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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENT FILED PURSUANT
TO RULES 13d-1(b)(c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)*
Walter Industries, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
93317Q105
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(CUSIP Number)
June 2, 1997
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(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)
/ / Rule 13d-(c)
/ / Rule 13d-1(d)
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* 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 in 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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CUSIP No. 93317Q105 13G PAGE 2 OF 10 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
JWC Associates, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 9,309,427
SHARES --------------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY - 0 -
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 5,862,448
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,309,427
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
17.4%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 93317Q105 13G PAGE 3 OF 10 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
JWC Associates II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 61,687
SHARES --------------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY - 0 -
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 38,846
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
61,687
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 93317Q105 13G PAGE 4 OF 10 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
KKR Partners II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 225,675
SHARES --------------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY - 0 -
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 142,115
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,675
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.4%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 93317Q105 13G PAGE 5 OF 10 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Channel One Associates, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 4,361,800
SHARES --------------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY - 0 -
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 4,361,800
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,361,800
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.1%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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AMENDMENT NO. 1 TO SCHEDULE 13G
This Statement on Schedule 13G (the "Schedule 13G") relating to the
common stock, par value $.01 per share of Walter Industries, Inc. (the
"Common Stock") as previously filed by the KKR Investors, consisting of JWC
Associates, L.P., JWC Associates II, L.P., KKR Partners II, L.P. and Channel
One Associates, L.P. is hereby amended as set forth below. Capitalized terms
used without definition have the meaning ascribed to such terms in the
Schedule 13G.
Item 4(a) of the Schedule 13G is hereby amended by deleting the
entire Item 4(a) and substituting the following:
Each of JWC Associates, L.P. ("JWC Associates"), JWC Associates
II, L.P. (AJWC Associates II@), KKR Partners II, L.P. ("KKR Partners
II" and, together with JWC Associates and JWC Associates II, the "KKR
Investors") and Channel One Associates, L.P. ("Channel One") is a
Delaware limited partnership the sole general partner of which is KKR
Associates, a New York limited partnership.
JWC Associates has sole voting and dispositive power with respect
to 5,862,448 shares of Common Stock. In addition, JWC Associates has
the sole power to exercise voting rights with respect to 3,446,979
shares of Common Stock currently in escrow, as described below.
JWC Associates II has sole voting and dispositive power with
respect to 38,846 shares of Common Stock. In addition, JWC Associates
II has the sole power to exercise voting rights with respect to 22,841
shares of Common Stock currently in escrow, as described below.
KKR Partners II has sole voting and dispositive power with
respect to 142,115 shares of Common Stock. In addition, KKR Partners
II has the sole power to exercise voting rights with respect to 83,560
shares of Common Stock currently in escrow, as described below.
Channel One has sole voting and dispositive power with respect to
4,361,800 shares of Common Stock.
As the sole general partner of each of the KKR Investors and
Channel One, KKR Associates may be deemed to be the beneficial owner
of the 13,958,589 shares of Common Stock beneficially owned by the KKR
Investors and Channel One. Messrs. Henry R. Kravis, George R. Roberts,
Robert I. MacDonnell, Paul E. Raether, Michael W. Michelson, James H.
Greene, Jr., Michael T. Tokarz, Perry Golkin, Scott M. Stuart, Clifton
S. Robbins and Edward A. Gilhuly are the general partners of KKR
Associates, and Messrs. Kravis and Roberts are also the members of the
Executive Committee of KKR Associates, and in such capacity may be
deemed to share beneficial ownership of any securities beneficially
owned by KKR Associates, but they disclaim any such beneficial
ownership.
Page 6 of 10 pages
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The 3,553,380 shares of Common Stock currently in escrow were
issued to an escrow account for the benefit of the KKR Investors on
September 13, 1995 pursuant to the Issuer=s Amended Joint Plan of
Reorganization dated as of December 9, 1994, as modified on March 1,
1995 (as so modified, the "Plan of Reorganization"), under Section
1123(a) of the United States Bankruptcy Code. The resolution of
certain contingencies regarding federal income tax claims will
determine whether and to what extent the shares of Common Stock in
escrow will be distributed to the KKR Investors or returned to the
Issuer and cancelled. Until such matters are resolved, the KKR
Investors will have the sole power to exercise voting rights with
respect to such shares of Common Stock.
Page 7 of 10 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.
JWC ASSOCIATES, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Salvatore Badalamenti
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Name: Salvatore Badalamenti
Title: Attorney-in-Fact for
Michael T. Tokarz,
General Partner
JWC ASSOCIATES II, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Salvatore Badalamenti
-------------------------------------
Name: Salvatore Badalamenti
Title: Attorney-in-Fact for
Michael T. Tokarz,
General Partner
KKR PARTNERS II, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Salvatore Badalamenti
-------------------------------------
Name: Salvatore Badalamenti
Title: Attorney-in-Fact for
Michael T. Tokarz,
General Partner
Page 8 of 10 pages
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CHANNEL ONE ASSOCIATES, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Salvatore Badalamenti
-------------------------------------
Name: Salvatore Badalamenti
Title: Attorney-in-Fact for
Michael T. Tokarz,
General Partner
Dated: February 12, 1999
Page 9 of 10 pages
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EXHIBIT INDEX
Exhibit 24 - Power of Attorney
Page 10 of 10 pages
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Exhibit 24
POWER OF ATTORNEY
Know all men by these presents that MICHAEL T. TOKARZ does hereby
make, constitute and appoint Salvatore Badalamenti as a true and lawful
attorney-in-fact of the undersigned with full powers of substitution and
revocation, for and in the name, place and stead of the undersigned, (both in
the undersigned's individual capacity and as a member of any limited
liability company or limited partnership for which the undersigned is
otherwise authorized to sign), to execute and deliver such forms as may be
required to be filed from time to time with the Securities and Exchange
Commission with respect to any investments of KKR 1996 Fund L.P. or KKR
Associates L.P. (including any amendments or supplements to any reports from
schedules previously filed by such persons or entities): (i) pursuant to
Sections 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended
(the "Act"), including without limitation, Schedules 13D, statements on
Form 3, and Form 4 and Form 5 and (ii) in connection with any applications
for EDGAR access codes, including without limitation the FORM ID.
/s/ MICHAEL T. TOKARZ
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Name: Michael T. Tokarz
January 31, 1997
