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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
__________
(Amendment No. 1)
INLAND STEEL INDUSTRIES, INC.
(Name of Issuer)
Common Stock, $1.00 par value per share 457472108
(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
277 Park Avenue, 27th Floor
New York, New York 10172 (212) 350-5100
(Name, address and telephone number of person authorized
to receive notices and communications)
November 12, 1997
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
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<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 2 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3714238
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 821,000
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 821,000
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 821,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 3 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3752875
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 325,000
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 325,000
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 325,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 4 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793447
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 821,000
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 821,000
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 821,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 5 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793450
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 325,000
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 325,000
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 325,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 6 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3791931
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 2,768,500
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,768,500
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,768,500
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 7 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 500,000
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 500,000
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 500,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.0%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 8 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3868906
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 500,000
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 500,000
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 500,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.0%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 9 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 28,000
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 4,414,500
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 28,000
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 4,414,500
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 4,442,500
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.1%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 10 of 16 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 4,414,500
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 4,414,500
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 4,414,500
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.0%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
<PAGE>
This Amendment No. 1 ("Amendment No. 1") amends the
Statement on Schedule 13D (the "Schedule 13D") filed on February 21, 1997 by and
on behalf of Greenway Partners, L.P. ("Greenway"), Greentree Partners, L.P.
("Greentree"), Greenhouse Partners, L.P. ("Greenhouse"), Greenhut, L.L.C.
("Greenhut"), Greenbelt Corp. ("Greenbelt"), Greensea Offshore, L.P.
("Greensea"), Greenhut Overseas, L.L.C. ("Greenhut Overseas"), Alfred D.
Kingsley and Gary K. Duberstein (collectively, the "Reporting Persons").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since the filing of the Schedule 13D, Greentree purchased an
aggregate of 25,000 Shares for total consideration (including brokerage
commissions) of $461,370 derived from the capital of Greensea and margin
indebtedness from Bear Stearns & Co. Inc.
Since the filing of the Schedule 13D, Greensea purchased an
aggregate of 48,300 Shares for total consideration (including brokerage
commissions) of $891,367 derived from the capital of Greensea and margin
indebtedness from Bear Stearns & Co. Inc.
Since the filing of the Schedule 13D, accounts managed
by Greenbelt and a company for which Greenbelt manages investments purchased an
aggregate of 990,000 Shares for total consideration (including brokerage
commissions) of $19,696,098 derived from capital in the managed accounts and
the company for which Greenbelt manages investments and margin indebtedness from
Bear, Stearns & Co. Inc., Fahnestock & Co. Inc. and Lehman Brothers.
ITEM 4. PURPOSE OF THE TRANSACTION
The Reporting Persons have acquired the Shares of the Company
because, in their opinion, such Shares are undervalued by the market at the
present time and under the present circumstances. The Reporting Persons intend
to be activist shareholders. In connection with the 1997 Annual Meeting of
Shareholders, the Reporting Persons submitted a shareholder proposal and
supporting statement described in the Schedule 13D (the "Ryerson Tull Spin-off
Proposal"). The Reporting Persons are presently considering submitting a
proposal to the Company for inclusion by the Company in its Proxy Statement for
the 1998 Annual Meeting of Shareholders.
The Reporting Persons intend to communicate with other
shareholders and interested parties concerning the Company. The Reporting
Persons also may communicate with members of management of the Company
concerning the Company in general.
11
<PAGE>
The Reporting Persons may from time-to-time (i) acquire
additional Shares (subject to availability at prices deemed favorable) in the
open market, in privately negotiated transactions or otherwise, or (ii) dispose
of Shares at prices deemed favorable in the open market, in privately negotiated
transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 4,442,500 Shares constituting 9.1% of the
outstanding Shares (the percentage of Shares owned being based upon 48,959,768
Shares outstanding on November 6, 1997 as set forth in the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30, 1997). The
Reporting Persons may be deemed to have direct beneficial ownership of Shares as
follows:
NUMBER OF APPROXIMATE PERCENTAGE
NAME SHARES OF OUTSTANDING SHARES
---- --------- ----------------------
Greenway 821,000 1.7%
Greentree 325,000 0.7%
Greenbelt 2,768,500 5.7%
Greensea 500,000 1.0%
Alfred D. Kingsley 28,000 0.1%
Greenhouse, as the general partner of Greenway, may be deemed
to own beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greenway may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as general
partners of Greenhouse, may be deemed to beneficially own Shares which
Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein disclaim beneficial ownership of such Shares for all other purposes.
