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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
The Grand Union Company
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $1.00 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
386532303
- --------------------------------------------------------------------------------
(CUSIP Number)
Michael M. Pastore, Esq. GE Investment Management Incorporated
3003 Summer Street, Stamford CT 06905 Ph. (203) 326-2312
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 22, 1998
- --------------------------------------------------------------------------------
(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.
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 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).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMR control number.
<PAGE>
- -------------------------------------------------------------------------------
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Trefoil Capital Investors II, L.P. (EIN 95-4499689)
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
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(b) X
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
- -------------------------------------------------------------------------------
Delaware
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7. Sole Voting Power 17,610,674
Number of
Shares Bene- 8. Shared Voting Power 0
ficially by
Owned by
Each 9. Sole Dispositive Power 17,610,674
Reporting
Persons With 10. Shared Dispositive Power 0
-------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) PN
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-------------------------------------------------------------
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- --------------------------------------------------------------------------------
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Trefoil Investors II, Inc. (EIN 95-4498559)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
- --------------------------------------------------------------------------------
(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds (See Instructions) 00
- --------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
- --------------------------------------------------------------------------------
Delaware
- -------------------------------------------------------------------------------
7. Sole Voting Power 17,610,674
Number of --------------------------------------------------------------
Shares Bene-
ficially by 8. Shared Voting Power 0
Owned by --------------------------------------------------------------
Each
Reporting 9. Sole Dispositive Power 0
Persons With --------------------------------------------------------------
10. Shared Dispositive Power 17,610,674
-------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) CO
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--------------------------------------------------------------
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Sigma Hedge Partners, G.P. (EIN 06-1420583)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
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(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds (See Instructions) 00
- --------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
- --------------------------------------------------------------------------------
Delaware
- --------------------------------------------------------------------------------
7. Sole Voting Power 0
Number of --------------------------------------------------------------
Shares Bene-
ficially by 8. Shared Voting Power 0
Owned by --------------------------------------------------------------
Each
Reporting 9. Sole Dispositive Power 0
Persons With --------------------------------------------------------------
10. Shared Dispositive Power 17,610,674
-------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) PN
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--------------------------------------------------------------
--------------------------------------------------------------
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Delta PT Investors Corporation (EIN 06-1420580)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
- --------------------------------------------------------------------------------
(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
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4. Source of Funds (See Instructions) 00
- --------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
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Delaware
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7. Sole Voting Power 0
--------------------------------------------------------------
Number of
Shares Bene- 8. Shared Voting Power 0
ficially by --------------------------------------------------------------
Owned by
Each 9. Sole Dispositive Power 0
Reporting --------------------------------------------------------------
Persons With
10. Shared Dispositive Power 17,610,674
--------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
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14. Type of Reporting Person (See Instructions) CO
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--------------------------------------------------------------
--------------------------------------------------------------
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Epsilon Equities, Inc. (EIN 06-1420581)
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
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(b) X
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3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds (See Instructions) 00
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5. Check 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
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Delaware
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7. Sole Voting Power 0
Number of --------------------------------------------------------------
Shares Bene-
ficially by 8. Shared Voting Power 0
Owned by --------------------------------------------------------------
Each
Reporting 9. Sole Dispositive Power 0
Persons With --------------------------------------------------------------
10. Shared Dispositive Power 0
--------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) CO
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--------------------------------------------------------------
--------------------------------------------------------------
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Trustees of General Electric Pension Trust (EIN 14-6015763)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
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(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
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4. Source of Funds (See Instructions) 00
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5. Check 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
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New York
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Number of 7. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially by
Owned by 8. Shared Voting Power 0
