FARALLON CAPITAL MANAGEMENT LLC
SC 13D/A, 1999-08-18
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<PAGE>

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                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  SCHEDULE 13D
                                 (Rule 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                               (Amendment No. 7)1

                     Spiros Development Corporation II, Inc.
                                (Name of Issuer)

                                      Units
                         (Title of Class of Securities)

                                    848935201
                                 (CUSIP Number)

                                 Mark C. Wehrly
                       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)

                                 August 9, 1999
             (Date of Event which Requires Filing of this Statement)

     If the filing  person has  previously  filed a statement on Schedule 13G to
report the  acquisition  that is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box [ ].

          Note.  Schedules filed in paper format shall include a signed original
     and five copies of the schedule,  including all exhibits. See Rule 13d-7(b)
     for other parties to whom copies are to be sent.

                         (Continued on following pages)
                               Page 1 of 36 Pages


- ------------------------
     1 The  remainder  of this cover  page  shall be filled out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.

     The  information  required on the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================
- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Capital Partners, L.P.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however, is a beneficial owner only of the securities reported by it
            on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         WC, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]

- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         California
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           242,700
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      242,700
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         242,700
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         3.8%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 2 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Capital Institutional Partners, L.P.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however, is a beneficial owner only of the securities reported by it
            on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         WC
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         California
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           235,700
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      235,700
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         235,700
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         3.7%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 3 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Capital Institutional Partners II, L.P.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however, is a beneficial owner only of the securities reported by it
            on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         WC
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         California
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           124,100
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      124,100
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         124,100
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         2.0%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 4 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Capital Institutional Partners III, L.P.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however, is a beneficial owner only of the securities reported by it
            on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         WC
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           210,600
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      210,600
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         210,600
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         3.3%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 5 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Tinicum Partners, L.P.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however, is a beneficial owner only of the securities reported by it
            on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         WC, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         New York
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           20,800
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      20,800
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         20,800
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         0.3%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 6 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Capital (CP) Investors, L.P.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however, is a beneficial owner only of the securities reported by it
            on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         WC, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         Cayman Islands
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           44,600
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      44,600
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         44,600
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         0.7%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 7 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Capital Management, L.L.C.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           473,000
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      473,000
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         473,000
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         7.5%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IA, OO
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 8 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Farallon Partners, L.L.C.
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           878,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      878,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         878,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         13.9%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         OO
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 9 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Enrique H. Boilini
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         Argentina
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 10 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         David I. Cohen
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         South Africa
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 11 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Joseph F. Downes
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 12 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         William F. Duhamel
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 13 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Fleur E. Fairman
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           878,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      878,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         878,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]

- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         13.9%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 14 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Jason M. Fish
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 15 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Andrew B. Fremder
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 16 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Richard B. Fried
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 17 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         William F. Mellin
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 18 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Stephen L. Millham
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 19 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Meridee A. Moore
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 20 of 36 Pages
<PAGE>


                                       13D
===============================
CUSIP No. 848935201
===============================

- ---------======================================================================
   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

         Thomas F. Steyer
- ---------======================================================================
   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                   (a) [   ]

                                                                   (b) [ X ]**
         ** The reporting  persons  making this filing hold an aggregate of
            1,351,500 Units (and corresponding Shares), which is 21.4% of
            the class of  securities.  The reporting  person on this cover page,
            however,  may be  deemed  a  beneficial owner only of the securities
            reported by it on this cover page.
- ---------======================================================================
   3     SEC USE ONLY

- ---------======================================================================
   4     SOURCE OF FUNDS*

         AF, OO
- ---------======================================================================
   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEM 2(d) OR 2(e)
                                                                       [   ]
- ---------======================================================================
   6     CITIZENSHIP OR PLACE OF ORGANIZATION
         United States
- ----------------------=========================================================
   NUMBER OF      7   SOLE VOTING POWER

    SHARES            -0-
                ------=========================================================
 BENEFICIALLY     8   SHARED VOTING POWER

   OWNED BY           1,351,500
                ------=========================================================
     EACH         9   SOLE DISPOSITIVE POWER

