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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
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(AMENDMENT NO. 3)
BIOTIME INC.
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(Name of Issuer)
COMMON SHARES, PAR VALUE $.01 PER SHARE 09066L105
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(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenbelt Corp.
277 Park Avenue, 27th Floor
New York, New York 10172
(212) 350-5100
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(Name, address and telephone number of person authorized to receive notices and
communications)
December 8, 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(b)(3) or (4), check the following box [_].
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
(Page 1 of 11 Pages)
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NY2:\992108\04\56392.0003
<PAGE>
<TABLE>
<CAPTION>
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<S> <C> <C>
CUSIP No. 09066L105 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON: GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON: 13-3791931
------------------- ----------------------------------------------------------------------------------------------------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: 00
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
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: 1,016,055
SHARES
------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,016,055
REPORTING
------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 1,016,055
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.5%
------------------- ----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
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<PAGE>
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CUSIP No. 09066L105 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON: GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON: 13-3714238
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(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
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: 90,750
SHARES
------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 90,750
REPORTING
------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 90,750
------------------- ----------------------------------------------------------------------------------------------------------------
[-]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.8%
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14 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 09066L105 13D Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON: GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON: 13-3793447
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(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
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: 90,750
OWNED BY
------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 90,750
------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 90,750
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.8%
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14 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 09066L105 13D Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON: ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
------------------- ----------------------------------------------------------------------------------------------------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 653,142
SHARES
------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,106,805
OWNED BY
------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 653,142
REPORTING
------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,106,805
------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 1,759,947
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 14.8%
------------------- ----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------- ----------------------------------------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 09066L105 13D Page 6 of 11 Pages
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1 NAME OF REPORTING PERSON: GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
------------------- ----------------------------------------------------------------------------------------------------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
------------------- ----------------------------------------------------------------------------------------------------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
------------------- ----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 10,895
SHARES
------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,106,805
OWNED BY
------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,895
REPORTING
------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,106,805
------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 1,117,700
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[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.4%
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14 TYPE OF REPORTING PERSON: IN
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</TABLE>
<PAGE>
This Amendment No. 3 ("Amendment No. 3") amends and supplements the
statement on Schedule 13D (as amended by Amendment No. 1, dated May 14, 1998 and
Amendment No. 2, dated August 18, 2000, the "Statement") relating to the common
stock, par value $.01 per share (the "Shares"), of BioTime Inc., a California
corporation (the "Company"), filed by and on behalf of Greenbelt Corp.
("Greenbelt"), Greenway Partners, L.P. ("Greenway"), Greenhouse Partners, L.P.
("Greenhouse"), Alfred D. Kingsley and Gary K. Duberstein (collectively, the
"Reporting Persons"). Unless otherwise defined herein, the information set forth
in the Statement remains unchanged. Unless otherwise defined herein, all
capitalized terms used herein shall have the meanings previously ascribed to
them in the previous filing of the Statement.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Since the filing of the Statement: (i) Greenbelt acquired an aggregate
of 389,094 Shares through the exercise of Warrants for total consideration of
$750,951 derived from the capital of Greenbelt; and (ii) Alfred D. Kingsley
acquired an aggregate of 342,700 Shares for total consideration (including
brokerage commissions) of $1,139,827 derived from his personal funds and
indebtedness from Spear, Leeds & Kellogg.
Purchases by Mr. Kingsley included purchases, on December 8, 2000, of
100,000 Shares from each of Paul Segall, Hal Sternberg and Harold Waitz, the
Company's Chairman and Chief Executive Officer, the Company's Vice President of
Research and the Company's Vice President of Engineering and Regulatory Affairs,
respectively.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 1,770,842 Shares constituting 14.9% of the
outstanding Shares. Pursuant to Rule 13d-3 under the Securities and Exchange Act
of 1934, (i) such aggregate number includes 544,731 Shares subject to warrants
owned by Greenbelt (the "Warrant Shares") and (ii) such percentage of Shares
beneficially owned by the Reporting Persons is determined based upon an
aggregate of 11,887,517 Shares outstanding consisting of (a) the 11,342,786
Shares outstanding on November 13, 2000 according to the Quarterly Report on
Form 10-Q of the Company dated November 13, 2000, (b) the 544,731 Warrant Shares
and (c) 7,500 shares to be issued on December 31, 2000 pursuant to the
Consulting Agreement. The Reporting Persons may be deemed to have direct
beneficial ownership of Shares as set forth in the following table. In such
table, pursuant to Rule 13d-3, the Warrant Shares are deemed outstanding only
for determining the percentage ownership of Shares by Greenbelt, which is the
direct beneficial owner of the 544,731 Warrant Shares.
