<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 2 TO SCHEDULE 13D
UNDER THE SECURITIES AND EXCHANGE ACT OF 1934
BUCKEYE TECHNOLOGIES INC.
- --------------------------------------------------------------------------------
(Name of Subject Company)
COMMON STOCK, PAR VALUE $.01 PER SHARE
- --------------------------------------------------------------------------------
(Title of Class Of Securities)
11815H 10 4
- --------------------------------------------------------------------------------
(CUSIP Number)
LINDA M. CROUCH
207 MOCKINGBIRD LANE
JOHNSON CITY, TENNESSEE 37604
(423) 975-7623
- --------------------------------------------------------------------------------
(Name, Address and Telephone Numbers of Person Authorized
to Receive Notices and Communications)
March 11, 1999
- --------------------------------------------------------------------------------
(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 this statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than 5% of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of 5% 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.
<PAGE> 2
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
CUSIP NO. 11815H 10 4 PAGE 2
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
1. Names of Reporting Persons. S.S. or Robert E. Cannon Grantor Retained
I.R.S. Identification Nos. of Above Annuity Trust, Robert Howard
Persons Cannon and Richard Prosser
Guenther, Co-Trustees
62-6300336
- -----------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member (a)
of a Group (See Instructions) ----------------------------------
(b) X
- -----------------------------------------------------------------------------------------------
3. SEC Use Only
- -----------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions) Not applicable.
- -----------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e)
- -----------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization Tennessee
- -----------------------------------------------------------------------------------------------
Number of Shares 7. Sole Voting Power 4,171,794
Beneficially ------------------------------------------------------------------------
Owned by Each 8. Shared Voting
Reporting Person Power
with ------------------------------------------------------------------------
9. Sole Dispositive 4,171,794
Power
------------------------------------------------------------------------
10. Shared Dispositive
Power
- -----------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned 4,171,794
by Each Reporting Person
- -----------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount is
Row (11) Excludes Certain Shares (See
Instructions)
- -----------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount 11.8%
in Row (11)
- -----------------------------------------------------------------------------------------------
14. Type of Reporting Person (See 00
Instructions)
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
CUSIP NO. 11815H 10 4 PAGE 3
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
1. Names of Reporting Persons. S.S. or Kathryn Gracey Cannon Grantor
I.R.S. Identification Nos. of Above Retained Annuity Trust, Robert
Persons Howard Cannon and Richard Prosser
Guenther, Co-Trustees
62-6300337
- -----------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member (a)
of a Group (See Instructions) ----------------------------------
(b) X
- -----------------------------------------------------------------------------------------------
3. SEC Use Only
- -----------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions) Not applicable
- -----------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e)
- -----------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization Tennessee
- -----------------------------------------------------------------------------------------------
Number of Shares 7. Sole Voting Power 4,180,717
Beneficially ------------------------------------------------------------------------
Owned by Each 8. Shared Voting
Reporting Person Power
with ------------------------------------------------------------------------
9. Sole Dispositive 4,180,717
Power
------------------------------------------------------------------------
10. Shared Dispositive
Power
- -----------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned 4,180,717
by Each Reporting Person
- -----------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount is
Row (11) Excludes Certain Shares (See
Instructions)
- -----------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount 11.8%
in Row (11)
- -----------------------------------------------------------------------------------------------
14. Type of Reporting Person (See 00
Instructions)
</TABLE>
<PAGE> 4
This Amendment No. 2 to the Schedule 13D relating to shares of common
stock, $.01 par value (the "Common Stock"), of Buckeye Technologies Inc., a
Delaware corporation (the "Issuer"), is being filed by each of Robert E. Cannon
Grantor Retained Annuity Trust, Robert Howard Cannon and Richard Prosser
Guenther, Co-Trustees (the "REC GRAT"), and Kathryn Gracey Cannon Grantor
Retained Annuity Trust, Robert Howard Cannon and Richard Prosser Guenther,
Co-Trustees ("KGC GRAT"), in order to report a decrease in its respective
beneficial ownership of greater than 5% of the Issuer.
Schedule 13D was filed in December 1995 reflecting the initial
acquisition by the REC GRAT and the KGC GRAT of shares of the Issuer. At that
time, the REC GRAT acquired 2,755,998 shares from the grantor, Robert E. Cannon
at no cost and 1,066,082 shares purchased in the Issuer's initial public
offering. At that time, the KGC GRAT had acquired 2,755,830 shares from the
grantor, Robert E. Cannon at no cost and 1,066,080 shares purchased in the
issuer's initial public offering.
