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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D/A
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Under the Securities Exchange Act of 1934
AMENDMENT NO. 1
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FREEPORT-MCMORAN SULPHUR INC.
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
35671R-10-4
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(CUSIP Number)
Bruce Berkowitz
100 Jericho Quadrangle
Suite 212
Jericho, New York 11753
(212) 319-4100
-with copies to-
Joseph F. Mazzella, Esq.
Lane Altman & Owens LLP
101 Federal Street
Boston, Massachusetts 02110
(617) 345-9800
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 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).
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<PAGE>
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CUSIP No.35671R-10-4 SCHEDULE 13D/A-1 Page 2 of 11 Pages
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
Joel M. Greenblatt
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
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4. SOURCE OF FUNDS
AF,WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7. SOLE VOTING POWER
50,313
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 395,746
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 50,313
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
395,746
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,059
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.58%
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14. TYPE OF REPORTING PERSON
IN
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CUSIP No.35671R-10-4 SCHEDULE 13D/A-1 Page 3 of 11 Pages
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
Gotham Capital III, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
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10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No.35671R-10-4 SCHEDULE 13D/A-1 Page 4 of 11 Pages
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
Gotham Capital V, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 355,079
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
8. SHARED DISPOSITIVE POWER
355,079
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
355,079
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.64%
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12. TYPE OF REPORTING PERSON
00-Limited Liability Company
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CUSIP No.35671R-10-4 SCHEDULE 13D/A-1 Page 5 of 11 Pages
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
Gotham Capital VI, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 40,676
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
8. SHARED DISPOSITIVE POWER
40,676
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,676
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.42%
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12. TYPE OF REPORTING PERSON
00-Limited Liability Company
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<PAGE>
CUSIP NO. 35671R-10-4 PAGE 6 OF 11 PAGES
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EXPLANATORY NOTE: THIS AMENDMENT NO. 1 IS BEING FILED AT THE REQUEST OF THE
COMMISSION TO CLARIFY THE MATTERS REPORTED ON IN AN INITIAL SCHEDULE 13G FILED
ON FEBRUARY 24, 1998. THE REPORTING PERSON ELECTED TO FILE THE 13G PURSUANT TO
AMENDMENTS TO REGULATION 13D-G WHICH BECAME EFFECTIVE ON FEBRUARY 17, 1998. THE
13G FILING DIFFERED FROM THE OUTSTANDING 13D FILING BY REFLECTING A 1% OR MORE
CHANGE IN BENEFICIAL OWNERSHIP AND A CORPORATE REORGANIZATION OF ENTITIES
CONTROLLED BY THE REPORTING PERSON. THE SEC'S CURRENT INTERPRETATION OF THE
13D-G AMENDMENTS IS THAT REPORTING PERSONS ARE REQUIRED TO FIRST AMEND SCHEDULE
13D TO REFLECT SUCH EVENTS. AFTER FILING OF THIS AMENDMENT NO. 1, THE REPORTING
PERSON INTENDS (SO LONG AS HE REMAINS A PASSIVE INVESTOR), TO REPORT SUBSEQUENT
REPORTING EVENTS, IF ANY, ON SCHEDULE 13G.
ITEM 2. IDENTITY AND BACKGROUND
-----------------------
(a) This Schedule is being filed by Joel M. Greenblatt (hereinafter
sometimes referred to as the "Reporting Person") individually, and in his
capacity as controlling person of the following entities:
(i) Gotham Capital III, L.P., a Delaware limited partnership and its
wholly-owned subsidiaries ("Gotham III");
(ii) Gotham Capital VI, LLC, a Delaware limited liability company
("Gotham VI"); and
(iii) Gotham Capital V, LLC, a Delaware limited liability company
("Gotham V").
(b), (c) and (f) Each of the Reporting Person and other entities
described above has a business address of 100 Jericho Quadrangle, Suite 212,
Jericho, New York 11753.
Joel M. Greenblatt is a United States citizen residing in the State of
New York whose principal occupation is as General Partner of Gotham III and
Manager of Gotham VI.
Gotham III is a privately owned investment partnership which is in the
business of purchasing, for investment and trading purposes, securities and
other financial instruments.
Gotham VI and Gotham V are privately owned Delaware limited liability
company which are in the business of purchasing, for investment and trading
purposes, securities and other financial instruments.
(d) No events have occurred which would be required to be reported
under the provisions of this Item.
(e) No events have occurred which would be required to be reported
under the provisions of this Item.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
------------------------------------
(a) The beneficial ownership by Joel M. Greenblatt, Gotham III, Gotham
V and Gotham VI of Common Stock of the Issuer as of the date hereof is as
follows:
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CUSIP NO. 35671R-10-4 PAGE 7 OF 11 PAGES
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<TABLE>
<CAPTION>
NO. OF SHARES: NATURE OF OWNERSHIP PERCENTAGE OF CLASS
-------------- ------------------- -------------------
<S> <C> <C>
50,313 The record ownership and economic interest 0.52%
in such shares is held by Mr. Greenblatt
individually, and he has sole voting and
dispositive power with respect thereto.
355,079 The record ownership and economic interest 3.64%
in such shares is held by Gotham V. Mr.
Greenblatt is the Manager of Gotham V and,
therefore, may be deemed to have indirect
beneficial ownership of, and shared voting
and dispositive power with respect to,
such shares.
40,676 The record ownership and economic interest 0.42%
in such shares is held by Gotham VI. Mr.
Greenblatt is the Manager of Gotham VI
and, therefore, may be deemed to have
indirect beneficial ownership of, and
shared voting and dispositive power with
respect to, such shares.
