GOTHAM CAPITAL III L P ET AL
SC 13G/A, 1999-02-12
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                                (Amendment No. 1)
                               

                          FREEPORT-MCMORAN SULPHUR INC.
- --------------------------------------------------------------------------------
                                (Name of issuer)

                         Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   35671R-10-4
- --------------------------------------------------------------------------------
                                 (Cusip Number)


                                December 31, 1998
- --------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed: 

         [X] Rule 13d-(c)                         [ ] Rule 13d-1(d)


*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>

- --------------------------                            --------------------------
CUSIP No.35671R-10-4              SCHEDULE 13G/A-1            Page 2  of 6 Pages
- --------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  JOEL M. GREENBLATT
- --------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (A) [ ]
                                                                      (B) [X]
- --------------------------------------------------------------------------------
3.                SEC USE ONLY


- --------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  USA
- --------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           0
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      0
- --------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  0
- --------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
- --------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  0%
- --------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  IN
================================================================================


<PAGE>

- --------------------------                            --------------------------
CUSIP No.35671R-10-4              SCHEDULE 13G/A-1            Page 3  of 6 Pages
- --------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  GOTHAM CAPITAL V, LLC
- --------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (A) [ ]
                                                                      (B) [X]
- --------------------------------------------------------------------------------
3.                SEC USE ONLY


- --------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  DELAWARE
- --------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           0
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      0
- --------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  0
- --------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
- --------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  0%
- --------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  00-LIMITED LIABILITY COMPANY
================================================================================

<PAGE>
                                                              PAGE 4 OF 6 PAGES
                                                                  ---  ---

THIS  AMENDMENT NO. 1 IS BEING FILED PURSUANT TO RULE 13D-2(B) TO REPORT CHANGES
IN THE BENEFICIAL OWNERSHIP OF THE FILING PERSONS AS OF DECEMBER 31, 1998.

ITEM 1.

      (a) Name of Issuer:  Freeport-McMoRan Sulphur, Inc.
                           ------------------------------

      (b) Address of Issuer's Principal Executive Offices: 

                           1615 Poydras Street, New Orleans, LA 70112
                           ------------------------------------------
ITEM 2.

      (a)  Name of Persons Filing:
      (b)  Address of  Principal  Business  Office or, if none,  Residence: 
      (c)  Citizenship:

                         Joel M. Greenblatt
                         100 Jericho Quadrangle
                         Suite 212
                         Jericho, NY 11753
                         (United States Citizen)

                         Gotham Capital V, LLC
                         100 Jericho Quadrangle
                         Suite 212
                         Jericho, NY 11753
                         (Deleware limited liability company))
                          

      (d) Title of Class of Securities: common stock, $0.01 par value
                                        ----------------------------------------

      (e) CUSIP Number:   35671R-10-4
                          -----------

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK
        WHETHER THE PERSON FILING IS A:

     (a)  [ ] Broker or Dealer registered under Section 15 of the Act

     (b)  [ ] Bank as defined in section 3(a)(6) of the Act

     (c)  [ ] Insurance Company as defined in section 3(a)(19) of the Act
 
     (d)  [ ] Investment  Company  registered  under section 8 of the Investment
              Company Act of 1940

     (e)  [ ] Investment  Adviser registered under section 203 of the Investment
              Advisers Act

     (f)  [ ] Employee  Benefit  Plan,  Pension  fund  which is  subject to the
              provisions of the Employee  Retirement  Income Security Act of
              1974 or Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F)

     (g)  [ ] Parent Holding Company, in accordance with  ss.240.13d-1(b)(ii)(G)
              (Note: See Item 7)

     (h)  [ ] A Savings  Association  as defined in Section  3(b) of the Federal
              Deposit Insurance Act

     (i)  [ ] A  Church  Plan  that  is  excluded  from  the  definition  of  an
              investment  company under Section  3(c)(14) of the Investment 
              Company Act of 1940

     (j)  [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J)

If this statement is filed pursuant to ss.240.13d-1(c), check this box [ X ].

<PAGE>

                                                              PAGE 5 OF 6 PAGES
                                                                  ---  ---
ITEM 4.   OWNERSHIP


      JOEL M. GREENBLATT*

      (a) Amount Beneficially Owned:  0
                                    --------------------------------------------
      (b) Percent of Class:   0%
                             ---------------------------------------------------
      (c) Number of shares as to which such person has:

            (i)sole power to vote or to direct the vote:    0
                                                         -----------------------
           (ii)shared power to vote or to direct the vote:  0
                                                          ----------------------
          (iii)sole power to dispose or to direct the disposition of:  0
                                                                      ----------
           (iv) shared power to dispose or to direct the disposition of: 0
                                                                       ---------
  
      GOTHAM CAPITAL V, LLC

      (a) Amount Beneficially Owned:      0
                                     -------------------------------------------
      (b) Percent of Class:     0%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

          (i)  sole power to vote or to direct the vote:     0
                                                         -----------------------
          (ii) shared power to vote or to direct the vote:   0
                                                           ---------------------
          (iii)sole power to dispose or to direct the disposition of:   0
                                                                      ----------
          (iv) shared power to dispose or to direct the disposition of: 0
                                                                       ---------


*SHARES  REPORTED FOR JOEL M. GREENBLATT  INCLUDE SHARES  BENEFICIALLY  OWNED BY
GOTHAM  CAPITAL V, LLC AND GOTHAM  CAPITAL VI, LLC, WHICH ENTITIES MAY BE DEEMED
TO BE CONTROLLED BY MR. GREENBLATT, WHO IS THE MANAGER THEREOF.

Instruction:  For computations  regarding  securities which represent a right to
acquire an underlying security see Rule 13d-3(d)(1).


ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

          If this  Statement  is being  filed to report  the fact that as of the
date hereof the reporting  person has ceased to be the beneficial  owner of more
than five percent of the class, check the following: [X]

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

        Not Applicable

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
          SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

        Not Applicable

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

        Not Applicable


<PAGE>



                                                              PAGE  6 OF 6 PAGES
                                                                  ----  ----


ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

        Not Applicable


ITEM 10. CERTIFICATION

         By signing  below,  I certify  that,  to the best of my  knowledge  and
belief, the securities  referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing  the control of the
issuer of the  securities  and were not acquired and are not held in  connection
with or as a participant in any transaction having that purpose or effect.



                                    SIGNATURE

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.


Dated this 11th day of February, 1999.




                                       GOTHAM CAPITAL V, LLC


                                       By: /s/ Joel M. Greenblatt
                                           -------------------------------------
                                           Joel M. Greenblatt



                                       /s/ Joel M. Greenblatt
                                       -------------------------------------
                                       Joel M. Greenblatt, Individually





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