Amendment No. 1 to the Schedule 13D was filed in July 1996 reflecting
additional acquisitions of the Issuer's Common Stock by the REC GRAT and the KGC
GRAT. At that time, the REC GRAT acquired 940,534 shares in a private
transaction and 30,284 in the Issuer's secondary offering. At that time, the KGC
GRAT acquired 880,686 shares in a private transaction and 30,292 shares were
purchased in the Issuer's secondary offering.
ITEM 1. SECURITY AND ISSUER.
The title and class of equity securities to which this statement
relates is Common Stock, par value $.01. The name of the subject company is
Buckeye Technologies Inc. and its principal executive offices are located at
1001 Tillman Street, Memphis, Tennessee 38108.
ITEM 2. IDENTITY AND BACKGROUND.
(a) The entities filing this Amendment No. 2 to the Schedule 13D are:
Kathryn Gracey Cannon Grantor Retained Annuity Trust, Robert Howard Cannon and
Richard Prosser Guenther, Co-Trustees ("KGC GRAT") and Robert E. Cannon Grantor
Retained Annuity Trust, Robert Howard Cannon and Richard Prosser Guenther,
Co-Trustees ("REC GRAT").
(b) The principal business address of all of the KGC GRAT, the REC
GRAT, Robert Howard Cannon and Richard Prosser Guenther is 432 East Racquet Club
Place, Memphis, Tennessee 38117.
(d) and (e) Neither the KGC GRAT, the REC GRAT nor their respective
co-trustees, Robert Howard Cannon and Richard Prosser Guenther have, during the
last five years, (i) been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting activities subject to, federal or
state securities laws or finding any violation of such laws.
- 2 -
<PAGE> 5
(c) and (f) Not Applicable.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Not Applicable
ITEM 4. PURPOSE OF TRANSACTION.
The REC GRAT and the KGC GRAT, pursuant to their terms, made a
distribution of 254,112 and 246,927, respectively, to Katherine Cannon Warren, a
beneficiary of the REC GRAT and the KGC GRAT, which reduced the ownership of
shares of the Issuer by greater than 1% of the previously reported amounts. The
REC GRAT and the KGC GRAT continue to hold the remaining shares of the Issuer
for investment purposes only.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
(a) REC GRAT is now the beneficial owner of 4,171,794 and the KGC GRAT
is now the beneficial owner of 4,180,717 of the outstanding shares of Common
Stock of the Issuer.
(b) Robert Howard Cannon and Richard Prosser Guenther, co-trustees of
each of the KGC GRAT and the REC GRAT, have the sole power to vote or to direct
the vote, and the sole power to dispose or to direct the disposition of all of
the shares of Common Stock of the Issuer owned by each of the REC GRAT and the
KGC GRAT.
(c) Not Applicable.
(d) Not Applicable.
(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Not Applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
- 3 -
<PAGE> 6
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: March 24, 1999
ROBERT E. CANNON GRANTOR
RETAINED ANNUITY TRUST
By: /s/ Robert Howard Cannon
--------------------------------------
Robert Howard Cannon, Co-Trustee
By: /s/ Richard Prosser Guenther
--------------------------------------
Richard Prosser Guenther, Co-Trustee
KATHRYN GRACEY CANNON
GRANTOR RETAINED ANNUITY
TRUST
By: /s/ Robert Howard Cannon
--------------------------------------
Robert Howard Cannon, Co-Trustee
By: /s/ Richard Prosser Guenther
--------------------------------------
Richard Prosser Guenther, Co-Trustee
<PAGE> 7
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1 TO SCHEDULE 13D
UNDER THE SECURITIES AND EXCHANGE ACT OF 1934
BUCKEYE CELLULOSE CORPORATION
- --------------------------------------------------------------------------------
(Name of Subject Company)
COMMON STOCK, PAR VALUE $.01 PER SHARE
- --------------------------------------------------------------------------------
(Title of Class Of Securities)
11815H 10 4
- --------------------------------------------------------------------------------
(CUSIP Number)
LINDA M. CROUCH
2000 FIRST TENNESSEE BUILDING
MEMPHIS, TENNESSEE 38103
(901) 577-2262
- --------------------------------------------------------------------------------
(Name, Address and Telephone Numbers of Person Authorized
to Receive Notices and Communications)
July 1, 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 this statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than 5% of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of 5% 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.
