SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. __)1/
Price Enterprises, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
741444 202
(CUSIP Number)
James F. Cahill, 7979 Ivanhoe Avenue, Suite 520, La Jolla, CA 92037
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 12, 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(e) or 13d- 1(f) or 13d-1(g), check the following
box |_|.
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.
(Continued on following pages)
Page 1 of 44 Pages
- --------
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 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 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>
CUSIP No. 741444 202 13D Page 2 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Sol Price
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,469,382*
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 3 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Community Foundation of The United Jewish Federation of San Diego County
95-2504044
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
California
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
CO
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 4 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Daniel Einhorn
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 5 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Emily Einhorn
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 6 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Willian Gorham
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 7 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Jacklyn Horton
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 8 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Paul Horton
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 9 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Theodore P. Hurwitz
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 10 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
James M. Jackson
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 11 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Mitchell G. Lynn
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 12 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Alyce S. Lynn
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 13 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Brian Monaghan
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 14 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Gerri Monaghan
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 15 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Lawrence Rosenstock
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
See Attached (b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 16 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Jean Kluver
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
See Attached (b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 17 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
George Wixen
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
See Attached (b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 18 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Roger C. Cornell
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 19 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Robert S. Goldberg
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 20 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Earl N. Feldman
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 21 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Jeffrey Halis
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 22 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Gilbert Anthony Partida
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 23 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
San Diego Foundation
95-2942582
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
California
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
CO
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 24 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
Stanley K. Sheinbaum
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
CUSIP No. 741444 202 13D Page 25 of 44 Pages
________________________________________________________________________________
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (Entities Only)
James F. Cahill
________________________________________________________________________________
2 Check the appropriate box if a member of a Group
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 Source of Funds
N/A
________________________________________________________________________________
5 Check box if disclosure of legal proceedings is required
pursuant to item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or place of organization
United States citizen
________________________________________________________________________________
7 Sole Voting Power*
Number of
Shares _________________________________________________________________
8 Shared Voting Power*
Beneficially
4,488,675
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power*
Reporting
Person _________________________________________________________________
10 Shared Dispositive Power*
With
4,488,675
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
4,488,675
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
33.8%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
* As explained in Item 4, the reporting persons listed in this Report on
Schedule 13D may constitute a "group" for purposes of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule
13d-5(b)(1) thereunder with respect to their respective beneficial ownership of
the shares of Price Enterprises, Inc. Common Stock.
The summary descriptions contained in this Report of certain agreements and
documents are qualified in their entirety by reference to the complete texts of
such agreements and documents filed as exhibits hereto and incorporated herein
by reference.
Item 1. Security and Issuer.
This Schedule 13D is filed with respect to the common stock, par value
$.0001 per share, of Price Enterprises, Inc. ("PREN Common Stock"). Price
Enterprises, Inc. ("PREN") is a Maryland corporation whose principal executive
offices are located at 4649 Morena Blvd., San Diego, California 92117.
Item 2. Identity and Background.
This Schedule 13D is being filed jointly by (1) Sol Price as a trustee of
the Price Charitable Remainder Trust, the Marion Brodie Trust and the Joseph H.
and Dorothy Goldberg Charitable Trust, and as trustee of the Price Family
Charitable Trust, (2) the Community Foundation of The United Jewish Federation
of San Diego County, (the "Community Foundation") (3) the San Diego Foundation,
(4) Daniel Einhorn as an individual and as trustee of the Diabetes & Endocrine
Associates Trust Profit Sharing Plan, UA DTD 01/01/88, (5) Daniel and Emily
Einhorn as trustees of the Daniel Einhorn and Emily Feldman Einhorn Trust of
1994 UA DTD 04/13/94 (the "Einhorn Trust"), (6) William Gorham, (7) Jacklyn
Horton and Paul Horton as trustees of the Horton Family Trust U/A 12/22/80 (the
"Horton Family Trust"), (8) Theodore P. Hurwitz as trustee of the Theodore P.
Hurwitz Trust (the "Hurwitz Trust"), (9) James M. Jackson, (10) Mitchell G. Lynn
and Alyce S. Lynn as trustees of the Mitchell G. Lynn & Alyce S. Lynn Trust
U/T/D 3/15/85 (the "Lynn Trust"), (11) Brian Monaghan and Gerri Monaghan as
trustees of the Brian & Gerry Monaghan Trust 7/15/96 (the "Monaghan Trust"),
(12) Lawrence Rosenstock and Jean Kluver as trustees of the Lawrence Rosenstock
and Jean Kluver Trust dated May 12, 1998, (13) George Wixen as trustee of the
Wixen Charitable Remainder Trust (the "Wixen Trust"), (14) Roger C. Cornell as
trustee of the Roger C. Cornell Trust (the "Cornell Trust"), (15) Robert S.
