<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
HOMELAND HOLDING CORPORATION
----------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
-----------------------------
(Title of Class of Securities)
43739T104
---------
(CUSIP Number)
December 31, 1998
-----------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
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 15 Pages
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- ------------------- -------------------
CUSIP No. 43739T104 13G Page 2 of 15 Pages
- ------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Soros Fund Management LLC
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
666,770 (1)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.77%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO, IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ----------
(1) See Item 4(a)
Page 2 of 15 Pages
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CUSIP No. 43739T104 13G Page 3 of 15 Pages
- ------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
George Soros (in the capacity described herein)
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
666,770 (1)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.77%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ----------
(1) See Item 4(a).
Page 3 of 15 Pages
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CUSIP No. 43739T104 13G Page 4 of 15 Pages
- ------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stanley F. Druckenmiller (in the capacity described herein)
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
666,770 (1)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.77%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ----------
(1) See Item 4 (a)
Page 4 of 15 Pages
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CUSIP No. 43739T104 13G Page 5 of 15 Pages
- ------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Satellite Fund Management LLC
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
666,770
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 666,770
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
666,770 (1)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.77%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO, IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ----------
(1) See Item 4(a)
Page 5 of 15 Pages
<PAGE>
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CUSIP No. 43739T104 13G Page 6 of 15 Pages
- ------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lief D. Rosenblatt
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 666,770
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
666,770
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
666,770 (1)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.77%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ----------
(1) See Item 4(a)
Page 6 of 15 Pages
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Item 1(a) Name of Issuer:
- --------- ---------------
Homeland Holding Corporation (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
- --------- ------------------------------------------------
2601 Northwest Expressway
Oil Center-East
Suite 1100E
Oklahoma City, Oklahoma 73112
Items 2(a) Name of Person Filing:
- ---------- ----------------------
This Statement is filed on behalf of the following persons
(collectively, the "Reporting Persons"):
i) Soros Fund Management LLC, a Delaware limited liability
company ("SFM LLC");
ii) Mr. George Soros ("Mr. Soros");
iii) Mr. Stanley F. Druckenmiller ("Mr. Druckenmiller");
iv) Satellite Fund Management LLC, a Delaware limited liability
company "Satellite LLC"); and
v) Mr. Lief D. Rosenblatt ("Mr. Rosenblatt").
This Statement relates to Shares (as defined herein) held for the
accounts of Quantum Partners and Quasar Partners (each as defined
herein). SFM LLC, a Delaware limited liability company, serves as
principal investment manager to Quantum Partners LDC, a Cayman
Islands exempted duration company ("Quantum Partners") and, as
such, has been granted investment discretion over portfolio
investments, including the Shares, held for the account of
Quantum Partners. SFM LLC, on behalf of Quantum Partners and
Quasar Partners, has granted investment discretion to Satellite
LLC, pursuant to investment management contracts between Quantum
Partners and Satellite LLC (the "Quantum Partners-Satellite
Contract") and Quasar Partners and Satellite LLC (the "Quasar
Partners-Satellite Contract"). None of SFM LLC, Mr. Soros and
Page 7 of 10 Pages
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Mr. Druckenmiller currently exercises voting or dispositive power
over the Shares held for the accounts of Quantum Partners and
Quasar Partners. Pursuant to a combination of Quasar
International Fund N.V. ("Quasar Fund") with and into Quantum
Industrial Holdings Ltd. ("QIH"), effective February 1, 1999,
portfolio investments previously held indirectly by Quasar Fund
(including the Shares held for the account of Quasar
International Partners, C.V., a Netherlands Antilles limited
partnership ("Quasar Partners")), were transferred to, and are
held indirectly by, QIH. SFM LLC serves as principal investment
manager to both Quasar Partners and QIH, and remains the
principal investment manager of such portfolio investments. Mr.
