<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Walden Residential Properties, Inc.
- --------------------------------------------------------------------------------
(NAME OF ISSUER)
Common Stock, par value $0.01 per share
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(TITLE OF CLASS OF SECURITIES)
931210108
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(CUSIP NUMBER)
Joseph G. Beard
3300 Commerce
Dallas, Texas 75226
(214) 515-7000
- --------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
December 23, 1998
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(DATE OF EVENT WHICH REQUIRES FILING
OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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CUSIP NO. 931210108 13D PAGE 2 OF 14 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Westdale Properties America I, Ltd.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 977,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
977,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
977,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 931210108 13D PAGE 3 OF 14 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JCB Ventures I, Ltd.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 977,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
977,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
977,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 931210108 13D PAGE 4 OF 14 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JGB Holdings, Inc.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 977,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
977,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
977,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 931210108 13D PAGE 5 OF 14 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joseph G. Beard
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF/OO for shares listed in Items 7 & 9 below; not applicable for shares
listed in Items 8 & 10 below
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
USA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
6,900
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 977,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
6,900
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
977,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
984,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.44%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 931210108 13D PAGE 6 OF 14 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Kimel, as sole Trustee for the benefit of the issue of Manuel
Kimel under the Manuel Kimel Family Trust
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Canadian
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 977,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
977,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
977,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 931210108 13D PAGE 7 OF 14 PAGES
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock, par value $.01 per share
(the "Stock"), of Walden Residential Properties, Inc., a Maryland corporation
operated as a real estate investment trust (the "Issuer"). The principal
executive offices of the Issuer are located at One Lincoln Centre, 5400 LBJ
Freeway, Suite 400, LB 45, Dallas, Texas 75240.
ITEM 2. IDENTITY AND BACKGROUND.
Pursuant to Rule 13d-1(a) of Regulation 13D-G of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended (the "Act"),
this Schedule 13D Statement is hereby filed by the following persons
(collectively, the "Reporting Persons"): Westdale Properties America I, Ltd., a
Texas limited partnership ("WPA I Ltd."); JGB Ventures I, Ltd., a Texas limited
partnership and the sole general partner of WPA I Ltd. ("JGB I Ltd."); JGB
Holdings, Inc., a Texas corporation and sole general partner of JGB I Ltd. ("JGB
Holdings"); Joseph G. Beard, a citizen of the United States and sole
shareholder of JGB Holding; ("Beard"); and Ronald Kimel, a Canadian citizen, as
sole Trustee for the benefit of the issue of Manuel Kimel under the Manuel Kimel
Family Trust ("Kimel").
WPA I Ltd. is a Texas limited partnership, the principal business of which
is to own, operate develop, construct, acquire, and consult in respect of real
estate in the United States. The principal business address of WPA I Ltd.,
which also serves as its principal office, is 3300 Commerce, Dallas, Texas
75226.
JGB I Ltd. is a Texas limited partnership, the principal business of which
is serving as the general partner of WPA I Ltd., serving as the general partner
of Westdale Asset Management, Ltd., a Texas limited partnership, and activities
related thereto. The principal business address of JGB I Ltd., which also
serves as its principal office, is 3300 Commerce, Dallas, Texas 75226.
JGB Holdings is a Texas corporation, the principal business of which is
serving as the general partner of JGB I Ltd. and activities related thereto.
The principal business address of JGB Holdings, which also serves as its
principal office, is 3300 Commerce, Dallas, Texas 75226. Beard is sole
director and President, Vice President and Treasurer of JGB Holdings. It has no
other executive officers.
Beard's principal occupation or employment is serving as the President of
JGB Holdings as general partner of JGB I Ltd. The principal business address of
Beard, which also serves as his principal office, is 3300 Commerce, Dallas,
Texas 75226.
<PAGE>
CUSIP NO. 931210108 13D PAGE 8 OF 14 PAGES
The principal business of Kimel and the Manuel Kimel Family Trust is
investments. The principal business address of Kimel and the Manuel Kimel
Family Trust, which also serves as their principal office, is 444 Adelaide
Street West, Toronto, Ontario M5V 1S7.
The Reporting Persons may be deemed to comprise a "group" within the
meaning of Section 13(d)(3) of the Act, although neither the fact of this filing
nor any of the information contained herein shall be deemed to be an admission
by any of the Reporting Persons that a "group" exists.
During the last five years, none of the Reporting Persons (i) has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) was a 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used by WPA I Ltd. to purchase its Stock is
Working Capital of WPA I Ltd. As used herein, the term "Working Capital"
includes income from the business operations of the entity plus sums borrowed
from, among other sources, banks and brokerage firm margin accounts, to operate
such business in general. Beard used personal funds and sums borrowed from
brokerage firm margin accounts to purchase his shares of Stock.
ITEM 4. PURPOSE OF TRANSACTION.
Pursuant to a series of transactions ending on December 23, 1998, WPA I
Ltd. has purchased for an aggregate of $19,526,186 in cash an aggregate of
977,600 shares of Stock. The shares of Stock were acquired by WPA I Ltd. for
the purpose of investment.