Greenhut as the general partner of Greentree, may be
deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) Shares which Greentree may be deemed to possess
direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members
of Greenhut, may be deemed to beneficially own Shares which Greenhut may be
deemed to beneficially own. Each of Messrs. Kingsley and Duberstein
12
<PAGE>
disclaim beneficial ownership of such Shares for all other
purposes.
Greenhut Overseas, as the investment general partner of
Greensea, may be deemed to own beneficially (as that term is defined in Rule
13d-3 under the Securities Exchange Act of 1934) Shares which Greensea may be
deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and
Duberstein, as members of Greenhut Overseas, may be deemed to beneficially own
Shares which Greenhut Overseas may be deemed to beneficially own. Each of
Messrs. Kingsley and Duberstein disclaim beneficial ownership of such Shares for
all other purposes.
Greenbelt has direct beneficial ownership of the Shares in the
accounts which it manages. In addition, Greenbelt is the investment advisor for
Greenland Investment Company Limited, a Cayman Islands company ("Greenland"). In
such capacity, Greenbelt has the right to vote and direct the disposition of the
488,500 Shares held by Greenland and, consequently, has direct beneficial
ownership of such Shares. Substantially all of the equity interests in Greenland
are owned by Strategic Investment Partners Limited ("SIPL"). Because SIPL has
the right to elect to terminate its investment in Greenland upon less than 60
days' notice and, upon such termination, all securities held by Greenland would
be sold by Greenland or, with SIPL's consent, distributed to SIPL in kind, SIPL
could be deemed to be the beneficial owner of the Shares held by Greenland.
Information concerning SIPL and the identity and background of certain
individuals and entities related thereto is set forth on Exhibit 4 hereto and
incorporated herein by reference. Each of Messrs. Kingsley and Duberstein, as
executive officers and directors of Greenbelt, may be deemed to beneficially own
Shares which Greenbelt beneficially owns. Each of Messrs. Kingsley and
Duberstein disclaim beneficial ownership of such Shares for all other purposes.
(b) Greenway has the sole power to vote or direct the vote of
821,000 Shares and the sole power to dispose or direct the disposition of such
Shares. Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share
with Greenway the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greentree has the sole power to vote or direct the vote
of 325,000 Shares and the sole power to dispose or direct the disposition of
such Shares. Greenhut and Messrs. Kingsley and Duberstein may be deemed to share
with Greentree the power to
13
<PAGE>
vote or to direct the vote and to dispose or to direct the
disposition of such Shares.
Greensea has the sole power to vote or direct the vote of
500,000 Shares and the sole power to dispose or direct the disposition of such
Shares. Greenhut Overseas and Messrs. Kingsley and Duberstein may be deemed to
share with Greensea the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greenbelt has the sole power to vote or direct the vote of
2,280,000 Shares held in managed accounts and the 488,500 Shares held by
Greenland, and, except as described in Item 5(a) with respect to Greenland, the
sole power to dispose or direct the disposition of all such Shares. Messrs.
Kingsley and Duberstein may be deemed to share with Greenbelt the power to
direct the vote and to dispose or to direct the disposition of such Shares.
Mr. Kingsley also has the sole power to vote or direct
the vote of 28,000 Shares and the sole power to dispose or direct
the disposition of such Shares.
(c) Information concerning transactions in the Shares by the
Reporting Persons during the past sixty days is set forth in Exhibit 3 attached
hereto, which is incorporated herein by reference.