Each --------------------------------------------------------------
Reporting
Persons With 9. Sole Dispositive Power 0
--------------------------------------------------------------
10. Shared Dispositive Power 17,610,674
--------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
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14. Type of Reporting Person (See Instructions) EP
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
GE Investment Private Placement Partners II,
a Limited Partnership (EIN 06-1429671)
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
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(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds (See Instructions) 00
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5. Check 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
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power 17,610,674
Shares Bene- --------------------------------------------------------------
ficially by
Owned by 8. Shared Voting Power 0
Each --------------------------------------------------------------
Reporting
Persons With 9. Sole Dispositive Power 17,610,674
--------------------------------------------------------------
10. Shared Dispositive Power 0
--------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) PN
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--------------------------------------------------------------
--------------------------------------------------------------
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<PAGE>
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
GE Investment Management Incorporated (EIN 06-1238874)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
- --------------------------------------------------------------------------------
(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
- --------------------------------------------------------------------------------
Delaware
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power 17,610,674
Shares Bene- --------------------------------------------------------------
ficially by
Owned by 8. Shared Voting Power 0
Each --------------------------------------------------------------
Reporting
Persons With 9. Sole Dispositive Power 17,610,674
--------------------------------------------------------------
10. Shared Dispositive Power 0
--------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person 35,221,348
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 77.57%
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) CO
- --------------------------------------------------------------------------------
-------------------------------------------------------------
-------------------------------------------------------------
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- --------------------------------------------------------------------------------
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
General Electric Company (EIN 14-0689340)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
- --------------------------------------------------------------------------------
(b) X
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) X
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
- --------------------------------------------------------------------------------
New York
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power Disclaimed (see 11 below)
Shares Bene- --------------------------------------------------------------
ficially by
Owned by 8. Shared Voting Power 0
Each --------------------------------------------------------------
Reporting
Persons With 9. Sole Dispositive Power 0
--------------------------------------------------------------
10. Shared Dispositive Power Disclaimed (see 11 below)
--------------------------------------------------------------
11. Aggregate Amount Benefically Owned by Each Reporting
Person Beneficial ownership of all shares disclaimed
by General Electric Company
--------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) Not Applicable
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) Not
Applicable
- --------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) CO
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--------------------------------------------------------------
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<PAGE>
ITEM 1. Security and Issuer.
Item 1 of the Schedule 13D is hereby amended and supplemented
to add the following:
This Amendment No. 7 amends and supplements the Statement on
Schedule 13D filed by Trefoil Capital Investors II, L.P., a Delaware limited
partnership ("Trefoil"), Trefoil Investors II, Inc., a Delaware corporation
("Trefoil II"), Sigma Hedge Partners, G.P., a Delaware partnership ("Sigma"),
Delta PT Investors Corporation, a Delaware corporation ("Delta"), Epsilon
Equities, Inc., a Delaware corporation ("Epsilon"), the Trustees of General
Electric Pension Trust, a New York common law trust ("GEPT"), GE Investment
Private Placement Partners II, A Limited Partnership, a Delaware limited
partnership ("GEIPPPII"), GE Investment Management Incorporated, a Delaware
corporation ("GEIM") and General Electric Company, a New York corporation ("GE")
(collectively, the "Reporting Persons"), with the Securities and Exchange
Commission ("SEC") on August 12, 1996 and amended pursuant to Amendment No. 1
thereto filed on September 18, 1996, Amendment No. 2 thereto filed on February
27, 1997, Amendment No. 3 thereto filed on March 21, 1997, Amendment No. 4
thereto filed on May 29, 1997, Amendment No. 5 thereto filed on June 10, 1997
and Amendment No. 6 thereto filed on June 13, 1997 (as amended, the "Schedule
13D"), relating to the common stock, par value $1.00 per share (the "Common
Stock") of The Grand Union Company (the "Company"), which is issuable upon
conversion of the shares of the Company's Class A Convertible Preferred Stock,
par value $1.00 per share ("Class A Stock") and shares of Class B Convertible
Preferred Stock, par value $1.00 per share ("Class B Stock"). Capitalized terms
used herein shall have the meanings given to them in the Schedule 13D.
The Reporting Persons have entered into a Joint Filing
Agreement, dated as of April 27, 1998, attached hereto as Schedule I.
ITEM 2. Identity and Background.
Item 2(a)-(c) is hereby amended by deleting the paragraphs
describing names, business addresses and principal occupations of officers and
directors of the Reporting Persons and by inserting in lieu thereof of the
following paragraph:
" For information with respect to the identity and principal
occupation of each (i) executive officer and director of the general partner of
Trefoil, Trefoil II, see Schedule II attached hereto; (ii) executive officer and
director of the general partner of Sigma, Delta, see Schedule III attached
hereto; (iii) executive officer and director of the general partner of Sigma,
Epsilon, see Schedule IV attached hereto; (iv) executive officer and director of
the general partner of GEIPPPII, GEIM, see Schedule V attached hereto; (v)
executive officer and director of GEIM see Schedule V attached hereto; (vi)
Trustee of GEPT see Schedule VI attached hereto; and (vii) executive officer and
director of GE see Schedule VII attached hereto."
