-----------------------------
OMB APPROVAL
OMB Number: 3235-0145
Expires: October 31, 2002
Estimated average burden
hours per form ....... 14.90
-----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Crescent Real Estate Equities Company
________________________________________________________________________________
(Name of Issuer)
Common Stock, $.01 par value
________________________________________________________________________________
(Title of Class of Securities)
225756105
_______________________________________________________________
(CUSIP Number)
SPO Partners & Co.
William E. Oberndorf
591 Redwood Highway, Suite 3215
Mill Valley, California 94941
(415) 383-6600
with a copy to:
Phillip Gordon
Altheimer & Gray
10 South Wacker Drive
Chicago, Illinois 60606
(312) 715-4000
________________________________________________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 4 and June 5, 2002
_______________________________________________________________
(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. |_|
*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).
SCHEDULE 13D
CUSIP NO. 225756105 Page 2 of 31
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
SPO Partners II, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 2,205,400 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 2,205,400 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 2,205,400 (1)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.1%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: PN
14
------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SPO Advisory
Partners, L.P.
SCHEDULE 13D
CUSIP NO. 225756105 Page 3 of 31
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
SPO Advisory Partners, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: Not Applicable
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f):
5 [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION:
6 Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 2,205,400 (1)(2)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 2,205,400 (1)(2)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 2,205,400 (1)(2)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.1%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: PN
14
------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of SPO Partners II, L.P.
(2) Power is exercised through its corporate general partner, SPO Advisory Corp.
SCHEDULE 13D
CUSIP NO. 225756105 Page 4 of 31
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
San Francisco Partners II, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f)
5 [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION: California
6
------------------------------------------------------------------------------
SOLE VOTING POWER
7 538,900 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 538,900 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 538,900 (1)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.5%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: PN
14
------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SF Advisory Partners,
L.P.
SCHEDULE 13D
CUSIP NO. 225756105 Page 5 of 31
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
SF Advisory Partners, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: Not Applicable
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION:
6
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 538,900 (1)(2)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY -0-
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 538,900 (1)(2)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
538,900 (1)(2)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.5%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
PN
------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of San Francisco
Partners II, L.P.
(2) Power is exercised through its corporate general partner, SPO Advisory Corp.
SCHEDULE 13D
CUSIP NO. 225756105 Page 6 of 31
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
SPO Advisory Corp.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: Not Applicable
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION:
6
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER:
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8
OWNED BY 2,744,300 (1)(2)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10
2,744,300 (1)(2)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11
2,744,300 (1)(2)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
13
2.6%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON:
14
CO
------------------------------------------------------------------------------
(1) Solely in its capacity as the general partner of SPO Advisory Partners,
L.P. with respect to 2,205,400 of such shares; and solely in its capacity
as the general partner of SF Advisory Partners, L.P. with respect to
538,900 of such shares.
(2) Power is exercised through its three controlling persons, John H. Scully,
William E. Oberndorf and William J. Patterson.
SCHEDULE 13D
CUSIP NO. 225756105 Page 7 of 31
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
Netcong Newton Partners
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f):
5 [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 California
------------------------------------------------------------------------------
SOLE VOTING POWER
7 350,000 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 350,000 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER: -0-
WITH 10
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 350,000 (1)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.3%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: PN
14
------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, John H. Scully.
SCHEDULE 13D
CUSIP NO. 225756105 Page 8 of 31
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
Cranberry Lake Partners, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f):
5 [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 California
------------------------------------------------------------------------------
SOLE VOTING POWER
7 175,000 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 175,000 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER: -0-
WITH 10
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 175,000 (1)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.2%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: PN
14
------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, John H. Scully and
Irene S. Scully as Trustees for the John and Irene Scully Trust, dated
May 30, 1994.
