================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
BURNHAM PACIFIC PROPERTIES, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE 12232C108
- --------------------------------------------------------------------------------
(Title of class of securities) (CUSIP number)
JEFFREY J. WEINBERG, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
JUNE 16, 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 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 18 Pages)
================================================================================
#571884 v3.
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------- ---------------------------------------- -------------------------------------------------
CUSIP No. 12232C108 13D Page 2 of 18
- ---------------------------- ---------------------------------------- -------------------------------------------------
- ------------------- ------------------------------------------------- --------------------------------------------------------------
<S> <C>
1 NAMES OF REPORTING PERSONS: JUBILEE LIMITED PARTNERSHIP
I.R.S. IDENTIFICATION NOS. 31-1382356
OF ABOVE PERSONS:
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ------------------------------ ---------------------------------------------------------------------------------
4 SOURCE OF FUNDS: BK
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------- ------------------------------------------------- --------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: OHIO
- ---------------------------- ------- --------------------------------------------- -------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,386,000
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,386,000
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,386,000
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.3%
- ------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
- ---------------------------- ---------------------------------------- -------------------------------------------------
CUSIP No. 12232C108 13D Page 3 of 18
- ---------------------------- ---------------------------------------- -------------------------------------------------
- ------------------- ------------------------------------------------- --------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: JUBILEE LIMITED PARTNERSHIP III
I.R.S. IDENTIFICATION NOS. 31-1487226
OF ABOVE PERSONS:
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ------------------------------ ---------------------------------------------------------------------------------
4 SOURCE OF FUNDS: BK
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------- ------------------------------------------------- --------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: OHIO
- ---------------------------- ------- --------------------------------------------- -------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,219,800
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,219,800
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,219,800
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.8%
- ------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
- ---------------------------- ---------------------------------------- -------------------------------------------------
CUSIP No. 12232C108 13D Page 4 of 18
- ---------------------------- ---------------------------------------- -------------------------------------------------
- ------------------- ------------------------------------------------- --------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: SCHOTTENSTEIN PROFESSIONAL ASSET MANAGEMENT CORP.
I.R.S. IDENTIFICATION NOS. 31-1289300
OF ABOVE PERSONS:
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ------------------------------ ---------------------------------------------------------------------------------
4 SOURCE OF FUNDS: NOT APPLICABLE
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------- ------------------------------------------------- --------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
- ---------------------------- ------- --------------------------------------------- -------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,605,800
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,605,800
- ------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,605,800
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.2%
- ------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
- ---------------------------- ---------------------------------------- -------------------------------------------------
CUSIP No. 12232C108 13D Page 5 of 18
- ---------------------------- ---------------------------------------- -------------------------------------------------
- ------------------- ------------------------------------------------- --------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: JAY L. SCHOTTENSTEIN
I.R.S. IDENTIFICATION NOS. ###-##-####
OF ABOVE PERSONS:
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ------------------------------ ---------------------------------------------------------------------------------
4 SOURCE OF FUNDS: NOT APPLICABLE
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------- ------------------------------------------------- --------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
- ---------------------------- ------- --------------------------------------------- -------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,902,600
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,902,600
- ------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,902,600
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.1%
- ------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
- ---------------------------- ---------------------------------------- -------------------------------------------------
CUSIP No. 12232C108 13D Page 6 of 18
- ---------------------------- ---------------------------------------- -------------------------------------------------
- ------------------- ------------------------------------------------- --------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: SCHOTTENSTEIN STORES CORPORATION
I.R.S. IDENTIFICATION NOS. 31-0820773
OF ABOVE PERSONS:
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ------------------------------ ---------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------- ------------------------------------------------- --------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
- ---------------------------- ------- --------------------------------------------- -------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 296,800
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 296,800
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 296,800
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
- ------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.9%
- ------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------- ------------------------------------------------- --------------------------------------------------------------
</TABLE>
<PAGE>
This Amendment No. 1 ("Amendment No. 1") amends and
supplements the Statement on Schedule 13D (the "Schedule 13D"), filed on June 7,
1999, by Jubilee Limited Partnership ("JLP"), Jubilee Limited Partnership III
("JLPIII"), Schottenstein Professional Asset Management Corp. ("SPAMC"), Jay L.
