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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)*
LEGEND PROPERTIES, INC. (FORMERLY BANYAN MORTGAGE INVESTMENT FUND)
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
52465P 10 3 (formerly 06682P106)
------------------------------------------------------------
(CUSIP Number)
Kenneth L. Uptain, President
RGI Holdings, Inc.
U.S. Bank Centre
1420 5th Avenue, 42nd Floor
Seattle, Washington 98101-2333
(206) 464-0200
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 31, 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 / /.
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).
Exhibit Index is on Page 23
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CUSIP No. 06682P106 13D Page 2 of Pages
--------- --- ---
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Kjell I. Rokke
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check 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
Norway
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 4,962,716
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 4,962,716
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,962,716
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
79.0%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
2
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CUSIP No. 06682P706 13D Page 3 of Pages
--------- --- ---
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RGI (Antilles) N.V.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check 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
Netherlands Antilles
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 4,962,716
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 4,962,716
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,962,716
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
79.0%
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(14) Type of Reporting Person*
HC, CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
3
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CUSIP No. 06682P106 13D Page 4 of Pages
--------- --- ---
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RGI (Europe) B.V.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check 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
The Netherlands
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 4,962,716
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 4,962,716
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,962,716
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
79.0%
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(14) Type of Reporting Person*
HC,CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
4
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CUSIP No. 06682P106 13D Page 5 of Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RGI (Denmark) ApS
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check 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
Denmark
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 4,962,716
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 4,962,716
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,962,716
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
79.0%
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(14) Type of Reporting Person*
HC,CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
5
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CUSIP No. 06682P106 13D Page 6 of Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Resource Group International Inc.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC
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(5) Check 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
Washington
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Number of Shares (7) Sole Voting
Beneficially Owned Power 6,400
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 4,956,316
--------------------------------------------------
(9) Sole Dispositive
Power 6,400
--------------------------------------------------
(10) Shared Dispositive
Power 4,956,316
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,962,716
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
79.0%
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(14) Type of Reporting Person*
HC,CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
6
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CUSIP No. 06682P106 13D Page 7 of Pages
--------- --- ---
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RGI Real Estate, Inc.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check 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
Washington
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 4,956,316
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 4,956,316
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,956,316
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/x/
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(13) Percent of Class Represented by Amount in Row (11)
78.9%
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(14) Type of Reporting Person*
HC,CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
7
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CUSIP No. 06682P106 13D Page 8 of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RGI Holdings, Inc.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check 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
Washington
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Number of Shares (7) Sole Voting
Beneficially Owned Power 4,956,316
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 4,956,316
--------------------------------------------------
(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,956,316
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/x/
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(13) Percent of Class Represented by Amount in Row (11)
78.9
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(14) Type of Reporting Person*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
8
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ITEM 1. SECURITY AND ISSUER.
This Statement relates to the Common Stock, par value $0.01 per share
("Common Stock"), of Legend Properties, Inc. (formerly Banyan Mortgage
Investment Fund), a Delaware corporation (the "Registrant"). The address of
the principal executive offices of the Registrant is U.S. Bank Centre, 1420
5th Avenue, 42nd Floor, Seattle, Washington 98101-2333.
Page 9
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Page 10
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Page 11
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Page 12
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Page 13
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Page 14
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Effective December 31, 1996 RGI/US was merged with and into the Registrant in
accordance with the General Corporation Law of the State of Delaware and the
Washington Business Corporation Act, the separate existence of RGI/US ceased,
and the Registrant was the surviving corporation. In connection therewith,
each of the 1,000 issued and outstanding shares of RGI/US common stock (all
of which was held by RGI Holdings) was converted into 4,386,986 newly-issued
shares of Registrant Common Stock (the "Exchange Ratio").
Page 15
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ITEM 4. PURPOSE OF TRANSACTION.
Effective December 31, 1996 RGI/US was merged with and into the Registrant in
accordance with the General Corporation Law of the State of Delaware and the
Washington Business Corporation Act, the separate existence of RGI/US ceased,
and the Registrant was the surviving corporation. In connection therewith,
each of the 1,000 issued and outstanding shares of RGI/US common stock (all
of which was held by RGI Holdings) was converted into 4,386,986 newly-issued
shares of Registrant Common Stock (the "Exchange Ratio").
Page 16
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A copy of the amendment to the Merger Agreement is attached to this Schedule as
Exhibit 4 and the above description of the Merger Agreement is qualified in its
entirety by reference to Exhibit 1 and Exhibit 4, which are incorporated by
reference in their entirety.
The Registrant's stockholders also approved amendments to the Registrant's
Certificate of Incorporation to reclassify, combine and convert each 25
issued and outstanding shares of Banyan Common Stock into one issued and
outstanding share (the "Reverse Split") and to add an additional outside and
inside director to the Board. Pursuant to the Amendments, the Registrant's
Certificate of Incorporation Board of Directors is no longer classified and
all directors will be elected annually. The stockholders also elected Olav
Ravhaag, the Chief Financial Officer and Secretary of RGI, Inc. to the
Registrant's Board.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)
Based upon the 1,892,301 (post-reverse split) shares of the Registrant's Common
Stock outstanding as disclosed on the Registrant's Quarterly Report in Form 10-Q
for the Quarter ended September 30, 1996, together with the 4,386,986 shares
of Common Stock issued to RGI Holdings in the Merger:
RGI Holdings beneficially owns 4,956,316 shares of Registrant Common Stock,
which constitutes approximately 78.9% of the outstanding shares of
Registrant Common Stock; and
RGI Real Estate, as the owner of 80.45% of RGI Holdings, may be deemed to
beneficially own the 4,956,316 shares of the Registrant Common Stock
beneficially owned by RGI Holdings. Each of RGI Holdings and RGI Real
Estate disclaims beneficial ownership of the 6,400 shares owned by RGI
International, a parent entity and the filing of this Schedule shall not be
construed as an admission that any such entity is the beneficial owner of
any securities covered by this Schedule.
