SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Information to be Included in Statements Filed Pursuant
to Rule 13d-1(a) and Amendments Thereto Filed Pursuant to
Rule 13d-2(a)
(Amendment No. 1 )
THE PRESLEY COMPANIES
(Name of Issuer)
Series A Common Stock $0.01 Par Value Per Share
(Title of Class of Securities)
741030-10-0
(CUSIP Number)
General William Lyon
c/o William Lyon Homes, Inc.
4490 Von Karman
Newport Beach, California 92660
(714) 833-3600
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
with a copy to:
David A. Krinsky, Esq.
O'Melveny & Myers LLP
610 Newport Center Drive
Suite 1700
Newport Beach, California 92660-6429
(949) 823-7902
July 30, 1998
(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.
Page 1 of 3 pages
<PAGE>
CUSIP No. 741030-10-0 Schedule 13D
- ------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
General William Lyon
- ------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ ]
(b) [ ]
- ------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------
(4) SOURCE OF FUNDS
BK
- ------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ------------------------------------------------------------
: (7) SOLE VOTING POWER
: 7,939,589
: --------------------------------------
: (8) SHARED VOTING POWER
Number Of Shares : 0
Beneficially Owned : --------------------------------------
By Each Reporting : (9) SOLE DISPOSITIVE POWER
Person With : 7,939,589
: --------------------------------------
: (10) SHARED DISPOSITIVE POWER
: 0
- -------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
7,939,589
- --------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.2%
- --------------------------------------------------------------
(14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------
Page 2 of 3 pages
<PAGE>
Item 4. Purpose of Transaction
Item 4 of this Statement on Schedule 13D, filed by
General William Lyon (the "Reporting Person") with respect to
the Series A Common Stock, $0.01 par value (the "Shares"), of
The Presley Companies, a Delaware corporation (the "Company"),
is hereby supplemented as follows:
As previously reported, the Reporting Person had
submitted
on June 30, 1998 a non-binding proposal (the "Proposal") to a
special
committee (the "Special Committee") of the board of directors of
the
Company to acquire all of the outstanding stock of the Company
for a
cash price of $.40 per share. On July 29, 1998, the Special
Committee
notified the Reporting Person that the Special Committee
had determined not to recommend the Proposal to the Company's
board of
directors. The Special Committee indicated that the Company
would
instead explore additional strategic alternatives.
On July 30, 1998, the Reporting Person notified the
Special
Committee of his continued interest in pursuing the Proposal
subject
to its original terms and conditions (other than the July 31,
1998
expiration date).
Except as described in this Item 4, as amended, the
Reporting
Person currently does not have any plans or proposals that relate
to
or would result in any of the matters described in subparagraphs
(a)
through (j) of Item 4 of Schedule 13D.
SIGNATURE
After reasonable inquiry and to the best of my knowledge
and
belief, I certify that this statement is true, complete and
correct.
By: /s/ William Lyon
- ------------------------
William Lyon
Dated: August 3, 1998
Page 3 of 3 pages
