SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 1)1/
Heartland Partners, L.P.
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(Name of Issuer)
Class A Limited Partnership Units
(Title of Class of Securities)
422357 10 3
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(CUSIP Number)
Michael A. Elrad
GEM Value Fund, L.P.
900 North Michigan Avenue
Suite 1900
Chicago, Illinois 60611
(312) 915-2864
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 17, 1999
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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 [ ]
Note. Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all
exhibits. See Rule 13d-7(b) for other parties to whom copies are
to be sent.
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1/ 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 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>
CUSIP NO.: 422357-10-3 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
GEM Value Fund, 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 SOURCE OF FUNDS WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
---------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 150,596
BENEFICIALLY ---------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING ---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
150,596
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
150,596 Units
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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)
7.03%
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14 TYPE OF REPORTING PERSON
PN
Page 2 of 5 Pages
<PAGE>
CUSIP NO.: 422357-10-3 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
GEM Value Partners LLC
- -------------------------------------------------------------------------------
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 SOURCE OF FUNDS WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 150,596
BENEFICIALLY ----------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING ----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
150,596
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
150,596 Units
- -------------------------------------------------------------------------------
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)
7.03%
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14 TYPE OF REPORTING PERSON
OO
Page 3 of 5 Pages
<PAGE>
ITEM 4. PURPOSE OF TRANSACTION.
The reporting persons and Waveland Partners, L.P. and certain
affiliates ("Waveland") are currently engaged in discussions with the
Issuer regarding the Issuer's options to increase current unitholder value
through any of the following:
1. providing liquidity to the Issuer to repurchase its
outstanding Class B Units;
2. a change in the Issuer's general partner; and
3. increasing the pace of sales of certain of the Issuer's
assets.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The reporting persons may be deemed to beneficially own
150,596 Units representing approximately 7.03% of the Units outstanding
as of September 30, 1999 (as reported in the Issuer's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1999).
(b) Each of the reporting persons may be deemed to share
beneficial ownership of the Units which are owned directly by GEM.
(c) In the past 60 days, GEM effected the following open market
purchases of Units:
Number of Average Price
Date Units Acquired Per Unit
- ----- -------------- --------------
11/23/99 500 $21.5000
11/30/99 3,800 $20.3026
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
In light of the matters disclosed in Item 4 above, the reporting
persons and Waveland may be considered a "group" withing the meaning of
Rule 13d-5(b)(1). However, the reporting persons disclaim "group" status
with Waveland.
Page 4 of 5 Pages
<PAGE>
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: December 20, 1999
GEM VALUE PARTNERS, L.P.
By: GEM Value Partners LLC
Its: General Partner
By: /s/ Michael A. Elrad
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Michael A. Elrad,
Executive Vice President
GEM VALUE PARTNERS LLC
By: /s/ Michael A. Elrad
-------------------------
Michael A. Elrad,
Executive Vice President
Page 5 of 5 Pages
