<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
SCHEDULE 13D
(Amendment No. 1)
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-
1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
BLUEGREEN CORPORATION
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
703365 10 6
(CUSIP Number)
Harold Lueken
Morgan Stanley & Co. Incorporated
1221 Avenue of the Americas, 27th Floor
New York, New York 10020
(212) 762-7380
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
With a copy to
David J. Lowery
Jones, Day, Reavis & Pogue
2001 Ross Avenue, 23rd Floor
Dallas, Texas 75201
Tel. No. (214) 220-3939
March 26, 1999
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_].
(Continued on following pages)
(Page 1 of 24 Pages)
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 703365106 PAGE 2 OF 24 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgan Stanley Dean Witter & Co.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 4,117,648 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
4,117,648 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,117,648 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
17.0% (See Item 5)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
===============================================================================
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 703365106 PAGE 3 OF 24 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MSREF III, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 4,117,648 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
4,117,648 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,117,648 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
17.0% (See Item 5)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
===============================================================================
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 703365106 PAGE 4 OF 24 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgan Stanley Real Estate Investors III, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 100,215 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
100,215 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
100,215 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.4% (See Item 5)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
===============================================================================
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 703365106 PAGE 5 OF 24 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgan Stanley Real Estate Fund III, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,521,473 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,521,473 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,521,473 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.3% (See Item 5)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
===============================================================================
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 703365106 PAGE 6 OF 24 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MSP Real Estate Fund, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,504,526 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,504,526 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,504,526 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.2% (See Item 5)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
===============================================================================
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 703365106 PAGE 7 OF 24 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MSREF III Special Fund, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 991,434 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
991,434 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
991,434 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.1% (See Item 5)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
===============================================================================
<PAGE>
This Amendment No. 1 supplements and amends the Statement on Schedule 13D,
dated August 14, 1998 (the "Schedule 13D") by (i) Morgan Stanley Dean Witter &
Co., a Delaware corporation ("MSDW"), (ii) MSREF III, Inc., a Delaware
corporation, (iii) Morgan Stanley Real Estate Investors III, L.P., a Delaware
limited partnership ("MSREI"), (iv) Morgan Stanley Real Estate Fund III, L.P., a
Delaware limited partnership ("MSREF"), (v) MSP Real Estate Fund, L.P., a
Delaware limited partnership ("MSP") and (vi) MSREF III Special Fund, L.P., a
Delaware limited partnership ("Special Fund" and, together with MSREI, MSREF and
MSP, the "Funds").
Item 1. Security and Issuer.
-------------------
Not amended.
Item 2. Identity and Background.
-----------------------
Item 2 is hereby amended by deleting the second through the fifth
paragraphs thereof and substituting therefor the following four paragraphs:
The general partner of each of the Funds is MSREF III, L.L.C. The MS
Member of MSREF III, L.L.C. is MSREF III, Inc., a wholly-owned subsidiary of
MSDW. MSREF III, L.L.C. is a limited partner of MSREF, MSREI, MSP and Special
Fund.
The principal business of MSDW is to provide global financial services
through its three primary businesses--securities, asset management and credit
services. The principal business of MSREF III, L.L.C. is to act as the general
partner of the Funds. The principal business of MSREF III, Inc. is to act as the
MS Member of MSREF III, Inc. The principal business of each of the Funds is to
acquire, hold and dispose of investments in real estate and real estate related
asset portfolios and operating companies.
The address of the principal business and office of the Funds, MSREF
III, L.L.C., MSREF III, Inc. and MSDW is 1585 Broadway, New York, New York
10036.
During the last five years, none of MSDW, MSREF III, L.L.C., MSREF
III, Inc., MSREI, MSREF, MSP, or Special Fund, nor to the best knowledge of any
of them, any of the persons listed on Appendix A attached hereto has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors), or (ii) 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 paragraph after the
last paragraph thereof.
The general and limited partners of the Funds contributed, in the
aggregate, $10,000,000 for the 1,176,471 shares of Common Stock purchased by
them.
Item 4. Purpose of Transaction.
----------------------
Not amended.
