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. 6) 1
SEA PINES ASSOCIATES, INC.
-------------------------------------------------------------------------------
(Name of Issuer)
Units consisting of 750 shares of Common Stock (no par) and
500 shares of Series A Cumulative Preferred Stock
-------------------------------------------------------------------------------
(Title of Class of Securities)
811991942
------------------------
(CUSIP Number)
Cheryle K. Toy, CCA Industries, Inc.
One James Center, 901 East Cary Street, Suite 1500
Richmond, Virginia 23219 (804) 643-4200
-------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 18, 2000
-------------------------------------------------------------------------------
(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), 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.
(Continued on following pages)
(Page 1 of 14 Pages)
_______________________
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, as amended (the "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>
- --------------------------- ---------------------------
CUSIP No. 811991942 SCHEDULE 13D Page 2 of 14 Pages
- --------------------------- ---------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY) L.F. Loree, III, Successor Co-Trustee under an
Irrevocable Trust Agreement dated November 12, 1986 by William H.
Goodwin, Jr., creating five separate trusts for the benefit of each of
William H. Goodwin, III, Molly S. Goodwin, Matthew T. Goodwin, Sarah C.
Goodwin and Peter O. Goodwin
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) |_|
Not Applicable
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of Virginia, United States of America
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
476 Units
------- ----------------------------------------------
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
476 Units
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
476 Units consisting of 357,000 shares of Common Stock and 238,000
shares of Series A Cumulative Preferred Stock
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
Not Applicable
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.4% (of each of Common Stock and Series A Cumulative Preferred Stock)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- --------------------------- ---------------------------
CUSIP No. 811991942 SCHEDULE 13D Page 3 of 14 Pages
- --------------------------- ---------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY) Norwood H. Davis, Jr., Successor Co-Trustee under an
Irrevocable Trust Agreement dated November 12, 1986 by William H.
Goodwin, Jr., creating five separate trusts for the benefit of each of
William H. Goodwin, III, Molly S. Goodwin, Matthew T. Goodwin, Sarah C.
Goodwin and Peter O. Goodwin
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) |_|
Not Applicable
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of Virginia, United States of America
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------- ----------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
476 Units
------- ----------------------------------------------
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
476 Units
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
476 Units consisting of 357,000 shares of Common Stock and 238,000
shares of Series A Cumulative Preferred Stock
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
Not Applicable
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.4% (of each of Common Stock and Series A Cumulative Preferred Stock)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
FOR
NORWOOD H. DAVIS, JR.
AND
L.F. LOREE, III
CO-SUCCESSOR TRUSTEES (the "TRUSTEES") UNDER AN IRREVOCABLE TRUST
AGREEMENT DATED NOVEMBER 12, 1986 (the "IRREVOCABLE TRUST
AGREEMENT") BY WILLIAM H. GOODWIN, JR., CREATING FIVE SEPARATE
TRUSTS (the "TRUSTS") FOR THE BENEFIT OF WILLIAM HUNTER GOODWIN,
III, MOLLY SHEPHERD GOODWIN, MATTHEW TOLLEY GOODWIN, SARAH
CAMP GOODWIN AND PETER OVERTON GOODWIN
This amended and restated Schedule 13D is being filed to report the
purchase by the Trustees on behalf of the Trusts of certain additional units of
the securities of Sea Pines Associates, Inc. ("Units") purchased between August
3, 1999 and January 26, 2000. Each Unit consists of 750 shares of Common Stock,
no par value (the "Common Stock"), and 500 shares of Series A Cumulative
Preferred Stock (the "Preferred Stock") of Sea Pines Associates, Inc. (the
"Issuer").
Item 1. Security and Issuer
This Schedule relates to the Units, which consist of shares of the
Common Stock and the Preferred Stock of the Issuer. The Preferred Stock is
non-convertible and is non-voting unless the Issuer has failed to pay dividends
on the Preferred Stock in an amount equal to four years' dividends. The
principal executive offices of the Issuer are located at 32 Greenwood Drive,
Hilton Head Island, South Carolina 29928.
