UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)*
Aerospace Creditors Liquidating Trust (ARO)
(Name of Issuer)
Units of Beneficial Ownership
(Title of Class of Securities)
CUSIP No. 008017105
(CUSIP Number)
Thomas F. Steyer
Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California
94111
(415)421-2132
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 29, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of that Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Partners, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
California
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
California
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners II, L.P.
- ---------======================================================================
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 Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
California
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners III, L.P.
- ---------======================================================================
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 Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Tinicum Partners, L.P.
- ---------======================================================================
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 Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
New York
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Management, L.L.C.
- ---------======================================================================
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
Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IA, 00
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Partners, L.L.C.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
00
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Enrique H. Boilini
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Argentina
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
David I. Cohen
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
South Africa
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Joseph F. Downes
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Fleur E. Fairman
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jason M. Fish
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew B. Fremder
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
William F. Mellin
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stephen L. Millham
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Meridee A. Moore
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 33 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 008017105
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Thomas F. Steyer
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, 00
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares*
[ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 33 Pages
<PAGE>
This Amendment No.8 to Schedule 13D amends the Schedule 13D initially
filed on December 16, 1993 (collectively, with all amendments thereto, the
"Schedule 13D").
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 of the Schedule 13D is amended and supplemented by the following:
The net investment cost (including commissions) is $5,959 for the 5,900
Units acquired by FCP since the filing of the prior Schedule 13D and $5,050 for
the 5,000 Units acquired by FCIP since the filing of the prior Schedule 13D.
The consideration for such acquisitions was obtained as follows: (i) with
respect to FCIP, from working capital and (ii) with respect to FCP, from working
capital and/or from borrowings pursuant to a margin account maintained by FCP at
Goldman Sachs & Co. FCP holds certain securities in its margin account at
Goldman Sachs & Co., and the account may from time to time have debit balances.
It is not possible to determine the amount of borrowings, if any, used to
acquire the Shares.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is amended and restated in its entirety as
follows:
A. Farallon Capital Partners, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCP is incorporated herein by reference.The
percentage amount set forth in Row 13 of such cover page and of
each other cover page filed herewith is calculated based upon the
3,298,284 Units outstanding as of October 30, 1997 as reported by
the Company in its Form 10Q for the period ended September 30,
1997.
(c) The trade dates, number of Units disposed of and the price per Unit
for all transactions in the Units in the past 60 days are set forth on
Schedule A hereto and are incorporated herein by reference. All of
such transactions reflect the cancellation of all Units effective
December 29, 1997.
Page 19 of 33 Pages
<PAGE>
(d) FPLLC as General Partner has the power to direct the affairs of FCP,
including the disposition of the proceeds of the sale of the Units.
Steyer is the senior managing member of FPLLC, and Boilini, Cohen,
Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are managing
members of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
B. Farallon Capital Institutional Partners, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCIP is incorporated herein by reference.
(c) The trade dates, number of Units disposed of and the price per Unit
for all transactions in the Units in the past 60 days are set forth on
Schedule B hereto and are incorporated herein by reference. All of
such transactions reflect the cancellation of all Units effective
December 29, 1997.
(d) FPLLC as General Partner has the power to direct the affairs of FCIP,
including the disposition of the proceeds of the sale of the Units.
Steyer is the senior managing member of FPLLC and Boilini, Cohen,
Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are managing
members of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
C. Farallon Capital Institutional Partners II, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCIP II is incorporated herein by
reference.
(c) The trade dates, number of Units disposed of and the price per Unit
for all transactions in the Units in the past 60 days are set forth on
Schedule C hereto and are incorporated herein by reference. All of
such transactions reflect the cancellation of all Units effective
December 29, 1997.
(d) FPLLC as General Partner has the power to direct the affairs of FCIP
II, including the disposition of the proceeds of the sale of the
Units. Steyer is the senior managing member of FPLLC and Boilini,
Cohen, Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are
managing members of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
Page 20 of 33 Pages
<PAGE>
D. Farallon Capital Institutional Partners III, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCIP III is incorporated herein by
reference.
(c) The trade dates, number of Units disposed of and the price per Unit
for all transactions in the Units in the past 60 days are set forth on
Schedule D hereto and are incorporated herein by reference. All of
such transactions reflect the cancellation of all Units effective
December 29, 1997.
(d) FPLLC as General Partner has the power to direct the affairs of FCIP
III, including the disposition of the proceeds of the sale of the
Units. Steyer is the senior managing member of FPLLC and Boilini,
Cohen, Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are
managing members of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
E. Tinicum Partners, L.P.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Tinicum is incorporated herein by
reference.
(c) The trade dates, number of Units disposed of and the price per Unit
for all transactions in the Units in the past 60 days are set forth on
Schedule E hereto and are incorporated herein by reference. All of
such transactions reflect the cancellation of all Units effective
December 29, 1997.
(d) FPLLC as General Partner has the power to direct the affairs of
Tinicum, including the disposition of the proceeds of the sale of the
Units. Steyer is the senior managing member of FPLLC and Boilini,
Cohen, Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are
managing members of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
F. Farallon Capital Management, L.L.C.
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for FCMLLC is incorporated herein by reference.
(c) The trade dates, number of Units disposed of and the price per Unit
for all transactions in the Units in the past 60 days are set forth on
Schedule F hereto and are incorporated herein by reference. All of
such transactions reflect the cancellation of all Units effective
December 29, 1997.
