial owner of any securities covered by this Schedule
except for the securities stated herein to be beneficially owned by such
Reporting Person.
(b),(c) CCA is owned in equal shares by entities controlled by
Messrs. Friedman, Julis and Evensen. CCA is the investment advisor to VRF
and the general partner of its general partner. CCA is the investment
advisor to VRFB and is its general partner. CVRF is an investment fund and
advisory client of CCA. Mr. Evensen, a managing director of CCA, holds
various positions or limited partnership interests in affiliates of CCA. Mr.
Friedman, a managing director of CCA, holds various positions or limited
Page 6 of 9 Pages
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partnership interests in affiliates of CCA. Mr. Julis, a managing director
of CCA, holds various positions or limited partnership interests in
affiliates of CCA. The business address of CCA and Messrs. Friedman, Julis
and Evensen is 9665 Wilshire Boulevard, Suite 200, Beverly Hills, California
90212.
(d),(e) None of the Reporting Persons during the last five years (1)
has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (2) was 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 judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
(f) Each Reporting Person who is a natural person is a citizen of
the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
On March 20, 1998, a Schedule 13G was filed with respect to the
57,118 shares of Preferred Stock reported on this Schedule 13D. Since the time
of the filing of such Schedule 13G, there have been no acquisitions or
dispositions of Preferred Stock.
ITEM 4. PURPOSE OF TRANSACTION
Until this point, the Reporting Persons have held their
Preferred Stock for investment purposes only. The Reporting Persons have
filed this Schedule 13D in order to report that they now wish to confer with
management of New Valley Corporation (the "Issuer") concerning certain
policies of the Issuer. The Reporting Persons' decision is in reaction to
the preliminary proxy statement filed by the Issuer on February 11, 1999 (the
"Preliminary Proxy"). The Preliminary Proxy outlines a plan of
recapitalization for the Issuer (the "Plan") which, among other things, would
convert the Preferred Shares into common stock of the Issuer. The Reporting
Persons are concerned that the Plan (1) may not be in the best interests of
the holders of the Preferred Stock and (2) may not be in the long-term best
interests of the Issuer as a whole. Accordingly, the Reporting Persons are
considering requesting a meeting with the Issuer's management to discuss
alternatives to the Plan and, if the Reporting Persons believe appropriate,
they may consider in the future meeting with other holders of Preferred Stock
in order to take other action with respect to the Plan, although at this time
no such other action has been taken.
Depending upon the market price thereof and upon other
conditions, the Reporting Persons may acquire additional Preferred Stock from
time to time in the open market or otherwise. In addition, depending upon
market prices and other conditions, the Reporting Persons may dispose of some or
all of their Preferred Stock at any time and from time to time in the open
market or otherwise at prices which the Reporting Persons may determine.
Page 7 of 9 Pages
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ITEM 5. INTEREST IN SECURITIES OF ISSUER
(a) As of the date hereof, the Reporting Persons, acting as a group
within the meaning of Section 13(d)(3) of the Act, may be deemed to be a group
beneficially owning, in the aggregate, 57,118 shares of Preferred Stock which
constitute approximately 5.3% of the 1,071,462 shares of Preferred Stock
outstanding as of September 30, 1998 (as reported in New Valley's most recent
quarterly statement on Form 10-Q).
(b) CCA exercises both voting and dispositive power with respect to
the shares of Preferred Stock reported on this Schedule 13D since it is the
investment advisor to the Managed Accounts. CCA is, in turn, controlled by
entities controlled by Messrs. Evensen, Friedman, and Julis and each of these
Reporting Persons therefore shares both voting and dispositive power with
respect to the shares of Preferred Stock controlled by CCA. Except as set forth
in this Item 5(b), none of the Reporting Persons has voting or dispositive power
over another Reporting Person's share of Preferred Stock. Each of the Reporting
Persons disclaims beneficial ownership of the Preferred Stock for any other
purposes.
(c) None of the Reporting Persons have effected any transaction in
the Preferred Stock in the past 60 days.
(d) No persons other than the Messrs. Evensen, Friedman and Julis
and the Managed Accounts, with respect to the Preferred Stock, have the right to
receive or power to direct the receipt of dividends from, or the proceeds from
the sale of, the shares of Preferred Stock.
(e) N/A
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO THE SECURITIES OF THE ISSUER
CCA, as investment advisor to the Managed Accounts, is a party to
investment advisory agreements with each of the Managed Accounts (collectively,
the "Advisory Agreements"). Except for the Advisory Agreements and the Joint
Filing Agreement among the Reporting Persons (a copy of which is being filed
herewith as EXHIBIT A) there are no contracts, arrangements, understandings or
relationships among the Reporting Persons or any other persons with respect to
the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT A: Joint Filing Agreement among the Reporting Persons dated the
date hereof.
Page 8 of 9 Pages
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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.
March 5, 1999.
CANYON CAPITAL ADVISORS LLC,
a Delaware limited liability company
By: /s/ MITCHELL R. JULIS
------------------------
Mitchell R. Julis
------------------------
Managing Director
INDIVIDUALLY,
/s/ MITCHELL R. JULIS
- ---------------------------
MITCHELL R. JULIS
/s/ R. CHRISTIAN B. EVENSEN
- ---------------------------
R. CHRISTIAN B. EVENSEN
/s/ JOSHUA S. FRIEDMAN
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JOSHUA S. FRIEDMAN
Page 9 of 9 Pages
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EXHIBIT A
JOINT FILING AGREEMENT
(Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934,
as amended)
Each of the undersigned hereby agrees to be included in the filing of
the Schedule 13D dated March 5, 1999 and any subsequent amendments hereto,
relating to the Series A Senior Preferred Shares of New Valley Corporation, a
Delaware corporation, beneficially owned by each of the undersigned.
March 5, 1999
CANYON CAPITAL ADVISORS LLC,
a Delaware limited liability company
By: /s/ MITCHELL R. JULIS
------------------------
Mitchell R. Julis
------------------------
Managing Director
INDIVIDUALLY,
/s/ MITCHELL R. JULIS
- --------------------------
MITCHELL R. JULIS
/s/ R. CHRISTIAN B. EVENSEN
- --------------------------
R. CHRISTIAN B. EVENSEN
/s/ JOSHUA S. FRIEDMAN
- --------------------------
JOSHUA S. FRIEDMAN
EXHIBIT A
