CUSIP No. 560840-10-0
SCHEDULE 13D
(Rule 13d-101)
Information to be Included in Statements Filed Pursuant to Rule 13d-1(a) and
Amendments Thereto Filed Pursuant to Rule 13d-2(a)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 1)*
Major Realty Corp.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
560840-10-0
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(CUSIP Number)
James G. Lewis, Third Capital, LLC, 314 Church Street, Nashville, TN 37201
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
May 7, 1998
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(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 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 7 Pages
<PAGE>
<TABLE>
<CAPTION>
CUSIP No. 560840-10-0
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Third Capital, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ x ] (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
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NUMBER OF 7 SOLE VOTING POWER
SHARES 100 (see Items 3 and 5 in original 13D)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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8 SHARED VOTING POWER
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Page 2 of 7 Pages
<PAGE>
CUSIP No. 560840-10-0
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9 SOLE DISPOSITIVE POWER
100 (see Items 3 and 5 in original 13D)
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100 (see Items 3 and 5 in original 13D)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[---]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1.0%
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14 TYPE OF REPORTING PERSON*
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAG Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ x ] (b) [ ]
----
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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Page 3 of 7 Pages
<PAGE>
CUSIP No. 560840-10-0
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR
2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
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NUMBER OF 7 SOLE VOTING POWER
SHARES 680,000 (see Item 5 in original 13D)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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8 SHARED VOTING POWER
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9 SOLE DISPOSITIVE POWER
680,000 (see Item 5 in original 13D)
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
680,000 (see Item 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[---]
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Page 4 of 7 Pages
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CUSIP No. 560840-10-0
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.86%
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14 TYPE OF REPORTING PERSON*
CO
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAG Partners, L. P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ x ] (b) [ ]
----
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
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Page 5 of 7 Pages
<PAGE>
CUSIP No. 560840-10-0
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NUMBER OF 7 SOLE VOTING POWER
SHARES 680,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
680,000
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10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
680,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[---]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.86%
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14 TYPE OF REPORTING PERSON*
PN
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</TABLE>
This Amendment No. 1 to Schedule 13D is filed on behalf of
Third Capital, LLC, a Tennessee limited liability company ("Third Capital"), PAG
Corp., a Tennessee corporation ("PAG Corp."), and PAG Partners, L.P., a
Tennessee limited partnership ("PAG Partners"), for
Page 6 of 7 Pages
<PAGE>
CUSIP No. 560840-10-0
the purpose of reporting the following amendment and supplement to Item 4 by
Third Capital, PAG Corp., and PAG Partners regarding Major Realty Corporation, a
Delaware corporation ("Major" or "Company").
Item 4. Purpose of Transaction.
----------------------
Item 4 of Schedule 13D is hereby amended and supplemented as follows:
Since Third Capital, PAG Corp., and PAG Partners (collectively, the "Third
Capital Group") filed their original Schedule 13D, the Company announced that it
has entered into an Agreement and Plan of Merger ("Merger Agreement"), dated
March 4, 1998, with PBD Holdings, L. P., an affiliate of Pembroke Companies,
Inc., Blackacre Capital Group, L. P. and Millennium Capital, LLC (collectively,
the "Buyer").
The Third Capital Group is analyzing this transaction and has retained legal
counsel to explore its alternatives. The Third Capital Group expects to exercise
its dissenters' rights under Delaware law and will be exploring whether other
remedies are available to them.
Additionally, the Third Capital Group has been contacted by other shareholders
which the Third Capital Group believes own more than 16% of the outstanding
common stock of Major. These shareholders have indicated to Third Capital that
they may exercise their dissenters' rights under Delaware law and are exploring
other legal remedies available to them.
Except for an agreement to share certain legal costs, the Third Capital Group
has no agreement or understanding with any other shareholder with respect to the
exercise of available dissenters' rights or any other legal remedy that may be
available.
Under the terms of the Merger Agreement, the Buyer has the option of terminating
the Merger Agreement in the event shareholders owning more than 15% of the
outstanding shares of Major stock exercise their dissenters' rights under
Delaware law. Based on their discussions with other shareholders, the Third
Capital Group expects shareholders (including the Third Capital Group) owning
more than 26% of the outstanding stock of Major may exercise their dissenters'
rights. If exercised, this action will give rise to the Buyers' right to
terminate the Merger Agreement. The Third Capital Group has not had any
discussions with Buyer regarding whether Buyer will exercise this right and does
not know whether Buyer will exercise this right.
Item 7. Material to be Filed as Exhibits.
--------------------------------
Exhibit 7.2 Joint Filing Agreement
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 7, 1998 THIRD CAPITAL, LLC
By: /s/ Christopher L. Jarratt
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Christopher L. Jarratt, Chief Manager
PAG CORP.
By: /s/ Christopher L. Jarratt
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Christopher L. Jarratt, President
PAG PARTNERS, L. P.
By: PAG CORP.
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Its Sole General Partner
By: /s/ Christopher L. Jarratt
-------------------------------------
Christopher L. Jarratt, President
Page 7 of 7 Pages
<PAGE>
Exhibit Index
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Exhibit 7.2 -- Joint Filing Agreement
EXHIBIT 7.2
AGREEMENT OF JOINT FILING
Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act
of 1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission, the Statement on Schedule 13D (the
"Statement") to which this Agreement is attached as an exhibit, and agree that
such Statement, as so filed, is filed on behalf of each of them.
This Agreement may be executed in counterparts, each of which when so
executed shall be deemed to be an original, and all of which together shall be
deemed to constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: May 7, 1998 THIRD CAPITAL, LLC
By: /s/ Christopher L. Jarratt
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Christopher L. Jarratt, Chief Manager
PAG CORP.
By: /s/ Christopher L. Jarratt
---------------------------------------
Christopher L. Jarratt, President
PAG PARTNERS, L. P.
By: PAG CORP.
---------------------------------------
Its Sole General Partner
By: /s/ Christopher L. Jarratt
-------------------------------------
Christopher L. Jarratt, President
