X0202 4 2004-06-01 0 0000790549 WESTIN HOTELS LTD PARTNERSHIP YYNIA 0001255949 KALMIA INVESTORS LLC 601 CARLSON PARKWAY STE 200 MINNETONKA MN 55305 0 0 1 0 0001057105 SMITHTOWN BAY LLC 601 CARLSON PARKWAY SUITE 200 MINNETONKA MN 55305 0 0 1 0 0000876001 MERCED PARTNERS LIMITED PARTNERSHIP 601 CARLSON PARKWAY STE 200 MINNETONKA MN 55304 0 0 1 0 0001034884 GLOBAL CAPITAL MANAGEMENT INC/MN 601 CARLSON PARKWAY SUITE 200 MINNETONKA MN 55305 0 0 1 0 0001262774 FREY MICHAEL J 601 CARLSON PARKWAY STE 200 MINNETONKA MN 55304 0 0 1 0 0001262938 BRANDENBORG JOHN D 601 CARLSON PAREKWAY STE 200 MINNETONK MN 55304 0 0 1 0 Units of Limited Partnership Interests 2004-06-01 2004-06-01 4 P 0 20 725 A 38505 D (+) Kalmia Investors, LLC is executing this report on behalf of Smithtown Bay, LLC, Merced Partners Limited Partnership, Global Capital Management, Inc., Michael J. Frey and John D. Brandenborg (collectively, the "Reporting Persons"). Smithtown Bay, LLC is the manager of Kalmia Investors, LLC. Global Capital Management, Inc. is the manager of Smithtown Bay, LLC. Merced Partners Limited Partnership is the sole owner of all of the members of Kalmia Investors, LLC, including its manager Smithtown Bay, LLC. Michael J. Frey and John D. Brandenborg are the sole officers and directors of Global Capital Management, Inc. (++) Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. The Reporting Persons affirmatively disclaim being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. Kalmia Investors, LLC(+)(++) By: Smithtown Bay, LLC, Its Managere By: Global Capital Management, Inc., Its Manager By: /s/ Michael J. Frey, CEO 2004-06-02 Smithtown Bay LLC(+)(++) By: Global Capital Management, Inc., Its Manager By: /s/ Michael J. Frey, CEO 2004-06-02 Merced Partners Limited Partnership(+)(++) By: Global Capital Management, Inc, Its General Partner By: /s/ Michael J. Frey, CEO 2004-06-02 Global Capital Management, Inc.(+)(++) By: /s/ Michael J. Frey, CEO 2004-06-02 By: /s/ Michael J. Frey, CEO(+)(++) 2004-06-02 By: /s/ John D. Brandenborg(+)(++) 2004-06-02