Goldberg and Earl N. Feldman as trustees of the Joseph H. and Dorothy Goldberg
Charitable Trust (the "Goldberg Trust"), (16) Jeffrey Halis, (17) Gilbert
Anthony Partida, (18) Stanley K. Sheinbaum as trustee of the 1989 Sheinbaum
Trust, and (19) James F. Cahill as escrow agent under the escrow agreement
described in Item 4 (collectively, the "Reporting Persons").
Set forth on Schedule I hereto is the following information for each of the
Reporting Persons: (i) residence or business address, (ii) principal occupation
and (iii) name, principal business and address of any corporation or other
organization in which such employment is conducted.
Page 26 of 44
<PAGE>
None of the Reporting Persons has been convicted, during the past five
years, in a criminal proceeding (excluding traffic violations or similar
misdemeanors). None, during the past five years, has been a party to a civil
proceeding resulting in a judgment, decree or final order relating to securities
laws. Each natural person identified above is a U.S. citizen.
Item 3. Source and Amount of Funds or Other Consideration.
Not applicable. This Report is being filed by the Reporting Persons because
they may constitute a "group" for purposes of Section 13(d)(3) of the Exchange
Act and Rule 13d-5(b)(1) thereunder. It is not being filed to report the
acquisition of any shares of PREN Common Stock.
Item 4. Purpose of Transaction.
Excel Legacy Corporation ("Legacy") has announced its intention to acquire
a controlling equity interest in PREN.
(a)-(b) On May 12, 1999, Legacy, Sol Price, as trustee of certain trusts
which are shareholders of PREN, "the San Diego Foundation, the Community
Foundation, and the other Reporting Persons (on whose behalf Sol Price acted
pursuant to the powers of attorney described below), excluding Mr. Cahill,
entered into an agreement (the "Agreement"). Under the terms of the Agreement,
Legacy will offer to all PREN shareholders $8.50 per share for all shares of
PREN Common Stock, comprised, at Legacy's election, of (i) $8.50 per share in
cash or (ii)(A) at least $4.25 in cash, (B) at least $2.75 in principal amount
of Legacy's 9% Convertible Subordinated Debentures due 2004 ("Debentures"),
which will be convertible into shares of Legacy's common stock at $5.50 per
share, and (C) $1.50 per share in whatever combination Legacy may choose of
cash, Debentures or Legacy's 10% Senior Notes due 2004. A copy of the Agreement
is included herein as Exhibit 1 On May 12, 1999, each of the Reporting Persons
other than Sol Price, the San Diego Foundation, the Community Foundation and Mr.
Cahill executed a limited power of attorney (the "Powers of Attorney") granting
Sol Price, as trustee of certain trusts, the authority on his, her or its
behalf, to (i) execute the Agreement (ii) file a Schedule 13D to report the
transactions described herein, and (iii) executed other agreements and take
other necessary actions to complete the transaction contemplated by the
Agreement. The form of such power of attorney is included herein as Exhibit 2.
On May 24, 1999, the San Diego Foundation, the Community Foundation and Mr.
Cahill executed a limited power of attorney granting Sol Price, as trustee of
certain trusts which are shareholders of PREN, the authority to file a Schedule
13D, on its or his behalf to report the transactions described herein. The form
of power of attorney executed by the San Diego Foundation and the Community
Foundation is included herein as Exhibit 6. The form of power of attorney
executed by Mr. Cahill is included herein Exhibit 7.
The PREN Board of Directors has the right to determine whether the
transaction will proceed, and if so whether the transaction will proceed as an
exchange offer for PREN Common Stock or a merger with PREN. In either event, the
Preferred Stock, par value $.0001 per share, of PREN ("PREN Preferred Stock")
will remain outstanding. The Board of PREN is expected to act by June 2, 1999.
Under the terms of the Agreement, the Reporting Persons have deposited
4,469,382 shares of PREN Common Stock in escrow. James F. Cahill is the escrow
agent under the escrow agreement. Assuming the PREN Board of Directors approves
the transaction on or about June 2, 1999, the transaction will involve either an
exchange offer to shareholders or a merger requiring a vote of shareholders.
Page 27 of 44
<PAGE>
At that time, additional shares of PREN Common Stock will be deposited in
escrow such that the aggregate number of shares in escrow will be approximately
8,000,000 shares of PREN Common Stock representing approximately 51% of the PREN
voting power. These shares will be tendered in an exchange offer or voted in
favor of a merger, as the case may be. In either case, the offering will be made
only by means of a prospectus.
The consummation of the transaction is subject to a variety of conditions,
including the execution by PREN of an agreement to take certain actions to
facilitate the transaction.
Because the Powers of Attorney and the Agreement provide for certain
arrangements among the Reporting Persons in connection with the voting and
transfer of PREN Common Stock, the Reporting Persons may constitute a "group"
for purposes of Section 13(d)(3) of the Exchange Act and Rule 13d-5(b)(1)
thereunder. Neither the filing of this Report nor any of its contents shall be
deemed to constitute an admission that any of the Reporting Persons is a member
of a "group" for purposes of Section 13(d)(3) and Rule 13d-5(b)(1) with any
other Reporting Person, or that such a "group" exists.
