<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
CinemaStar Luxury Theaters, Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value
- -------------------------------------------------------------------------------
(Title of Class of Securities)
17244C-10-3
--------------------------------------------------------
(CUSIP Number)
Neil Austrian, c/o Rust Capital, Ltd., 327 Congress Avenue,
Suite 200, Austin, Texas 78701 (512)476-2995
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 16, 1997
--------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class. (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
SEC 1746 (12-91) 1 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 2 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person S.S. or I.R.S. Identification No. of Above
Person
Reel Partners, L.L.C. (FEIN 74-2853736)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 3,000,000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 3,000,000
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
3,000,000
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
10.5%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 2 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 3 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person, S.S. or I.R.S. Identification No. of Above
Person
CinemaStar Acquisition Partners, L.L.C. (FEIN 74-2853737)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 20,315,088
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 20,315,088
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
20,315,088
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
71.7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 3 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 4 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
SCP Private Equity Partners, L.P. (FEIN 23-2854478)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 21,333,534
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 21,333,534
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
21,333,534
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
72.7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 4 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 5 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
SCP Private Equity Management, L.P. (FEIN 23-2854479)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 21,333,534
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 21,333,534
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
21,333,534
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
72.7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 5 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 6 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Safeguard Capital Management, Inc. (FEIN 23-2893097)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 21,333,534
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 21,333,634
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
21,333,534
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
72.7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 6 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 7 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Winston J. Churchill (SS # ###-##-####)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 21,333,534
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 21,333,534
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
21,333,534
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
72.7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 7 of 10
<PAGE>
CUSIP No. 17244C-10-3 SCHEDULE 13D Page 8 of 10 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Samuel A. Plum (SS # ###-##-####)
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 21,333,634
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power -0-
--------------------------------------------------
(9) Sole Dispositive
Power 21,333,534
--------------------------------------------------
(10) Shared Dispositive
Power -0-
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
21,333,534
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
72.7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) 8 of 10
<PAGE>
The Schedule 13D, dated October 3, 1997, filed by Reel Partners,
L.L.C., a Delaware limited liability company, CinemaStar Acquisition
Partners, L.L.C., a Delaware limited liability company ("CAP"), SCP Private
Equity Partners, L.P., a Delaware limited partnership, SCP Private Equity
Management, L.P., a Delaware limited partnership, Safeguard Capital
Management, Inc., a Delaware corporation, Winston J. Churchill, an
individual, and Samuel A. Plum, an individual, with respect to the common
stock, no par value (the "Common Stock"), of CinemaStar Luxury Theaters,
Inc., a California corporation (the "Company"), is hereby amended as set
forth below.
ITEM 1. SECURITY AND ISSUER
No Amendment.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 of Schedule 13D is hereby amended by adding CIP Capital L.P.,
a Delaware limited partnership ("CIP"), and LDR Capital Partners, a New York
general partnership ("LDR"), as members of CAP. CIP's address is 435 Devon
