<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
U.S. HOME CORPORATION
----------------------------------------------------------------
(NAME OF ISSUER)
PREFERRED STOCK, PAR VALUE $.10
----------------------------------------------------------------
(TITLE OF CLASS OF SECURITIES)
911920205
----------------------------------------------------------------
(CUSIP Number)
Henry K. Jordan with a copy to:
Chief Financial Officer Paul Bernstein, Esq.
The Foothill Group, Inc. Riordan & McKinzie
11111 Santa Monica Blvd., Suite 1500 300 South Grand Avenue
Los Angeles, California 90025 Los Angeles, California 90071
(310) 996-7000 (213) 629-4824
- ---------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
OCTOBER 13, 1993
-----------------------------------------------------------------
(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 copes 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 1 of 15 pages.
<PAGE> 2
SCHEDULE 13D
CUSIP No. 911920205 Page 2 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
The Foothill Group, Inc.
94-1663353
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX 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
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO, HC
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP No. 911920205 Page 3 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Foothill Capital Corporation
95-2689288
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP No. 911920205 Page 4 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Foothill Partners, L.P., a Delaware Limited Partnership
95-4291521
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX 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
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP No. 911920205 Page 5 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Don L. Gevirtz
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D
CUSIP No. 911920205 Page 6 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
John F. Nickoll
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 7
SCHEDULE 13D
CUSIP No. 911920205 Page 7 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Dennis R. Ascher
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 8
SCHEDULE 13D
CUSIP No. 911920205 Page 8 of 15 Pages
----------------------- - --
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Jeffrey T. Nikora
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 9
The Statement on Schedule 13D, dated June 21, 1993 relating to
the preferred stock, $.10 par value per share, CUSIP No. 911920205 (the
"Preferred Stock"), of U.S. Home Corporation, a Delaware corporation (the
"Issuer"), and filed by The Foothill Group, Inc., a Delaware corporation
("Group"), Foothill Capital Corporation, a California corporation ("Capital"),
Foothill Partners, L.P., a Delaware limited partnership ("Partners"), Don L.
Gevirtz, John F. Nickoll, Dennis R. Ascher and Jeffrey T. Nikora (collectively,
the "Managing General Partners") (Group, Fund, Capital, Partners and the
Managing General Partners are collectively referred to hereinafter as the
"Filing Persons") is amended and restated as follows:
Item 1. Security and Issuer.
This Schedule 13D relates to the Preferred Stock. The Issuer
has its principal executive offices at 1800 West Loop South, Houston, Texas
77027.
Item 2. Identity and Background.
This Schedule 13D is filed on behalf of the Filing Persons.
Group and the Managing General Partners are the general partners of Partners.
Capital is a wholly-owned subsidiary of Group.
Under the definition of "beneficial owner" ("Beneficial Owner
Definition") provided in Rule 13d-3 promulgated under the Securities Exchange
Act of 1934, as amended, Group and the Managing General Partners may be deemed
to own beneficially the shares of Preferred Stock owned by Partners by virtue
of the fact that Group and the Managing General Partners, as the general
partners of Partners, share with Partners the voting and dispositive power with
respect to shares of Preferred Stock held or acquired by Partners.
Also under the Beneficial Owner Definition, Group may be
deemed to own beneficially the shares of Preferred Stock owned by Capital by
virtue of the fact that Group, as the parent of Capital, has voting or
dispositive power with respect to shares of Common Stock held by Capital.
Group has its principal business address and its principal
business office at 11111 Santa Monica Boulevard, Suite 1500, Los Angeles,
California 90025. The principal business of Group is that of a financial
services holding company.
Capital has its principal business address and principal
business office at 11111 Santa Monica Boulevard, Suite 1500, Los Angeles,
California 90025. The principal
Page 9 of 15 pages.
<PAGE> 10
business of Capital is to engage in asset-based financing to businesses.
Partners has its principal business address and its principal
business office at 11111 Santa Monica Boulevard, Suite 1500, Los Angeles,
California 90025. The principal business of Partners is to engage in the
business of investment in various financial assets.
Each of the Managing Partners has his principal business
address and his principal business office at 11111 Santa Monica Boulevard,
Suite 1500, Los Angeles, California 90025. The principal business of each
Managing Partner is to engage in the business of investment in various
financial assets.
The names of the directors and executive officers of Group and
Capital, their business addresses, their present principal occupations and the
principal addresses of their respective employers are as follows:
THE FOOTHILL GROUP, INC.
