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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5)*
SUNRISE EDUCATIONAL SERVICES, INC.
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(Name of Issuer)
Common Stock, $.10 Par Value
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(Title of Class of Securities)
867693103
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(CUSIP Number)
Ronald J. Prague, 237 Park Avenue, New York, N.Y. 10017-3142, (212) 880-6032
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 1997
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(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.
*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).
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SCHEDULE 13D
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CUSIP No. 867693103 Page 2 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LN Investment Capital Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH
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8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
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CUSIP No. 867693103 Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael J. Connelly
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------
8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
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CUSIP No. 867693103 Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lepercq Investment Limited Partnership-II
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
PN
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*** SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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Page 5 of 10 Pages
NOTE: This Amendment No. 5 supplements Items 1, 2, 5, 6 and 7 of the
Statement dated April 13, 1990, Amendment No. 1 thereto dated May 17, 1990,
Amendment No. 2 thereto dated November 27, 1991, Amendment No. 3 thereto dated
January 1, 1993 and Amendment No. 4 thereto dated January 9, 1996 (together,
the "Statement") filed by (i) LN Investment Capital Limited Partnership, a
Delaware limited partnership ("LNIC"), (ii) Lepercq Investment Limited
Partnership-II, a Delaware limited partnership ("LIP-II"), (iii) LN Investment
Capital Limited Partnership-II, a Delaware limited partnership ("LNIC-II"), and
(iv) Michael J. Connelly ("Connelly"), with respect to the common stock, $.01
par value (the "Common Stock"), of Sunrise Educational Services, Inc., a
Delaware corporation (f/k/a Sunrise Preschools, Inc., the "Company"). LNIC
and LIP-II are hereinafter referred to as the "Surviving Reporting
Partnerships." Information contained in this Amendment No. 5 reflects a
decrease in the surviving Reporting Partnerships' ownership of Common Stock
resulting from open market sales pursuant to an S-3 Registration, and a
decrease in the Surviving Reporting Partnerships' ownership of Series B
Preferred Stock resulting from a private sale.
Item 1 Security and Issuer.
The titles and the classes of equity securities to which this
Amendment No. 5 and the Statement relate is the Common Stock and the Series B
Preferred Stock of the Company. The principal executive offices of the Company
are located at 9128 East San Salvador Drive, Scottsdale, Arizona 85258.
Item 2 Identity and Background.
This Amendment No. 5 and the Statement to which it relates are
filed on behalf of each of the Surviving Reporting Partnerships and Connelly.
Each of the Surviving Reporting Partnerships is organized
under the laws of the State of Delaware. The principal business of each of the
Surviving Reporting Partnerships is the acquisition and holding of securities
for investment and the production of income. The principal business office of
each of the Surviving Reporting Partnerships is located at 1675 Broadway, New
York, New York 10019. The general partners of each of the Surviving Reporting
Partnerships are (i) Connelly and (ii) LN General Partners, a New York
partnership ("LNGP"; LNGP and Connelly are hereinafter referred to collectively
as the "General Partners"). Connelly is the managing general partner of LNGP and
each of the Surviving Reporting Partnerships.
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Page 6 of 10 Pages
Connelly's business address is 1675 Broadway, New York, New
York 10019. Connelly's present principal occupation of employment is President
of Lepercq Capital Management Incorporated, a Delaware corporation ("LCM"). The
principal business of LCM is to manage the investment and income producing
activities of the Surviving Reporting Partnerships and provide management and
consulting services to companies in which the Reporting Partnerships have made
investments. Connelly is a citizen of the Untied States.
LNGP was organized under the laws of the State of New York and
its business and principal offices are located at 1675 Broadway, New York, New
York 10019. The principal business of LNGP is to hold its general partnership
interest in the Surviving Reporting Partnerships.
During the last five years, none of Connelly, LNGP, either of
the Surviving Reporting Partnerships nor LNIC-II has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 5 Interest in Securities of the Issuer.
(a) As of the date hereof, neither LNIC nor LIP-II
beneficially own, for purposes of Rule 13d-3 under the Securities Exchange Act
of 1934 (the "Act"), any shares of Common Stock.
As of the date hereof, the Surviving Reporting Partnerships
and Connelly, constituting a "group" within the meaning of Section 13(d)(3) of
the Act, do not collectively own any shares of Common Stock.
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Page 7 of 10 Pages
(b) Over the past 60 days LNIC sold 313,567 shares of Common
Stock and 291,450 shares of Class B Preferred Stock on February 12, 1997. LIP-II
sold 226,488 shares of Common Stock and 208,550 shares of Class B Preferred
Stock on February 12, 1997. Each share of Class B Preferred Stock is convertible
into one share of Common Stock.
(c) Not applicable.
(d) Not applicable.
Item 6 Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
Except as set forth in Exhibit 9 to this Amendment No. 5,
there are no contracts, arrangements, understandings or relationships (legal or
otherwise) among LNGP, Connelly, the Surviving Reporting Partnerships and any
other person with respect to any securities of the Company including but not
limited to transfer or voting of any of such securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division or profits or loss or the giving or withholding or proxies.
Item 7 Material to be Filed as Exhibits.
Exhibit 9. Joint Filing Agreement dated as
of March 10, 1997 by and among LNIC,
LIP-II and Connelly.
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Page 8 of 10 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this Amendment No. 5 is
true, complete and correct.
Dated: March 10, 1997
LN INVESTMENT CAPITAL LIMITED
PARTNERSHIP
By:/s/ Michael J. Connelly
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Michael J. Connelly,
Managing General Partner
LEPERCQ INVESTMENT LIMITED
PARTNERSHIP-II
By: /s/ Michael J. Connelly
---------------------------
Michael J. Connelly,
Managing General Partner
/s/ Michael J. Connelly
---------------------------
Michael J. Connelly
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Page 9 of 10 Pages
INDEX TO EXHIBITS
Exhibit Description Page
9 Joint Filing Agreement dated as of 10
March 10, 1997 by and among LNIC,
LIP-II and Connelly
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Page 10 of 10 Pages
JOINT FILING AGREEMENT
The undersigned agree that this Amendment No. 5 to the
Statement on Schedule 13D to which this Agreement is attached and any amendments
thereto are filed on behalf of each one of them.
Date: March 10, 1997
LN INVESTMENT CAPITAL LIMITED
PARTNERSHIP
By: /s/ Michael J. Connelly
------------------------
Michael J. Connelly,
Managing General Partner
LEPERCQ INVESTMENT LIMITED
PARTNERSHIP-II
By: /s/ Michael J. Connelly
------------------------
Michael J. Connelly,
Managing General Partner
/s/ Michael J. Connelly
------------------------
Michael J. Connelly