SCHEDULE 13D
CUSIP NO. 225756105 Page 9 of 31
------------------------------------------------------------------------------
1. Name of Reporting Person:
D.L. & W., Inc. Profit Sharing Retirement Plan
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group:
(a) [_]
(b) [X]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Source of Funds: WC
------------------------------------------------------------------------------
5. Check box if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(e) or 2(f):
[_]
------------------------------------------------------------------------------
6. Citizenship or Place of Organization:
California
------------------------------------------------------------------------------
7. Sole Voting Power: 200,300 (1)
NUMBER OF
SHARES -----------------------------------------------------------
8. Shared Voting Power:
BENEFICIALLY -0-
OWNED BY
-----------------------------------------------------------
EACH 9. Sole Dispositive Power:
200,300 (1)
REPORTING
PERSON -----------------------------------------------------------
10. Shared Dispositive Power:
WITH -0-
------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
200,300 (1)
------------------------------------------------------------------------------
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares:
[_]
------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 0.2%
------------------------------------------------------------------------------
14. Type of Reporting Person: CO
------------------------------------------------------------------------------
(1) Power is exercised through its sole trustee, John H. Scully.
SCHEDULE 13D
CUSIP NO. 225756105 Page 10 of 31
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
Phoebe Snow Foundation, Inc.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 California
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 579,900 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 579,900 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 579,900 (1)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.6%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: CO
14
------------------------------------------------------------------------------
(1) Power is exercised through its controlling person and sole director and
executive officer, John H. Scully.
SCHEDULE 13D
CUSIP NO. 225756105 Page 11 of 31
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
John H. Scully
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: PF and Not Applicable
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION:
6 USA
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 101,000 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 4,049,500 (2)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 101,000 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 4,049,500 (2)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 4,150,500 (1)(2)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.9%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: IN
14
------------------------------------------------------------------------------
(1) 1,000 Shares held in John H. Scully Individual Retirement Account, a
self-directed individual retirement account and 100,000 shares held in the
John and Irene Scully Living Trust.
(2) Of these, 2,744,300 shares are beneficially owned solely in his capacity as
one of three controlling persons of SPO Advisory Corp., 350,000 shares are
beneficially owned solely in his capacity as sole general partner of
Netcong Newton Partners, 175,000 shares are beneficially owned solely in
his capacity as trustee for the general partner of Cranberry Lake Partners,
L.P., 200,300 shares are beneficially owned solely in his capacity as
controlling person of D. L. & W., Inc. Profit Sharing Retirement Plan,
579,900 shares are beneficially owned solely in his capacity as controlling
person of Phoebe Snow Foundation, Inc.
SCHEDULE 13D
CUSIP NO. 225756105 Page 12 of 31
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
Oberndorf Foundation
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION:
6 California
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 60,000 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 60,000 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 60,000 (1)(2)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): (Less Than) 0.1%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: CO
14
------------------------------------------------------------------------------
(1) Power is exercised through its two directors: William E. Oberndorf and Susan
C. Oberndorf.
SCHEDULE 13D
CUSIP NO. 225756105 Page 13 of 31
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
William E. Oberndorf
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: PF and Not Applicable
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 USA
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 711,880 (1)
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 3,007,100 (2)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 711,880 (1)
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 3,007,100 (2)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 3,718,980 (1)(2)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.5%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: IN
14
------------------------------------------------------------------------------
(1) 692,880 Shares held in William E. Oberndorf's Individual Retirement
Accounts, which are self-directed, and 19,000 shares are owned by his children
who share his household.
(2) Of these, 2,744,300 shares are beneficially owned solely in his capacity as
one of three controlling persons of SPO Advisory Corp., 60,000 shares are
beneficially owned solely in his capacity as a controlling person of Oberndorf
Foundation, a family foundation, 130,800 shares are beneficially owned solely in
his capacity as sole general partner of Oberndorf Family Partners, a family
partnership and an aggregate of 72,000 shares are held in two trusts for the
benefit of himself and his wife, Susan C. Oberndorf, for which he serves as
trustee.
SCHEDULE 13D
CUSIP NO. 225756105 Page 14 of 31
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
William J. Patterson
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: PF and Not Applicable
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 USA
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 2,300
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 2,744,300 (1)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 2,300
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 2,744,300 (1)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 2,746,600
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.6%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: IN
14
------------------------------------------------------------------------------
(1) Of these, 2,744,300 shares are beneficially owned solely in his capacity as
one of three controlling persons of SPO Advisory Corp.