Item 2(d)-(f) is hereby deleted in its entirety and the
following is inserted in lieu thereof:
"Except as set forth below, during the last five years,
neither any Reporting Person nor, to the best knowledge of each Reporting
Person, any person identified in Schedules II, III, IV, V, VI and VII has (i)
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) 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 judgement, 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.
Her Majesty's Inspectorate of Pollution v. IGE Medical
Systems Limited (St. Albans Magistrates Court, St. Albans, Hersfordshire,
England, Case No. 04/00320181).
Page 11 of 36
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In April, 1994, General Electric Medical System's U.K.
subsidiary, IGE Medical Systems Limited ("IGEMS") discovered the loss of a
radioactive barium source at the Radlett, England, facility. The lost source,
used to calibrate nuclear camera detectors, emits a very low level of radiation.
IGEMS immediately reported the loss as required by the U.K. Radioactive
Substances Act. An ensuing investigation, conducted in cooperation with
government authorities, failed to locate the source. On July 21, 1994, Her
Majesty's Inspectorate of Pollution ("HMIP") charged IGEMS with violating the
Radioactive Substances Act by failing to comply with a condition of
registration. The Act provides that a registrant like IGEMS, which "does not
comply with a limitation or condition subject to which (it) is so
registered...shall be guilty of (a criminal) offense." Condition 7 of IGEMS'
registration states that it "shall so far as is reasonably practicable
prevent...loss of any registered source."
At the beginning of trial on February 24, 1995, IGEMS entered
a guilty plea and agreed to pay a fine of (pound)5,000 and assessed costs of
(pound)5,754. The prosecutor's presentation focused primarily on the 1991 change
in internal IGEMS procedures and, in particular, the source logging procedure.
The prosecutor complimented IGEMS' investigation and efforts to locate the
source and advised the court that IGEMS had no previous violations of the
Radioactive Substances Act. He also told the court that the Radlett plant had
been highlighted as an exemplary facility to HMIP inspectors as part of their
training. In mitigation, IGEMS emphasized the significant infrastructure and
expense undertaken by IGEMS to provide security for radiation sources and the
significant effort and expense incurred in attempting to locate the missing
source.
All Reporting Persons and, to the best knowledge of each
Reporting Person, all persons identified in Schedules II, III, IV, V, VI and
VII are United States citizens, except Paolo Fresco, Vice Chairman of the Board
and an Executive Officer of GE, who is an Italian citizen, and Claudio X.
Gonzalez, a Director of GE, who is a Mexican citizen."
ITEM 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended and supplemented
to add the following:
"On February 27, 1998, the conversion ratio of 20.8333 shares
of Common Stock per share of Class B Stock was adjusted in accordance with the
Company's Certificate of Incorporation, as amended, to equal 33.3333. As a
result of such adjustment, each of GEIPPPII and Trefoil may be deemed to be the
beneficial owners of an aggregate of 26,666,640 shares of Common Stock into
which the aggregate of 800,000 shares of Class B Stock are presently
convertible."
ITEM 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended and supplemented
to add the following:
"On April 22, 1998, five out of eleven members of the Board of
Directors of the Company, James J. Costello, J. Richard Stonesifer, Roger E.
Stangeland, Clifford A. Miller and Geoffrey T. Moore have resigned from the
Board.
Pursuant to the Stock Purchase Agreement, GEPPPII had
designated Mr. Costello and Mr. Stonesifer as nominees for election on the Board
of Directors. GEIPPPII currently has no proposals to designate any persons as
nominees to replace Mr. Costello and Mr. Stonesifer on the Board of Directors.
Pursuant to the Stock Purchase Agreement, Trefoil had
designated Mr. Miller and Mr. Moore as nominees for election on the Board of
Directors. Trefoil currently has no proposals to designate any persons as
nominees to replace Mr. Miller and Mr. Moore on the Board of Directors.
