<PAGE>
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934, as amended
------------------
Greyhound Lines, Inc.
(Name of Issuer)
------------------
Common Stock, $.01 par value 398048108
(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)
- with copies to -
Clifford E. Neimeth, Esq.
Watson, Farley & Williams
380 Madison Avenue
New York, New York 10017
(212) 922-2216
August 26, 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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss. 240.13d-7 for other
parties to whom copies are to be sent.
Page 1 of 22 pages
(Continued on following pages)
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<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 2 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3714238
- -------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) of 2(e): [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 743,600
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 743,600
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
743,600
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES:
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11: 1.2%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- -------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 3 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENTREE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3752875
- -------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) of 2(e): [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 233,200
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 233,200
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 233,200
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES:
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11: 0.4%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- -------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 4 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3793447
- -------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) of 2(e): [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 743,600
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 743,600
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
743,600
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11: 1.2%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- -------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 5 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENHUT, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3793450
- -------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) of 2(e): [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 233,200
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 233,200
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 233,200
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11: 0.4%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- -------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NO. 398048108 13D Page 6 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. OF 13-3791931
ABOVE PERSON:
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ x ]
OF A GROUP: (b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- -------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEM 2(d) of 2(e):
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,705,700
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 1,705,700
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 1,705,700
REPORTING PERSON:
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT 2.8%
IN ROW 11:
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- -------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 7 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENSEA OFFSHORE,
S.S. OR I.R.S. IDENTIFICATION NO. OF L.P.
ABOVE PERSON:
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ x ]
OF A GROUP: (b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- -------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEM 2(d) of 2(e):
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Cayman Islands
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 467,800
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 467,800
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 467,800
REPORTING PERSON:
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT 0.8%
IN ROW 11:
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- -------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 8 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: GREENHUT OVERSEAS,
S.S. OR I.R.S. IDENTIFICATION NO. OF L.L.C.
ABOVE PERSON: 13-3868906
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ x ]
OF A GROUP: (b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- -------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEM 2(d) of 2(e):
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 467,800
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 467,800
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 467,800
REPORTING PERSON:
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT 0.8%
IN ROW 11:
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- -------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 9 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
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 (a) [ x ]
OF A GROUP: (b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- -------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEM 2(d) of 2(e):
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: United States
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 20,100
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 3,150,300
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 20,100
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 3,150,300
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 3,170,400
REPORTING PERSON:
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT 5.3%
IN ROW 11:
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- -------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
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CUSIP NO. 398048108 13D Page 10 of 22 Pages
- -------------------------------------------------------------------------------
<S> <C> <C>
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 (a) [ x ]
OF A GROUP: (b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- -------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEM 2(d) of 2(e):
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF INCORPORATION: United States
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
BENEFICIALLY 8 SHARED VOTING POWER: 3,150,300
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH 10 SHARED DISPOSITIVE POWER: 3,150,300
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 3,150,300
REPORTING PERSON:
- -------------------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES: [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT 5.2%
IN ROW 11:
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- -------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (the "Statement") relates to the common
stock, $.01 par value (the "Shares"), of Greyhound Lines, Inc., a Delaware
corporation (the "Company"). The principal executive offices of the Company are
located at 15110 N. Dallas Parkway, Suite 600, Dallas, Texas 75248.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed 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
(Greenway, Greentree, Greenhouse, Greenhut, Greenbelt, Greensea, Greenhut
Overseas and Messrs. Kingsley and Duberstein hereinafter referred to
collectively as the "Reporting Persons"). Each of Greenway, Greentree and
Greenhouse is a Delaware limited partnership, and each of Greenhut and
Greenhut Overseas is a Delaware limited liability company. Greenbelt is a
Delaware corporation and Greensea is an exempted limited partnership formed
under the laws of the Cayman Islands.
The principal business of Greenway; Greentree and Greensea is
investing in securities; the principal business of Greenhouse is being the
general partner of Greenway; the principal business of Greenhut is being the
general partner of Greentree; the principal business of Greenhut Overseas is
being the investment general partner of Greensea; and the principal business
of Greenbelt is managing a small number of accounts containing securities for
which Greenbelt has voting and dispositive power and, consequently, in
respect of which it is the beneficial owner.
The present principal occupation of each of Messrs. Kingsley and
Duberstein is serving as a general partner of Greenhouse and a member of
Greenhut and of Greenhut Overseas. In addition, Mr. Kingsley is senior
managing director of Greenway and Greentree, and Mr. Duberstein is managing
director of Greenway and Greentree. Also, Mr. Kingsley is president of
Greenbelt, and Mr. Duberstein is vice president, secretary and treasurer of
Greenbelt.