(d) 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, the Shares, except that dividends from, or proceeds from the sale of Shares
in each respective account managed by Greenbelt or held by Greenland will be
delivered into each such respective account or Greenland, as the case may be.
Neither any such individual account nor Greenland has an interest in more than
five percent of the class of outstanding Shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO THE SECURITIES OF THE ISSUER.
The Memorandum of Association of Greenland contains provisions
whereby Greenbelt, as its investment advisor, will receive annually a
percentage of realized and unrealized profits, if any, derived from Greenland's
investments.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
3. Information concerning transactions in the Shares effected
by the Reporting Persons in the last sixty days.
4. Information concerning Strategic Investment
Partners Limited.
14
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information contained in this Statement is
true, complete and correct.
Dated: November 14, 1997
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, general By:/s/ Gary K. Duberstein
partner Gary K. Duberstein, general
partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general
partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its
investment general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENBELT CORP.
By:/s/ Alfred D. Kingsly
Alfred D. Kingsley, President
/s/ Alfred D. Kingsley
Alfred D. Kingsley
/s/ Gary K. Duberstein
Gary K. Duberstein
Page 15
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
3. Information concerning transactions in the Shares effected by
the Reporting Persons in the last sixty days.
4. Information concerning Strategic Investment Partners Limited.
Page 16
Exhibit 3
TRANSACTIONS IN SHARES OF THE COMPANY
DURING THE PAST 60 DAYS
The Reporting Persons engaged in the following transactions in
Shares of the Company during the past 60 days. All transactions involved
purchases of Shares on the New York Stock Exchange.
===============================================================================
Reporting Person Date of Number of Price Per
With Direct Transaction Shares Share
Beneficial (Excluding
Ownership Commission)
- -------------------------------------------------------------------------------
Greenbelt 10/13/97 71,500 20
- -------------------------------------------------------------------------------
Greenbelt 10/14/97 77,900 19.75
- -------------------------------------------------------------------------------
Greenbelt 10/20/97 25,500 19.875
- -------------------------------------------------------------------------------
Greenbelt 10/27/97 40,000 19.1234
- -------------------------------------------------------------------------------
Greenbelt 10/30/97 5,700 19.5
- -------------------------------------------------------------------------------
Greenbelt 10/31/97 50,000 19.5
- -------------------------------------------------------------------------------
Greenbelt 11/12/97 150,000 20.0834
- -------------------------------------------------------------------------------
Greenbelt 11/12/97 67,600 20.0579
- -------------------------------------------------------------------------------
Greenbelt 11/12/97 214,100 20.0618
- -------------------------------------------------------------------------------
Greenbelt 11/13/97 96,700 20.0302
- -------------------------------------------------------------------------------
Greenbelt 11/13/97 39,500 19.75
===============================================================================
EXHIBIT 4
INFORMATION CONCERNING STRATEGIC
INVESTMENT PARTNERS LIMITED
---------------------------------
The information set forth in this Exhibit 4 was provided to
the Reporting Persons by Strategic Investment Partners Limited ("SIPL"). SIPL
and the persons referred to in this Exhibit 4 assume no responsibility for any
other information included in this filing. In addition, such persons expressly
disclaim beneficial ownership over all the Shares reported herein.
SIPL is a Cayman Islands corporation jointly owned by Quantum
Industrial Partners LDC ("QIP") and Quasar Strategic Partners LDC ("QSP"). SIPL
has its principal address at Kaya Flamboyan 9, Willemstad, Curacao, Netherlands
Antilles. The principal business of SIPL is investing in securities. Current
information concerning the identity and background of the directors and officers
of SIPL is set forth on Annex A hereto, which is incorporated herein by
reference.
Current information concerning each of SIPL, QIP and QSP (as
well as any other persons that may be deemed to have investment discretion over
securities held for the account of SIPL, QIP and QSP) is set forth in Annex A
hereto, which is incorporated herein by reference.