Page 12 of 36
<PAGE>
Trefoil and GEIPPPII (collectively, the "Holders") own, in
aggregate, the majority of the outstanding shares of Class A Stock and Class B
Stock (95.38% and 100%, respectively). Pursuant to Section 3(b) of each of the
Certificate of Designation of Class A Convertible Preferred Stock Setting Forth
the Powers, Preferences, Rights, Qualifications, Limitations and Restrictions of
Such Class of Preferred Stock (the "Class A Certificate of Designation") and the
Certificate of Designation of Class B Convertible Preferred Stock Setting Forth
the Powers, Preferences, Rights, Qualifications, Limitations and Restrictions of
Such Class of Preferred Stock (the "Class B Certificate of Designation", and
together with the Class A Certificate of Designation, the "Certificates of
Designation"), the affirmative vote of the holders of at least majority of the
outstanding shares of each of the Class A Stock and Class B Stock, each voting
separately as a single class, is necessary to approve any reorganization,
recapitalization, liquidation or other similar transaction involving the
Company.
On April 23, 1998, the Holders delivered a letter (the
"Letter") attached hereto as Exhibit A to the Board of Directors of the Company.
In this Letter, the Holders advised the Board of Directors that (i) if it
approved the plan of recapitalization of the Company upon the terms and
conditions set forth in that certain Summary of Principal Economic Terms of
Restructuring distributed to the Board of Directors on March 30, 1998 (the
"Plan"), it will violate the contractual obligations of the Company under the
Certificates of Designation, (ii) the Holders have not consented to the proposed
Plan, and (iii) if the Board approved the Plan, the Holders intend to take any
and all actions that may prove to be necessary in order to enforce the Holders'
rights under the Certificates of Designation."
ITEM 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and supplemented
to add the following:
"On February 27, 1998, the conversion ratio of 20.8333 shares
of Common Stock per share of Class B Stock was adjusted in accordance with the
Company's Certificate of Incorporation, as amended, to equal 33.3333. The
conversion ratio of Class A Stock has not changed. As a result of the
adjustment, each of GEIPPPII and Trefoil may be deemed to be the beneficial
owners of an aggregate of 26,666,640 shares of Common Stock into which the
aggregate of 800,000 shares of Class B Stock are presently convertible and
8,554,708 shares of Common Stock into which the aggregate of 1,240,424 shares of
Class A Stock are presently convertible. Such 35,221,348 shares of Common Stock,
if outstanding, would constitute approximately 77.57% of the total number of
shares of Common Stock of the Company outstanding."
ITEM 7. Material to Be Filed as Exhibits.
Exhibit A - Letter to the Board of Directors of the Company, dated as of April
23, 1998.
Page 13 of 36
<PAGE>
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: April 27, 1998
TREFOIL CAPITAL INVESTORS II, L.P.
By: Trefoil Investors II, Inc.,
a general partner
By: /s/ Robert G. Moskowitz
-------------------------------
Name: Robert G. Moskowitz
Title: Vice President
Page 14 of 36
<PAGE>
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: April 27, 1998
TREFOIL INVESTORS II, INC.
By: /s/ Robert G. Moskowitz
--------------------------
Name: Robert G. Moskowitz
Title: Vice President
Page 15 of 36
<PAGE>
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: April 27, 1998
SIGMA HEDGE PARTNERS, G.P.
By: Delta PT Investors Corporation,
a general partner
By: Michael M. Pastore
--------------------------------
Name: Michael M. Pastore
Title: Vice President
Page 16 of 36
<PAGE>
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: April 27, 1998
DELTA PT INVESTORS CORPORATION
By: /s/ Michael M. Pastore
-----------------------------------
Name: Michael M. Pastore
Title: Vice President
Page 17 of 36
<PAGE>
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: April 27, 1998
EPSILON EQUITIES, INC.
By: Michael M. Pastore
--------------------------
Name: Michael M. Pastore
Title: Vice President
Page 18 of 36
<PAGE>
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: April 27, 1998
TRUSTEES OF GENERAL ELECTRIC
PENSION TRUST
By: /s/ Alan M. Lewis
------------------------------
Name: Alan M. Lewis
Title: Trustee
Page 19 of 36
<PAGE>
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: April 27, 1998
GE INVESTMENT PRIVATE
PARTNERS II, A LIMITED PARTNERSHIP
By: GE Investment Management Incorporated,
as general partner
By: Michael M. Pastore
---------------------------------
Name: Michael M. Pastore
Title: Vice President
Page 20 of 36
<PAGE>
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: April 27, 1998
GE INVESTMENT MANAGEMENT
INCORPORATED
By: /s/ Michael M. Pastore
---------------------------------
Name: Michael M. Pastore
Title: Vice President
Page 21 of 36
<PAGE>
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: April 27, 1998
GENERAL ELECTRIC COMPANY
By: /s/ John H. Myers
--------------------------------
Name: John H. Myers
Title: Vice President
Page 22 of 36
<PAGE>
Schedule I
JOINT FILING AGREEMENT
----------------------
This will confirm the agreement by and among all the
undersigned that the Amendment No. 7 to the Schedule 13D filed on this date with
respect to the beneficial ownership by the undersigned of shares of Common Stock
of The Grand Union Company is being filed on behalf of each of the undersigned.