   REPORTING          -0-
                ------=========================================================
  PERSON WITH    10   SHARED DISPOSITIVE POWER

                      1,351,500
- ----------------------=========================================================
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,351,500
- ---------======================================================================
   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
         CERTAIN SHARES*
                                                                       [   ]
- ---------======================================================================
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         21.4%
- ---------======================================================================
   14    TYPE OF REPORTING PERSON*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                              Page 21 of 36 Pages
<PAGE>


     This  Amendment  No. 7 to Schedule 13D amends the  Schedule  13D  initially
filed on December  29, 1997  (collectively,  with all  amendments  thereto,  the
"Schedule 13D").

Item 2. Identity and Background

     Item 2 of the  Schedule  13D is amended  and  restated  in its  entirety as
follows:

     (a) This statement is filed by the entities and persons  listed below,  all
of whom together are referred to herein as the "Reporting Persons."

      The Partnerships

            (i)   Farallon  Capital   Partners,   L.P.,  a  California   limited
                  partnership   ("FCP"),   with   respect   to  the  Units  (and
                  corresponding Shares) held by it;

            (ii)  Farallon Capital  Institutional  Partners,  L.P., a California
                  limited partnership  ("FCIP"),  with respect to the Units (and
                  corresponding Shares) held by it;

            (iii) Farallon Capital Institutional Partners II, L.P., a California
                  limited  partnership  ("FCIP  II"),  with respect to the Units
                  (and corresponding Shares) held by it;

            (iv)  Farallon Capital Institutional  Partners III, L.P., a Delaware
                  limited  partnership  ("FCIP III"),  with respect to the Units
                  (and corresponding Shares) held by it;

             (v)  Tinicum  Partners,   L.P.,  a  New  York  limited  partnership
                  ("Tinicum"),  with  respect  to the Units  (and  corresponding
                  Shares) held by it; and

            (vi)  Farallon  Capital  (CP)  Investors,  L.P.,  a  Cayman  Islands
                  limited  partnership  ("FCCP")  with respect to the Units (and
                  corresponding Shares) held by it.

      FCP, FCIP,  FCIP II, FCIP III,  Tinicum and FCCP are together  referred to
herein as the "Partnerships."

      The Management Company

            (vii) Farallon  Capital  Management,   L.L.C.,  a  Delaware  limited
                  liability company (the "Management Company"),  with respect to
                  the Units (and corresponding


                              Page 22 of 36 Pages

<PAGE>

                  Shares) held by certain accounts managed by the Management
                  Company (the "Managed Accounts")2.

      The General Partner Of The Partnerships

            (viii)Farallon  Partners,   L.L.C.,  a  Delaware  limited  liability
                  company   which  is  the  general   partner  of  each  of  the
                  Partnerships  (the  "General  Partner"),  with  respect to the
                  Units  (and   corresponding   Shares)  held  by  each  of  the
                  Partnerships.

      The Managing Members Of the General Partner and the Management Company

            (ix)  The following eleven persons who are managing members of
                  both the General Partner and the Management Company, with
                  respect to the Units (and corresponding Shares)  held by
                  the Partnerships and the Managed Accounts:  Enrique H.
                  Boilini ("Boilini"), David I. Cohen ("Cohen"), Joseph F.
                  Downes ("Downes"), William F. Duhamel ("Duhamel"), Jason M.
                  Fish ("Fish"), Andrew B. Fremder ("Fremder"), Richard B.
                  Fried ("Fried"), William F. Mellin ("Mellin"), Stephen L.
                  Millham ("Millham"), Meridee A. Moore ("Moore") and Thomas
                  F. Steyer ("Steyer"); and

            (x)   the twelfth managing member of the General  Partner,  Fleur E.
                  Fairman   ("Fairman"),   with   respect   to  the  Units  (and
                  corresponding Shares) held by the Partnerships.

     Boilini,  Cohen, Downes,  Duhamel,  Fairman, Fish, Fremder,  Fried, Mellin,
Millham,  Moore,  Steyer  are  together  referred  to herein as the  "Individual
Reporting Persons."

