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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. 1)*
Old Stone Corporation
-------------------------
(Name of Issuer)
Common Stock, par value $1.00 per share
Cumulative Voting Convertible Preferred Stock,
Series B, par value $1.00 per share
--------------------------------------------------
(Title of Class of Securities)
680293107
680293305
------------------
(CUSIP Number)
William A. Ackman, Manager With a copy to:
Manticore Properties, LLC Morris Orens, Esq.
110 East 42nd Street, 18th Floor Shereff, Friedman, Hoffman & Goodman, LLP
New York, New York 10017 919 Third Avenue
(212) 286-0300 New York, New York 10022
(212) 758-9500
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 30, 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
statement because of Rule 13d-1(b) (3) or (4), check the following: [ ].
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).
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SCHEDULE 13D
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CUSIP No. 680293107 Page 2 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Manticore Properties LLC (133974831)
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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*
WC
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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
Delaware
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7 SOLE VOTING POWER
NUMBER OF 1,603,968 Common Shares
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,603,968 Common Shares
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,968 Common Shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%
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14 TYPE OF REPORTING PERSON*
00
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* 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
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CUSIP No. 680293107 Page 3 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Manticore Properties LLC (133974831)
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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*
WC
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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
Delaware
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7 SOLE VOTING POWER
NUMBER OF 297,018 Preferred Shares
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 297,018 Preferred Shares
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
297,018 Preferred Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.4%
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14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
* 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
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CUSIP No. 680293107 Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gotham Partners, L.P. (133700768)
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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
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
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
NEW YORK
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7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,603,968 Common Shares
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,603,968 Common Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,968 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%
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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
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CUSIP No. 680293107 Page 5 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gotham Partners, L.P. (133700768)
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
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
NEW YORK
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7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 297,018 Preferred Shares
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
297,018 Preferred Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
297,018 Preferred Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.4%
- -------------------------------------------------------------------------------
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
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CUSIP No. 680293107 Page 6 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gotham Partners II, 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*
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
NEW YORK
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,603,968 Common Shares
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,603,968 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,603,968 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%
- -------------------------------------------------------------------------------
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. 680293107 Page 7 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gotham Partners II, L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
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
NEW YORK
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 297,018 Preferred Shares
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
297,018 Preferred Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
297,018 Preferred Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.4%
- -------------------------------------------------------------------------------
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
This Amendment No. 1 amends and supplements the Statement on Schedule
13D (this "Statement") relating to the beneficial ownership by Manticore
Properties, LLC, a Delaware limited liability company (the "Purchaser"),
wholly-owned by Gotham Partners, L.P., a New York limited partnership
("Gotham") and Gotham Partners II, L.P., a New York limited partnership
("Gotham II" and together with Gotham II, the "Funds"), of shares of Common
Stock, par value $1.00 per shares (the "Common Shares") and shares of
Cumulative Voting Convertible Preferred Stock, Series B, par value $1.00 per
shares (the "Preferred Shares" and together with the Common Shares, the
"Shares") of Old Stone Corporation, a Rhode Island corporation (the "Company").
Capitalized terms used herein and not otherwise defined shall have the
respective meanings ascribed to them in the Statement.
ITEM 3. SOURCE AND AMOUNT OF FUNDS
The Reporting Persons have filed with the Securities and Exchange
Commission (the "Commission") a Schedule 14D-1 and amendments thereto relating
to their Offer to Purchase any and all Common Shares and any and all Preferred
Shares on the terms and conditions set forth therein (the "Offer"). The Offer
expired at 5:00 p.m. New York City time on December 17, 1997. The Purchaser
accepted for payment all Shares validly tendered and not withdrawn as of the
expiration of the Offer. Initially, the Purchaser had been advised by the
depositary in the Offer that approximately 1,598,487 Common Shares and 300,423
Preferred Shares had been properly tendered as of the expiration of the Offer
including Shares tendered by notice of guaranteed delivery. Subsequently, the
Purchaser was advised by the Depositary that the number of Common Shares
properly tendered as of the expiration of the Offer is approximately 1,405,956
rather than the 1,598,487 Common Shares originally reported and the number of
Preferred Shares properly tendered as of the expiration of the Offer is
approximately 297,018 rather than the 300,423 Preferred Shares originally
reported. The discrepancy in the numbers is due to an error by the depositary
in the counting of Shares which were tendered.
