SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
Tender Offer Statement under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. ___)
Shelbourne Properties I, Inc.
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(Name of Subject Company (Issuer))
HX Investors, L.P.
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(Names of Filing Persons (identifying status as offeror,
issuer or other person))
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
821373107
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(CUSIP Number of Class of Securities)
Michael L. Ashner
HX Investors, L.P.
100 Jericho Quadrangle, Suite 214
Jericho, New York 11753
516-822-0022
(Name, address, and telephone numbers of person authorized to receive
notices and communications on behalf of filing persons)
Copies to:
Justin P. Klein
Ballard Spahr Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Philadelphia, Pennsylvania 19103
215-864-8606
Calculation of Filing Fee
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Transaction valuation Amount of Filing Fee
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[ ] Check the box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was previously
paid. Identify the previous filing by registration number, or the Form or
Schedule and the date of its filing.
Amount Previously Paid: ____________________
Form or Registration No.: ____________________
Filing Party: ____________________
Date Filed: ____________________
[ ] Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to
which the statement relates:
[X] third-party tender offer subject to Rule 14d-1.
[ ] issuer tender offer subject to Rule 13e-4.
[ ] going-private transaction subject to Rule 13e-3.
[ ] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting
the results of the tender offer: [ ]
2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 11)*
SHELBOURNE PROPERTIES I, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PAR VALUE
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(Title of Class of Securities)
821373107
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(CUSIP Number)
MICHAEL L. ASHNER
100 JERICHO QUADRANGLE, SUITE 214
JERICHO, NEW YORK 11753
(516) 822-0022
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
JULY 1, 2002
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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 [ ].
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 (the "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).
SCHEDULE 13D
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CUSIP No. 821373107
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NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1
Michael L. Ashner
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ]
(b)[ ]
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3 SEC USE ONLY
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SOURCE OF FUNDS
4
N/A
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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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CITIZENSHIP OR PLACE OF ORGANIZATION
6 United States
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SOLE VOTING POWER
7 100,700 shares (1)
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NUMBER OF SHARED VOTING POWER
SHARES 8
BENEFICIALLY
OWNED BY ---------- -------------------------------------------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
PERSON 9 100,700 shares (1)
WITH
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SHARED DISPOSITIVE POWER
10
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,700 shares (1)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
12%
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TYPE OF REPORTING PERSON*
14
IN
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(1) Comprised entirely of shares owned by HX Investors L.P. of which Exeter
Capital Corporation is the sole general partner an entity in which Mr. Ashner is
the sole shareholder and director.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 7
SCHEDULE 13D
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CUSIP No. 821373107
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
HX Investors L.P.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ]
2 (b)[ ]
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3 SEC USE ONLY
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SOURCE OF FUNDS
4
OO
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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
Delaware
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SOLE VOTING POWER
7 100,700 shares (1)
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NUMBER OF SHARED VOTING POWER
SHARES 8
BENEFICIALLY
OWNED BY ---------- -------------------------------------------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
PERSON 9 100,700 shares (1)
WITH
---------- -------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
100,700 shares
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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)
12%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 7
This Amendment No. 11 amends certain information contained in the
Schedule 13D filed jointly by Michael L. Ashner and HX Investors, L.P. on
February 25, 2002 with respect to Shelbourne Properties I, Inc. (the "Company"),
as amended by Amendment No. 1 thereto filed on March 19, 2002, as further
amended by Amendment No. 2 thereto filed on March 27, 2002, as further amended
by Amendment No. 3 thereto filed on April 8, 2002, as further amended by
Amendment No. 4 thereto filed on April 19, 2002, as further amended by Amendment
No. 5 thereto filed on April 30, 2002, as further amended by Amendment No. 6
thereto filed on May 16, 2002, as further amended by Amendment No. 7 thereto
filed on May 22, 2002, as further amended by Amendment No. 8 thereto filed on
June 17, 2002, as further amended by Amendment No. 9 thereto filed on June 18,
2002, as further amended by Amendment No. 10 thereto filed on June 21, 2002 (as
amended, the "13D"). Capitalized terms used but not defined herein have the
meanings ascribed to them in the 13D.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate amount of funds used to purchase the additional 4,972
shares of Common Stock held by HX was $215,363. The source of funds used to
purchase such shares was capital contributions from partners of HX.
Item 4. Purpose of Transaction.
