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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT No. 7)
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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)
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Transaction Amount of
Valuation* Filing Fee
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$50,000,000 $10,000.00
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*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)
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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.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [x]
(b) [ ]
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF; WC
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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
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7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,342 Units
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
19.9%
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10. Type of Reporting Person (See Instructions)
PN
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CUSIP No.: N/A 14D-1 Page 3 of 8 Pages
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RALEIGH GP CORP.
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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
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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
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7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,342 Units*
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
19.9%
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10. Type of Reporting Person (See Instructions)
CO
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* Reflects beneficial ownership by Raleigh Capital Associates L.P.
(of which Raleigh GP Corp. is a general partner).
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CUSIP No.: N/A 14D-1 Page 4 of 8 Pages
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ROCKLAND PARTNERS, INC.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [x]
(b) [ ]
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
N/A
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5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting
Person
80,347 Units*
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
19.9%
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10. Type of Reporting Person (See Instructions)
CO
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* 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
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ZEPHYR PARTNERS
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [x]
(b) [ ]
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3. SEC Use Only
- ------------------------------------------------------------------
4. Sources of Funds (See Instructions)
N/A
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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
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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%
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10. Type of Reporting Person (See Instructions)
PN
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* Reflects beneficial ownership by Raleigh Capital Associates L.P. (of which
Zephyr Partners is a general partner).
5
<PAGE> 6
AMENDMENT NO. 7 TO SCHEDULE 14D-1
This Amendment No. 7 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 and 6 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 January 10, 1997, the Purchaser filed a motion in the
Delaware Chancery Court to dismiss, without prejudice, the complaint which it
had filed seeking, among other things, to enjoin the consummation of the
Starwood Financing. The grounds for the motion were that the claims relating
to the Starwood Financing were currently being litigated in a pending action in
the Circuit Court of Cook County, Illinois and that a preliminary injunction
against consummation of the Starwood Financing had been entered by the Illinois
Court. A final hearing on issuance of a permanent injunction has been
scheduled by the Illinois Court for March 4-5, 1997.
Item 10(f) is hereby amended as follows:
The information set forth in the press release attached hereto
as Exhibit (a)(13) is incorporated herein by reference.
On January 10, 1997, the Purchaser sent a letter to the
General Partner requesting that it be admitted as a Substituted Limited Partner
of the Partnership with respect to 78,694.3599 Units beneficially owned by the
Purchaser. The Purchaser specifically stated that the request was being made
without prejudice to the Purchaser's position that all Assignee Holders,
including Assignee Holders who acquired their interests subsequent to the
Partnership's public offering, had the right to exercise voting and consent
rights under the Partnership Agreement.
6
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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)(13) Press Release dated January 15, 1997.
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: January 15, 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. 7 to Schedule 14D-1 dated January 15, 1997]
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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: January 15, 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. 7 to Schedule 14D-1 dated January 15, 1997]
<PAGE> 10
Exhibit Index
<TABLE>
<CAPTION>
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
<S> <C>
99.(a)(13) Press Release dated January 15, 1997
</TABLE>
<PAGE> 1
Exhibit 99.(a)(13)
<PAGE> 2
January 15, 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 Monday,
February 3, 1997. Approximately 30,227 Units had been deposited pursuant to
Raleigh's offer as of the close of business on January 14, 1997.
Raleigh's decision to extend the closing of its tender offer was 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. The General Partner is seeking a
declaratory judgment in the Delaware Chancery Court in support of its position
on voting rights. Raleigh believes that the General Partner's position is
without merit, is designed to entrench the General Partner by disenfranchising
unitholders and abridges the rights of even those units holders who acquired
their interests in the 1987 public offering. Although Raleigh believes that all
unitholders have voting rights, Raleigh has determined to extend the closing of
its offer at this time.
The plaintiffs in a derivative action against the General Partner
pending in an Illinois court are seeking to obtain, among other things, a
declaratory judgment that all unitholders have voting rights. The Illinois
court had previously issued a preliminary injunction enjoining the $160 million
Starwood Financing proposed for the Partnership. 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." The plaintiffs have alleged that the General
Partner's position on voting rights represents a continuation of its efforts to
maintain its position as General Partner.
For additional information, contact The Herman Group, Inc., the
Information Agent for Raleigh's offer, at (800) 992-6146.