During the past five years, to the best of SIPL's knowledge,
no other person identified in this Exhibit 4 has been (a) convicted in a
criminal proceeding, or (b) a party to any civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which it or he has
been 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.
<PAGE>
SIPL
The identity and background of the officers and directors of
SIPL is set forth below.
QIP AND QSP
Each of QIP and QSP is a Cayman Islands exempted limited
duration company with its principal address at Kaya Flamboyan 9, Willemstad,
Curacao, Netherlands Antilles. The principal business of QIP and QSP is
investing in securities. Current information concerning the identity and
background of the directors and officers of QIP and QSP is set forth below.
QIH Management Investor, L.P. ("QIHMI"), an investment
advisory firm organized as a Delaware limited partnership, is a minority
shareholder of, and (pursuant to constituent documents of each of QIP and QSP)
is vested with investment discretion with respect to the portfolio assets held
for the account of, QIP and QSP. The principal business of QIHMI is to provide
management and advisory services to, and to invest in, QIP and QSP. QIH
Management Inc. ("QIH Management"), a Delaware corporation of which Mr. George
Soros is the sole shareholder, is the sole general partner of QIHMI. The
principal business of QIH Management is to serve as the sole general partner of
QIHMI. QIHMI and QIH Management have their principal offices at 888 Seventh
Avenue, 33rd Floor, New York, New York 10106. QIHMI, by reason of its investment
discretion over the securities owned by QIP and QSP the QIH Management, as
the sole general partner of QIHMI, may each be deemed the beneficial owner of
the Shares held for the account of QIP and QSP for purposes of Section 13(d) of
the Securities Exchange Act of 1934, as amended.
Mr. Soros has entered into an agreement dated as of January 1,
1997 with Soros Fund Management LLC ("SFM LLC"), a Delaware limited liability
company of which Mr. Soros is Chairman, pursuant to which Mr. Soros has, among
other things, agreed to use his best efforts to cause QIH Management, as the
general partner of QIHMI, to act at the direction of SFM LLC, which agreement to
so act shall terminate upon the earlier of (a) the assignment to SFM LLC of the
legal and beneficial ownership interest in QIH Management and (b) the assignment
to SFM LLC of the general partnership interest in QIHMI.
<PAGE>
The business of SFM LLC is managed through a management
Committee (the "Management Committee") comprised of Mr. Soros, Mr. Stanley
Druckenmiller and Mr. Gary Gladstein. SFM LLC, a Delaware limited liability
company, has its principal office at 888 Seventh Avenue, 33rd Floor, New York,
New York 10106. Its principal business is to serve, pursuant to contract, as the
principal investment manager to several foreign investment companies (the "SFM
Clients"). Mr. Soros, as Chairman of SFM LLC, has the ability to direct the
investment decisions of SFM LLC and as such may be deemed to have investment
discretion over the securities held for the accounts of the SFM Clients. Mr.
Druckenmiller, as Lead Portfolio Manager of SFM LLC, has the ability to direct
the investment decisions of SFM LLC and as such may be deemed to have investment
discretion over the securities held for the accounts of the SFM Clients. Set
forth below is a list of the Managing Directors (the executive officers) of SFM
LLC.
The principal occupation of Mr. Soros, a United States
citizen, is his direction of the activities of SFM LLC, which is carried out in
his capacity as Chairman of SFM LLC at SFM LLC's principal office. The principal
occupation of Mr. Druckenmiller is his position as Lead Portfolio Manager and
Managing Director of SFM LLC, which is carried out at SFM LLC's principal
office.
SFM LLC acts as principal investment manager to Quasar
International Partners C.V. ("Quasar Partners"), a Netherlands Antilles limited
partnership, which is one of the SFM Clients and which is the principal
shareholder of QSP. Pursuant to its contract with Quasar Partners, SFM LLC has
granted investment discretion over certain assets of Quasar Partners to
Discovery Management, L.P. ("Discovery"). In connection therewith, 165,600
Shares have been purchased for the account of Quantum Partners by Discovery.
