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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. )1
Kennedy-Wilson, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
489399204
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(CUSIP Number)
April 26, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
- ---------------
1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
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CUSIP NO. 489399204 13G
-----------
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NAMES OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edward L. Cahill
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
USA
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SOLE VOTING POWER
5
0
NUMBER OF -----------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 750,000
EACH -----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 7
WITH 0
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
750,000
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
750,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.97%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
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CUSIP NO. 489399204 13G
-----------
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NAMES OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David L. Warnock
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
USA
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SOLE VOTING POWER
5
0
NUMBER OF -----------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 750,000
EACH -----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 7
WITH 0
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
750,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
750,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.97%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
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CUSIP NO. 489399204 13G
-----------
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NAMES OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cahill, Warnock Strategic Partners, L.P.
IRSN: 52-1970604
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware Limited Partnership
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SOLE VOTING POWER
5
0
NUMBER OF -----------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 750,000
EACH -----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 7
WITH 0
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
750,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
750,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.97%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
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<PAGE>
===============================================================================
CUSIP NO. 489399204 13G
-----------
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NAMES OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cahill, Warnock Strategic Partners Fund, L.P.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware Limited Partnership
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SOLE VOTING POWER
5
0
NUMBER OF -----------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 750,000
EACH -----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 7
WITH 0
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
750,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
750,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.97%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
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<PAGE>
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CUSIP NO. 489399204 13G
-----------
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NAMES OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cahill, Warnock & Company, LLC
IRSN: 52-1931617
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Maryland Limited Liability Company
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SOLE VOTING POWER
5
0
NUMBER OF -----------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 750,000
EACH -----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 7
WITH 0
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
750,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
750,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.97%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
OO
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CUSIP NO. 489399204 13G
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NAMES OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Strategic Associates, L.P.
IRSN: 52-1991689
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware Limited Partnership
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SOLE VOTING POWER
5
0
NUMBER OF -----------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 750,000
EACH -----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 7
WITH 0
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
750,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
750,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.97%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
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<PAGE>
Item 1(a). Name of Issuer: Kennedy-Wilson, Inc. (the "Issuer").
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Item 1(b). Address of Issuer's Principal Executive Offices: 9601 Wilshire
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Blvd., Suite 220, Beverly Hills, CA 90210.
Item 2(a). Names of Persons Filing: Cahill, Warnock Strategic Partners
-----------------------
Fund, L.P. ("Strategic Partners Fund"); Cahill, Warnock Strategic
Partners, L.P. ("Strategic Partners"); Strategic Associates, L.P.
("Strategic Associates"); Cahill, Warnock & Company, LLC ("Cahill,
Warnock & Co."); Edward L. Cahill ("Cahill"); David L. Warnock
("Warnock"). Strategic Partners Fund, Strategic Partners, Strategic
Associates, Cahill, Warnock & Co., Cahill, and Warnock are sometimes
referred to collectively herein as the "Reporting Persons."
Item 2(b). Address of Principal Business Office: The principal business
------------------------------------
address of Strategic Partners Fund, Strategic Partners, Strategic
Associates and Cahill, Warnock & Co. is 1 South Street, Suite 2150,
Baltimore, MD 21202. The business address of Cahill and Warnock is
1 South Street, Suite 2150, Baltimore, MD 21202.
Item 2(c). Citizenship: Strategic Partners Fund, Strategic Partners and
-----------
Strategic Associates are limited partners organized under the laws
of the State of Delaware. Cahill, Warnock & Co. is a limited
liability company organized under the laws of the State of Maryland.
Cahill and Warnock are US citizens.
Item 2(d). Title of Class of Securities: Common Stock, $.01 par value per
----------------------------
share (the "Common Stock").
Item 2(e). CUSIP Number: 489399204.
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Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the
Securities Exchange Act of 1934 (the "Act");
(b) [ ] Bank as defined in Section 3(a)(6) of the Act;
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act;
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940;
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940;
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Rule 13d-
1(b)(1)(ii)(F) of the Act;
(g) [ ] Parent Holding Company, in accordance with Rule 13d-
1(b)(ii)(G) of the Act;
<PAGE>
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H) of the
Act.
If this statement is filed pursuant to Rule 13d-1(c), check this
box. [X]
Item 4. Ownership:
---------
(a) Amount Beneficially Owned: Strategic Partners Fund may be
-------------------------
deemed to own beneficially 710,600 shares of Common Stock of
the Issuer (the "Fund Shares") issuable upon the conversion of
a subordinated debenture in the principal amount of
$7,106,00.00. Strategic Associates may be deemed to own
beneficially 39,400 shares of Common Stock of the Issuer (the
"Associates Shares") issuable upon the conversion of a
subordinated debenture in the principal amount of $394,000.00.
