<PAGE> 1
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. 1)
------------------------
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)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Transaction Amount of
Valuation* Filing Fee
----------- ----------
<S> <C>
$50,000,000 $10,000.00
- --------------------------------------------------------------------------------
</TABLE>
*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.
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
(Continued on following pages)
(Page 1 of 8 Pages)
<PAGE> 2
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 SOURCE OF FUNDS* (SEE INSTRUCTIONS)
AF; WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
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 SOURCE 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 SOURCE 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 SOURCE 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. 1 TO SCHEDULE 14D-1
This Amendment No. 1 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"), 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 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 Offer to Purchase.
Item 10. Additional Information.
Item 10(f) is hereby supplemented as follows:
(i) The information set forth in Supplement No. 1 to the
Offer to Purchase, a copy of which is attached hereto as Exhibit (a)(6) is
incorporated by reference herein.
(ii) Section 14 of the Offer to Purchase is hereby
supplemented as follows: "Notwithstanding anything to the contrary set forth
in this Section 14, all conditions set forth in this Section 14 must be
satisfied or waived prior to the Expiration Date."
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby supplemented by adding the following, copies
of which are attached hereto as Exhibits:
99.(a)(4) Press Release dated October 17, 1996.
99.(a)(5) Press Release dated November 7, 1996.
99.(a)(6) Supplement No. 1 to Offer to Purchase dated
November 7, 1996.
6
<PAGE> 7
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: November 7, 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. 1 to Schedule 14D-1 dated November 7, 1996]
7
<PAGE> 8
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: November 7, 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. 1 to Schedule 14D-1 dated November 7, 1996]
8
<PAGE> 9
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.(a)(4) Press Release dated October 17, 1996
99.(a)(5) Press Release dated November 7, 1996
99.(a)(6) Supplement No. 1 to Offer to Purchase
dated November 7, 1996
</TABLE>
<PAGE> 1
Exhibit 99.(a)(4)
October 17, 1996
Jericho, New York
FOR IMMEDIATE RELEASE ....RALEIGH INITIATES TENDER OFFER
Raleigh Capital Associates L.P. has announced today that it commenced a
tender 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. The offer, which is conditioned, among other
things, upon the abandonment or enjoining of the Partnership's proposed
financing from a Starwood Capital affiliate, is scheduled to expire at 12:00
midnight, New York city time, on November 14, 1996, unless extended.
For additional information, contact The Herman Group, Inc., the
Information Agent for Raleigh's offer, at (800) 992-6146.
<PAGE> 1
Exhibit 99.(a)(5)
November 7, 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 Thursday,
November 21, 1996. Approximately, 9,235 Units had been deposited pursuant to
Raleigh's offer as of the close of business on November 6, 1996.
For additional information, contact The Herman Group, Inc., the
Information Agent for Raleigh's offer, at (800) 992-6146.
<PAGE> 1
Exhibit 99.(a)(6)
SUPPLEMENT NO. 1
TO
OFFER TO PURCHASE FOR CASH
UP TO 100,000 LIMITED PARTNERSHIP INTERESTS
(AND ASSIGNEE INTERESTS THEREIN)
OF
ARVIDA/JMB PARTNERS, L.P.
FOR
$500 NET PER UNIT
BY
RALEIGH CAPITAL ASSOCIATES L.P.
***************************************************************************
* *
* THE OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT *
* 12:00 MIDNIGHT, NEW YORK CITY TIME, ON NOVEMBER 21, 1996, UNLESS *
* EXTENDED. *
* *
***************************************************************************
The Purchaser hereby supplements and amends its offer to purchase up to
100,000 Units of Arvida/JMB Partners, L.P. upon the terms and subject to the
conditions set forth in the Offer to Purchase, dated October 17, 1996 (the
"Offer to Purchase") and in the related Letter of Transmittal, as each may be
further supplemented and amended from time to time. Capitalized terms used but
not defined in this Supplement No. 1 shall have the meaning ascribed to them in
the Offer to Purchase.
The cover page, Introduction and Sections 7, 9 and 11 of the Offer to
Purchase, as applicable, are hereby amended and supplemented as follows:
The term "Expiration Date" shall mean 12:00 Midnight, New York City time,
on November 21, 1996, unless the Purchaser further extends the period of time
during which the Offer is open.
In a written opinion, dated November 4, 1996, the Delaware Chancery Court
denied reargument with respect to its prior decision of October 25, 1996 to
dismiss the action which the Purchaser had commenced seeking, among other
things, to enjoin the Starwood Financing. In so ruling, the Court accepted the
argument advanced by the General Partner that holders of Units, such as
Raleigh, who purchased their Units subsequent to the conclusion of the
Partnership's 1987 public offering, do not have the right to vote those Units
to remove and replace the General Partner. The dismissal was based exclusively
on the Court's conclusion that the Purchaser lacked standing to pursue its
claim. However, the Court granted the Purchaser's motion to enjoin the closing
of the Starwood Financing pending the determination of an appeal of its ruling
to the Delaware Supreme Court. In granting the Purchaser's motion, the Court
stated that there was relatively little law on the rights of assignees and that
the Delaware Supreme Court should have an opportunity to review the Court's
analysis of this issue. Accordingly, the Court determined that the closing of
the Starwood Financing should be enjoined pending a determination of an appeal
by the Delaware Supreme Court. On November 7, 1996, the Purchaser filed a
notice of appeal with the Delaware Supreme Court.
The ability of the Purchaser to vote Units owned by it to remove and
replace the General Partner as well as on other matters may be dependent on the
successful appeal of the decision of the Delaware Chancery Court.
As set forth in the Offer to Purchase, if the General Partner is removed
and replaced as a result of the Consent Solicitation, Raleigh Realty Management
intends to reject the Starwood Financing. If the Starwood Financing is
rejected by Raleigh Realty Management on or prior to December 15, 1996, the
Partnership may be obligated to pay $1,600,000 to Starwood Florida.
November 7, 1996
