<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
PANACO, INC.
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(NAME OF ISSUER)
COMMON STOCK, $.01 PAR VALUE
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(TITLE OF CLASS OF SECURITIES)
698106 10 1
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(CUSIP NUMBER)
RICHARD J. LAMPEN
EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL
NEW VALLEY CORPORATION
100 S.E. SECOND STREET, 32ND FLOOR
MIAMI, FL 33131
(305) 579-8000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 21, 2000
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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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d.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 ss. 240.13d-7(b) for other
parties to whom copies are to be sent.
*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 ("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).
Page 1 of 10 Pages
<PAGE> 2
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CUSIP NO. 698106 10 1 PAGE 2 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
New Valley Corporation
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds (See Instructions)
WC
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5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
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6 Citizenship or Place of Organization
Delaware
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7 Sole Voting Power
- 0 -
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Number of Shares 8 Shared Voting Power
Beneficially Owned by
Each Reporting Person - 0 -
With -----------------------------------------------------
9 Sole Dispositive Power
- 0 -
-----------------------------------------------------
10 Shared Dispositive Power
- 0 -
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
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12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
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13 Percent of Class Represented by Amount in Row (11)
0%
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14 Type of Reporting Person (See Instructions)
CO
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<PAGE> 3
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CUSIP NO. 698106 10 1 PAGE 3 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
New Valley Holdings, Inc.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds (See Instructions)
N/A
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5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
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6 Citizenship or Place of Organization
Delaware
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7 Sole Voting Power
- 0 -
-----------------------------------------------------
Number of Shares 8 Shared Voting Power
Beneficially Owned by
Each Reporting Person - 0 -
With -----------------------------------------------------
9 Sole Dispositive Power
- 0 -
-----------------------------------------------------
10 Shared Dispositive Power
- 0 -
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
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12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[X]
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13 Percent of Class Represented by Amount in Row (11)
0%
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14 Type of Reporting Person (See Instructions)
CO;HC
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<PAGE> 4
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CUSIP NO. 698106 10 1 PAGE 4 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
BGLS INC.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds (See Instructions)
N/A
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5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
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6 Citizenship or Place of Organization
Delaware
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7 Sole Voting Power
- 0 -
-----------------------------------------------------
Number of Shares 8 Shared Voting Power
Beneficially Owned by
Each Reporting Person - 0 -
With -----------------------------------------------------
9 Sole Dispositive Power
- 0 -
-----------------------------------------------------
10 Shared Dispositive Power
- 0 -
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
--------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[X]
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13 Percent of Class Represented by Amount in Row (11)
0%
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14 Type of Reporting Person (See Instructions)
CO;HC
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<PAGE> 5
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CUSIP NO. 698106 10 1 PAGE 5 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
VECTOR GROUP LTD.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds (See Instructions)
N/A
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5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
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6 Citizenship or Place of Organization
Delaware
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7 Sole Voting Power
- 0 -
-----------------------------------------------------
Number of Shares 8 Shared Voting Power
Beneficially Owned by
Each Reporting Person - 0 -
With -----------------------------------------------------
9 Sole Dispositive Power
- 0 -
-----------------------------------------------------
10 Shared Dispositive Power
- 0 -
--------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
--------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[X]
--------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
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14 Type of Reporting Person (See Instructions)
CO;HC
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<PAGE> 6
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CUSIP NO. 698106 10 1 PAGE 6 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
BENNETT S. LEBOW
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds (See Instructions)
N/A
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5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
[ ]
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6 Citizenship or Place of Organization
United States
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7 Sole Voting Power
- 0 -
-----------------------------------------------------
Number of Shares 8 Shared Voting Power
Beneficially Owned by
Each Reporting Person - 0 -
With -----------------------------------------------------
9 Sole Dispositive Power
- 0 -
-----------------------------------------------------
10 Shared Dispositive Power
- 0 -
--------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
--------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[X]
--------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
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14 Type of Reporting Person (See Instructions)
IN
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<PAGE> 7
This Schedule 13D filed with the Securities and Exchange Commission
(the "SEC") on February 4, 1999 (the "Schedule 13D"), on behalf of New Valley
Corporation ("New Valley"), New Valley Holdings, Inc., BGLS Inc., Vector Group
Ltd. (formerly known as Brooke Group Ltd.) and Bennett S. LeBow, in connection
with the common stock, $.01 par value (the "Common Stock"), of PANACO, Inc., a
Delaware corporation (the "Company"), is hereby amended as follows (unless
otherwise defined, all capitalized terms used herein shall have the meanings set
forth in the Schedule 13D):
ITEM 4. PURPOSE OF TRANSACTIONS.
