<PAGE>
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)
SAN JUAN BASIN ROYALTY TRUST
-----------------------------
(Name of Issuer)
UNITS OF BENEFICIAL INTEREST
------------------------------
(Title of Class of Securities)
798241105
--------------
(CUSIP Number)
Michael S. Paquette
Senior Vice President and
Controller
Fund American Enterprises Holdings, Inc.
80 South Main Street
Hanover, NH 03755
(603) 640-2205
-------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
MARCH 25, 1999
--------------------------------------------------
(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 this 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.
<PAGE>
CUSIP NO. 79 8241105
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above Person
Fund American Enterprises Holdings, Inc. ("FAEH")
94-2708455
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a)---------------
of a Group (See Instructions)
(b)
---------------
- --------------------------------------------------------------------------------
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions)
- --------------------------------------------------------------------------------
(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 Shares (7) Sole Voting Power
Beneficially Owned
by Each Reporting ------------------------------------------------
Person With (8) Shared Voting Power
4,644,876 UNITS OF BENEFICIAL INTEREST ("UNITS")
------------------------------------------------
(9) Sole Dispositive Power
------------------------------------------------
(10) Shared Dispositive Power
4,644,876 UNITS OF BENEFICIAL INTEREST ("UNITS")
------------------------------------------------
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,644,876 Units
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
Approximately 10.0%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) HC, CO CUSIP NO. 79 8241105
<PAGE>
CUSIP NO. 79 8241105
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above Person
Fund American Enterprises Holdings, Inc. ("FAEH")
04-3357154
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a)---------------
of a Group (See Instructions)
(b)
---------------
- --------------------------------------------------------------------------------
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions)
- --------------------------------------------------------------------------------
(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 Shares (7) Sole Voting Power
Beneficially Owned
by Each Reporting ------------------------------------------------
Person With (8) Shared Voting Power
4,644,876 UNITS
------------------------------------------------
(9) Sole Dispositive Power
------------------------------------------------
(10) Shared Dispositive Power
4,644,876 UNITS
------------------------------------------------
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,644,876 Units
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
Approximately 10.0%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) HC, CO
CUSIP NO. 79 8241105
<PAGE>
ONLY ITEMS REPORTED IN THIS AMENDMENT NO. 9 TO SCHEDULE 13D ARE AMENDED FROM THE
FILING ON SCHEDULE 13D DATED DECEMBER 28, 1990 (THE "SCHEDULE 13D"), AS AMENDED
BY AMENDMENT NO. 1 DATED FEBRUARY 13, 1992, AMENDMENT NO. 2 DATED NOVEMBER 6,
1992, AMENDMENT NO. 3 DATED APRIL 27, 1993, AMENDMENT NO.4 DATED JUNE 23, 1993,
AMENDMENT NO. 5 DATED JULY 7, 1993, AMENDMENT NO. 6 DATED SEPTEMBER 2, 1993,
AMENDMENT NO. 7 DATED DECEMBER 23, 1993, AND AMENDMENT NO. 8 DATED NOVEMBER 20,
1997. ALL OTHER ITEMS REMAIN UNCHANGED. UNLESS OTHERWISE SPECIFIED, ALL DEFINED
TERMS USED HEREIN HAVE THE MEANING PREVIOUSLY ASCRIBED TO THEM IN THE SCHEDULE
13D.
Item 4. PURPOSE OF TRANSACTION.
Consistent with FAEH's current strategy to redeploy its passive investment
portfolio into operating businesses (or to pursue other opportunities), FAEH
reserves the right to sell all or a portion of its Units at any time and from
time to time depending upon market conditions and other factors affecting FAEH's
evaluation of the value of the Units or its alternative uses of the proceeds
from sales of the Units.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby replaced in its entirety:
(a) & (b) The aggregate number of Units and the percentage of the
outstanding Units owned by the indicated persons named in Item 2 is as follows:
<TABLE>
<CAPTION>
Percentage of
Units Units
Beneficially Beneficially
Person Owned Owned
---------- ------------ --------------
<S> <C> <C>
FAEH 4,644,876 10.0%
FAE 4,644,876 10.0%
</TABLE>
<PAGE>
FAEH shares voting power and dispositive power with FAE with respect to the
4,644,876 Units it holds indirectly through FAE.
Other than as set forth above, neither FAEH or FAE, nor, to the best
knowledge of FAEH or FAE, any other persons named in Item 2 beneficially owns
any Units.
(c) There have been no transactions by FAEH or FAE, or to the knowledge of
FAEH or FAE, any of the persons listed on Schedule I attached hereto, in Units
of Beneficial Interest effected during the past 60 days other than those
listed on Schedule II attached hereto.