The Fund Shares and the Associates Shares are sometimes
referred to herein collectively as the "Kennedy-Wilson
Shares." Because of their relationship as affiliated entities,
both Strategic Partners Fund and Strategic Associates may be
deemed to own beneficially the Kennedy-Wilson Shares. As
general partners of Strategic Partners Fund and Strategic
Associates, respectively, Strategic Partners and Cahill,
Warnock & Co. may be deemed to own beneficially the Kennedy-
Wilson Shares. As the individual general partners of Strategic
Partners and as the individual members of Cahill, Warnock &
Co., both Cahill and Warnock may be deemed to own beneficially
the Kennedy-Wilson Shares.
Strategic Partners Fund disclaims beneficial ownership of the
Associates Shares. Strategic Associates disclaims beneficial
ownership of the Fund Shares. Strategic Partners, Cahill,
Warnock & Co., Cahill, and Warnock each disclaim beneficial
ownership of the Kennedy-Wilson Shares, except with respect to
their pecuniary interest therein, if any.
(b) Percent of Class: Each of the Reporting Persons may be deemed
----------------
to own beneficially 9.97% of the Issuer's Common Stock. The
foregoing percentage is calculated based upon (i) 6,770,276
shares of Common Stock reported to be outstanding as of April
21, 1999 in the Issuer's Amendment No. 1 to the Registration
Statement on Form S-1 filed with the Securities and Exchange
Commission on April 22, 1999 and (ii) 750,000 shares of the
Issuer's Common Stock issuable upon the conversion of
subordinated debentures held by Strategic Partners Fund and
Strategic Associates in the aggregate principal amount of
$7,500,000.00.
(c) Number of Shares as to Which Such Person Has:
--------------------------------------------
(i) Sole power to vote or to direct the vote: 0 shares for
each Reporting Person.
<PAGE>
(ii) Shared power to vote or to direct the vote: 750,000
shares for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
0 shares for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
750,000 shares for each Reporting Person.
Item 5. Ownership of Five Percent or Less of a Class:
--------------------------------------------
Not Applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
---------------------------------------------------------------
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
------------------------------------------------------------------
the Security Being Reported on By the Parent Holding Company:
------------------------------------------------------------
Not Applicable.
Item 8. Identification and Classification of Members of the Group:
---------------------------------------------------------
Not Applicable.
Item 9. Notice of Dissolution of Group:
------------------------------
Not Applicable.
Item 10. Certification:
-------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
<PAGE>
SCHEDULE 13G
Signature
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 4, 1999
/s/ Edward L. Cahill
--------------------
Edward L. Cahill
/s/ David L. Warnock
--------------------
David L. Warnock
CAHILL, WARNOCK STRATEGIC PARTNERS
FUND, L.P.
By: Cahill, Warnock Strategic Partners,
Fund, L.P.
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
CAHILL, WARNOCK STRATEGIC PARTNERS, L.P.
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
STRATEGIC ASSOCIATES, L.P.
By: Cahill, Warnock & Company, LLC, its sole
General Partner
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
<PAGE>
CAHILL, WARNOCK & COMPANY, LLC
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
Exhibit 1
---------
AGREEMENT
---------
Pursuant to Rule 13d-1 (k)(1) under the Securities Exchange Act of
1934, the undersigned hereby agree that only one statement containing the
information required by Schedule 13G need be filed with respect to the ownership
by each of the undersigned of shares of stock of Kennedy-Wilson, Inc.
This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original.
Dated: May 4, 1999
/s/ Edward L. Cahill
--------------------
Edward L. Cahill
/s/ David L. Warnock
--------------------
David L. Warnock
CAHILL, WARNOCK STRATEGIC PARTNERS
FUND, L.P.
By: Cahill, Warnock Strategic Partners,
Fund, L.P.
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
CAHILL, WARNOCK STRATEGIC PARTNERS, L.P.
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
<PAGE>
STRATEGIC ASSOCIATES, L.P.
By: Cahill, Warnock & Company, LLC, its sole
General Partner
By: /s Edward L. Cahill
-------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
CAHILL, WARNOCK & COMPANY, LLC
By: /s/ Edward L. Cahill
--------------------
Edward L. Cahill, General Partner
By: /s/ David L. Warnock
--------------------
David L. Warnock, General Partner
