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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ________)*
Dover Investments Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Class A Common Stock, $0.01 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
260152103000
- --------------------------------------------------------------------------------
(CUSIP Number)
Rod J. Howard
Gray Cary Ware & Freidenrich
400 Hamilton Avenue
Palo Alto, CA 94301-3699
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
February 25, 1997
- --------------------------------------------------------------------------------
(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
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).
SEC 1746 (12-91)
<PAGE>
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Leeward Capital, L. P. 94-3259184
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC, OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e)
N/A
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 38,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 38,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
38,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.923%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
PN (Limited Partnership)
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Leeward Investments, LLC 94-3259183
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC, OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e)
N/A
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 38,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 38,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
38,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.923%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
OO (Limited Liability Company)
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Eric P. Von der Porten ###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF, OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e)
N/A
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 38,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 38,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
38,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.923%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Class A Common Stock, $0.01 par
value, of Dover Investments Corporation (the "Issuer" or "Dover") (the "Dover
Common Stock"). Dover is a Delaware corporation, and its principal executive
offices are located at 350 California Street, Suite 1650, San Francisco, CA
94104.
ITEM 2. IDENTITY AND BACKGROUND
This Statement is being filed jointly by: (1) Leeward Capital, L.P., a
California limited partnership ("Leeward Capital"), (2) Leeward Investments,
LLC, a California limited liability company ("Leeward Investments") that serves
as general partner to Leeward Capital, and (3) Mr. Eric P. Von der Porten, a
natural person whose principal occupation is Manager of Leeward Investments.
Leeward Capital, Leeward Investments and Mr. Eric P. Von der Porten will be
collectively identified hereinafter as the "Reporting Persons."
This Statement is based upon the Reporting Persons' direct and indirect
beneficial ownership of shares of Dover Common Stock. The business address of
the Reporting Persons is 1139 San Carlos Avenue, Suite 302, San Carlos, CA
94070.
During the last five years, none of the Reporting Persons has been (a)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (b) 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. The
Reporting Persons are citizens of California.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Between December 13, 1995 and January 8, 1997, Mr. Von der Porten
purchased, either solely or jointly with a third party, and acquired sole voting
power over, a total of 31,000 shares of Dover Common Stock, using personal
funds. On February 14, 1997, February 24, 1997 and March 3, 1997, Leeward
Capital purchased from Mr. Von der Porten a total of 31,000 shares of Dover
Common Stock in exchange for limited partnership units of Leeward Capital
valued at $143,688. On February 25, 1997, March 3, 1997, and March 6, 1997,
Leeward Capital purchased through Furman Selz, LLC, in open-market transactions
for cash, a total of 7,500 shares of Dover Common Stock, using partnership
capital contributed by general and limited partners of Leeward Capital.
<PAGE>
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons purchased Dover Common Stock for investment purposes
only. Leeward Capital was established to invest in micro-cap and small-cap
stocks, distressed REITs, convertible bonds, secondary-market limited
partnership interests and other securities.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of March 7, 1997 (the "Filing Date"), the Reporting Persons had
beneficial ownership, as defined in Rule 13d-3(a) (hereinafter "Beneficial
Ownership") of an aggregate of 38,500 shares of Dover Common Stock held in the
name of Leeward Capital, or an aggregate of 5.923% of the outstanding shares of
Dover Common Stock, based upon the outstanding shares of Dover Common Stock
disclosed in Dover's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1996.
(b) Leeward Capital, Leeward Investments (as general partner of Leeward
Capital), and Mr. Von der Porten (as manager of Leeward Investments) may each be
deemed to possess sole voting and dispositive power with respect to the Dover
Common Stock held by Leeward Capital.
(c) From the date sixty days preceding the date of the event which
initially required the filing of this Statement through the Filing Date, the
Reporting Parties engaged in the following transactions with respect to the
Dover Common Stock: On January 8, 1997, Mr. Von der Porten purchased 1,250
shares of Dover Common Stock for his personal portfolio, using personal funds.
