<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 5)
Capital Pacific Holdings, Inc.
(Name of Issuer)
Common Stock, par value $.10
(Title of Class of Securities)
14040M104
(CUSIP Number)
Thomas F. Steyer
Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(415) 421-2132
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 28, 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 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 pages)
Page 1 of 24 Pages
Exhibit Index Found on Page 22
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
California Housing Finance, L.P.
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
California Housing Finance, LLC
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Management, L.L.C.
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IA, OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Enrique H. Boilini
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Argentina
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
David I. Cohen
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
South Africa
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Joseph F. Downes
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Jason M. Fish
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Andrew B. Fremder
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Mellin
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen L. Millham
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Meridee A. Moore
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 24 Pages
<PAGE>
13D
===============================
CUSIP No. 14040M104
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas F. Steyer
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
N/A
- ---------======================================================================
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
SHARES -0-
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,809,851
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,809,851
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,809,851
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.6 %
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 24 Pages
<PAGE>
This Amendment No. 5 to Schedule 13D amends the Schedule 13D initially
filed on September 30, 1997 (collectively, with all amendments thereto, the
"Schedule 13D").
Item 4. Purpose of the Transaction.
Item 4 of the Schedule 13D is amended by adding the following two
paragraphs immediately prior to the last paragraph of Item 4:
A representative of the Reporting Persons has discussed with Mr. Hadi
Makarechian, the chairman of the Company, the possibility of certain of the
Reporting Persons acquiring all or a substantial part of the Company's interests
in certain commercial real estate, mixed use and land development properties
(the "Projects"). The Reporting Persons or such affiliates already hold a
majority of the ownership interests in the entities that own and operate such
Projects. Mr. Makarechian suggested that FCMLLC notify the Board of Directors
(the "Board") of the Company of any interest that the Reporting Persons may have
in pursuing such an acquisition. FCMLLC, on behalf of certain Reporting Persons
and certain of their affiliates, has sent to the Board a letter expressing a
preliminary interest in such an acquisition. A copy of that letter (the
"Projects Letter") is annexed as Exhibit G to this Schedule 13D. Certain of the
Reporting Persons may discuss such an acquisition with the Board or with Company
management. Any such acquisition would be subject to numerous conditions,
including, without limitation, agreement on price, structuring of the
transaction, the execution and delivery of mutually acceptable documentation and
other customary conditions for a transaction of this type. In addition, such a
transaction would be conditioned on reaching an acceptable arrangement with Mr.
Hadi Makarechian, or an entity controlled by him, to manage such Projects.
In addition, a representative of the Reporting Persons has also discussed
with Mr. Makarechian the possibility of separating the Company's home building
business from its land development and commercial construction businesses . If
the Company wishes to pursue any such
Page 14 of 24 Pages
<PAGE>
transaction, the Reporting Persons may discuss with the Board or with Company
management various potential transactions to effect such a separation.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is amended and restated in its entirety as
follows:
A. California Housing Finance, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for CHF is incorporated herein by reference.
The percentage amount set forth in Row 13 of such cover page and
of each other cover page filed herewith is calculated based upon
14,305,511 Shares outstanding as of July 1, 1998, as reported by
the Company in its Form 10-Q for the period ended May 31, 1998,
filed with the Securities and Exchange Commission on July 15,
1998.
(c) There have been no transactions in the Shares in the last 60 days.
(d) CHFLLC, as general partner of CHF, has the power to direct the affairs
of CHF, including the disposition of the proceeds of the sale of the
Shares owned by CHF. FCMLLC, as manager of CHFLLC, has the power to
direct the affairs of CHFLLC, including the disposition of the
proceeds of the sale of the Shares. Steyer is the senior managing
member of FCMLLC, and Boilini, Cohen, Downes, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) Not applicable.
B. California Housing Finance, LLC
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for CHFLLC is incorporated herein by reference.
(c) None.
(d) FCMLLC, as manager of CHFLLC, has the power to direct the affairs of
CHFLLC, including the disposition of the proceeds of the sale of the
Shares. Steyer is the senior managing member of FCMLLC, and Boilini,
Cohen, Downes, Fish, Fremder, Mellin, Millham and Moore are managing
members of FCMLLC.
(e) Not applicable.
Page 15 of 24 Pages
<PAGE>
C. Farallon Capital Management, L.L.C.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCMLLC is incorporated herein by reference.
(c) None.
