<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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)
MILESTONE PROPERTIES, INC.
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(Name of Issuer)
$.01 Par Value Common Stock
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(Title of Class of Securities)
599358108
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(CUSIP Number)
George J. D'Angelo
14502 N. Dale Mabry, Suite 305, Tampa, Florida 33618; (813) 969-0854
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 9, 1998
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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 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 10 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 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> 2
CUSIP NO. 599358108 13D PAGE 2 OF 10 PAGES
--------------------- -------- --------
(1) NAMES OF REPORTING PERSONS GEORGE J. D'ANGELO
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
PF&OO
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(5) CHECK BOX 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
USA
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(7) SOLE VOTING POWER
NUMBER OF 455,393
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY -0-
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 455,393
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
455,393
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(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.71%
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(14) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Mr. D'Angelo is the record owner of 229,000 shares of Common Stock and 118,636
shares of $0.78 Preferred Series A Stock (presently convertible into 130,369
shares of Common Stock), the beneficial owner of 45,394 shares of $0.78
Preferred Series A Stock (presently convertible into 49,883 shares of Common
Stock) as President of D'Angelo Capital Corp., the General Partner of GJD
Partners, L.P., and the beneficial owner of 41,988 shares of $0.78 Preferred
Series A Stock presently convertible into 46,141 shares of Common Stock) as the
President of Value Equity Advisors, Inc., together constituting 455,393 shares
of Common Stock.
<PAGE> 3
CUSIP NO. 13D PAGE 3 OF 10 PAGES
--------------------- -------- --------
(1) NAMES OF REPORTING PERSONS D'ANGELO CAPITAL CORP.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
00
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(5) CHECK BOX 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
Delaware, USA
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(7) SOLE VOTING POWER
NUMBER OF 49,883
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY -0-
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 49,883
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
49,883
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.17%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Mr. D'Angelo is the record owner of 229,000 shares of Common Stock and 118,636
shares of $0.78 Preferred Series A Stock (presently convertible into 130,369
shares of Common Stock), the beneficial owner of 45,394 shares of $0.78
Preferred Series A Stock (presently convertible into 49,883 shares of Common
Stock) as President of D'Angelo Capital Corp., the General Partner of GJD
Partners, L.P., and the beneficial owner of 41,988 shares of $0.78 Preferred
Series A Stock presently convertible into 46,141 shares of Common Stock) as the
President of Value Equity Advisors, Inc., together constituting 455,393 shares
of Common Stock.
<PAGE> 4
CUSIP NO. 13D PAGE 4 OF 10 PAGES
--------------------- -------- --------
(1) NAMES OF REPORTING PERSONS GJD PARTNERS, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
WC
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
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(7) SOLE VOTING POWER
NUMBER OF 49,883
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY -0-
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 49,883
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
49,883
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.17%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
PN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Mr. D'Angelo is the record owner of 229,000 shares of Common Stock and 118,636
shares of $0.78 Preferred Series A Stock (presently convertible into 130,369
shares of Common Stock), the beneficial owner of 45,394 shares of $0.78
Preferred Series A Stock (presently convertible into 49,883 shares of Common
Stock) as President of D'Angelo Capital Corp., the General Partner of GJD
Partners, L.P., and the beneficial owner of 41,988 shares of $0.78 Preferred
Series A Stock presently convertible into 46,141 shares of Common Stock) as the
President of Value Equity Advisory, Inc., together constituting 455,393 shares
of Common Stock.
<PAGE> 5
CUSIP NO. 13D PAGE 5 OF 10 PAGES
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(1) NAMES OF REPORTING PERSONS VALUE EQUITY ADVISORS, INC.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Florida, USA
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 46,141
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY -0-
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 46,141
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,141
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.09%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Mr. D'Angelo is the record owner of 229,000 shares of Common Stock and 118,636
shares of $0.78 Preferred Series A Stock (presently convertible into 130,369
shares of Common Stock), the beneficial owner of 45,394 shares of $0.78
Preferred Series A Stock (presently convertible into 49,883 shares of Common
Stock) as President of D'Angelo Capital Corp., the General Partner of GJD
Partners, L.P., and the beneficial owner of 41,988 shares of $0.78 Preferred
Series A Stock presently convertible into 46,141 shares of Common Stock) as the
President of Value Equity Advisory, Inc., together constituting 455,393 shares
of Common Stock.
<PAGE> 6
Page 6 of 10 Pages
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<TABLE>
<S> <C>
Item 1 Security and Issuer
Title of Securities: Common Stock, par value $.01 per share
(the "Stock") of Milestone Properties,
Inc. (the "Issuer")
Name and Address of Issuer: Milestone Properties, Inc.
