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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT No. 5)
-------------------------
ARVIDA/JMB PARTNERS, L.P.
a Delaware Limited Partnership
(Name of Subject Company)
RALEIGH CAPITAL ASSOCIATES L.P.
RALEIGH GP CORP.
ROCKLAND PARTNERS, INC.
ZEPHYR PARTNERS
(Bidder)
LIMITED PARTNERSHIP INTERESTS AND ASSIGNEE INTERESTS THEREIN
(Title of Class
of Securities)
NONE
(CUSIP Number of Class
of Securities)
-------------------------
Michael L. Ashner Copy to:
Raleigh Capital Associates L.P. Mark I. Fisher
100 Jericho Quadrangle Todd J. Emmerman
Suite 214 Rosenman & Colin LLP
Jericho, New York 11735-2717 575 Madison Avenue
(516) 822-0022 New York, New York 10022-2585
(212) 940-8800
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications on Behalf of Bidder)
Transaction Amount of
Valuation* Filing Fee
----------- ----------
$50,000,000 $10,000.00
*For purposes of calculating the filing fee only. This amount assumes
the purchase of 100,000 Limited Partnership Interests and Assignee Interests
Therein ("Units") of the subject company for $500 per Unit in cash.
[x] Check box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration
statement number, or the Form or Schedule and date of its filing.
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Amount previously paid: $10,000.00 Filing Party: Raleigh Capital Associates L.P.
---------- -------------------------------
Form or registration no.: Schedule 14D-1 Date Filed: October 17, 1996
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(Continued on following pages)
(Page 1 of 8 Pages)
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CUSIP No.: N/A 14D-1 Page 2 of 8 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RALEIGH CAPITAL ASSOCIATES L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; WC
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,342 Units
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
19.9%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
PN
<PAGE> 3
CUSIP No.: N/A 14D-1 Page 3 of 8 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RALEIGH GP CORP.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
N/A
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,342 Units*
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
19.9%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
CO
- -----------------------
* Reflects beneficial ownership by Raleigh Capital Associates L.P. (of which
Raleigh GP Corp. is a general partner).
<PAGE> 4
CUSIP No.: N/A 14D-1 Page 4 of 8 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ROCKLAND PARTNERS, INC.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
N/A
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,347 Units*
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
19.9%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
CO
- -------------------
* Reflects beneficial ownership of 5 Units by Rockland Partners, L.P. (of which
Rockland Partners, Inc. is the general partner) and 80,342 Units beneficially
owned by Raleigh Capital Associates L.P. (of which Rockland Partners, Inc. is a
general partner).
<PAGE> 5
CUSIP No.: N/A 14D-1 Page 5 of 8 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ZEPHYR PARTNERS
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
N/A
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
New York
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,342 Units*
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
19.9%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
PN
- -------------------
* Reflects beneficial ownership by Raleigh Capital Associates L.P. (of which
Zephyr Partners is a general partner).
<PAGE> 6
AMENDMENT NO. 5 TO SCHEDULE 14D-1
This Amendment No. 5 amends the Tender Offer Statement on Schedule
14D-1 filed with the Commission on October 17, 1996 by Raleigh Capital
Associates L.P., a Delaware limited partnership (the "Purchaser"), as amended
by Amendment Nos. 1, 2, 3 and 4 thereto (the "Schedule 14D-1"), relating to the
tender offer by the Purchaser to purchase up to 100,000 of the outstanding
limited partnership interests and assignee interests therein ("Units") of
Arvida/JMB Partners, L.P., a Delaware limited partnership (the "Partnership"),
at a purchase price of $500 per Unit (the "Purchase Price"), less the amount of
any distributions declared or made with respect to the Units between October 17,
1996 (the "Offer Date") and the date of payment of the Purchase Price by the
Purchaser, net to the seller in cash, without interest, upon the terms set forth
in the Offer to Purchase dated October 17, 1996 (the "Offer to Purchase") and in
the related Letter of Transmittal, as each has been or may be supplemented or
amended from time to time (which together constitute the "Offer"), to include
the information set forth below. Terms not otherwise defined herein shall have
the meaning ascribed to them in the Schedule 14D-1 and the Offer to Purchase.
Item 10. Additional Information.
Item 10(e) is hereby supplemented and amended as follows:
On December 12, 1996, the Delaware Supreme Court reversed a
decision of the Delaware Chancery Court which had dismissed an action commenced
by the Purchaser to enjoin the Starwood Financing. The dismissal had been
based exclusively on the Chancery Court's conclusion that the Purchaser lacked
standing to pursue its claim since it did not have the right to vote the Units
owned by it. The Supreme Court determined that the Chancery Court had
improperly relied on a document outside the pleadings to determine the voting
rights issue and remanded the matter to the Chancery Court for further
proceedings including discovery on the voting rights issue.
