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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Banyan Mortgage Investment Fund
- -------------------------------------------------------------------------------
(Name of Issuer)
Warrants to Purchase Common Stock, par value $.01 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
06682P106
- -------------------------------------------------------------------------------
(CUSIP Number)
Edwin H. Morgens, 10 East 50th Street, New York, NY 10022, (212) 705-0500
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and Communications)
May 22, 1996
- -------------------------------------------------------------------------------
(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
Check the following box if a fee is being paid with the statement |_|. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
* 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
disclosures provided in a prior cover page.
The information required on 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).
Page 1 of 16 Pages
Exhibit Index Appears on Page 16
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 2 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Morgens Waterfall Income Partners
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-2829306
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York State
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 3 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Restart Partners L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-3502415
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 4 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Restart Partners II, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-3553296
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 5 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Restart Partners III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-3618702
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 6 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Restart Partners IV, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-3687058
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 7 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
The Common Fund for Non-Profit Organizations
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
23-7037968
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York State
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 8 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Morgens, Waterfall, Vintiadis & Company, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-2674766
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
AF
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York State
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 9 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Edwin H. Morgens
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
AF
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 06682P106 Page 10 of 16 Pages
- -----------------------------------------------------------------
1) NAME OF REPORTING PERSON
Bruce Waterfall
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
- -----------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------
3) SEC USE ONLY
- -----------------------------------------------------------------
4) SOURCE OF FUNDS
AF
- -----------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -----------------------------------------------------------------
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -----------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Banyan Mortgage Investment Fund Page 11 of 16 Pages
SCHEDULE 13D October 15, 1996
Item 1. Security and Issuer.
- ------ -------------------
This Amendment No. 1 ("Amendment" amends the statement on
Schedule 13D filed by the Reporting Persons (as defined below) with the
Commission on October 26, 1994 ("Statement") with respect to warrants (the
"Warrants") entitling the holder to purchase the common stock, par value $.01
per share ("Common Stock"), of Banyan Mortgage Investment Fund (the "Issuer").
The principal executive offices of the Issuer are located at 150 South Wacker
Drive, Chicago, IL 60606.
Item 2. Identity and Background.
- ------ -----------------------
This Statement is filed jointly by (a) Morgens Waterfall
Income Partners ("MWIP"), (b) Morgens, Waterfall, Vintiadis & Company, Inc.
("Morgens Waterfall") (c) Restart Partners L.P. ("Restart"), (d) Restart
Partners II, L.P. ("Restart II"), (e) Restart Partners III, L.P. ("Restart
III"), (f) Restart Partners IV, L.P. ("Restart IV"), (g) The Common Fund for
Non-Profit Organizations (the "Common Fund"), (h) Edwin H. Morgens ("Morgens")
and (i) Bruce Waterfall ("Waterfall" and together with the persons listed in
paragraphs (a) through (h), the "Reporting Persons").
MWIP is a New York limited partnership having its principal
address at 10 East 50th Street, New York, New York 10022. The principal business
of MWIP is to invest in securities of United States issuers. Morgens and
Waterfall are the general partners of MWIP. All of the information concerning
Morgens and Waterfall is set forth below.
Restart, Restart II, Restart III and Restart IV are Delaware
limited partnerships having their principal address at 10 East 50th Street, New
York, New York 10022. The principal business of Restart, Restart II, Restart III
and Restart IV is to invest in securities of financially troubled companies.
The general partner of Restart is Prime Group, L.P. ("Prime
Group"), a Delaware limited partnership, having its principal address at 10 East
50th Street, New York, New York 10022. The principal business of Prime Group is
to act as the general partner of Restart. The general partner of Prime Group is
Prime, Inc., a Delaware corporation ("Prime"), having its principal office at 10
East 50th Street, New York, New York 10022. The principal business of Prime is
to act as general partner of Prime Group, Prime II, Prime III and Prime IV (as
discussed below). Morgens is the Chairman of the Board of Directors and the
Secretary of Prime. Waterfall is the President of Prime and is also a Director.
All of the information concerning Morgens and Waterfall is set forth below.
<PAGE>
Banyan Mortgage Investment Fund Page 12 of 16 Pages
SCHEDULE 13D October 15, 1996
The general partner of Restart II is Prime Group II, L.P.
("Prime II"), a Delaware limited partnership, having its principal address at 10
East 50th Street, New York, New York 10022. The principal business of Prime II
is to act as the general partner of Restart II. The general partner of Prime II
is Prime. All of the information concerning Prime is set forth above.
The general partner of Restart III is Prime Group III, L.P.
("Prime III"), a Delaware limited partnership, having its principal address at
10 East 50th Street, New York, New York 10022. The principal business of Prime
III is to act as the general partner of Restart III. The general partner of
Prime III is Prime. All of the information concerning Prime is set forth above.
The general partner of Restart IV is Prime Group IV, L.P.
("Prime IV"), a Delaware limited partnership, having its principal address at 10
East 50th Street, New York, New York 10022. The principal business of Prime IV
is to act as the general partner of Restart IV. The general partner of Prime IV
is Prime. All of the information concerning Prime is set forth above.
