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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)
BURNHAM PACIFIC PROPERTIES, INC.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE 12232C108
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(Title of class of securities) (CUSIP number)
DAVID E. ZELTNER, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
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(Name, address and telephone number of person
authorized to receive notices and communications)
AUGUST 11, 2000
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(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 20 Pages)
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NY2:\930225\05\JXRL05!.DOC\72825.0006
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CUSIP No. 12232C108 13D Page 2 of 20
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<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): 4.29%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
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CUSIP No. 12232C108 13D Page 3 of 20
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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): 3.77%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
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CUSIP No. 12232C108 13D Page 4 of 20
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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): 8.06%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
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CUSIP No. 12232C108 13D Page 5 of 20
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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: 2,976,600
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,976,600
------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,976,600
------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.21%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
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CUSIP No. 12232C108 13D Page 6 of 20
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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: 370,800
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 370,800
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 370,800
------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.15%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
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CUSIP No. 12232C108 13D Page 7 of 20
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1 NAMES OF REPORTING PERSONS: MICHAEL L. ASHNER
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: PF
------------------- ----------------------------------------------------------------------------------------- ----------------------
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: 166,587
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 18,679
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 166,587
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 18,679
------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 185,266
------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.57%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------- ------------------------------------------------- --------------------------------------------------------------
<PAGE>
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CUSIP No. 12232C108 13D Page 8 of 20
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1 NAMES OF REPORTING PERSONS: SUSAN ASHNER
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: PF
------------------- ----------------------------------------------------------------------------------------- ----------------------
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: 200
SHARES
------- --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 18,679
OWNED BY
------- --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 200
REPORTING
------- --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 18,679
------------------- -------------------------------------------------------------- -------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 18,879
------------------- ----------------------------------------------------------------------------------------- ----------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
------------------- ----------------------------------------------------------------------------------------- ----------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.06%
------------------- ------------------------------------------------- --------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------- ------------------------------------------------- --------------------------------------------------------------
</TABLE>
<PAGE>
This Amendment No. 8 ("Amendment No. 8") amends and
supplements the Statement on Schedule 13D (the "Schedule 13D"), filed on June 7,
1999, as amended by Amendment No. 1 filed on June 16, 1999, Amendment No. 2
filed on July 12, 1999, Amendment No. 3 filed on February 1, 2000, Amendment No.
4 filed on February 8, 2000, Amendment No. 5 filed on February 23, 2000,
Amendment No. 6 filed on June 14, 2000 and Amendment No. 7 filed on June 16,
2000, 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" and,
collectively with JLP, JLPIII, SPAMC and JS, the "Original Reporting Persons").
As indicated in Item 2, Michael L. Ashner ("MLA") and Susan Ashner ("SA" and
collectively with MLA, the "Additional Reporting Persons") have joined the
Original Reporting Persons for the purposes of the filing requirements of
Section 13(d) of the Exchange Act. The Original Reporting Persons together with
the Additional Reporting Persons are sometimes referred to herein collectively
as the "Reporting Persons." Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Schedule 13D. 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 Reporting Person.
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 8 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 2. IDENTITY AND BACKGROUND.
The information set forth in Item 2 of the Schedule 13D is
hereby amended and supplemented by the addition of the following:
The following information relates to MLA:
(a) Name: Michael L. Ashner
(b) Business Address: c/o Winthrop Financial Associates,
a Limited Partnership, 100 Jericho Quadrangle, Suite
214, Jericho, NY 11753
(c) Principal Occupation: Chief Executive Officer of
Winthrop Financial Associates, A Limited Partnership
("WFA") and the Newkirk Group, and their respective
subsidiaries, each a real estate management and
investment company
(d)/(e) During the last five years, MLA has not been
convicted in a criminal proceeding (excluding traffic
violations and similar misdemeanors), nor has it been
a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction
resulting in a judgment, decree or final order
(Page 9 of 20)
<PAGE>
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.
(f) Citizenship: USA
The following information relates to SA:
(a) Name: Susan Ashner
(b) Business Address: 100 Jericho Quadrangle, Suite 214,
Jericho, NY 11753.
(c) Principal Occupation: Homemaker
(d)/(e) During the last five years, SA has not been convicted
in a criminal proceeding (excluding traffic
violations and similar misdemeanors), nor has it been
a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction
resulting in 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.
(f) Citizenship: USA
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
MLA purchased an aggregate of 166,587 Shares for aggregate
consideration (including brokerage commissions) of approximately $1,277,753. MLA
and SA jointly purchased an aggregate of 18,679 Shares for aggregate
consideration (including brokerage commissions) of approximately $173,662. SA
purchased 200 Shares for aggregate consideration (including brokerage
commissions) of approximately $1,501. MLA and SA used their personal funds to
acquire such Shares. MLA's Shares include 150,687 Shares purchased by MLA from
WFA on August 14, 2000 for $1,067,122. WFA had used its working capital to
purchase such Shares for aggregate consideration (including brokerage
commissions) of approximately $1,067,122.