SCHEDULE 13D
CUSIP NO. 225756105 Page 15 of 31
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
Michael B. Yuen
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: PF
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 USA
------------------------------------------------------------------------------
7. SOLE VOTING POWER:
2,540
NUMBER OF
SHARES -----------------------------------------------------------
8. SHARED VOTING POWER:
BENEFICIALLY -0-
OWNED BY
-----------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER:
2,540
REPORTING
PERSON -----------------------------------------------------------
10. SHARED DISPOSITIVE POWER:
WITH -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 2,540
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): (LESS THAN) 0.1%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: IN
14
------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP NO. 225756105 Page 16 of 31
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON:
Jane Y. Liou
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS: WC
4
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER:
7 750
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER:
BENEFICIALLY 8 -0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER:
9 750
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER:
WITH 10 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
11 750
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): (Less Than) 0.1%
13
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON: IN
14
------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP NO. 225756105 Page 17 of 31
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSON:
Edward H. McDermott
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [_]
(b) [X]
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS: PF
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
------------------------------------------------------------------------------
7. SOLE VOTING POWER:
400
NUMBER OF
SHARES -----------------------------------------------------------
8. SHARED VOTING POWER:
BENEFICIALLY -0-
OWNED BY
-----------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER:
400
REPORTING
PERSON -----------------------------------------------------------
10. SHARED DISPOSITIVE POWER:
WITH -0-
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
400
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[_]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): (LESS THAN) 0.1%
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: IN
------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP NO. 225756105 Page 18 of 31
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSON:
David M. Kashen
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [_]
(b) [X]
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3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS: PF
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) or 2(f): [_]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
------------------------------------------------------------------------------
7. SOLE VOTING POWER:
300
NUMBER OF
SHARES -----------------------------------------------------------
8. SHARED VOTING POWER:
BENEFICIALLY -0-
OWNED BY
-----------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER:
300
REPORTING
PERSON -----------------------------------------------------------
10. SHARED DISPOSITIVE POWER:
WITH -0-
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
300
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[_]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): (LESS THAN) 0.1%
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: IN
------------------------------------------------------------------------------
This Amendment No. 3 amends the Schedule 13D (the "Original Schedule
13D") filed with the Securities Exchange Commission ("SEC") on November 17,
2000. Unless otherwise stated herein, the Original Schedule 13D, as previously
amended, remains in full force and effect. Terms used herein and not defined
herein shall have the meanings ascribed thereto in the Original Schedule 13D, as
amended by Amendment No. 1 to Schedule 13D filed with the SEC on February 26,
2001 and as further amended by Amendment No. 2 to Schedule 13D filed with the
SEC on December 13, 2001.
Item 1. Security and Issuer.
-------------------
This statement relates to the shares of common stock, par value $.01
per share (the "Shares") of Crescent Real Estate Equities Company, a Texas
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at 777 Main Street, Suite 2100, Fort Worth, Texas 76102.
Item 2. Identity and Background.
-----------------------
(a) Pursuant to Rules 13d-1(f)(1)-(2) of Regulation 13D-G of the
General Rules and Regulations under the Securities Exchange Act of 1934, as
amended (the "Act"), the undersigned hereby file this Schedule 13D Statement on
behalf of SPO Partners II, L.P., a Delaware limited partnership ("SPO"), SPO
Advisory Partners, L.P., a Delaware limited partnership ("SPO Advisory
Partners"), San Francisco Partners II, L.P., a California limited partnership
("SFP"), SF Advisory Partners, L.P., a Delaware limited partnership ("SF
Advisory Partners"), SPO Advisory Corp., a Delaware corporation ("SPO Advisory
Corp."), Netcong Newton Partners, a California limited partnership ("NNP"),
Cranberry Lake Partners, L.P., a California limited partnership ("CLP"), D. L. &
W., Inc. Profit Sharing Retirement Plan, a California corporation ("DLW"),
Phoebe Snow Foundation, Inc., a California corporation ("PS Foundation"), John
H. Scully ("JHS"), Oberndorf Foundation, a California corporation ("O
Foundation"), William E. Oberndorf ("WEO"), William J. Patterson ("WJP"),
Michael B Yuen ("MBY"), Jane Y. Liou ("JYL"), Edward H. McDermott ("EHM") and
David M. Kashen ("DMK"). SPO, SPO Advisory Partners, SFP, SF Advisory Partners,
SPO Advisory Corp., NNP, CLP, DLW, PS Foundation, JHS, O Foundation, WEO, WJP,
MBY, JYL, EHM, and DMK are sometimes hereinafter referred to as the "Reporting
Persons." The Reporting Persons are making this single, joint filing because
they may be deemed to constitute a "group" within the meaning of Section
13(d)(3) of the Act, although neither the fact of this filing nor anything
contained herein shall be deemed to be an admission by the Reporting Persons
that a group exists. For the purposes of this and future filings, SF Advisory
Corp. II shall no longer be a Reporting Person.