During the last five years, none of the Reporting Persons has (i)
been convicted in a criminal proceeding or (ii) been 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.
The business address of each of the Reporting Persons (other than
Greensea) is 277 Park Avenue, 27th Floor, New York, New York 10017, and the
business address of Greensea is P.O. Box 1561, Mary Street, Grand Cayman,
Cayman Islands, British West Indies.
Messrs. Kingsley and Duberstein are both citizens of the United
States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Greenway has purchased an aggregate of 743,600 Shares for total
consideration (including brokerage commissions) of $3,002,404 derived from
the capital of Greenway and margin indebtedness from Bear Stearns & Co. Inc.
and Daiwa Securities America Inc.
11
<PAGE>
Greentree has purchased an aggregate of 233,200 Shares for total
consideration (including brokerage commissions) of $916,719 derived from the
capital of Greentree and margin indebtedness from Bear Stearns & Co.
Inc. and Daiwa Securities America Inc.
Greensea has purchased an aggregate of 467,800 Shares for total
consideration (including brokerage commissions) of $1,879,544 derived from
the capital of Greensea and margin indebtedness from Bear Stearns & Co. Inc.
Accounts managed by Greenbelt have purchased an aggregate of 1,705,700
Shares for total consideration (including brokerage commissions) of
$6,793,096.70 derived from capital in the managed accounts 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 because, in their
opinion, such Shares are undervalued by the market at the present time under
the present circumstances. Therefore, represent an attractive investment
opportunity. The Reporting Persons will monitor developments at the Company
and may communicate with members of management of the Company and with other
shareholders and interested parties concerning the Company.
The Reporting Persons may at any time and 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 3,170,400 Shares constituting 5.3% of the
outstanding Shares (such percentage having been calculated based upon the
60,120,700 Shares reportedly outstanding on August 7, 1998, as set forth in the
Company's Quarterly Report on Form 10-Q dated August 12, 1998 for its fiscal
quarter ended June 30, 1998). The Reporting Persons may be deemed to have direct
beneficial ownership of Shares as follows:
12
<PAGE>
<TABLE>
<CAPTION>
Approximate
Name Percentage of
Number of Shares Outstanding Shares
<S> <C> <C>
Greenway 743,600 1.2%
Greentree 233,200 0.4%
Greenbelt 1,705,700 2.8%
Greensea 467,800 0.8%
Alfred D. Kingsley 20,100 0.0%
</TABLE>
Greenhouse, as the general partner of Greenway, may be deemed to own
"beneficially" (as such term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) Shares in respect of
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 own beneficially Shares which Greenhouse may be deemed to own
beneficially. Each of Messrs. Kingsley and Duberstein hereby disclaims, pursuant
to Rule 13d-4 under the Exchange Act, beneficial ownership of such Shares for
all other purposes.
Greenhut, as the general partner of Greentree, may be deemed to own
beneficially Shares in respect of which Greentree may be deemed to possess
direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members
of Greenhut, may be deemed to own beneficially Shares which Greenhut may be
deemed to own beneficially. Each of Messrs. Kingsley and Duberstein hereby
disclaims, pursuant to Rule 13d-4 under the Exchange Act, beneficial ownership
of such Shares for all other purposes.
Greenhut Overseas, as the investment general partner of Greensea, may
be deemed to own beneficially Shares in respect of 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 own beneficially Shares which
Greenhut Overseas may be deemed to own beneficially. Each of Messrs. Kingsley
and Duberstein hereby disclaims, pursuant to Rule 13d-4 under the Exchange Act,
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 450,000 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 in Exhibit B hereto and incorporated herein by
reference. Each of Messrs. Kingsley and Duberstein, as executive officers and
directors of Greenbelt, may be deemed to own beneficially Shares which
Greenbelt owns beneficially. Each of Messrs. Kingsley and Duberstein hereby
disclaims, pursuant to Rule 13d-4 under the Exchange Act, beneficial
ownership of such Shares for all other purposes.
(b) Greenway has the sole power to vote or direct the vote of
743,600 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 to dispose or
to direct the disposition of such Shares.
