UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
SPHERE DRAKE HOLDINGS LTD. (SD)
(Name of Issuer)
Common Stock, par value $0.01 per
share
(Title of Class of Securities)
CUSIP No. G8345M101
(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 3, 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>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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*
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 4 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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*
WC
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e)
[ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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*
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
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 34
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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*
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
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. G8345M101
===============================
- ---------======================================================================
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 34 Pages
<PAGE>
This Amendment No. 3 to Schedule 13D amends the Schedule 13D initially
filed on August 8, 1997 (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 $27,693 for the 3,400
Shares acquired by FCP since the filing of the prior Schedule 13D, $23,620 for
the 2,900 Shares acquired by FCIP since the filing of the prior Schedule 13D,
$11,402 for the 1,400 Shares acquired by FCIP II since the filing of the prior
Schedule 13D, $2,443 for the 300 Shares acquired by FCIP III since the filing of
the prior Schedule 13D, $6,515 for the 800 Shares acquired by Tinicum since the
filing of the prior Schedule 13D and $47,239 for the 5,800 Shares acquired by
the Managed Accounts since the filing of the prior Schedule 13D.
The consideration for such acquisitions was obtained as follows: (i) with
respect to FCIP, FCIP II and FCIP III, from working capital; (ii) with respect
to the Managed Accounts, from the working capital of each Managed Account and/or
from borrowings pursuant to margin accounts maintained by some of the Managed
Accounts at Goldman Sachs & Co.; and (iii) with respect to FCP and Tinicum, from
working capital and/or from borrowings pursuant to margin accounts maintained by
FCP and Tinicum at Goldman Sachs & Co. FCP, Tinicum and some of the Managed
Accounts hold certain securities in their respective margin accounts at Goldman
Sachs & Co., and the accounts 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.
Page 19 of 34 Pages
<PAGE>
(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 18,404,285 Shares outstanding as of October 27, 1997 as
reported by the Company in its Form 10Q for the period ended
September 30, 1997.
(c) The trading dates, number of Shares purchased and the price per Share
for all purchases of the Shares since the filing of the prior Schedule
13D are set forth on Schedule A hereto and are incorporated herein by
reference. All of such purchases were open-market transactions. The
conversion date, number of Shares converted and the price per Share
for all conversions of the Shares since the filing of the prior
Schedule 13D are set further on Schedule A hereto and are incorporated
herein by reference. All of such transactions reflect the conversion
of each Share into $7.50 in cash, plus certain contingent deferred
consideration, as a result of the acquisition of the Company by
Fairfax Financial Holdings Limited ("Fairfax") pursuant to the Amended
and Restated Agreement and Plan of Merger dated as of June 23, 1997.
For further information regarding the acquisition, including the
contingent deferred consideration, please see the Proxy
Statement/Prospectus filed by Fairfax with the Securities and Exchange
Commission on October 30, 1997.
(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 Shares.
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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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.
Page 20 of 34 Pages
<PAGE>
(c) The trading dates, number of Shares purchased and the price per Share
for all purchases of the Shares since the filing of the prior Schedule
13D are set forth on Schedule B hereto and are incorporated herein by
reference. All of such purchases were open-market transactions. The
conversion date, number of Shares converted and the price per Share
for all conversions of the Shares since the filing of the prior
Schedule 13D are set further on Schedule B hereto and are incorporated
herein by reference. All of such transactions reflect the conversion
of each Share into $7.50 in cash, plus certain contingent deferred
consideration, as a result of the acquisition of the Company by
Fairfax pursuant to the Amended and Restated Agreement and Plan of
Merger dated as of June 23, 1997. For further information regarding
the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the
Securities and Exchange Commission on October 30, 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 Shares.