Page 7 of 11
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APPROXIMATE PERCENTAGE
NAME NUMBER OF SHARES OF OUTSTANDING SHARES
---- ---------------- ---------------------
Greenbelt 1,016,055(1) 8.5%
Greenway 90,750 0.8%
Kingsley 653,142 5.8%
Duberstein 10,895 0.1%
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1 Includes 7,500 shares that Greenbelt may acquire within 60 days under
the Consulting Agreement.
Greenbelt has direct beneficial ownership of 471,324 Shares and the
544,731 Warrant Shares. Each of Messrs. Kingsley and Duberstein, as executive
officers and directors of Greenbelt, may be deemed to beneficially own the
Warrant Shares which Greenbelt beneficially owns. Each of Messrs. Kingsley and
Duberstein disclaims beneficial ownership of such Shares for all other purposes.
Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3) Shares which Greenway may
be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and
Duberstein, as general partners of Greenhouse, may be deemed to beneficially own
Shares which Greenhouse may be deemed to beneficially own. Each of Messrs.
Kingsley and Duberstein disclaims beneficial ownership of such Shares for all
other purposes.
(b) If Greenbelt were to exercise in full the Warrants, which are all
presently exercisable, and were to acquire 7,500 Shares pursuant to the
Consulting Agreement, which shares will be issued on December 31, 2000, it would
then have the sole power to vote or direct the vote of 1,016,055 Shares and the
sole power to dispose or direct the disposition of such Shares. Messrs. Kingsley
and Duberstein may be deemed to share with Greenbelt the power to vote or to
direct the vote and to dispose or to direct the disposition of such Shares.
Greenway has the sole power to vote or direct the vote of 90,750 Shares
and the sole power to dispose or direct the disposition of such Shares.
Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share with
Greenway the power to vote or to direct the vote and to dispose or to direct the
disposition of such Shares.
Mr. Kingsley has the sole power to vote or direct the vote of 653,142
Shares and the sole power to dispose or direct the disposition of such Shares.
Mr. Duberstein has the sole power to vote or direct the vote of 10,895
Shares and the sole power to dispose or direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the Reporting
Persons during the past sixty days or since the most recent filing on Schedule
13D, whichever is less, is set forth in Exhibit 7 attached hereto, which is
incorporated herein by reference.
(d) 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
Shares or the Warrants.
Page 8 of 11
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(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
7. Information concerning transactions in the Shares effected by the
Reporting Persons in the last sixty days or since the most recent filing on
Schedule 13D, whichever is less.
Page 9 of 11
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SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information contained in this Statement is
true, complete and correct.
Dated: December 12, 2000
GREENHOUSE, L.P.
By: /s/ Gary K. Duberstein
--------------------------------------------
Gary K. Duberstein,
General Partner
GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P.,
its general partner
By: /s/ Gary K. Duberstein
-----------------------------------
Gary K. Duberstein,
General Partner
GREENBELT CORP.
By: /s/ Alfred D. Kingsley
--------------------------------------------
Alfred D. Kingsley,
President
/s/ Alfred D. Kingsley
--------------------------------------------
Alfred D. Kingsley
/s/ Gary K. Duberstein
--------------------------------------------
Gary K. Duberstein
Page 10 of 11
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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7. Information concerning transactions in the Shares
effected by the Reporting Persons in the last sixty
days or since the most recent filing on Schedule 13D,
whichever is less.
Page 11 of 11