(b)-(c)
SPO
SPO, formerly known as Main Street Partners, L.P., is a Delaware
limited partnership, the principal business of which is the purchase, sale,
exchange, acquisition and holding of investment securities. The principal
business address of SPO, which also serves as its principal office, is 591
Redwood Highway, Suite 3215, Mill Valley, California 94941. Pursuant to
Instruction C to Schedule 13D of the Act, certain information with respect to
SPO Advisory Partners, the sole general partner of SPO, is set forth below.
SPO Advisory Partners
SPO Advisory Partners, formerly known as MS Advisory Partners, is a
Delaware limited partnership, the principal business of which is serving as the
sole general partner of SPO. The principal business address of SPO Advisory
Partners, which also serves as its principal office, is 591 Redwood Highway,
Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule
13D of the Act, certain information with respect to SPO Advisory Corp., the
general partner of SPO Advisory Partners, is set forth below.
SFP
SFP is a California limited partnership, the principal business of
which is the purchase, sale, exchange, acquisition and holding of investment
securities. The principal business address of SFP, which also serves as its
principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California
94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information
with respect to SF Advisory Partners, the sole general partner of SFP, is set
forth below.
SF Advisory Partners
SF Advisory Partners is a Delaware limited partnership, the principal
business of which is serving as the sole general partner of SFP. The principal
business address of SF Advisory Partners, which also serves as its principal
office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941.
Pursuant to Instruction C to Schedule 13D of the Act, certain information with
respect to SPO Advisory Corp., the general partner of SF Advisory Partners, is
set forth below.
SPO Advisory Corp.
-----------------
SPO Advisory Corp., formerly known as SF Advisory Corp., is a Delaware
corporation, the principal business of which is serving as the general partner
of each of SPO Advisory Partners and SF Advisory Partners. The principal address
of SPO Advisory Corp., which also serves as its principal office, is 591 Redwood
Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to
Schedule 13D of the Act, certain information with respect to JHS, WEO and WJP,
the three controlling persons of SPO Advisory Corp., is set forth below.
NNP
NNP is a California limited partnership, the principal business of
which is the purchase, sale, exchange, acquisition and holding of investment
securities. The principal business address of NNP, which also serves as its
principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California
94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information
with respect to JHS, the sole general partner of NNP, is set forth below.
CLP
CLP is a California limited partnership, the principal business of
which is the purchase, sale, exchange, acquisition and holding of investment
securities. The principal business address of CLP, which also serves as its
principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California
94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information
with respect to JHS, trustee for the sole general partner of CLP, is set forth
below.
DLW
DLW is a California corporation, the principal purpose of which is to
be a profit-sharing plan. The principal business address of DLW, which also
serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. Pursuant to Instruction C to Schedule 13D of the Act, certain
information with respect to JHS, controlling person of DLW, is set forth below.
PS Foundation
PS Foundation is a California corporation, whose principal purpose is
to be a private, grant-making charitable entity. The principal business address
of PS Foundation, which also serves as its principal office, is 591 Redwood
Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to
Schedule 13D of the Act, certain information with respect to JHS, sole director
and controlling person of PS Foundation, is set forth below.
JHS
JHS' business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co., a Delaware corporation. The principal business
of SPO Partners & Co. is operating as an investment firm. The principal address
of SPO Partners & Co., which also serves as its principal office, is 591 Redwood
Highway, Suite 3215, Mill Valley, California 94941. JHS is one of three
controlling persons of SPO Advisory Corp., the corporate general partner of each
of SPO Advisory Partners and SF Advisory Partners. JHS is also the sole director
and controlling person of PS Foundation, the controlling person of DLW, the sole
general partner of NNP, and trustee for the sole general partner of CLP.