(c) Not applicable.
(d) If the transaction is consummated as planned, the Board of Directors of
PREN will be reduced from six to five members, and will be comprised of Gary B.
Sabin, Chairman, President and Chief Executive Officer of Legacy; Richard B.
Muir, Executive Vice President and Director of Legacy; Jack McGrory, currently
President, Chief Executive Officer and Director of PREN; James F. Cahill,
currently Director of PREN; and Simon M. Lorne (or their designees). In
addition, Gary B. Sabin will be appointed as Chief Executive Officer of PREN.
(e) Other than as described above, not applicable.
(f) Other than as described above, not applicable.
(g) If the transaction is consummated as planned, Legacy has agreed to
cause the PREN Preferred Stock to be entitled under PREN's charter documents to
elect a majority of PREN's Board of Directors, until such time as (i) less than
2,000,000 shares of PREN Preferred Stock remain outstanding or (ii) Legacy
completes a tender offer to acquire any and all outstanding shares of PREN
Preferred Stock at a cash price of $16 per share, or in certain other
circumstances. In addition, Legacy has agreed not to take any action to cause a
direct or indirect change of control (as defined in the Agreement) of PREN (A)
after the date of the Agreement and prior to the closing, without the consent of
Sol Price, and (B) after the closing, without either offering to purchase all
shares of PREN Preferred Stock or obtaining the approval of a majority of such
shares (unless a higher percentage is required under PREN's charter or Maryland
law).
The Reporting Persons have agreed, from the date of the Agreement through
the closing, (i) not to sell or otherwise dispose of any PREN Common Stock owned
beneficially or otherwise, and (ii) to vote all Common Stock and Preferred Stock
of PREN owned beneficially or otherwise in favor of the merger described above
(if applicable), and against any competing takeover proposal (as defined in the
Agreement) or any other action or
Page 28 of 44
<PAGE>
agreement which would impede, interfere with or present the transactions
contemplated by the Agreement.
(h)-(i) If the transaction is consummated as planned and the number of
outstanding shares of PREN Common Stock is reduced below the level required by
the Nasdaq National Market, the PREN Common Stock may be delisted from the
Nasdaq National Market, and may be eligible for termination of registration
pursuant to Section 12(g) of the Exchange Act.
(j) Other than as described above, none of the Reporting Persons currently
has any plans or proposals which relate to, or may result in, any of the matters
listed in Items 4(a)-(i).
Item 5. Interest in Securities of the Issuer.
The answers to (a) and (b) with respect to each Reporting Person's
beneficial ownership is set forth in Schedule II hereto.
(a)-(b) To the extent the Reporting Persons are considered to be a "group"
for purposes of Section 13(d)(3) of the Exchange Act and Rule 13d-5(b)(1)
thereunder, each Reporting Person may be deemed to have shared voting and
dispositive power over the shares owned by each other Reporting Person which are
subject to the Agreement. To the extent that the Reporting Persons are
considered to be a "group" for purposes of this Report, such group would
beneficially own an aggregate of 4,488,675 shares of PREN Common Stock, or
approximately 33.8% of all shares of PREN Common Stock outstanding (based on
13,293,456 shares of PREN Common Stock outstanding as of March 15, 1999, as
reported in PREN's Amendment No. 1 to Annual Report on Form 10-K (File No.
0-20449) filed with the Securities and Exchange Commission on April 29, 1999).
Neither the filing of this Report nor any of its contents shall be deemed
to constitute an admission that any of the Reporting Persons are the beneficial
owners of the PREN Common Stock held by any of the other Reporting Persons for
purposes of Section 13(d)(3) of the Exchange Act and Rule 13d-5(b)(1) thereunder
or for any other purpose.
(c) In the past sixty days, Daniel Einhorn and Emily Einhorn in their
capacity as trustees of the Einhorn Trust have effected the following
transaction in PREN Common Stock (through a normal brokerage transaction):
Transaction Trade Date Number of Shares Price
- ----------- ---------- ---------------- -----
Purchase 04/28/99 5,000 5.875
In the past sixty days, Daniel Einhorn in his capacity as trustee of the
Diabetes & Endocrine Associates Trust Profit Sharing Plan has effected the
following transaction in PREN Common Stock (through a normal brokerage
transaction):
Page 29 of 44
<PAGE>
Transaction Trade Date Number of Shares Price
- ----------- ---------- ---------------- -----
Purchase 04/28/99 5,000 5 5/8
In the past sixty days, Lawrence Rosenstock and Jean Kluver in their
capacity as trustees of the Rosenstock and Kluver Trust have effected the
following transactions in PREN Common Stock (through a normal brokerage
transaction or electronic trade):
Transaction Trade Date Number of Shares Price
- ----------- ---------- ---------------- -----
Purchase 04/08/99 2,000 5 1/8
Purchase 05/13/99 1,500 7 7/8
Purchase 05/14/99 3,173 7 3/4
Purchase 05/14/99 10,070 7 3/4
In the past sixty days, Jeffrey Halis has effected the following
transactions in PREN Common Stock (through a normal brokerage transaction):
Transaction Trade Date Number of Shares Price
- ----------- ---------- ---------------- -----
Sale 04/14/99 2,000 5.70
Sale 04/21/99 1,000 5.75
Sale 04/22/99 20,000 5.84
In the past sixty days, none of the other Reporting Persons has effected
any transactions in the common stock of PREN.