Item 5. Interest in Securities of the Issuer.
------------------------------------
Item 5 is hereby amended by deleting the second, third and fourth
paragraphs thereof and substituting therefor the following six paragraphs:
Pursuant to the Securities Purchase Agreement, the Company exercised
its right to require the Funds to purchase 1,176,471 of the Remaining Shares for
an aggregate purchase price of $10,000,000 ($8.50 per share). The Funds
purchased such Remaining Shares on March 26, 1999. MSREI purchased 19,333 of
such Remaining Shares; MSREF purchased 417,061 of such Remaining Shares; MSP
purchased 333,937 of such Remaining Shares; and Special Fund purchased 406,140
of such Remaining Shares.
As a result of such purchases, for purposes of Rule 13d-3 promulgated
under the Securities Exchange Act of 1934, as amended, ("Rule 13d-3") the Funds
may be deemed to beneficially own, in the aggregate 4,117,648 shares of Common
Stock, or 17.0% of the total number of shares of Common Stock outstanding
pursuant to Rule 13d-3 (the "Outstanding Shares"). Immediately following the
purchase of such Remaining Shares, (i) MSREI will
8
<PAGE>
beneficially own 100,215 of such shares, representing 0.4% of the Outstanding
Shares; MSREF will beneficially own 1,521,473 of such shares, representing 6.3%
of the Outstanding Shares, MSP will beneficially own 1,504,526 of such shares,
representing 6.2% of the Outstanding Shares; and Special Fund will beneficially
own 991,434 of such shares, representing 4.1% of the Outstanding Shares.
The percentages set forth in the preceding paragraphs are based on
24,241,376 shares of Common Stock outstanding (including (i) 23,064,905 shares
of Common Stock outstanding before the purchase of the Remaining Shares by the
Funds as set forth in the Company's Quarterly Report or Form 10-Q for the period
ended December 27, 1998 and (ii) the 1,176,471 shares of Common Stock issued to
the Funds as described herein).
Each of MSREF III, Inc. and MSDW may be deemed to have shared voting
and dispositive power with respect to the shares of Common Stock held by the
Funds.
Except as disclosed herein, none of MSREI, MSREF, MSP, Special Fund,
MSREF III, Inc., MSREF III, L.L.C. or MSDW has effected any transaction in
shares of the Common Stock during the preceding 60 days.
No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities.
Item 6. Contracts, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
--------------------------------------------------------
Item 6 is hereby amended by adding the following two paragraphs after
the second paragraph thereof.
Amendment to Securities Purchase Agreement
The Funds and the Company entered into an Amendment to Securities
Purchase Agreement dated as of March 26, 1999 (the "Amendment"). Pursuant to the
Amendment, among other things, all of the conditions to the sale and purchase of
the Remaining Shares after March 26, 1999 were removed.
A copy of the Amendment to Securities Purchase Agreement is attached
hereto as Exhibit 1 and incorporated herein by reference.
9
<PAGE>
Item 7. Material to be Filed as Exhibits.
--------------------------------
The following are filed herewith as Exhibits to this Schedule 13D.
Exhibit
No. Description
--------- -----------
1 Amendment to Securities Purchase Agreement
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.
Date: April 1, 1999 MORGAN STANLEY DEAN WITTER & CO.
By: /s/ Robert G. Koppenol
------------------------------------
Name: Robert G. Koppenol
Title: Principal
11
<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.
Date: April 1, 1999 MSREF III, INC.
By: /s/ John A. Henry
------------------------------------
Name: John A. Henry IV
Title: Vice President
12
<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.
Date: April 1, 1999 MORGAN STANLEY REAL ESTATE INVESTORS III, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ John A. Henry
----------------------------------
Name: John A. Henry IV
Title: Vice President
13
<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.
Date: April 1, 1999 MORGAN STANLEY REAL ESTATE FUND III, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ John A. Henry
----------------------------------
Name: John A. Henry IV
Title: Vice President
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.
Date: April 1, 1999 MSP REAL ESTATE FUND, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ John A. Henry
---------------------------------
Name: John A. Henry IV
Title: Vice President
15
<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.