<PAGE> 8
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
CUSIP NO. 11815H 10 4 PAGE 2
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
1. Names of Reporting Persons. S.S. or Robert E. Cannon Grantor Retained
I.R.S. Identification Nos. of Above Annuity Trust, Robert Howard
Persons Cannon, Trustee
62-6300336
- -----------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member (a)
of a Group (See Instructions) ----------------------------------
(b) X
- -----------------------------------------------------------------------------------------------
3. SEC Use Only
- -----------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO and PF
- -----------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e)
- -----------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization Tennessee
- -----------------------------------------------------------------------------------------------
Number of Shares 7. Sole Voting Power 2,313,559
Beneficially ------------------------------------------------------------------------
Owned by Each 8. Shared Voting
Reporting Person Power
with ------------------------------------------------------------------------
9. Sole Dispositive
Power
------------------------------------------------------------------------
10. Shared Dispositive 2,313,559
Power
- -----------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned 2,313,559
by Each Reporting Person
- -----------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount is
Row (11) Excludes Certain Shares (See
Instructions)
- -----------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount 12.08%
in Row (11)
- -----------------------------------------------------------------------------------------------
14. Type of Reporting Person (See 00
Instructions)
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
CUSIP NO. 11815H 10 4 PAGE 3
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
1. Names of Reporting Persons. S.S. or Kathryn Gracey Cannon Grantor
I.R.S. Identification Nos. of Above Retained Annuity Trust, Robert
Persons Howard Cannon, Trustee
62-6300337
- -----------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member (a)
of a Group (See Instructions) ----------------------------------
(b) X
- -----------------------------------------------------------------------------------------------
3. SEC Use Only
- -----------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions) PF and OO
- -----------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e)
- -----------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization Tennessee
- -----------------------------------------------------------------------------------------------
Number of Shares 7. Sole Voting Power 2,313,790
Beneficially ------------------------------------------------------------------------
Owned by Each 8. Shared Voting
Reporting Person Power
with ------------------------------------------------------------------------
9. Sole Dispositive
Power
------------------------------------------------------------------------
10. Shared Dispositive 2,313,790
Power
- -----------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned 2,313,790
by Each Reporting Person
- -----------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount is
Row (11) Excludes Certain Shares (See
Instructions)
- -----------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount 12.08%
in Row (11)
- -----------------------------------------------------------------------------------------------
14. Type of Reporting Person (See 00
Instructions)
</TABLE>
<PAGE> 10
This Amendment No. 1 to the Schedule 13D relating to shares of common
stock, $.01 par value (the "Common Stock"), of Buckeye Cellulose Corporation, a
Delaware corporation (the "Issuer"), is being filed by each of Robert E. Cannon
Grantor Retained Annuity Trust, Robert Howard Cannon, Trustee, and Kathryn
Gracey Cannon Grantor Retained Annuity Trust, Robert Howard Cannon, Trustee, in
order to report an increase in its respective beneficial ownership of greater
than 5% of the Issuer.
ITEM 1. SECURITY AND ISSUER.
The title and class of equity securities to which this statement
relates is Common Stock, par value $.01. The name of the subject company is
Buckeye Cellulose Corporation and its principal executive offices are located at
1001 Tillman Street, Memphis, Tennessee 38108.
ITEM 2. IDENTITY AND BACKGROUND.
(a) The entities filing this Amendment No. 1 to the Schedule 13D are:
Kathryn Gracey Cannon Grantor Retained Annuity Trust, Robert Howard Cannon,
Trustee ("KGC GRAT") and Robert E. Cannon Grantor Retained Annuity Trust, Robert
Howard Cannon, Trustee ("REC GRAT").
(b) The principal business address of all of the KGC GRAT, the REC GRAT
and Robert Howard Cannon is 432 East Racquet Club Place, Memphis, Tennessee
38117.
(d) and (e) Neither the KGC GRAT, the REC GRAT nor their respective
trustee, Robert Howard Cannon, has, during the last five years, (i) been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting activities subject to, federal or state securities
laws or finding any violation of such laws.
(c) and (f) Not Applicable.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Of the 470,267 additional shares reported beneficially owned by the REC
GRAT, 425,125 shares were purchased in a private transaction and 15,142 shares
were purchased by the REC GRAT in the Issuer's secondary offering. The purchase
of 440,267 shares was financed by NationsBank, N.A. (South) and a substantial
portion of the total number of shares beneficially owned are pledged as security
for such financing.
Of the 440,343 additional shares reported beneficially owned by the KGC
GRAT, 425,197 shares were purchased in a private transaction and 15,146 shares
were purchased by the REC GRAT in the Issuer's secondary offering. The purchase
of 440,343 shares was financed by NationsBank,
- 2 -
<PAGE> 11
N.A. (South) and a substantial portion of the total number of shares
beneficially owned are pledged as security for such financing.
ITEM 4. PURPOSE OF TRANSACTION.
