<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
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)
February 19, 1998
---------------------------------------
(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).
<PAGE>
SCHEDULE 13D
CUSIP NO. 680293107 PAGE 2 OF 18 PAGES
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON
Manticore Properties LLC (133974831)
- ------------------------------------------------------------------------------
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 Delaware
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 1,603,968 Common Shares
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 1,603,968 Common Shares
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
- ------------------------------------------------------------------------------
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* 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
CUSIP NO. 680293305 PAGE 3 OF 18 PAGES
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON
Manticore Properties LLC (133974831)
- ------------------------------------------------------------------------------
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 Delaware
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 297,018 Preferred Shares
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 297,018 Preferred Shares
REPORTING ------------------------------------------------------
PERSON 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%
- ------------------------------------------------------------------------------
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
CUSIP NO. 680293107 PAGE 4 OF 18 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
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 2,974 Common Shares
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 1,603,968 Common Shares
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 2,974 Common Shares
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 1,603,968 Common Shares
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,606,942 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. 680293305 PAGE 5 OF 18 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
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 0
SHARES -------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 297,018 Preferred Shares
OWNED BY -------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 0
REPORTING -------------------------------------------------------
PERSON 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
CUSIP NO. 680293107 PAGE 6 OF 18 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
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 26 Common Shares
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 1,603,968 Common Shares
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 26 Common Shares
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 1,603,994 Common Shares
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,603,994 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. 680293305 PAGE 7 OF 18 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
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 0
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 297,018 Preferred Shares
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 0
REPORTING ------------------------------------------------------
PERSON 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
CUSIP NO. 680293107 PAGE 8 OF 18 PAGES
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON
Gotham International Advisors, LLC
- ------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 51,067 Common Shares
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 51,067 Common Shares
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 51,067 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) 0.6%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON* OO;IA
- -------------------------------------------------------------------------------
*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. 680293305 PAGE 9 OF 18 PAGES
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON
Gotham International Advisors, LLC
- ------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 11,800 Preferred Shares
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 11,800 Preferred Shares
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 11,800 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) 1.1%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON* OO;IA
- -------------------------------------------------------------------------------
*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. 2 amends and supplements the Statement on
Schedule 13D, as previously amended (this "Statement"), previously filed by
Gotham Partners, L.P., a New York limited partnership ("Gotham"), Gotham
Partners II, L.P., a New York limited partnership ("Gotham II" and together
with Gotham II, the "Funds"), and Manticore Properties, LLC, a Delaware limited
liability company (the "Purchaser"), wholly-owned by Gotham and Gotham II,
relating to the beneficial ownership of shares of Common Stock, par value $1.00
per share (the "Common Shares") and shares of Cumulative Voting Convertible
Preferred Stock, Series B, par value $1.00 per share (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.
Except as specifically provided herein, the Amendment does
not modify any of the information previously reported in the Statement.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended by adding the following:
This Statement is being filed by the Purchaser, Gotham,
Gotham II and Gotham International Advisors, L.L.C., a Delaware limited
liability company ("Gotham Advisors", and together with Gotham and Gotham II,
the "Reporting Persons"), with respect to Common Shares owned by Gotham
Partners International, Ltd. ("Gotham International"), a Cayman exempted
company.
Each of Gotham and Gotham II was formed to engage in the
buying and selling of securities for investment for its own account. Gotham
Advisors was formed for the purpose of providing a full range of investment
advisory services, including acting as the investment manager of one or more
investment funds or other similar entities, including Gotham International.
Section H Partners, L.P., a New York limited partnership
("Section H") is the sole general partner of Gotham and Gotham II. Karenina
Corp., a New York corporation ("Karenina") and DPB Corp., a New York
corporation ("DPB"), are the sole general partners of Section H. Karenina is
wholly owned by Mr. William A. Ackman. DPB is wholly owned by Mr. David P.
