WARBURG PINCUS ASSET MANAGEMENT INC
SC 13G/A, 1998-06-09
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934

                          (Amendment No. _____1_____)*

                                  Vistana Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    92839P10
                                 (CUSIP Number)

                                    05/31/98
             (Date of Event Which Requires Filing of this Statement)

                   Check the appropriate box to designate the
                 rule pursuant to which this Schedule is filed:

                                [X] Rule 13d-1(b)
                                [ ] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)

  *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 the
  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 1 of 4 Pages
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CUSIP No.  92839P10                   13G                  Page  2 of   4  Pages


      1  NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Warburg Pincus Asset Management, Inc.                    13-2673503

      2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                               (a) [ ]
         Not applicable                                        (b) [ ]

      3  SEC USE ONLY

      4  CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware

                     5  SOLE VOTING POWER

                             1,673,300

    NUMBER OF        6  SHARED VOTING POWER
     SHARES
  BENEFICIALLY               484,400
    OWNED BY
      EACH           7  SOLE DISPOSITIVE POWER
    REPORTING
     PERSON                  2,227,900
      WITH
                     8  SHARED DISPOSITIVE POWER

                             0

      9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,227,900

     10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)

     11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

              10.56%

     12  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
         IA



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Item 1(a):                  Name of Issuer:

                            Vistana Inc.

Item 1(b):                  Address of Issuer's Principal Executive Offices:

                            8801 Vistana Centre Drive
                            Orlando, FL  32821

Item 2(a)                   Name of Person Filing

                            Warburg Pincus Asset Management, Inc.

Item 2(b):                  Address of Principal Business Office:

                            466 Lexington Avenue, New York, New York 10017

Item 2(c):                  Citizenship:

                            Delaware

Item 2(d):                  Title of Class of Securities:

                            Common Stock

Item 2(e):                  CUSIP Number:

                            92839P10

Item 3:                     If the reporting person is an investment adviser
                            in accordance with ss. 240.13d-1(b)(1)(ii)(E),
                            check this box.        [X]

Item 4:                     Ownership:

                            (a) Amount beneficially owned: 2,227,900.

                            (b) Percent of class: 10.56%.

                            (c) Number of shares as to which the person has:

                                    (i)   Sole power to vote or to direct the
                                          vote 1,673,300.

                                    (ii)  Shared power to vote or to direct the
                                          vote 484,400.

                                    (iii) Sole power to dispose or to direct the
                                          dispostion of 2,227,900.

                                    (iv)  Shared power to dispose or to direct
                                          the dispostion of 0.

Item 5:                     Ownership of Five Percent or Less of a Class:





                               Page 3 of 4 Pages

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Item 6:                     Ownership of More than Five Percent on Behalf of
                            Another Person:

                            Warburg Pincus Asset Management, Inc. ("WPAM") is an
                            Investment Adviser registered with the United States
                            Securities and Exchange Commission. WPAM serves as
                            investment adviser to many accounts including
                            various registered investment companies. The
                            securities which are the subject of this report are
                            owned by our accounts. A registered investment
                            company may own more than 5% of the securities,
                            however, no individual or institutional account
                            does. In this report no registered investment
                            company owned more than 5%.

Item 7:                     Identification and Classification of the
                            Subsidiary Which Acquired the Security Being
                            Reported on By the Parent Holding Company:

                            Not Applicable.

Item 8:                     Identification and Classification of
                            Members of the Group:

                            Not Applicable.

Item 9:                     Notice of Dissolution of Group:

                            Not Applicable.

Item 10:                    Certification:

                            By signing below I certify that, to the best of my
                            knowledge and belief, the securities referred to
                            above were acquired and are held in the ordinary
                            course of business and were not acquired and are not
                            held for the purpose of or with the effect of
                            changing or influencing the control of the issuer of
                            the securities and were not acquired and are not
                            held in connection with or as a participant in any
                            transaction having that purpose or effect.



                                    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:  6/4/98


                                         By:/s/ Linda S. Iovan
                                            ------------------------
                                            Name:  Linda S. Iovan
                                            Title: Vice President




                               Page 4 of 4 Pages



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