============== ===============
446,059 4.58%
</TABLE>
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CUSIP NO. 35671R-10-4 PAGE 8 OF 11 PAGES
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Under Section 13(d) of the Securities and Exchange Act of 1934, as
amended, and the rules and regulations thereunder, as a result of the control
relationships and individual holdings described above, Joel M. Greenblatt may be
deemed to be the beneficial owner of 446,059 shares (4.58%) of the Common Stock
of the Issuer.
The number of shares beneficially owned and the percentage of
outstanding shares represented thereby, for the Reporting Person and other
entities, have been computed in accordance with Rule 13d-3 under the Securities
Exchange Act of 1934, as amended. The percentages of ownership described above
are based on the 9,740,503 outstanding shares of Common Stock of the Issuer
reported in the Issuers Form 10-Q for the fiscal period ended 6/30/98.
(b) Gotham VI and Gotham V each have the sole power to vote and dispose
of the Common Stock of the Issuer beneficially owned by them. Such voting and
dispositive power may be exercised on behalf of both entities by their
respective Mangers. Joel M. Greenblatt is the Manager of each of Gotham V and
Gotham VI. Therefore, Joel M. Greenblatt may be deemed to each have shared
voting and dispositive power over the 355,079 (3.64) and 40,676 (0.42%) shares
of the Common Stock of the Issuer beneficially owned in the aggregate by Gotham
V and Gotham VI.
In addition, Mr. Greenblatt has sole voting and dispositive power over
the 50,313 (0.52%) owned by him for his own account.
(c) Transactions in the securities of the Issuer reported on herein
which have been effected in the past sixty days by the Reporting Persons are as
follows (all such transactions were open market acquisitions of Common Stock
except as otherwise indicated):
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CUSIP NO. 35671R-10-4 PAGE 9 OF 11 PAGES
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<TABLE>
<CAPTION>
REPORTING PERSON/
CONTROLLED ENTITY DATE NO. OF SHARES PRICE PER SHARE TOTAL
----------------- ---- ------------- --------------- -----
<S> <C> <C> <C> <C>
Gotham III 12/22/97 28,801(a) N/A N/A
12/23/97 38,200 12.2814 $469,149.48
12/23/97 37,600 11.9490 449,282.40
12/24/97 83,500 12.5809 1,050,505.15
12/26/97 21,700 12.9984 282,065.28
12/29/97 11,500 13.2500 152,375.00
01/03/98 (47,077)(b) N/A N/A
01/03/98 (9,636)(b) N/A N/A
01/03/98 (16,575)(c) N/A N/A
01/03/98 (3,392)(c) N/A N/A
01/06/98 175,000 9.7767 1,710,922.50
01/08/98 35,500 11.1056 394,248.80
01/09/98 15,400 11.1238 171,306.52
01/09/98 50,000 11.0316 551,580.00
01/12/98 1,300 11.1250 14,462.50
01/12/98 10,000 11.2500 112,500.00
01/14/98 25,000 12.3175 307,937.50
01/15/98 104,400 12.1278 1,266,142.30
01/21/98 4,000 12.7266 50,906.40
01/31/98 (302,553)(g) N/A N/A
02/01/98 3,000 12.5000 37,500.00
02/12/98 (16,500) 16.2769 (268,568.85)
02/18/98 (49,600) 15.0580 (746,876.80)
02/23/98 (22,968) 11.5301 (264,823.34)
02/23/98 (176,600) 15.1250 2,671,075.00
Gotham V 01/31/98 52,526(f) 12.4375 $653,292.12
01/31/98 302,553(g) 12.4375 3,763,002.95
Gotham VI 01/03/98 16,575(d) 11.7500 $194,756.25
01/03/98 3,392(d) 11.9375 40,492.00
01/03/98 83,800(d) 11.7500 984,650.00
01/03/98 17,135(d) 11.9375 204,549.06
01/31/98 (52,526)(f) N/A N/A
02/12/98 (1,800) 16.2769 (29,298.42)
02/18/98 (5,700) 15.0580 (85,830.60)
02/23/98 (20,200) 15.1250 ( 305,525.00)
Joel M. 01/03/98 47,077(e) 11.7500 $553,154.75
Greenblatt 01/03/98 9,636(e) 11.9375 115,029.75
02/18/98 (1,700) 16.2769 (27,670.73)
02/23/98 (2,700) 15.0580 (70,772.60)
- ---------------------------
</TABLE>
(a) Acquired in connection with merger of Freeport-McMoRan Resources
Limited Partnership and IMC Global, Inc. pursuant to the terms
thereof
(b) Distribution-in-kind to Mr. Greenblatt for his own account
<PAGE>
CUSIP NO. 35671R-10-4 PAGE 10 OF 11 PAGES
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(c) Distribution-in-kind to Mr. Greenblatt for later capital contribution by
him to Gotham VI
(d) Capital contribution of securities to Gotham VI by certain of its Members
(e) Shares received in distribution-in-kind from Gotham III
(f) Capital contribution of Securities to Gotham V by Gotham VI
(g) Capital contribution of Securities to Gotham V by Gotham III
- ------------------------
ITEM 5 (CONTINUED)
(d) Not Applicable.
(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS AND RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Not Applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A. Agreement of Joint Filing- Incorporated by reference to
initial 13D filed 1/20/98
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CUSIP NO. 35671R-10-4 PAGE 11 OF 11 PAGES
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After reasonable inquiry and to the best of my knowledge and belief, I hereby
certify that the information set forth in this statement is true, complete and
correct. This statement may be executed in multiple counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
/s/ Joel M. Greenblatt
------------------------------------
Joel M. Greenblatt, Individually and
as manager of Gotham Capital VI, LLC
and as General Partner of Gotham
Capital III, L.P.
Date: August 21, 1998