This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same
instrument.
Dated: April 27, 1998
TREFOIL CAPITAL INVESTORS II, L.P.
By: Trefoil Investors II, Inc.,
a general partner
By: /s/ Robert G. Moskowitz
--------------------------------
Name: Robert G. Moskowitz
Title: Vice President
TREFOIL INVESTORS II, INC.
By: /s/ Robert G. Moskowitz
-------------------------------
Name: Robert G. Moskowitz
Title: Vice President
SIGMA HEDGE PARTNERS, G.P.
By: Delta PT Investors Corporation,
a general partner
By: /s/ Michael M. Pastore
--------------------------------
Name: Michael M. Pastore
Title: Vice President
DELTA PT INVESTORS CORPORATION
By: /s/ Michael M. Pastore
--------------------------------
Name: Michael M. Pastore
Title: Vice President
EPSILON EQUITIES, INC.
By: /s/ Michael M. Pastore
-------------------------------
Name: Michael M. Pastore
Title: Vice President
Page 23 of 36
<PAGE>
TRUSTEES OF GENERAL ELECTRIC
PENSION TRUST
By: /s/ Alan M. Lewis
-------------------------------
Name: Alan M. Lewis
Title: Trustee
GE INVESTMENT PRIVATE
PARTNERS II, A LIMITED PARTNERSHIP
By: GE Investment Management Incorporated,
as general partner
By: /s/ Michael M. Pastore
-------------------------------
Name: Michael M. Pastore
Title: Vice President
GE INVESTMENT MANAGEMENT
INCORPORATED
By: /s/ Michael M. Pastore
-------------------------------
Name: Michael M. Pastore
Title: Vice President
GENERAL ELECTRIC COMPANY
By: /s/ John H. Myers
-------------------------------
Name: John H. Myers
Title: Vice President
Page 24 of 36
<PAGE>
Schedule II
TREFOIL INVESTORS II, INC.
The business address of each of the persons listed below is
4444 Lakeside Drive, Burbank, California 91505.
The names and principal occupations of the Directors and
Officers of Trefoil Investors II, Inc. are as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Roy E. Disney Director and Chairman Vice Chairman of the Board of the
of the Board of the Walt Disney Company (an international company engaged
in family entertainment with its principal executive offices
located at 500 South Buena Vista Drive, Burbank,
California); Chairman of the Board of Directors of Shamrock
Holdings, Inc. ( a holding company primarily engaged n
making, holding and disposing of investments in various
industries, principally in the United States, Israel,
Eastern Europe, with its principal executive officers
located at 4444 Lakeside Drive, Burbank, California 91505
("Shamrock"); Chairman of the Board of Directors of Shamrock
Capital Advisors, Inc. ("SCA") (a closely-held company
providing management and consulting services to Trefoil and
businesses in which Trefoil invests, with its principal
executive offices located at 4444 Lakeside Drive, Burbank,
California 91505.
Patricia A. Disney Director and Vice-Chairman Vice Chairman of the Board of Directors of
of the Board Shamrock and SCA.
Stanley P. Gold President and a Director President and Managing Director of SCA; President
and Chief Executive Officer of Shamrock.
Robert G. Moskowitz Vice President and Secretary Managing Director of SCA and Executive Vice President of
Shamrock.
Geoffrey T. Moore Vice President Managing Director of SCA.
Stephen D. Royer Vice President Vice President of SCA
George Buchler Treasurer Vice President and Chief Financial Officer of Shamrock and
Controller of SCA.
Michael J. McConnell Vice President Vice President of SCA.
