<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Isle of Capri Casinos, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
464-592-104
-----------------------------------------
(CUSIP Number)
Gregory A. Carlin
ISLE Investors, L.L.C.
900 N. Michigan Avenue
Suite 1900
Chicago, Illinois 60611
(312) 915-2800
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 1, 1999
----------------------------------------------
(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 (S)(S)240.13d-1(e), 240.13d-1(f) or 240.13d-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 (S)240.13d-7(b) for other
parties to whom copies are to be sent.
*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 ("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 18
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 2 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ISLE Investors, L.L.C.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,430,261 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,430,261 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,430,261 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 3 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CLAM PARTNERS
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Illinois
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 4 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gregory A. Carlin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of America
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,430,261 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,430,261 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,430,261 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 5 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Neil G. Bluhm
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF, BK
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of American
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,430,261 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,430,261 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,430,261 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 6 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Andrew G. Bluhm
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of America
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 7 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAMB Partners
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC, BK
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Illinois
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 8 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Leslie N. Bluhm
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of American
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 464-592-104 PAGE 9 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Meredith A. Bluhm-Wolf
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of America
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
ITEM 1. SECURITY AND ISSUER
This Amendment No. 1 to Schedule 13D (this "Amendment") is filed by and on
behalf of ISLE Investors, L.L.C., the managers of ISLE Investors, L.L.C. (Neil
G. Bluhm and Gregory A. Carlin), CLAM Partners, the general partners of CLAM
Partners (LAMB Partners, Gregory A. Carlin, Neil G. Bluhm and Andrew G. Bluhm),
Gregory A. Carlin, Neil G. Bluhm, LAMB Partners, the general partners of LAMB
Partners (Leslie N. Bluhm, Andrew G. Bluhm, Meredith A. Bluhm-Wolf and Neil G.
Bluhm), Leslie N. Bluhm and Meredith A. Bluhm-Wolfe (collectively, the Reporting
Persons") and amends the Schedule 13D (the "Schedule 13D") filed on April 1,
1999 by and on behalf of the Reporting Persons (other than ISLE Investors,
L.L.C.). This Amendment relates to the common stock, par value $0.01 per share
(the "Shares"), of Isle of Capri Casinos, Inc., a Delaware corporation (the
"Company"). The principal executive offices of the Company are located at 711
Washington Loop, Second Floor, Biloxi, Mississippi 39530.
ITEM 2. IDENTITY AND BACKGROUND
ISLE Investors, L.L.C. is a Delaware limited liability company with the
principal business of acquiring, owning, voting and disposing of Shares of the
Company located at 900 North Michigan Avenue, Chicago, Illinois 60611.
CLAM Partners is an Illinois general partnership with the principal business of
investing in securities located at 900 North Michigan Avenue, Chicago, Illinois
60611.
Gregory A. Carlin is a manager of ISLE Investors, L.L.C. and the managing
general partner of CLAM Partners and also helps manage the investment activities
of LAMB Partners located at 900 North Michigan Avenue, Chicago, Illinois 60611.
Neil G. Bluhm is a manager of ISLE Investors, L.L.C., the managing general
partner of LAMB Partners and a general partner of CLAM Partners. Mr. Bluhm is
also co-founder and president of JMB Realty Corporation, an Illinois corporation
that invests in real estate located at 900 North Michigan Avenue, Chicago,
Illinois 60611. Mr. Bluhm is also a co-founder and Principal of Walton Street
Capital, L.L.C., an Illinois limited liability company that directs the
management of several real estate opportunity funds located at 900 North
Michigan Avenue, Chicago, Illinois 60611. JMB Realty Corporation and Walton
Street Capital, L.L.C. have no interest in the securities of the Company.
Andrew G. Bluhm is a general partner of LAMB Partners and CLAM Partners. Mr.
Bluhm is also a co-founder and Principal of Walton Street Capital, L.L.C.
Walton Street Capital, L.L.C. has no interest in the securities of the Company.
LAMB Partners is an Illinois general partnership with the principal business of
investing located at 900 North Michigan Avenue, Chicago, Illinois 60611. LAMB
Partners is also a general partner of CLAM Partners.
Leslie N. Bluhm is a general partner of LAMB Partners. Mrs. Bluhm is the
founder and Co-President of Chicago Cares, an Illinois non-for-profit
corporation located at 10 South Wacker Drive, Chicago, Illinois, and has not
been and is not anticipated to be directly involved in the investment activities
of LAMB Partners relating to the Company. Chicago Cares has no interest in the
securities of the Company.