ITEM 4. PURPOSE OF TRANSACTION.
The information set forth in Item 4 of the Schedule 13D is
hereby amended and supplemented by the following:
On August 11, 2000, MLA and SSC entered into a letter
agreement (the "Schottenstein/Ashner Agreement"), which sets forth their
understandings with respect to their intention, on behalf of the Reporting
Persons, to nominate a slate of directors for election at the Company's 2000
Annual Meeting of stockholders currently scheduled to be held on October 18,
2000, solicit proxies in favor of the election of such nominees and, if
(Page 10 of 20)
<PAGE>
successful, oversee the management, operation and liquidation of the Company and
Burnham Pacific Operating Partnership, L.P. ("OP"). A copy of the
Schottenstein/Ashner Agreement is attached hereto as Exhibit 9 and is
incorporated herein by reference. This Item 4 is qualified in its entirety by
reference to the complete text of the Schottenstein/Ashner Agreement.
In accordance with the Schottenstein/Ashner Agreement, the
Reporting Persons will seek to:
(i) replace current management of the Company with
qualified, competent and effective executives including, without limitation, JS
as Chief Executive Officer and Co-Chairman, MLA as President and Co-Chairman;
(ii) pursue an orderly liquidation of the Company and OP
for the benefit of the Company's stockholders and OP's limited partners which is
intended to commence and be completed over a 36-month period, subject to market
conditions;
(iii) replace current property and asset management
arrangements for the Company and OP with new arrangements that will be
significantly less costly to the Company and OP;
(iv) review thoroughly all "golden parachute" or other
severance arrangements with existing management prior to payment thereunder to
ensure the validity and reasonableness of such arrangements and review and
pursue any claims or causes of action which the Company may have against the
intended recipients as well as raise any other defenses the Company and OP may
have with respect to the payment thereof;
(v) oppose any sale of all or substantially all of the
assets of the Company (either by sale of stock, assets, merger or otherwise)
which is not reasonably expected to yield at least $8.00 per Share either in
cash or securities of another entity or a combination thereof;
(vi) cause the entire board of directors of the Company to
consist of eight persons, four of whom shall be nominated by SSC (two of whom
shall be persons who are not employees of, consultants to or otherwise
affiliates of SSC or MLA ("Independent Directors")), three of whom shall be
nominated by MLA and one of whom will be nominated by the preferred stockholders
of the Company; provided, however, that in the event that the holders of
preferred stock of the Company elect not to nominate a director or lose the
right to nominate one director, then SSC shall have the right to nominate a
fifth director who shall be an Independent Director;
(vii) to the extent not already provided for in the by-laws
of the Company, use all reasonable efforts to cause the by-laws of the Company
to be amended to provide that (1) no sale of the Company or any of its assets
may be made to an affiliate of the Company, and (2) no lease may be entered into
at any of its properties with an affiliate of the Company without the consent of
all Independent Directors; and
(Page 11 of 20)
<PAGE>
(viii) cause no expansion in the number of members of the
Board of Directors without their mutual consent.
In addition, the Schottenstein/Ashner Agreement provides
that, if the Reporting Persons' nominees are elected, the parties acknowledge
that SSC or its affiliate will provide the Company with a bid to provide
property management services for the Company and OP and that MLA or its
affiliate will provide the Company with a bid to provide asset management and
entity management services to the Company and OP.
Except as set forth above and in the Schedule 13D, 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.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The information set forth in Item 5 of the Schedule 13D is
hereby amended and supplemented by adding the following information thereto:
(a) As of the date of this Amendment No. 8, the Reporting
Persons beneficially owned the respective numbers of Shares set forth below. The
percentages set forth below and on pages 2-8 hereto represent percentages of the
outstanding Shares based on a total of 32,324,046 Shares outstanding on August
11, 2000, as reported in the Company's Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2000.
Reporting Person Number of Shares Percent
---------------- ---------------- -------
JLP 1,386,000 4.29%
JLPIII 1,219,800 3.77%
SPAMC 2,605,800 8.06%
JS 2,976,600 9.21%
SSC 370,800 1.15%
MLA 185,266 0.57%
SA 18,879 0.06%
As of the date of this Amendment No. 8, the Reporting
Persons beneficially owned an aggregate of 3,162,066 Shares, or approximately
9.78% of the outstanding Shares.
(Page 12 of 20)
<PAGE>
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 above beneficially owns any Shares.
