<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
SCHEDULE 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934
ORANGE-CO, INC.
(Name of Issuer)
COMMON STOCK, $.50 PAR VALUE
(Title of Class of Securities)
684177108
(CUSIP Number)
GREGG M. ZEITLIN
RESERVOIR CAPITAL MANAGEMENT, L.L.C.
650 MADISON AVENUE
26TH FLOOR
NEW YORK, NEW YORK 10022
(212) 610-9000
(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(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b) 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 the disclosures provided in a prior cover page.
Page 1 of 12 Pages
<PAGE> 2
The information required in the remainder of this cover page shall not
be deemed to be "filed" for purposes 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 2 of 12 Pages
<PAGE> 3
13D
CUSIP No. 684177108
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reservoir Capital Management, L.L.C.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
- --------------------------------------------------------------------------------
(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
5,405,160
SHARES
-----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
-----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
5,405,160
REPORTING
-----------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,405,160
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
52.4%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 12 Pages
<PAGE> 4
13D
CUSIP No. 684177108
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reservoir Capital Group, L.L.C.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
- --------------------------------------------------------------------------------
(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
5,405,160
SHARES
-----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
-----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
5,405,160
REPORTING
-----------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,405,160
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
52.4%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 12 Pages
<PAGE> 5
13D
CUSIP No. 684177108
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reservoir Capital Partners, L.P.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
- --------------------------------------------------------------------------------
(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
4,617,628
SHARES
-----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
-----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
4,617,628
REPORTING
-----------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,617,628
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
44.79%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 12 Pages
<PAGE> 6
13D
CUSIP No. 684177108
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reservoir Capital Associates, L.P.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
- --------------------------------------------------------------------------------
(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
212,423
SHARES
-----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
-----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
212,423
REPORTING
-----------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
212,423
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.06%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 12 Pages
<PAGE> 7
13D
CUSIP No. 684177108
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reservoir Capital Master Fund, L.P.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
575,109
SHARES
-----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
-----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
575,109
REPORTING
-----------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
575,109
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.58%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 12 Pages
<PAGE> 8
ITEM 1. SECURITY AND ISSUER.
This Statement constitutes Amendment No. 1 to the Schedule 13D (as
originally filed, the "Schedule 13D") filed by Reservoir Capital Management,
L.L.C., a Delaware limited liability company ("RCM"), Reservoir Capital Group,
L.L.C., a Delaware limited liability company ("RCG"), Reservoir Capital
Partners, L.P., a Delaware limited partnership ("RCP"), Reservoir Capital
Associates, L.P., a Delaware limited partnership ("RCA"), and Reservoir Capital
Master Fund, L.P., a limited partnership organized under the laws of the Cayman
Islands ("RCMF"), with respect to the beneficial ownership of shares of common
stock, par value $.50 per share (the "Common Stock"), of Orange-co, Inc., a
Florida corporation (the "Company"). All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Schedule 13D.
In this Statement, each of RCM, RCG, RCP, RCA and RCMF may be referred
to as a "Reporting Person," and collectively as the "Reporting Persons."
Other than as set forth herein, there has been no material change in
the information set forth in Items 1 through 7 of the Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is amended to add the following paragraph at
the end of paragraph seven:
On August 19, 1999, RCG, BHG and Pasco entered into an agreement
pursuant to which BHG agreed to extend the time during which RCG has the right
to purchase the BHG Shares pursuant to the Reservoir Letter of Intent, until
midnight on September 10, 1999 (the "Extension Letter"; such Extension Letter is
attached as Exhibit 3, which Exhibit is hereby incorporated by reference). The
extension was granted subject to all terms and conditions set forth in the
Reservoir Letter of Intent; and further subject to the conditions that (i) the
acquisition of the BHG Shares and the payments therefor, as well as the payments
called for under the Fruit Purchase Agreement and the Consulting and Non-Compete
Agreement be received by BHGI and BHGIII, respectively, on or prior to midnight
on September 10, 1999; and (ii) Pasco agrees that from the date of the
Extension Letter until the expiration of the option granted to RCG thereunder,
neither Pasco nor any of its Affiliates will utilize the existence of the
transactions contemplated by the Pasco Letter of Intent or the Reservoir Letter
of Intent or make reference thereto in connection with the solicitation of
business from any customer or potential customer of the Company or its
subsidiaries.
Page 8 of 12 Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of the Schedule 13D is amended to replace paragraphs (a) and (b)
in their entirety:
(a) Each of RCM and RCG beneficially own 5,405,160 shares
(52.4%) of the Common Stock of the Company. RCP beneficially owns 4,617,628
shares (44.79%) of the Common Stock of the Company. RCA beneficially owns
212,423 shares (2.06%) of the Common Stock of the Company. RCMF beneficially
owns 575,109 shares (5.58%) of the Common Stock of the Company.