     (b) The address of the principal  business and principal office of (i) FCCP
is c/o W.S.  Walker & Company,  P.O. Box 265 GT,  Walker  House,  Grand  Cayman,
Cayman Islands and c/o Farallon  Partners,  L.L.C.,  One Maritime  Plaza,  Suite
1325, San Francisco,  California 94111, (ii) the other Partnerships, the General
Partner and the  Management  Company is One  Maritime  Plaza,  Suite  1325,  San
Francisco,  California 94111 and (iii) each of the Individual  Reporting Persons
is set forth in Annex 1 hereto.


- ---------------------
     2 Of the  Units  (and  corresponding  Shares)  reported  by the  Management
Company on behalf of the  Managed  Accounts,  53,000  Units  (and  corresponding
Shares) (equal to approximately  0.8% of the total Units currently  outstanding)
are  held  by  The  Absolute  Return  Fund  of The  Common  Fund,  a  non-profit
corporation whose principal address is 450 Post Road East, Westport, Connecticut
06881.


                              Page 23 of 36 Pages
<PAGE>

     (c) The principal business of each of the Partnerships is that of a private
investment  fund  engaging in the purchase and sale of  investments  for its own
account.  The principal business of the General Partner is to act as the general
partner of the Partnerships. The principal business of the Management Company is
that of a registered  investment adviser.  The principal business of each of the
Individual Reporting Persons is set forth in Annex 1 hereto.

     (d) None of the Partnerships,  the Management Company,  the General Partner
or any of the Individual Reporting Persons has, during the last five years, been
convicted in a criminal  proceeding  (excluding  traffic  violations  or similar
misdemeanors).

     (e) None of the Partnerships,  the Management Company,  the General Partner
or any of the Individual Reporting Persons has, during the last five years, been
party to a civil  proceeding of a judicial or  administrative  body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree  or final  order  enjoining  future  violations  of,  or  prohibiting  or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.

     (f) The  citizenship of each of the  Partnerships,  the General Partner and
the  Management  Company is set forth above.  Each of the  Individual  Reporting
Persons is a United  States  citizen other than (i) Enrique H. Boilini who is an
Argentinean citizen and (ii) David I. Cohen who is a South African citizen.

     The other  information  required  by Item 2 relating  to the  identity  and
background of the Reporting Persons is set forth in Annex 1 hereto.


                              Page 24 of 36 Pages
<PAGE>

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)  for  the  Units  (and
corresponding  Shares) acquired by each of the Partnerships and Managed Accounts
since the filing of the prior Schedule 13D is set forth below:

                   Units (and Corresponding)
      Entity             Shares) Acquired      Approximate Net Investment Cost3
      FCP                 61,000                   $447,213.10
      FCIP                46,200                   $338,971.80
      FCIP II              9,300                    $68,243.66
      FCIP III            12,700                    $94,360.16
      Tinicum              3,500                    $25,690.32
      FCCP                 4,600                    $33,751.58
      Managed
        Accounts          93,400                   $684,444.92

     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 FCP, Tinicum and FCCP, from working capital,  and/or from borrowings pursuant
to margin accounts maintained in the ordinary course of business by FCP, Tinicum
and  FCCP at  Goldman,  Sachs & Co.;  and  (iii)  with  respect  to the  Managed
Accounts,  from  the  working  capital  of  each  Managed  Account  and/or  from
borrowings  pursuant to margin  accounts  maintained  in the ordinary  course of
business by some of the Managed Accounts at Goldman,  Sachs & Co. FCP,  Tinicum,
FCCP  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 Units (and corresponding Shares).

Item 5. Interest in Securities of the Issuer.


- ---------------------
     3 As the Shares  currently trade as part of the Units, the reported cost is
a per Unit cost.  For purposes of the  Schedule  13D,  the net  investment  cost
attributes all of the Unit cost to the related Share.


