UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5 (Final))*
Banyan Mortgage Investment Fund
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
066 82 P 106
(CUSIP Number)
Monica Lord, Esq.
Kramer, Levin, Naftalis & Frankel
919 Third Avenue
New York, NY 10022
(212) 715-9100
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 6, 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: |_|
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).
Page 1 of 8 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 066 82 P 106
- -----------------------
1)NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gabriel Capital, L.P.
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
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 None
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY None
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
None
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
Page 2 of 8 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 066 82 P 106
- -----------------------
1)NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ariel Fund Limited
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
None
NUMBER OF -------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY None
OWNED BY
EACH REPORTING -------------------------------------------------
PERSON 9) SOLE DISPOSITIVE POWER
WITH None
-------------------------------------------------
10) SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
Page 3 of 8 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 066 82 P 106
- -----------------------
1)NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ariel Management Corp.
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
00
- --------------------------------------------------------------------------------
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
None
NUMBER OF -------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY None
OWNED BY
EACH REPORTING -------------------------------------------------
PERSON 9) SOLE DISPOSITIVE POWER
WITH None
-------------------------------------------------
10) SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
Page 4 of 8 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 066 82 P 106
- -----------------------
1)NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J. Ezra Merkin
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
00
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
None
NUMBER OF -------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY None
OWNED BY
EACH REPORTING -------------------------------------------------
PERSON 9) SOLE DISPOSITIVE POWER
WITH None
-------------------------------------------------
10) SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 5 of 8 Pages
<PAGE>
AMENDMENT NO. 5
(FINAL) TO SCHEDULE 13D
This Amendment No. 5 (Final) amends and supplements the following Items
of the Reporting Persons' Statement on Schedule 13D, as previously amended by
Amendment No. 1 dated December 5, 1995, Amendment No. 2 dated May 17, 1996,
Amendment No. 3 dated November 19, 1996 and Amendment No. 4 dated December 4,
1996 (the "Schedule").
Item 4. Purpose of Transaction.
The information contained in Item 4 to the Schedule is hereby amended
and supplemented to read in its entirety as follows:
On December 6, 1996, Gabriel, Ariel Fund and Ariel sold their entire
holdings of the Common Stock to RGI Holdings, Inc., pursuant to the Common Stock
Purchase and Sale Agreement dated December 3, 1996 by and among RGI Holdings,
Inc., Gabriel, Ariel Fund and Ariel (the "Purchase and Sale Agreement"),
included as Exhibit A to Amendment No. 4 to Schedule 13D. See Item 5 and Item 6.
Item 5. Interest in Securities of Issuer.
The information contained in Items 5(a)-(e) to the Schedule is hereby
amended and supplemented to read in its entirety as follows:
(a) The Reporting Persons do not beneficially own shares of Common
Stock. See Item 5(c).
(b) Not applicable.
(c) Schedule I indicates the transactions effected by the Reporting
Persons during the period from December 4, 1996 through the date hereof. All
such trades were effected pursuant to the Purchase and Sale Agreement dated
December 3, 1996, included as Exhibit A to Amendment No.4 to Schedule 13D.
(d) Not applicable.
(e) On December 6, 1996, the Reporting Persons ceased to be the
beneficial owner of more than 5% of Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
The information contained in Item 6 to the Schedule is hereby amended
and supplemented to read in its entirety as follows:
On December 6, 1996 Gabriel, Ariel Fund and Ariel sold their entire
holdings of the Common Stock to RGI Holdings, Inc., pursuant to the Purchase and
Sale Agreement. In connection with such sale, Gabriel, Ariel Fund and Ariel
executed an irrevocable proxy appointing RGI Holdings, Inc. their proxy and
attorney in fact with respect to all of their shares of Common Stock.
Page 6 of 8 Pages
<PAGE>
Signature.
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
GABRIEL CAPITAL, L.P.
By: /s/ J. Ezra Merkin
-----------------
Name: J. Ezra Merkin
Title: General Partner
ARIEL FUND LIMITED
By: MEESPIERSON MANAGEMENT
(CAYMAN) LIMITED
By:/s/ P.A. De Ruijter /s/ R.H. Hanson
-------------------------------------
Name: P.A. De Ruijter R.H. Hanson
Title: Director Director
ARIEL MANAGEMENT CORP.
By:/s/ J. Ezra Merkin
----------------------
Name: J. Ezra Merkin
Title: President
/s/ J. Ezra Merkin
-------------------
J. EZRA MERKIN
Dated: December 9, 1996
Page 7 of 8 Pages
<PAGE>
SCHEDULE I
Sale of Shares of Common Stock After December 3, 1996
<TABLE>
<CAPTION>
Number of Shares
------------------------------------------------------
Aggregate Aggregate
Dollar Price Per Share Ariel Private
Date Amount Share Amount Fund Gabriel Account
- ------------------------ -------------- ----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Balance as of
December 3, 1996 - - - - 3,561,900 1,991,103 1,349,962 220,835
December 6, 1996 $2,137,140 $0.60 3,561,900 1,991,103 1,349,962 220,835
Balance as of
December 6, 1996 - - - - 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8 of 8 Pages
