-----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, W0/gkVOCJmuYJe/4AVtBGrNENziLtfhrUfsrTejNPPNvZ+mDaxF++MAgVpdJTbCQ Spl1ONbSS5zRygHar8qvaQ== 0000950123-09-039990.txt : 20090901 0000950123-09-039990.hdr.sgml : 20090901 20090901070031 ACCESSION NUMBER: 0000950123-09-039990 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20090901 DATE AS OF CHANGE: 20090901 GROUP MEMBERS: STEPHEN S. TAYLOR 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/A 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-82513 FILM NUMBER: 091047326 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/A 1 c89840sc13dza.htm SCHEDULE 13DA Schedule 13DA

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934
(Amendment No. 2 )*

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, Jr.
c/o Taylor Asset Management, Inc.
714 S. Dearborn St. 2nd Floor
Chicago, IL 60605
Phone # (310) 704-1290
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 27, 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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 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).

 
 

 

                     
CUSIP No.
  
590473104 
  

 

           
1   NAMES OF REPORTING PERSONS

Taylor Asset Management, Inc.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Illinois
       
  7   SOLE VOTING POWER
     
NUMBER OF   12,343,687 shares (1)
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   12,343,687 shares (1)
       
WITH 10   SHARED DISPOSITIVE POWER
     
    0
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  12,343,687 shares (1)
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  14.05%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA
(1) Mr. Taylor may be deemed to hold an indirect beneficial interest in these shares, which are directly beneficially owned by Taylor International Fund, Ltd. Mr. Taylor is the President of Taylor Asset Management Inc., which is the Investment Manager of Taylor International Fund, Ltd. The filing of this Statement and any future amendment by Mr. Taylor, and the inclusion of information herein and therein with respect to Mr. Taylor, shall not be considered an admission that he, for the purpose of Section 16(b) of the Exchange Act, is the beneficial owner of any shares in which he does not have a pecuniary interest.

 

                     
CUSIP No.
  
590473104 
  

 

           
1   NAMES OF REPORTING PERSONS

Stephen S. Taylor
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   o 
     
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)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  7   SOLE VOTING POWER
     
NUMBER OF   12,343,687 shares (1)
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   12,343,687 shares (1)
       
WITH 10   SHARED DISPOSITIVE POWER
     
    0
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  12,343,687 shares (1)
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  14.05%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN
(1) Consists of 2,872,975 shares owned by Stephen S. Taylor’s Roth IRA; 379,801 shares owned by Mr. Taylor individually; and 9,089,911 owned by Taylor International Fund, Ltd. Mr. Taylor is the President of Taylor Asset Management Inc., which is the Investment Manager of Taylor International Fund, Ltd. The filing of this Statement and any future amendment by Mr. Taylor, and the inclusion of information herein and therein with respect to Mr. Taylor, shall not be considered an admission that he, for the purpose of Section 16(b) of the Exchange Act, is the beneficial owner of any shares in which he does not have a pecuniary interest.

 

AMENDMENT NO. 1
SCHEDULE 13D
This Amendment No. 2 to Schedule 13D (this “Amendment”) relates to the common stock, par value $0.01 per share (the “Common Stock”) of Meruelo Maddux Properties, Inc. a Delaware Corporation (the “Issuer”). This Amendment amends and supplements the Items set forth below of the Schedule 13D previously filed by the reporting persons named above with the Securities and Exchange Commission on April 24, 2009 and June 4, 2009 (collectively, the “Schedule”). Certain information in the Schedule which has not changed since the filings thereof on April 24, 2009 and June 4, 2009 is not restated herein.
Item 3. Source and Amount of Funds or Other Consideration.
Mr. Taylor acquired 1,798,897 shares of the Issuer for total consideration of $468,747.57. The source of the funds was his personal resources. Taylor Asset Management, Inc. (“TAM”) acquired for Taylor International Fund, Ltd. (“TIF”) 1,729,428 shares of the Issuer for total consideration of $335,151.85. 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 ARE PLEASED WITH THE COMPANY’S PROGRESS TO DATE IN RESTRUCTING ITS OBLIGATIONS. WE CONTINUE TO BELIEVE THAT THE COMPANY’S ASSETS FAR EXCEED ITS LIABILITIES. MR. TAYLOR AND TAM BELIEVE THAT IT IS LIKELY THAT THE COMPANY MAY EMERGE FROM BANKRUPTCY PROCEEDINGS WITH SUBSTANTIAL EQUITY VALUE IN TACT. WE FURTHER BELIEVE THE COMMON STOCK OF THE ISSUER REMAINS SUBSTANTIALLY UNDERVALUED.
FROM TIME TO TIME, MR. TAYLOR AND TAM MAY HAVE DISCUSSIONS WITH MEMBERS OF
MANAGEMENT, OTHER SHAREHOLDERS, AND MAY PRESENT VARIOUS PROPOSALS AND CONCEPTS REGARDING CORPORATE STRATEGY, FINANCIAL ALTERNATIVES, AND METHODS TO INCREASE SHAREHOLDER VALUE.
Mr. Taylor and TAM may, from time to time, purchase additional shares of the Issuer or sell shares of the Issuer depending on various factors including market price and availability of shares. Subject to the foregoing and the last sentence under this Item, Mr. Taylor and TAM state that they purchased shares of the Issuer for investment.
Mr. Taylor has no current, definitive 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 continue to strongly support the current management team. Mr. Taylor and TAM will continue to have discussions with management, other shareholders, and interested parties.