Page 21 of 33 Pages
<PAGE>
(d) FCMLLC, as an investment adviser, has the power to direct the
disposition of the proceeds of the sale of the Units held by the
Managed Account. Steyer is the senior managing member of FCMLLC and
Boilini, Cohen, Downes, Fish, Fremder, Mellin, Millham and Moore are
managing members of FCMLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
G. Farallon Partners, L.L.C.
(a), (b) The information set forth in rows 7, 8, 9, 10, 11, and 13 of the
cover page hereto for FPLLC is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. Steyer is the senior managing member of FPLLC and Boilini,
Cohen, Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are
managing members of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
H. Enrique H. Boilini
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Boilini is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Boilini is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
I. David I. Cohen
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Cohen is incorporated herein by reference.
Page 22 of 33 Pages
<PAGE>
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Cohen is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
J. Joseph F. Downes
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Downes is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Downes is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
K. Fleur E. Fairman
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fairman is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. Fairman is a managing member of FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
L. Jason M. Fish
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fish is incorporated herein by reference.
Page 23 of 33 Pages
<PAGE>
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Fish is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
M. Andrew B. Fremder
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Fremder is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Fremder is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
N. William F. Mellin
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Mellin is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Mellin is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
O. Stephen L. Millham
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Millham is incorporated herein by
reference.
Page 24 of 33 Pages
<PAGE>
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Millham is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
P. Meridee A. Moore
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Moore is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Moore is a managing member of FCMLLC and FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
Q. Thomas F. Steyer
(a), (b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of the
cover page hereto for Steyer is incorporated herein by reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs of the
Partnerships, including the disposition of the proceeds of the sale of
the Units. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Units held by the
Managed Account. Steyer is the senior managing member of FCMLLC and
FPLLC.
(e) As of December 29, 1997, the Reporting Person is not the beneficial
owner of any Units.
The Units reported hereby for the Partnerships are owned directly by the
Partnerships and those reported by FCMLLC on behalf of the Managed Account are
owned directly by the Managed Account. Each of Boilini, Cohen, Downes, Fish,
Fremder, Mellin, Millham, Moore and Steyer may be deemed, as managing members of
FPLLC and FCMLLC, to be the beneficial owner of all such
Page 25 of 33 Pages
<PAGE>
Units. Each of FPLLC and Fairman, as a managing member of FPLLC, may be deemed
to be the beneficial owner of all such Units owned by the Partnerships. FCMLLC
may be deemed to be the beneficial owner of all such Units owned by the Managed
Account. Each of FCMLLC, FPLLC, Boilini, Cohen, Downes, Fairman, Fish, Fremder,
Mellin, Millham, Moore and Steyer hereby disclaim any beneficial ownership of
any such Units.
Page 26 of 33 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: January 9, 1998
/s/ Thomas F. Steyer
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS, L.P., FARALLON CAPITAL
INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS III, L.P. and TINICUM PARTNERS,
L.P.
by Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
FARALLON CAPITAL MANAGEMENT, L.L.C.
By Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
Thomas F. Steyer, individually and as
attorney-in-fact for each of Enrique H.
Boilini, David I. Cohen, Joseph F. Downes,
Fleur E. Fairman, Jason M. Fish, Andrew B.
Fremder, William F. Mellin, Stephen L.
Millham, and Meridee A. Moore.
The Powers of Attorney each executed by Boilini, Cohen, Downes, Fairman,
Fish, Fremder, Mellin, Millham and Moore authorizing Steyer to sign and file
this Schedule 13D on each person's behalf was filed with Amendment No. 1 to the
Schedule 13D filed with the SEC on September 26, 1997 by such Reporting Persons
with respect to the Common Stock of Sphere Drake Holdings Limited are hereby
incorporated by reference.
Page 27 of 33 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF UNITS PRICE
TRADE DATE CANCELLED(1) PER UNIT
(including commission)
12/29/97 541,483 N/A
- --------
1 All of such transactions reflect the cancellation of all Units effective
December 29, 1997. Each holder of Units received a cash distribution on
December 29, 1997 of $1.11 per Unit.
Page 28 of 33 Pages
<PAGE>
SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF UNITS PRICE
TRADE DATE CANCELLED(2) PER UNIT
(including commission)
12/29/97 543,532 N/A
- --------
2 All of such transactions reflect the cancellation of all Units effective
December 29, 1997. Each holder of Units received a cash distribution on
December 29, 1997 of $1.11 per Unit.
Page 29 of 33 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF UNITS PRICE
TRADE DATE CANCELLED(3) PER UNIT
(including commission)
12/29/97 205,135 N/A
- --------
3 All of such transactions reflect the cancellation of all Units effective
December 29, 1997. Each holder of Units received a cash distribution on
December 29, 1997 of $1.11 per Unit.
Page 30 of 33 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF UNITS PRICE
TRADE DATE CANCELLED(4) PER UNIT
(including commission)
12/29/97 43,100 N/A
- --------
4 All of such transactions reflect the cancellation of all Units effective
December 29, 1997. Each holder of Units received a cash distribution on
December 29, 1997 of $1.11 per Unit.
<PAGE>
SCHEDULE E
TINICUM PARTNERS, L.P.
NO. OF UNITS PRICE
TRADE DATE CANCELLED(5) PER UNIT
(including commission)
12/29/97 79,090 N/A
- --------
5 All of such transactions reflect the cancellation of all Units effective
December 29, 1997. Each holder of Units received a cash distribution on
December 29, 1997 of $1.11 per Unit.
Page 32 of 33 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF UNITS PRICE
TRADE DATE CANCELLED(6) PER UNIT
(including commission)
12/29/97 91,601 N/A
- --------
6 All of such transactions reflect the cancellation of all Units effective
December 29, 1997. Each holder of Units received a cash distribution on
December 29, 1997 of $1.11 per Unit.
Page 33 of 33 Pages