<TABLE>
<CAPTION>
Principal
Name Business Address Occupation
---- ---------------- ----------
<S> <C> <C>
Don L. Gevirtz 11111 Santa Monica Blvd. Chief Executive Officer
Suite 1500 and Chairman of the
Los Angeles, CA 90025 Board
John F. Nickoll 11111 Santa Monica Blvd. President, Vice
Suite 1500 Chairman of the Board,
Los Angeles, CA 90025 Co-Chief Executive
Officer, Chief
Operating Officer
and Director
David C. Hilton 11111 Santa Monica Blvd. Executive Vice
Suite 1500 President
Los Angeles, CA 90025
Peter E. Schwab 11111 Santa Monica Blvd. Executive Vice
Suite 1500 President
Los Angeles, CA 90025
</TABLE>
Page 10 of 15 pages.
<PAGE> 11
<TABLE>
<S> <C> <C>
Henry K. Jordan 11111 Santa Monica Blvd. Senior Vice President,
Suite 1500 Chief Financial Officer
Los Angeles, CA 90025 and Corporate Secretary
Steven L. Volla American Healthcare
Management, Inc. Director; Chairman of
660 American Avenue the Board and Chief
Suite 200 Executive Officer
King of Prussia, PA 19406
Warren Bennis, Ph.D. USC School of Business Director; Professor
Administration
300-A Bridge Hall 901
Exposition Blvd. Los
Angeles, CA 90089
Arthur Malin, M.D. 606 No. Foothill Road Director; Professor
Beverly Hills, CA 90201
Jeffrey A. Lipkin Recovery Equity Director; General
Partners, L.P. Partner
901 Marina Island Blvd.
Suite 555
San Mateo, CA 94404
Joseph J. Finn-Egan Recovery Equity Director; General
Partners, L.P. Partner
901 Marina Island Blvd.
Suite 555
San Mateo, CA 94404
</TABLE>
FOOTHILL CAPITAL CORPORATION
<TABLE>
<CAPTION>
Principal
Name Business Address Occupation
---- ---------------- ----------
<S> <C> <C>
John F. Nickoll 11111 Santa Monica Blvd. Chairman of the Board
Suite 1500 and Director
Los Angeles, CA 90025
Don L. Gevirtz 11111 Santa Monica Blvd. Vice President
Suite 1500
Los Angeles, CA 90025
Peter E. Schwab 11111 Santa Monica Blvd. President
</TABLE>
Page 11 of 15 pages.
<PAGE> 12
<TABLE>
<S> <C> <C>
Suite 1500 Chief Operating
Los Angeles, CA 90025 Officer and Director
David C. Hilton 11111 Santa Monica Blvd. Executive Vice
Suite 1500 President, Chief
Los Angeles, CA 90025 Financial Officer,
Chief Credit Officer
and Director
Henry K. Jordan 11111 Santa Monica Blvd. Senior Vice President/
Suite 1500 Finance and Corporate
Los Angeles, CA 90025 Secretary
Ellyn Norwood 11111 Santa Monica Blvd. Senior Vice President/
Suite 1500 Human Resources
Los Angeles, CA 90025
</TABLE>
The names of the Managing General Partners, their business
addresses, their present principal occupations and the principal addresses of
their respective employers are as follows:
<TABLE>
<CAPTION>
Name Business Address Principal Occupation
---- ---------------- --------------------
<S> <C> <C>
Don L. Gevirtz 11111 Santa Monica Blvd. Chief Executive Officer and
Suite 1500 Chairman of the Board of
Los Angeles, CA 90025 Group
John F. Nickoll 11111 Santa Monica Blvd. President, Co-Chief
Suite 1500 Executive Officer, and
Los Angeles, CA 90025 Director of Group
Dennis R. Ascher 11111 Santa Monica Blvd. Vice President of Group
Suite 1500
Los Angeles, CA 90025
Jeffrey T. Nikora 11111 Santa Monica Blvd. Vice President of Group
Suite 1500
Los Angeles, CA 90025
</TABLE>
Page 12 of 15 pages.
