<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 8)*
VINLAND PROPERTY TRUST
(NAME OF ISSUER)
SHARES OF BENEFICIAL INTEREST, NO PAR VALUE
(TITLE OF CLASS OF SECURITIES)
927 449 108
(CUSIP NUMBER)
LAWRENCE S. HARTMAN
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 MAY 2, 1997
(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
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SCHEDULE 13D
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 272,007
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
383,303
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 272,007
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
383,303
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
383,303
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.5% *Includes shares reported by Other Reporting Persons.
- --------------------------------------------------------------------------------
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.
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SCHEDULE 13D
CUSIP NO. 927 449 108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Beachwold Partners EIN - 75-2568292
- --------------------------------------------------------------------------------
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 19,000
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 19,000
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
- --------------------------------------------------------------------------------
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> 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*
- --------------------------------------------------------------------------------
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 60,546
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 60,546
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,546
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
- --------------------------------------------------------------------------------
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 29,750
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 29,750
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
29,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
- --------------------------------------------------------------------------------
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 August 23, 1995. The
principal executive offices of VPT are located at 280 Park Avenue, East
Building, 20th Floor, New York, NY 10017.
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, William S.
Friedman, Beachwold Partners, 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 and William S. Friedman are directors of Tarragon Realty
Advisors, Inc. ("TRA"), and each owns fifty percent (50%) of the stock of TRA.
(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) Beachwold Partners is a partnership organized and existing under the laws
of the State of Texas. Beachwold's principal activity is investment in stocks
and real estate. Tanya Friedman, Ezra Friedman and Lucy N. Friedman, as trustee
for Gideon Friedman and Samuel Friedman are the limited partners. Lucy N.
Friedman is the general partner. The principal place of business and principal
office of Beachwold Partners is 3100 Monticello, Suite 200, Dallas, Texas
75205.
<PAGE> 7
Page 7
The following is a list of each executive officer and director of Tarragon
Capital Corporation:
<TABLE>
<CAPTION>
NAME POSITION(S)
---- -----------
<S> <C>
William S. Friedman 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.
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 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 by Tarragon Partners, Ltd.
ITEM 4. PURPOSE OF THE TRANSACTION.
Item 4 is hereby amended to read as follows:
The purpose of the acquisition of shares by Tarragon Partners, Ltd. is for
investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Share Ownership.
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 272,007 20.3%
Tarragon Capital Corporation 29,750 2.2%
Tarragon Partners, Ltd. 60,546 4.5%
Beachwold Partners 19,000 1.4%
--------- ---------
TOTAL 381,303 28.4%
</TABLE>
SHARES OWNED BENEFICIALLY
<TABLE>
<CAPTION>
NUMBER OF PERCENT OF
NAME SHARES CLASS (1)
- ---- --------- --------
<S> <C> <C>
Lucy N. Friedman (2) (3) (4) 383,303 28.5%
Tarragon Capital Corporation 29,750 2.2%
William S. Friedman (2) (4) (5) 383,303 28.5%
Tanya E. Friedman (2) (3) 7,750 0.6%
Ezra H. Friedman (2) 2,000 0.1%
Tarragon Partners, Ltd. (4) 60,546 4.5%
Beachwold Partners 19,000 1.4%
Total shares beneficially owned
by Reporting Persons 393,053 29.3%
</TABLE>
- ----------------------
(1) Percentage calculations are based upon 1,343,119 Shares
outstanding at May 2, 1997.
(2) May be deemed to be the beneficial owner of Shares held
directly by Tarragon by virtue of the relationship described
in Item 2.
(3) Lucy N. Friedman's daughter, Tanya E. Friedman, owns 7,750
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 272,007 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 complete power to vote and disposition power over the
272,007 Shares held directly by her and shared power to vote and dispose of the
29,750 Shares held by Tarragon Capital Corporation and the 60,546 Shares held
by Tarragon Partners, Ltd.
(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>
Tarragon Partners, Ltd. 04/17/97 5,000 9.125 Purchase of Shares of Beneficial
Interest
04/28/97 5,000 9.125 Purchase of Shares of Beneficial
Interest
05/02/97 7,500 9.125 Purchase of Shares of Beneficial
Interest
</TABLE>
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.
DATED: May 6, 1997
--
TARRAGON CAPITAL CORPORATION
By:/s/ WILLIAM S. FRIEDMAN /s/ WILLIAM S. FRIEDMAN
------------------------------- ------------------------------------
William S. Friedman, William S. Friedman*, in his capacity
President 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 BEACHWOLD PARTNERS
its General Partner
By:/s/ WILLIAM S. FRIEDMAN
By:/s/ WILLIAM S. FRIEDMAN -----------------------------------
---------------------------- William S. Friedman*, in his capacity
William S. Friedman, as attorney-in-fact for Lucy N. ,
President Friedman its General Partner
* Signed by William S. Friedman
pursuant to a Power of Attorney
granted by Lucy N. Friedman
