-----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, D+tDpDJjGBxb0zKg8K3GbmAAU6v5lfu8KjZgrvD+QdiRIWNPCU8YgOdGgUgjTnSf ahiI4gNOesbUzTZyMpzkOw== 0000950123-09-007125.txt : 20090424 0000950123-09-007125.hdr.sgml : 20090424 20090424060212 ACCESSION NUMBER: 0000950123-09-007125 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20090424 DATE AS OF CHANGE: 20090424 GROUP MEMBERS: TAYLOR ASSET MANAGEMENT, INC. FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TAYLOR STEPHEN S CENTRAL INDEX KEY: 0001109389 FILING VALUES: FORM TYPE: SC 13D MAIL ADDRESS: STREET 1: 714 S. DEARBORN CITY: CHICAGO STATE: IL ZIP: 60605 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Meruelo Maddux Properties, Inc. CENTRAL INDEX KEY: 0001375083 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-82513 FILM NUMBER: 09767851 BUSINESS ADDRESS: STREET 1: 761 TERMINAL STREET STREET 2: BUILDING 1, SECOND FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90021 BUSINESS PHONE: 213-291-2800 MAIL ADDRESS: STREET 1: 761 TERMINAL STREET STREET 2: BUILDING 1, SECOND FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90021 SC 13D 1 c50776sc13d.txt SCHEDULE 13D OMB APPROVAL --------------------------- OMB Number: 3235-0145 Expires: December 31, 2005 Estimated average burden hours per response.......11 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 Meruelo Maddux Properties, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK ($0.01 PAR VALUE PER SHARE) - -------------------------------------------------------------------------------- (Title of Class of Securities) 590473104 - -------------------------------------------------------------------------------- (CUSIP Number) STEPHEN S. TAYLOR c/o Taylor Asset Management, Inc. 714 South Dearborn Street, 2nd Floor Chicago, IL 60605 Phone # (310) 704-1290 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) April 2, 2009 - -------------------------------------------------------------------------------- (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 that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. / / NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("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). PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER. SEC 1746 (11-02) CUSIP NO. 981424105 - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). N/A Stephen S. Taylor - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) PF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] N/A - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States Citizen - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 6,956,558 SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 6,956,558 PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,956,558(1) - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] N/A - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- (1) Consists of 824,538 shares owned by Stephen S. Taylor's Roth IRA, 280,420 shares owned by Mr. Taylor individually, and 5,851,600 owned by Taylor International Fund, Ltd. of which Taylor Asset Management Inc. is the investment manager. Taylor Asset Management Inc. is a professional asset management firm which is controlled by Mr. Taylor. CUSIP NO. 981424105 - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). N/A Taylor Asset Management, Inc., FEIN# 26-044-8554 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) 00 - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] N/A - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 5,851,600 SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 5,851,600 PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,851,600(1) - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] N/A - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.64% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- (1) Consists of 5,851,600 Shares owned by Taylor International Fund, Ltd. of which Taylor Asset Management Inc. is the investment manager. Taylor Asset Management Inc. is a professional asset management firm which is controlled by Mr. Taylor. ITEM 1. SECURITY AND ISSUER. This statement relates to the Common Stock, par value $0.01 per share, of Meruelo Maddux Properties, Inc. a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at 761 Terminal Street, Building 1, Second Floor, Los Angeles, California 90021. ITEM 2. IDENTITY AND BACKGROUND. (a) Name: Stephen S. Taylor and Taylor Asset Management, Inc. ("TAM"), which is a professional asset management firm controlled by Mr. Taylor and the investment manager of Taylor International Fund, Ltd. ("TIF"). (b) Business Address: 714 South Dearborn Street 2nd Floor, Chicago, Illinois 60605. (c) Present Principal Occupation: Investment Manager (d) Mr. Taylor or TAM has not, during the last five (5) years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five (5) years, Mr. Taylor or TAM were not a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding were not or are not 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) Citizenship: United States. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Mr. Taylor acquired 1,104,958 shares of the Issuer for total consideration of $64,373.97. The source of the funds was his personal resources. TAM acquired for TIF 5,851,600 shares of the Issuer for total consideration of $524,323.12. The source of the funds was from Mr. Taylor and other investors not named herein. ITEM 4. PURPOSE OF TRANSACTION. The reporting persons have purchased shares of the issuer to obtain long term capital appreciation. MR. TAYLOR AND TAM RESPECT AND APPRECIATE THE EFFORTS OF CURRENT MANAGEMENT DURING THIS TIME OF UNPRECEDENTED CRISIS IN THE CAPITAL MARKETS. MR. TAYLOR AND TAM BELIEVE THE COMMON STOCK OF THE ISSUER IS SUBSTANTIALLY UNDERVALUED. IN THEIR OPINION, THE ISSUER'S RECENT BANKRUPTCY FILING HAS BEEN MISINTERPRETED BY THE FINANCIAL COMMUNITY. MR. TAYLOR AND TAM BELIEVE THE VALUE OF THE ISSUER'S REAL ESTATE HOLDINGS FAR EXCEEDS ITS LIABILITIES. THIS BELIEF REMAINS, EVEN ASSUMING SUBSTANTIAL FURTHER DECLINES IN COMMERCIAL REAL ESTATE PRICES. FROM TIME TO TIME, MR. TAYLOR AND TAM MAY HAVE DISCUSSION WITH MEMBERS OF MANAGEMENT, OTHER SHAREHOLDERS, AND MAY PRESENT VARIOUS PROPOSALS AND CONCEPTS TO THEM REGARDING CORPORATE STRATEGY, FINANCING ALTERNATIVES, AND EFFORTS TO INCREASE SHAREHOLDER VALUE. At this moment, Mr. Taylor has no plans or proposals which relate to or which would result in: (a) The acquisition by any person of additional securities of the issuer, or the disposition of securities of the issuer; (b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the issuer or any of its subsidiaries; (c) A sale or transfer of a material amount of assets of the issuer or any of its subsidiaries; (d) Any change in the present board of directors or management of the issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) Any material change in the present capitalization or dividend policy of the issuer; (f) Any other material change in the issuer's business or corporate structure including but not limited to, if the issuer is a registered closed-end investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by section 13 of the Investment Company Act of 1940; (g) Changes in the issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the issuer by any person; (h) Causing a class of securities of the issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) A class of equity securities of the issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) Any action similar to any of those enumerated above. Mr. Taylor and TAM intend continually to review their investment in the securities of the Issuer and, based on such review and the circumstances, may form a plan or proposal which would relate to or result in one of the actions enumerated in paragraphs (a) through (j) above. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Mr. Taylor has beneficial ownership of 1,104,958 shares of the Issuer, of which 824,538 shares are held in an individual retirement account for his benefit. TIF has beneficial ownership of 5,851,600 shares of the Issuer. Accordingly, Mr. Taylor may be deemed to own beneficially a total of 6,956,558 shares of the Issuer, constituting 7.9% of the Issuer's shares of common stock outstanding as of December 31, 2008. (b) Mr. Taylor has the sole power to vote and to dispose or direct the disposition of 6,759,939 shares of the Issuer's common stock. (c) Mr. Taylor has made the following purchases of the Issuer's common stock on the open market since February 1, 2009:
DATE BUYER NO. SHARES PRICE/SHARE - --------- -------------- ------------ ----------- 3/12/2009 Mr. Taylor IRA 190,000.00 $0.07 3/17/2009 Mr. Taylor IRA 14,000.00 $0.07 3/19/2009 Mr. Taylor IRA 44,162.00 $0.06 3/27/2009 Mr. Taylor IRA 2,200.00 $0.07 3/31/2009 Mr. Taylor IRA 100,000.00 $0.10 4/2/2009 Mr. Taylor 49,900.00 $0.05 4/3/2009 Mr. Taylor 189,738.00 $0.05 4/8/2009 Mr. Taylor IRA 159,176.00 $0.07 4/9/2009 Mr. Taylor 40,163.00 $0.07 4/21/2009 Mr. Taylor IRA 115,000.00 $0.06
TIF has made the following purchases of the Issuer's common stock on the open market since February 1, 2009:
DATE BUYER NO. SHARES PRICE/SHARE - --------- ----- ------------ ----------- 2/11/2009 TIF 100,000.00 $0.27 2/17/2009 TIF 100,000.00 $0.22 2/19/2009 TIF 16,600.00 $0.16 2/23/2009 TIF 100,000.00 $0.13 2/24/2009 TIF 34,500.00 $0.12 2/25/2009 TIF 570,000.00 $0.12 2/26/2009 TIF 400,000.00 $0.12 2/27/2009 TIF 678,900.00 $0.13 3/2/2009 TIF 10,000.00 $0.14 3/6/2009 TIF 4,600.00 $0.11 3/10/2009 TIF 50,000.00 $0.12 3/12/2009 TIF 337,000.00 $0.07 3/24/2009 TIF 200,000.00 $0.12 3/25/2009 TIF 200,000.00 $0.14 4/1/2009 TIF 1,000,000.00 $0.06 4/1/2009 TIF 1,000,000.00 $0.05 4/2/2009 TIF 1,000,000.00 $0.04
(d) Not Applicable. (e) Not Applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. None. Signature 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. - ------------------------------------------------------------------------------- Date April 24, 2009 - ------------------------------------------------------------------------------- Signature /s/ Stephen S. Taylor - ------------------------------------------------------------------------------- Name/Title -----END PRIVACY-ENHANCED MESSAGE-----