Meredith A. Bluhm-Wolf is a general partner of LAMB Partners. Mrs. Bluhm-Wolf
is a student and has not been and is not anticipated to be directly involved in
the investment activities of LAMB Partners relating to the Company.
During the last five years, none of the persons filing this statement has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
Page 10 of 18
<PAGE>
During the last five years, none of the persons filing this statement has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction of which the result of such proceeding was such persons was or is
still subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or state
securities laws on finding any violation with respect to such laws.
Each of Gregory A. Carlin, Neil G. Bluhm, Andrew G. Bluhm, Leslie N. Bluhm, and
Meredith A. Bluhm-Wolf is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATIONS
Since the filing of the Schedule 13D, Neil G. Bluhm purchased an aggregate of
32,500 Shares for total consideration of $235,321.40 derived from his own
capital and margin indebtedness from Bear Stearns & Co. Inc.
Since the filing of the Schedule 13D, LAMB Partners purchased an aggregate of
74,000 Shares for total consideration of $535,935.80 derived from the capital of
LAMB Partners and margin indebtedness from Bear Stearns & Co. Inc.
Since the filing of the Schedule 13D, Gregory A. Carlin sold an aggregate of
5,000 Shares for total proceeds of $43,133.55.
Since the filing of the Schedule 13D, each of LAMB Partners, Neil G. Bluhm,
Andrew G. Bluhm, Gregory A. Carlin, Marcy R. Carlin and CLAM Partners formed
ISLE Investors, L.L.C. and contributed to the capital of ISLE Investors, L.L.C.
all Shares and warrants to acquire Shares owned by such persons (including the
Shares described in the first two paragraphs of this Item 3 but not including
the Shares described in the third paragraph of this Item 3).
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired the Shares and derivative securities
because, in their opinion, such securities are undervalued by the market at the
present time under the present circumstances. The Reporting Persons will monitor
developments at the Company, and may communicate with members of management of
the Company and with other shareholders and interested parties concerning the
Company.
The Reporting Persons may from time-to-time (i) acquire additional Shares and
derivative securities (subject to availability at prices deemed favorable) in
the open market, in privately negotiated transactions or otherwise, or (ii)
dispose of Shares and derivative securities at prices deemed favorable in the
open market, in privately negotiated transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons beneficially owned
in the aggregate 1,430,261 Shares, which includes 60,636 Shares subject to
warrants owned by ISLE Investors, L.L.C. that are exercisable within 60
days of August 4, 1999. Based upon (i) the 23,579,662 Shares outstanding on
June 25, 1999 as set forth in the Company's annual report on Form 10-K for
the fiscal year ending April 25, 1999 filed July 2, 1999 and (ii) the
60,363 Shares subject to warrants owned by ISLE Investors, L.L.C. that are
exercisable within 60 days of August 4, 1999, these Shares represent 6.1%
of the outstanding Shares of the Company. The Reporting Persons may be
deemed to have direct beneficial ownership of the Securities as follows:
Page 11 of 18
<PAGE>
<TABLE>
<CAPTION>
DIRECTLY HELD OWNERSHIP:
APPROXIMATE
PERCENTAGE OF
NAME SHARES WARRANTS OUTSTANDING
---- ------ -------- -----------
<S> <C> <C> <C>
ISLE Investors, L.L.C. 1,369,625 60,636 6.1%
CLAM Partners 0 0 0.0%
Gregory A. Carlin 0 0 0.0%
Neil G. Bluhm 0 0 0.0%
Andrew G. Bluhm 0 0 0.0%
LAMB Partners 0 0 0.0%
Leslie N. Bluhm 0 0 0.0%
Meredith A. Bluhm-
Wolfe 0 0 0.0%
Total 1,369,625 60,636 6.1%
</TABLE>
Under Rule 13d-3 of the Securities Exchange Act of 1934, Gregory A. Carlin
and Neil G. Bluhm, as managers of ISLE Investors, L.L.C., may be deemed to
beneficially own securities beneficially owned by ISLE Investors, L.L.C.
Gregory A. Carlin and Neil G. Bluhm expressly disclaim beneficial ownership
of such Securities.