Item 2. Identity and Background
The Trustees are L.F. Loree, III and Norwood H. Davis, Jr. They serve
as successor co-trustees of five separate trusts created under an Irrevocable
Trust Agreement dated November 12, 1986 by William H. Goodwin, Jr. for the
benefit of his five (5) children. The Trusts were organized under Virginia law.
The business address of the Trusts is 901 East Cary Street, Suite 1500,
Richmond, Virginia 23219. The Trusts hold investments in the form of stock or
other interests in a number of businesses.
The name, residence or business address, principal business and
employment, and citizenship (and the name, principal business and address of any
corporation or other organization in which such employment is conducted) of each
Trustee of the Trusts is set forth in Exhibit A which is hereby incorporated
herein.
Neither of the Trustees nor the Trusts has been during the past five
years: (i) convicted in a criminal proceeding (exluding traffic violations or
similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations
Page 4 of 14 Pages
<PAGE>
of, or prohibiting or mandating activities subject to, Federal or State
securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds and Other Consideration
The Trusts paid the amounts set forth in Exhibit B (which Exhibit is
hereby incorporated herein) for the Units described therein, including the 62
Units purchased on and after August 3, 1999. The funds utilized for such
purchases were personal funds of the Trusts.
Item 4. Purpose of Transaction
The Trusts acquired the Units for investment purposes. The Trusts may
acquire additional Units from time to time in open market transactions.
Item 5. Interest in Securities of the Issuer
(a) As of the date hereof, the Trustees, jointly on behalf of the
Trusts, are the beneficial owners of 476 Units consisting of 357,000 shares of
Common Stock and 238,000 shares of Preferred Stock or approximately 19.4% of all
outstanding Units and likewise to each such class of capital stock. The Trusts
purchased the Units in the open market transactions identified in Exhibit B,
which Exhibit is hereby incorporated herein. Each trust owns an equal portion of
the Units reported in this Schedule. Neither Trustee has sole power to vote or
direct the disposition of the Units. The Trustees share the power to vote or
direct the disposition of the Units.
(b) The Issuer's capital stock was originally issued in 1987 in
Units consisting of 750 shares of voting Common Stock and 500 shares Preferred
Stock. Pursuant to reports of the Issuer filed with the Securities and Exchange
Commission, virtually all transactions of the Issuer's Common Stock and
Preferred Stock have been in Units as originally issued. Beginning in September
of 1993, transactions in Units of the Issuer's capital stock trade on a bid and
ask basis through the over-the-counter market at Robinson-Humphrey Company in
Atlanta, Georgia. Prior to September 1993, there was no established public
trading market for the Issuer's Common Stock or Preferred Stock. Quotes for the
Units were available only through Prudential Securities, Inc. and there was no
available composite index of trading and pricing of the Units.
(c) Transactions by the Trustees on behalf of the Trust that were
effected during the past 60 days and since the most recent filing on Schedule
13D are set forth in Exhibit B, which Exhibit is hereby incorporated herein.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Other than the Irrevocable Trust Agreement, there exists no contract,
arrangement, understanding or relationship among the Trustees with respect to
the Units.
Page 5 of 14 Pages
<PAGE>
Item 7. Material to be Filed as Exhibits
The following items are filed as exhibits to this Schedule:
EXHIBIT INDEX
-------------
Exhibit Description Page
------- ----------- ----
A Name, address and other information regarding 9
the Trustees
B Description of Transactions in the Units 10
C Agreement relating to the filing of joint
acquisition statements as required by Rule
13d-1(k)(1) of the Exchange Act, incorporated
by reference to Exhibit C of Amendement No. 5
to the Trustees' Schedule 13D relating to the
Units of Sea Pines Associates, Inc.
Page 6 of 14 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 on Schedule 13D is
true, complete and correct.