Morgens Waterfall is a New York corporation having its
principal address at 10 East 50th Street, New York, New York 10022. The business
of Morgens Waterfall is rendering of financial services and as such it provides
discretionary investment advisory services to the Common Fund and in that
capacity has been granted investment authority over the Common Fund to vote
securities registered in the name of the Common Fund. Under the rules
promulgated by the Securities and Exchange Commission, Morgens Waterfall and its
principals may be considered "beneficial owners" of securities acquired by the
Common Fund as a result of its advisory relationship to the Common Fund.
Morgens is the Chairman of the Board of Directors and the
Secretary of Morgens Waterfall. Waterfall is the President and Assistant
Secretary of Morgens Waterfall and is also a Director. The primary occupations
of Morgens and Waterfall are to act as the principals in the business of Morgens
Waterfall. The business address of Morgens and Waterfall, each of whom is a
United States citizen, is at the office of Morgens Waterfall at 10 East 50th
Street, New York, New York 10022. Morgens Waterfall has no other officers and
directors.
During the past five years, none of the persons described in
this Item 2 have been convicted in a criminal proceeding. None of such persons
is, and during the past five years none has been, subject to 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
violations with respect to such laws.
<PAGE>
Banyan Mortgage Investment Fund Page 13 of 16 Pages
SCHEDULE 13D October 15, 1996
Item 3. Source and Amount of Funds or Other Consideration.
- ------ -------------------------------------------------
Not applicable.
Item 4. Purpose of Transaction.
- ------ ----------------------
The Reporting Persons have no present plans or proposals that
relate to or would result in any of the actions enumberated in Item 4 of
Schedule 13D although they reserve the right to buy additional securities of the
Issuer or to sell securities of the Issuer from time to time.
Item 5. Interest in Securities of the Issuer.
- ------ ------------------------------------
(a) and (b) No Warrants are beneficially owned by any of the
Reporting Persons.
The Reporting Persons would own in the aggregate 0% of the
outstanding shares of Common Stock if the Warrants were exercised.
The following is a list of all transactions involving the
Common Stock since the most recent filing on Schedule 13D of any of the
Reporting Persons:
Common Stock
Name Date Sold
---- ---- ------------
MWIP 5/22/96 146,300
Restart 5/22/96 911,240
Restart II 5/22/96 1,337,600
Restart III 5/22/96 936,320
Restart IV 5/22/96 576,840
Common Fund 5/22/96 271,700
The Reporting Persons sold bonds of the Issuer at their face
value along with the Warrants and none of the proceeds of such sales were
allocated to the Warrants.
(d) Except as set forth above, 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 Common Stock.
(e) On May 22, 1996, the Reporting Persons ceased to be the
beneficial owners of more than five percent of the class of securities.
<PAGE>
Banyan Mortgage Investment Fund Page 14 of 16 Pages
SCHEDULE 13D October 15, 1996
Item 6. Contracts, Arrangements, Understandings or Relationships
- ------ with Respect to the Securities of the Issuer.
--------------------------------------------------------
Except to the extent described in Items 2 and 5, none of the
persons identified in Item 2 is a party to any contract, arrangement,
understanding or relationship with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
- ------ --------------------------------
EXHIBIT A Power of Attorney, dated December 15, 1993 granted to
Messrs. Morgens and Waterfall by the following parties: Mr.
Bruce Waterfall; Phoenix Partners; Morgens Waterfall Income
Partners; Betje Partners; Phaeton International N.V.;
Morgens, Waterfall, Vintiadis Investments N.V.; The Common
Fund for Non-Profit Organizations; Morgens Waterfall
Vintiadis & Company, Inc.; Restart Partners, L.P.; Restart
Partners II, L.P.; Restart Partners III, L.P.; Restart
Partners IV, L.P.; Morgens Waterfall, Vintiadis & Co., Inc.
Employees' Profit Sharing Plan; and Mr. Edwin Morgens, for
the specific purpose of executing on their behalf any
Schedule 13Ds and amendments thereto for filing with the
Securities and Exchange Commission pursuant to the
requirements of Rule 13d-1(f) (incorporated by reference to
Exhibit A of Amendment No. 2 to Schedule 13D filed on
December 22, 1993 by Phoenix Partners; Betje Partners;
Phaeton International N.V.; Morgens, Waterfall, Vintiadis
Investments N.V.; Morgens Waterfall Vintiadis & Company,
Inc.; Edwin H. Morgens; and Bruce Waterfall with respect to
the common stock, par value $.01 per share, of Sudbury,
Inc.).
<PAGE>
Banyan Mortgage Investment Fund Page 15 of 16 Pages
SCHEDULE 13D October 15, 1996
SIGNATURES
----------
After reasonable inquiry and to the best knowledge and belief
of each person or entity set forth below, each such person or entity certifies
that the information set forth in this statement is true, complete and correct
and agrees that this statement is filed on behalf of each of them.
Dated: October 15, 1996 The Reporting Persons listed herein
By: /s/ Edwin H. Morgens
----------------------------------
Edwin H. Morgens, as attorney-in-
fact for each of the Reporting
Persons
<PAGE>
Banyan Mortgage Investment Fund Page 16 of 16 Pages
SCHEDULE 13D October 15, 1996
EXHIBIT INDEX
-------------
Page No.
-----------------
Exhibit A Power of Attorney Incorporated by
Reference
<PAGE>