(d) Other than certain rights to receive cash dividends and distributions
on certain pledged shares of PREN Common Stock which have been granted by
certain Reporting Persons and which are described in Item 6, 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 shares of PREN Common
Stock described in this Report.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
On May 15, 1998, the Price Family Charitable Trust, of which Sol Price is
trustee, sold the following numbers of shares of PREN Common Stock to the
following Reporting Persons: (i) 100,000 shares to Brian and Gerri Monaghan,
Trustees, Brian D. and Gerri Monaghan Trust -- U/T/D 7/15/96, (ii) 100,000
shares to Stanley Sheinbaum, Trustee, 1989 Sheinbaum Trust, Restated 11/6/92,
(iii) 100,000 shares to Mitchell G. Lynn & Alyce S. Lynn, Trustees, Mitchell G.
Lynn & Alyce S. Lynn Trust U/T/D 3/15/85, (iv) 50,000 shares to Paul and Jackie
Horton, Trustees, The Horton Family Trust U/A 12/22/80, and (v) 50,000 shares to
James F. Cahill. The form of Purchase and Sale Agreement is included herein as
Exhibit 3. In each case, the purchaser paid cash in the amount of $3 per share
and delivered a
Page 30 of 44
<PAGE>
note in the amount $17.50 per share. Each note is a non-recourse note due May
15, 2002 and bears interest at 8% per annum, payable quarterly. The form of
Promissory Note Secured by Pledge of Stock is included herein as Exhibit 4. Each
note is secured by a pledge of the purchased shares to the Price Family
Charitable Trust under a Stock Pledge and Security Agreement dated May 15, 1998.
The form of Stock Pledge and Security Agreement is included herein as Exhibit 5.
Each Stock Pledge and Security Agreement provides that the shares will be
pledged to the Price Family Charitable Trust and held in a brokerage account for
so long as the applicable note remains outstanding; provided that the borrower
may instruct the holder of the brokerage account to sell the shares at any time
and pay to the Price Family Charitable Trust the lesser of the proceeds of the
sale or the amount borrowed under the note. All cash dividends and distributions
paid on the pledged shares will be paid to the borrower, but all stock dividends
and distributions will become pledged securities. The Price Family Charitable
Trust does not have the right to vote or dispose of the pledged shares under any
of the pledge agreements prior to a default under the applicable note.
On May 15, 1998, the Price Charitable Remainder Trust, of which Sol Price
is a trustee, sold the following numbers of shares of PREN Common Stock to the
following Reporting Persons: (i) 30,000 shares to William Gorham, (ii) 30,000
shares to Gilbert Anthony Partida, (iii) 50,000 shares to Dr. Daniel Einhorn,
(iv) 10,000 shares to Lawrence Rosenstock and Jean Kluver, Trustees, Lawrence
Rosenstock & Jean Kluver U/T/D 5/12/98, and (v) 10,000 shares to Theodore P.
Hurwitz, Trustee, Theodore P. Hurwitz Trust U/T/D 9/23/91. The form of Purchase
and Sale Agreement is included herein as Exhibit 3. In each case, the purchaser
paid cash in the amount of $3 per share and delivered a note in the amount
$17.50 per share. Each note is a non-recourse note due May 15, 2002 and bears
interest at 8% per annum, payable quarterly. The form of Promissory Note Secured
by Pledge of Stock is included herein as Exhibit 4. Each note is secured by a
pledge of the purchased shares to the Price Charitable Remainder Trust under a
Stock Pledge and Security Agreement dated May 15, 1998. The form of Stock Pledge
and Security Agreement is included herein as Exhibit 5. Each Stock Pledge and
Security Agreement provides that the shares will be pledged to the Price
Charitable Remainder Trust and held in a brokerage account for so long as the
applicable note remains outstanding; provided that the borrower may instruct the
holder of the brokerage account to sell the shares at any time and pay to the
Price Charitable Remainder Trust the lesser of the proceeds of the sale or the
amount borrowed under the note. All cash dividends and distributions paid on the
pledged shares will be paid to the borrower, but all stock dividends and
distributions will become pledged securities. The Price Charitable Remainder
Trust does not have the right to vote or dispose of the pledged shares under any
of the pledge agreements prior to a default under the applicable note.