Soros is the Chairman of SFM LLC. Mr. Druckenmiller is the Lead
Portfolio Manager and a Member of the Management Committee of SFM
LLC. Mr. Rosenblatt is Managing Director of Satellite LLC.
Item 2(b) Address of Principal Business Office:
- --------- -------------------------------------
The address of the principal business office of each of SFM LLC,
Mr. Soros, Mr. Druckenmiller, Satellite LLC and Mr. Rosenblatt is
888 Seventh Avenue, 33rd Floor, New York, NY 10106.
Item 2(c) Citizenship:
- --------- ------------
i) SFM LLC is a Delaware limited liability company;
ii) Mr. Soros is a United States citizen;
iii) Mr. Druckenmiller is a United States citizen;
iv) Satellite LLC is a Delaware limited liability company; and
v) Mr. Rosenblatt is a United States citizen.
Item 2(d) Title of Class of Securities:
- --------- -----------------------------
Common Stock, par value $0.01 per share (the Shares")
Item 2(e) CUSIP Number:
- --------- -------------
43739T104
Item 3 Not Applicable
- ------
Item 4. Ownership:
- ------- ----------
Page 8 of 15 Pages
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Item 4(a) Amount Beneficially Owned:
- --------- --------------------------
As of February 11, 1999, each of the Reporting Persons may be
deemed the beneficial owner of the following number of Shares:
i) SFM LLC, Mr. Soros and Mr. Druckenmiller may be deemed to be
the beneficial owners of 666,770 Shares. This number consists of
(A) 26,229 Shares held for the account of Quasar Partners and (B)
640,541 Shares held for the account of Quantum Partners. With
respect to the Shares held for the accounts of both Quantum
Partners and Quasar Partners, as a consequence of Quantum
Partners' and Quasar Partners' ability to (i) terminate the
Quantum Partners-Satellite Contract and the Quasar
Partners-Satellite Contract, respectively, with respect to all
investments, including those involving the Shares held for the
accounts of Quantum Partners and Quasar Partners and (ii) return
voting and dispositive power to SFM LLC within 60 days,
notwithstanding the fact that none of SFM LLC, Mr. Soros and Mr.
Druckenmiller currently exercises such power, SFM LLC, Mr. Soros
and Mr. Druckenmiller may be deemed to be the beneficial owners
of the 666,770 Shares held for the accounts of Quantum Partners
and Quasar Partners.
ii) Satellite LLC and Mr. Rosenblatt may be deemed the beneficial
owner of 666,770 Shares. This number consists of (A) 26,229
Shares held for the account of Quasar Partners and (B) 640,541
Shares held for the account of Quantum Partners.
Item 4(b) Percent of Class:
- --------- -----------------
The number of Shares of which each of SFM LLC, Mr. Soros, Mr.
Druckenmiller, Satellite LLC and Mr. Rosenblatt may be deemed to
be the beneficial owner constitutes approximately 13.77% of the
total number of Shares outstanding.
Item 4(c) Number of shares as to which such person has:
- --------- ---------------------------------------------
SFM LLC
-------
(i) Sole power to vote or to direct the vote: -0-
Page 9 of 15 Pages
<PAGE>
(ii) Shared power to vote or to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition of: -0-
(iv) Shared power to dispose or to direct the disposition of:
-0-
Mr. Soros
---------
(i) Sole power to vote or to direct the vote: -0-
(ii) Shared power to vote or to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition of: -0-
(iv) Shared power to dispose or to direct the disposition of:
-0-
Mr. Druckenmiller
-----------------
(i) Sole power to vote or to direct the vote: -0-
(ii) Shared power to vote or to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition of: -0-
(iv) Shared power to dispose or to direct the disposition of:
-0-
Satellite LLC
-------------
(i) Sole power to vote or to direct the vote: 666,770
(ii) Shared power to vote or to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition of:
666,770
(iv) Shared power to dispose or to direct the disposition of:
-0-
Mr. Rosenblatt
--------------
(i) Sole power to vote or to direct the vote: -0-
Page 10 of 15 Pages
<PAGE>
(ii) Shared power to vote or to direct the vote: 666,770
(iii) Sole power to dispose or to direct the disposition of: -0-
(iv) Shared power to dispose or to direct the disposition of:
666,770
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
- ------ ----------------------------------------------------------------
The shareholders of Quantum Partners, including Quantum Fund
N.V., a Netherlands Antilles company, have the right to
participate in the receipt of dividends from, or proceeds from
the sale of, the Shares held for the account of Quantum Partners
in accordance with their ownership interests in Quantum Partners.