</TABLE>
Page 25 of 36
<PAGE>
Schedule III
DELTA PT INVESTORS CORPORATION
The business address of each of the persons listed below is
3003 Summer Street, P.O. Box 7900, Stamford, Connecticut 06904.
The names and principal occupations of the Officers and
Directors of Delta PT Investors Corporation are as follows:
<TABLE>
<CAPTION>
<S> <C>
President Eugene K. Bolton
Vice President/Treasurer Judith A. Studer
Vice President/Secretary Michael M. Pastore
Vice President/Assistant Secretary
and Assistant Treasurer Robert J. Zalucki
Directors Donald W. Torey
Eugene K. Bolton
</TABLE>
Page 26 of 36
<PAGE>
Schedule IV
EPSILON EQUITIES, INC.
The business address of each of the persons listed below is
3003 Summer Street, P.O. Box 7900, and Stamford, Connecticut 06904.
The names and principal occupations of the Officers and
Directors of Epsilon Equities, Inc. are as follows:
<TABLE>
<CAPTION>
<S> <C>
President Eugene K. Bolton
Vice President/Treasurer Judith A. Studer
Vice President/Secretary Michael M. Pastore
Vice President/Assistant Secretary
and Assistant Treasurer Robert J. Zalucki
Directors Donald W. Torey
Eugene K. Bolton
</TABLE>
Page 27 of 36
<PAGE>
Schedule V
GE INVESTMENT MANAGEMENT INCORPORATED, General Partner
of GE Investment Hotel Partners I, Limited Partnership
The business address of each of the persons listed below is
3003 Summer Street, P.O. Box 7900, Stamford, Connecticut 06904.
The names and principal occupations of the Officers of GE
Investment Management Incorporated ("GEIM") are as follows:
<TABLE>
<CAPTION>
Officers Position(s)
- -------- -----------
<S> <C>
John H. Myers Chairman of the Board and President
Eugene K. Bolton Executive Vice President
Michael J. Cosgrove Executive Vice President
Ralph R. Layman Executive Vice President
Alan M. Lewis Executive Vice President, General Counsel and Secretary
Robert A. MacDougall Executive Vice President
Geoffrey R. Norman Executive Vice President
Thomas J. Szkutak Executive Vice President - Chief Financial Officer
Donald W. Torey Executive Vice President
Mark A. Dunham Senior Vice President
Ronald I. Felmus Senior Vice President
H. Michael Mears Senior Vice President
Philip A. Mercurio Senior Vice President
Philip A. Riordan Senior Vice President
Steven M. Beringer Vice President
Brian D. Brooks Vice President
Mark A. Davis Vice President
Constance K. Doyle Vice President
</TABLE>
Page 28 of 36
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Gerald M. Goz Vice President
Michael E. Hogan Vice President
Christopher P. Mullahy Vice President
Keith G. Smith Vice President
Sheila M. Welsh Vice President
Matthew J. Witkos Vice President
Michael D. Wright Vice President
William R. Wright Vice President
Robert Bernstein Regional Vice President
Frank E. Calvaruso Regional Vice President
Robert P. Mulligan Regional Vice President
Kevin J. Sheehan Regional Vice President
Jeanne M. La Porta Vice President and Assistant Secretary
Michael M. Pastore Vice President and Assistant
Secretary
Scott A. Silberstein Vice President and Assistant
Secretary
Matthew J. Simpson Vice President and Assistant
Secretary
Michael J. Strone Vice President and Assistant Secretary
Robert Zalucki Vice President - Tax Counsel
</TABLE>
The names and principal occupations of the Directors of GEIM are as follows:
<TABLE>
<CAPTION>
<S> <C>
Eugene K. Bolton Executive Vice President of GEIC and GEIM and Trustee of
GEPT
Michael J. Cosgrove Executive Vice President of GEIC and GEIM and Trustee of
GEPT
John H. Myers Vice President of General Electric Company, Chairman of the
Board and President of GEIC and GEIM and Trustee of GEPT
Ralph R. Layman Executive Vice President of GEIC and GEIM and
</TABLE>
Page 29 of 36
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Trustee of GEPT
Alan M. Lewis Executive Vice President, General Counsel and Secretary of
GEIC and GEIM and Trustee of GEPT
Robert A. MacDougall Executive Vice President of GEIC and GEIM and Trustee of
GEPT
Geoffrey R. Norman Executive Vice President of GEIC and GEIM
Thomas J. Szkutak Executive Vice President - Finance and Administration of
GEIC and Executive Vice President - Chief Financial Officer
of GEIM and Trustee of GEPT
Donald W. Torey Executive Vice President of GEIC and GEIM and Trustee of
GEPT
</TABLE>
Page 30 of 36
<PAGE>
Schedule VI
GENERAL ELECTRIC PENSION TRUST
The business address of each of the persons listed below is 3003
Summer Street, P.O. Box 7900, Stamford, Connecticut 06904.