By virtue of their status as a "group" for purposes of Rule
13d-5, each of the Reporting Persons may be deemed to have shared voting and
dispositive power over the Shares owned by the other Reporting Persons. Each
member of the Original Reporting Persons disclaims beneficial ownership of the
Shares owned by each of the Additional Reporting Persons and each Additional
Reporting Person disclaims beneficial ownership of the Shares owned by each of
the Original Reporting Persons.
(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.
By virtue of being the sole general partner of each of JLP
and JLPIII, SPAMC may be, for purposes of this Statement, 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
Statement, a beneficial owner of all the Shares of which SPAMC 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
2,605,800 Shares, referred to above, as to which he may be deemed to have shared
voting and dispositive power.
SSC has sole voting and sole investment power with respect
to all of the 370,800 Shares it beneficially owns.
By virtue of being the Chairman of the Board and Chief
Executive Officer of SSC, JS may be, for purposes of this Schedule 13D, a
beneficial owner of all of the Shares of which SSC is a beneficial owner. JS
disclaims beneficial ownership of such Shares as to which he may be deemed to
have shared voting and dispositive power.
MLA and SA share voting and dispositive power with respect
to 18,679 Shares of which they are joint owners. MLA has sole voting and sole
investment power with respect to all of the 166,587 Shares he beneficially owns.
SA has sole voting and sole investment power with respect to all of the 200
Shares she beneficially owns.
(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. Except as otherwise
indicated on such Appendix A, all such transactions were effected through the
open market.
(Page 13 of 20)
<PAGE>
(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.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
The information set forth in Item 6 of the Schedule 13D is
hereby amended and supplemented by adding the following information thereto:
The description of the Schottenstein/Ashner Agreement
contained in Item 4 hereof and the copy of such agreement filed as Exhibit 9
hereto are incorporated herein by reference.
The Schottenstein/Ashner Agreement also provides that, if
either party or their respective affiliates elects to acquire shares of stock of
the Company or partnership interests in OP (the "Purchasing Party"), the
Purchasing Party shall either (i) give the other party five business days prior
notice of such acquisition, which notice shall set forth the number of shares of
stock of the Company or partnership interests in OP that such Purchasing Party
desires to acquire (the "Purchase Interests") and the purchase price if known,
and the non-Purchasing Party shall have the right to participate with such
Purchasing Party equally in such purchase by giving written notice thereof to
the Purchasing Party within three business days of receipt of such notice or,
alternatively, (ii) purchase the Purchase Interests without giving prior notice
to the non-Purchasing Party, in which case the Purchasing Party shall give
subsequent notice to the non-Purchasing Party of such purchase before or within
one business day after such acquisition, which notice shall set forth the
Purchase Interest that such Purchasing Party acquired or is acquiring and the
purchase price therefore, in which event, the non-Purchasing Party shall have
the right to participate with such Purchasing Party equally in such purchase by
giving written notice thereof to the Purchasing Party and accompanying such
notice with payment of the purchase price therefore within five business days of
receipt of such notice. If the non-Purchasing Party shall fail to give notice to
the Purchasing Party within the applicable time period set forth in the
Schottenstein/Ashner Agreement, such non-Purchasing Party shall have no rights
with respect to the shares or partnership interests acquired except as set forth
in the following paragraph.
If a party desires to sell any shares of its stock in the
Company or partnership interests in OP (such party being hereinafter referred to
as the "Selling Party"), the Selling Party shall give the other party hereto
prior notice of such sale, which notice shall set forth the number of shares of
stock of the Company or partnership interests in OP that such Selling Party is
selling (the "Sale Interests") and the purchase price therefore, in which event
the non-Selling Party shall have the right to acquire the Sale Interests for the
purchase price set forth in the Selling Party's notice by giving written notice
thereof to the Purchasing Party within one business day of receipt of such
notice. Any sale of Sale Interests under the Schottenstein/Ashner Agreement
(Page 14 of 20)
<PAGE>
shall be consummated on or prior to the fifth business day following the receipt
by the non-Selling Party of the Selling Party's notice delivered pursuant to the
Schottenstein/Ashner Agreement. If the non-Selling Party shall fail to give
notice to the Selling Party, or shall fail to purchase the Sale Interests,
within the time period set forth therein, the non-Selling Party shall have no
rights with respect to the Sale Interests.
The Schottenstein/Ashner Agreement provides that, if the
parties provide services to the Company in connection with the disposition of
assets, any fees payable therefor shall be shared equally by the parties.
The Schottenstein/Ashner Agreement also provides that, to
the extent the proxy costs of the parties to the Schottenstein/Ashner Agreement
are not reimbursed by the Company, SSC and MLA will share equally in all costs
associated with the proxy solicitation contemplated thereby and MLA has agreed
to reimburse SSC within 30 days after the date of the Schottenstein/Ashner
Agreement for one-half of all third party costs incurred by SSC to date in
connection with its prior offers to acquire the Company.
