<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 7)*
VINLAND PROPERTY TRUST
(NAME OF ISSUER)
SHARES OF BENEFICIAL INTEREST, NO PAR VALUE
(TITLE OF CLASS OF SECURITIES)
927 449 108
(CUSIP NUMBER)
DAVID E. MILLER
280 PARK AVENUE
EAST BUILDING, 20TH FLOOR
NEW YORK, NEW YORK 10017
(212) 949-5000
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS)
PERIOD ENDING AUGUST 23, 1995
(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(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting 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.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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> 2
SCHEDULE 13D
Page 2
CUSIP NO. 927 449 108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lucy N. Friedman, S.S. # ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 1,339,843
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
1,591,093
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,339,843
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
1,591,093
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,591,093
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.9
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 3
Page 3
SCHEDULE 13D
CUSIP NO. 927 449 108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John A. Doyle, S.S. # ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 157,000
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 157,000
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
157,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.26%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 4
Page 4
SCHEDULE 13D
CUSIP NO. 927 449 108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tarragon Partners, Ltd., E.I.N. 75-2340088
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 102,500
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 102,500
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
102,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 5
Page 5
SCHEDULE 13D
CUSIP NO. 927 449 108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tarragon Capital Corporation, E.I.N. 75-2340089
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 148,750
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 148,750
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
148,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 6
Page 6
VINLAND PROPERTY TRUST
CUSIP NO. 927 449 108
ITEM 1. SECURITY AND ISSUER.
Item 1 is hereby amended to read as follows:
This amendment relates to the shares of beneficial interest, no par value (the
"Shares"), of Vinland Property Trust, a California real estate investment trust
("VPT"), and amends the statement of Schedule 13D filed on July 19, 1995. The
principal executive offices of VPT are located at One Turtle Creek Village,
3878 Oak Lawn Avenue, Suite 300, Dallas, Texas 75219.
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 is hereby amended to read as follows:
This statement is being filed on behalf of Lucy N. Friedman, John A. Doyle,
Tarragon Capital Corporation, and Tarragon Partners, Ltd. (collectively, the
"Reporting Persons").
The Reporting Persons may be deemed to constitute a "person" within the meaning
of Section 13(d) of the Securities Exchange Act of 1934, as amended, because
Lucy N. Friedman is a director of Tarragon Realty Advisors, Inc., and John A.
Doyle and Lucy N. Friedman each owns fifty percent (50%) of the stock of
Tarragon Realty Advisors, Inc.
(I) Lucy N. Friedman is a United States citizen with a business address at
280 Park Avenue, East Building - 20th Floor, New York, New York 10017. Lucy N.
Friedman's present occupation is Executive Director of the Victims Services
Agency in New York, New York. Lucy Friedman is the wife of William S.
Friedman who is the President and a Trustee of VPT.
(II) Tarragon Capital Corporation is a corporation organized and existing
under the laws of the State of Texas. Tarragon Capital Corporation's principal
business activity is investment in other business ventures. The principal
place of business and principal office of Tarragon Capital Corporation is 280
Park Avenue, East Building - 20th Floor, New York, New York 10017.
(III) Tarragon Partners, Ltd. is a partnership organized and existing under
the laws of the State of Texas. Tarragon Partners, Ltd.'s principal activity
is investment in stocks and real estate. William S. Friedman and Lucy N.
Friedman are the limited partners. Tarragon Capital Corporation is the general
partner. The principal place of business and principal office of Tarragon
Partners, Ltd. is 280 Park Avenue, East Building - 20th Floor, New York, New
York 10017.
(IV) John A. Doyle is a United States citizen with a business address of
280 Park Avenue, East Building - 20th Floor, New York, New York 10017. His
present occupation is Chief Financial Officer and Chief Operating Officer of
VPT and National Income Realty Trust. He also serves as a trustee of VPT;
Director, President, Chief Operating Officer and 50% shareholder of Tarragon
Realty Advisors, Inc.; President and Chairman of the Board of Investors General
Acquisitions Corp.; Director, President and Chief Executive Officer of Garden
Capital Incorporated.
<PAGE> 7
Page 7
The following is a list of each executive officer and director of Tarragon
Capital Corporation:
<TABLE>
<CAPTION>
NAME POSITIONS(S)
---- ------------
<S> <C>
John A. Doyle President
Lucy N. Friedman Director and Secretary
Tanya E. Friedman Director and Vice President
Ezra H. Friedman Director and Vice President
</TABLE>
Information with respect to Lucy N. Friedman is disclosed in (I) above.
Information with respect to John A. Doyle is disclosed in (IV) above.
Tanya E. Friedman's business address is 883 Guerrero Street, San Francisco,
California 94110. Tanya E. Friedman is the adult daughter of Lucy and William
Friedman and is currently a public school teacher. Tanya E. Friedman is a
citizen of the Unites States of America.
Ezra H. Friedman's business address is 10 Magazine Street, Cambridge,
Massachusetts 02139. Ezra H. Friedman is the adult son of Lucy and William
Friedman and is currently a Graduate Fellow in Economics at Massachusetts
Institute of Technology. Ezra H. Friedman is a citizen of the United States of
America.