                              Page 25 of 36 Pages
<PAGE>

     Item 5 of the  Schedule  13D is amended  and  restated  in its  entirety as
follows:

     (a) The Partnerships

          (a),(b)   The  information set forth in Rows 7 through 13 of the cover
                    page hereto for each  Partnership is incorporated  herein by
                    reference for each such  Partnership.  The percentage amount
                    set forth in Row 13 of each  cover page  filed  herewith  as
                    well as  Footnote  Two hereto is  calculated  based upon the
                    6,325,000 Units (and corresponding Shares) outstanding as of
                    July 30, 1999 as  reported  by the Company in its  Quarterly
                    Report on Form 10-Q for the period ended June 30, 1999 filed
                    with the  Securities  and Exchange  Commission on August 16,
                    1999.

          (c)  The trade  dates,  number  of Units  (and  corresponding  Shares)
               purchased  or  sold  and the  price  per  Unit  (and  per  Share)
               (including  commissions)  for  all  purchases  and  sales  by the
               Partnerships  in the past 60 days are set forth on Schedules  A-F
               hereto  and are  incorporated  herein by  reference.  All of such
               transactions were open-market transactions.

          (d)  The  General  Partner  has the power to direct the affairs of the
               Partnerships,  including the  disposition  of the proceeds of the
               sale of the Units  (and  corresponding  Shares).  The  Individual
               Reporting Persons are managing members of the General Partner.

          (e)  Not applicable.

     (b) The Management Company

          (a),(b)   The  information set forth in Rows 7 through 13 of the cover
                    page  hereto  for the  Management  Company  is  incorporated
                    herein by reference.

          (c)  The trade  dates,  number  of Units  (and  corresponding  Shares)
               purchased  or  sold  and the  price  per  Unit  (and  per  Share)
               (including  commissions)  for  all  purchases  and  sales  by the
               Management  Company on behalf of the Managed Accounts in the past
               60 days are set forth on  Schedule G hereto and are  incorporated
               herein by reference.  All of such  transactions  were open-market
               transactions.

          (d)  The Management Company,  as an investment adviser,  has the power
               to direct  the  disposition  of the  proceeds  of the sale of the
               Units (and  corresponding  Shares) held by the Managed  Accounts.
               The Individual  Reporting Persons other than Fairman are managing
               members of the Management Company.

          (e)  Not applicable.

     (c) The General Partner


                              Page 26 of 36 Pages
<PAGE>

          (a),(b)   The  information set forth in Rows 7 through 13 of the cover
                    page hereto for the General Partner is  incorporated  herein
                    by reference.

          (c)  None.

          (d)  The  General  Partner  has the power to direct the affairs of the
               Partnerships,  including the  disposition  of the proceeds of the
               sale of the Units  (and  corresponding  Shares).  The  Individual
               Reporting Persons are managing members of the General Partner.

          (e)  Not applicable.

     (d) The Individual Reporting Persons

          (a),(b)   The  information set forth in Rows 7 through 13 of the cover
                    page  hereto  for  each  Individual   Reporting   Person  is
                    incorporated  herein by reference  for each such  Individual
                    Reporting Person.

          (c)  None.

          (d)  The  General  Partner  has the power to direct the affairs of the
               Partnerships,  including the  disposition  of the proceeds of the
               sale of the Units  (and  corresponding  Shares).  The  Management
               Company,  as an investment  adviser,  has the power to direct the
               disposition  of the  proceeds  of the  sale  of  the  Units  (and
               corresponding   Shares)  held  by  the  Managed   Accounts.   The
               Individual  Reporting Persons are managing members of the General
               Partner.  The Individual Reporting Persons other than Fairman are
               managing members of the Management Company.

          (e)  Not applicable.

