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OMB APPROVAL
OMB NUMBER 3235-0145
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D(1)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)*
ARVIDA/JMB PARTNERS, L.P.
- --------------------------------------------------------------------------------
(Name of Issuer)
Limited Partnership Interests and Assignee Interests Therein
- --------------------------------------------------------------------------------
(Title of Class of Securities)
None
- --------------------------------------------------------------------------------
(CUSIP Number)
Michael L. Ashner
Raleigh Capital Associates L.P.
100 Jericho Quadrangle, Suite 214
Jericho, New York 11735-2717
(516) 822-0022
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 19, 1996
-----------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
(Continued on following pages)
(Page 1 of 3 Pages)
- ------------------------
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(1)This Amendment No. 3 amends certain information contained in the final
amendment to Schedule 14D-1 filed by Raleigh Capital Associates L.P., Raleigh
GP Corp., Rockland Partners, Inc. and Zephys Partners on August 6, 1996, which
constituted the initial filing on Schedule 13D by such entities under Section
13(d) of the Act, and Amendment Nos. 1 and 2 to Schedule 13D filed by such
entities.
<PAGE> 2
SCHEDULE 13D
- ---------------------------- -------------------------------
CUSIP NO. N/A PAGE 2 OF 8 PAGES
- ---------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Raleigh Capital Associates LP.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF;WC
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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 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
79,701 Units
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
79,701 Units
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
79,701 Units
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 3
SCHEDULE 13D
- ---------------------------- -------------------------------
CUSIP NO. N/A 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*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
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 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
79,701 Units
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
79,701 Units
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
79,701 Units
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- --------------------
** Reflects beneficial ownership of 5 Units by Rockland Partners, L.P. (of
which Rockland Partners, Inc. is the general partner).
<PAGE> 4
SCHEDULE 13D
- ---------------------------- -------------------------------
CUSIP NO. N/A 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*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
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 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
79,706 Units
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
79,706 Units
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
79,706 Units
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- --------------------
** Reflects beneficial ownership of 5 Units by Rockland Partners, L.P. (of
which Rockland Partners, Inc. is the general partner) and 79,701 Units
beneficially owned by Raleigh Capital Associates L.P. (of which Rockland
Partners, Inc. is a general partner).
<PAGE> 5
SCHEDULE 13D
- ---------------------------- -------------------------------
CUSIP NO. N/A 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*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
79,701 Units
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
79,701 Units
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
79,701 Units
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ------------------------
** Reflects beneficial ownership of 5 Units by Rockland Partners, L.P. (of
which Rockland Partners, Inc. is the general partner).
<PAGE> 6
This Amendment No. 3 amends certain information contained in the final
amendment to Schedule 14D-1 (the "Final Amendment") filed by Raleigh Capital
Associates L.P. ("Raleigh Capital"), Raleigh GP Corp., Rockland Partners, Inc.
and Zephyr Partners on August 6, 1996, which constituted the initial filing on
Schedule 13D under Section 13(d) of the Act, and Amendment Nos. 1 and 2 to
Schedule 13D filed by such entities ("Amendment Nos. 1 and 2"). Capitalized
terms used but not defined herein have the meanings ascribed to them in the
Final Amendment and Amendment Nos. 1 and 2.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Item 6 is hereby supplemented and amended as follows:
On September 17, 1996, the General Partner sent a letter to Raleigh
Capital, a copy of which is attached hereto as Exhibit 6 and incorporated by
reference herein, rejecting the Raleigh Proposal.
On September 19, 1996, Raleigh Capital sent a letter to the General
Partner, a copy of which is attached hereto as Exhibit 7 and incorporated by
reference herein, responding to its rejection of the Raleigh Proposal and
offering the General Partner an opportunity to meet with representatives of
Raleigh Capital to clarify any aspect of the Raleigh Proposal.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is hereby supplemented and amended by adding the following,
copies of which are attached hereto as exhibits:
99.6 Letter dated September 17, 1996 from the General Partner to
Raleigh Capital.
