UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Great Northern Iron Ore Properties
----------------------------------
(Name of Issuer)
Units
-----------------------------
(Title of Class of Securities)
391064-10-2
-----------------------------
(CUSIP Number)
David A. Tepper
51 JFK Parkway
Short Hills, New Jersey 07078
(201)376-5400
--------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 19, 1996
------------------------------------
(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 copies 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 disclosure
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).
Exhibit Index: Page 8
Page 1 of 9 Pages
* This Schedule 13-D is restated for EDGAR purposes.
<PAGE>
SCHEDULE 13D
CUSIP No. 391064-10-2 Page 2 of 9 Pages
-----------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Appaloosa Management, L.P.
2 Check the Appropriate Box If a Member of a Group*
a.
---
b. X
---
3 SEC Use Only
4 Source of Funds*
N/A
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
7 Sole Voting Power
Number of 69,400
Shares
Beneficially 8 Shared Voting Power
Owned By -0-
Each
Reporting 9 Sole Dispositive Power
Person 69,400
With
10 Shared Dispositive Power
-0-
11 Aggregate Amount Beneficially Owned by Each Reporting Person
69,400
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares* ---
13 Percent of Class Represented By Amount in Row (11)
4.63%
14 Type of Reporting Person*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No.391064-10-2 Page 3 of 9 Pages
------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
David A. Tepper
2 Check the Appropriate Box If a Member of a Group*
a.
---
b. X
---
3 SEC Use Only
4 Source of Funds*
N/A
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
7 Sole Voting Power
Number of 69,400
Shares
Beneficially 8 Shared Voting Power
Owned By -0-
Each
Reporting 9 Sole Dispositive Power
Person 69,400
With
10 Shared Dispositive Power
-0-
11 Aggregate Amount Beneficially Owned by Each Reporting Person
69,400
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares* ---
13 Percent of Class Represented By Amount in Row (11)
4.63%
14 Type of Reporting Person*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
------------
ITEM 1. SECURITY AND ISSUER
-------------------
This statement on Schedule 13D relates to units of beneficial interest
(the "Units") of Great Northern Iron Ore Properties, a Minnesota trust (the
"Trust"). The principal executive offices of the Trust are located at W1290
First National Bank Building, St. Paul, Minnesota 55101.
ITEM 2. IDENTITY AND BACKGROUND
-----------------------
This statement on Schedule 13D is being filed by Appaloosa Management
L.P., a Delaware limited partnership (the "Manager"), and David A. Tepper
(collectively, the "Reporting Persons"). A copy of the Joint Filing Agreement
between the Reporting Persons is annexed hereto as Exhibit A.
The Manager is general partner of Appaloosa Investment Limited
Partnership I, a Delaware limited partnership (the "Partnership"). The general
partner of the Manager is Appaloosa Partners Inc., a Delaware corporation, of
which David Tepper is the sole shareholder and President.
The Manager acts as an investment adviser to the Partnership, Palomino
Fund Ltd. ("Palomino"), and Reliance Standard Life Insurance Company
("Reliance"). Reliance is beneficially owned by Delphi Financial Group
("Delphi"). The address of the principal business and principal office of the
Manager is 51 JFK Parkway, Short Hills, New Jersey 07078. The business address
of David Tepper is 51 JFK Parkway, Short Hills, New Jersey 07078. The present
principal occupation or employment of David Tepper is President of Appaloosa
Partners Inc. The address of the principal business and principal office of
Palomino is c/o Trident Trust Company (Cayman) Ltd., 1 Capital Place, P.O. Box
847, Grand Cayman, Cayman Islands. The address of the principal business and
principal office of Reliance is 2501 Parkway, Philadelphia, Pennsylvania 19130.
The address of the principal business and principal office of Delphi is 1105
North Market Street, Wilmington, Delaware 19899.
During the last five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction resulting in 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. David Tepper is a citizen of the United States.
Page 4 of 11 Pages
<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
-------------------------------------------------
Of the 69,400 Units held by the Reporting Persons, 53,121 Units were
purchased with the personal funds of the Partnership, 3,125 Units were purchased
with the personal funds of Palomino and 13,154 Units were purchased with the
personal funds of Reliance.
ITEM 4. PURPOSE OF TRANSACTION
----------------------
The purpose of the acquisition by the Reporting Persons of the Units is
for investment. The Reporting Persons may consider making additional purchases
of Units of the Trust in open-market or private transactions, the extent of
which purchases would depend upon prevailing market and other conditions.
Alternatively, the Reporting Persons may sell all or a portion of their Units in
open-market or private transactions, depending upon prevailing market conditions
and other factors.
Except as indicated above, the Reporting Persons have no plans or
proposals which relate to or would result in any of the events, actions or
conditions specified in paragraphs (a) through (j) of Item 4 of this Form.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
------------------------------------
(a) This statement on Schedule 13D relates to 69,400 Units beneficially
owned by the Reporting Persons, which constitute approximately 4.63% of
the issued and outstanding Units.
(b) The Manager has sole voting and dispositive power with respect to
69,400 Units. David Tepper has sole voting and dispositive power with
respect to 69,400 Units.
(c) Within the past sixty days, the Reporting Persons sold Units on the
date, in the amounts and at the prices set forth on Exhibit B annexed
hereto and incorporated by reference herein. All of such sales were
made on the open market.
