SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
AMENDMENT NO. 5
TO
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(a)
--------------------------
LNR PROPERTY CORPORATION
(Name of Issuer)
--------------------------
COMMON STOCK, PAR VALUE $0.10 PER SHARE
(Title of Class of Securities)
--------------------------
501940100
(CUSIP Number)
--------------------------
DAVID W. BERNSTEIN, ESQ.
CLIFFORD CHANCE US LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
--------------------------
AUGUST 29, 2004
(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(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
Page 1 of 12
CUSIP No. 501940100 13D Page 2 of 12 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
MFA LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF --------------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 7,188,631
EACH --------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON WITH
--------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
7,188,631
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,188,631
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
Page 2 of 12
CUSIP No. 501940100 13D Page 3 of 12 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
LMM FAMILY CORP.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
--------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 8,637,831
OWNED BY --------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH --------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
8,637,831
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,637,831
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.2%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 3 of 12
CUSIP No. 501940100 13D Page 4 of 12 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
MARITAL TRUST I CREATED UNDER AMENDED AND RESTATED REVOCABLE TRUST
AGREEMENT DATED JUNE 8, 2001
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF --------------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 8,637,831
EACH --------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON WITH
--------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
8,637,831
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,637,831
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.2%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 4 of 12 Pages
CUSIP No. 501940100 13D Page 5 of 12 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
THE MILLER CHARITABLE FUND, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF --------------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,449,200
EACH --------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON WITH
--------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,449,200
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,449,200
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
Page 5 of 12 Pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
On August 29, 2004, Riley Property Holdings LLC, a newly formed company
that will be majority owned by funds managed by Cerberus Capital Management, LP
and Blackacre Institutional Capital Management, LLC, agreed to acquire the
registrant through a cash merger for $63.10 per share. The transaction must,
among other things, be approved by the holders of a majority in voting power of
the outstanding shares of Common Stock and Class B Common Stock, voting together
as though they were a single class.
In connection with the transaction, Stuart Miller, The LM Stuart Miller
Irrevocable Trust U/A 10/6/94 (of which Stuart Miller is a beneficiary), MFA
Limited Partnership and The Miller Charitable Fund, L.P. agreed (a) to acquire
approximately 20.4% of Riley Property Holdings for $150 million (to be paid by
exchanging shares of registrant for interests in Riley Property Holdings), and
(b) to vote all their shares of stock of registrant in favor of the transaction
with Riley Property Holdings and against any competing transactions.
Because the four parties to the Voting Agreement have the power to cast
approximately 77.35% of the votes that can be cast with regard to the
transaction, that Voting Agreement will assure stockholder approval of the
transaction. However, if registrant's Board of Directors, or a Special Committee
of that Board of Directors consisting entirely of independent directors,
withdraws its recommendation that stockholders vote in favor of the transaction
or modifies that recommendation in a way that is adverse to the transaction, the
Voting Agreement will terminate unless within five days a party notifies Riley
Property Holdings that the Voting Agreement will remain in effect as to that
party.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A. Voting Agreement dated as of August 29, 2004, among Riley Property
Holdings LLC, Stuart Miller, The LM Stuart Miller Irrevocable Trust
U/A 10/6/94, MFA Limited Partnership and The Miller Charitable Fund,
L.P.
Exhibit B. Equity investment commitment letter dated August 29, 2004, executed
by Stuart Miller, The LM Stuart Miller Irrevocable Trust U/A
10/6/94, MFA Limited Partnership and The Miller Charitable Fund,
L.P.
Page 6 of 12 Pages
SIGNATURE
After reasonable inquiry and to the best of knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
Dated: August 30, 2004
MARITAL TRUST I UNDER LEONARD MILLER
AMENDED AND RESTATED REVOCABLE TRUST
AGREEMENT DATED JUNE 8, 2001
By /s/ Stuart A. Miller
------------------------------------
Stuart A. Miller, Trustee
LMM FAMILY CORPORATION
By /s/ Stuart A. Miller
------------------------------------
Stuart A. Miller, President
MFA LIMITED PARTNERSHIP
By LMM FAMILY CORPORATION, General
Partner
By /s/ Stuart A. Miller
------------------------------------
Stuart A. Miller, President
THE MILLER CHARITABLE FUND, L.P.
By: LMM Family Corp.
its Sole General Partner
By /s/ Stuart A. Miller
------------------------------------
Name: Stuart A. Miller
Title: President
Page 7 of 12 Pages
EXHIBIT A
AMENDED JOINT FILING AGREEMENT
In accordance with Rule 13d-k(1) under the Securities Exchange Act of 1934, as
amended, the persons named below agree to the joint filing on behalf of each of
them of a Statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $0.10 per share, of LNR Property Corporation, and
further agree that this Joint Filing Agreement be included as an Exhibit to such
joint filings. In evidence thereof, the undersigned, being duly authorized, have
executed this Joint Filing Agreement this 30th day of August 2004.
MFA LIMITED PARTNERSHIP
By: LMM Family Corp.
its General Partner
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: President
LMM FAMILY CORP.
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: President
MARITAL TRUST I CREATED UNDER THE
LEONARD MILLER AMENDED AND RESTATED
REVOCABLE TRUST AGREEMENT DATED JUNE
8, 2001
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: Trustee
THE MILLER CHARITABLE FUND, L.P.
By: LMM Family Corp.
its Sole General Partner
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: President
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints David W. Bernstein, his true and lawful
attorney-in-fact and agent, with full power of substitution and re-substitution,
to sign in any and all capacities any and all amendments to this Statement on
Schedule 13D and to file the same with all exhibits thereto and other documents
in connection therewith with the Securities and Exchange Commission, granting to
such attorneys-in-fact and agents, and each of them, full power and authority to
do all such other acts and execute all such other documents as they, or any of
them, may deem necessary or desirable in connection with the foregoing, as fully
as the undersigned might or could do in person, hereby ratifying and confirming
all that such attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
MFA LIMITED PARTNERSHIP
By: LMM Family Corp.
its General Partner
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: President
LMM FAMILY CORP.
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: President
MARITAL TRUST I CREATED UNDER THE
LEONARD MILLER AMENDED AND RESTATED
REVOCABLE TRUST AGREEMENT DATED JUNE
8, 2001
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: Trustee
THE MILLER CHARITABLE FUND, L.P.
By: LMM Family Corp.
its Sole General Partner
By:/s/ Stuart A. Miller
-------------------------------------
Name: Stuart A. Miller
Title: President
Dated: August 30, 2004