O Foundation
O Foundation is a non-profit California corporation, the principal purpose
of which is to give charitable distributions. The principal business address of
O Foundation, which also serves as its principal office, is 591 Redwood Highway,
Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to Schedule
13D of the Act, certain information with respect to WEO, controlling person of O
Foundation, is set forth below.
WEO
WEO's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co. WEO is one of three controlling persons of SPO
Advisory Corp., the corporate general partner of SPO Advisory Partners and SF
Advisory Partners. WEO is also the controlling person of O Foundation.
WJP
WJP's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co. WJP is one of three controlling persons of SPO
Advisory Corp., the corporate general partner of SPO Advisory Partners and SF
Advisory Partners.
MBY
MBY's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is as a partner for SPO
Partners & Co.
JYL
JYL's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. Her present principal occupation is as an associate for SPO
Partners & Co.
EHM
EHM's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is as a partner for SPO
Partners & Co.
DMK
DMK's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is as an associate for SPO
Partners & Co.
(d) None of the entities or persons identified in this Item 2 has, during
the last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the entities or persons identified in this Item 2 has,
during the last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
(f) All of the natural persons identified in this Item 2 are citizens
of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
The source and amount of the funds used or to be used by the Reporting
Persons to purchase Shares are as follows:
Name Source of Funds Amount of Funds
---- --------------- ---------------
SPO Working Capital (1) $ 70,949,613.73
SPO Advisory Partners Not Applicable Not Applicable
SFP Working Capital (1) $ 17,393,455.90
SPO Advisory Partners Not Applicable Not Applicable
SPO Advisory Corp. Not Applicable Not Applicable
NNP Working Capital (1) $ 7,264,770.00
CLP Working Capital (1) $ 3,517,445.00
DLW Working Capital (1) $ 4,125,755.86
PS Foundation Working Capital (1) $ 12,146,581.27
JHS Personal Funds (2) $ 2,184,697.70
O Foundation Working Capital (1) $ 1,292,412.00
WEO Personal Funds (2) $ 20,364,434.25
WJP Personal Funds (2) $ 49,509.56
MBY Personal Funds (2) $ 47,986.99
JYL Personal Funds (2) $ 16,170.00
EHM Personal Funds (2) $ 9,039.90
DMK Personal Funds (2) $ 5,147.95
-----------
(1) As used herein, the term "Working Capital" includes income from the
business operations of the entity plus sums borrowed from banks and brokerage
firm margin accounts to operate such business in general. None
of the funds reported herein as "Working Capital" were borrowed or otherwise
obtained for the specific purpose of acquiring, handling, trading or voting the
Shares.
(2) As used herein, the term "Personal Funds" includes sums borrowed from
banks and brokerage firm margin accounts, none of which were borrowed or
otherwise obtained for the specific purpose of acquiring, handling, trading or
voting the Shares.
Item 4. Purpose of Transaction
----------------------
The Reporting Persons acquired the Shares reported herein for investment
purposes. Consistent with such purposes, the Reporting Persons have had, and may
have in the future, discussions based on publicly available information with
management of the Issuer concerning the Issuer's recent operating history as
well as the Issuer's general business outlook and prospects.
Depending on market conditions and other factors that each may deem
material to its investment decision, each of the Reporting Persons may purchase
additional Shares in the open market or in private transactions or may dispose
of all or a portion of the Shares that such Reporting Person now owns or
hereafter may acquire.
Except as set forth in this Item 4, the Reporting Persons have no present
plans or proposals that relate to or that would result in any of the actions
specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Act.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) Percentage interest calculations for each Reporting Person are based upon
the Issuer having 105,217.192 total outstanding shares of common stock, as
reported on the Issuer's 10-Q filed with the Securities Exchange Commission on
May 10, 2002.
SPO
The aggregate number of Shares that SPO owns beneficially, pursuant to Rule
13d-3 of the Act, is 2,205,400 Shares, which constitutes approximately 2.1% of
the outstanding Shares.
SPO Advisory Partners
Because of its position as the sole general partner of SPO, SPO Advisory
Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial
owner of 2,205,400 Shares, which constitutes approximately 2.1% of the
outstanding Shares.
