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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. 9) *
Liberte' Investors Inc. F/K/A
Liberte' Investors F/K/A
Lomas & Nettleton Mortgage Investors
------------------------------------
(Name of Issuer)
Common Stock, $.01 Par Value
----------------------------
(Title of Class of Securities)
530154-10-3
------------
(CUSIP Number)
Edward W. Rose, III, Willowwood Partners, L.P.
500 Crescent Court, Suite 250, Dallas, Texas 75201
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
AUGUST 16, 1996
-------------------------------------------------------
(DATE OF EVENT WHICH REQUIRES FILING OF THIS AMENDMENT)
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).
<PAGE>
SCHEDULE 13D
CUSIP NO. 530154-10-3 Page 2 of 10 Pages
- ------------------------ ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Willowwood Partners, L.P.
75-2338632
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES 0
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 976,164
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 976,164
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
976,164
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 530154-10-3 Page 3 of 10 Pages
- ------------------------ ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edward W. Rose III
###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES 0
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 976,164
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 976,164
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
976,164
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 530154-10-3 Page 4 of 10 Pages
- ------------------------ ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lela Helen Rose Trust
75-6261476
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES 0
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 10,000
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 10,000
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 530154-10-3 Page 5 of 10 Pages
- ------------------------ ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William Edward Rose Trust
75-6261475
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES 0
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 10,000
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 10,000
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 530154-10-3 Page 6 of 10 Pages
- ------------------------ ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Evelyn P. Rose
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES 0
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 20,000
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 20,000
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Willowwood Partners, L.P., a limited partnership organized under
the Delaware Revised Limited Partnership Act (the "Partnership"), and
certain other persons hereby supplement and amend their Statement on
Schedule 13D originally filed on August 8, 1990, as previously amended on
October 23, 1990, June 5, 1991, September 3, 1991, January 7, 1992, April
6, 1992, September 22, 1994, February 24, 1995 and February 9, 1996 (the
"Schedule 13D"), with respect to their beneficial ownership of Shares of
Beneficial Interest without par value of Liberte Investors f/k/a Lomas &
Nettleton Mortgage Investors.
On or about August 16, 1996 (i) Liberte Investors reorganized from a
Massachusetts business trust into a Delaware corporation and became known
as Liberte Investors Inc., and (ii) Liberte Investors Inc. issued 8,102,439
newly issued shares of Common Stock to Hunter's Glen/Ford, Ltd. ("Hunter's
Glen/Ford") representing 40% of the 20,256,097 shares of Common Stock
outstanding. This Amendment is being filed to reflect the fact that as a
result of the issuance of shares of Common Stock to Hunter's Glen/Ford, the
Partnership and the other persons filing the Schedule 13D collectively own
less than 5% of the outstanding Common Stock of Liberte Investors Inc.
Except as amended herein, the Schedule 13D remains unchanged from the
Schedule 13D as amended to date.
Capitalized terms not defined herein have the meanings ascribed to
them in the Schedule 13D.
Item 1. Security and Issuer.
-------------------
--Item 1 of Schedule 13D is hereby amended to read in its
entirely as follows:
This statement relates to the shares of Common Stock (the
"Shares") of Liberte Investors Inc. f/k/a Liberte Investors f/k/a Lomas &
Nettleton Mortgage Investors (the "Issuer"). The address of the principal
executive offices of the Issuer is 600 N. Pearl Street, Suite 420, LB #168,
Dallas, Texas 75201.
Item 5. Interest in Securities of the Issuer.
------------------------------------
--Section (a) of Item 5 of the Schedule 13D is hereby amended to
read in its entirety as follows:
Page 7 of 10 Pages
<PAGE>
(a) The Partnership beneficially owns a total of 976,164 Shares,
constituting approximately 4.8% of the 20,256,097 Shares outstanding after
the issuance of the shares to Hunter's Glen/Ford according to the Issuer's
Proxy Statement/Prospectus dated July 3, 1996. Each of the persons listed
on Schedule D hereto beneficially owns the number of Shares and the
approximate percentage of Shares outstanding set forth opposite such
person's name on Part II of Schedule D. All persons on whose behalf this
Schedule 13D is filed beneficially owned an aggregate of 996,164 Shares, or
4.9% of all Shares outstanding. Each of the persons listed on Schedule D
hereto and the Partnership declare that the filing of this Schedule 13D
shall not be construed as an admission that he, she or it is, for purposes
of Section 13(d) or 13(g) of the Securities Act of 1933, as amended, the
beneficial owner of all of the securities covered by this Schedule 13D.
Each of the persons listed on Schedule D hereto and the Partnership
disclaim beneficial ownership of all of the Shares covered by this Schedule
13D except for the Shares actually owned by such person.
Mr. Enloe may be deemed to be the indirect beneficial owner of
Shares held by him or for his wife by or in retirement plans, and Mr. Enloe
is a director of LNH REIT, Inc. which entity holds a substantial amount of
Shares. The Partnership also disclaims beneficial ownership of all of such
Shares.
--Section II of Schedule D to this Schedule 13D is hereby
amended as follows:
Section II
----------
<TABLE>
<CAPTION>
Aggregate
Number of Percentage Purchase Price Source of
Shares of (including Funds Used
Beneficially all Shares brokerage to Make
Name Owned Outstanding commissions) Purchases
- ----------------------------- ------------ ------------ --------------- -----------
<S> <C> <C> <C> <C>
Edward W. Rose III /2,3/ 976,164 /1/ 4.8% $3,263,898.03 (A)
Lela Helen Rose Trust 10,000 /1/ 0.0% $ 33,218.70 (B)
William Edward Rose Trust 10,000 /1/ 0.0% $ 33,218.70 (B)
Evelyn P. Rose /4/ 20,000 /1/ 0.1% $ 66,437.40 (C)
- ---------------------------------------------------------------------------------------
</TABLE>
Page 8 of 10 Pages
<PAGE>
- -----------------------------
/1/ Shared voting and dispositive power.
/2/ Represents 976,164 Shares beneficially owned by the Partnership.
/3/ Does not include 20,000 Shares held by Mr. Rose's wife as
trustee of trusts for the benefit of their children.
/4/ Represents shares held by Ms. Rose as trustee of the Lela Helen
Rose Trust and the William Edward Rose Trust. Does not include
Shares held by spouse.
(A) From the Partnership.
(B) From funds owned by the Trust.
(C) From the Lela Helen Rose Trust and the William Edward Rose Trust.
--Section (e) of Item 5 of the Schedule 13D is hereby amended
to add the following sentence:
As a result of the issuance of the 8,102,439 shares of Common
Stock by the Issuer to Hunter's Glen/Ford on August 16, 1996, the ownership
of the persons reporting on this Schedule 13D dropped to 4.9%.
Page 9 of 10 Pages
<PAGE>
SIGNATURES
----------
After reasonable inquiry and to the best of such person's knowledge
and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Date: September 4, 1996
WILLOWWOOD PARTNERS, L.P.
By: CARDINAL PORTFOLIOS COMPANY,
General Partner
By: *
------------------------------------
Edward W. Rose III, Owner
*
------------------------------------------
Edward W. Rose III
/s/ Marshall B. Payne
------------------------------------------
Marshall B. Payne
*
------------------------------------------
Evelyn P. Rose
LELA HELEN ROSE TRUST
By: *
-----------------------------------------
Evelyn P. Rose, Trustee
WILLIAM EDWARD ROSE TRUST
By: *
-----------------------------------------
Evelyn P. Rose, Trustee
*By: /s/ Debbie Crady
----------------------------------------
Debbie Crady, Attorney-in-Fact
Page 10 of 10 Pages