     The Units (and  corresponding  Shares) reported hereby for the Partnerships
are owned  directly by the  Partnerships  and those  reported by the  Management
Company on behalf of the  Managed  Accounts  are owned  directly  by the Managed
Accounts.  The General Partner,  as general partner to the Partnerships,  may be
deemed to be the beneficial owner of all such Units (and  corresponding  Shares)
owned by the Partnerships.  The Management Company, as investment adviser to the
Managed  Accounts,  may be deemed to be the  beneficial  owner of all such Units
(and corresponding Shares) owned by the Managed Accounts.  The eleven Individual
Reporting  Persons who are managing  members of both the General Partner and the
Management  Company  may each be deemed to be the  beneficial  owner of all such
Units  (and  corresponding  Shares)  held by the  Partnerships  and the  Managed
Accounts.  Fairman,  as a managing  member of only the General  Partner,  may be
deemed to be the beneficial owner of all such Units (and  corresponding  Shares)
held by the Partnerships.  Each of the Management  Company,  the General Partner
and the Individual  Reporting Persons hereby disclaims any beneficial  ownership
of any such Units (and corresponding Shares).


                              Page 27 of 36 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: August 18, 1999


                    /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.,
                    TINICUM PARTNERS, L.P.,
                    And FARALLON CAPITAL (CP) INVESTORS, 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, William F. Duhamel, Fleur E. Fairman,
                    Jason M. Fish, Andrew B. Fremder, Richard B. Fried,
                    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, which were filed with Amendment No. 1
to the  Schedule  13D filed  with the  Securities  and  Exchange  Commission  on
September 26, 1997, by such  Reporting  Persons with respect to the Common Stock
of Sphere Drake Holdings  Limited,  are hereby  incorporated  by reference.  The
Powers of Attorney executed by Duhamel and Fried authorizing  Steyer to sign and
file this Schedule 13D on each person's behalf,  which were filed with Amendment
No. 1 to the Schedule 13G filed with the Securities  and Exchange  Commission on
January 13, 1999, by such Reporting Persons with respect to the Callable Class A
Common  Shares  of  CliniChem  Development  Inc.,  are  hereby  incorporated  by
reference.


                              Page 28 of 36 Pages
<PAGE>


                                                                         ANNEX 1


     Set forth  below with  respect to the  Management  Company  and the General
Partner is the  following  information:  (a) name;  (b) address;  (c)  principal
business;  (d) state of  organization;  and (e) controlling  persons.  Set forth
below with respect to each  managing  member of the  Management  Company and the
General Partner is the following:  (a) name; (b) business address; (c) principal
occupation; and (d) citizenship.

1. The Management Company

        (a)   Farallon Capital Management, L.L.C.
        (b)   One Maritime Plaza, Suite 1325
              San Francisco, California  94111
        (c)   Serves as investment adviser to various managed accounts
        (d)   Delaware limited liability company
        (e)   Managing  Members:  Thomas  F.  Steyer,  Senior  Managing  Member;
              Enrique H. Boilini,  David I. Cohen, Joseph F. Downes,  William F.
              Duhamel,  Jason M. Fish,  Andrew B.  Fremder,  Richard  B.  Fried,
              William  F.  Mellin,  Stephen L.  Millham  and  Meridee A.  Moore,
              Managing Members.

2. The General Partner

        (a)   Farallon Partners, L.L.C.
        (b)   c/o Farallon Capital Management, L.L.C.
              One Maritime Plaza, Suite 1325
              San Francisco, California  94111
        (c)   Serves as general partner to investment partnerships
        (d)   Delaware limited liability company
        (e)   Managing  Members:  Thomas  F.  Steyer,  Senior  Managing  Member;
              Enrique H. Boilini,  David I. Cohen, Joseph F. Downes,  William F.
              Duhamel,  Fleur E.  Fairman,  Jason M.  Fish,  Andrew B.  Fremder,
              Richard B.  Fried,  William F.  Mellin,  Stephen  L.  Millham  and
              Meridee A. Moore, Managing Members.

3. The Individual Reporting Persons

     Except as stated  below,  each of the  Individual  Reporting  Persons  is a
     United  States  citizen  whose  business  address is c/o  Farallon  Capital
     Management,   L.L.C.,  One  Maritime  Plaza,  Suite  1325,  San  Francisco,
     California  94111.  Enrique H.  Boilini  is an  Argentinean  citizen  whose
     business address is c/o Farallon Capital Management,  L.L.C., 75 Holly Hill
     Lane,  Greenwich,  Connecticut  06830.  David I.  Cohen is a South  African
     citizen.  The principal occupation of Thomas F. Steyer is serving as senior
     managing  member of the  Management  Company and the General  Partner.  The
     principal  occupation  of Fairman  is  serving as a managing  member of the
     General  Partner.   The  principal  occupation  of  each  other  Individual
     Reporting  Person is serving as a  managing  member of both the  Management
     Company and the General Partner.