Schottenstein ("JS") and Schottenstein Stores Corporation ("SSC"). JLP, JLPIII,
SPAMC, JS and SSC (each a "Reporting Person") constitute a "group" for purposes
of Rule 13d-5 under the Securities Exchange Act of 1934, as amended, with
respect to their respective beneficial ownership of the Shares and are
collectively referred to as the "Reporting Group." Capitalized terms used herein
and not defined herein have the meanings ascribed thereto in the Schedule 13D.
The summary description contained in this Amendment No. 1 of
certain documents are qualified in their entirety by reference to the complete
text of such agreements and documents filed as exhibits hereto. Information
contained herein with respect to each Reporting Person is given solely by such
Reporting Person, and no other Reporting Person has responsibility for the
accuracy or completeness of information supplied by such other Reporting Person.
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 1 relates to shares of common stock, $.01
par value (the "Shares"), of Burnham Pacific Properties, Inc., a Maryland
corporation (the "Company"). The principal executive offices of the Company are
located at 610 West Ash Street, San Diego, CA 92101.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information set forth in Item 3 of the Schedule 13D is
hereby amended and supplemented by adding the following information thereto:
SSC purchased an aggregate of 296,800 Shares for an aggregate
consideration (including brokerage commissions) of approximately $3,704,342. SSC
acquired such Shares by drawing from its working capital.
In connection with the currently contemplated undertaking by
an affiliate of Donaldson, Lufkin & Jenrette Securities Corporation ("DLJSC") to
(7 of 18)
<PAGE>
provide up to $800 million of new senior debt, National City Bank provided a
letter, dated June 9, 1999 (the "National City Bank Letter"), regarding the
financial assets of SSC and its shareholders. A copy of the National City Bank
Letter is filed as Exhibit 3 hereto and incorporated herein by reference.
ITEM 4. PURPOSE OF TRANSACTION.
The information set forth in Item 4 of the Schedule 13D is
hereby amended and supplemented by adding the following information thereto:
On June 16, 1999, SSC delivered a letter to the Board of
Directors of the Company (the "SSC Letter") in which the Reporting Group
expressed continued interest in purchasing additional Shares to facilitate the
Reporting Group's proposed acquisition of all of the outstanding Shares. The
Reporting Group also requested that the Company's Board of Directors take all
necessary action to allow the Reporting Persons to purchase in excess of 9.8% of
the outstanding Shares. A copy of the SSC Letter is filed as Exhibit 4 hereto
and incorporated herein by reference.
It should be noted that the possible activities of the
Reporting Group are subject to change at any time, and that the Reporting
Persons may purchase additional Shares of the Company from time to time in the
open market, in privately negotiated transactions with third parties or
otherwise or may sell Shares held by them in the open market, in privately
negotiated transactions or otherwise; however, there is no assurance that the
Reporting Persons will actually purchase any additional Shares or dispose of any
Shares.
The information set forth in Item 3 of this Statement is
hereby incorporated by reference.
Except as set forth above and in the Schedule 13D, as of the
date of this Amendment No. 1, none of the Reporting Persons has any plans or
proposals which relate to or would result in any of the actions set forth in
parts (a) through (j) of Item 4. Such persons may at any time reconsider and
change their plans or proposals relating to the foregoing.
(8 of 18)
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date of this Amendment No. 1, the Reporting
Persons beneficially owned the number of Shares respectively set forth below.
The percentages set forth below represent the percentage of the outstanding
Shares (based on a total of 31,960,008 Shares outstanding as reported in the
Company's Quarterly Report on Form 10Q for the quarterly period ended March 31
1999) represented by the Shares beneficially owned by the Reporting Persons.
Reporting Person Number of Shares Percent
- ---------------- ---------------- -------
JLP 1,386,000 4.3%
JLPIII 1,219,800 3.8%
SPAMC 2,605,800 8.2%
JS 2,902,600 9.1%
SSC 296,800 0.9%
As of the date of this Amendment No. 1, the Reporting Persons
beneficially owned an aggregate of 2,902,600 Shares, or approximately 9.1% of
the Shares deemed outstanding.