/s/ L.F. Loree, III, Co-Trustee
Date: February 22, 2000 ----------------------------------------
L.F. Loree, III, Co-Trustee
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001).
Page 7 of 14 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 on Schedule 13D is
true, complete and correct.
/s/ Norwood H. Davis, Jr., Co-Trustee
Date: February 23, 2000 ----------------------------------------
Norwood H. Davis, Jr., Co-Trustee
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001).
Page 8 of 14 Pages
<PAGE>
EXHIBIT A
---------
Principal Occupation
--------------------
Trustees of the Trust or Employment Citizenship
--------------------- ------------- -----------
L.F. Loree, III Self-Employed USA
c/o The Covington Company
P.O. Box 8599
Richmond, Virginia 23226
Norwood H. Davis, Jr. Chairman, Trigon Blue Cross/ USA
Blue Shield of Virginia
2015 Staples Mill Road
Richmond, Virginia 23230
Page 9 of 14 Pages
<PAGE>
Exhibit B
---------
TRANSACTIONS BY THE TRUSTEES IN SEA PINES ASSOCIATES, INC. STOCK
----------------------------------------------------------------
NOTE: All transactions were effected by the Trustees on behalf of the Trusts
- ---- via the markets described in Item 5(c) of this Schedule 13D.
<TABLE>
<CAPTION>
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
DATE UNITS STOCK PRICE COMMISSION TOTAL TOTAL CUMULATIVE CUMULATIVE % OF TOTAL
BOUGHT BOUGHT PER UNIT PER UNIT PER UNIT PAID UNITS PRICE SHARES OWNED
($$) ($$) ($$) ($$) ($$) (1)(2)
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/91 10 4,300 100 4,400 44,000 10 44,000 0.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/05/91 21 4,300 100 4,400 92,400 31 136,400 1.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/12/91 4 4,300 100 4,400 17,600 35 154,000 1.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/02/91 19 4,300 100 4,400 83,600 54 237,600 2.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/04/91 3 4,300 100 4,400 13,200 57 250,800 2.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/16/91 1 4,300 100 4,400 4,400 58 255,200 2.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/26/91 2 4,300 100 4,400 8,800 60 264,00 2.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
10/03/91 1 4,300 100 4,400 4,400 61 268,400 2.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
10/09/91 4 4,300 100 4,400 17,600 65 286,000 2.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/10/92 3 4,500 100 4,600 13,800 68 299,800 2.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
3/12/92 3 4,550 100 4,650 13,950 71 313,750 2.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
4/3/92 2 4,605 100 4,705 9,410 73 323,160 3.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
4/10/92 1 4,605 100 4,705 4,705 74 327,865 3.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
4/27/92 8 4,625 100 4,725 37,800 82 365,665 3.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
6/2/92 6 4,655 100 4,755 28,530 88 394,195 3.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/22/92 8 4,755 100 4,855 38,840 96 433,035 3.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/04/92 4 4,805 100 4,905 19,620 100 452,655 4.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
10/05/92 12 4,907 100 5,007 60,084 112 512,739 4.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/20/93 2 5,100 100 5,200 10,400 114 523,139 4.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
4/1/93 16 5,157 100 5,257 84,112 130 607,251 5.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
Page 10 of 14 Pages
<PAGE>
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
DATE UNITS STOCK PRICE COMMISSION TOTAL TOTAL CUMULATIVE CUMULATIVE % OF TOTAL
BOUGHT BOUGHT PER UNIT PER UNIT PER UNIT PAID UNITS PRICE SHARES OWNED
($$) ($$) ($$) ($$) ($$) (1)(2)
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/7/93 50 5,200 200 5,400 270,000 180 877,251 7.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/10/93 1 5,400 110 5,510 5,510 181 882,761 7.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/13/93 2 5,200 200 5,400 10,800 183 893,561 7.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/14/93 1 5,300 110 5,410 5,410 184 898,971 7.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/20/93 2 5,113 258 5,371 10,741 186 909,712 7.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/23/93 4 5,300 200 5,500 22,000 190 931,712 7.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/1/93 1 5,113 284 5,397 5,397 191 937,109 7.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/1/93 2 5,100 200 5,300 10,600 193 947,709 7.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/14/93 10 5,100 200 5,300 53,000 203 1,000,709 8.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/15/94 2 5,200 100 5,300 10,600 205 1,011,309 8.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