None of SFM LLC, Mr. Soros and Mr. Druckenmiller currently exercises voting or
dispositive power over such Shares.
<PAGE>
DIRECTORS AND OFFICERS OF SIPL AND QIP
PRINCIPAL BUSINESS
NAME/TITLE/CITIZENSHIP OCCUPATION ADDRESS
---------------------- ---------- --------
Curacao Corporation Managing Director Kaya Flamboyan 9
Company N.V. of Netherlands Willemstad
Managing Director Antilles Curacao,
(Netherlands Antilles) corporations Netherlands
Antilles
Inter Caribbean Services Administrative Citco Building
Limited services Wickhams Cay
Secretary Road Town
(British Virgin Tortola
Islands) British Virgin
Islands
DIRECTORS AND OFFICERS OF QIH MANAGEMENT
NAME/TITLE PRINCIPAL
CITIZENSHIP OCCUPATION BUSINESS ADDRESS
- ----------- ---------- ----------------
Gary Gladstein Managing Director 888 Seventh Avenue
Director and of SFM LLC 33rd Floor
President New York, N.Y. 10106
(United States)
Sean C. Warren Managing Director 888 Seventh Avenue
Director, Vice of SFM LLC 33rd Floor
President and New York, N.Y. 10106
Secretary
(United States)
Peter Streinger Chief Financial 888 Seventh Avenue
Treasurer Officer of SFM LLC 33rd Floor
(United States) New York, N.Y. 10106
Michael C. Neus Assistant General 888 Seventh Avenue
Vice President and Counsel of SFM LLC 33rd Floor
Assistant Secretary New York, N.Y. 10106
(United States)
To the best of SIPL's knowledge:
(a) None of the above persons holds any Shares.
(b) None of the above persons has any contracts, arrangements,
understandings or relationships with respect to the Shares.
<PAGE>
DIRECTORS AND OFFICERS OF QSP
PRINCIPAL BUSINESS
NAME/TITLE/CITIZENSHIP OCCUPATION ADDRESS (OR RESIDENCE)
- ---------------------- ---------- ----------------------
Curacao Corporation Managing Director Kaya Flamboyan 9
Company N.V. of Netherlands Willemstad
Managing Director Antilles Curacao,
(Netherlands Antilles) corporations Netherlands
Antilles
Inter Caribbean Services Administrative Citco Building
Limited services Wickhams Cay
Secretary Road Town
(British Virgin Tortola
Islands) British Virgin
Islands
Richard Katz Private Investor Villa La Sirena
President Vico
(United Kingdom) dell'Olivetta 12
18039 Mortola
Inferiore
Ventimiglia
Italy (Residence)
To the best of SIPL's knowledge:
(a) None of the above persons holds any Shares.
(b) None of the above persons has any contracts, arrangements,
understandings or relationships with respect to the Shares.
<PAGE>
MANAGING DIRECTORS OF SFM LLC
The following is a list of all of the persons (other than
Stanley Druckenmiller) who serve as Managing Directors of SFM LLC:
Scott K.H. Bessent
Walter Burlock
Brian J. Corvese
Jeffrey L. Feinberg
Arminio Fraga
Ron Hiram
Gary Gladstein
David Gerstenhaber
Robert K. Jermain
David N. Kowitz
Alexander C. McAree
Paul McNulty
Gabriel S. Nechamkin
Steven Okin
Dale Precoda
Lief D. Rosenblatt
Mark D. Sonnino
Filiberto H. Verticelli
Sean C. Warren
Each of the above-listed persons is a United States citizen whose principal
occupation is serving as Managing Director of SFM LLC, and each has a business
address c/o Soros Fund Management LLC, 888 Seventh Avenue, 33rd Floor, New York,
New York 10106.
To the best of SIPL's knowledge:
(a) None of the above persons holds any Shares.
(b) None of the above persons has any contracts, arrangements,
understandings or relationships with respect to the Shares.