On February 14, 1997, Leeward Capital purchased from Mr. Von der Porten 10,000
shares of Dover Common Stock in exchange for limited partnership units of
Leeward Capital. On February 24, 1997, Leeward Capital purchased from Mr. Von
der Porten and a third party 11,000 shares of Dover Common Stock in exchange for
limited partnership units of Leeward Capital. On February 25, 1997, Leeward
Capital purchased on the open market (through Furman Selz L.L.C.) 5,500 shares
of Dover Common Stock, using partnership capital. On March 3, 1997, Leeward
Capital purchased on the open market (through Furman Selz L.L.C.) 1,000 shares
of Dover Common Stock, using partnership capital, and Leeward Capital purchased
from Mr. Von der Porten 10,000 shares of Dover Common Stock in exchange for
limited partnership units of Leeward Capital. On March 6, 1997, Leeward Capital
purchased on the open market (through Furman Selz L.L.C.) 1,000 shares of Dover
Common Stock, using partnership capital.
The following table provides information regarding transactions made by the
Reporting Persons during the sixty-day period prior to the Filing Date and
includes the purchaser of each transaction, the date of the transaction, the
amount of securities involved, the price per share, and how the transaction was
effected:
<TABLE>
<CAPTION>
Number of
Purchaser Shares Price How
- --------- Trade Date Bought/Sold Per Share Effected
---------- ------------ --------- ---------
<S> <C> <C> <C> <C>
Mr. Von der Porten January 1,250 $6.25000 Open
8, 1997 market
Leeward Capital February 10,000 4.87500 Private
14, 1997 purchase
Leeward Capital February 11,000 4.31250 Private
24, 1997 purchase
Leeward Capital February 500 4.81000 Open
25, 1997 market
Leeward Capital February 5,000 4.43500 Open
25, 1997 market
Leeward Capital March 3, 1,000 4.95500 Open
1997 market
Leeward Capital March 3, 10,000 4.75000 Private
1997 purchase
Leeward Capital March 6, 1,000 5.12500 Open
1997 market
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None of the Reporting Parties, to the best of their respective knowledge,
has any contract, arrangement, understanding or relationship (legal or
otherwise) with any person with respect to any securities of the Issuer, other
than the Joint Filing Agreement among the Reporting Parties attached as
Exhibit 1.
- ---------
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS SIGNATURE
1. Joint Filing Agreement among the Reporting Parties.
<PAGE>
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.
Date: March 7, 1997
LEEWARD CAPITAL, L.P. LEEWARD INVESTMENTS, LLC
/s/ LEEWARD CAPITAL, L.P. /s/ ERIC P. VON DER PORTEN
- ------------------------- --------------------------
By: Leeward Investments, LLC By: Eric P. Von der Porten
Its: General Partner Its: Manager
/s/ ERIC P. VON DER PORTEN
- --------------------------
Eric P. Von der Porten
<PAGE>
EXHIBIT 1
JOINT FILING AGREEMENT
WHEREAS, the statement on Schedule 13D to which this agreement is an
exhibit (the "Joint Statement") is being filed on behalf of two or more persons
(collectively, the "Reporting Persons"); and
WHEREAS, the Reporting Persons prefer to file the Joint Statement on behalf
of all Reporting Persons rather than individual statements on Schedule 13D on
behalf of each of the Reporting Persons;
NOW, THEREFORE, the undersigned hereby agree as follows with each of the
other Reporting Persons:
1. Each of the Reporting Persons is individually eligible to use the
Joint Statement.
2. Each of the Reporting Persons is responsible for the timely filing of
the Joint Statement and any amendments thereto.
3. Each of the Reporting Persons is responsible for the completeness and
accuracy of the information concerning such person contained in the Joint
Statement.
4. None of the Reporting Persons is responsible for the completeness or
accuracy of the information concerning the other Reporting Persons contained in
the Joint Statement, unless such person knows or has reason to believe that such
information is inaccurate.
5. The undersigned agree that the Joint Statement is, and any amendment
thereto will be, filed on behalf of each of the Reporting Persons.
Dated: March 7, 1997
LEEWARD CAPITAL, L.P. LEEWARD INVESTMENTS, LLC
/s/ LEEWARD CAPITAL, L.P. /s/ ERIC P. VON DER PORTEN
- ------------------------- --------------------------
By: Leeward Investments, LLC By: Eric P. Von der Porten
Its: General Partner Its: Manager
/s/ ERIC P. VON DER PORTEN
- --------------------------
Eric P. Von der Porten
