-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QvODeWzKvT7aZ31KIgpHMto+IwIjDpMzO++XaySHlh/MXZ/URI4MR9o+89UaJKzg t3zH6OPKGUJpe1YR38bH7w== 0000909518-08-000298.txt : 20080402 0000909518-08-000298.hdr.sgml : 20080402 20080402171349 ACCESSION NUMBER: 0000909518-08-000298 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20080402 DATE AS OF CHANGE: 20080402 GROUP MEMBERS: BALDWIN ENTERPRISES, INC. GROUP MEMBERS: PHLCORP, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CRESUD INC CENTRAL INDEX KEY: 0001034957 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 000000000 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-50733 FILM NUMBER: 08734519 BUSINESS ADDRESS: STREET 1: AV ROQUE SAENZ PENA 832 STREET 2: 8TH FL CITY: BUENOS AIRES ARGENTINA STATE: C1 ZIP: 1388 BUSINESS PHONE: 5413287808 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: LEUCADIA NATIONAL CORP CENTRAL INDEX KEY: 0000096223 STANDARD INDUSTRIAL CLASSIFICATION: LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400] IRS NUMBER: 132615557 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 315 PARK AVE S CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2124601900 MAIL ADDRESS: STREET 1: 315 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: TALCOTT NATIONAL CORP DATE OF NAME CHANGE: 19800603 SC 13D/A 1 mv4-2_13da1.txt ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1) Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria Cresud Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, Par Value 1.00 Peso per Share - -------------------------------------------------------------------------------- (Title of class of securities) 226406106 - -------------------------------------------------------------------------------- (CUSIP number) JOSEPH A. ORLANDO VICE PRESIDENT AND CHIEF FINANCIAL OFFICER LEUCADIA NATIONAL CORPORATION 315 PARK AVENUE SOUTH NEW YORK, NEW YORK 10010 WITH A COPY TO: ANDREA A. BERNSTEIN, ESQ. WEIL, GOTSHAL & MANGES LLP 767 FIFTH AVENUE NEW YORK, NEW YORK 10153 - -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) April 1,2008 - -------------------------------------------------------------------------------- (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 [ ]. ================================================================================
- ------------------------------------------------- ------------------------------- CUSIP No. 226406106 13D Page 2 - ------------------------------------------------- ------------------------------- - ---------------- ------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: Leucadia National Corporation - ---------------- ------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X] (b) [ ] - ---------------- ------------------------------------------------------------------------- 3 SEC USE ONLY - ---------------- ------------------------------------------------------------------------- 4 SOURCE OF FUNDS: N/A - ---------------- ------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ] - ---------------- ------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York - ---------------- ------------------------------------------------------------------------- 7 NUMBER OF SHARES SOLE VOTING POWER: -0- BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------------------------------------------------------- 8 SHARED VOTING POWER: 44,855,657 ------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER: -0- ------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER: 44,855,657 - ---------------- ------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 44,855,657 REPORTING PERSON: - ---------------- ------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ] EXCLUDES CERTAIN SHARES: - ---------------- ------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.8%* - ---------------- ------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - ---------------- ------------------------------------------------------------------------- - ------------------------ * Based on amounts deemed to be outstanding as reported in Item 5 hereof. 2 - ------------------------------------------------- ------------------------------- CUSIP No. 226406106 13D Page 3 - ------------------------------------------------- ------------------------------- - ---------------- ------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: Phlcorp, Inc. - ---------------- ------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X] (b) [ ] - ---------------- ------------------------------------------------------------------------- 3 SEC USE ONLY - ---------------- ------------------------------------------------------------------------- 4 SOURCE OF FUNDS: N/A - ---------------- ------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ] - ---------------- ------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Pennsylvania - ---------------- ------------------------------------------------------------------------- 7 NUMBER OF SHARES SOLE VOTING POWER: -0- BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------------------------------------------------------- 8 SHARED VOTING POWER: 44,855,657 ------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER: -0- ------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER: 44,855,657 - ---------------- ------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 44,855,657 REPORTING PERSON: - ---------------- ------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ] EXCLUDES CERTAIN SHARES: - ---------------- ------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.8%* - ---------------- ------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - ---------------- ------------------------------------------------------------------------- - ------------------------ * Based on amounts deemed to be outstanding as reported in Item 5 hereof. 