(d) None
(e) Not Applicable
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: April 6, 1999
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
BY:
--------------------------------------
Name: Michael S. Paquette
Title: Senior Vice President and Controller
FUND AMERICAN ENTERPRISES, INC.
BY:
--------------------------------------
Name: Robert E. Snyder
Title: Secretary and Controller
<PAGE>
SCHEDULE I TO SCHEDULE 13D
Following is a list of the directors and executive officers of Fund American
Enterprises Holdings, Inc. ("FAEH"), Fund American Enterprises, Inc. ("FAE"),
and White Mountains Insurance Company ("WMIC") setting forth the business
address and present principal occupation or employment (and the name, principal
business and address of any corporation or organization in which such employment
is conducted) of each such person. Each such person is a citizen of the USA.
<TABLE>
<CAPTION>
Name and Present Principal
Business Address Office Occupation or Employment
- ---------------- --------- ------------------------
<S> <C> <C>
FAEH
Raymond Barrette Executive Vice President and Executive Vice President and
Fund American Enterprises Chief Executive Officer and Chief Executive Officer
Holdings, Inc. Director of FAE
80 South Main Street
Hanover, NH 03755
John J. Byrne Chairman of the Board Chairman of the Board
Fund American Enterprises
Holdings, Inc.
80 South Main Street
Hanover, NH 03755
Patrick M. Byrne Director President and Chief Executive
Centricut, LLC Officer of Fecheimer Bros. Co.
2 Technology Drive, STE 3
West Lebanon, NH 03784
Reid T. Campbell Vice President Vice President
Fund American Enterprises
Holdings, Inc.
80 South Main Street
Hanover, NH 03755
Howard L. Clark, Jr. Director Vice Chairman of Lehman
Lehman Brothers Inc. Brothers Inc.
American Express Tower
New York, NY 10128
Robert P. Cochran Director Chairman, President & Chief
Financial Security Assurance Executive Officer of
Holdings Ltd. Financial Security Assurance
350 Park Avenue Holdings Ltd.
New York, NY 10022
</TABLE>
<PAGE>
SCHEDULE I TO SCHEDULE 13D (CONT.)
<TABLE>
<CAPTION>
Name and Present Principal
Business Address Office Occupation or Employment
- ---------------- --------- ------------------------
<S> <C> <C>
George J. Gillespie, III Director Partner in Cravath,
Cravath, Swaine & Moore Swaine & Moore
825 Eighth Avenue
New York, NY 10019
K. Thomas Kemp President, Chief Executive President and Chief Executive
Fund American Enterprises Officer & Director of FAEH. Officer
Holdings, Inc. Chairman of FAE
80 South Main Street
Hanover, NH 03755
Gordon S. Macklin Director Retired
8212 Burning Tree Road
Bethesda, MD 20817
Frank A. Olson Director Chairman of the Board & Chief
The Hertz Corporation Executive Officer of The Hertz
225 Brae Boulevard Corporation
Park Ridge, NJ 07656
Michael S. Paquette Sr. Vice President & Controller Sr. Vice President & Controller
Fund American Enterprises
Holdings, Inc.
80 South Main Street
Hanover, NH 03755
David G. Staples Vice President-Taxation Vice President-Taxation
Fund American Enterprises
Holdings, Inc.
80 South Main Street
Hanover, NH 03755
FAE
Raymond Barrette (see above) (see above)
(see above)
Terry L. Baxter Director of FAE President of White
White Mountains Mountains Holdings, Inc.
Holdings, Inc.
80 South Main Street
Hanover, NH 03755
</TABLE>
<PAGE>
SCHEDULE I TO SCHEDULE 13D (CONT.)
<TABLE>
<CAPTION>
Name and Present Principal
Business Address Office Occupation or Employment
- ---------------- --------- ------------------------
<S> <C> <C>
K. Thomas Kemp (see above) (see above)
(see above)
James H. Ozanne President and Director President
76 Olcott Drive, Suite L6
White River Jct, VT 05001
Robert E. Snyder Secretary & Controller Secretary & Controller
Fund American Enterprises, Inc.
76 Olcott Drive, Suite L6
White River Jct, VT 05001
</TABLE>
<PAGE>
SCHEDULE II TO SCHEDULE 13D
- ---------------------------
Sales of Units of San Juan Basin Royalty Trust by the Reporting Persons
and by persons listed in Schedule I, within the last 60 days.
<TABLE>
<CAPTION>
SOLD BY DATE NUMBER SOLD UNIT PRICE
- ------- ---- ----------- ----------
<S> <C> <C> <C>
FAE 3/26/99 350,000 6.19
FAE 3/29/99 1,000,000 6.00
</TABLE>
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