See discussion in Item 4 regarding (i) an agreement by and among Excel
Legacy Corporation and the Reporting Persons, excluding Mr. Cahill, and (ii)
certain limited powers of attorney granted by the other Reporting Persons to Sol
Price.
Apart from the agreements and relationships described in the preceding
paragraphs and in other Items of this Schedule, there is no contract,
arrangement, understanding or relationship among the Reporting Persons, nor
between those parties collectively and any other person, with respect to PREN
Common Stock.
Page 31 of 44
<PAGE>
Item 7. Material to be Filed as Exhibits.
Exhibit 1: Agreement dated May 12, 1999 by and among Excel Legacy
Corporation and certain shareholders of Price Enterprises, Inc.
listed on the signature pages thereto (including the following
exhibits: Exhibit A - Form of Indenture, Exhibit B - Conditions
to Offer, and Exhibit C - Form of Agreement between Excel Legacy
Corporation and Price Enterprises, Inc.) (incorporated by
reference to Exhibit 10.1 to Current Report on Form 8-K filed May
14, 1999 by Excel Legacy Corporation).
Exhibit 2: Form of Limited Power of Attorney granted to Sol Price by certain
shareholders of Price Enterprises, Inc. (incorporated by
reference to Exhibit 2 to Amendment No. 8 to Schedule 13D filed
by Sol Price on May 17, 1999, with respect to the common stock of
Price Enterprises, Inc.).
Exhibit 3: Form of Purchase and Sale Agreement (incorporated by reference to
Exhibit 1 to Amendment No. 5 to Schedule 13D filed by Sol Price
on May 21, 1998, with respect to the common stock of Price
Enterprises, Inc.).
Exhibit 4: Form of Promissory Note Secured by Pledge of Stock (incorporated
by reference to Exhibit 2 to Amendment No. 5 to Schedule 13D
filed by Sol Price on May 21, 1998, with respect to the common
stock of Price Enterprises, Inc.).
Exhibit 5: Form of Stock Pledge and Security Agreement (incorporated by
reference to Exhibit 3 to Amendment No. 5 to Schedule 13D filed
by Sol Price on May 21, 1998, with respect to the common stock of
Price Enterprises, Inc.).
Exhibit 6: Form of Limited Power of Attorney granted to Sol Price by certain
shareholders of Price Enterprises, Inc.
Exhibit 7: Limited Power of Attorney granted to Sol Price by James F.
Cahill.
Page 32 of 44
<PAGE>
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.
Dated this 24th day of May, 1999.
/s/ Sol Price
------------------------------------------
Sol Price
The Community Foundation of The United
Jewish Federation of San Diego County
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
The San Diego Foundation
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Daniel Einhorn as an individual and as
trustee of the Diabetes & Endocrine
Associates Trust Profit Sharing Plan, UA DTD
01/01/88
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Daniel and Emily Einhorn as trustees of the
Daniel Einhorn and Emily Feldman Einhorn
Trust of 1994 UA DTD 04/13/94
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Page 33 of 44
<PAGE>
William Gorham
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Jacklyn Horton and Paul Horton as trustees
of the Horton Family Trust U/A 12/22/80
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Theodore P. Hurwitz as trustee of the
Theodore P. Hurwitz Trust
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
James M. Jackson
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Mitchell G. Lynn and Alyce S. Lynn as
trustees of the Mitchell G. Lynn & Alyce
S. Lynn Trust U/T/D 3/15/85
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Brian Monaghan and Gerri Monaghan as
trustees of the Brian & Gerry Monaghan
Trust 7/15/96
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Page 34 of 44
<PAGE>
Lawrence Rosenstock and Jean Kluver as
trustees of the Lawrence Rosenstock and Jean
Kluver Trust dated May 12, 1998
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
George Wixen as trustee of the Wixen
Charitable Remainder Trust
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Roger C. Cornell as trustee of the
Roger C. Cornell Trust
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Robert S. Goldberg and Earl N. Feldman as
trustees of the Joseph H. and Dorothy
Goldberg Charitable Trust
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Jeffrey Halis
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Gilbert Anthony Partida
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
Page 35 of 44
<PAGE>
Stanley K. Sheinbaum as trustee of the
1989 Sheinbaum Trust
/s/ Sol Price
--------------------------------------------
As Attorney-in-Fact
James F. Cahill
/s/ Sol Price
--------------------------------------------
as Attorney-in-fact
Page 36 of 44
<PAGE>
Page 37 of 44
Schedule I
Sol Price Mr. Price's address is 7979 Ivanhoe Avenue, Suite 520, La Jolla, CA
92037. Mr. Price is a self-employed investor.
Community Foundation of The United Jewish Federation of San Diego County The
Foundation's address is 4797 Mercury Street, San Diego, CA 92111. The Foundation
is a nonprofit organization.