4/06/94 4 5,200 100 5,300 21,200 209 1,032,509 8.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
4/22/94 2 5,250 54 5,304 10,607 211 1,043,116 8.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/15/94 2 5,300 55 5,355 10,709 213 1,053,825 8.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/26/94 1 5,300 109 5,409 5,409 214 1,059,235 8.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/16/94 4 5,300 100 5,400 21,600 218 1,080,835 8.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/7/94 12 5,300 100 5,400 64,800 230 1,145,635 9.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/25/95 2 5,300 53.50 5,354 10,707 232 1,156,342 9.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
3/1/95 5 5,300 109 5,409 27,045 237 1,183,387 9.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
5/8/95 5 5,300 109 5,409 27,047 242 1,210,434 9.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
5/15/95 5 5,300 109 5,409 27,047 247 1,237,480 10.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
5/22/95 2 5,300 109 5,409 10,819 249 1,248,299 10.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
6/7/95 2 5,300 109 5,409 10,819 251 1,259,118 10.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
10/12/95 2 5,300 109 5,409 10,819 253 1,269,936 10.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/01/95 1 5,300 109 5,409 5,409 254 1,275,345 10.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/07/95 1 5,300 109 5,409 5,409 255 1,280,754 10.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/15/95 6 5,300 109 5,409 32,454 261 1,313,208 10.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
Page 11 of 14 Pages
<PAGE>
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
DATE UNITS STOCK PRICE COMMISSION TOTAL TOTAL CUMULATIVE CUMULATIVE % OF TOTAL
BOUGHT BOUGHT PER UNIT PER UNIT PER UNIT PAID UNITS PRICE SHARES OWNED
($$) ($$) ($$) ($$) ($$) (1)(2)
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/27/95 2 5,300 109 5,409 10,818 263 1,324,026 10.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/29/95 12 5,300 107 5,407 64,886 275 1,388,913 11.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/1/95 1 5,300 109 5,409 5,409 276 1,394,322 11.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/15/95 5 5,300 107 5,407 27,037 281 1,421,359 11.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/4/96 2 5,300 109 5,409 10,819 283 1,432,178 11.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/8/96 1 5,300 109 5,409 5,409 284 1,437,587 11.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/5/96 2 5,300 109 5,409 10,818 286 1,448,405 11.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/14/96 3 5,300 109 5,409 16,227 289 1,464,632 11.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/20/96 5 5,300 107 5,407 27,035 294 1,491,667 12.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
6/27/96 1 5,300 109 5,409 5,409 295 1,497,076 12.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/20/96 1 5,300 109 5,409 5,409 296 1,502,485 12.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/29/96 1 5,300 109 5,409 5,409 297 1,507,894 12.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/11/96 4 5,300 109 5,409 21,636 301 1,529,530 12.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
10/10/96 10 5,300 107 5,407 54,070 311 1,583,600 12.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
10/15/96 2 5,300 107 5,407 10,814 313 1,594,414 12.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/28/96 1 5,300 109 5,409 5,409 314 1,599,823 12.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/11/96 3 5,300 36 5,336 16,009 317 1,615,832 12.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/20/96 1 5,300 109 5,409 5,409 318 1,621,241 12.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/22/96 1 5,300 2 5,302 5,302 319 1,626,543 13.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/25/96 1 5,300 109 5,409 5,409 320 1,631,952 13.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/5/96 2 5,300 109 5,409 10,818 322 1,642,770 13.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/16/96 4 5,300 107 5,407 21,628 326 1,664,398 13.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/9/97 1 5,300 109 5,409 5,409 327 1,669,807 13.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/13/97 1 5,300 109 5,409 5,409 328 1,675,216 13.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/19/97 1 5,300 109 5,409 5,409 329 1,680,625 13.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
