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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OF THE SECURITIES EXCHANGE
ACT OF 1934
AMENDMENT NO. 1
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ML MEDIA PARTNERS, L.P.
(Name of Subject Company)
SMITHTOWN BAY, LLC
a Delaware limited liability company
GLOBAL CAPITAL MANAGEMENT, INC.,
A DELAWARE CORPORATION
(Bidder)
UNITS OF LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
55307J102
(CUSIP Number of Class of Securities)
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THOMAS A. SCHMIDT
601 CARLSON PARKWAY - SUITE 200
MINNETONKA, MINNESOTA 55305
(612) 476-7200
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
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CALCULATION OF FILING FEE
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TRANSACTION VALUATION* AMOUNT OF FILING FEE
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$8,550,000 $1,710.00
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* For purposes of calculating the filing fee only. This calculation assumes
the purchase of 9,000 Units of Limited Partnership Interests ("Units") at
$950 per Unit net in cash. The amount of the filing fee, calculated in
accordance with Regulation 0-11 of the Securities Exchange Act of 1934, as
amended, equals 1/50 of one percent of the value of Units assumed to be
purchased.
/ / Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
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Amount Previously Paid: Not Applicable Filing Party: Not Applicable
Form of Registration No.: Not Applicable Date Filed: Not Applicable
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Page 1 of 6
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CUSIP NO. 55307J102 PAGE 2 OF 7 PAGES
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1. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Smithtown Bay, LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) / /
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
WC
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to / /
Items 2(e) or 2(f)
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6. Citizenship or Place of Organization
State of Delaware
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7. Aggregate Amount Beneficially Owned By Each Reporting Person
9,361
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8. Check if the Aggregate in Row (7) Excludes Certain Units (See Instructions) / /
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9. Percent of Class Represented by Amount in Row (7)
4.98
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10. Type of Reporting Persons (See Instructions)
OO
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Page 2 of 6
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CUSIP NO. 55307J102 PAGE 3 OF 7 PAGES
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1. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Global Capital Management, Inc.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) / /
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
WC
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to / /
Items 2(e) or 2(f)
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6. Citizenship or Place of Organization
State of Delaware
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7. Aggregate Amount Beneficially Owned By Each Reporting Person
9,361
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8. Check if the Aggregate in Row (7) Excludes Certain Units (See Instructions) / /
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9. Percent of Class Represented by Amount in Row (7)
4.98
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10. Type of Reporting Persons (See Instructions)
CO
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Page 3 of 6
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AMENDMENT NO. 1 TO SCHEDULE 14D-1
This Amendment No. 1 amends the Tender Offer Statement on Schedule 14D-1
filed by Smithtown Bay, LLC, a Delaware Limited Liability Company (the
"Purchaser") and Global Capital Management, Inc., a Delaware Corporation, with
the Securities and Exchange Commission on November 27, 1998, relating to the
Tender Offer by the Purchaser to purchase up to 9,000 units of limited
partnership interests, ("Units") of ML Media Partners, L.P., a Delaware limited
partnership, upon the terms and subject to the conditions set forth in the
Purchaser's Offer to Purchase dated November 27, 1998 and the related Agreement
of Transfer and Sale to include the information set forth below. Terms not
otherwise set forth below shall have the meanings ascribed to then in the
Schedule 14D-1 and the Offer to Purchase.
ITEM 10. ADDITIONAL INFORMATION
(f) -- The information set forth in the Offer to Purchase, Agreement of
Transfer and Sale and Supplement No. 1 to the Offer to Purchase attached hereto
as Exhibit (a)(5) is incorporated herein by this reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS
(a)(5) -- Supplement No. 1, dated December 1, 1998, to Offer to Purchase
dated November 27, 1998.
(a)(6) -- Cover Letter, dated November 1, 1998 from Purchaser to Unit
Holders.
Page 4 of 6
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SIGNATURE
After due 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.