<PAGE> 13
During the last five years, to the knowledge of the Filing
Persons, neither any of the Filing Persons nor any of the above-named directors
or executive officers of Group or Capital has been convicted in a criminal
proceeding (excluding traffic violations and similar misdemeanors) or was a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such 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. To the knowledge of the Filing
Persons, all of Group's and Capital's directors and executive officers and all
of the Managing General Partners are citizens of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
Capital received Preferred Stock in satisfaction of the claims
that Capital held against the Issuer in a voluntary Chapter 11 proceeding filed
on April 15, 1991, by the Issuer in the United States Bankruptcy Court for the
Southern District of New York. (Case Nos. 91B11625-91B11678 re: U.S. Home
Corporation). In this bankruptcy proceeding, a plan was approved on May 24,
1993 (the "Bankruptcy Plan"), pursuant to which claims against the Issuer in
the amount of $162,514,466.50 resulting from that certain unsecured credit
agreement by and among the Issuer and a group of 17 lenders, including Capital,
(the "Old Credit Agreement"), were satisfied by the distribution of cash and
certain equity securities of the Issuer (the "Distribution"). As a result of
the Distribution, Capital received $7,543,905.97 in cash, 149,464 shares of
Preferred Stock and 142,714 shares of common stock, $.01 par value per share
(the "Common Stock"), of the Issuer. Capital subsequently distributed
$5,657,929.48 in cash, 112,098 shares of Preferred Stock and 107,036 shares of
Common Stock to Partners.
Prior to the Distribution, Capital was a lender pursuant to
the Old Credit Agreement, and, pursuant to the Bankruptcy Plan, Capital's
allowed claim equaled $11,517,527.85 ($427,275.71 of which represents accrued
but unpaid interest and $56,696.63 of which represents fees).
Subsequent to the Distribution, each of Capital and Partners
sold on the open market in a series of transactions ending on October 13, 1993
all of the shares of Preferred Stock that it has owned. These sales of
Preferred Stock occurred at prices ranging from $24.19 per share to $26.19 per
share.
Item 4. Purpose of Transaction.
The Filing Persons have disposed of all of their shares of
Preferred Stock in sales on the open market.
Page 13 of 15 pages.
<PAGE> 14
Item 5. Interest in Securities of The Issuer.
(a) As of the date of their execution hereof, each of the
Filing Persons was the direct owner of -0- shares of Preferred Stock.
(b) As of the date of their execution hereof, each of the
Filing Persons had the sole or shared power to vote or dispose of -0- shares of
Preferred Stock.
(c) Each of Capital and Partners disposed of all of the
shares of Preferred Stock that it owned in a series of sales on the open market
commencing on August 26, 1993 and ending on October 13, 1993. These sales of
Preferred Stock occurred at prices ranging from $24.19 per share to $26.19 per
share.
(d) Not applicable.
(e) On October 13, 1993, the Filing Persons ceased to be
the beneficial owners of more than five percent of the Preferred Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Group and the Managing General Partners are the general
partners of Partners under an Amended and Restated Agreement of Limited
Partnership, dated as of October 10, 1990, as amended (the "Partners
Agreement"). The Partners Agreement provides for the formation of Partners as
a partnership to invest the funds of the partnership primarily in bank debt of
companies which are involved in reorganization or are experiencing financial
distress. The general partners of Partners have certain rights to receive the
proceeds of the sales of securities, including the Preferred Stock of the
Issuer, if any, in accordance with the Partners Agreement.
Group, Capital, Partners and the Managing General Partners
have executed a joint reporting agreement (the "Joint Reporting Agreement")
dated June 21, 1993, which was attached to the Initial Filing as Exhibit 1
thereto and is incorporated herein by reference, pursuant to which they have
agreed to file one joint statement on behalf of all of them with respect to the
subject matter of this Schedule 13D.
Item 7. Material to be Filed as Exhibits.
The Joint Reporting Agreement is incorporated herein by
reference.
Page 14 of 15 pages.
<PAGE> 15
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: May 19, 1994
THE FOOTHILL GROUP, INC.
By: /s/ Dennis R. Ascher
---------------------------------
Name: Dennis R. Ascher
Title: Vice President
FOOTHILL CAPITAL CORPORATION
By: /s/ Dennis R. Ascher
---------------------------------
Name: Dennis R. Ascher
Title: Vice President
FOOTHILL PARTNERS, L.P.
a Delaware Limited Partnership
By: The Foothill Group, Inc.,
General Partner
By: /s/ Dennis R. Ascher
---------------------------------
Name: Dennis R. Ascher
Title: Vice President
MANAGING GENERAL PARTNERS
/s/ Don L. Gevirtz
------------------------------------
Don L. Gevirtz
/s/ John F. Nickoll
------------------------------------
John F. Nickoll
/s/ Dennis R. Ascher
------------------------------------
Dennis R. Ascher
/s/ Jeffrey T. Nikora
------------------------------------
Jeffrey T. Nikora
Page 15 of 15 pages.
