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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
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(Amendment No. 2)
BIOTIME INC.
(Name of Issuer)
Common Shares, par value $.01 per share 09066L105
(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
(Name, address and telephone number of person authorized
to receive notices and communications)
August 18, 2000
(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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56392.0003
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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. 13-3791931
OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 1,008,555
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 1,008,555
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,008,555
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.5%
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14 TYPE OF REPORTING PERSON: CO
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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. 13-3714238
OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 90,750
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 90,750
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 90,750
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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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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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. 13-3793447
OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC, AF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 90,750
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 90,750
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 90,750
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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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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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: PF, AF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 310,442
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 1,409,747
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 310,442
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,409,747
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,409,747
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 11.9%
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14 TYPE OF REPORTING PERSON: IN
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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: PF, AF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 10,895
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 1,110,200
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 10,895
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,110,200
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,110,200
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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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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This Amendment No. 2 amends and supplements the statement on Schedule
13D (as amended by Amendment No. 1, dated May 14, 1998, 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 (A) an
aggregate of 25,300 Shares for total consideration (including brokerage
commissions) of $169,374.50 derived from capital of Greenbelt and margin
indebtedness from Bear Stearns & Co., (B) an aggregate of 5,430 Shares through
the exercise of subscription rights and oversubscription privileges associated
with such subscription rights pursuant to the rights offering made by the
Company to its stockholders in January, 1999 (the "1999 Rights Offering") for
total consideration of $52,942.50 derived from the capital of Greenbelt and
margin indebtedness from Bear Stearns & Co., and (C) an aggregate of 15,000
Shares pursuant to the Consulting Agreement (as defined in Item 6 hereof); (ii)
Greenway purchased an aggregate of 8,250 Shares through the exercise of
subscription rights and oversubscription privileges associated with such
subscription rights pursuant to the 1999 Rights Offering for total consideration
of $80,437.50 derived from the capital of Greenway and margin indebtedness from
Bear Stearns & Co.; (iii) Alfred D. Kingsley acquired an aggregate of (A) 24,592
Shares through the exercise of subscription rights and oversubscription
privileges associated with such subscription rights pursuant to the 1999 Rights
Offering for total consideration of $239,772 derived from his personal funds and
margin indebtedness from Bear Stearns & Co. and (B) 40,000 Shares for total
consideration (including brokerage commissions) of $227,204 derived from his
personal funds and indebtedness from Spear, Leeds & Kellogg; and (iv) Gary K.
Duberstein purchased an aggregate of 995 Shares through the exercise of
subscription rights and oversubscription privileges associated with such
subscription rights pursuant to the 1999 Rights Offering for total consideration
of $9,701.25 derived from his personal funds and margin indebtedness from Bear
Stearns & Co.
ITEM 4. PURPOSE OF TRANSACTION
Greenbelt currently owns Warrants to purchase an aggregate
of 933,825 Shares (the "Warrant Shares"), including Warrants to purchase
389,094 Shares which will expire if not exercised on or prior to October 15,
2000. Greenbelt intends to exercise Warrants to purchase such 389,094 Warrant
Shares prior to such expiration and hold such Warrant Shares for investment
purposes. Except as otherwise set forth herein, Item 4 to the Statement remains
unchanged.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 1,420,642 Shares constituting 11.9% of the
outstanding Shares. Pursuant to Rule 13d-3 under the Securities and Exchange Act
of 1934, (i) such aggregate number includes 933,825 Warrant Shares and (ii) such
percentage of Shares beneficially owned by the Reporting Persons is determined
based upon an aggregate of 11,841,790 Shares outstanding consisting of (a) the
10,892,965 Shares outstanding on August 14, 2000 according to the Quarterly
Page 7 of 11
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Report on Form 10-Q of the Company dated August 14, 2000, (b) the 933,825
Warrant Shares, (c) 7,500 Shares issued pursuant to the Consulting Agreement (as
defined in Item 6 below) and (d) 7,500 shares to be issued on September 30, 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 933,825 Warrant Shares.
APPROXIMATE PERCENTAGE
NAME NUMBER OF SHARES OF OUTSTANDING SHARES
---- ---------------- ---------------------
Greenbelt 1,008,5551 8.5%
Greenway 90,750 0.8%
Kingsley 1,409,747 11.9%
Duberstein 1,110,200 9.4%
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1 Includes 7,500 shares that Greenbelt may acquire within 60 days under
the Consulting Agreement (as hereinafter defined).
Greenbelt has direct beneficial ownership of 74,730 Shares and the
933,825 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, it would then have the sole power to vote or direct the
vote of 1,008,555 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 310,442
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.
Page 8 of 11
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(c) Greenbelt acquired beneficial ownership of 15,000 Shares pursuant
to the Consulting Agreement as of August 18, 2000. See Item 6 hereof.
(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.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
On August 18, 2000, Greenbelt and the Company entered into a
Consulting Agreement (the "Consulting Agreement") setting forth the terms
pursuant to which Greenbelt will act as a financial adviser to the Company for a
period commencing April 1, 2000 and terminating on March 31, 2001 unless
terminated sooner by a party. In consideration for its financial advisory
services, the Consulting Agreement provides for the issuance by the Company of
30,000 Shares to Greenbelt (7,500 Shares as of each of June 30, 2000, September
30, 2000, December 31, 2000 and March 31, 2001) and for certain registration
rights in respect of such Shares. A copy of the Consulting Agreement is attached
hereto as Exhibit 6.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
6. Consulting Agreement dated as of August 18, 2000
between BioTime Inc. and Greenbelt Corp.
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: August 21, 2000
GREENHOUSE, L.P.
By: /s/ Gary K. Duberstein
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Gary K. Duberstein,
General Partner
GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P.,
its general partner
By: /s/ Gary K. Duberstein
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Gary K. Duberstein,
General Partner
GREENBELT CORP.
By: /s/ Alfred D. Kingsley
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Alfred D. Kingsley,
President
/s/ Alfred D. Kingsley
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Alfred D. Kingsley
/s/ Gary K. Duberstein
----------------------------------------
Gary K. Duberstein
Page 10 of 11
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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6. Consulting Agreement dated as of August 18, 2000 between
BioTime Inc. and Greenbelt Corp.
Page 11 of 11