(d) Steyer is the senior managing member of FCMLLC and Boilini, Cohen,
Downes, Fish, Fremder, Mellin, Millham and Moore are managing members
of FCMLLC.
(e) Not applicable.
D. Enrique H. Boilini
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Boilini is incorporated herein by
reference.
(c) None.
(d) Boilini is a managing member of FCMLLC.
(e) Not applicable.
E. David I. Cohen
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Cohen is incorporated herein by reference.
(c) None.
(d) Cohen is a managing member of FCMLLC.
(e) Not applicable.
F. Joseph F. Downes
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Downes is incorporated herein by reference.
(c) None.
(d) Downes is a managing member of FCMLLC.
(e) Not applicable.
Page 16 of 24 Pages
<PAGE>
G. Jason M. Fish
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fish is incorporated herein by reference.
(c) None.
(d) Fish is a managing member of FCMLLC.
(e) Not applicable.
H. Andrew B. Fremder
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fremder is incorporated herein by
reference.
(c) None.
(d) Fremder is a managing member of FCMLLC.
(e) Not applicable.
I. William F. Mellin
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Mellin is incorporated herein by reference.
(c) None.
(d) Mellin is a managing member of FCMLLC.
(e) Not applicable.
J. Stephen L. Millham
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Millham is incorporated herein by
reference.
(c) None.
(d) Millham is a managing member of FCMLLC.
(e) Not applicable.
Page 17 of 24 Pages
<PAGE>
K. Meridee A. Moore
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Moore is incorporated herein by reference.
(c) None.
(d) Moore is a managing member of FCMLLC.
(e) Not applicable.
L. Thomas F. Steyer
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Steyer is incorporated herein by reference.
(c) None.
(d) Steyer is the senior managing member of FCMLLC.
(e) Not applicable.
The Shares reported hereby for CHF are owned directly by it. CHFLLC, as
general partner of CHF, may be deemed to be the beneficial owner of all Shares
owned by CHF. FCMLLC, as manager of CHFLLC, may be deemed to be the beneficial
owner of all Shares owned by CHF. Each of Boilini, Cohen, Downes, Fish, Fremder,
Mellin, Millham, Moore and Steyer may be deemed, as a managing member of FCMLLC,
to be the beneficial owner of all Shares owned by CHF. Each of CHFLLC, FCMLLC,
Boilini, Cohen, Downes, Fish, Fremder, Mellin, Millham, Moore and Steyer hereby
disclaims any beneficial ownership of any such Shares.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Item 6 of the Schedule 13D is amended by adding the following two
paragraphs immediately prior to the last paragraph of Item 6:
As described in Item 4 above, a representative of the Reporting Persons
has discussed with Mr. Hadi Makarechian, the chairman of the Company, the
possibility of certain of the Reporting Persons acquiring all or a substantial
part of the Company's interests in the Projects. The Reporting Persons or such
affiliates already hold a majority of the ownership interests in the entities
that own and operate such Projects. Mr. Makarechian suggested that FCMLLC notify
the Board of any
Page 18 of 24 Pages
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interest that the Reporting Persons may have in pursuing such an acquisition.
FCMLLC, on behalf of certain Reporting Persons and certain of their affiliates
has sent to the Board a letter expressing a preliminary interest in such an
acquisition. A copy of that letter (the "Projects Letter") is annexed as Exhibit
G to this Schedule 13D. Certain of the Reporting Persons may discuss such an
acquisition with the Board or with Company management. Any such acquisition
would be subject to numerous conditions, including, without limitation,
agreement on price, structuring of the transaction, the execution and delivery
of mutually acceptable documentation and other customary conditions for a
transaction of this type. In addition, such a transaction would be conditioned
on reaching an acceptable arrangement with Mr. Hadi Makarechian, or an entity
controlled by him, to manage such Projects.
In addition, a representative of the Reporting Persons has also discussed
with Mr. Makarechian the possibility of separating the Company's home building
business from its land development and commercial construction businesses . If
the Company wishes to pursue any such transaction, the Reporting Persons may
discuss with the Board or with Company management various potential transactions
to effect such a separation.
Item 7. Materials to be Filed as Exhibits.
Item 7 of the Schedule 13D is amended as follows:
There is filed herewith as Exhibit G to the Schedule 13D a copy of the
Projects Letter, as described in Item 4 and Item 6 above.
Page 19 of 24 Pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: September 29, 1998
CALIFORNIA HOUSING FINANCE, L.P.