150 E. Palmetto Park Rd. 4th Floor
Boca Raton, Florida 33432
Item 2 Identity and Background
Item 2(a) This statement is being filed by and on behalf of
George J. D'Angelo (D'Angelo), D'Angelo Capital Corp
(DCC), GJD Partners, L.P. (GJD), and Value Equity
Advisors, Inc. (VEA) (each may also be referred to
as the Reporting Person). D'Angelo is the only
officer, the sole shareholder, and a director of
DCC. There is one additional director; George J.
D'Angelo, MD (D'Angelo MD). D'Angelo is the only
officer, the sole shareholder, and only director
of VEA.
Item 2(b) The business address for George J. D'Angelo and
VEA is:
14502 W. Dale Mabry, Suite 305
Tampa, FL 33618
The business address for DCC and GJD is:
850 Third Avenue
New York, NY 11002
Item 2(c) The principal occupation of each Reporting Person
and of each director of DCC is as follows:
D'Angelo President of DCC and VEA
DCC Management General Partner of GJD
GJD Investing in Securities
VEA Various Investing and Advising
D'Angelo MD Retired Physician
Item 2(d) Criminal Proceedings: During the last five years,
None of the persons or entities identified in Item
2(a) above has been convicted in a criminal
proceeding (excluding traffic violations or similar
misdemeanors) or has been 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 of, or
prohibiting or mandating activities subject to,
federal or state securities laws or finding any
violation with respect to such laws.
Item 2(e) Civil Proceedings: See Item 2(d)
Item 2(f) Each natural person listed in Item 2(a) above is a
United States Citizen; DCC is a Delaware Corporation;
GJD is a Delaware Limited Partnership; and VEA is a
Florida Corporation.
</TABLE>
<PAGE> 7
Page 7 of 10 Pages
Item 3 Source and Amount of Funds or other Consideration
George J. D'Angelo purchased Common Stock and Preferred Stock with
personal funds.
GJD purchased the stock it holds out of its working capital.
VEA purchased the stock it holds with corporate funds.
Item 4 Purpose of Transaction
George J. D'Angelo has acquired Stock of the Issuer because he
believes that such Shares are substantially undervalued. George J. D'Angelo
will evaluate his investment in the issuer on an ongoing basis and will take
whatever action he concludes is in his best interest including buying
additional shares or selling shares without any further prior disclosure.
Item 5 Interest in Securities of the Issuer
Item 5(a) At of the close of business on October 9, 1998,
the percentage of stock of the Issuer (based upon
4,250,445 of shares reported as being outstanding
in the Issuer's Form 10-Q for the period ended
June 30, 1998) held by each reporting person is
as follows:
<TABLE>
<CAPTION>
No. of Shares
Equivalent Approximate Percentage of
Holder to Common Outstanding Shares
------ --------- -------------------
<S> <C> <C>
D'Angelo 359,369 8.45%
GJD 49,883(1) 1.17%
VEA 35,824(2) 0.84%
</TABLE>
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(1) D'Angelo and DCC are deemed beneficial owner of these shares
(2) D'Angelo is deemed beneficial owner of these shares
<PAGE> 8
Page 8 of 10 Pages
Item 5(b) George D'Angelo has sole power to vote and to dispose of all
the shares of Stock.
Item 5(c) The following table sets forth all transactions with respect to
the Issuer's Stock effected during the sixty days prior to the
date of the event requiring the filing of this statement through
the filing date by any Reporting Person. Each transaction set
forth below reflects a purchase (P) or a sale (S) effected by
means of the New York Stock Exchange.
<TABLE>
<CAPTION>
Reporting Person Security Trade Date No. of Shares Price Per Share
<S> <C> <C> <C> <C>
D'Angelo Preferred 08/28/98 4,272(P) $2.26
GJD Preferred 09/02/98 15,500(P) $2.20
GJD Preferred 09/03/98 12,594(P) $2.13
GJD Preferred 09/15/98 17,300(P) $2.08
VEA Preferred 09/30/98 9,700(P) $2.08
VEA Preferred 10/09/98 22,900(P) $2.06
VEA Preferred 11/05/98 9,388(P) $2.02
</TABLE>
<PAGE> 9
Page 9 of 10 Pages
Item 6 Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
No contract exists between any of the
entities or natural person identified in Item
2(a) above and the issuer.
<PAGE> 10
Page 10 of 10 Pages
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: November 6, 1998.
/s/ George J. D'Angelo
----------------------------------
George J. D'Angelo
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
