<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. 6)
-------------------------
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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<S> <C> <C>
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. 6 TO SCHEDULE 14D-1
This Amendment No. 6 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, 4 and 5 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(f) is hereby amended as follows:
The information set forth in the press release and letter to
Unitholders attached hereto as Exhibits 99.(a)(11) and 99.(a)(12) is
incorporated herein by reference.
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)(11) Press Release dated December 23, 1996.
99.(a)(12) Letter to Unitholders.
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 23, 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. 6 to Schedule 14D-1 dated December 23, 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 23, 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. 6 to Schedule 14D-1 dated December 23, 1996]
8
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Exhibit Index
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<CAPTION>
Sequentially
Exhibit No. Description Numbered Page
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99.(a)(11) Press Release dated December 17, 1996
99.(a)(12) Letter to Unitholders
</TABLE>
<PAGE> 1
EXHIBIT 99.(a)(11)
December 23, 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 Wednesday, January 15, 1997. Approximately 22,400 Units had been deposited
pursuant to Raleigh's offer as of the close of business on December 20, 1996.
On December 13, 1996, an Illinois court issued a preliminary injunction
enjoining the $160 million Starwood Financing proposed for the Partnership
thus eliminating a condition to the closing of Raleigh's offer. In issuing the
injunction, the Court stated that it was "unpersuaded that the General Partner
entered into the proposed financing scheme for any reason other than
maintaining its position as General Partner."
Raleigh's decision to extend the closing of its tender offer was the
result of litigation initiated by the General Partner on December 16, 1996 in
which it has sought a declaratory judgment the effect of which would deny
voting rights to all unitholders other than those who acquired units in the
1987 original public offering. Raleigh believes that the General Partner's
position is without merit and designed to entrench itself by disenfranchising
limited partners. Although Raleigh believes that all unitholders have voting
rights, Raleigh has determined to extend the closing of its offer at this time.
For additional information, contact The Herman Group, Inc., the
Information Agent for Raleigh's offer, at (800) 992-6146.
<PAGE> 1
EXHIBIT 99.(a)(12)
RALEIGH CAPITAL ASSOCIATES L.P.
100 JERICHO QUADRANGLE
JERICHO, NEW YORK 11735
Dear Unitholder:
On December 16, 1996, the General Partner of Arvida/JMB Partners, L.P.
filed papers in the Delaware Chancery Court seeking a declaratory judgment the
effect of which would be to deny voting rights to anyone who acquired limited
partnership units subsequent to the 1987 public offering of units. Raleigh
strongly believes that all unitholders have voting rights and that this is a
blatant attempt by the General Partner to disenfranchise limited partners and
further entrench itself. Unfortunately, one result of the General Partners's
actions is to force us to extend again the closing of our offer. The offer is
now scheduled to expire at 12:00 midnight on Wednesday, January 15, 1997.
Separately, we are pleased to report that an Illinois court has issued a
preliminary injunction enjoining the $160 million Starwood Financing proposed
for the Partnership thus eliminating a condition to the closing of our offer. In
issuing the injunction, the Court stated that it was "unpersuaded that the
General Partner entered into the proposed financing scheme for any reason other
than maintaining its position as General Partner."
WE ARE ALSO PLEASED TO NOTE THAT THE SPECIAL COMMITTEE OF THE GENERAL
PARTNER HAS CHANGED ITS RECOMMENDATION AND IS NOW RECOMMENDING THAT UNITHOLDERS
WHO HAVE A CURRENT NEED OR DESIRE FOR LIQUIDITY TENDER THEIR UNITS IN THE OFFER.
To tender your Units, send a completed and executed copy of the Letter of
Transmittal, a copy of which is enclosed, and any documents required by the
Letter of Transmittal to The Herman Group using the enclosed pre-addressed,
postage paid envelope at:
THE HERMAN GROUP, INC.
2121 San Jacinto Street, 26th Floor
Dallas, Texas 75221-9602
Facsimile No. (214) 999-9348 or (214) 999-9323
For information call 1-800-992-6146
RALEIGH CAPITAL ASSOCIATES L.P.