Daniel Einhorn Dr. Einhorn's address is 1655 La Jolla Rancho Road, La Jolla, CA
92037. Dr. Einhorn is a physician with Diabetes & Endocrine Associates, 3425
Kenyon Street, Suite 100, San Diego, CA 92110.
Emily Einhorn Ms. Einhorn's address is 1655 La Jolla Rancho Road, La Jolla, CA
92037. Ms. Einhorn is a housewife.
William Gorham Mr. Gorham's address is 5808 Madaket Road, Bethesda, MD 20816.
Mr. Gorham is the President of The Urban Institute, a nonprofit research
organization, 2100 M St., N.W., Washington, D.C. 20037.
Jacklyn Horton Ms. Horton's address is 2245 Soledad Rancho Road, San Diego, CA
92109. Ms. Horton is a self-employed attorney.
Paul Horton Mr. Horton's address is 2245 Soledad Rancho Road, San Diego, CA
92109. Mr. Horton is a professor at the University of San Diego, Alcala Park,
San Diego, CA 92110.
Theodore P. Hurwitz Mr. Hurwitz' address is 4400 East West Hwy. No. 631,
Bethesda, MD 20814. Mr. Hurwitz is self-employed as a consultant to nonprofit
organizations.
James M. Jackson Mr. Jackson's address is 552 A Main Avenue, Durango, CO 81301.
Mr. Jackson is a partner with the law firm of Jackson & Jackson, 552 A Main
Avenue, Durango, CO 81301.
Mitchell G. Lynn Mr. Lynn's address is 2245 San Diego Ave., No. 223, San Diego,
CA 92110. Mr. Lynn is a co-owner of CRI 2000, LLC, a manufacturing and trading
business, 2245 San Diego Ave., No. 223, San Diego, CA 92110.
Alyce S. Lynn Ms. Lynn's address is 2245 San Diego Ave., No. 223, San Diego, CA
92110. Ms. Lynn is a housewife.
Brian Monaghan Mr. Monaghan's address is 305 San Antonio Avenue, San Diego, CA
92106. Mr. Monaghan is an attorney with his own law firm, the Law Offices of
Brian D. Monaghan, 305 San Antonio Avenue, San Diego, CA 92106.
<PAGE>
Page 38 of 44
Gerri Monaghan Ms. Monaghan's address is 305 San Antonio Avenue, San Diego, CA
92106. Ms. Monaghan is a housewife.
Lawrence Rosenstock Mr. Rosenstock's address is 2195 Via Don Benito, La Jolla,
CA 92037. Mr. Rosenstock is the Principal of High Tech High, P O Box 3312, San
Diego, CA 92038.
Jean Kluver Ms. Kluver's address is 2195 Via Don Benito, La Jolla, CA 92037. Ms.
Kluver is a housewife.
George Wixen Mr. Wixen's address is 1427 Caminito Diadema, San Diego, CA. Mr.
Wixen is retired.
Roger C. Cornell Mr. Cornell's address is 7253 Monte Vista, La Jolla, CA 92037.
Mr. Cornell is a physician at Scripps Clinic, 10666 North Torrey Pines Road, La
Jolla, CA 92057.
Robert S. Goldberg Mr. Goldberg's address is 200 W. Santa Ana Blvd., Santa Ana,
CA 92701. Mr. Goldberg is an attorney with the law firm of Wilson, Pesota &
Richard, 200 W. Santa Ana Blvd., Santa Ana, CA 92701.
Earl N. Feldman Mr. Feldman's address is 530 B St., Suite 1810, San Diego, CA
92101. Mr. Feldman is a self-employed attorney.
Jeffrey Halis Mr. Halis's address is c/o Halo Management, 500 Park Avenue, New
York, NY 10022. Mr. Halis serves as a general partner of Halo Capital Partners,
L.P., a Delaware limited partnership ("Halo"). Halo serves as the sole general
partner of each of Tyndall Partners, L.P. ("Tyndall"), Tyndall Institutional
Partners, L.P. ("Tyndall Institutional") and Madison Avenue Partners, L.P.
("Madison"), each of which are Delaware limited partnerships having their
principal executive offices located at 500 Park Avenue, Fifth Floor, New York,
New York 10022. In addition, Mr. Halis serves as a member of Jemi Management,
L.L.C., a New York limited liability company, which serves as the Investment
Manager for Halo International, Ltd. ("Halo International") , a company
organized under the laws of the Cayman Islands, having its principal executive
offices located at Citco Fund Services (Cayman Islands) Ltd., Corporate Center,
West Bay Road, P O Box 31106 SMB, Grand Cayman, Cayman Islands. Each of Tyndall,
Tyndall Institutional, Madison and Halo International are engaged in the
investment in personal property of all kinds, including but not limited to
capital stock, depository receipts, investment companies, mutual funds,
subscriptions, warrants, bonds, notes, debentures, options and other securities
of whatever kind and nature.
Gilbert Anthony Partida Mr. Partida's address is 4649 Morena Boulevard, San
Diego, CA 92117. Mr. Partida is President and Chief Executive Officer of
PriceSmart, Inc., 4649 Morena Boulevard, San Diego, CA 92117.