Date: April 1, 1999 MSREF III SPECIAL FUND, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ John A. Henry
---------------------------------
Name: John A. Henry IV
Title: Vice President
16
<PAGE>
APPENDIX A
CERTAIN INFORMATION REGARDING DIRECTORS AND EXECUTIVE OFFICERS
OF MORGAN STANLEY DEAN WITTER & CO. AND
MSREF III, INC.
Set forth below are the names of the directors and executive officers of
Morgan Stanley Dean Witter & Co. ("MSDW") and MSREF III, Inc. as well as their
residence or business addresses, and present principal occupations. If no
address is given, the director's or executive officer's business address is that
of MSDW at 1535 Broadway, New York, New York 10036. Unless otherwise indicated,
each occupation set forth opposite an individual's name refers to MSDW. Each
individual is a United States citizen.
1. MORGAN STANLEY DEAN WITTER & CO.
Name and Business Address Present Principal Occupation
------------------------- ----------------------------
* Robert P. Bauman Non-executive Chairman of BTR plc
BTR plc
BTR House
Carlisle Place
Buckingham Gate
London SW1P 1BX
* Edward A. Brennan Retired; former Chairman of the Board,
President and Chief Executive Officer
of Sears, Roebuck and Co.
* Diana D. Brooks President and Chief Executive Officer
Sotheby's Holdings, Inc. of Sotheby's Holdings, Inc.
1334 York Avenue
New York, NY 10021
* Daniel B. Burke Retired; former Chief Executive
Officer of Capital Cities/ABC, Inc.
Christine A. Edwards Executive Vice President, Chief Legal
Officer and Secretary
* Richard B. Fisher Chairman of the Board of Directors of
Morgan Stanley & Co. Incorporated
* C. Robert Kidder Chairman of the Board and Chief
Borden, Inc. Executive Officer of Borden, Inc.
180 East Broad Street
Columbus, Ohio 43215
17
<PAGE>
Name and Business Address Present Principal Occupation
------------------------- ----------------------------
* John J. Mack President and Chief Operating Officer
* Miles L. Marsh Chairman and Chief Executive Officer
Fort James Corporation of Fort James Corporation
75 Tri-State International Office
Center
Lincolnshire, IL 60069
* Michael A. Miles Special Limited Partner, Forstmann
1350 Lake Road Little & Co.
Lake Forest, Illinois 60045
* Allen E. Murray Retired; former Chairman of the Board
of Directors and Chief Executive
Officer of Mobil Corporation
* Philip J. Purcell Chairman of the Board and Chief
Executive Officer
* Clarence B. Rogers, Jr. Chairman of the Board of Equifax, Inc.
Equifax, Inc.
1600 Peachtree Street, N.W.
Atlanta, Georgia 30309
John H. Schaefer Executive Vice President and Chief
Strategic and Administrative Officer
* Thomas C. Schneider Executive Vice President
Robert G. Scott Executive Vice President and Chief
Financial Officer
* Laura D'Andrea Tyson Dean of the Walter A. Haas School of
Haas School of Business Business, University of California,
Room S 545 Berkeley
Berkeley, California 94720-1900
- -------------------
* Director
18
<PAGE>
2. MSREF III, INC.
Name and Business Address Present Principal Occupation
------------------------- ----------------------------
*John A. Henry, IV Principal of Morgan Stanley & Co. Incorporated;
Vice President of MSREF III, Inc.
*William M. Lewis Managing Director of Morgan Stanley & Co.
Incorporated; President of MSREF III, Inc.
*Owen D. Thomas Managing Director of Morgan Stanley & Co.
Incorporated; Vice President of MSREF III, Inc.
- -------------------
* Director
19
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
--------- -----------
1 Amendment to Securities Purchase Agreement
20
<PAGE>
Exhibit 1
---------
AMENDMENT
TO
SECURITIES PURCHASE AGREEMENT
This AMENDMENT TO SECURITIES PURCHASE AGREEMENT is dated as of March 26,
1999 by and among Bluegreen Corporation (the "Company") and Morgan Stanley Real
Estate Fund III, L.P., Morgan Stanley Real Estate Investors III, L.P., MSP Real
Estate Fund, L.P. and MSREF III Special Fund, L.P. (collectively, "MSREF").