On December 13, 1996, the Circuit Court of Cook County,
Illinois, issued a preliminary injunction enjoining the Starwood Financing.
The injunction was issued in connection with a class and derivative action
which had been commenced by certain holders of Units seeking, among other
things, to enjoin the consummation of the Starwood Financing.
Item 10(f) is hereby amended as follows:
The information set forth in the press release attached hereto
as Exhibit 99.(a)(10) is incorporated herein by reference.
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby supplemented by adding the following, a copy
of which is attached hereto as Exhibit:
99.(a)(10) Press Release dated December 17, 1996.
6
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Signatures
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 17, 1996
RALEIGH CAPITAL ASSOCIATES L.P.
By: Raleigh GP Corp., General Partner
By: /s/Peter Braverman
-------------------------------
Name: Peter Braverman
Title: Vice President
By: ROCKLAND PARTNERS, INC.,
General Partner
By: /s/Jonathan H. Paul
-------------------------------
Name: Jonathan H. Paul
Title: Vice President
By: ZEPHYR PARTNERS
By: GP Aeolus Inc., General Partner
By: /s/Edward Mattner
-------------------------------
Name: Edward Mattner
Title: Vice President
By: AREHGP INC., General Partner
By: /s/John Saldarelli
-------------------------------
Name: John Saldarelli
Title: President
RALEIGH GP CORP.
By: /s/Peter Braverman
-----------------------------------
Name: Peter Braverman
Title: Vice President
[Amendment No. 5 to Schedule 14D-1 dated December 17, 1996]
7
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Signatures
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 17, 1996
ROCKLAND PARTNERS, INC.
By: /s/Jonathan H. Paul
-----------------------------------
Name: Jonathan H. Paul
Title: Vice President
ZEPHYR PARTNERS
By: GP Aeolus Inc., General Partner
By: /s/Edward Mattner
-----------------------------------
Name: Edward Mattner
Title: Vice President
By: AREHGP INC., General Partner
By: /s/John Saldarelli
-----------------------------------
Name: John Saldarelli
Title: President
[Amendment No. 5 to Schedule 14D-1 dated December 17, 1996]
8
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Exhibit Index
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Sequentially
Exhibit No. Description Numbered Page
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99.(a)(10) Press Release dated December 17, 1996
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EXHIBIT 99.(a)(10)
December 17, 1996
Jericho, New York
FOR IMMEDIATE RELEASE .... RALEIGH EXTENDS TENDER OFFER
Raleigh Capital Associates L.P. has extended the expiration date of its
offer to purchase up to approximately 22% of the outstanding limited
partnership interests and assignee interests therein of Arvida/JMB Partners,
L.P. at $500 per interest until 12:00 Midnight, New York City time, on Monday,
December 23, 1996. Approximately 21,165 Units had been deposited pursuant to
Raleigh's offer as of the close of business on December 16, 1996.
On December 12, 1996, the Delaware Supreme Court reversed a decision of
the Delaware Chancery Court which had dismissed an action commenced by Raleigh
to enjoin the Starwood Financing proposed by the General Partner of Arvida/JMB
Partners, L.P. The dismissal had been based exclusively on the Chancery Court's
conclusion that Raleigh lacked standing to pursue its claim since it did not
have the right to vote the Units owned by it. The Supreme Court determined that
the Chancery Court had improperly relied on a document outside the pleadings to
determine the voting rights issue and remanded the matter to the Chancery Court
for further proceedings including discovery on the voting rights issue.
On December 13, 1996, the Circuit Court of Cook County, Illinois,
issued a preliminary injunction enjoining the Starwood Financing. The
injunction was issued in connection with a class and derivative action which had
been commenced by certain holders of Units seeking, among other things, to
enjoin the consummation of the Starwood Financing.
As a result of the foregoing, Raleigh believes that all conditions to
purchasing Units pursuant to its offer will be satisfied prior to expiration of
Raleigh's offer. Accordingly, Raleigh intends to close its offer and purchase
all Units tendered pursuant thereto upon expiration of the offer, currently
scheduled for 12:00 Midnight, New York City time, on Monday, December 23, 1996.
For additional information, contact The Herman Group, Inc., the
Information Agent for Raleigh's offer, at (800) 992-6146.