Pursuant to a series of transactions ending on November 18, 1998, Beard,
individually, purchased for an aggregate of $120,465 in cash an aggregate of
5,500 shares of Stock. The shares of Stock purchased by Beard individually were
acquired for the purpose of investment.
On November 13, 1998, Beard, through an Individual Retirement Account,
purchased 1,400 shares for $30,244 in cash. The shares of Stock purchased by
Beard through his Individual Retirement Account were acquired for the purpose of
investment.
Subject to the foregoing, the Reporting Persons intend to continue to
evaluate the Issuer's business, prospects and financial condition, the market
for the Stock, monetary and stock market conditions and other further
developments. As a part of such evaluation, one or more of the Reporting
Persons may participate in meetings or hold discussions with the Issuer's
management, other security holders of the Issuer and other persons in which the
Reporting Persons may express their views with respect to potential changes in
the operations, assets, capital structure or ownership
<PAGE>
CUSIP NO. 931210108 13D PAGE 9 OF 14 PAGES
of the Issuer. Such expression of views may relate to one or more of the
transactions specified in clauses (a) through (j) of Item 4 of the Schedule 13D
form. One of the Reporting Persons has previously discussed with an officer of
the Issuer the possibility of exchanging certain real estate and related assets
owned by WPA I Ltd. and its affiliates for securities of the Issuer or its
operating partnership and obtaining representation on the Board of Directors of
the Issuer, but substantive discussions have not been pursued.
Depending upon, among other things, the factors set forth above, the
Reporting Persons reserve the right to (i) dispose of all or part of their
investment in the Stock at any time, (ii) acquire additional equity securities
of the Issuer or its affiliates by tender offer, in the open market, in private
transactions or otherwise, (iii) propose a merger or other business combination
with the Issuer or its affiliates, (iv) seek control of the Issuer by stock
ownership or otherwise, or (v) to take any other action with respect to the
Issuer.
Except as set forth in this Item 4, the Reporting Persons have no present
plans or proposals that relate to or that would result in any of the following
actions:
(a) The acquisition by any person of additional securities of the Issuer,
or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or any
of its subsidiaries;
(d) Any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend policy of
the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure;
(g) Changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
<PAGE>
CUSIP NO. 931210108 13D PAGE 10 OF 14 PAGES
(j) Any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Pursuant to Rule 13d-3(a), at the close of business on December 31, 1998,
each of WPA I Ltd. and Kimel may be deemed to be the beneficial owner of 977,600
shares of the Stock, which constitutes approximately 5.4% of the 18,112,354
shares of the Stock outstanding on October 28, 1998, according to the Issuer's
Form 10-Q Report filed on November 13, 1998 (the "Outstanding Shares"). Each of
the Reporting Persons, either directly or indirectly, has or shares the power to
vote or to direct the vote and to dispose or to direct the disposition of, such
shares of Stock.
Each of JGB I Ltd., as the sole general partner of WPA I Ltd., and JGB
Holdings, as the sole general partner of JGB I Ltd., pursuant to Rule 13d-3 of
the Act, may be deemed to be the beneficial owner of 977,600 shares of the
Stock, which constitutes approximately 5.4% of the Outstanding Shares. Each of
such persons, either directly or indirectly, may have or share the power to vote
or to direct the vote and to dispose of or to direct the disposition of, such
shares of Stock.
Beard, individually and as sole shareholder of JGB Holdings, pursuant to
Rule 13d-3 of the Act, may be deemed to be the beneficial owner of 984,500
shares of the Stock, which constitutes approximately 5.4% of the Outstanding
Shares and consists of (i) the 977,600 shares described in the preceding
paragraphs and (ii) 6,900 additional shares of Stock beneficially owned by Beard
separately. Beard, either directly or indirectly, may have or share the power
to vote or direct the vote and to dispose of or to direct the disposition of,
such shares of Stock.
Other than as set forth above, none of the Reporting Persons named herein
is the beneficial owner of any shares of the Stock.