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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 trading dates, number of Shares purchased and the price per Share
for all purchases of the Shares since the filing of the prior Schedule
13D are set forth on Schedule C hereto and are incorporated herein by
reference. All of such purchases were open-market transactions. The
conversion date, number of Shares converted and the price per Share
for all conversions of the Shares since the filing of the prior
Schedule 13D are set further on Schedule C hereto and are incorporated
herein by reference. All of such transactions reflect the conversion
of each Share into $7.50 in cash, plus certain contingent deferred
consideration, as a result of the acquisition of the Company by
Fairfax pursuant to the Amended and Restated Agreement and Plan of
Merger dated as of June 23, 1997. For further information regarding
the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the
Securities and Exchange Commission on October 30, 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
Shares. Steyer is
Page 21 of 34 Pages
<PAGE>
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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 trading dates, number of Shares purchased and the price per Share
for all purchases of the Shares since the filing of the prior Schedule
13D are set forth on Schedule D hereto and are incorporated herein by
reference. All of such purchases were open-market transactions. The
conversion date, number of Shares converted and the price per Share
for all conversions of the Shares since the filing of the prior
Schedule 13D are set further on Schedule D hereto and are incorporated
herein by reference. All of such transactions reflect the conversion
of each Share into $7.50 in cash, plus certain contingent deferred
consideration, as a result of the acquisition of the Company by
Fairfax pursuant to the Amended and Restated Agreement and Plan of
Merger dated as of June 23, 1997. For further information regarding
the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the
Securities and Exchange Commission on October 30, 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
Shares. 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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 trading dates, number of Shares purchased and the price per Share
for all purchases of the Shares since the filing of the prior Schedule
13D are set forth on Schedule E hereto and are incorporated herein by
reference. All of such purchases were open-market transactions. The
conversion date, number of Shares converted and the price per Share
for all conversions of the Shares since the filing of the prior
Schedule 13D are set further on Schedule E hereto and are incorporated
herein by reference. All of such transactions reflect the
Page 22 of 34 Pages
<PAGE>
conversion of each Share into $7.50 in cash, plus certain contingent
deferred consideration, as a result of the acquisition of the Company
by Fairfax pursuant to the Amended and Restated Agreement and Plan of
Merger dated as of June 23, 1997. For further information regarding
the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the
Securities and Exchange Commission on October 30, 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
Shares. 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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 trading dates, number of Shares purchased and the price per Share
for all purchases of the Shares since the filing of the prior Schedule
13D are set forth on Schedule F hereto and are incorporated herein by
reference. All of such purchases were open-market transactions. The
conversion date, number of Shares converted and the price per Share
for all conversions of the Shares since the filing of the prior
Schedule 13D are set further on Schedule F hereto and are incorporated
herein by reference. All of such transactions reflect the conversion
of each Share into $7.50 in cash, plus certain contingent deferred
consideration, as a result of the acquisition of the Company by
Fairfax pursuant to the Amended and Restated Agreement and Plan of
Merger dated as of June 23, 1997. For further information regarding
the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the
Securities and Exchange Commission on October 30, 1997.
(d) FCMLLC, as an investment adviser, has the power to direct the
disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. 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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
G. Farallon Partners, L.L.C.
Page 23 of 34 Pages
<PAGE>
(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 Shares. 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 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Boilini is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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.
(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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Cohen is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
Page 24 of 34 Pages
<PAGE>
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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Downes is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 Shares. Fairman is a managing member of FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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.
(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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Fish is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
Page 25 of 34 Pages
<PAGE>
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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Fremder is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Mellin is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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.
(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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Millham is a managing member of FCMLLC and FPLLC.
Page 26 of 34 pages
<PAGE>
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Moore is a managing member of FCMLLC and FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
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 Shares. FCMLLC, as an investment adviser, has the power to direct
the disposition of the proceeds of the sale of the Shares held by the
Managed Accounts. Steyer is the senior managing member of FCMLLC and
FPLLC.
(e) As of December 3, 1997, the Reporting Person is not the beneficial
owner of any Shares.
The Shares reported hereby for the Partnerships and FCMLLC on behalf of
the Managed Accounts were owned directly by such entities. 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
Shares. Each of FPLLC and Fairman, as a managing member of FPLLC, may be deemed
to be the beneficial owner of all such Shares owned by the Partnerships. FCMLLC
may be deemed to be the beneficial owner of all such Shares owned by the Managed
Accounts. Each of FCMLLC, FPLLC, Boilini, Cohen, Downes, Fairman, Fish, Fremder,
Mellin, Millham, Moore and Steyer hereby disclaim any beneficial ownership of
any such Shares.
