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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
WOOLWORTH CORPORATION
(Name of Issuer)
Common Stock, par value $.01 per share 980883 10 2
(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
277 Park Avenue, 27th Floor
New York, New York 10172 (212) 350-5100
(Name, address and telephone number of person authorized to receive notices and
communications)
May 8, 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 [_].
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
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- --------------------------------------- --------------------------------
CUSIP No. 980883 10 2 13D Page 2 of 18 Pages
- --------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3714238
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
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: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,450,700
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,450,700
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 1,450,700
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- --------------------------------------------------------------------------------
- ---------------------------------------- -------------------------------
CUSIP No. 980883 10 2 13D Page 3 of 18 Pages
- ---------------------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3752875
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
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: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 750,000
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 750,000
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 750,000
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- --------------------------------------------------------------------------------
- --------------------------------------- --------------------------------
CUSIP No. 980883 10 2 13D Page 4 of 18 Pages
- --------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793447
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 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: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,450,700
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,450,700
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 1,450,700
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- --------------------------------------------------------------------------------
- ----------------------------------------- ------------------------------
CUSIP No. 980883 10 2 13D Page 5 of 18 Pages
- ----------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793450
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 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 Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 750,000
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 750,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 750,000
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
- -------------------------------------- ---------------------------------
CUSIP No. 980883 10 2 13D Page 6 of 18 Pages
- -------------------------------------- ---------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3791931
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
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: 3,466,222
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 3,466,222
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 3,466,222
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- --------------------------------------------------------------------------------
- --------------------------------------- --------------------------------
CUSIP No. 980883 10 2 13D Page 7 of 18 Pages
- --------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
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: 1,000,000
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,000,000
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 1,000,000
PERSON:
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
- ---------------------------------------- -------------------------------
CUSIP No. 980883 10 2 13D Page 8 of 18 Pages
- ---------------------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3868906
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 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 Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,000,000
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,000,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 1,000,000
PERSON:
- --------------------------------------------------------------------------------
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: OO
- --------------------------------------------------------------------------------
- ----------------------------------------- ------------------------------
CUSIP No. 980883 10 2 13D Page 9 of 18 Pages
- ----------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, 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: 0
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 6,666,922
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 6,666,922
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 6,666,922
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.97%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
- ---------------------------------------- -------------------------------
CUSIP No. 980883 10 2 13D Page 10 of 18 Pages
- ---------------------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, 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: 0
SHARES
----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 6,666,922
OWNED BY
----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 6,666,922
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING 6,666,922
PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.97%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
This Amendment No. 2 amends and supplements the statement on
Schedule 13D (the "Statement") relating to the common stock, par value
$.01 per share (the "Shares"), of Woolworth Corporation, a New York
corporation (the "Company"), filed by and on behalf of Greenway Partners,
L.P. ("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse
Partners, L.P. ("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt
Corp. ("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut
Overseas, L.L.C. ("Greenhut Overseas"), Alfred D. Kingsley and Gary K.
Duberstein (collectively, the "Reporting Persons"). Unless otherwise
indicated, the information set forth in the Statement remains unchanged.
Unless otherwise defined herein, all capitalized terms used herein shall
have the meanings ascribed to them in the previous filing of the Statement.
ITEM 4. PURPOSE OF THE TRANSACTION.
In connection with the closing of an investment partnership, a portion of
whose capital was in one of the institutional accounts managed by Greenbelt,
Greenbelt has sold Shares as part of the liquidation of that particular managed
account. However, the Reporting Persons continue to believe that the Shares are
undervalued at the present market price.
Greenway amended the supporting statement accompanying its shareholder
proposal urging the Company to reinstate a cash dividend. The amended supporting
statement eliminates the argument that reinstating a cash dividend will help the
Company remain a part of the Dow Jones Industrial Average (DJIA). The Company
was dropped from the DJIA, effective March 17, 1997, along with Bethlehem Steel
and two other companies. At the time of their elimination, the Company and
Bethlehem Steel were the only two stocks in the DJIA not paying dividends.
