<PAGE>
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Final Amendment)
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
White Mountains Insurance Group, Inc.
(formerly 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)
August 19, 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 1 of 10
<PAGE>
CUSIP NO. 79 8241105
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
White Mountains Insurance Group, Inc. ("WMIG")
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
1,764,376 Units of Beneficial Interest
("Units")
--------------------------------------
(9) Sole Dispositive Power
--------------------------------------
(10) Shared Dispositive Power
1,764,376 Units of Beneficial Interest
("Units")
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,764,376 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 3.8%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) HC, CO
Page 2 of 10
<PAGE>
CUSIP NO. 79 8241105
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
White Mountains Properties, Inc. ("WMPI")
(formerly Fund American Enterprises, Inc.)
02-0507896
- --------------------------------------------------------------------------------
(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
1,764,376 Units
--------------------------------------
(9) Sole Dispositive Power
--------------------------------------
(10) Shared Dispositive Power
1,764,376 Units
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,764,376 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 3.8%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) HC, CO
Page 3 of 10
<PAGE>
ONLY ITEMS REPORTED IN THIS FINAL AMENDMENT 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, AMENDMENT NO. 8
DATED NOVEMBER 20, 1997, AMENDMENT NO. 9 DATED MARCH 25, 1999, AMENDMENT
NO. 10 DATED APRIL 13, 1999 AND AMENDMENT NO. 11 DATED JULY 7, 1999. 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 WMIG's current strategy to redeploy its passive
investment portfolio into operating businesses (or to pursue other
opportunities), WMIG 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 WMIG'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:
Page 4 of 10
<PAGE>
<TABLE>
<CAPTION>
Percentage of
Units Units
Beneficially Beneficially
Person Owned Owned
------ ------------ -------------
<S> <C> <C>
WMIG 1,764,376 3.8%
WMPI 1,764,376 3.8%
</TABLE>
WMIG shares voting power and dispositive power with WMPI with respect
to the 1,764,376 Units it holds indirectly through WMPI.
Other than as set forth above, neither WMIG or WMPI, nor, to the best
knowledge of WMIG or WMPI, any other persons named in Item 2 beneficially owns
any Units.
(c) There have been no transactions by WMIG or WMPI, or to the
knowledge of WMIG or WMPI, any of the persons listed on Schedule I attached
hereto, in Units of Beneficial Interest effected during the past 60 days, except
as indicated in Schedule II attached hereto.
(d) None
(e) Not Applicable
Page 5 of 10
<PAGE>
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: August 24, 1999
WHITE MOUNTAINS INSURANCE GROUP, INC.
BY:
----------------------------------------
Name: Michael S. Paquette
Title: Senior Vice President and Controller
WHITE MOUNTAINS PROPERTIES, INC.
BY:
----------------------------------------
Name: Michael S. Paquette
Title: Senior Vice President and Controller
Page 6 of 10
<PAGE>
SCHEDULE I TO SCHEDULE 13D
Following is a list of the directors and executive officers of White
Mountains Insurance Group, Inc. ("WMIG") and White Mountains Properties, Inc.
("WMPI") 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>
WMIG
Raymond Barrette Executive Vice President and Executive Vice President and
WMIG Chief Financial Officer of Chief Financial Officer
80 South Main Street WMIG and WMPI,
Hanover, NH 03755 Director of WMPI
Terry L. Baxter Director and Executive Vice Executive Vice President
WMIG President of WMIG and WMPI,
80 South Main Street
Hanover, NH 03755
John J. Byrne Chairman of the Board Chairman of the Board
WMIG
80 South Main Street
Hanover, NH 03755
Patrick M. Byrne Director President
Centricut, LLC of Centricut LLC
2 Technology Drive, STE 3
West Lebanon, NH 03784
Reid T. Campbell Vice President of WMIG Vice President
WMIG and WMPI
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 7 of 10
<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
John D. Gillespie Director Managing Partner of
Prospector Partners LLC Prospector Partners LLC
36 Trumbull Street
Hartford, CT 06103
K. Thomas Kemp President, Chief Executive President and Chief Executive
WMIG Officer & Director of WMIG Officer
80 South Main Street and WMPI, Chairman of WMPI
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
WMIG of WMIG and WMPI
80 South Main Street
Hanover, NH 03755
David G. Staples Vice President Vice President
WMIG of WMIG and WMPI
80 South Main Street
Hanover, NH 03755
Arthur Zankel Director Co-Managing Partner,
First Manhattan Co. First Manhattan Co.,
437 Madison Ave.
New York, N.Y. 10022
</TABLE>
Page 8 of 10
<PAGE>
WMPI
Raymond Barrette*
Terry L. Baxter*
Reid T. Campbell*
K. Thomas Kemp*
Michael S. Paquette*
* same as information provided above under WMIG
Page 9 of 10
<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>
WMPI 7/6/99 27,700 8.00
WMPI 7/8/99 7,500 8.00
WMPI 7/15/99 5,000 8.00
WMPI 7/16/99 15,000 8.00
WMPI 7/2899 80,000 8.00
WMPI 7/30/99 31,000 8.00
WMPI 8/6/99 103,900 8.00
WMPI 8/10/99 69,700 8.00
WMPI 8/1199 18,700 8.00
WMPI 8/12/99 6,400 8.00
WMPI 8/13/99 10,000 8.00
WMPI 8/16/99 20,000 8.00
WMPI 8/1799 10,000 8.00
WMPI 8/18/99 41,600 8.00
WMPI 8/19/99 1,500,000 8.00
</TABLE>
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