UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
MOTOR CLUB OF AMERICA
(Name of Issuer)
COMMON STOCK, PAR VALUE $.50 PER SHARE
(Title of Class of Securities)
619823107
(CUSIP Number)
William E. Lobeck, Jr.
1132 S. Lewis Ave.
Tulsa, OK 74104-3906
(918) 535-5129
(Name, address and telephone number of person
authorized to receive notices and communications)
March 27, 2000
(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 |_|.
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.
Page 1 of 10
<PAGE>
CUSIP No. 619823107 SCHEDULE 13D Page 2 of 10 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Archer McWhorter
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
301,635
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 525,671
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 301,635
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
525,671
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
525,671
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 619823107 SCHEDULE 13D Page 3 of 10 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sleepy Lagoon, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 224,036
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
224,036
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
224,036
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 619823107 SCHEDULE 13D Page 4 of 10 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alvin E. Swanner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
301,634
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 525,669
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 301,634
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
525,669
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
525,669
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 619823107 SCHEDULE 13D Page 5 of 10 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Brion Properties, a Louisiana partnership in commendam
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Louisiana
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 224,035
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
224,035
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
224,035
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 619823107 SCHEDULE 13D Page 6 of 10 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
William E. Lobeck, Jr.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
505,668
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 505,668
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
505,668
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Schedule 13D
The persons signing this Schedule 13D Amendment 4 ( collectively the
"Reporting Persons") hereby amend the statement on Schedule 13D as previously
amended (collectively, the "Schedule 13D"), with respect to their beneficial
ownership of Common Stock of Motor Club of America, a New Jersey corporation
(the "Issuer"). Capitalized terms not otherwise defined shall have the meaning
ascribed to them in Amendment 3.
Item 1. Security and Issuer.
Common Stock, par value $.50 per share, of the Issuer having principal
executive offices at 95 Route 17 South, Paramus, New Jersey 07653.
Item 2. Identity and Background.
No Change.
Item 3. Source and Amount of Funds or Other Consideration.
On September 23, 1999, each of SL, BP and Mr. Lobeck (the "Purchasers")
entered into separate Debenture Purchase Agreements (the "Agreements") with the
Issuer, each in substantially the form attached as Exhibit 1 to Amendment 3, for
the purchase of the Issuer's 8.44% unsecured subordinated debentures due
September 23, 2009 (the "Debentures").
The Agreements provide for the purchases of the following principal
amounts of the Debentures, and for their conversion, in whole or in part, at any
time prior to the earlier of maturity or redemption, into the following number
of shares of the Issuer's common stock:
Principal Amount of Number of Shares of Common Stock
Name of Purchaser Debentures Purchased Issuable on Debenture Conversion
- ---------------------- -------------------- --------------------------------
Sleepy Lagoon, Ltd. $3,126,172 201,736
Brion Properties, Ltd. $3,126,162 201,735
William E. Lobeck $3,001,451 193,688
A form of the Debentures is included in Exhibit 1 to Amendment 3.
Mr. McWhorter and SL share voting power and dispositive power with respect
to the securities held by SL. As general partner of SL, Mr. McWhorter exercises
SL's power to convert SL's Debentures as well as SL's voting and investment
powers with respect to the subject securities. Although Mr. McWhorter's son,
Archer McWhorter, Jr., is a Director of the Issuer and a limited partner of
Sleepy Lagoon, Ltd., Mr. McWhorter Jr. cannot exercise any such powers, and
disclaims any beneficial ownership of the Debentures and the subject securities
thereof.
Mr. Swanner and BP share voting power and dispositive power with respect
to the securities held by BP. As general partner of BP, Mr. Swanner exercises
BP's power to convert BP's Debentures as well as BP's voting and investment
powers with respect to the subject securities thereof.
Mr. Lobeck exercises sole power to convert his Debentures and as well as
sole voting and investment powers with respect to the subject securities
thereof.
The purchase price of the Debentures and the 66,900 shares purchased on
March 27, and March 29, 2000 was paid with personal funds of SL, BP, and Mr.
Lobeck, respectively.
Page 7 of 10
<PAGE>
Item 4. Purpose of Transactions
This Amended Report supplements the prior Item 4. The Reporting Persons
believe the recent market price of the Issuer is undervalued as in comparison to
what the Reporting Persons believe is its inherent fair market value.
Each of the parties together effected the purchase of 66,900 shares of
Common Stock for an aggregate of $482,050 by purchasing 56,900 shares at $7 per
share on March 27, 2000 and 10,000 shares at $8.375 per share on March 29, 2000.
