SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13G
Amendment #2
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Denny's Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
24869P104
(CUSIP Number)
December 31, 2002
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
Page 1 of 9 Pages
________________
*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 the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for purposes 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).
CUSIP No. 24869P104 13G/A Page 2 of 9 Pages
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Gotham Partners, L.P.
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
4,937,632
SHARES
_________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
-0-
OWNED BY
_________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
4,937,632
REPORTING
_________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
-0-
_________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,937,632
_________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
_________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
12.26%
_________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
_________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 24869P104 13G/A Page 3 of 9 Pages
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Gotham Partners III, L.P.
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
240,816
SHARES
_________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
-0-
OWNED BY
_________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
240,816
REPORTING
_________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
-0-
_________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
240,816
_________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
_________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.60%
_________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
_________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 24869P104 13G/A Page 4 of 9 Pages
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Gotham International Advisors, L.L.C.
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
843,004
SHARES
_________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
-0-
OWNED BY
_________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
843,004
REPORTING
_________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
-0-
_________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
843,004
_________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
_________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.09%
_________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IA
_________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 24869P104 13G/A Page 5 of 9 Pages
Item 1(a). Name of Issuer:
The name of the issuer is Denny's Corp. (the "Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at
203 East Main Street Spartanburg, South Carolina 29319-9966.
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Gotham Partners, L.P., a New York limited partnership
("Gotham") with respect to the shares of Common
Stock directly owned by it;
(ii) Gotham Partners III, L.P., a New York limited
partnership ("Gotham III") with respect to the
shares of Common Stock directly owned by it; and
(iii) Gotham International Advisors, L.L.C., a
limited liability company organized under
the laws of the State of Delaware
("Gotham Advisors"), which serves as
investment manager to Gotham Partners
International, Ltd.("Gotham International"),
a company organized under the laws of the
Cayman Islands, with respect to the
shares of Common Stock directly owned
by Gotham International; and
The foregoing persons are hereinafter sometimes
collectively referred to as the "Reporting Persons." Any
disclosures herein with respect to persons other than the
Reporting Persons are made on information and belief
After making inquiry to the appropriate party.
Item 2(b). Address of Principal Business Office or, if None,
Residence:
The address of the business office of Gotham, Gotham
Advisors and Gotham III is 110 East 42nd Street, 18th
Floor, New York, New York, 10017. The address of the business
office of Gotham International is c/o Goldman Sachs (Cayman)
Trust, Limited, Harbour Centre, 2nd Floor, P.O. Box 896, George
Town, Grand Cayman, Cayman Islands, British West Indies.
CUSIP No. 24869P104 13G/A Page 6 of 9 Pages
Item 2(c). Citizenship:
Gotham and Gotham III are limited partnerships organized
under the laws of the State of New York. Gotham Advisors is a
limited liability company organized under the laws of the
State of Delaware.
Item 2(d). Title of Class of Securities:
Common Stock, $0.01 par value (the "Common Stock")
Item 2(e). CUSIP Number:
24869P104
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or
13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15
of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1 (b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in
accordance with 13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in
accordance with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
CUSIP No. 24869P104 13G/A Page 7 of 9 Pages
Item 4. Ownership.
A. Gotham Partners, L.P.
(a) Amount beneficially owned: 4,937,632
(b) Percent of class: 12.26% The percentages used herein
are calculated based upon the 40,290,160 shares of
Common Stock issued and outstanding as reflected
in the Company's Form 10-Q for the quarter ending
September 25, 2002.
(c)(i) Sole power to vote or direct the vote: 4,937,632
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: 4,937,632
(iv) Shared power to dispose or direct the disposition: -0-
B. Gotham Partners III, L.P.
(a) Amount beneficially owned: 240,816
(b) Percent of class: 0.60%
(c)(i) Sole power to vote or direct the vote: 240,816
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: 240,816
(iv) Shared power to dispose or direct the disposition: -0-
C. Gotham International Advisors, L.L.C.
(a) Amount beneficially owned: 843,004
(b) Percent of class: 2.09%
(c)(i) Sole power to vote or direct the vote: 843,004
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: 843,004
(iv) Shared power to dispose or direct the disposition: -0-
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
Not applicable
CUSIP No. 24869P104 13G/A Page 8 of 9 Pages
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent
Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the
Group.
See Item 2.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons hereby makes the following
certification:
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
CUSIP No. 24869P104 13G/A Page 9 of 9 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, the undersigned certify that the information set forth in
this statement is true, complete and correct.
DATED: February 14, 2003
GOTHAM PARTNERS, L.P.
By: Section H Partners, L.P.
its general partner
By: Karenina Corporation,
a general partner of Section H
Partners, L.P.
By: /s/ William A. Ackman
William A. Ackman
President
GOTHAM INTERNATIONAL ADVISORS, L.L.C.
By: /s/ William A. Ackman
William A. Ackman
Senior Managing Member
GOTHAM PARTNERS III, L.P.
By: Section H Partners, L.P.
its general partner
By: Karenina Corporation,
a general partner of Section H
Partners, L.P.
By: /s/ William A. Ackman
William A. Ackman
President