99.7 Letter dated September 19, 1996 from Raleigh Capital to the
General Partner.
<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: September 24, 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
<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: September 24, 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
<PAGE> 9
Exhibit Index
<TABLE>
<CAPTION>
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
<S> <C>
99.6 Letter dated September 17, 1996 from the General Partner to Raleigh Capital.
99.7 Letter dated September 19, 1996 from Raleigh Capital to the General Partner.
</TABLE>
<PAGE> 1
Arvida/JMB
900 North Michigan Avenue
Chicago, Illinois 80611-1575
Telephone: (312) 440-4800
September 17, 1996
Raleigh Capital Associates L.P.
100 Jericho Quadrangle
Jericho, New York 11735-2117
Gentlemen:
This responds to the proposal contained in your letter to the
undersigned dated September 13, 1996. Although the terms of your proposal are
very general in nature and lack specifics, it is clear that your proposal
values the business of Arvida/JMB Partners, L.P. (the "Partnership") at
significantly less than the Partnership believes it is worth, particularly when
the financing with Starwood/Florida Funding, L.L.C is taken into account.
Accordingly, the Partnership has no interest in your proposal, and its business
is not for sale.
Very truly yours,
ARVIDA/JMB PARTNERS, L.P.
By: Arvida/JMB Managers, Inc.
General Partner
By: /s/Judd D. Malkin
--------------------------
Judd D. Malkin
Chairman
<PAGE> 1
RALEIGH CAPITAL ASSOCIATES L.P.
100 Jericho Quadrangle
Jericho, New York 11735-2117
September 19, 1996
BY FACSIMILE AND COURIER
Arvida/JMB Managers, Inc.
as General Partner of
Arvida/JMB Partners, L.P.
900 North Michigan Avenue
Chicago, Illinois 60611
Attn: Judd D. Malkin, Chairman
Gentlemen:
We are in receipt of your letter dated September 17, 1996, in
which you rejected our September 13, 1996 merger proposal, characterized our
proposal as "very general in nature and lack[ing] specifics" and stated that
the Partnership's "business is not for sale."
We are disappointed that you were unable to discern the very
specific and detailed proposal contained in our September 13, 1996 letter.
More troubling, however, is that, given the significance of our proposal and
your inability to fully understand the same, you did not reach out to us to
schedule a meeting to discuss our proposal or, at the very least, telephone to
ask questions or discuss those aspects of our offer which you claim were
general in nature. Given your status as a fiduciary to your investors, and
your obligation to act in the best interest of those investors, we are
astonished that you dismissed our proposal out of hand, without additional
inquiry or preliminary discussion.
In addition, we found it curious that you have taken the
position that the Partnership's "business is not for sale." In the first
instance, our proposal contemplated a consensual, majority approved, merger
which would permit current unitholders to continue as equityholders in a
publicly traded surviving entity, while also receiving a cash distribution
superior to that paid pursuant to the Starwood transaction. Secondly, your
statement seems quite contrary to the Partnership's most recent public
disclosures that management currently intends to initiate a plan of liquidation
of its assets by the end of next year. We find it hard to reconcile that
statement with your recent commitment to pursue a financing with Starwood,
especially given the effective "cramout" implications of the Starwood leverage
on your investors and their ability to realize future distributions.
In view of the apparent superior benefits of our proposal for
all unitholders, we strongly suggest that you contact us to arrange a mutually
convenient meeting so that we have the opportunity to clarify any aspect of our
proposal which you find general or unspecific. We remain available to answer
any questions you have regarding our September 13, 1996 proposal letter.
Very truly yours,
RALEIGH CAPITAL ASSOCIATES L.P.
By: Raleigh GP Corp.
By: /s/Michael L. Ashner
----------------------
Michael L. Ashner
President