(b) ISLE Investors, L.L.C. has the sole power to vote, direct the vote, dispose
or direct the disposition of Shares shown above as directly owned by ISLE
Investors, L.L.C. As managers of ISLE Investors, L.L.C., Gregory A. Carlin
and Neil G. Bluhm may be deemed to share with ISLE Investors, L.L.C. the
power to vote, direct the vote, dispose or direct the disposition of such
Shares.
(c) The Reporting Persons engaged in the following transactions in Shares of
the Company during the last 60 days. All transactions were completed on the
Nasdaq National Market.
<TABLE>
<CAPTION>
DIRECT NATURE OF
BENEFICIAL OWNER DATE TRANSACTION SHARES PRICE/SHARE
------------------ ------- ----------- ------ -----------
<S> <C> <C> <C> <C>
LAMB Partners 6/16/99 Purchase 40,000 7.3961
Neil G. Bluhm 6/16/99 Purchase 16,500 7.4276
LAMB Partners 6/17/99 Purchase 2,000 7.2925
LAMB Partners 6/18/99 Purchase 18,000 7.2535
Neil G. Bluhm 6/18/99 Purchase 9,000 7.2535
LAMB Partners 6/25/99 Purchase 14,000 6.7817
Neil G. Bluhm 6/25/99 Purchase 7,000 6.7835
Gregory A. Carlin 7/28/99 Sale 2,000 8.1622
Gregory A. Carlin 7/30/99 Sale 3,000 8.9364
</TABLE>
In addition, on August 1, 1999, each of the persons set forth below
contributed to the capital of ISLE Investors, L.L.C., and ISLE Investors,
L.L.C. acquired from each of these persons, the number of Shares and
warrants to acquire Shares set forth opposite each person's name:
<TABLE>
<CAPTION>
NAME SHARES WARRANTS
---------------------- ------- --------
<S> <C> <C>
CLAM Partners 50,000 60,636
Gregory A. Carlin 10,000 0
Neil G. Bluhm 412,500 0
Andrew G. Bluhm 59,925 0
LAMB Partners 837,200 0
</TABLE>
(d) Not Applicable.
Page 12 of 18
<PAGE>
(e) On August 1, 1999, the date of the contribution of the Shares and the
warrants to acquire Shares to ISLE Investors, L.L.C., each of CLAM
Partners, Andrew G. Bluhm, LAMB Partners, Leslie N. Bluhm and Meredith A.
Bluhm-Wolfe ceased to be the beneficial owner of any Shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
On August 1, 1999, each of LAMB Partners, Neil G. Bluhm, Andrew G. Bluhm,
Gregory A. Carlin, Marcy R. Carlin and CLAM Partners entered into an
Operating Agreement of ISLE Investors, L.L.C. (the "Operating Agreement")
and contributed to the capital of ISLE Investors, L.L.C. all Shares and
warrants to acquire Shares owned by such persons. The Operating Agreement
governs the affairs of ISLE Investors, L.L.C.
Pursuant to the Operating Agreement, ISLE Investors, L.L.C. is managed by
its Managers (Gregory A. Carlin and Neil G. Bluhm), who have full and
complete authority, power and discretion to manage and control all
business, affairs and properties of ISLE Investors, L.L.C. with respect to
voting and dispositive power over the Shares and warrants to acquire Shares
owned by ISLE Investors, L.L.C. Under the terms of the Operating Agreement,
the Managers shall act by unanimous consent except to the extent that a
Manager shall give the other Manager written authority to act on matters.
Under the Operating Agreement, the members shall allocate net realized
profits and net realized losses of ISLE Investors, L.L.C. for each fiscal
year (or portion thereof) as follows:
(a) Profits shall be allocated (i) first, to all members, to the
extent of losses previously allocated under clause (b)(iii) below
and not previously offset; (ii) second, to members to the extent
of losses previously allocated under clause (b)(ii) below; (iii)
third, to all members to the extent of the Preferred Return
accrued to such date and not previously allocated; and (iv)
fourth, 92.5% to all members (including Gregory A. Carlin) in
proportion to the Excess Return Ratio of each member and 7.5% to
Gregory A. Carlin; and
(b) Losses shall be allocated (i) first, to all members to the extent
of profits previously allocated under clause (a)(iv) above and
not previously offset by losses; (ii) second, to all members to
the extent of profits previously allocated under clause (a)(iii)
above and not previously offset by losses; and (iii) third, 100%
to all members in proportion to their capital contributions.
Notwithstanding the foregoing, all profits and losses attributable to the
warrants to acquire 60,636 Shares, and Shares received upon the exercise of
such warrants, shall be allocated to CLAM Partners.