During the last five (5) years, (i) none of the persons enumerated in (I)
through (IV) above have been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) or been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and
as a result of such a 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.
ITEM 3. SOURCE OF FUNDS.
Funds were provided from the working capital of Tarragon Partners, Ltd.
ITEM 4. PURPOSE OF THE TRANSACTION.
Item 4 is hereby amended to read as follows:
The purpose of the acquisition of 65,000 shares by Tarragon Partners, Ltd. is
for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Share Ownership.
After giving affect to the transaction set forth in sub part (c) below the
following tables show the Shares owned directly and beneficially by the
Reporting Persons on the date of this statement:
<PAGE> 8
Page 8
SHARES OWNED DIRECTLY
<TABLE>
<CAPTION>
NUMBER OF PERCENT OF
NAME SHARES CLASS (1)
---- ---------- ------------
<S> <C> <C>
Lucy N. Friedman 1,339,843 19.4%
Tarragon Capital Corporation 148,750 2.1%
Tarragon Partners, Ltd. 102,500 1.5%
John A. Doyle 157,000 2.2%
--------- -----
TOTAL 1,748,093 25.2%
</TABLE>
SHARES OWNED BENEFICIALLY
<TABLE>
<CAPTION>
NUMBER OF PERCENT OF
NAME SHARES CLASS (1)
---- ---------- ------------
<S> <C> <C>
Lucy N. Friedman (2) (3) (4) 1,591,093 22.9%
Tarragon Capital Corporation 148,750 2.1%
William S. Friedman (2) (4) (5) 1,591,093 22.9%
Tarragon Partners, Ltd. (4) 102,500 1.5%
John A. Doyle 157,000 2.2%
Total shares beneficially owned
by Reporting Persons 1,748,093 25.2%
</TABLE>
------------------------
(1) Percentage calculations are based upon 6,960,034 Shares
outstanding at July 7, 1995.
(2) May be deemed to be the beneficial owner of Shares held
directly by Tarragon and Capital Corporation by virtue of
the relationship described in Item 2.
(3) Lucy N. Friedman's daughter, Tanya E. Friedman, owns 38,750
Shares. Tanya E. Friedman has complete control over the
Shares owned by her and such shares are not included in Lucy
Friedman's.
(4) May be deemed to be the beneficial owner of Shares held by
Tarragon Partners, Ltd. by virtue of the relationship
described in Item 2.
(5) Includes 1,339,843 shares owned by William S. Friedman's wife,
Lucy N. Friedman. Mrs. Friedman has complete control over the
Shares owned by her and Mr. Friedman disclaims beneficial
ownership of such shares.
------------------------
<PAGE> 9
Page 9
(b) Voting and Dispositive Power.
Lucy N. Friedman has the sole power to vote and disposition power over the
1,339,843 Shares held directly by her and shared power to vote and dispose of
the 148,750 Shares held by Tarragon Capital Corporation and the 102,500 Shares
held by Tarragon Partners, Ltd.
John A. Doyle has the sole power to vote and disposition power over the
157,000 Shares held by him.
(c) Transactions in Securities.
The following table lists the purchase transactions in the Shares that were
effected by the Reporting Persons during the past sixty days.
<TABLE>
<CAPTION>
REPORTING PERSON DATE NO. OF SHARES PRICE PER SHARE TYPE OF TRANSACTION
- -------------------- --------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
Lucy N. Friedman 05/16/95 14,500 1.13 Open Market
Transaction
07/07/95 20,000 1.13 Open Market
Transaction
John A. Doyle 05/16/95 14,500 1.13 Open Market
Transaction
07/07/95 20,000 1.13 Open Market
Transaction
Tarragon Partners, Ltd. 08/22/95 65,000 1.13 Open Market
Transaction
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
As of the date of this Amendment, there are no contracts,
arrangements, understandings or relationships (legal or otherwise)
among the persons named in Item 2 and between such persons and any
person with respect to any securities of the issuer, including but not
limited to transfer or voting of any of the securities, finder's fees,
joint ventures, loan or option arrangements, puts or calls, guarantees
of profits, division of profits or loss, or the giving or withholding
of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Not applicable.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in the statement is true, complete and correct.
<TABLE>
<S> <C>
DATED: September 6, 1995
TARRAGON CAPITAL CORPORATION
By: /s/ JOHN A. DOYLE WILLIAM S. FRIEDMAN
_______________________________ ____________________________________
John A. Doyle, President William S. Friedman*, in his capacity as
attorney-in-fact for Lucy N. Friedman
* Signed by William S. Friedman pursuant to a Power
of Attorney granted by Lucy N. Friedman
TARRAGON PARTNERS, LTD.
By: Tarragon Capital Corporation
Its General Partner
By: JOHN A. DOYLE JOHN A. DOYLE
_______________________________ ___________________________________
John A. Doyle, President John A. Doyle
</TABLE>