On July 1, 2002, HX and the Company, Shelbourne Properties II, Inc. and
Shelbourne Properties III, Inc. (the "Shelbourne Companies") entered into
settlement agreement pursuant to which the action brought by HX together with a
number of other stockholders of the Company and the other Shelbourne Companies
was settled. As part of the settlement, HX or an affiliate will conduct tender
offers for up to 30% of the Company's common stock at a price of $53.00 per
share. In addition, HX will commence similar tender offers for shares of the
common stock of the other Shelbourne Companies. The tender offers are expected
to commence on or before July 12, 2002, following the filing of required tender
offer documents with the Securities and Exchange Commission. The closings of the
tender offers are subject to several conditions, including without limitation
the absence of litigation, absence of a material breach by the companies and
absence of a material adverse effect on the financial condition or results of
operations of the companies.
Also as part of the settlement, the board of directors of each of the
Shelbourne Companies will be increased to six members, with two directors being
designated by HX and four directors being independent directors proposed by HX.
The annual meetings of stockholders of each of the companies are expected to be
held on September 9, 2002, as previously announced.
HX and the Shelbourne Companies have agreed to take certain steps to
establish improved corporate governance for each of the Shelbourne Companies as
more fully set forth in the Settlement Agreement and Stockholders Agreement
annexed hereto as Exhibits. In addition, the board of directors has approved a
plan of liquidation and has agreed to submit such plans to the stockholders for
approval. HX has agreed to vote all of its shares of common stock in the
companies in favor of the proposed plan of liquidation.
Page 4 of 7
The parties to the settlement also agreed to release each other from
all claims brought in the action or relating to the subject matter of the
action.
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of the outstanding shares of Common Stock
reported owned by each Reporting Person is based upon 839,286 shares of Common
Stock outstanding which represents the number of shares reported outstanding in
the Company's most recently filed report on Form 10-Q less the number of shares
that the Company has disclosed it has repurchased from affiliates of NorthStar.
As of the close of business on July 1, 2002:
(i) HX owns 100,700 shares which constitute approximately 12%
of the shares of Common Stock outstanding.
(ii) Michael L. Ashner owns no shares of Common Stock
directly. As the sole shareholder and director of Exeter, the sole
general partner of HX, Mr. Ashner may be deemed under the provisions
of Rule 13d-3 of the Exchange Act Rules to be the beneficial owner of
all 100,700 shares owned by HX. Such shares constitute approximately
12% of the shares of Common Stock outstanding.
(b) Mr. Ashner has the sole power to vote or to direct the vote and the
sole power to dispose of, or to direct the disposition of, the shares of Common
Stock owned by HX.
(c) Set forth on Schedule 1 hereto is a description of all transactions
in shares of Common Stock that were effected during the past sixty days by the
Reporting Persons.
Item 7. Material to be Filed as Exhibits.
Exhibit 5: Settlement Agreement and Mutual Release, dated July 1,
2002, among HX Investors, L.P., Shelbourne Properties I,
Inc., Shelbourne Properties II, Inc. and Shelbourne
Properties III, Inc.,
Exhibit 6: Stock Purchase Agreement, dated July 1, 2002, among HX
Investors, L.P., Exeter Capital Corporation and Shelbourne
Properties I, Inc.
Page 5 of 7
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: July 2, 2002
HX INVESTORS L.P.
By: Exeter Capital Corporation
General Partner
By: /s/ Michael L. Ashner
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Michael L. Ashner, President
/s/ Michael L. Ashner
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Michael L. Ashner
Page 6 of 7
SCHEDULE 1
Set forth below is a description of all transactions in shares of
Common Stock that were effected during the past sixty days by the Reporting
Persons. Except as otherwise indicated, all such transactions were purchases
effected by HX on the open market.
DATE NUMBER OF SHARES PRICE PER SHARE
---- ---------------- ---------------
5/1/02 200 $41.50
5/6/02 100 $42.00
5/8/02 300 $42.28
5/9/02 500 $42.50
5/10/02 700 $42.50
5/13/02 100 $42.50
5/15/02(a) 7,422 $42.00
5/23/2002 900 $42.51
5/24/2002 500 $42.56
5/28/2002 900 $42.85
6/4/2002 300 $43.28
6/5/2002 1,100 $43.50
6/10/2002 400 $43.50
6/11/2002 1,500 $43.51
6/12/2002 100 $43.50
6/13/2002 196 $43.50
6/17/02 800 $43.25
6/17/02 3,206 $43.50
6/18/2002 300 $43.25
6/19/2002 4,200 $43.21
6/20/2002 4,500 $43.09
6/21/2002 172 $43.10
6/24/2002 500 $43.10
6/25/2002 700 $43.00
6/26/2002 200 $43.10
6/27/2002 400 $43.10
6/28/2002 3,000 $43.48
(a) Acquired through privately negotiated transaction.
Page 7 of 7