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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. 3)*
BLUEGREEN CORPORATION
---------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
---------------------------------------------------
(Title of Class of Securities)
703365106
---------------------
(CUSIP Number)
Robert D. Denious
Drinker Biddle & Reath LLP
Philadelphia National Bank Building
1345 Chestnut Street
Philadelphia, PA 19107
(215) 988-2700
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 3, 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
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.
- ---------
* 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. 703365106 Page 2 of 8 Pages
______________________________________________________________________________
1 NAME OF REPORTING PERSONS
Best Investments International Inc.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Panamanian Corporation
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER
REPORTING | | 629,670
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 629,670
_______________|_____|________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
629,670
______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
______________________________________________________________________________
*SEE INSTRUCTIONS
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. 703365106 Page 3 of 8 Pages
_______________________________________________________________________________
1 NAME OF REPORTING PERSONS
Best International Management Inc.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Panamanian Corporation
______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER
REPORTING | | 629,670
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 629,670
_______________|_____|________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
629,670
______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
______________________________________________________________________________
*SEE INSTRUCTIONS
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. 703365106 Page 4 of 8 Pages
______________________________________________________________________________
1 NAME OF REPORTING PERSONS
Paradigm Information Corporation
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamian International Business Corporation
______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER
REPORTING | | 629,670
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 629,670
_______________|_____|________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
629,670
______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
______________________________________________________________________________
*SEE INSTRUCTIONS
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. 703365106 Page 5 of 8 Pages
______________________________________________________________________________
1 NAME OF REPORTING PERSONS
Thorand Trust and Management Limited
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamian Corporation
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER
REPORTING | | 629,670
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 629,670
_______________|_____|________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
629,670
______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
______________________________________________________________________________
*SEE INSTRUCTIONS
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING
EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
This statement amends and supplements the statement on
Schedule 13D filed with the Securities and Exchange Commission ("SEC") by Best
Investments International Inc., a Panamanian corporation ("Best Investments"),
Best International Management Inc., a Panamanian corporation ("Best
Management"), Paradigm Information Corporation ("Paradigm"), and Thorand Trust
and Management Limited ("Thorand"), as previously amended by Amendments No. 1
and No. 2, with respect to beneficial ownership of Common Stock, par value $.01
per share, of Bluegreen Corporation, a Massachusetts corporation (formerly known
as Patten Corporation).
Item 5. Interest in Securities of Issuer.
(a) As of the date on which this statement is executed, Best
Investments (and Best Management, Paradigm and Thorand by virtue of their
indirect beneficial ownership of Shares owned by Best Investments) beneficially
owns 629,670 Shares, constituting 3.1% of the Issuer's issued and outstanding
Shares (calculated in accordance with Rule 13d-3(d)(1) under the Securities
Exchange Act of 1934), based upon an aggregate of 20,293,403 Shares issued and
outstanding (as stated in the Issuer's Quarterly Report on Form 10-Q for the
quarter, period ending December 28, 1997). Of the 629,670 Shares, 462,558
represent Shares currently issued and outstanding and 167,112 represent Shares
with respect to which there is a right of acquisition within 60 days within the
meaning of Rule 13d-3(d)(1) under the Securities Exchange Act of 1934 by virtue
of Best Investment's ownership of $1,377,000 aggregate principal amount of the
Issuer's 8-1/4% convertible subordinated debentures due 2012 (the "Debentures").
Based upon a recent telephone call to the Issuer, the Debentures are convertible
at any time into Shares at a price of $8.24 per Share.
(b) By virtue of Best Investments' direct ownership of 629,670
of the Shares and Best Management's right to vote and dispose of such Shares
under its investment management agreement with Best Investments, Best Management
and Best Investments have shared power to vote or direct the vote and shared
power to dispose or direct the disposition of such Shares. By virtue of its
status as a controlling shareholder of Best Management, Paradigm may be deemed
to share the power to vote or direct the vote and shared power to dispose or
direct the disposition of the Shares beneficially owned by Best Management. By
virtue of its status as trustee of a trust that owns a majority of the
outstanding capital stock of Paradigm, Thorand may be deemed to share the power
to vote or direct the vote and shared power to dispose or direct the disposition
of the Shares beneficially owned by Paradigm.