Item 4 of the Schedule 13D is hereby amended by inserting the following
new paragraphs following the second paragraph thereof:
"On July 14, 2000, New Valley filed with the SEC a Notice of Proposed
Sale of Securities Pursuant to Rule 144 relating to 240,000 shares of the
Company's Common Stock. On August 14, 2000, New Valley filed with the SEC a Rule
144 Notice which amended the prior filing to change the identity of the broker
or market maker through whom securities may be offered and increased the number
of shares covered by the filing to 630,000. From August 14, 2000 to August 18,
2000, New Valley sold in the open market on the OTC Electronic Bulletin Board
158,000 shares of Common Stock.
On August 21, 2000, New Valley sold 1,960,479 shares of Common Stock in
a private transaction to High River Limited Partnership, an entity affiliated
with Carl C. Icahn, for $3,391,629 pursuant to a Stock Purchase Agreement, dated
as of August 21, 2000, which is incorporated by reference as Exhibit E hereto.
The shares sold constituted all of the shares of the Company's Common Stock held
by New Valley. Richard J. Lampen, an executive officer of New Valley, resigned
as a director of the Company on August 21, 2000."
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(1) Clause (a) of Item 5 of the Schedule 13D is hereby deleted and
replaced in its entirety by the following:
"As of the date hereof, the Reporting Persons do not
beneficially own any shares of Common Stock of the Company."
(2) Clause (c) of Item 5 of the Schedule 13D is hereby deleted and
replaced in its entirety by the following:
"On January 25, 1999, New Valley purchased 1,612,229 shares of
Common Stock from Mark C. Licata for $1,860,000. See Item 4. From August 14,
2000 to August 18, 2000, New Valley sold in the open market on the OTC
Electronic Bulletin Board 158,000 shares of Common Stock as described in Exhibit
D, which is attached hereto and incorporated herein by reference. On August 21,
2000, New Valley sold 1,960,479 shares of Common Stock in a private transaction
for $3,391,629. None of the Reporting Persons has effected any other
transactions in the Common Stock in the past 60 days."
Page 7 of 10 Pages
<PAGE> 8
(3) Clause (e) of Item 5 of the Schedule 13D is hereby deleted and
replaced in its entirety by the following:
"(e) As of August 21, 2000, the Reporting Persons ceased to be
the beneficial owners of more than five percent of the Common Stock."
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
See Item 4 above.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 of the Schedule 13D is hereby amended by adding the following:
Exhibit D: Transactions in the Common Stock in the past 60 days.
Exhibit E: Stock Purchase Agreement, dated as of August 21, 2000, by and
between New Valley Corporation and High River Limited
Partnership (incorporated by reference to Exhibit 1 to
Amendment No. 10 to the Schedule 13D filed with the SEC on
August 21, 2000 by High River Limited Partnership with respect
to the Company's Common Stock).
Page 8 of 10 Pages
<PAGE> 9
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.
Dated: August 21, 2000
NEW VALLEY CORPORATION
By: /s/ Richard J. Lampen
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Name: Richard J. Lampen
Title: Executive Vice President
NEW VALLEY HOLDINGS, INC.
By: /s/ Richard J. Lampen
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Name: Richard J. Lampen
Title: Executive Vice President
BGLS INC.
By: /s/ Richard J. Lampen
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Name: Richard J. Lampen
Title: Executive Vice President
VECTOR GROUP LTD.
By: /s/ Richard J. Lampen
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Name: Richard J. Lampen
Title: Executive Vice President
BENNETT S. LEBOW
By: New Valley Corporation
By: /s/ Richard J. Lampen
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Name: Richard J. Lampen
Title: Executive Vice President
Page 9 of 10 Pages
<PAGE> 10
EXHIBIT D
TRANSACTIONS IN THE COMMON STOCK IN THE PAST 60 DAYS:
<TABLE>
<CAPTION>
No. of Shares Price Per
Name Date Sold(1) Share(2)
---- ---- ------------- ---------
<S> <C> <C> <C>
New Valley 8/14/00 30,000 $2.1875
13,000 2.2188
40,000 2.2813
------
83,000
New Valley 8/15/00 20,000 $1.9688
New Valley 8/16/00 20,000 $1.9200
New Valley 8/17/00 30,000 $1.8200
New Valley 8/18/00 5,000 $1.7400
New Valley 8/21/00 1,960,479(3) $1.7300
</TABLE>
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(1) Unless otherwise indicated, sold in the open market on the OTC
Electronic Bulletin Board.
(2) Excludes any brokerage commissions.
(3) Sold in a private transaction.