Capitalized terms used and not otherwise defined shall have the meanings given
to such terms in the Purchase Agreement.
WHEREAS, the Purchase Agreement provides that at any time from the Closing
Date through expiration of the Commitment Period, the Company may sell any or
all of the Remaining Shares to MSREF, subject to satisfaction or waiver of
certain conditions set forth in Sections 5.03 and 5.04 of the Purchase
Agreement; and
WHEREAS, the Purchase Agreement provides that if the Company has not
offered to sell to MSREF all of the Remaining Shares on or before expiration of
the Commitment Period, MSREF will have the right, but not obligation, to
purchase any or all of the Remaining Shares, subject to, among other things, the
Company achieving certain thresholds relating to total revenues and net income
during the 12-month period ending on the last day of the third full fiscal
quarter after the Closing Date; and
WHEREAS, the parties desire to revise the Purchase Agreement (i) to delete
all conditions to the sale and purchase of any Remaining Shares after March 26,
1999, and (ii) to change the 12-month period during which the Company is to
achieve the thresholds relating to total revenues and net income.
NOW, THEREFORE, the parties hereby agree as follows:
1. Post-Closing Purchases. Subsections 2.03(c)(i) and
----------------------
(ii) are hereby amended to read in their entirety as follows:
"(i) the Company achieving total revenues of at least $220,000,000 for the
12-month period ended on the last day of the full fiscal quarter
immediately preceding expiration of the Commitment Period; or
(ii) the Company achieving net income (excluding write-offs) of at least
$15,000,000 for the 12-month period ended on the last day of the full
fiscal quarter immediately preceding expiration of the Commitment Period."
2. Conditions of Purchase of Remaining Shares. With
------------------------------------------
respect to any purchase of Remaining Shares after March 26, 1999, there shall be
no conditions to the Purchasers' or the Company's obligations and all of the
conditions set forth in Section 5.03 and Section 5.04 are hereby deleted in
their entirety. Notwithstanding the foregoing, the Company
<PAGE>
will endeavor to deliver the legal opinion described in Section 5.03(b) at each
Subsequent Closing.
3. Other Terms. All other terms and conditions of the
-----------
Purchase Agreement shall remain unchanged and in full force and effect.
4. Counterparts. This Amendment may be executed by
------------
facsimile signature and in any number of counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the
same instrument.
5. Governing Law. This Amendment shall be governed by,
-------------
and interpreted in accordance with, the laws of the State of Massachusetts
applicable to contracts made and to be performed in that state without giving
effect to the conflict of laws of that state.
[Signature Page Follows]
2
<PAGE>
IN WITNESS WHEREOF, the parties hereto have cause this Amendment to be
executed as of the date first written above.
MORGAN STANLEY REAL ESTATE
FUND III, L.P.
By: MSREF III, L.L.C., its general partner
By: MSREF III, Inc., its MS Member
By: /s/ Michael J. Franco
------------------------------
Its: Vice President
-----------------------------
MORGAN STANLEY REAL ESTATE
INVESTORS III, L.P.
By: MSREF III, L.L.C., its general partner
By: MSREF III, Inc., its MS Member
By: /s/ Michael J. Franco
------------------------------
Its: Vice President
-----------------------------
MSP REAL ESTATE FUND, L.P.
By: MSREF III, L.L.C., its general partner
By: MSREF III, Inc., its MS Member
By: /s/ Michael J. Franco
------------------------------
Its: Vice President
-----------------------------
MSREF III SPECIAL FUND, L.P.
By: MSREF III, L.L.C., its general partner
By: MSREF III, Inc., its MS Member
By: /s/ Michael J. Franco
------------------------------
Its: Vice President
-----------------------------
3
<PAGE>
BLUEGREEN CORPORATION
By: /s/ Patrick E. Rondeau
------------------------------
Its: Senior Vice President
-----------------------------
4