(b) RCM and RCG each have the sole power to vote, direct the
voting of, dispose of and direct the disposition of 5,405,160 shares of Common
Stock of the Company. RCP has the sole power to vote, direct the voting of,
dispose of and direct the disposition of 4,617,628 shares of the Common Stock
of the Company. RCA has the sole power to vote, direct the voting of, dispose
of and direct the disposition of 212,423 shares of the Common Stock of the
Company. RCMF has the sole power to vote, direct the voting of, dispose of and
direct the disposition of 575,109 shares of the Common Stock of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is amended to add the following exhibit:
Exhibit 3. Extension Letter, dated August 19, 1999 by and RCG, BHG and
Pasco.
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of each
of the Reporting Persons, each such person or entity certifies that the
information set forth in this Amendment No. 1 to the Schedule 13D is true,
complete and correct and agrees that this statement is filed on behalf of each
of them.
Dated: August 23, 1999
RESERVOIR CAPITAL MANAGEMENT, L.L.C.
By: /s/ Daniel H. Stern
------------------------------------
Page 9 of 12 Pages
<PAGE> 10
Name: Daniel H. Stern
Title: President
RESERVOIR CAPITAL GROUP, L.L.C.
By: /s/ Daniel H. Stern
------------------------------------
Name: Daniel H. Stern
Title: President
RESERVOIR CAPITAL PARTNERS, L.P.
By: Reservoir Capital Group, L.L.C.,
General Partner
By: /s/ Daniel H. Stern
------------------------------------
Name: Daniel H. Stern
Title: President
RESERVOIR CAPITAL ASSOCIATES L.P.
By: Reservoir Capital Group, L.L.C.,
General Partner
By: /s/ Daniel H. Stern
------------------------------------
Name: Daniel H. Stern
Title: President
RESERVOIR CAPITAL MASTER FUND, L.P.
By: Reservoir Capital Group, L.L.C.,
General Partner
By: /s/ Daniel H. Stern
------------------------------------
Name: Daniel H. Stern
Title: President
Page 10 of 12 Pages
<PAGE> 1
EXHIBIT 3
August 19, 1999
Reservoir Capital Group, LLC
650 Madison Avenue, 26th Floor
New York, New York 10022
Attention: Craig Huff, Managing Director
Pasco Acquisition, Inc.
c/o Engles Urso Follmer Capital Corporation
3811 Turtle Creek Boulevard
Suite 1300, L.B. 50
Dallas, Texas 75219
Attention: Mr. Todd W. Follmer, President
Gentlemen:
This letter is to acknowledge that we have agreed with
Reservoir Capital Group, LLC ("Reservoir Capital") to extend the time during
which Reservoir Capital has the right to purchase our shares in Orange-co, Inc.
("Orange-co") pursuant to our letter of intent with Reservoir Capital dated July
14, 1999, until midnight on September 10, 1999. This extension is being granted
subject to all the terms and conditions set forth in our letter of intent with
Reservoir Capital dated July 14, 1999; and further subject to the conditions
that (i) the acquisition of our shares and the payments therefor, as well as the
payments called for under the Fruit Purchase Agreement and the Non-Compete and
Consulting Agreement to be received by the undersigned respective parties
thereto on or prior to midnight on September 10, 1999; and (ii) Pasco
Acquisition, Inc. ("Pasco") execute the agreement set forth at the end of this
letter.
Please indicate your acceptance of the terms and conditions of this
extension by executing the enclosed copy of this letter as indicated below.
Page 11 of 12 Pages
<PAGE> 2
Very truly yours,
BEN HILL GRIFFIN, INC.
By: /s/ Ben Hill Griffin, III
-------------------------
Ben Hill Griffin, III
By: /s/ Ben Hill Griffin, III
---------------------------------------
Ben Hill Griffin, III, individually
Agreed and accepted this 19 day of August, 1999.
RESERVOIR CAPITAL GROUP, LLC
By /s/ Craig Huff
-------------------------
Craig Huff
Its: Managing Director
PASCO ACQUISITION, INC., by its signature below, agrees that from the date of
this extension until the expiration of the option granted to Reservoir
referenced above, neither Pasco or any of its Affiliates will utilize the
existence of the transactions contemplated by the Letter of Intent between Pasco
and Orange-co or the Letter of Intent between Reservoir and Ben Hill Griffin,
Inc. and Ben Hill Griffin III or make reference thereto in connection with the
solicitation of business from any customer or potential customer of Orange-co or
its subsidiaries. This agreement shall inure to the benefit of Ben Hill Griffin,
Inc. and Ben Hill Griffin, III and to Orange-co and its subsidiaries, which are
third party beneficiaries hereof.
PASCO ACQUISITION, INC.
By: /s/ Todd W. Follmer
------------------------
Todd W. Follmer
Its: President
Page 12 of 12 Pages