3 - -------------------------------------------- ------------------------------------- CUSIP No. 226406106 13D Page 4 - -------------------------------------------- ------------------------------------- - ---------------- ------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: Baldwin Enterprises, Inc. - ---------------- ------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X] (b) [ ] - ---------------- ------------------------------------------------------------------------- 3 SEC USE ONLY - ---------------- ------------------------------------------------------------------------- 4 SOURCE OF FUNDS: WC - ---------------- ------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ] - ---------------- ------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Colorado - ---------------- ------------------------------------------------------------------------- 7 NUMBER OF SHARES SOLE VOTING POWER: -0- BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------------------------------------------------------- 8 SHARED VOTING POWER: 44,855,657 ------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER: -0- ------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER: 44,855,657 - ---------------- ------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 44,855,657 REPORTING PERSON: - ---------------- ------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ] EXCLUDES CERTAIN SHARES: - ---------------- ------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.8%* - ---------------- ------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - ---------------- -------------------------------------------------------------------------
- ------------------------ * Based on amounts deemed to be outstanding as reported in Item 5 hereof. 4 This Amendment No. 1 amends and supplements the Statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on March 24, 2008 (the "Schedule 13D"), with respect to the common stock, par value 1.00 Peso per share (the "Common Stock"), of Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria, an Argentine corporation ("Cresud" or the "Company"). Capitalized terms used but not defined herein shall have the meanings attributed to them in the Schedule 13D. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 is hereby supplemented as follows: On or about March 26, 2008, Baldwin exercised its accretion rights with respect to the Offering and purchased 2,489,095 shares of Common Stock and 2,489,095 Warrants, which are convertible into 829,698 shares of Common Stock. The amount of funds used by Baldwin to exercise its accretion rights was $3,892,552. The source of funds used in connection with such purchase was Baldwin's funds available for investment. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. Item 5 is hereby amended and restated as follows: The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Statement on Schedule 13D are incorporated herein by reference. All percentages in this Item 5 are based on 511,988,685 shares of Common Stock deemed to be outstanding with respect to the Reporting Persons, following the Offering as set forth in the Prospectus (500,774,772 shares of Common Stock as reported in the Prospectus to be outstanding following the Offering and 11,213,914 shares of Common Stock respectively that may be acquired by the Reporting Persons pursuant to the exercise of an aggregate of 33,641,743 Warrants beneficially owned by the Reporting Persons). (a) As of April 1, 2008, the Reporting Persons beneficially owned the following shares of Common Stock: (i) Baldwin may be deemed to beneficially own an aggregate of 44,855,657 shares of Common Stock, representing approximately 8.8% of the shares of Common Stock deemed to be outstanding with respect to the Reporting Persons. This consists of (A) 33,641,743 shares of Common Stock, representing approximately 6.6% of the shares of Common Stock deemed to be outstanding with respect to the Reporting Persons that Baldwin owns, and (B) 11,213,914 shares of Common Stock, representing approximately 2.2% of the shares of Common Stock deemed to be outstanding with respect to the Reporting Persons that Baldwin may be deemed to beneficially own under Rule 13d-3. (ii) By virtue of its ownership of all of the outstanding shares of Baldwin, for purposes of this Statement on Schedule 13D, Phlcorp may be deemed to be the beneficial owner of all of the shares of Common Stock beneficially owned by Baldwin. (iii) By virtue of its ownership of all of the outstanding shares of Phlcorp, for purposes of this Statement on Schedule 13D, Leucadia may be deemed to be the beneficial owner of all of the shares of Common Stock beneficially owned by Baldwin. 