                              Page 29 of 36 Pages
<PAGE>


                                   SCHEDULE A

                         FARALLON CAPITAL PARTNERS, L.P.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT4


        07-30-99                  10,400 (P)                     $7.94
        08-09-99                  16,600 (P)                     $7.53
        08-11-99                    500 (P)                      $7.41
        08-12-99                   2,500 (P)                     $7.28
        08-13-99                  31,000 (P)                     $7.02








- ---------------------
     4 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 30 of 36 Pages
<PAGE>


                                   SCHEDULE B

                  FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT5


        07-30-99                   8,000 (P)                     $7.94
        08-09-99                  12,800 (P)                     $7.53
        08-11-99                    400 (P)                      $7.41
        08-12-99                   2,000 (P)                     $7.28
        08-13-99                  23,000 (P)                     $7.02












- ---------------------
     5 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 31 of 36 Pages
<PAGE>


                                   SCHEDULE C

                FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT6


        07-30-99                   1,600 (P)                     $7.94
        08-09-99                   2,600 (P)                     $7.53
        08-11-99                    100 (P)                      $7.41
        08-12-99                    400 (P)                      $7.28
        08-13-99                   4,600 (P)                     $7.02













- ---------------------
     6 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 32 of 36 Pages
<PAGE>


                                   SCHEDULE D

                FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT7


        07-30-99                   3,200 (P)                     $7.94
        08-09-99                   3,800 (P)                     $7.53
        08-11-99                    200 (P)                      $7.41
        08-12-99                    900 (P)                      $7.28
        08-13-99                   4,600 (P)                     $7.02














- ---------------------
     7 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 33 of 36 Pages
<PAGE>


                                   SCHEDULE E

                             TINICUM PARTNERS, L.P.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT8


        07-30-99                    600 (P)                      $7.94
        08-09-99                   1,000 (P)                     $7.53
        08-12-99                    200 (P)                      $7.28
        08-13-99                   1,700 (P)                     $7.02














- ---------------------
     8 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 34 of 36 Pages
<PAGE>


                                   SCHEDULE F

                      FARALLON CAPITAL (CP) INVESTORS, L.P.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT9


        07-30-99                    800 (P)                      $7.94
        08-09-99                   1,300 (P)                     $7.53
        08-12-99                    200 (P)                      $7.28
        08-13-99                   2,300 (P)                     $7.02















- ---------------------
     9 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 35 of 36 Pages
<PAGE>


                                   SCHEDULE G

                       FARALLON CAPITAL MANAGEMENT, L.L.C.


                                  NO. OF UNITS
                           (AND CORRESPONDING SHARES)
                                 PURCHASED (P)                   PRICE
       TRADE DATE                 OR SOLD (S)                  PER UNIT10


        07-30-99                  13,000 (P)                     $7.94
        08-09-99                  22,100 (P)                     $7.53
        08-11-99                    500 (P)                      $7.41
        08-12-99                   3,300 (P)                     $7.28
        08-13-99                  40,900 (P)                     $7.02


        07-30-99                    400 (P)                      $7.94
        08-09-99                    600 (P)                      $7.53
        08-12-99                    100 (P)                      $7.28
        08-13-99                   1,100 (P)                     $7.02


        07-30-99                   2,000 (P)                     $7.94
        08-09-99                   3,200 (P)                     $7.53
        08-11-99                    100 (P)                      $7.41
        08-12-99                    400 (P)                      $7.28
        08-13-99                   5,700 (P)                     $7.02









- ---------------------
    10 As the Shares currently trade as part of the Units, the reported price is
a per Unit price.  For purposes of the Schedule 13D, the price attributes all of
the Unit price to the related Share.


                              Page 36 of 36 Pages



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