Page 12 of 14 Pages
<PAGE>
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
DATE UNITS STOCK PRICE COMMISSION TOTAL TOTAL CUMULATIVE CUMULATIVE % OF TOTAL
BOUGHT BOUGHT PER UNIT PER UNIT PER UNIT PAID UNITS PRICE SHARES OWNED
($$) ($$) ($$) ($$) ($$) (1)(2)
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
3/19/97 2 5,300 109 5,409 10,818 331 1,691,443 13.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
6/26/97 1 5,300 109 5,409 5,409 332 1,696,852 13.5
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/21/97 4 5,300 109 5,409 21,636 336 1,718,488 13.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/25/97 1 5,300 109 5,409 5,409 337 1,723,897 13.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/5/97 2 5,300 109 5,409 10,818 339 1,734,715 13.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/22/97 2 5,300 109 5,409 10,818 341 1,745,533 13.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/12/97 6 5,300 107 5,407 32,442 347 1,777,975 14.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/30/98 1 5,300 109 5,409 5,409 348 1,783,384 14.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
2/11/98 10 5,300 107 5,407 54,070 358 1,837,454 14.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
6/19/98 10 5,400 107 5,507 55,072 368 1,892,526 15.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
6/19/98 2 5,300 109 5,409 10,819 370 1,903,345 15.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/15/98 20 5,600 107 5,707 114,142 390 2,017,487 15.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/24/98 1 5,400 109 5,509 5,509 391 2,022,996 15.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
7/29/98 2 5,300 108 5,408 10,816 393 2,033,812 16.0
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
9/18/98 5 5,500 1 5,501 27,506 398 2,061,318 16.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
11/24/98 2 5,600 3 5,603 11,205 400 2,072,523 16.3
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
12/29/98 8 5,400 108 5,508 44,061 408 2,116,584 16.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/11/99 2 5,400 109 5,509 11,019 410 2,127,603 16.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/14/99 2 5,600 3 5,603 11,205 412 2,138,808 16.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
3/25/99 1 5,400 109 5,509 5,509 413 2,144,317 16.8
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
3/29/99 1 5,400 109 5,509 5,509 414 2,149,826 16.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
8/3/99 5 5,400 107 5,507 27,535 419 2,177,361 17.1
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/7/00 9 6,100 .55 6,100.55 54,905 428 2,232,266 17.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/14/00 5 6,100 1 6,101 30,505 433 2,262,771 17.6
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/18/00 14 6,100 .37 6,100.37 85,405 447 2,348,176 18.2
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/19/00 12 6,100 .42 6,100.42 73,205 459 2,421,381 18.7
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
Page 13 of 14 Pages
<PAGE>
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
DATE UNITS STOCK PRICE COMMISSION TOTAL TOTAL CUMULATIVE CUMULATIVE % OF TOTAL
BOUGHT BOUGHT PER UNIT PER UNIT PER UNIT PAID UNITS PRICE SHARES OWNED
($$) ($$) ($$) ($$) ($$) (1)(2)
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/21/00 7 6,200 .71 6,200.71 43,405 466 2,464,786 18.9
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
1/26/00 10 6,200 .50 6,200.50 62,005 476 2,526,791 19.4
- ------------ ----------- ------------- -------------- ------------- ------------- --------------- --------------- ------------------
</TABLE>
(1) Each Unit is comprised of 750 shares of Common Stock and 500 shares of
Preferred Stock. The ownership percentages presented are for each of such
classes.
(2) Based on a total of 2,456 Units (1,842,525 shares of Common Stock and
1,228,350 shares of Preferred Stock) outstanding.
Page 14 of 14 Pages