(d) The Reporting Persons ceased to be beneficial owners of more than five
percent of the outstanding Units on January 19, 1996.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
---------------------------------------------------------------------
TO SECURITIES OF THE ISSUER
---------------------------
As discussed in Item 2 above, the Manager acts as investment adviser to
the Partnership, which owns 53,121 Units. The Manager also acts as investment
adviser to Palomino, which owns 3,125 Units, and Reliance, which owns 13,154
Units. David Tepper is the President of
Page 5 of 11 Pages
<PAGE>
Appaloosa Partners Inc., which is the general partner of the Manager. The
Manager is the general partner of the Partnership.
Except as set forth above, there exist no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named in
Item 2 and between such persons and any persons with respect to any securities
of the Trust including but not limited to transfer or voting of any securities,
finders' fees, joint ventures, loan or option agreements, put or calls,
guarantees of profits, division of profits or loss, or the giving or withholding
of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
--------------------------------
Exhibit A: Joint Filing Agreement.
Exhibit B: Transactions in Units Within Past 60 Days.
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: January 25, 1996
Appaloosa Management L.P.
By: /s/ David A. Tepper
-------------------------------------
David A. Tepper
President, Appaloosa Partners, Inc.,
general partner
David A. Tepper
/s/ David A. Tepper
-------------------------------------
Page 6 of 11 Pages
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Exhibit Name Page
- ------- ------------ ----
A Joint Filing Agreement 8
B Transactions in Shares Within Past 60 Days 9
Page 7 of 11 Pages
EXHIBIT A
---------
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below each hereby agrees that the Schedule
13D filed herewith and any amendments thereto relating to the acquisition of
units of beneficial interest of Great Northern Iron Ore Properties is filed
jointly on behalf of each such person.
Dated: July __, 1994
Appaloosa Management L.P.
By: /s/ David A. Tepper
-------------------------------------
David A. Tepper
President, Appaloosa Partners, Inc.,
general partner
David A. Tepper
/s/ David A. Tepper
-------------------------------------
Page 8 of 11 Pages
EXHIBIT B
---------
Transactions in Units of Great Northern Iron Ore Properties
Within the Past Sixty Days
--------------------------
Sales by Appaloosa Investment Limited Partnership I
- ---------------------------------------------------
===================================================
Trade Date No. of Units Sales Price
Sold Per Unit
- ---------------------------------------------------
12-21-95 1,059 $45.70
- ---------------------------------------------------
12-21-95 1,174 45.70
- ---------------------------------------------------
12-22-95 1,925 45.78
- ---------------------------------------------------
12-26-95 1,540 45.81
- ---------------------------------------------------
12-28-95 1,463 45.31
- ---------------------------------------------------
01-02-96 385 44.56
- ---------------------------------------------------
01-04-96 770 44.71
- ---------------------------------------------------
01-10-96 770 44.99
- ---------------------------------------------------
01-11-96 1,540 45.01
- ---------------------------------------------------
01-16-96 300 45.56
- ---------------------------------------------------
01-18-96 333 45.69
- ---------------------------------------------------
01-18-96 2,131 45.69
- ---------------------------------------------------
01-19-96 462 45.94
===================================================
Sales by Palomino Fund Ltd.
- ---------------------------
===================================================
Trade Date No. of Units Sales Price
Sold Per Unit
- ---------------------------------------------------
12-21-95 145 $45.70
- ---------------------------------------------------
12-22-95 125 45.78
- ---------------------------------------------------
12-26-95 100 45.81
Page 9 of 11 Pages
<PAGE>
===================================================
Trade Date No. of Units Sales Price
Sold Per Unit
- ---------------------------------------------------
12-28-95 95 45.31
- ---------------------------------------------------
01-02-96 25 44.56
- ---------------------------------------------------
01-04-96 50 44.71
- ---------------------------------------------------
01-10-96 50 44.99
- ---------------------------------------------------
01-11-96 100 45.01
- ---------------------------------------------------
01-18-96 90 45.69
- ---------------------------------------------------
01-18-96 10 45.69
- ---------------------------------------------------
01-18-96 45 45.69
- ---------------------------------------------------
01-18-96 15 45.69
- ---------------------------------------------------
01-19-96 30 45.94
===================================================
Sales by Reliance Standard Life Insurance Company
- -------------------------------------------------
======================================================
Trade Date No. of Units Sales Price Per Unit
Sold
- ------------------------------------------------------
12-21-95 178 $45.70
- ------------------------------------------------------
12-21-95 344 45.70
- ------------------------------------------------------
12-22-95 56 45.78
- ------------------------------------------------------
12-22-95 35 45.78
- ------------------------------------------------------
12-22-95 90 45.78
- ------------------------------------------------------
12-22-95 269 45.78
- ------------------------------------------------------
12-26-95 360 45.81
- ------------------------------------------------------
12-28-95 342 45.31
- ------------------------------------------------------
01-02-96 90 44.56
- ------------------------------------------------------
01-04-96 180 44.71
- ------------------------------------------------------
01-10-96 180 44.99
- ------------------------------------------------------
Page 10 of 11 Pages
<PAGE>
====================================================
Trade Date No. of Units Sales Price
Sold Per Unit
- ----------------------------------------------------
01-11-96 360 45.01
- ----------------------------------------------------
01-18-96 23 45.69
- ----------------------------------------------------
01-18-96 553 45.69
- ----------------------------------------------------
01-19-96 108 45.94
=====================================================
Page 11 of 11 Pages
