FORM 4 OMB APPROVAL
OMB Number 3235-0287
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subject to Section 16. Form 4
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or 6. Relationship of Reporting Person(s) to Issuer
Prometheus Southeast Retail LLC Trading Symbol (Check all applicable)
("Prometheus")
LF Strategic Realty Investors II L.P. Konover Property Trust, Inc. (NYSE:KPT) _______ Director ______ 10% Owner
_______ Officer X Other
("LFSRI II") (formerly FAC Realty Trust, Inc. (give title below) ------
(NYSE:FAC)) (specify below)
- ------------------------------------------------------------------------------------ See (1) and (2) below
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(Last) (First) (Middle) 3. IRS Identification 4. Statement for
Number of Month/Year
Reporting
Person, if 8/98
c/o LF Strategic Realty Investors II L.P. an entity
Lazard Freres (Voluntary)
Thirty Rockefeller Plaza, 63rd floor
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- ------------------------------------------ 5. If 7. Individual or Joint/Group Filing
(Street) Amendment, (Check Applicable Line)
Date of ____ Form filed by One Reporting Person
Original
(Month/Year) X Form filed by More than One Reporting
New York NY 10020 ---- Person
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(City) (State) (Zip) Table I-- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security 2. Transaction 3. Transaction 4. Securities 5. Amount of 6. Ownership 7. Nature of
(Instr. 3) Date Code of Acquired (A) Securities Form: Indirect
(Instr. 8 or Disposed Beneficially Direct (D) Beneficial
(Month/Day/Year) (D) Owned or Ownership
(Instr. 3, 4 at End Indirect (Instr. 4)
and 5) of Month (I)
(Instr. 3 (Instr. 4)
and 4)
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(A)
or
Code V Amount (D) Price
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S/K V 10,526,336 D $9.50/sh I
See (1) See (1) See (1)
and (2) and (2) and (2)
Common Stock 8/10/98 below. 10,526,316 below. below.
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(Over)
SEC 1474 (7-97)
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number
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FORM 4 (continued)
Table II -- Derivative Securities
Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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5. Number of 9. Number
Derivative of
Securities 6. Date Derivative
2.Conversion Acquired Exer- 7.Title and 8. Price Securities
or 3. Trans- (A) or cisable Amount of of Beneficially
Exercise action 4. Trans- Disposed of and Expir- Underlying Derivative Owned at
1.Title of Price Date action (D) ation Securities Security End of
Derivative of (Month/ Code Date (Instr. 3 Month
Security Derivative Day/ (Instr. (Instr. 3, (Month/ and 4) (Instr. 5) (Instr. 4)
(Instr. 3) Security Year) 8) 4 and 5) Day/
Year)
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Date Expira- Title Amount or
Code V (A) (D) Exer- tion Number
cisable Date of Shares
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Common Stock $9.50/sh = See P 10,526,316 See See Common 10,526,316 $9.50/sh = 10,526,316
$100,000,002 (3) See See (3) (3) Stock $100,000,002 See (1)
below. (3) (3) below below. and (2)
below. below. below.
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10. Ownership 11. Nature
Form of of
Derivative Indirect
Security: Beneficial
Direct Ownership
(D) or
Indirect
(I) (Instr. 4)
(Instr. 4)
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I See (1)
and (2)
below.
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Explanation of Responses:
(1) Prometheus Southeast Retail Trust ("Trust") is the direct owner of the
interest in the Issuer and Trust is solely owned by Prometheus. Prometheus has
three managing members: LFSRI II is a 86.1592% managing member, LFSRI II
Alternative Partnership L.P. ("Alternative") is a 10.3806% managing member and
LFSRI II-CADIM Alternative Partnership L.P. ("CADIM") is a 3.4602% managing
member. As a consequence of the foregoing, Prometheus, LFSRI II, Alternative and
CADIM each have an indirect interest in the Issuer, as described above.
(2) Prior to the approval of the holders of the requisite number of shares of
outstanding Common Stock of the Issuer (the "Approval"), Trust, through
Prometheus, acquired 2,350,000 shares of Issuer. As a consequence of the
Approval, Trust is required, upon satisfaction of certain closing conditions, to
purchase an additional 8,176,316 shares of Common Stock from the Issuer (the
"Second Closing"). As a consequence of the foregoing, Prometheus and LFSRI II
each have an indirect interest in 10,526,316 shares of the Issuer.
(3) Following the Second Closing, the Issuer shall be obligated to sell to Trust
at one or more subsequent closings (the "Subsequent Purchases") an aggregate of
10,526, 316 shares of Common Stock. Subject to certain exceptions, the Issuer
shall require Trust to make all of the Subsequent Purchases on or before the
eighteenth month anniversary of the Second Closing.
** Intentional misstatements or omissions of
facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)
/s/ Murry N. Gunty 8/18/98
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** Signature of Reporting Person Date
Murry N. Gunty
Principal,
Lazard Freres Real Estate Investors L.L.C.,
as general partner of LF Strategic Realty Investors II L.P.,
as one managing member of Prometheus Southeast Retail L.L.C.,
as sole shareholder of Prometheus Southeast Retail Trust
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
SEC 1474 (7-97)
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Page 3 of 3
FORM 4 (attachment)
Reporting Persons: Prometheus Southeast Retail LLC and LF Strategic Realty
Investors II L.P.
Issuer Name: Konover Property Trust, Inc.(NYSE: KPT) (formerly FAC Realty Trust,
Inc. (NYSE:FAC))
Monthly Period: August 1998
All Reporting Persons:
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Name and Address of Reporting Person Issuer Name and Ticker Statement for Month/Year
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Prometheus Southeast Retail LLC Konover Property Trust, 8/98
c/o LF Strategic Realty investors II L.P. Inc. (NYSE: KPT)
Lazard Freres (formerly known as FAC Realty
Thirty Rockefeller Plaza, 63rd Floor Trust, Inc. (NYSE: FAC))
New York, New York 10020
LF Strategic Realty Investors II L.P. Konover Property Trust, 8/98
Lazard Freres Inc. (NYSE: KPT)
Thirty Rockefeller Plaza, 63rd Floor (formerly known as FAC Realty
New York, New York 10020 Trust, Inc. (NYSE: FAC))
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