The partners of Quasar Partners, including Quantum Industrial
Partners LDC, a Cayman Islands Limited Duration Company, have the
right to participate in the receipt of dividends from, or
proceeds from the sale of, the Shares held for the account of
Quasar Partners in accordance with their partnership interests in
Quasar Partners.
Information contained herein concerning SFM LLC, Mr. Soros and
Mr. Druckenmiller has been provided by SFM LLC. Satellite LLC
assumes no responsibility for such information. Information
contained herein concerning Satellite LLC has been provided by
Satellite LLC. SFM LLC, Mr. Soros and Mr. Druckenmiller assume no
responsibility for such information.
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
- ------ --------------------------------------------
of the Group:
-------------
Not Applicable
Item 9 Notice of Dissolution of Group:
- ------ -------------------------------
Page 11 of 15 Pages
<PAGE>
Not Applicable
Item 10 Certification:
- ------- --------------
By signing below each signatory certifies that, to the best of his/its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the Issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Page 12 of 15 Pages
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SIGNATURE
---------
After reasonable 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: February 12, 1999 SOROS FUND MANAGEMENT LLC
By: /s/ Michael C. Neus
----------------------------
Michael C. Neus
Assistant General Counsel
Dated: February 12, 1999 GEORGE SOROS
By: /s/ Michael C. Neus
----------------------------
Michael C. Neus
Attorney-in-Fact
Dated: February 12, 1999 STANLEY F. DRUCKENMILLER
By: /s/ Michael C. Neus
----------------------------
Michael C. Neus
Attorney-in-Fact
Dated: February 12, 1999 SATELLITE FUND MANAGEMENT LLC
By: /s/ Lief D. Rosenblatt
----------------------------
Name: Lief D. Rosenblatt
Title: Managing Director
Dated: February 12, 1999 /s/ Lief D. Rosenblatt
----------------------------
Lief D. Rosenblatt
Page 13 of 15 Pages
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EXHIBIT INDEX
-------------
Page
----
Joint Filing Agreement, dated as of February 12,
1999 by and among Soros Fund Management LLC, Mr.
George Soros, Mr. Stanley F. Druckenmiller,
Satellite Fund Management LLC and Mr. Lief D.
Rosenblatt...................................................................15
Page 14 of 15 Pages
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JOINT FILING AGREEMENT
----------------------
The undersigned hereby agree that the statement on Schedule 13G with respect to
the Common Stock of Homeland Holding Corporation, dated as of February 12, 1999
is, and any amendments thereto signed by each of the undersigned shall be, filed
on behalf of us pursuant to and in accordance with the provisions of Rule
13d-1(f) under the Securities Exchange Act of 1934.
Dated: February 12, 1999 SOROS FUND MANAGEMENT LLC
By: /s/ Michael C. Neus
----------------------------
Michael C. Neus
Assistant General Counsel
Dated: February 12, 1999 GEORGE SOROS
By: /s/ Michael C. Neus
----------------------------
Michael C. Neus
Attorney-in-Fact
Dated: February 12, 1999 STANLEY F. DRUCKENMILLER
By: /s/ Michael C. Neus
----------------------------
Michael C. Neus
Attorney-in-Fact
Dated: February 12, 1999 SATELLITE FUND MANAGEMENT LLC
By: /s/ Lief D. Rosenblatt
----------------------------
Name: Lief D. Rosenblatt
Title: Managing Director
Dated: February 12, 1999 /s/ Lief D. Rosenblatt
----------------------------
Lief D. Rosenblatt
Page 15 of 15 Pages