The names and principal occupations of each of the Trustees of the
General Electric Pension Trust are as follows:
<TABLE>
<CAPTION>
<S> <C>
Eugene K. Bolton Executive Vice President of GEIC and GEIM
Michael J. Cosgrove Executive Vice President of GEIC and GEIM
John H. Myers Vice President of General Electric Company, Chairman
of the Board and President of GEIC and GEIM
Ralph R. Layman Executive Vice President of GEIC and GEIM
Alan M. Lewis Executive Vice President, General Counsel and
Secretary of GEIC and GEIM
Robert A. MacDougall Executive Vice President of GEIC and GEIM
Thomas J. Szkutak Executive Vice President - Finance and Administration
of GEIC and Executive Vice President - Chief Financial
Officer of GEIM
Donald W. Torey Executive Vice President of GEIC and GEIM
</TABLE>
Page 31 of 36
<PAGE>
Schedule VII
GENERAL ELECTRIC COMPANY EXECUTIVE OFFICERS
The business address of each of the persons listed below is 3135
Easton Turnpike, Fairfield, Connecticut 06431.
The names and principal occupations of the Officers of General
Electric Company are as follows:
<TABLE>
<CAPTION>
Officers Position(s)
- -------- -----------
<S> <C>
J.F. Welch, Jr. Chairman of the Board and Chief Executive Officer
P. Fresco Vice Chairman of the Board and Executive Officer
P.D. Ameen Vice President and Comptroller
J.R. Bunt Vice President and Treasurer
D.L. Calhoun Senior Vice President - GE Lighting
W.J. Conaty Senior Vice President - Human Resources
D.M. Cote Vice President - GE Appliances
D.D. Dammerman Senior Vice President - Finance
L.S. Edelheit Senior Vice President - Corporate Research and Development
B.W. Heineman, Jr. Senior Vice President - General Counsel and Secretary
J.R. Immelt Senior Vice President - GE Medical Systems
W.J. Lansing Vice President - Corporate Business Development
G. S. Malm Senior Vice President - Asia
W.J. McNerney, Jr. Senior Vice President - GE Aircraft Engines
E.F. Murphy Vice Chairman of the Board and Executive Officer
R.L. Nardelli Senior Vice President - GE Power Systems
R.W. Nelson Vice President - Corporate Financial Planning and Analysis
J.D. Opie Vice Chairman of the Board and Executive Officer
G.M. Reiner Senior Vice President - Chief Information Officer
</TABLE>
Page 32 of 36
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
J. G. Rice Vice President - GE Transportation Systems
G.L. Rogers Senior Vice President - GE Plastics
J.W. Rogers Vice President - GE Motors
L.G. Trotter Vice President - GE Electrical Distribution and Control
</TABLE>
The names and principal occupations of Directors of General Electric Company
are as follows:
<TABLE>
<CAPTION>
<S> <C>
D.W. Calloway Chairman of the Board, Chief Executive Officer and
Director, PepsiCo, Inc.
J.I. Cash, Jr. Professor of Business Administration-Graduate
School of Business Administration, Harvard University
S.S. Cathcart Retired Chairman, Illinois Tool Works
D.D. Dammerman Senior Vice President-Finance, General Electric Company
P. Fresco Vice Chairman of the Board and Executive Officer,
General Electric Company
C.X. Gonzalez Chairman of the Board and Chief Executive Officer,
Kimberly-Clark de Mexico, S.A. de C.V.