The Schottenstein/Ashner Agreement will terminate upon the
occurrence of any of the following: (i) immediately, if a slate of directors
other than the Reporting Persons' nominees shall be elected at the Company's
2000 Annual Meeting; (ii) on August 11, 2001 if there has been no meeting of the
stockholders of the Company prior to such date at which a slate of directors of
the Company is elected; (iii) if the Reporting Persons' nominees shall have been
elected, three years from the date on which the nominees shall first become
directors of the Company; or (iv) by either party if a valid offer is made to
acquire all or substantially all of the assets of the Company (either by sale of
stock, assets, merger or otherwise) which is reasonably expected to yield at
least $8.00 per common share of the Company either in cash or securities of
another entity or a combination thereof.
The foregoing description of the Schottenstein/Ashner
Agreement is qualified in its entirety by reference to the Schottenstein/Ashner
Agreement.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
The following are filed herewith as exhibits to this
Amendment No. 8:
Exhibit 9 Schottenstein/Ashner Agreement between Michael L. Ashner and
Schottenstein Stores Corporation, dated August 11, 2000.
Exhibit 10 Joint Filing Agreement, dated August 14, 2000, by and among
the Reporting Persons.
Exhibit 11 Power of Attorney of Michael L. Ashner.
Exhibit 12 Power of Attorney of Susan Ashner.
(Page 15 of 20)
<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: August 14, 2000
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
(Page 16 of 20)
<PAGE>
/s/ Michael L. Ashner
-------------------------------------------
By: Peter Braverman as Attorney-in-Fact for
Michael L. Ashner (1)
/s/ Susan Ashner
-------------------------------------------
By: Peter Braverman as Attorney-in-Fact for
Susan Ashner (2)
-------------
(1) Executed by Peter Braverman as Attorney-in-Fact for Michael L. Ashner. The
Power of Attorney for Mr. Ashner is attached hereto as Exhibit 11.
(2) Executed by Peter Braverman as Attorney-in-Fact for Susan Ashner. The Power
of Attorney for Ms. Ashner is attached hereto as Exhibit 12.
(Page 17 of 20)
<PAGE>
APPENDIX A
----------
TRANSACTIONS BY THE REPORTING PERSONS IN
BURNHAM PACIFIC PROPERTIES, INC. SHARES
DURING THE PAST 60 DAYS
<TABLE>
<CAPTION>
Schottenstein Stores Corporation
<S> <C> <C> <C> <C>
Date Number of Shares Price Per Share ($) Commission ($) Total Cost/Net Sale ($)
---- ----------------- ------------------- -------------- -----------------------
Bought (Sold)
-------------
11-Aug-00 (60,000) 5.125 3,010.25 304,489.75
Michael L. Ashner and Susan Ashner
Date Number of Shares Price Per Share ($) Commission ($) Total Cost/Net Sale ($)
---- ----------------- ------------------- -------------- -----------------------
Bought (Sold)
-------------
30-Jun-00 1,238.632 -- -- Dividend
09-Aug-00 (15,000) (1) -- -- --
Michael L. Ashner
Date Number of Shares Price Per Share ($) Commission ($) Total Cost/Net Sale ($)
---- ----------------- ------------------- -------------- -----------------------
Bought (Sold)
-------------
09-Aug-00 15,000 13.60 -- 204,002
14-Aug-00 150,687 (2) 7.08 -- 1,067,122
(Page 18 of 20)
<PAGE>
Winthrop Financial Associates, A Limited Partnership (3)
Date Number of Shares Price Per Share ($) Commission ($) Total Cost/Net Sale ($)
---- ----------------- ------------------- -------------- -----------------------
Bought (Sold)
-------------
19-Jun-00 17,000 7.00 1,020 120,020.00
19-Jun-00 8,000 6.928 480 55,907.30
30-Jun-00 4,687 -- -- Dividend
09-Aug-00 (4,000) 5.438 243.23 21,506.77
14-Aug-00 (150,687) 7.08 -- 1,067,122
</TABLE>
----------------
(1) These Shares were transferred to Michael L. Ashner individually.
(2) These Shares were purchased by Michael L. Ashner in a private transaction.
(3) Because Michael L. Ashner serves as Chief Executive Officer of Winthrop
Financial Associates, A Limited Partnership, such limited partnership may be
deemed to be an affiliate of Mr. Ashner.
(Page 19 of 20)
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
Exhibit 9 Schottenstein/Ashner Agreement between Michael L. Ashner and
Schottenstein Stores Corporation, dated August 11, 2000.
Exhibit 10 Joint Filing Agreement, dated August 14, 2000 by and among the
Reporting Persons.
Exhibit 11 Power of Attorney of Michael L. Ashner
Exhibit 12 Power of Attorney of Susan Ashner
(Page 20 of 20)