Page 11
The proposal and revised supporting statement, which appear in the
Company's Proxy Statement and will be voted upon at the 1997 Annual Meeting on
June 12, 1997, are as follows:
"RESOLVED, that shareholders hereby request and recommend that the
Board of Directors reinstate a cash dividend payable on the shares of
Common Stock of Woolworth Corporation."
"Until recently, Woolworth had a long and proud tradition of paying
dividends. The 1994 Annual Report stated: "Cash dividends have been paid
to common shareholders every quarter since 1912." That 83 year tradition
ended in April 1995 when the dividend to common shareholders was
eliminated completely. But, Woolworth today is a far stronger company. A
dividend--even a nominal one of ten or twelve cents per quarter-- will
show the market that the management of Woolworth has confidence in the
strength of the turnaround.
"In addition, reinstating a dividend would increase the universe of
potential purchasers of Woolworth Common Stock. Many institutions are
precluded by their bylaws from owning common stocks which pay no cash
dividends. But, that prohibition disappears if even just a nominal
dividend is paid.
"Some investment bankers may extol the virtues of stock buybacks as
a means to improve share performance instead of dividend increases. In
our opinion, that approach is best suited for companies which already pay
some cash dividend. Therefore, if given a choice, we would favor first
reinstating a dividend at Woolworth. No doubt, many shareholders would
welcome the cash income stream. In particular, we believe that retiree
shareholders on fixed incomes--including those who dedicated their
working careers to Woolworth--would favor a cash dividend.
"The proponent and its affiliates together own over 7,000,000(1)
shares, which is over five percent of the Common Stock. We are long-term
investors who take our investment in Woolworth very seriously. At last
year's Annual Meeting, we sponsored the resolution to spin-off Foot
Locker as a separate public company. Although we continue to believe that
Woolworth will do even better once a spin-off occurs, we acknowledge that
the company's fortunes have improved dramatically. Not only has
- -----------
(1) 6,666,922 as of the date hereof.
Page 12
Foot Locker continued to excel, but other parts of the business are
beginning to show signs of a turnaround. Although the price of Woolworth
stock has increased since the elimination of the dividend because of
these accomplishments, we believe the price would be even higher if some
cash dividend were paid. A nominal dividend would strike the appropriate
balance between preserving capital for expansion and sharing success with
shareholders in a welcome manner that also sends a strong signal of
confidence to the market.
"We urge all shareholders to join us in asking management to
reinstate a dividend. Consistent with the proxy rules, the
dividend proposal is couched as a recommendation to the Board and
its passage cannot compel action. However, a substantial
shareholder vote in favor should, in our opinion, be regarded as a
mandate to reinstate a dividend. SEND THAT MESSAGE TO THE BOARD BY
VOTING FOR THE REINSTATEMENT OF A CASH DIVIDEND."
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date of this Amendment No. 2, the Reporting Persons
beneficially owned in the aggregate 6,666,922 Shares constituting 4.97% of the
outstanding Shares (the percentage of Shares owned being based upon 134,209,670
Shares outstanding on April 30, 1997 as set forth in the Company's Proxy
Statement dated May 5, 1997). The Reporting Persons may be deemed to have direct
beneficial ownership of Shares as follows:
APPROXIMATE PERCENTAGE
NAME NUMBER OF SHARES OF OUTSTANDING SHARES
---- ---------------- ---------------------
Greenway 1,450,700 1.1%
Greentree 750,000 0.6%
Greenbelt 3,466,222 2.6%
Greensea 1,000,000 0.7%
Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which
Page 13
Greenway may be deemed to possess direct beneficial ownership. Each of Messrs.
Kingsley and Duberstein, as general partners of Greenhouse, may be deemed to own
beneficially Shares which Greenhouse may be deemed to own beneficially. Each of
Messrs. Kingsley and Duberstein disclaim beneficial ownership of such Shares for
all other purposes.
Greenhut, as the general partner of Greentree, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greentree may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of
Greenhut, may be deemed to own beneficially Shares which Greenhut may be deemed
to own beneficially. Each of Messrs. Kingsley and Duberstein disclaim beneficial
ownership of such Shares for all other purposes.