G.G. Michelson Former Director, Federated Department Stores
E.F. Murphy Vice Chairman of the Board and Executive Officer
S. Nunn Partner, King & Spalding
J.O. Opie Vice Chairman of the Board and Executive Officer,
General Electric Company
R.S. Penske Chairman of the Board and President, Penske Corporation
F.H.T. Rhodes President Emeritus, Cornell University
A.C. Sigler Retired Chairman of the Board and CEO and former
Director, Champion International Corporation
D.A. Warner III Chairman of the Board, President, and Chief Executive
Officer, J.P. Morgan & Co. Incorporated and Morgan
Guaranty Trust Company
J.F. Welch, Jr. Chairman of the Board and Chief Executive Officer,
General Electric Company
</TABLE>
Citizenship
(other than United States)
Page 33 of 36
<PAGE>
C.X. Gonzalez Mexico
P. Fresco Italy
Page 34 of 36
<PAGE>
EXHIBIT A
April 23, 1998
Corporate Secretary
The Grand Union Company
201 Willowbrook Boulevard
Wayne, NJ 07470
J. Wayne Harris
Chairman of the Board of Directors
The Grand Union Company
201 Willowbrook Boulevard
Wayne, NJ 07470
Re: The Grand Union Company
Gentlemen:
Reference is made to (i) The Grand Union Company By-laws, as
amended through January 15, 1998 (the "By-laws"), (ii) The Grand Union
Company Certificate of Designation of Class A Convertible Preferred Stock
Setting Forth the Powers, Preferences, Rights, Qualifications, Limitations
and Restrictions of Such Class of Preferred Stock (the "Class A Certificate
of Designation"), and (iii) The Grand Union Company Certificate of
Designation of Class B Convertible Preferred Stock Setting Forth the Powers,
Preferences, Rights, Qualifications, Limitations and Restrictions of Such
Class of Preferred Stock (the "Class B Certificate of Designation," and
together with the Class A Certification of Designation, the "Certificates of
Designation").
The undersigned directs your attention to Section 3(b) of each
of the Certificates of Designation, which provides that the affirmative vote
of the holders of at least a majority of the outstanding shares of each of
the Class A Convertible Preferred Stock ("Class A Stock") and the Class B
Convertible Preferred Stock ("Class B Stock" and together with the Class A
Stock, the "Preferred Stock"), each voting separately as a single class,
shall be necessary to approve any reorganization, recapitalization
liquidation or other similar transaction involving The Grand Union Company
(the "Company") in which (i) the Preferred Stock does not remain outstanding
under substantially the same powers, preferences, rights, qualifications,
limitations and restrictions set forth in the Certificates of Designation, or
(ii) the cash, stock, securities or other property received from conversion
of the Preferred Stock at the closing of such transaction is less than 150%
of the Conversion Price (as such term is defined in the Certificates of
Designation). Be advised that any approval by the Board of Directors to
conduct a solicitation under Section 3(a)(9) of the Securities Act of 1933,
as amended, upon the terms and conditions of that certain Summary of
Principal Economic Terms of Restructuring distributed to the Board of
Directors on March 30, 1998, culminating in the filing of a prepackaged
chapter 11 plan of reorganization and related actions, including, without
limitation, the Company's approval of the commitment of Swiss Bank (or such
other similar financing) to provide exit financing to the Company upon
consummation of the proposed prepackaged plan of reorganization, and the
Board of Directors' authorization to proceed with the solicitation under
Section 3(a)(9) in respect of the proposed plan and related documents,
without our consent, will violate Section 3(b) of the Certificates of
Designation and will be an ultra vires act of the Company.
We have repeatedly advised you that we do not consent to the
Company's proposed recapitalization. As holders of the majority of each of
the Class A Stock and the Class B Stock, be advised that
Page 35 of 36
<PAGE>
if the Board grants the aforementioned approvals, we intend to take any and
all actions that may prove to be necessary to enforce our rights under the
Certificates of Designation.
GE INVESTMENT PRIVATE PLACEMENT
PARTNERS II, A LIMITED PARTNERSHIP
By: GE Investment Management Incorporated,
its General Partner
By: /s/ Alan M. Lewis
--------------------------------------
Title: Executive Vice President
Owner of 620,212 shares of Class A Stock
Owner of 47.69% of the outstanding Class A Stock
Owner of 400,000 shares of Class B Stock
Owner of 50% of the outstanding Class B Stock
TREFOIL CAPITAL INVESTORS II, L.P.
By: TREFOIL INVESTORS II, INC.,
its managing general partner
By: /s/ Robert G. Moskowitz
--------------------------------------
Title: Managing Director
Owner of 620,212 shares of Class A Stock
Owner of 47.69% of the outstanding Class A Stock
Owner of 400,000 shares of Class B Stock
Owner of 50% of the outstanding Class B Stock
Page 36 of 36