During the last 60 days, WPA I Ltd. has purchased shares of the Stock in
open market transactions on the New York Stock Exchange as follows:
<TABLE>
<CAPTION>
DATE NUMBER OF SHARES PRICE PER PRICE
- ---------------------------------------------
<S> <C> <C>
11/3/98 2000 23 5/8
- ---------------------------------------------
11/3/98 2000 23 9/16
- ---------------------------------------------
11/3/98 200 23 11/16
- ---------------------------------------------
11/4/98 1000 23 1/2
- ---------------------------------------------
11/5/98 5000 23 1/4
- ---------------------------------------------
11/5/98 3900 23 1/4
- ---------------------------------------------
11/5/98 100 23 1/2
- ---------------------------------------------
11/9/98 5000 22 7/8
- ---------------------------------------------
11/11/98 3000 22 7/8
- ---------------------------------------------
</TABLE>
<PAGE>
CUSIP NO. 931210108 13D PAGE 11 OF 14 PAGES
<TABLE>
<CAPTION>
DATE NUMBER OF SHARES PRICE PER PRICE
- ---------------------------------------------
<S> <C> <C>
11/11/98 2000 22 4/5
- ---------------------------------------------
11/18/98 1100 21 3/8
- ---------------------------------------------
11/24/98 10000 21 1/4
- ---------------------------------------------
11/27/98 9000 20 13/16
- ---------------------------------------------
11/27/98 1000 20 12/16
- ---------------------------------------------
11/30/98 5000 20 11/16
- ---------------------------------------------
12/7/98 20000 21 4/16
- ---------------------------------------------
12/9/98 10000 20 14/16
- ---------------------------------------------
12/9/98 10000 20 13/16
- ---------------------------------------------
12/10/98 100000 20 4/16
- ---------------------------------------------
12/11/98 102000 20
- ---------------------------------------------
12/11/98 5000 20
- ---------------------------------------------
12/11/98 6000 19 14/16
- ---------------------------------------------
12/15/98 10000 19 8/16
- ---------------------------------------------
12/15/98 10000 19 10/16
- ---------------------------------------------
12/16/98 5000 19 5/16
- ---------------------------------------------
12/16/98 5000 19 5/16
- ---------------------------------------------
12/16/98 2500 19 8/16
- ---------------------------------------------
12/17/98 475000 19 8/16
- ---------------------------------------------
12/21/98 13000 19 12/16
- ---------------------------------------------
12/22/98 20000 19 12/16
- ---------------------------------------------
12/23/98 90000 19 10/16
- ---------------------------------------------
12/23/98 13000 19 9/16
- ---------------------------------------------
12/23/98 10000 19 11/16
- ---------------------------------------------
</TABLE>
During the last 60 days, Beard, individually, has purchased shares of the
Stock in open market transactions on the New York Stock Exchange as follows:
<TABLE>
<CAPTION>
DATE NUMBER OF SHARES PRICE PER PRICE
- ---------------------------------------------
<S> <C> <C>
11/18/98 3000 21 3/8
- ---------------------------------------------
11/18/98 2000 21 1/2
- ---------------------------------------------
</TABLE>
<PAGE>
CUSIP NO. 931210108 13D PAGE 12 OF 14 PAGES
On November 13, 1998, Beard, through an Individual Retirement Account,
purchased 1,400 shares of the Stock in open market transactions on the New York
Stock Exchange for $21 1/2 per share.
(d) not applicable
(e) not applicable
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
BancBostonRobertsonStephens has advised the Reporting Persons in respect of
their investment in securities of the Issuer and may be compensated if the
Reporting Persons enter into a transaction with the Issuer. By virtue of
constituent arrangements of the Reporting Persons, Beard and Kimel may be deemed
to act jointly and thus deemed to share the power to vote, acquire and dispose
of Stock. To the best knowledge of the Reporting Persons, there are no other
contracts, arrangements, understandings or relationships (legal or otherwise)
among the Reporting Persons or between the Reporting Persons and any other
person with respect to any securities of the Issuer, including but not limited
to, transfer or voting of any of the securities of the Issuer, finder's fees,
joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies,
or a pledge or contingency the occurrence of which would give another person
voting power over the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Not applicable.
<PAGE>
CUSIP NO. 931210108 13D PAGE 13 OF 14 PAGES
SIGNATURES AND POWER OF ATTORNEY
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Pursuant to Rule 13d-1(k)(l)(iii) of Regulation 13D-G of the General Rules
and Regulations of the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended, the undersigned agree that the attached
statement is filed on behalf of each of them in the capacities set forth below.
Each of the undersigned Reporting Persons hereby constitutes and appoints
Joseph G. Beard and Ronald Kimel, and each of them (with full power in each to
act alone), as attorneys and agents of the undersigned, to sign and file with
the Securities and Exchange Commission under Regulation 13 D-G under the
Securities Exchange Act of 1934, as amended, any and all amendments and exhibits
to this Schedule 13D, with full power and authority to do and perform any and
all acts and things whatsoever requisite or desirable in their or his sole
discretion.
DATED: January 4, 1999
WESTDALE PROPERTIES AMERICA I, LTD., a Texas limited
partnership
By: JGB Ventures I, Ltd., a Texas limited partnership
Its: General Partner
By: JGB Holdings, Inc., a Texas corporation
Its: General Partner
By: /s/ Joseph G. Beard
Its: /s/ President
JGB VENTURES I, LTD., a Texas limited partnership
By: JGB Holdings, Inc., a Texas corporation
Its: General Partner
By: /s/ Joseph G. Beard
Its: President
<PAGE>
CUSIP NO. 931210108 13D PAGE 14 OF 14 PAGES
JGB HOLDINGS, INC., a Texas corporation
By: /s/ Joseph G. Beard
Its: President
/s/ Joseph G. Beard
Joseph G. Beard
/s/ Ronald Kimel
Ronald Kimel, as sole Trustee for the benefit of the issue
of Manuel Kimel under the Manuel Kimel Family Trust