Greenhut Overseas, as the investment general partner of Greensea, may be
deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) Shares which Greensea may be deemed to possess
direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members
of Greenhut Overseas, may be deemed to own beneficially Shares which Greenhut
Overseas may be deemed to own beneficially. Each of Messrs. Kingsley and
Duberstein disclaim beneficial ownership of such Shares for all other purposes.
Greenbelt has direct beneficial ownership of the Shares in the accounts
which it manages. Each of Messrs. Kingsley and Duberstein, as executive officers
and directors of Greenbelt, may be deemed to own beneficially (as that term is
defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which
Greenbelt owns beneficially. Each of Messrs. Kingsley and Duberstein disclaim
beneficial ownership of such Shares for all other purposes.
(b) Greenway has the sole power to vote or direct the vote of 1,450,700
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhouse and Messrs. Kingsley
Page 14
and Duberstein may be deemed to share with Greenway the power to vote or to
direct the vote and to dispose or to direct the disposition of such Shares.
Greentree has the sole power to vote or direct the vote of 750,000 Shares
and the sole power to dispose or direct the disposition of such Shares. Greenhut
and Messrs. Kingsley and Duberstein may be deemed to share with Greentree the
power to vote or to direct the vote and to dispose or to direct the disposition
of such Shares.
Greensea has the sole power to vote or direct the vote of 1,000,000 Shares
and the sole power to dispose or direct the disposition of such Shares. Greenhut
Overseas and Messrs. Kingsley and Duberstein may be deemed to share with
Greensea the power to vote or to direct the vote and to dispose or to direct the
disposition of such Shares.
Greenbelt has the sole power to vote or direct the vote of 3,466,222
Shares held in managed accounts and the sole power to dispose or direct the
disposition of such Shares. Messrs. Kingsley and Duberstein may be deemed to
share with Greenbelt the power to vote or to direct the vote and to dispose or
to direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the Reporting
Persons since the most recent filing of the Statement is set forth in Exhibit 1
attached hereto.
(d) No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
Shares, except that dividends from, or proceeds from the sale of Shares in each
respective account managed by Greenbelt will be delivered into each such
respective account. No such individual account has an interest in more than five
percent of the class of outstanding Shares.
(e) The Reporting Persons ceased to be the beneficial owners of more than
five percent of the Shares on May 8, 1997.
Page 15
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following Exhibits are filed herewith:
1. Information concerning transactions in the Shares effected by
the Reporting Persons since the most recent filing of the Statement.
Page 16
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information contained in this Statement is true,
complete and correct.
Dated: May 8, 1997
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, general By:/s/ Gary K. Duberstein
partner Gary K. Duberstein, general partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its investment
general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENBELT CORP.
By:/s/ Alfred D. Kingsley
Alfred D. Kingsley, President
/s/ Alfred D. Kingsley
Alfred D. Kingsley
/s/ Gary K. Duberstein
Gary K. Duberstein
Page 17
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
1. Information concerning transactions in the Shares effected by the
Reporting Persons since the most recent filing of the Statement.
Page 18
Exhibit 1
TRANSACTIONS IN SHARES OF THE COMPANY
The Reporting Persons engaged in the following transactions in Shares of
the Company since the most recent filing of the Statement. All transactions
involved sales by Greenbelt of Shares on the New York Stock Exchange.
PRICE PER SHARE
NUMBER OF (EXCLUDING
DATE OF TRANSACTION SHARES SOLD COMMISSION)
- ------------------- ----------- -----------
3/11/97 192,000 22.321
3/12/97 230,000 23.0326
3/13/97 85,000 22.75
3/14/97 40,000 22.75
3/17/97 25,000 23
3/19/97 50,000 23.125
3/20/97 33,000 23.25
3/21/97 50,000 23.375
3/21/97 32,000 23.625
3/31/97 180,000 23
3/31/97 90,000 23.25
5/7/97 325,000 21.25
5/8/97 73,000 21.0976