Except as set forth in this Paragraph (a) of this Item 5, to
the best knowledge of the Reporting Persons, none of the other persons
identified pursuant to Item 2 of the Schedule 13D beneficially owns any Shares.
By virtue of their status as a "group" for purposes of Rule
13d-5, each of the members of the Reporting Group may be deemed to have shared
voting and dispositive power over the Shares owned by the other members.
However, the filing of this Amendment No. 1 shall not be construed as an
admission that any of the Reporting Persons is, for the purposes of Section
13(d) or 13(g) of the Exchange Act, the beneficial owner of any securities held
by any other member of the Reporting Group.
(9 of 18)
<PAGE>
(b) JLP has sole voting power and sole investment power with
respect to all of the 1,386,000 Shares it beneficially owns.
JLPIII has sole voting power and sole investment power with
respect to all of the 1,219,800 Shares it beneficially owns.
SSC has sole voting power and sole investment power with
respect to all of the 296,800 Shares it beneficially owns.
By virtue of being the sole general partner of each of JLP and
JLPIII, SPAMC is for purposes of this Amendment No. 1, a beneficial owner of all
the Shares of which each of JLP and JLPIII is a beneficial owner.
By virtue of being the trustee of each of the trusts which
constitute all of the shareholders of SPAMC, JS may be for purposes of this
Amendment No. 1, a beneficial owner of all the Shares of which SPAMC is a
beneficial owner.
By virtue of being the Chairman of the Board and Chief
Executive Officer of SSC, JS may be for purposes of this Amendment No. 1, a
beneficial owner of all the Shares of which SSC is a beneficial owner.
SPAMC disclaims beneficial ownership of the aggregate
2,605,800 Shares, referred to above, as to which it may be deemed to have shared
voting and dispositive power. JS disclaims beneficial ownership of the aggregate
2,902,600 Shares, referred to above, as to which he may be deemed to have shared
voting and dispositive power.
(c) The information concerning transactions in the Shares
effected by the Reporting Persons during the past 60 days is set forth in
Appendix A hereto and incorporated herein by reference. All such transactions
were effected through the open market.
(d) Except as set forth above in this Item 5, no other person
is known to have the right to receive or the power to direct the receipt of
dividends from or the proceeds from the sale of the securities.
(e) Not applicable.
(10 of 18)
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following are filed herewith as exhibits to this Amendment
No. 1.
Exhibit 3. National City Bank Letter, dated June 9, 1999
Exhibit 4. SSC Letter, dated June 16, 1999
(11 of 18)
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: June 16, 1999
JUBILEE LIMITED PARTNERSHIP
By: SCHOTTENSTEIN PROFESSIONAL ASSET
MANAGEMENT CORP., as sole general
partner
By: /s/ Jay L. Schottenstein
--------------------------------------
Name: Jay L. Schottenstein
Title: President & Chairman
JUBILEE LIMITED PARTNERSHIP III
By: SCHOTTENSTEIN PROFESSIONAL ASSET
MANAGEMENT CORP., as sole general
partner
By: /s/ Jay L. Schottenstein
--------------------------------------
Name: Jay L. Schottenstein
Title: President & Chairman
SCHOTTENSTEIN STORES CORPORATION
By: /s/ Jay L. Schottenstein
------------------------------------------
Name: Jay L. Schottenstein
Title: Chairman & Chief Executive Officer
/s/ Jay L. Schottenstein
-----------------------------------------------
JAY L. SCHOTTENSTEIN
(12 of 18)
<PAGE>
APPENDIX A
TRANSACTIONS BY THE REPORTING PERSONS IN
BURNHAM PACIFIC PROPERTIES, INC. SHARES
DURING THE PAST 60 DAYS
Jubilee Limited Partnership
<TABLE>
<CAPTION>
Date Number of Shares Bought Price Per Share ($) Commission ($) Total Cost ($)
- ---- ----------------------- ------------------- -------------- --------------
<S> <C> <C> <C> <C>
13-Apr-99 21,200 10.050 1,060.00 213,060.00
14-Apr-99 26,800 10.050 1,340.00 269,340.00
16-Apr-99 1,063,000 10.053 53,150.00 10,686,232.70