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Dated: December 1, 1998 SMITHTOWN BAY, LLC
By: Global Capital Management, Inc.,
a Delaware corporation,
its Manager
By: /s/ MICHAEL J. FREY
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Michael J. Frey, Vice President
GLOBAL CAPITAL MANAGEMENT, INC.,
a Delaware corporation
By: /s/ MICHAEL J. FREY
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Michael J. Frey, Vice President
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EXHIBIT INDEX
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SEQUENTIAL
EXHIBIT NO. DESCRIPTION PAGE NUMBER
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(a)(5) -- Supplement No. 1 dated December 1, 1998, to Offer to Purchase, dated November 27,
1998.
(a)(6) -- Cover Letter, dated December 1, 1998 from Purchaser to Unit Holders.
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Page 6 of 6
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SUPPLEMENT NO. 1
TO
OFFER OF PURCHASE FOR CASH
UP TO 9,000 UNITS
OF
M.L. MEDIA PARTNERS, L.P.
FOR $950 PER UNIT
BY
SMITHTOWN BAY, LLC
THE OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT 12:00,
EASTERN TIME ON DECEMBER 29, 1998, UNLESS THE OFFER IS EXTENDED
The purchaser hereby supplements its offer to purchase up to 9,000 Units of
M.L. Media Partners, L.P. upon the terms and subject to the conditions set forth
in the Offer to Purchase, dated November 27, 1998, in this Supplement No. 1.
Capitalized terms used but not defined in this Supplement No. 1 shall have the
meaning ascribed to them in the Offer to Purchase.
ITEM 10. CERTAIN INFORMATION CONCERNING THE BUSINESS OF THE PARTNERSHIP AND
RELATED MATTERS
Section 10 of the Offer to Purchase is hereby amended and supplemented as
follows:
The Partnership disclosed in a Current Report on Form 8-K/A dated and filed
with the Commission on November 25, 1998 that the Partnership has entered into a
stock purchase agreement to sell the stock of Wincom Broadcasting Corporation
("Wincom") to Chancellor Media Corporation ("CMC") for $51,250,000, which amount
is subject to adjustment. The closing of the sale is subject to various
conditions, including FCC approval (which was granted on November 24, 1998)
becoming a final order. Under the terms of the stock purchase agreement between
the Partnership and CMC, the closing will not occur before January 4, 1999, and,
at closing, an escrow account will be established with respect to
indemnification claims that may be made by CMC for a period of two years after
the closing.
In connection with the stock purchase agreement, CMC and WIN Communications,
Inc. ("WIN"), a company whose stock is solely owned by Wincom, entered into a
Time Brokerage Agreement, pursuant to which WIN will make substantially all of
the time on the radio station owned by WIN (WQAL-FM in Cleveland, Ohio)
available to CMC in exchange for a monthly payment by CMC to WIN.
Smithtown Bay, LLC
December 1, 1998
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[LETTERHEAD]
December 1, 1998
Dear Unit Holder:
Enclosed with this letter please find Supplement No. 1 to our Offer to
Purchase dated November 27, 1998. We encourage you to read the enclosed
Supplement carefully in conjunction with our Offer to Purchase.
Please remember that Smithtown Bay's $950.00 per/Unit purchase price is a
significant premium to any other tender offer you may have received.
Particularly, you may have received an offer from a group doing business as
Madison Liquidity Investors 104, LLC
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OUR OFFER $950.00
Madison's Offer $750.00
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OUR OFFER IS $200 PER/UNIT (26%) PREMIUM TO "MADISON'S" OFFER
If you wish to sell some or all of your Units now:
X Please read carefully the Offer to Purchase, the enclosed Supplement
No. 1 and the Agreement of Transfer and Sale sent to you previously;
X Complete the Agreement of Transfer and Sale in accordance with the
instructions provided;
X Sign where indicated, have your signature Medallion Guaranteed and;
X Return the Agreement of Transfer and Sale to the Purchaser, in the
pre-addressed return envelope.
This Offer will expire at 12:00 midnight, Eastern Time, on December 29, 1998,
unless extended. If you have any questions or need assistance in completing
the Agreement of Transfer and Sale, or need replacement paperwork, please
call the Depositary at 1-800-500-3243.
Very truly yours,
Smithtown Bay, LLC