13
<PAGE>
Greentree has the sole power to vote or direct the vote of 233,200
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 467,800
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 1,255,700
Shares held in managed accounts and the 450,000 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 vote or to direct
the vote and to dispose or to direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the Reporting
Persons during the preceding 60 days is set forth in Exhibit A attached hereto
and 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 the 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
5% of the class of outstanding Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
To the best knowledge of the Reporting Persons, there are no contracts,
arrangements, understandings or relationships (legal or otherwise) among the
Reporting Persons or between the Reporting Persons and any other person with
respect to any securities of the Company, including but not limited to, transfer
or voting of any of the securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits, division of profits
or loss, or the giving or withholding of proxies, except as follows: the
partnership agreement of each of Greenway and Greentree contains provisions
whereby its general partner (i.e., Greenhouse in the case of Greenway and
Greenhut in the case of Greentree) will receive annually a certain percentage of
realized and unrealized profits, if any, derived from the partnership's
investments. The agreements governing Greensea provide that Greenhut Overseas,
as investment general partner, will receive annually a certain percentage of
realized and unrealized profits, if any, derived from Greensea's investments.
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.
Greenbelt also receives annually a certain percentage of realized and unrealized
profits, if any, resulting from the investments in each of its managed accounts.
14
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
A. Information concerning transactions in the Shares effected by
the Reporting Persons in the preceding 60 days.
B. Information concerning Strategic Investment Partners Limited.
C. Joint Filing Agreement.
15
<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 7, 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, individual
/s/ Gary K. Duberstein
-------------------------------
Gary K. Duberstein, individual
16
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
A. Information concerning transactions in the Shares effected by
the Reporting persons in the last sixty days.
B. Information concerning Strategic Investment Partners Limited.
C. Joint Filing Agreement.
17
<PAGE>
Exhibit A
TRANSACTION IN SHARES OF THE COMPANY
The Reporting Persons engaged in the following transactions in Shares
of the Company during the preceding 60 days or since the most recent filing on
Schedule 13D, whichever is less. All transactions involved purchases of Shares
effected on the American Stock Exchange.
<TABLE>
<CAPTION>
Price Per Share
Reporting Person (Excluding Brokerage
With Direct Beneficial Ownership Date of Number of Commissions)
Transaction Shares
<S> <C> <C> <C>
Greenway 7/27/98 15,800 $5.250
Greenway 7/29/98 1,900 $5.250
Greensea 8/04/98 36,500 $5.375
Greentree 8/26/98 50,000 $3.8125
Greensea 8/26/98 43,700 $3.750
Greenbelt 8/26/98 25,000 $3.750
Greenbelt 9/01/98 80,700 $4.000
Greensea 9/04/98 12,800 $3.875
</TABLE>
18
<PAGE>
Exhibit B
INFORMATION CONCERNING STRATEGIC INVESTMENT PARTNERS LIMITED
The information set forth in this Exhibit 2 was provided to the
Reporting Persons by Strategic Investment Partners Limited ("SIPL"). SIPL and
the persons referred to in this Exhibit 2 assume no responsibility for any
other information included in the Statement on Schedule 13d to which this
Exhibit 2 relates. 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 below.
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 below.
During the past five years, to the best of SIPL's knowledge, no other
person identified in this Exhibit 2 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.
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, and 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
19
<PAGE>
so act shall terminate upon the earlier of (a) the assignment of SFM LLC of the
legal and beneficial ownership interest in QIH Management and (b) the assignment
of SFM LLC of the general partnership interest in QIHMI.
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 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.
DIRECTORS AND OFFICERS OF QSP
<TABLE>
<CAPTION>
NAME/TITLE PRINCIPAL BUSINESS ADDRESS
CITIZENSHIP OCCUPATION (OR RESIDENCE)
--------------- -------------- --------------------
<S> <C> <C>
Curacao Corporation Managing Director Kaya Flamboyan 9
Company N.V. of Netherlands Willemstad
Managing Director Antilles Curacao,
(Netherlands corporations Netherlands
Antilles) Antilles
Inter Caribbean Services Limited Administrative services Citco Building
Secretary Wickhams Cay
(British Virgin Road Town
Island) Tortola
British Virgin Islands
</TABLE>
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.
20
<PAGE>
MANAGING DIRECTORS OF SFM LLC
The following is a list of all of the persons (other than Stanley
Druckenmiller) who serve as a Managing Director of SFM LLC:
Scott K.H. Bessent
Walter Burlock
Brian J. Corvese
L. Kevin Dann
Jeffrey L. Feinberg
Arminio Fraga
Gary Gladstein
Ron Hiram
Robert K. Jermain
David N. Kowitz
Alexander C. McAree
Paul McNulty
Gabriel S. Nechamkin
Steven Okin
Lief D. Rosenblatt
Frank V. Sica
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.
21
<PAGE>
Exhibit C
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
them of this Statement on Schedule 13D (including all amendments hereto) with
respect to the common stock, $.01 par value, of ; and further agree that this
Joint Filing Agreement be included as an Exhibit to such joint filing. In
evidence thereof, the undersigned hereby execute this Agreement this 7th day
of September, 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, individual
/s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, individual
22