SFP
The aggregate number of Shares that SFP owns beneficially, pursuant to Rule
13d-3 of the Act, is 538,900 Shares, which constitutes approximately 0.5% of the
outstanding Shares.
SF Advisory Partners
Because of its position as the sole general partner of SFP, SF Advisory
Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial
owner of 538,900 Shares, which constitutes approximately 0.5% of the outstanding
Shares.
SPO Advisory Corp.
Because of its positions as the general partner of each of SPO Advisory
Partners, and SF Advisory Partners, SPO Advisory Corp. may, pursuant to Rule
13d-3 of the Act, be deemed to be the beneficial owner of 2,744,300 Shares in
the aggregate, which constitutes approximately 2.6% of the outstanding Shares.
NNP
The aggregate number of Shares that NNP owns beneficially, pursuant to Rule
13d-3 of the Act, is 350,000 Shares, which constitutes approximately 0.3% of the
outstanding Shares.
CLP
The aggregate number of Shares that CLP owns beneficially, pursuant to Rule
13d-3 of the Act, is 175,000 Shares, which constitutes approximately 0.2% of the
outstanding Shares.
DLW
The aggregate number of Shares that DLW owns beneficially, pursuant to Rule
13d-3 of the Act, is 200,300 Shares, which constitutes approximately 0.2% of the
outstanding Shares.
PS Foundation
The aggregate number of Shares that PS Foundation owns beneficially,
pursuant to Rule 13d-3 of the Act, is 579,900 Shares, which constitutes
approximately 0.6% of the outstanding Shares.
JHS
Individually, and because of his positions as a control person of SPO
Advisory Corp., NNP, CLP, DLW, and PS Foundation, JHS may, pursuant to Rule
13d-3 of the Act, be deemed to be the beneficial owner of 4,150,500 Shares,
which constitutes approximately 3.9% of the outstanding Shares.
O Foundation
The aggregate number of Shares that O Foundation owns beneficially,
pursuant to Rule 13d-3 of the Act, is 60,000 Shares, which constitutes less than
0.1% of the outstanding Shares.
WEO
Individually, and because of his positions as a control person of SPO
Advisory Corp., O Foundation and Oberndorf Family Partners, WEO may, pursuant to
Rule 13d-3 of the Act, be deemed to be the beneficial owner of 3,718,980 Shares
in the aggregate, which constitutes approximately 3.5% of the outstanding
Shares.
WJP
Individually, and because of his position as a control person of SPO
Advisory Corp., WJP may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 2,746,600 Shares in the aggregate, which constitutes
approximately 2.6% of the outstanding Shares.
MBY
The aggregate number of Shares that MBY owns beneficially, pursuant to Rule
13d-3 of the Act, is 2,540 Shares, which constitutes less than 0.1% of the
outstanding Shares.
JYL
The aggregate number of shares that JYL owns beneficially, pursuant to Rule
13d-3 of the Act, is 750 Shares, which constitutes less than 0.1% of the
outstanding Shares.
EHM
The aggregate number of shares that EHM owns beneficially, pursuant to
Rule 13d-3 of the Act, is 400 Shares, which constitutes less than 0.1% of the
outstanding Shares.
DKM
The aggregate number of shares that DKM owns beneficially, pursuant to
Rule 13d-3 of the Act, is 300 Shares, which constitutes less than 0.1% of the
outstanding Shares.
To the best of the knowledge of each of the Reporting Persons, other
than as set forth above, none of the persons named in Item 2 hereof is the
beneficial owner of any Shares.
(b)
SPO
Acting through its sole general partner, SPO has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 2,205,400
Shares.
SPO Advisory Partners
Acting through its two general partners and in its capacity as the sole
general partner of SPO, SPO Advisory Partners has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 2,205,400 Shares.
SFP
Acting through its sole general partner, SFP has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 538,900
Shares.
SF Advisory Partners
Acting through its general partner and in its capacity as the sole
general partner of SFP, SF Advisory Partners has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 538,900 Shares.
SPO Advisory Corp.
Acting through its controlling persons and in its capacities as the
general partner of each of SPO Advisory Partners and SF Advisory Partners, SPO
Advisory Corp. has the sole power to vote or to direct the vote and to dispose
or to direct the disposition of 2,744,300 Shares in the aggregate.
NNP
Acting through its sole general partner, NNP has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 350,000
Shares.