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San Diego Foundation The Foundation's address is 1420 Kettner Boulevard, Suite
500, San Diego, CA 92101. The Foundation is a nonprofit 501(c) corporation.
Stanley K. Sheinbaum Mr. Sheinbaum's address is 345 North Rockingham Avenue, Los
Angeles, CA 90049. Mr. Sheinbaum is self-employed.
James F. Cahill Mr. Cahill's address is 7979 Ivenhoe Avenue, Suite 520, La
Jolla, CA 92037. Mr. Cahill is Executive Vice President of Price Entities, 7979
Ivenhoe Avenue, Suite 520, La Jolla, CA 92037, whose principal business is money
management and investments.
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Schedule II
The following information describes the beneficial ownership of shares of
PREN Common Stock subject to the Agreement by each of the Reporting Persons and
the power to vote and dispose of such shares, without taking into account the
potential treatment of the Reporting Persons as a "group" under Section 13(d) of
the Exchange Act and Rule 13d-5 thereunder.
Sol Price
(a) The aggregate number of shares beneficially owned is 2,608,419 and is
held as follows:
- 308,490 shares by Sol Price as Trustee of Price Charitable Remainder
Trust U/T/D 1/10/83.
- 2,213,079 shares by Sol Price as Trustee of Price Family Charitable
Trust U/T/D 3/10/84.
- 34,950 shares by Sol Price as Co-Trustee of Marion Brodie Trust.
- 51,900 shares by Sol Price as Co-Trustee of Dorothy Goldberg
Charitable Trust.
These shares include 86,850 shares of which Mr. Price disclaims beneficial
ownership. These shares do not include the 2,627,745 shares (approximately
19.8%) of PREN Common Stock beneficially owned by Robert Price, the son of Sol
Price.
(b) The power to vote and the power to dispose of such shares is as
follows:
Sole Voting Power:
308,490 By Sol Price as Trustee of Price Charitable Remainder Trust*
2,213,079 By Sol Price as Trustee of Price Family Charitable Trust**
---------
2,521,569 TOTAL
Shared Voting Power
34,950 by Sol Price as Co-Trustee of Marion Brodie Trust
51,900 by Sol Price as Co-Trustee of Dorothy Goldberg Charitable Trust
------
86,850 TOTAL
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Sole Dispositive Power
308,490 By Sol Price as Trustee of Price Charitable Remainder Trust*
2,213,079 By Sol Price as Trustee of Price Family Charitable Trust**
---------
2,521,569 TOTAL
Shared Dispositive Power
34,950 by Sol Price as Co-Trustee of Marion Brodie Trust
51,900 by Sol Price as Co-Trustee of Dorothy Goldberg Charitable Trust
------
86,850 TOTAL
Exclusion of Shares
Mr. Price disclaims beneficial ownership of the following shares:
34,950 Held by Marion Brodie Trust
51,900 Held by Dorothy Goldberg Charitable Trust
------
86,850 TOTAL
* Does not include 220,240 shares of Common Stock pledged to the Price
Charitable Remainder Trust to secure certain notes delivered to the Price
Charitable Remainder Trust in connection with sales of such shares to the
pledgors in May 1998. Certain shares previously subject to the pledge have been
released from the pledge, and the proceeds from the sale of such shares have
been used to pay down the applicable note. The Price Charitable Remainder Trust
does not have the right to vote or dispose of the pledged shares prior to a
default under the applicable note.
** Does not include 604,120 shares of Common Stock pledged to the Price Family
Charitable Trust to secure certain notes delivered to the Price Family
Charitable Trust in connection with sales of such shares to the pledgors in May
1998. Certain shares previously subject to the pledge have been released from
the pledge, and the proceeds from the sale of such shares have been used to pay
down the applicable note. The Price Family Charitable Trust does not have the
right to vote or dispose of the pledged shares prior to a default under the
applicable note.
Community Foundation of The United Jewish Federation of San Diego County
(a) The number of shares beneficially owned is 71,580.
(b) The Foundation has sole power to vote and dispose of such shares.
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Daniel Einhorn, as Trustee of the Diabetes & Endocrine Associates Trust Profit
Sharing Plan
(a) The number of shares beneficially owned is 9,000.
(b) Mr. Einhorn has sole power to vote and dispose of such shares.
Daniel Einhorn and Emily Einhorn as Trustees of the Einhorn Trust
(a) The number of shares beneficially owned is 19,000.
(b) The Trustees share the power to vote and dispose of such shares.
Daniel Einhorn, individually
(a) The number of shares beneficially owned is 50,000.
(b) Mr. Einhorn and his wife, Emily Einhorn, share the power to vote and
dispose of such shares.
William Gorham
(a) The number of shares beneficially owned is 30,000.
(b) Mr. Gorham has sole power to vote and dispose of such shares.
