<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. 10)
-----------------------
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.
<TABLE>
<S> <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
---------------- ------------------
</TABLE>
(Continued on following pages)
(Page 1 of 8 Pages)
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<TABLE>
<CAPTION>
CUSIP No.: N/A 14D-1 Page 2 of 8 Pages
---
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
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
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CUSIP No.: N/A 14D-1 Page 3 of 8 Pages
---
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
* Reflects beneficial ownership by Raleigh Capital Associates L.P. (of which
Raleigh GP Corp. is a general partner).
<PAGE> 4
<TABLE>
<CAPTION>
CUSIP No.: N/A 14D-1 Page 4 of 8 Pages
---
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
* 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
<TABLE>
<CAPTION>
CUSIP No.: N/A 14D-1 Page 5 of 8 Pages
---
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
* Reflects beneficial ownership by Raleigh Capital Associates L.P. (of which
Zephyr Partners is a general partner).
5
<PAGE> 6
AMENDMENT NO. 10 TO SCHEDULE 14D-1
This Amendment No. 10 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, 5, 6, 7, 8 and 9 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 amended as follows:
On February 12, 1997, the Partnership sought leave to file, and
thereafter filed, an amended and supplemental counterclaim against the
Purchaser in the action which is pending in the Delaware Chancery Court.
Pursuant to the counterclaim the Partnership sought a declaratory judgment that
the Purchaser was not a Substituted Limited Partner in the Partnership and did
not possess voting rights under the Partnership Agreement. On February 20,
1997, the Purchaser and Vanderbilt Income and Growth Associates, L.L.C. denied
the substantive allegations made by the Partnership and filed their own
counterclaim against the Partnership, Arvida/JMB Managers, Inc., Judd D.
Malkin, Burton E. Glazov, Stuart C. Nathan, A. Lee Sacks and John C. Schreiber,
seeking, among other things, a declaratory judgment that (i) the Purchaser has
voting rights under the Partnership Agreement and Assignment Agreement, (ii)
the General Partner of the Partnership and certain of its directors breached
their fiduciary duties by refusing to admit the Purchaser as a Substituted
Limited Partner, (iii) the Partnership breached its implied obligations of
good faith and fair dealing by refusing to admit the Purchaser as a Substituted
Limited Partner and (iv) the directors of the General Partner acted in bad
faith in refusing to admit the Purchaser as a Substituted Limited Partner.
On March 6, 1997, the Court granted the application of Gladys Beasley
to intervene in the action. Ms. Beasley seeks to represent a class of all
Holders or Holders of Interest in the Partnership, excluding the General
Partner, its affiliates and certain related parties. Ms. Beasley seeks a
declaration that all Holders or Holders of Interest have the right to vote to
remove the General Partner.
Item 10(f) is hereby amended as follows:
The information set forth in the press release attached hereto
as Exhibit (a)(17) is incorporated herein by reference.
6
<PAGE> 7
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)(17) Press Release dated March 7, 1997.
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: March 7, 1997
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. 10 to Schedule 14D-1 dated March 7, 1997]
<PAGE> 9
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: March 7, 1997
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. 10 to Schedule 14D-1 dated March 7, 1997]
<PAGE> 10
Exhibit Index
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
99. (a)(17) Press Release dated March 7, 1997
<PAGE> 1
EXHIBIT 99. (a)(17)
March 7, 1997
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 Friday,
March 21, 1997. Approximately 31,259.78 Units had been deposited pursuant to
Raleigh's offer as of the close of business on March 6, 1997.
Raleigh's decision to extend the closing of its tender offer is the
result of continued uncertainty arising from the efforts of the General Partner
to deny voting rights to all unitholders other than those who acquired units in
the 1987 original public offering. Although Raleigh believes that all
unitholders have voting rights, Raleigh has determined to extend the closing of
its offer at this time. A hearing on the issue of voting rights is scheduled
to be held in the Delaware Chancery Court on April 7th, 8th and 9th.
For additional information, contact The Herman Group, Inc., the
Information Agent for Raleigh's offer, at (800) 992-6146.