Berkowitz. Pursuant to an investment management agreement (the "Investment
Management Agreement"), Gotham Advisors has the power to vote and dispose of
the Shares held for the account of Gotham International and, accordingly, may
be deemed the "beneficial owner" of such Shares. Messrs. Ackman and Berkowitz
are the Senior Managing Members of Gotham Advisors.
Messrs. Ackman and Berkowitz are citizens of the United
States of America, and the principal occupation of each of them is managing the
affairs of (i) Karenina and DPB, respectively, and through such entities the
affairs of Section H, Gotham and Gotham II and (ii) Gotham Advisors, and
through such entity the affairs of Gotham International. The business address
of each of the Purchaser, Gotham, Gotham II, Gotham Advisors, Section H,
Karenina, DPB and Messrs. Ackman
Page 10
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and Berkowitz is 110 East 42nd Street, 18th floor, New York, New York 10017.
The business address of Gotham International is c/o Goldman Sachs (Cayman)
Trust, Limited, Harbour Centre, 2nd floor, P.O. Box 896, George Town, Grand
Cayman, Cayman Islands, British West Indies.
During the last five years, none of the Purchaser, Gotham,
Gotham II, Gotham Advisors, Gotham International, Section H, Karenina, DPB Mr.
Ackman or Mr. Berkowitz (i) has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) has been 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended by adding the following:
The aggregate purchase price of the Shares purchased by
Gotham, Gotham II, and Gotham International and reported in this Amendment No.
2 was $6,007, $53 and $293,079, respectively. All of the funds required for
these purchases were obtained from the general funds of Gotham, Gotham II, and
Gotham International, respectively.
ITEM 4. PURPOSE OF THE TRANSACTION
Item 4 is hereby amended by adding the following:
The Reporting Persons acquired the Shares for investment
purposes to make a speculative investment in the outcome of the Company's legal
action against the U.S. government. In general, the Reporting Persons pursue an
investment objective that seeks capital appreciation. In pursuing this
investment objective, the Reporting Persons analyze and evaluate the
performance of securities owned by them, including the Shares, and the
operations, capital structure and markets of companies in which they invest,
including the Company, on a continuous basis through analysis of documentation
on and discussions with knowledgeable industry and market observers and with
representatives of such companies (often at the invitation of management).
Each Reporting Person will continuously assess the Company's
business, financial condition, results of operations and prospects, general
economic conditions, the securities markets in general and those for the
Company's securities in particular, other developments and other investment
opportunities and may communicate with Company regarding these or other similar
or related matters.
In addition, one or more of the Reporting Persons may acquire
additional Shares or may determine to sell or otherwise dispose of all or some
of its holdings of Shares. Such actions will depend upon a variety of factors
including, without limitation, current and anticipated future trading prices
for such Shares, the financial conditions, results of operations and prospects
of the Company,
Page 11
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alternative investment opportunity, general economic financial market and
industry conditions, and future actions of the Company and its management.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended by adding the following:
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 convertible 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.
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 and the 11,800 Preferred Shares owned by Gotham International are
convertible into 7,867 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.
Gotham beneficially owns an aggregate of 1,606,942 or 19.0%
of the outstanding Common Shares, of which (i) 2,974 Common Shares are directly
owned by Gotham, and (ii) 1,603,968 Common Shares are indirectly owned by
Gotham through the Purchaser. Gotham beneficially owns an aggregate of 297,018
or 28.4% of the outstanding Preferred Shares, all of which are indirectly owned
by Gotham through the Purchaser. Gotham II beneficially owns an aggregate of
1,603,994 or 19.0% of the outstanding Common Shares, of which (i) 26 Common
Shares are directly owned by Gotham II, and (ii) 1,603,968 Common Shares are
indirectly owned by Gotham II through the Purchaser. Gotham II beneficially
owns an aggregate of 297,018 or 28.4% of the outstanding Preferred Shares, all
of which are indirectly owned by Gotham II through the Purchaser.