(c) During the period beginning February 2, 1998 (60 days
prior to the date of event which requires the filing of this statement) and
ending on the date of this statement, Best Investments effected 19 transactions
in the Shares. On April 2, 1998, Best Investments sold 35,000 Shares in the open
market for $8.6985 per Share (after netting commissions) for a total
consideration of $304,448. On April 3, 1998, Best Investments sold 205,000
Shares in the open market for $8.3674 per Share (after netting commissions) for
a total consideration of $1,715,321. On April 6, 1998, Best Investments sold
68,500 Shares in the open market for 8.5866 per Share (after netting
commissions) for a total consideration of $588,183. On April 7, 1998, Best
Investments sold 191,500
<PAGE>
Shares in the open market for $9.1361 per Share (after netting commissions) for
a total consideration of $1,749,562. On April 13, 1998, Best Investments sold
139,700 Shares in the open market for $9.2332 per Share (after netting
commissions) for a total consideration of $1,289,875. On April 14, 1998, Best
Investments sold 60,300 Shares in the open market for $9.1897 per Share (after
netting commissions) for a total consideration of $554,138. On April 23, 1998,
Best Investments sold 130,700 Shares in the open market for $9.7108 per Share
(after netting commissions) for a total consideration of $1,269,198. On April
24, 1998, Best Investments sold 101,600 Shares in the open market for $9.4076
per Share (after netting commissions) for a total consideration of $955,811. On
April 27, 1998, Best Investments sold 67,700 Shares in the open market for
$8.8595 per Share (after netting commissions) for a total consideration of
$599,788. On May 6, 1998, Best Investments sold 13,700 Shares in the open market
for $9.9497 per Share (after netting commissions) for a total consideration of
$136,310. On May 7, 1998, Best Investments sold 6,500 Shares in the open market
for $9.9497 per Share (after netting commissions) for a total consideration of
$64,673. On May 13, 1998, Best Investments sold 2,600 Shares in the open market
for $9.9477 per Share (after netting commissions) for a total consideration of
$25,864. On May 21, 1998, Best Investments sold 24,000 Shares in the open market
for $8.7465 per Share (after netting commissions) for a total consideration of
$209,916. On May 22, 1998, Best Investments sold 15,000 Shares in the open
market for $8.6997 per Share (after netting commissions) for a total
consideration of $130,496. On May 26, 1998, Best Investments sold 5,000 Shares
in the open market for $8.1998 per Share (after netting commissions) for a total
consideration of $40,999. On May 28, 1998, Best Investments sold 28,000 Shares
in the open market for $8.2443 per Share (after netting commissions) for a total
consideration of $230,841. On June 2, 1998, Best Investments sold 47,500 Shares
in the open market for $8.4483 per Share (after netting commissions) for a total
consideration of $401,295. On June 3, 1998, Best Investments sold 6,000 Shares
in the open market for $8.5122 per Share (after netting commissions) for a total
consideration of $51,073. On June 4, 1998, Best Investments sold 19,000 Shares
in the open market for $8.6010 (after netting commissions) for a total
consideration of $163,419.
(d) None.
(e) On April 23, 1998, as a result of the sale of Shares by
Best Investments described above, Best Investments, Best Management, Paradigm
and Thorand ceased to be the beneficial owners of more than five percent of
the Shares.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certify that the information set forth in
this statement is true, complete and correct.
Date: June 5, 1998 BEST INVESTMENTS INTERNATIONAL INC.
By: /s/ Robert V. Lotmore
---------------------------------
Name: Robert V. Lotmore
Title: President
BEST INTERNATIONAL MANAGEMENT INC.
By: /s/ Robert V. Lotmore
---------------------------------
Name: Robert V. Lotmore
Title: President
PARADIGM INFORMATION CORPORATION
By: /s/ Robert V. Lotmore
---------------------------------
Name: Robert V. Lotmore
Title: President
THORAND TRUST AND MANAGEMENT LIMITED
By: /s/ Robert V. Lotmore
---------------------------------
Name: Robert V. Lotmore
Title: President