Page 27 of 34 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: December 12, 1997
/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 28 of 34 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF SHARES
PURCHASED ("P") PRICE
TRADE DATE OR CONVERTED ("C") PER SHARE
(including commission)
12/1/97 1,200 P $8.15
12/2/97 2,200 P $8.14
12/3/97 556,700 C $7.50(1)
- ------------
(1) All of such transactions reflect the conversion of each Share into
$7.50 in cash, plus certain contingent deferred consideration, as a result of
the acquisition of the Company by Fairfax pursuant to the Amended and Restated
Agreement and Plan of Merger dated as of June 23, 1997. For further information
regarding the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the Securities
and Exchange Commission on October 30, 1997.
Page 29 of 34 Pages
<PAGE>
SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF SHARES
PURCHASED ("P") PRICE
TRADE DATE OR CONVERTED ("C") PER SHARE
(including commission)
12/1/97 1,000 P $8.15
12/2/97 1,900 P $8.14
12/3/97 514,300 C $7.50(1)
- ------------
(1) All of such transactions reflect the conversion of each Share into
$7.50 in cash, plus certain contingent deferred consideration, as a result of
the acquisition of the Company by Fairfax pursuant to the Amended and Restated
Agreement and Plan of Merger dated as of June 23, 1997. For further information
regarding the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the Securities
and Exchange Commission on October 30, 1997.
Page 30 of 34 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF SHARES
PURCHASED ("P") PRICE
TRADE DATE OR CONVERTED ("C") PER SHARE
(including commission)
12/1/97 500 P $8.14
12/2/97 900 P $8.14
12/3/97 131,300 C $7.50(1)
- -----------
(1) All of such transactions reflect the conversion of each Share into
$7.50 in cash, plus certain contingent deferred consideration, as a result of
the acquisition of the Company by Fairfax pursuant to the Amended and Restated
Agreement and Plan of Merger dated as of June 23, 1997. For further information
regarding the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the Securities
and Exchange Commission on October 30, 1997.
Page 31 of 34 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF SHARES
PURCHASED ("P") PRICE
TRADE DATE OR CONVERTED ("C") PER SHARE
(including commission)
12/1/97 100 P $8.14
12/2/97 200 P $8.15
12/3/97 49,800 C $7.50(1)
- -------------
(1) All of such transactions reflect the conversion of each Share into
$7.50 in cash, plus certain contingent deferred consideration, as a result of
the acquisition of the Company by Fairfax pursuant to the Amended and Restated
Agreement and Plan of Merger dated as of June 23, 1997. For further information
regarding the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the Securities
and Exchange Commission on October 30, 1997.
Page 32 of 34 pages
<PAGE>
SCHEDULE E TINICUM PARTNERS, L.P.
NO. OF SHARES
PURCHASED ("P") PRICE
TRADE DATE OR CONVERTED ("C") PER SHARE
(including commission)
12/1/97 300 P $8.14
12/2/97 500 P $8.14
12/3/97 77,500 C $7.50(1)
- -------------
(1) All of such transactions reflect the conversion of each Share into
$7.50 in cash, plus certain contingent deferred consideration, as a result of
the acquisition of the Company by Fairfax pursuant to the Amended and Restated
Agreement and Plan of Merger dated as of June 23, 1997. For further information
regarding the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the Securities
and Exchange Commission on October 30, 1997.
Page 33 of 34 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF SHARES
PURCHASED ("P") PRICE
TRADE DATE OR CONVERTED ("C") PER SHARE
(including commission)
11/24/97 1,200 P $8.15
12/1/97 1,200 P $8.15
12/2/97 2,300 P $8.14
12/3/97 507,300 C $7.50(1)
12/1/97 100 P $8.14
12/2/97 200 P $8.15
12/3/97 25,600 C $7.50(1)
12/1/97 300 P $8.14
12/2/97 500 P $8.14
12/3/97 124,600 C $7.50(1)
------------
(1) All of such transactions reflect the conversion of each Share into
$7.50 in cash, plus certain contingent deferred consideration, as a result of
the acquisition of the Company by Fairfax pursuant to the Amended and Restated
Agreement and Plan of Merger dated as of June 23, 1997. For further information
regarding the acquisition, including the contingent deferred consideration,
please see the Proxy Statement/Prospectus filed by Fairfax with the Securities
and Exchange Commission on October 30, 1997.
Page 34 of 34 Pages