21-May-99 275,000 11.011 13,750.00 3,027,997.50
Jubilee Limited Partnership III
Date Number of Shares Bought Price Per Share ($) Commission ($) Total Cost ($)
- ---- ----------------------- ------------------- -------------- --------------
21-May-99 125,000 11.011 6,250.00 1,376,362.50
26-May-99 19,300 10.846 965.00 209,333.59
27-May-99 821,900 10.933 41,095.00 8,985,503.94
01-Jun-99 250,000 11.050 12,500.00 2,762,500.00
04-Jun-99 3,600.00 11.050 180.00 39,780.00
(13 of 18)
<PAGE>
Schottenstein Stores Corporation
Date Number of Shares Bought Price Per Share ($) Commission ($) Total Cost ($)
- ---- ----------------------- ------------------- -------------- --------------
07-Jun-99 52,500 12.450 2,625.00 653,646.00
09-Jun-99 181,500 12.488 9,075.00 2,266,481.25
10-Jun-99 62,800 12.488 3,140.00 784,215.00
</TABLE>
(14 of 18)
<PAGE>
Exhibit Index
-------------
Exhibit Page
- ------- ----
3. National City Bank Letter, dated June 9, 1999 16
4. SSC Letter, dated June 16, 1999 17
(15 of 18)
EXHIBIT 3
[NATIONAL CITY BANK LETTERHEAD]
June 9, 1999
VIA FACSIMILE (212)-892-4842
- ----------------------------
Mr. Michael Dana
Managing Director
Donaldson, Lufkin, Jenrette, Inc.
277 Park Avenue
New York, NY 10172
RE: SCHOTTENSTEIN STORES CORPORATION/BURNHAM PACIFIC PROPERTIES
Dear Mr. Dana:
As of this date, Schottenstein Stores Corporation, and its shareholders, jointly
possess cash and cash equivalents in excess of three hundred million dollars.
($300,000,000).
The Schottenstein organization is very well known to our institution. We have
had a significant relationship with them since their inception dating back to
the early 1900's. The Schottenstein organization maintains significant credit
and depository relationships with the bank which have always been handled as
agreed. In addition, we enjoy a very close relationship with Schottenstein's
executive management.
If you should wish to discuss our relationship with the Schottenstein
organization in greater detail, please feel free to call me at 614-463-7296.
Sincerely,
/s/ Ralph A. Kaparos
Ralph A. Kaparos
Senior Vice President
Capital Banking Division
(16 of 18)
EXHIBIT 4
June 16, 1999
Board of Directors
Burnham Pacific Properties, Inc.
610 West Ash Street, Suite 1600
San Diego, CA 92101
Attention: Chairman of the Board
Ladies and Gentlemen:
As you are aware, on June 7, 1999, Schottenstein Stores
Corporation and certain of its affiliates ("Schottenstein") filed a Statement on
Schedule 13D with the Securities Exchange Commission relating to the acquisition
of approximately 8.14% of the outstanding shares of common stock of Burnham
Pacific Properties, Inc. (the "Company"). Since that filing, we have continued
to purchase shares of the Company's common stock in the open market and now own
2,902,600 shares, representing approximately 9.08% of the Company's outstanding
common stock.
We continue to be interested in purchasing additional shares
of the Company's common stock, in the open market or otherwise, to facilitate
our proposed cash offer to acquire all of the outstanding capital stock of the
Company. We believe our offer is in the best interests of the Company's
shareholders. As a result, we hereby request that the Company's board of
directors take all necessary action to allow Schottenstein to purchase in excess
of 9.8% of the Company's outstanding common stock. The members of the Board
should be aware that, despite our repeated requests, the Company has failed to
schedule a meeting with us or our representatives. We urge the Board to have
representatives of the Company meet with us to discuss our merger proposal and
allow Schottenstein and its advisors to commence due diligence on the Company.
(17 of 18)
<PAGE>
We sincerely hope the Board will seriously consider our
request and allow us to increase our ownership position. Our advisors are
prepared to meet with you at your earliest convenience to discuss our request as
well as our merger proposal.
Very truly yours,
SCHOTTENSTEIN STORES CORPORATION
By: /s/ Thomas R. Ketteler VP
(18 of 18)