Park Drive, Suite 200, Vayne, Pennsylvania 19087. LDR's address is c/o
Bloomingdale Properties, 641 Lexington Avenue, 29th Floor, New York, New York
10022. CIP is controlled by Churchill. Churchill's address is the same
address as is applicable for SCP. LDR is controlled by Fredrick M. Danzinger
("Danzinger"). Danzinger's address is the same address as is applicable for LDR.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of Schedule of 13D is hereby amended by stating that the
transactions contemplated by the Stock Purchase Agreement have been
consummated and that CAP has made the $15 million investment contemplated
therein (the "Investment"). As a result, CAP has acquired 17,684,464 Shares,
together with a warrant to purchase an additional 1,630,624 Shares (the "CAP
Warrant"). In addition, SCP received a warrant to purchase 1,018,446 Shares
(the "SCP Warrant"). CAP obtained the necessary funds to make the Investment
from each of its member's capital contributions. Each of CAP's members
obtained the funds necessary to make the capital contribution to CAP through
contributions to each such member of investment capital from such member or
such member's partners, as applicable. The CAP Warrant was received as
partial consideration for the Investment. The SCP Warrant was received from
The Watley Group, LLC ("Watley") from warrants that Watley was otherwise
entitled to receive upon consummation of the Investment, which warrants were
transferred to SCP as reimbursement for the costs and expenses relating to
the Loan and the Investment.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 of Schedule 13D is hereby amended by stating that the
Investment has occurred and as a result Reel owns warrants to purchase
10.4516% of the outstanding Common Stock of the Company and that CAP owns
71.6979% of the outstanding Common Stock of the Company, which amount assumes
exercise of all warrants granted to CAP in connection with the Stock Purchase
Agreement. In addition, SCP has a separate right of ownership, distinct from
its control of CAP, to exercise warrants to purchase 3.8113% of the
outstanding Common Stock of the Company. With respect to paragraphs (a)
through (j) of Item 4, it is noted that (i) the Board of Directors has been
reconstituted to reflect seven (7) members of which four (4) have been
appointed by CAP, namely Churchill, Wayne B. Weisman, Thomas Rebar and Jack
R. Crosby, (ii) the Company's authorized Common Stock has been increased to
60 million Shares, (iii) the Company has retained Norman Dowling as its Chief
Financial Officer and (iv) the Company has retained James Villanueva as its
Executive Vice President. The Reporting Persons continue to reserve the
right to adopt any plans with respect to paragraphs (a) through (j) of Item 4
of Schedule 13D, subject to any applicable regulatory requirements.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Paragraph (a) of Item 5 of Schedule 13D is hereby amended by
stating that the Investment has occurred and that as a result, Reel has
rights to purchase 3,000,000 Shares which would represent 10.4516% of the
outstanding Common Stock of the Company. In addition, CAP owns 71.6979% of the
outstanding Common Stock of the Company, which amount assumes exercise of all
warrants granted to CAP in connection with the Stock Purchase Agreement.
Also, SCP independently has the right to purchase 1,018,446 Shares which
would represent 3.8113% of the outstanding Common Stock of the Company.
(b) Paragraph (b) of Item 5 of Schedule 13D is hereby amended to
(i) reflect that Reel has the sole power to dispose of 3
million Shares, (ii) reflect that CAP, SCP, Management,
Safeguard, Churchill and Plum have the sole power to dispose
of and vote 21,333,534 Shares and (iii) reflect that SCP,
Management, Safeguard, Churchill and Plum have the sole power
to dispose of and vote 1,018,446 additional Shares.
(c) No amendment.
(d) No amendment.
(e) No amendment.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
No amendment.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
No amendment.
SIGNATURE
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certify that the information
set forth in this statement is true, complete and correct.
REEL
December 22, 1997 /s/ NEIL AUSTRIAN
- ------------------------------------ ---------------------------------------
Date Signature
Neil Austrian, Vice President
---------------------------------------
Name/Title
CAP
/s/ NEIL AUSTRIAN
---------------------------------------
Signature
Neil Austrian, Vice President
---------------------------------------
Name/Title
SCP, MANAGEMENT
/s/ WINSTON J. CHURCHILL
---------------------------------------
Signature
SCP Private Equity Partners, L.P.;
SCP Private Equity Management, L.P.;
Winston J. Churchill, general partner
---------------------------------------
Name/Title
SAFEGUARD
/s/ DONALD R. CALDWELL
---------------------------------------
Signature
Safeguard Capital Management, Inc.;
Donald R. Caldwell, President
CHURCHILL
/s/ WINSTON J. CHURCHILL
---------------------------------------
Signature
Winston J. Churchill
PLUM
/s/ SAMUEL A. PLUM
---------------------------------------
Signature
Samuel A. Plum
SEC 1746 (12-91) 9 of 10