The REC GRAT and the KGC GRAT purchased the shares of the Issuer in the
private transaction and the secondary public offering for investment purposes
only.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
(a) REC GRAT is now the beneficial owner of 2,351,307 and the KGC GRAT
is now the beneficial owner of 2,351,298 of the outstanding shares of Common
Stock of the Issuer.
(b) Robert Howard Cannon, trustee of each of the KGC GRAT and the REC
GRAT, has the sole power to vote or to direct the vote, and the shared power to
dispose or to direct the disposition of all of the shares of Common Stock of the
Issuer owned by each of the REC GRAT and the KGC GRAT. See (d) below.
(c) Not applicable.
(d) The grantor, Robert E. Cannon, pursuant to the terms of each of the
REC GRAT and the KGC GRAT, retains the power to reacquire any part or all of the
assets of each of the trusts, including the shares of Common Stock of the
Issuer, by substituting property of an equivalent value. Such power is
exercisable at any time and from time to time during the lifetime of the
grantor.
(e) Not Applicable
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
The information provided by Item 3 and Item 5(d) above is hereby
incorporated by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibits omitted pursuant to Rule 13d-2(e).
- 3 -
<PAGE> 12
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: July 22, 1996
ROBERT E. CANNON GRANTOR
RETAINED ANNUITY TRUST
By: /s/ Robert Howard Cannon
--------------------------------------
Robert Howard Cannon, Trustee
KATHRYN GRACEY CANNON
GRANTOR RETAINED ANNUITY
TRUST
By: /s/ Robert Howard Cannon
--------------------------------------
Robert Howard Cannon, Trustee
<PAGE> 13
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES AND EXCHANGE ACT OF 1934
BUCKEYE CELLULOSE COMPANY
- --------------------------------------------------------------------------------
(Name of Subject Company)
COMMON STOCK, PAR VALUE $.01 PER SHARE
- --------------------------------------------------------------------------------
(Title of Class Of Securities)
11815H 10 4
- --------------------------------------------------------------------------------
(CUSIP Number)
LINDA M. CROUCH
2000 FIRST TENNESSEE BUILDING
MEMPHIS, TENNESSEE 38103
(901) 577-2262
- --------------------------------------------------------------------------------
(Name, Address and Telephone Numbers of Person Authorized
to Receive Notices and Communications)
November 28, 1995
- --------------------------------------------------------------------------------
(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 this statement [X].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than 5% of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of 5% 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.
<PAGE> 14
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
CUSIP NO. 11815H 10 4 PAGE 2
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
1. Names of Reporting Persons. S.S. or Robert E. Cannon Grantor Retained
I.R.S. Identification Nos. of Above Annuity Trust, Robert Howard
Persons Cannon, Trustee
62-6300336
- -----------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member (a)
of a Group (See Instructions) ----------------------------------
(b) X
- -----------------------------------------------------------------------------------------------
3. SEC Use Only
- -----------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions) BK and OO
- -----------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e)
- -----------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization Tennessee
- -----------------------------------------------------------------------------------------------
Number of Shares 7. Sole Voting Power 1,911,040
Beneficially ------------------------------------------------------------------------
Owned by Each 8. Shared Voting
Reporting Person Power
with ------------------------------------------------------------------------
9. Sole Dispositive
Power
------------------------------------------------------------------------
10. Shared Dispositive 1,911,040
Power
- -----------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned 1,911,040
by Each Reporting Person
- -----------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount is
Row (11) Excludes Certain Shares (See
Instructions)
- -----------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount 8.93%
in Row (11)
- -----------------------------------------------------------------------------------------------
14. Type of Reporting Person (See 00
Instructions)
</TABLE>
<PAGE> 15
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
CUSIP NO. 11815H 10 4 PAGE 3
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
1. Names of Reporting Persons. S.S. or Kathryn Gracey Cannon Grantor
I.R.S. Identification Nos. of Above Retained Annuity Trust, Robert
Persons Howard Cannon, Trustee
62-6300337
- -----------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member (a)
of a Group (See Instructions) ----------------------------------
(b) X
- -----------------------------------------------------------------------------------------------
3. SEC Use Only
- -----------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions) BK and OO
- -----------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e)
- -----------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization Tennessee
- -----------------------------------------------------------------------------------------------
Number of Shares 7. Sole Voting Power 1,910,955
Beneficially ------------------------------------------------------------------------
Owned by Each 8. Shared Voting
Reporting Person Power
with ------------------------------------------------------------------------
9. Sole Dispositive
Power
------------------------------------------------------------------------
10. Shared Dispositive 1,910,955
Power
- -----------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned 1,910,955
by Each Reporting Person
- -----------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount is
Row (11) Excludes Certain Shares (See
Instructions)
- -----------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount 8.93%
in Row (11)
- -----------------------------------------------------------------------------------------------
14. Type of Reporting Person (See 00
Instructions)
</TABLE>
<PAGE> 16
This Schedule 13D relating to shares of common stock, $.01 par value
(the "Common Stock"), of Buckeye Cellulose Corporation, a Delaware corporation
(the "Issuer"), is being filed by each of Robert E. Cannon Grantor Retained
Annuity Trust, Robert Howard Cannon, Trustee, and Kathryn Gracey Cannon Grantor
Retained Annuity Trust, Robert Howard Cannon, Trustee, in order to report its
respective beneficial ownership of greater than 5% of the Issuer.