5 (iv) By virtue of their ownership of Leucadia common shares and their positions as Chairman of the Board, and President and a director, respectively, of Leucadia, for purposes of this Statement on Schedule 13D, Mr. Cumming and Mr. Steinberg may be deemed to be the beneficial owners of all of the shares of Common Stock beneficially owned by Baldwin. (b) The responses of the Reporting Persons to Rows (7) through (10) of the cover pages of this Statement on Schedule 13D and Item 5(a) hereof are incorporated herein by reference. Leucadia, Phlcorp and Baldwin may be deemed to share voting and dispositive power with respect to all shares of Common Stock beneficially owned by Baldwin reflected in this Statement on Schedule 13D. Although the Reporting Persons do not currently have the power to vote or dispose of the 11,213,914 shares of Common Stock that Leucadia, Phlcorp and Baldwin may be deemed to beneficially own pursuant to the terms of the Warrants, Leucadia, Phlcorp and Baldwin may be deemed under Rule 13d-3 to share voting and dispositive power with respect to the 11,213,914 shares of Common Stock acquirable pursuant to the exercise of these Warrants. (c) Except as set forth herein, the Reporting Persons have not effected any transaction in shares of Common Stock during the sixty (60) days preceding the date of this Statement. (d) Not applicable. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. As previously disclosed, Baldwin has reached an oral understanding with Mr. Eduardo S. Elsztain, Chairman of the Board of Directors of Cresud and a significant shareholder of IFIS, whereby Mr. Elsztain will have the right to purchase 20% of the total number of ADSs and Warrants owned by Baldwin (the "Call Right"), including ADSs and Warrants acquired in connection with the exercise of accretion rights at a price that provides Baldwin with a 15% return calculated on an annual basis. The Call Right is exercisable up to and including March 11, 2010 (the "Exercise Period") and terminates upon the expiration of the Exercise Period. The Call Right is transferable to affiliates of Mr. Elsztain. On April 1, 2008, a letter agreement between Baldwin and Mr. Elsztain was executed with respect to the Call Right (the "Letter Agreement"). The Letter Agreement grants Mr. Elsztain an option to acquire 672,835 Cresud ADSs and 6,728,349 Warrants, subject to equitable adjustment in the event of a stock split, recapitalization or other reclassification of the common shares of Cresud. The foregoing description of the Letter Agreement is qualified in its entirety by reference to the complete text of the Letter Agreement, which is attached hereto as Exhibit 1 and is incorporated herein by reference. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. EXHIBIT 1 Letter Agreement, dated April 1, 2008, by and between Baldwin Enterprises, Inc. and Eduardo S. Elsztain. 6 SIGNATURES 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: April 2, 2008 LEUCADIA NATIONAL CORPORATION By: /s/ Joseph A. Orlando ------------------------------------- Name: Joseph A. Orlando Title: Vice President and Chief Financial Officer PHLCORP, INC. By: /s/ Joseph A. Orlando ------------------------------------- Name: Joseph A. Orlando Title: Vice President BALDWIN ENTERPRISES, INC. By: /s/ Joseph A. Orlando ------------------------------------- Name: Joseph A. Orlando Title: Vice President 7 EXHIBIT INDEX Exhibit No. 1 Letter Agreement, dated April 1, 2008, by and between Baldwin Enterprises, Inc. and Eduardo S. Elsztain. EX-99 2 mm03-3108_13da1e1.txt EX.1 Exhibit 1 --------- April 1, 2008 Mr. Eduardo S. Elsztain Bolivar 108 Buenos Aires, 1066 Argentina Re. Cresud S.A.C.I.F. y A Dear Sir, Reference is made to the Registration Statement on Form F-3, effective as of February 25, 2008 of Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria ("Cresud") and the 3,364,174 new American Depositary Shares of Cresud (the "Cresud ADSs") and 33,641,744 warrants , each of which entitles its holder to purchase 0.33333333 additional common shares of Cresud (the "Warrants") that Baldwin Enterprises, Inc. ("we", "us", "our" or the "Subscriber"), a Colorado corporation, has agreed to subscribe for pursuant to the terms contained in the above mentioned Registration Statement. CALL OPTION The Subscriber hereby confirms to you that, subject to our receipt of all of the Cresud ADSs and the Warrants, we grant you, under the terms and conditions set forth below, an option to acquire (the "Call Option"), after the date hereof, 672,835 Cresud ADSs and 6,728,349 Warrants except as otherwise provided herein (the "Option Securities") at a price equal to: (i) US$12,498,979 (the "First Option Price") if the Call Option is exercised on March 11, 2009 (the "First Exercise Date"); (ii) US$12,967,690 (the "Second Option Price") if the Call Option is exercised on June 