The aggregate purchase price of the 1,405,956 Common Shares and
297,018 Preferred Shares accepted for payment by the Purchaser is $2,594,028,
exclusive of additional costs and expenses of the Offer. Pursuant to an
agreement between the Funds and the Purchaser, a copy of which was previously
filed as Exhibit 1 to the Statement, the Funds contributed over $2,594,028 of
equity capital to the Purchaser to pay for such Shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Based on the Company's Post-Effective Amendment No. 1 to the
Registration Statement on Form S-8 (Reg. No. 33-21440), dated January 26, 1989,
the Preferred Shares are convertible at the option of the holder for a period
of twenty years after February 20, 1981 on the basis of one and one-third
Common Shares for each two Preferred Shares during the first five years and
thereafter are covertible on the basis of one and one-third Common Shares for
that number of Preferred Shares determined by dividing the per share book value
of the Common Shares as defined in the resolution creating the Preferred Shares
by $20.00 but in no event will the number of Preferred Shares exchanged for one
and one-third Common Shares be less than two shares.
Page 8
<PAGE>
On the basis of the foregoing, the Preferred Shares held by the
Reporting Persons are convertible into Common Shares on the basis of two
Preferred Shares for each one and one-third Common Share. Accordingly, the
297,018 Preferred Shares owned by the Purchaser are convertible into 198,012
Common Shares.
The Purchaser beneficially owns 1,603,968 Common Shares (including the
198,012 Common Shares into which the Preferred Shares owned by the Purchaser
are convertible) or 19.0% of the outstanding Common Shares (which would be
outstanding following such conversion) and 297,018 or 28.4% of the outstanding
Preferred Shares. The sole power to vote or direct the voting of and the power
to dispose or direct the disposition of, such Shares is held by the Purchaser.
Gotham and Gotham II have shared power to vote or direct the voting of and the
power to dispose or direct the disposition of, such Shares as described below.
Each of Gotham and Gotham II, through its ownership of the Purchaser,
has the power to vote or direct the voting of and the power to dispose or
direct the disposition of, the Shares held by the Purchaser. Accordingly, each
of Gotham and Gotham II may be deemed to be the beneficial owner of the Shares
held by the Purchaser, and thereby the beneficial owner of 1,603,968 or 19.0%
of the outstanding Common Shares and 297,018 or 28.4% of the outstanding
Preferred Shares.
The number of shares beneficially owned by each of the Reporting
Persons and the percentage of outstanding shares represented thereby, have been
computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The ownership of the Reporting Persons is based on 8,246,175
outstanding Common Shares and 1,046,914 outstanding Preferred Shares of the
Issuer as of September 30, 1997, as reported in the Issuer's Quarterly Report
on Form 10-Q for the period ended September 30, 1997.
(c) On December 17, 1997, the Purchaser accepted for payment all
Shares validly tendered and not withdrawn as of the expiration of the Offer.
Initially, the Purchaser had been advised by the depositary in the Offer that
approximately 1,598,487 Common Shares and 300,423 Preferred Shares had been
properly tendered as of the expiration of the Offer including Shares tendered
by notice of guaranteed delivery. Subsequently, the Purchaser was advised by
the Depositary that the number of Common Shares properly tendered as of the
expiration of the Offer is approximately 1,405,956 rather than the 1,598,487
Common Shares originally reported and the number of Preferred Shares properly
tendered as of the expiration of the Offer is approximately 297,018 rather than
the 300,423 Preferred Shares originally reported. The discrepancy in the
numbers is due to an error by the depositary in the counting of Shares which
were tendered.
Page 9
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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.
Dated: December 30, 1997 MANTICORE PROPERTIES, LLC
By: /s/ William A. Ackman
--------------------------------
Name: William A. Ackman
Title: Manager
GOTHAM PARTNERS, L.P.
By: Section H Partners, L.P.,
its general partner
By: Karenina Corporation
a general partner of Section H
Partners, L.P.
By: /s/ William A. Ackman
--------------------------------
Name: William A. Ackman
Title: President
GOTHAM PARTNERS II, L.P.
By: Section H Partners, L.P.,
its general partner
By: Karenina Corporation
a general partner of Section H
Partners, L.P.
By: /s/ William A. Ackman
--------------------------------
Name: William A. Ackman
Title: President
Page 10