Jacklyn Horton and Paul Horton as Trustees of the Horton Family Trust
(a) The number of shares beneficially owned is 52,550.
(b) The Trustees share the power to vote and dispose of such shares.
These shares do not include the 450 shares of PREN Common Stock beneficially
owned by the son of Jacklyn and Paul Horton.
Theodore P. Hurwitz as Trustee of the Hurwitz Trust
(a) The number of shares beneficially owned is 10,000.
(b) Mr. Hurwitz has sole power to vote and dispose of such shares.
James M. Jackson
(a) The number of shares beneficially owned is 101,599.
(b) Mr. Jackson has sole power to vote and dispose of such shares.
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Mitchell G. Lynn and Alyce S. Lynn as Trustees of the Lynn Trust
(a) The number of shares beneficially owned is 100,000.
(b) The Trustees share the power to vote and dispose of such shares.
Brian Monaghan and Gerry Monaghan as Trustees of the Monaghan Trust
(a) The number of shares beneficially owned is 100,000.
(b) The Trustees share the power to vote and dispose of such shares.
Lawrence Rosenstock and Jean Kluver as Trustees of the Lawrence Rosenstock and
Jean Kluver Trust dated May 12, 1998
(a) The number of shares beneficially owned is 26,743.
(b) The Trustees share the power to vote and dispose of such shares.
George Wixen as Trustee of the Wixen Trust
(a) The number of shares beneficially owned is 340,235.
(b) Mr. Wixen has sole power to vote and dispose of such shares.
Roger C. Cornell as Trustee of the Cornell Trust
(a) The number of shares beneficially owned is 15,000.
(b) Mr. Cornell has sole power to vote and dispose of such shares.
Robert S. Goldberg, Earl N. Feldman and Sol Price as Trustees of the Goldberg
Trust
(a) The number of shares beneficially owned is 51,900.
(b) The Trustees share the power to vote and dispose of such shares.
As stated above, Mr. Price disclaims beneficial ownership with respect to
these shares.
Jeffrey Halis
(a) The number of shares beneficially owned is 305,753.
(b) Mr. Halis has sole power to vote and dispose of such shares.
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Gilbert Anthony Partida
(a) The number of shares beneficially owned is 30,000.
(b) Mr. Partida has sole power to vote and dispose of such shares.
San Diego Foundation
(a) The number of shares beneficially owned is 465,031.
(b) The Foundation has sole power to vote and dispose of such shares.
Stanley K. Sheinbaum as Trustee of the 1989 Sheinbaum Trust
(a) The number of shares beneficially owned is 100,000.
(b) Mr. Sheinbaum has sole power to vote and dispose of such shares.
Exhibit 6
May 24, 1999
Mr. Sol Price, Trustee
Price Charitable Remainder Trust
Price Family Charitable Trust
Marion Brodie Trust
7979 Ivanhoe Avenue, Suite 520
La Jolla, California 92037
Re: Limited Power of Attorney
Dear Mr. Price:
The undersigned has executed an Agreement with Excel Legacy Corporation, a
Delaware Corporation, dated May 12, 1999, to place into escrow ________ shares
of common stock of Price Enterprises, Inc. for ultimate tender or other
conversion on the same terms and conditions as you are accepting as Trustee of
the above Trusts. It is our understanding that such a transaction may require
the reporting to the Securities and Exchange Commission ("SEC") as a part of a
"group" as defined by the SEC.
To facilitate such reporting, the undersigned hereby grants you my Limited
Power of Attorney with regard to the above-referenced shares of stock to:
File with the Securities and Exchange Commission a Form 13-D that reports
the transaction as a part of a "group" as defined by the SEC (without
necessarily admitting that such a "group" is constituted).
Sincerely,
By:
-------------------------------------
Exhibit 7
May 24, 1999
Mr. Sol Price, Trustee
Price Charitable Remainder Trust
Price Family Charitable Trust
Marion Brodie Trust
7979 Ivanhoe Avenue, Suite 520
La Jolla, California 92037
Re: Limited Power of Attorney
Dear Mr. Price:
The undersigned has agreed to act as Escrow Agent under Escrow Instructions
dated May 17, 1999, between myself, Excel Legacy Corporation, a Delaware
Corporation, yourself as Trustee of the above-referenced Trusts and as
Attorney-in-Fact for certain holders of common stock of Price Enterprises Inc.
("PREN") and PREN itself. It is my understanding that such a transaction may
require the reporting to the Securities and Exchange Commission (SEC") as a part
of a "group" as defined by the SEC.
To facilitate such reporting, the undersigned hereby grants you my Limited
Power of Attorney with regard to the above-referenced shares of stock to:
File with the Securities and Exchange Commission a Form 13-D that reports
the transaction as a part of a "group" as defined by the SEC (without
necessarily admitting that such a "group" is constituted).
Sincerely,
By:
-----------------------------------
James F. Cahill
Escrow Agent