CLP
Acting through its sole general partner, CLP has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 175,000
Shares.
DLW
Acting through its controlling person, DLW has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 200,300
Shares.
PS Foundation
Acting through its controlling person, PS Foundation has the sole power
to vote or to direct the vote and to dispose or to direct the disposition of
579,900 Shares.
JHS
As one of three controlling persons of SPO Advisory Corp., which is the
general partner of each of SPO Advisory Partners and SF Advisory Partners, JHS
may be deemed to have shared power with WEO and WJP to vote or to direct the
vote and to dispose or to direct the disposition of 2,744,300 Shares held by SPO
and SFP in the aggregate. Because of his positions as a control person of NNP,
CLP, DLW, and PS Foundation, JHS may be deemed to have shared power to vote or
to direct the vote and to dispose or to direct the disposition of 1,305,200
shares held by NNP, CLP, DLW, and PS Foundation in the aggregate. JHS has the
sole power to vote or to direct the vote and to dispose or to direct the
disposition of 101,000 Shares.
O Foundation
Acting through its controlling person, O Foundation has the sole power
to vote or to direct the vote and to dispose or to direct the disposition of
60,000 Shares.
WEO
WEO has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 711,880 Shares. As one of three controlling persons
of SPO Advisory Corp., which is the general partner of each of SPO Advisory
Partners and SF Advisory Partners, WEO may be deemed to have shared power with
JHS and WJP to vote or to direct the vote and to dispose or to direct the
disposition of 2,744,300 Shares held by SPO and SFP in the aggregate. As the
controlling person of O Foundation, WEO may be deemed to have shared power to
vote or to direct the vote and to dispose or to direct the disposition of 60,000
Shares. As the sole general partner of Oberndorf Family Partners, a family
partnership, WEO may be deemed to have shared power to vote or direct the vote
and to dispose of or to direct the disposition of 130,800 Shares. WEO may be
deemed to have shared power to vote or to direct the vote and to dispose or to
direct the disposition of 72,000 Shares held in two trusts for himself and his
wife Susan C. Oberndorf.
WJP
As one of three controlling persons of SPO Advisory Corp., which is the
general partner of each of SPO Advisory Partners and SF Advisory Partners, WJP
may be deemed to have shared power with JHS and WEO to vote or to direct the
vote and to dispose or to direct the disposition of 2,744,300 Shares held by SPO
and SFP in the aggregate. WJP has the sole power to vote or to direct the vote
and to dispose or to direct the disposition of 2,300 Shares.
MBY
MBY has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 2,540 Shares.
JYL
JYL has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 750 Shares.
EHM
EHM has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 400 Shares.
DKM
DKM has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 300 Shares.
(c) During the past sixty (60) days, none of the Reporting Persons
purchased or sold Shares, except the following sales which were effected in open
market transactions:
Reporting Person Date Shares Sold Average Price Exchange
---------------- ---- ----------- ------------- --------
SPO 06/04/02 800,000 $19.0132 3rd Exchange
SFP 06/04/02 200,000 $19.0132 3rd Exchange
SPO 06/04/02 17,300 $19.0132 NYSE
SFP 06/04/02 4,300 $19.0132 NYSE
SPO 06/05/02 83,800 $19.4110 NYSE
SFP 06/05/02 21,000 $19.4110 NYSE
SPO 06/05/02 27,000 $19.2000 3rd Exchange
SFP 06/05/02 6,700 $19.2000 3rd Exchange
SPO 06/05/02 209,200 $19.1000 3rd Exchange
SFP 06/05/02 52,300 $19.1000 3rd Exchange
(d) Each of the Reporting Persons affirms that no person other than
such Reporting Person has the right to receive or the power to direct the
receipt of distributions with respect to, or the proceeds from the sale of, the
Shares owned by such Reporting Person.
(e) As of June 5, 2002, the Reporting Persons ceased to be the
owners of more than five percent (5%) of the outstanding Shares.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Except as set forth herein or in the Exhibits filed herewith, there are
no other contracts, arrangements, understandings or relationships of the type
required to be disclosed in response to Item 6 of Schedule 13D of the Act with
respect to the Shares owned by the Reporting Persons.
Item 7. Material to be Filed as Exhibits.