Each of the Purchasers is a director of the Issuer, and together they
constitute the Executive Committee of the Issuer's Board of Directors. Although
the Purchasers acted in concert with respect to the transactions described
herein, there is presently no agreement, understanding or arrangement among any
of them to act in concert again in the future with respect to any of the
Issuer's securities. Any one or more of the Purchasers, SL and Brion Properties,
Ltd. may effect, alone or together, additional transactions in securities of the
Issuer through a variety of possible means, including but not limited to open
market and privately negotiated transactions. None of the Purchasers, SL or
Brion Properties, Ltd. is bound to increase or decrease his or its holdings, and
depending upon future developments, may also in his or its sole discretion
determine at any time or from time to time to acquire additional Issuer
securities or to sell or otherwise dispose of any or all of his or its Issuer
securities. Each such individual and entity reserves the right to act with
respect to his or its holdings as he or it deems in his or its best interests.
As noted in Item 3 above, Mr. McWhorter's son, Archer McWhorter, Jr., is a
director of the Issuer. Mr. McWhorter, Jr. is not, however, a member of the
Executive Committee, and other than as described at Item 3, has not participated
in the acquisition of the Debentures.
Except as set forth in Item 3 or in this Item 4, none of Messrs.
McWhorter, Lobeck or Swanner, or Brion Properties, Ltd. or Sleepy Lagoon, Ltd.,
has any present plan or proposal that relates to or would result in any of the
actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
The following table sets forth certain information as to the beneficial
ownership of the Issuer's common stock by the Reporting Persons as of the date
hereof.
<TABLE>
<CAPTION>
Shares
Shares Beneficially Owned Purchased
Prior to March 27, 2000 March 27,
------------------------- 2000 to
March 29,
2000
Issued Shares to be Acquired upon
Name Shares Conversion of Debentures
---- ------ ------------------------
<S> <C> <C> <C> <C>
Archer McWhorter 301,635(a) 201,736 (c) -0- 21.6% (b)
Sleepy Lagoon, Ltd. -0- 201,736 (c) 22,300 9.6% (b)
Alvin E. Swanner 301,634 201,735 (d) -0- 21.6% (b)
Brion Properties -0- 201,735 (d) 22,300 9.6% (b)
William E. Lobeck 289,601 193,767 22,300 21.8% (b)
------- ------
totals 892,870 66,900
</TABLE>
Page 8 of 10
<PAGE>
(a) The 301,635 shares of the Issuer's common stock beneficially
owned by Archer McWhorter are held of record by the McWhorter Family Trust, of
which Mr. McWhorter is a Trustee.
(b) Based upon 2,124,387 shares of Common Stock outstanding as
reported by the Issuer in its most recent annual report on Form 10-K.
(c) The 201,736 shares of the Issuer's common stock to be acquired
upon conversion in full of the Debentures, as described in Item 3 of Amendment 3
to this Schedule 13D, will be held of record by Sleepy Lagoon, Ltd., a Texas
limited partnership of which Mr. McWhorter is the general partner. Such shares
will be beneficially owned by Mr. McWhorter.
(d) The 201,735 shares of the Issuer's common stock to be acquired
upon conversion in full of the Debentures, as described in Item 3 of Amendment 3
to this Schedule 13D, will be held of record by Brion Properties, a Louisiana
partnership in commendam of which Mr. Swanner is the general partner. Such
shares will be beneficially owned by Mr. Swanner.
There have been no transactions in respect of the Issuer's common stock
during the past 60 days which are required to be reported in this Item 5 except
as described above.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
None, other than as described in Items 3 and 4.
Item 7. Material to be Filed as Exhibits.
1 Form of Debenture Purchase Agreement, with exhibits. [Incorporated
by reference to Schedule 13D Amendment 3 filed October 5, 1999.]
2. Amended Registration Statement on Form S-4/A of Motor Club of
America, filed with the Commission on June 3, 1999. [Incorporated by
reference to Schedule 13D Amendment 3 filed October 5, 1999.]
Page 9 of 10
<PAGE>
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.
ARCHER MCWHORTER
Date: April 5, 2000 /s/ Archer McWhorter
-------------------------------------
SLEEPY LAGOON LTD.
Date: April 5, 2000 By: /s/ Archer McWhorter
----------------------------------
Name: Archer McWhorter
Title: General Partner
ALVIN E. SWANNER
Date: April 5, 2000 /s/ Alvin E. Swanner
-------------------------------------
BRION PROPERTIES, a Louisiana
partnership in commendam.
Date: April 5, 2000 By: /s/ Alvin E. Swanner
----------------------------------
Name: Alvin E. Swanner
Title: General Partner
WILLIAM E. LOBECK
Date: April 5, 2000 /s/ William E. Lobeck
-------------------------------------
Page 10 of 10
