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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
----------
(Amendment No. 7)
INLAND STEEL INDUSTRIES, INC.
(Name of Issuer)
Common Stock, $1.00 par value per share
(Title of class of securities)
457472108
(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)
August 24, 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(e), 13d-1(f) or 13d-1(g), check the following box
[_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following page(s))
(Page 1 of 14 Pages)
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NYFS11...:\92\56392\0003\1751\SCH9018S.550
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 2 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. 13-3714238
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 307,051
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 307,051
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 307,051
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.3%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
2
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 3 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. 13-3752875
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 131,329
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 131,329
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 131,329
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.6%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
3
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 4 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. 13-3793447
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 307,051
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 307,051
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 307,051
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.3%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
4
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 5 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT, L.L.C.
I.R.S. IDENTIFICATION NO. 13-3793450
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 131,329
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 131,329
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 131,329
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.6%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
5
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 6 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENBELT CORP.
I.R.S. IDENTIFICATION NO. 13-3791931
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 1,146,483
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,146,483
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,146,483
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.9%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
6
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 7 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P.
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: 233,323
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 233,323
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 233,323
- ------------------ -------------------------------------------------------------
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
- ------------------ -------------------------------------------------------------
7
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 8 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C.
I.R.S. IDENTIFICATION NO. 13-3868906
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 233,323
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 233,323
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 233,323
- ------------------ -------------------------------------------------------------
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
- ------------------ -------------------------------------------------------------
8
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 9 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 10,358
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,818,186
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,358
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,818,186
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,828,544
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
9
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 457472108 13D Page 10 of 14 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY)
- ------------------ -------------------------------------------------------------
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: 1,818,186
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,818,186
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,818,186
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
10
<PAGE>
This Amendment No. 7 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 ("Kingsley") and Gary K. Duberstein
("Duberstein"; and together with the foregoing persons, the "Reporting
Persons"). Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Since the filing of Amendment No. 6 to the Schedule 13D, Greenbelt
purchased an aggregate of 59,000 Shares for total consideration (including
brokerage commissions) of $1,133,481 derived from capital in the accounts that
it manages.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 1,828,544 Shares constituting 7.7% of the
outstanding Shares (the percentage of Shares owned being based upon
approximately 23,600,000 Shares outstanding on August 24, 1998 as set forth in a
press release issued by the Company on August 24, 1998). The Reporting Persons
may be deemed to have direct beneficial ownership of Shares as follows:
Approximate
Number of Percentage of
Name Shares Outstanding Shares
---- -------- ------------------
Greenway 307,051 1.3%
Greentree 131,329 0.6%
Greenbelt 1,146,483 4.9%
Greensea 233,323 1.0%
Alfred D. Kingsley 10,358 0.0%
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 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
11
<PAGE>
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
192,037 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 7 to Amendment
No. 4 to the Schedule 13D and incorporated herein by reference. Each of the
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
307,051 Shares and the sole power to dispose or to 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 dispose or to
direct the disposition of such Shares.
Greentree has the sole power to vote or direct the vote of 131,329
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 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 233,323
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 954,446
Shares held in managed accounts and the 192,037 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
10,358 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 or since the most recent filing on
Schedule 13D, whichever is less, is set forth in Exhibit 14 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 the dividends from, or proceeds from the sale of Shares in
each
12
<PAGE>
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 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
14. Information concerning transactions in the Shares effected by
the Reporting Persons in the last sixty days or since the most recent filing on
Schedule 13D, whichever is less.
13
<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: September 1, 1998
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. Kingsley
-------------------------------
Alfred D. Kingsley, President
/s/ Alfred D. Kingsley
-------------------------------
ALFRED D. KINGSLEY
/s/ Gary K. Duberstein
-------------------------------
GARY K. DUBERSTEIN
14
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
14 Information concerning transactions in the Shares effected by
the Reporting Persons in the last sixty days or since the
most recent filing on Schedule 13D, whichever is less.
Exhibit 14
TRANSACTION IN SHARES OF THE COMPANY
The Reporting Persons engaged in the following transactions in
Shares of the Company during the past 60 days or since the most recent filing on
Schedule 13D, whichever is less. All purchases of Shares were on the New York
Stock Exchange. All sales were to the Company pursuant to the Self-Tender Offer.
Reporting
Person
With Direct Price Per Share
Beneficial Date of Type of Number of (Excluding
Ownership Transaction Transaction Shares Commission)
--------- ----------- ----------- ------ -----------
Greenbelt 8/31/98 purchase 19,000 $19.0789
Greenbelt 8/31/98 purchase 15,000 $19.3958
Greenbelt 9/1/98 purchase 25,000 $19.1250
Greenway 8/24/98 sale 522,949 $30.0000
Greentree 8/24/98 sale 223,671 $30.0000
Greenbelt 8/24/98 sale 1,852,117 $30.0000
Greensea 8/24/98 sale 397,377 $30.0000
Kingsley 8/24/98 sale 17,642 $30.0000
NYFS11...:\92\56392\0003\1751\SCH9018S.550