Exhibit A - Agreement pursuant to Rule 13d-1(f)(1)(iii)
Exhibit B - Power of Attorney for David M. Kashen
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
DATED: June 5, 2002
/s/ Phillip Gordon
--------------------------------
Phillip Gordon
Attorney-in-Fact for:
SPO PARTNERS II, L.P. (2)
SPO ADVISORY PARTNERS, L.P. (2)
SAN FRANCISCO PARTNERS II, L.P. (2)
SF ADVISORY PARTNERS, L.P. (2)
SPO ADVISORY CORP. (2)
NETCONG NEWTON PARTNERS (2)
CRANBERRY LAKE PARTNERS, L.P (2)
D. L. & W., INC. PROFIT SHARING RETIREMENT PLAN (2)
PHOEBE SNOW FOUNDATION, INC. (2)
JOHN H. SCULLY (2)
OBERNDORF FOUNDATION (2)
WILLIAM E. OBERNDORF (2)
WILLIAM J. PATTERSON (2)
MICHAEL B. YUEN (2)
JANE Y. LIOU (2)
EDWARD H. MCDERMOTT (2)
DAVID M. KASHEN (1)
(1) A Power of Attorney authorizing
Philip Gordon or act on behalf of
this person or entity is attached as
an exhibit to this filing.
(2) A Power of Attorney authorizing
Phillip Gordon to act on behalf of
this person or entity has been
previously filed with the Securities
and Exchange Commission.
EXHIBIT INDEX
Exhibit Document Description Page No.
------- -------------------- --------
A Agreement Pursuant to Rule 13d-1(f)(1)(iii) 1
B Power of Attorney for David M. Kashen 2
Exhibit A
Pursuant to Rule 13d-1(f)(1)(iii) of Regulation 13D-G of the General
Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agrees that the
statement to which this Exhibit is attached is filed on behalf of each of them
in the capacities set forth below.
DATED: June 5, 2002
/s/ Phillip Gordon
------------------
Phillip Gordon
Attorney-in-Fact for:
SPO PARTNERS II, L.P. (2)
SPO ADVISORY PARTNERS, L.P. (2)
SAN FRANCISCO PARTNERS II, L.P. (2)
SF ADVISORY PARTNERS, L.P. (2)
SPO ADVISORY CORP. (2)
NETCONG NEWTON PARTNERS (2)
CRANBERRY LAKE PARTNERS, L.P (2)
D. L. & W., INC. PROFIT SHARING RETIREMENT PLAN (2)
PHOEBE SNOW FOUNDATION, INC. (2)
JOHN H. SCULLY (2)
OBERNDORF FOUNDATION (2)
WILLIAM E. OBERNDORF (2)
WILLIAM J. PATTERSON (2)
MICHAEL B. YUEN (2)
JANE Y. LIOU (2)
EDWARD H. MCDERMOTT (2)
DAVID M. KASHEN (1)
(1) A Power of Attorney authorizing Philip Gordon
or act on behalf of this person or entity is
attached as an exhibit to this filing.
(2) A Power of Attorney authorizing Phillip Gordon
to act on behalf of this person or entity has
been previously filed with the Securities and
Exchange Commission.
Exhibits: Page 1
EXHIBIT B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned, David M. Kashen,
has made, constituted and appointed, and by these presents does make, constitute
and appoint Phillip Gordon the true and lawful attorney-in-fact and agent for
David M. Kashen, and in his name, place and stead to execute, acknowledge,
deliver and file any and all filings required by Section 13 and Section 16 of
the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, including, but not limited to, Schedules 13D, Forms 3,
Forms 4 and Forms 5, hereby ratifying and confirming all that said
attorney-in-fact and agent may do or cause to be done by virtue hereof.
The validity of this Power of Attorney shall not be affected in any
manner by reason of the execution, at any time, of other powers of attorney by
the undersigned in favor of persons other than the attorney-in-fact named
herein.
WITNESS THE EXECUTION HEREOF this 5th day of June, 2002 by
David M. Kashen.
/s/ David M. Kashen
-----------------------------------
DAVID M. KASHEN
STATE OF California)
COUNTY OF Marin )
/s/ Kim M. S. Silva
------------------------------------
Notary Public
Exhibits: Page 2