Gotham International owns 51,067 Common Shares (including the
7,867 Common Shares into which the Preferred Shares owned by Gotham
International are convertible) or 0.6% of the outstanding Common Shares (which
would be outstanding following such conversion) and 11,800 Preferred Shares or
1.1% of the outstanding Preferred Shares. The sole power to vote or
Page 12
<PAGE>
direct the voting of and the power to dispose or direct the disposition of such
Shares is held by Gotham Advisors.
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.
(b) Pursuant to the Investment Management Agreement, Gotham
Advisors currently has the power to vote and to dispose of all of the Common
Stock beneficially owned by Gotham International.
(c) The tables below set forth information with respect
to all purchases and sales of Common Stock by Gotham, Gotham II, and Gotham
International during the past 60 days. In each case, the transactions were
effected through open-market purchases.
GOTHAM
SHARES OF COMMON SHARES OF PREFERRED PRICE PER
DATE STOCK PURCHASED STOCK PURCHASED SHARE ($)
1/15/98 2,974 2.02
GOTHAM II
1/15/98 26 2.02
GOTHAM INTERNATIONAL
2/06/98 4,500 2.95
2/06/98 4,300 8.45
2/13/98 17,000 4.0625
2/17/98 21,700 4.0625
2/19/98 7,500 11.50
Except as described above, none of the Purchaser, Gotham,
Gotham II, Gotham International, Gotham Advisors, Section H, Karenina, DPB, Mr.
Ackman or Mr. Berkowitz has affected any transactions in the securities of the
Company during the past sixty days.
(d) and (e). Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Item 6 is hereby amended by the following:
Page 13
<PAGE>
None of the Purchaser, Gotham, Gotham II, Gotham
International, Gotham Advisors, Section H, Karenina, DPB, Mr. Ackman or Mr.
Berkowitz is a party to any contract, arrangement, understanding or
relationship with respect to any securities of the Company, including but not
limited to transfer or voting of any of the Shares, finder's fees, joint
ventures, loan or option agreements, puts or calls, guarantees or profits,
divisions of profit or leases or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following exhibit is being filed with this Schedule:
Exhibit 3 A written agreement relating to the filing of joint acquisition
statements as required by Rule 13d-1(f)(1) promulgated under the Securities
Exchange Act of 1934, as amended.
Page 14
<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.
Dated: February 24, 1998 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
GOTHAM INTERNATIONAL ADVISORS, L.L.C.
By: /s/ William A. Ackman
-------------------------------
Name: William A. Ackman
Title: Senior Managing Member
Page 15
<PAGE>
Exhibit Index
Exhibit No. Description
- ----------- -----------
Exhibit 1* Agreement, dated November 14, 1997, among Manticore
Properties, LLC, Gotham Partners, L.P. and Gotham
Partners II, L.P.
Exhibit 2* Agreement of Joint Filing.
Exhibit 3 Agreement of Joint Filing.
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* Previously filed.
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EXHIBIT 3
AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint
filing with all other Reporting Persons (as such term is defined in the
Schedule 13D referred to below) of a statement on Schedule 13D or any
amendments thereto, with respect to the Common Shares and Preferred Shares of
Old Stone Corporation and that this Agreement be included as an Exhibit to such
filing.
This Agreement may be executed in any number of counterparts
each of which shall be deemed to be an original and all of which together shall
be deemed to constitute one and the same Agreement.
IN WITNESS WHEREOF, the undersigned hereby execute this
Agreement on the 24th day of February, 1998.
MANTICORE PROPERTIES, LLC
By: /s/ William A. Ackman
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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
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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.
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By: /s/ William A. Ackman
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Name: William A. Ackman
Title: President
GOTHAM INTERNATIONAL ADVISORS, L.L.C.
By: /s/ William A. Ackman
-----------------------------
Name: William A. Ackman
Title: Senior Managing Member
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