ITEM 1. SECURITY AND ISSUER.
The title and class of equity securities to which this statement
relates is Common Stock, par value $.01. The name of the subject company is
Buckeye Cellulose Corporation and its principal executive offices are located at
1001 Tillman Street, Memphis, Tennessee 38108.
.
ITEM 2. IDENTITY AND BACKGROUND.
(a) The entities filing this Schedule 13D are: Kathryn Gracey Cannon
Grantor Retained Annuity Trust, Robert Howard Cannon, Trustee ("KGC GRAT") and
Robert E. Cannon Grantor Retained Annuity Trust, Robert Howard Cannon, Trustee
("REC GRAT").
(b) The principal business address of all of the KGC GRAT, the REC GRAT
and Robert Howard Cannon is 432 East Racquet Club Place, Memphis, Tennessee
38117.
(d) and (e) Neither the KGC GRAT, the REC GRAT nor their respective
trustee, Robert Howard Cannon, has, during the last five years, (i) been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting activities subject to, federal or state securities
laws or finding any violation of such laws.
(c) and (f) Not Applicable.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Of the total shares reported beneficially owned by the REC GRAT, no
consideration was given for 1,377,999 shares of Issuer. They were transferred to
the REC GRAT by the grantor, Robert E. Cannon. The remaining 533,041 shares were
purchased by the REC GRAT in the Issuer's initial public offering. The purchase
of such shares was financed partially by Union Planters National Bank and
partially by A.G. Edwards & Sons, Inc. and a substantial portion of the total
number of shares beneficially owned are pledged as security for such financing.
Of the total shares reported beneficially owned by the KGC GRAT, no
consideration was given for 1,377,915 shares of Issuer. They were transferred to
the KGC GRAT by the grantor, Robert E. Cannon. The remaining 533,040 shares were
purchased by the KGC GRAT in the Issuer's initial public offering. The purchase
of such shares was financed partially by Union Planters National
- 2 -
<PAGE> 17
Bank and partially by A.G. Edwards & Sons, Inc. and a substantial portion of the
shares beneficially owned are pledged as security for such financing.
ITEM 4. PURPOSE OF TRANSACTION.
The shares of Issuer were transferred by Robert E. Cannon to the REC
GRAT and the KGC GRAT for estate planning purposes only. The REC GRAT and the
KGC GRAT purchased the shares of the Issuer in the initial public offering for
investment purpose only.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
(a) REC GRAT is now the beneficial owner of 1,911,040 and the KGC GRAT
is now the beneficial owner of 1,910,955 of the outstanding shares of Common
Stock of the Issuer.
(b) Robert Howard Cannon, trustee of each of the KGC GRAT and the REC
GRAT, has the sole power to vote or to direct the vote, and the shared power to
dispose or to direct the disposition of all of the shares of Common Stock of the
Issuer owned by each of the REC GRAT and the KGC GRAT. See (d) below.
(c) Not applicable.
(d) The grantor, Robert E. Cannon, pursuant to the terms of each of the
REC GRAT and the KGC GRAT, retains the power to reacquire any part or all of the
assets of each of the trusts, including the shares of Common Stock of the
Issuer, by substituting property of an equivalent value. Such power is
exercisable at any time and from time to time during the lifetime of the
grantor.
(e) Not Applicable
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
The information provided by Item 3 and Item 5(d) above is hereby
incorporated by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibits omitted pursuant to Rule 13d-2(e)
- 3 -
<PAGE> 18
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 5, 1995
ROBERT E. CANNON GRANTOR
RETAINED ANNUITY TRUST
By: /s/ Robert Howard Cannon
--------------------------------------
Robert Howard Cannon, Trustee
KATHRYN GRACEY CANNON
GRANTOR RETAINED ANNUITY
TRUST
By: /s/ Robert Howard Cannon
--------------------------------------
Robert Howard Cannon, Trustee