 

 

 

Item 5. Interest in Securities of the Issuer.
(a) Mr. Taylor has direct beneficial ownership of 2,872,975 shares of the Issuer, of which 379,801 shares are held in an individual retirement account for his benefit. TIF has direct beneficial ownership of 9,089,911 shares of the Issuer. Mr. Taylor serves as the President of TAM, which is the Investment Manager of TIF. Accordingly, Mr. Taylor may be deemed to own beneficially a total of 12,343,687 shares of the Issuer constituting 14.05% of the Issuer’s shares of common stock outstanding as of April 29, 2009.
(b) Mr. Taylor has the sole power to vote and to dispose or direct the disposition of 12,343,687 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 11, 2009:
                         
Name   Date     Number of Shares     Price per Share  
 
                        
IRA Stephen Taylor
     4/21/2009       115,000       .0605  
IRA Stephen Taylor
     4/08/2009       159,176       .0659  
IRA Stephen Taylor
     3/31/2009       100,000       .1034  
IRA Stephen Taylor
     3/27/2009       2,200       .0650  
IRA Stephen Taylor
     3/19/2009       44,162       .0628  
IRA Stephen Taylor
     3/17/2009       14,000       .0623  
IRA Stephen Taylor
     3/12/2009       190,000       .0744  
IRA Stephen Taylor
     4/30/2009       270,940       .1266  
IRA Stephen Taylor
     4/29/2009       15,000       .097  
IRA Stephen Taylor
     4/22/2009       200,000       .0589  
IRA Stephen Taylor
     5/01/09       250,000       .184  
IRA Stephen Taylor
     5/08/2009       13,600       .1924  
IRA Stephen Taylor
     5/14/2009       50,000       .1613  
IRA Stephen Taylor
     5/27/2009       185,297       .1757  
IRA Stephen Taylor
     5/28/2009       150,000       .1758  
IRA Stephen Taylor
     6/09/2009       100,000       .4459  
IRA Stephen Taylor
     6/25/2009       300,000       .27292  
IRA Stephen Taylor
     6/26/2009       150,000       .31667  
IRA Stephen Taylor
     6/30/2009       100,000       .32883  
IRA Stephen Taylor
     7/27/2009       100,000       .2800  
IRA Stephen Taylor
     7/31/2009       100,000       .2800  
IRA Stephen Taylor
     8/12/2009       200,000       .3300  
Stephen Taylor
     8/12/2009       100,000       .3300  
TAM
     4/29/2009       200,000       .1290  
TAM
     4/30/2009       305,000       .1187  
TAM
     5/4/2009       102,500       .1671  
TAM
     5/6/2009       99,403       .1894  
TAM
     5/8/2009       33,300       .19  
TAM
     5/15/2009       25,000       .157  
TAM
     6/03/2009       442,000       .1900  
TAM
     8/05/2009       380,000       .2634  
TAM
     8/10/2009       151,680       .2700  
TAM
     8/11/2009       250,000       .2800  
TAM
     8/13/2009       100,000       .3200  
TAM
     8/14/2009       27,500       .2955  
TAM
     4/28/2009       500,000       .0827  
TAM
     4/28/2009       71,928       .055  
TAM
     4/24/2009       500,000       .072  
TAM
     4/23/2009       500,000       .055  
TAM
     4/08/2009       50,000       .05  
(d) N/A
(e) N/A
Item 7. Material to be Filed as Exhibits.
     
Exhibit A
  Joint Filing Agreement dated as of September 1, 2009.

 

 

 

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.
Dated: September 1, 2009
         
  TAYLOR INTERNATIONAL FUND, LTD.
 		  
  By:   Taylor Asset Management, Inc.    
    its Investment Manager   
       
 
     
  By:   /s/ Stephen S. Taylor    
    Stephen S. Taylor, President   
       
 
  STEPHEN S. TAYLOR
 		  
     
  By:   /s/ Stephen S. Taylor    
    Stephen S. Taylor, Individually  
       

 

 

 

Exhibit Index
     
Exhibit    
No.   Description
 
    
Exhibit A
  Joint Filing Agreement dated as of September 1, 2009.

 

 

EX-99.A 2 c89840exv99wa.htm EXHIBIT A Exhibit A
EXHIBIT A
JOINT FILING AGREEMENT
THIS JOINT FILING AGREEMENT (this “Agreement”) is made and entered into as of this 1st day of September, 2009, by and among Taylor International Fund, Ltd. and Stephen S. Taylor.
The parties to this Agreement hereby agree to prepare jointly and file timely (or otherwise to deliver as appropriate) all filings on Schedule 13D and Schedule 13G (the “Filings”) required to be filed by them pursuant to Section 13(d) or 13(g) under the Securities Exchange Act of 1934, as amended, with respect to their respective beneficial ownership of the Common Stock of Meruelo Maddux Properties, Inc. that are required to be reported on any Filings. Each party to this Agreement further agrees and covenants to the other parties that it will fully cooperate with such other parties in the preparation and timely filing (and other delivery) of all such Filings.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.
[Remainder of page intentionally left blank.]

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.
         
  TAYLOR INTERNATIONAL FUND, LTD.
 		  
  By:   Taylor Asset Management, Inc.    
    its Investment Manager   
       
 
     
  By:   /s/ Stephen S. Taylor    
    Stephen S. Taylor, President   
       
 
  STEPHEN S. TAYLOR
 		  
  By /s/ Stephen S. Taylor    
  Stephen S. Taylor, Individually   
     
 

 

 

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