11, 2009 (the "Second Exercise Date"); (iii) US$13,436,402 (the "Third Option Price") if the Call Option is exercised on September 11, 2009 (the "Third Exercise Date"); (iv) US$13,905,114 (the "Fourth Option Price") if the Call Option is exercised on December 11, 2009 (the "Fourth Exercise Date"); or (v) US$14,373,825 (the "Fifth Option Price" and together with the First Option Price, Second Option Price, Third Option Price and Fourth Option Price, the "Option Prices", each an "Option Price") if the Call Option is exercised on March 11, 2010 (the "Fifth Exercise Date" and together with the First Exercise Date, Second Exercise Date, Third Exercise Date and Fourth Exercise Date, the "Exercise Dates", each an "Exercise Date"). For the avoidance of doubt, the parties hereto agree that (i) the aggregate number of Cresud ADSs subject to the Call Option shall be 672,835 ADSs, subject to equitable adjustment in the event of a stock split, recapitalization or other reclassification of the ADSs of Cresud; and (ii) the aggregate number of Warrants subject to the Call Option shall be 6,728,349, subject to equitable adjustment in the event of a stock split, recapitalization or other reclassification of the common shares of Cresud. You shall exercise the Call Option by delivering to us written notice (the "Call Option Notice") of such exercise of the Call Option no later than twelve (12) calendar days prior to an Exercise Date. The closing of the sale of the Option Securities to you pursuant to the exercise of the Call Option shall take place at the offices of the Subscriber in New York, New York no later than the twelfth (12th) calendar day following the delivery of the Call Option Notice or at such other place as mutually agreed by the parties. At such closing, (i) the Subscriber shall deliver to you the certificates and other documentation, if any, representing the Option Securities in proper form for transfer and (ii) you shall deliver to us evidence of the payment of the First Option Price, Second Option Price, Third Option Price, Fourth Option Price or Fifth Option Price, as applicable. If the Call Option is not exercised and paid for on the Fifth Exercise Date (or another Exercise Date preceding the Fifth Exercise Date), the Call Option shall expire and the terms of this letter with respect to the Call Option shall become null and void. Any Option Price shall be paid free and clear of all taxes or withholdings, in U.S. Dollars to an account outside Argentina to be designated by us prior to the closing, by wire transfer of immediately available funds. During the period commencing on the date we receive the Cresud ADSs and the Warrants and ending on the Fifth Exercise Date, the Subscriber shall at all times retain ownership of a number of ADSs and warrants of Cresud equal to the Option Securities and shall not transfer, encumber or dispose of such shares or warrants during such period. The Call Option may not be transferred or assigned to any third party without the prior written consent of the other party hereto; provided, however, you shall be permitted to assign or transfer all rights hereunder to an affiliate without our prior written consent so long as the affiliate agrees to be bound by the provisions hereof. Any attempted assignment in violation of this paragraph shall be null and void. This letter shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof and the parties hereto submit to the non-exclusive jurisdiction of the courts of the City of New York, borough of Manhattan for the adjudication of any 2 dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein. All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by facsimile or sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service and shall be deemed given when received, as follows: If to the Subscriber: Baldwin Enterprises, Inc. c/o Leucadia National Corporation 315 Park Avenue South New York, New York 10010 Attention: Joseph S. Steinberg Fax: (212) 598-3241 With a copy to: Andrea A Bernstein, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, New York 10153 Fax: (212) 310-8007 If to Mr. Eduardo S. Elsztain: Mr. Eduardo S. Elsztain Bolivar 108 Buenos Aires, 1066 Argentina Fax: 5411 4323-7597 With copies to: Carolina Zang Florida 537, 18th floor Buenos Aires, Argentina (1005) Fax: 5411 4322 6970 Yael Malik Consultores Asset Management Bolivar 108 (1066) Buenos Aires Fax: 5411 4323 7597 This letter may be executed by facsimile and in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies each signed by less than all, but together signed by all, the parties hereto. 3 Please acknowledge your acceptance of this letter and your agreement with the terms contained herein by executing this letter where indicated below and returning an executed copy to us promptly by facsimile. Very truly yours, Baldwin Enterprises, Inc. By: /s/ Joseph A. Orlando -------------------------------- Name: Joseph A. Orlando Title: Vice President Accepted and agreed as of the date first above written: /s/ Eduardo S. Elsztain - -------------------------------- EDUARDO S. ELSZTAIN -----END PRIVACY-ENHANCED MESSAGE-----