RGI International beneficially owns 6,400 shares of Registrant Common
Stock, which constitutes approximately 0.10% of the outstanding shares of
Banyan Common Stock; in addition, RGI International, as an intermediate
parent holding company for RGI Holdings,
Page 17
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may be deemed to beneficially own the 4,956,316 shares of Registrant Common
Stock beneficially owned by RGI Holdings.
Each of RGI Antilles, RGI Europe and RGI Denmark, as parent holding
companies for RGI International (as well as Mr. Rokke, as the majority
shareholder of RGI Antilles, the ultimate parent holding company), may be
deemed to beneficially own the shares of Registrant Common Stock
beneficially owned by RGI International and RGI Holdings, all of which
constitutes 4,962,716 shares of Registrant Common Stock or approximately
79.0% of the outstanding shares of Registrant Common Stock.
(b)
RGI Holdings has sole power to vote and dispose of 4,956,316 shares of
Registrant Common Stock. RGI Real Estate, as the 80.45%-parent corporation
of RGI Holdings, may be deemed to share the power to vote and dispose of the
4,956,316 shares of Registrant Common Stock over which RGI Holdings has sole
voting and dispositive power.
RGI International has sole power to vote and dispose of 6,400 shares of
Registrant Common Stock beneficially owned by it, and as a parent holding
company of RGI Real Estate, may be deemed to share the power to vote and
dispose of the 4,956,316 shares of Registrant Common Stock over which RGI
Real Estate has shared voting and dispositive power.
Each of RGI Antilles, RGI Europe and RGI Denmark, as parent holding companies
for RGI International (as well as Mr. Rokke, as the majority shareholder of RGI
Antilles, the ultimate parent holding company), may be deemed to have shared
power to vote and dispose of the 4,962,716 shares of Registrant Common Stock
over which RGI International and/or RGI Holdings have sole or shared voting and
dispositive power.
Page 18
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Page 19
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Page 20
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated this 31st day of December, 1996
/s/
------------------------------
Kjell I. Rokke
RGI (Antilles ) N.V.
By:/s/
------------------------------
Name: Kjell I. Rokke
Its: Managing Director
RGI (Europe) B.V.
By:/s/
------------------------------
Name: Kjell I. Rokke
Its: Managing Director
RGI (Denmark) ApS
By:/s/
------------------------------
Name: Kjell I. Rokke
Its: Director
RESOURCE GROUP INTERNATIONAL, INC.
By: /s/
------------------------------
Name: David A. Herrick
Its: Treasurer
Page 21
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RGI REAL ESTATE, INC.
By: /s/
------------------------------
Name: Kenneth L. Uptain
Its: President
RGI HOLDINGS, INC.
By: /s/
------------------------------
Name: Kenneth L. Uptain
Its: President
Page 22
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EXHIBIT INDEX
Sequential
Exhibit Page
Number Description Number
------- ----------- ----------
1 Agreement and Plan of Merger among RGI/US,
Holdings and Banyan, dated as of April 12,
1996 as amended and restated as of May 20,
1996. Incorporated by reference to
Exhibit 2(i) to Banyan Current Report on
Form 8-K filed on May 29, 1996 (File No. 1-
9885). -
2 Promissory Note for Initial Shares *
3 Stock Pledge Agreement *
4 Amendment to Agreement and Plan of Merger
among RGI/US, Holdings and Banyan, dated as
of September 17, 1996. Incorporated by
reference to Exhibit 2.1 to the Banyan
Registration Statement on Form S-4 filed on
September 20, 1996. (File No. 333-12415) -
5 Professional Services Agreement dated
August 6, 1996 between RGI/US, RGI Holdings
and Goodman Financial Services, Inc. **
6 Common Stock Purchase and Sale Agreement
dated December 3, 1996 by and among RGI
Holdings, Jack Hofert and Marilyn Hofert. ***
7 Common Stock Purchase and Sale Agreement
dated December 3, 1996 by and among RGI
Holdings and Robert Howard. ***
8 Common Stock Purchase and Sale Agreement
dated December 3, 1996 by and among RGI
Holdings and Erste Osterreichishe Sparkasse
(First Austrian Bank). ***
9 Common Stock Purchase and Sale Agreement
dated December 5, 1996 by and among RGI Holdings
and Charles F. Trapp. ***
10 Common Stock Purchase and Sale Agreement
dated December 5, 1996 by and among RGI Holdings
and SMC Somerset Kensington, L.P. ***
11 Common Stock Purchase and Sale Agreement
dated December 5, 1996 by and among RGI Holdings
and John Patrick Kneafsey. ***
12 Common Stock Purchase and Sale Agreement
dated December 3, 1996 by and among RGI
Holdings, Gabriel Capital, L.P., Ariel Fund
Limited and Ariel Management Corp. ***
__________
* Filed as an exhibit to initial Schedule 13D and not restated pursuant to
Rule 13d-2(c).
** Filed as an exhibit to Amendment No.1 to Schedule 13D.
*** Filed as an exhibit to Amendment No.2 to Schedule 13D.
Page 23