By: California Housing Finance, LLC,
its General Partner
By: Farallon Capital Management, L.L.C.
its Manager
/s/ Thomas F. Steyer
By: Thomas F. Steyer,
Senior Managing Member
CALIFORNIA HOUSING FINANCE, LLC
By: Farallon Capital Management, L.L.C.
its Manager
/s/ Thomas F. Steyer
By: Thomas F. Steyer,
Senior Managing Member
FARALLON CAPITAL MANAGEMENT, L.L.C.
/s/ Thomas F. Steyer
By: Thomas F. Steyer,
Senior Managing Member
[continued on next page]
Page 20 of 24 Pages
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[continued from prior page]
/s/ Thomas F. Steyer
Thomas F. Steyer, individually and as
attorney-in-fact
for each of Enrique H. Boilini, David I. Cohen,
Joseph F. Downes, Jason M. Fish,
Andrew B. Fremder, William F. Mellin,
Stephen L. Millham, and Meridee A. Moore.
The Powers of Attorney, each executed by Boilini, Cohen, Downes, Fish,
Fremder, Mellin, Millham and Moore authorizing Steyer to sign and file this
Schedule 13D on each person's behalf, which were filed with Amendment No. 1 to
the Schedule 13D filed with the Securities and Exchange Commission on September
26, 1997, by such Reporting Persons with respect to the Common Stock of Sphere
Drake Holdings Limited, are hereby incorporated by reference.
Page 21 of 24 Pages
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EXHIBIT INDEX
Exhibit G Letter to Board of Directors of the Company (The Projects Letter)
page 22 of 24 Pages
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FARALLON CAPITAL MANAGEMENT, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
September 28, 1998
The Board of Directors
c/o Mr. Hadi Makarechian
Capital Pacific Holdings, Inc.
4100 MacArthur Boulevard, Suite 200
Newport Beach, California 92660
Gentlemen:
As you may know, we have had discussions with Mr. Hadi Makarechian, the
chairman of Capital Pacific, about our purchase, through one or more affiliated
entities, of all or a substantial part of Capital Pacific's interests (the
"Interests") in the various recently acquired commercial real estate, mixed use
and land development joint ventures including those listed below (the "Joint
Ventures"). As you know, certain of our affiliates have contributed 99% of these
Joint Ventures' capital, entitling them to a preferred return and a contingent
profit participation in the Joint Ventures after the preferred return. The
Interests of Capital Pacific, therefore, in general terms, consist of 1% of the
existing capital in the Joint Ventures and contingent profit participations
based on the future performance of these Joint Ventures. Mr. Makarechian
suggested we directly notify Capital Pacific's board of directors of any
interest we may have in pursuing this acquisition. This letter expresses our
preliminary interest in acquiring the Interests.
Date of
Joint Venture Project Acquisition Joint Venture
by Capital Entity
Pacific
Dana Point 12/15/97 CPHDP, LLC
Vista Palisades 3/12/98 CPHVP, LLC
Huntington Beach 4/6/98 CPHAHB, LLC
Airport Office & 4667 MacArthur 4/22/98 CPHAOB, LLC
Buildings
Redhill & Summit Office Buildings 5/12/98 and CPHROB, LLC
6/30/98
Monarch Beach (Ritz Pointe) 6/19/98 CPHMB, LLC
Monarch Beach (Resorts 1) 7/15/98 CPHR-1, LLC
Page 23 of 24 Pages
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If you have an interest in discussing a potential acquisition by us, please
let us know. Whether it is worthwhile to consider such a transaction will depend
on the price at which CPH would be interested in entering into the transaction
and the other terms and conditions CPH might require. We suggest that CPH obtain
an independent evaluation of the price for such Interests. To the extent we can
reach an agreement on price, our interest in pursuing such a transaction would,
of course, be conditioned on our also agreeing on the structure of the
transaction and other terms and conditions of the transaction and entering into
acceptable definitive documentation, as well as overall market conditions at the
time. Our interest would also be conditioned upon reaching an acceptable
arrangement with Mr. Hadi Makarechian, or an entity controlled by him, to manage
the Joint Ventures.
Please feel free to contact the undersigned with any questions regarding
the contents of this letter.
Yours sincerely,
FARALLON CAPITAL MANAGEMENT, L.L.C.
By: /s/ Stephen L. Millham
Stephen L. Millham
Managing Member
Page 24 of 24 Pages