The "Preferred Return" means an annually compounded return of 10% on the
price each member originally paid for each Share that such member
contributed to the capital of ISLE Investors, L.L.C. The "Excess Return
Ratio" means the ratio that the aggregate Excess Return with respect to all
Shares contributed by a member bears to the excess return of ISLE
Investors, L.L.C. assuming that every member has an Excess Return. The
"Excess Return" with respect to each Share held by ISLE Investors, L.L.C.
is the difference between (a) the value of such Share at the date of sale
or disposition and (b) the sum of (i) the price at which such Share was
originally acquired by the contributing member and (ii) the Preferred
Return payable on such Share.
Page 13 of 18
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
A. Joint Filing Agreement
Page 14 of 18
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned, as to themselves only, certify that the information set forth in
this statement is true, complete and correct.
Dated: August 4, 1999
ISLE INVESTORS, L.L.C.
By: /s/ Gregory A. Carlin
----------------------------
Gregory A. Carlin
Manager
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
Manager
CLAM PARTNERS
By: /s/ Gregory A. Carlin
----------------------------
Gregory A. Carlin
General Partner
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
General Partner
By: /s/ Andrew G. Bluhm
----------------------------
Andrew G. Bluhm
General Partner
By: LAMB PARTNERS
as General Partner of CLAM Partners
/s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
General Partner
GREGORY A. CARLIN
By: /s/ Gregory A. Carlin
----------------------------
Gregory A. Carlin
Page 15 of 18
<PAGE>
NEIL G. BLUHM
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
ANDREW G. BLUHM
By: /s/ Andrew G. Bluhm
----------------------------
Andrew G. Bluhm
LAMB PARTNERS
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
General Partner
By: /s/ Andrew G. Bluhm
----------------------------
Andrew G. Bluhm
General Partner
By: /s/ Leslie N. Bluhm
----------------------------
Leslie N. Bluhm
General Partner
By: /s/ Meredith A. Bluhm-Wolf
----------------------------
Meredith A. Bluhm-Wolf
General Partner
LESLIE N. BLUHM
By: /s/ Leslie N. Bluhm
----------------------------
Leslie N. Bluhm
General Partner
MEREDITH A. BLUHM-WOLF
By: /s/ Meredith A. Bluhm-Wolf
----------------------------
Meredith A. Bluhm-Wolf
General Partner
Page 16 of 18
<PAGE>
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, the persons named below agree to the joint filing on behalf of them of
a statement on Schedule 13D (including amendments thereto) with respect to the
common stock, par value $0.01 per share, of Isle of Capri Casinos, Inc., and
further agree that this Joint Filing Agreement be included as an Exhibit to such
joint filing. In evidence thereof, the undersigned hereby execute this Agreement
this 4th day of August, 1999.
ISLE INVESTORS, L.L.C.
By: /s/ Gregory A. Carlin
----------------------------
Gregory A. Carlin
Manager
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
Manager
CLAM PARTNERS
By: /s/ Gregory A. Carlin
----------------------------
Gregory A. Carlin
General Partner
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
General Partner
By: /s/ Andrew G. Bluhm
----------------------------
Andrew G. Bluhm
General Partner
By: LAMB PARTNERS
as General Partner of CLAM Partners
/s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
General Partner
GREGORY A. CARLIN
By: /s/ Gregory A. Carlin
----------------------------
Gregory A. Carlin
NEIL G. BLUHM
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
Page 17 of 18
<PAGE>
ANDREW G. BLUHM
By: /s/ Andrew G. Bluhm
----------------------------
Andrew G. Bluhm
LAMB PARTNERS
By: /s/ Neil G. Bluhm
----------------------------
Neil G. Bluhm
General Partner
By: /s/ Andrew G. Bluhm
----------------------------
Andrew G. Bluhm
General Partner
By: /s/ Leslie N. Bluhm
----------------------------
Leslie N. Bluhm
General Partner
By: /s/ Meredith A. Bluhm-Wolf
----------------------------
Meredith A. Bluhm-Wolf
General Partner
LESLIE N. BLUHM
By: /s/ Leslie N. Bluhm
----------------------------
Leslie N. Bluhm
General Partner
MEREDITH A. BLUHM-WOLF
By: /s/ Meredith A. Bluhm-Wolf
----------------------------
Meredith A. Bluhm-Wolf
General Partner
Page 18 of 18
