SC 13D/A 1 dsc13da.txt AMENDMENT NO. 3 TO SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (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) (Amendment No. 3) NATIONAL GOLF PROPERTIES, INC. (Name of Issuer) ------------------------- COMMON STOCK $.01 PAR VALUE (Title of Class of Securities) 63623G109 (CUSIP Number) ------------------------- Carl B. Tash Cliffwood Partners LLC 11726 San Vincente Boulevard Suite 600 Los Angeles, CA 90049 (310) 442-0370 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 20, 2002 (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 statement because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box: [_] 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 (the "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). SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON CBT Advisory Group, Inc. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (b) -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION State of California -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 NUMBER OF SHARES --------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER 1,177,500 OWNED BY EACH REPORTING PERSON --------------------------------------------- WITH 9. SOLE DISPOSITIVE POWER 0 --------------------------------------------- 10. SHARED DISPOSITIVE POWER 1,177,500 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,177,500 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------- ----------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.0% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s quarterly report on Form 10-Q for the quarter ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- Page 2 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Tash Partners, L.P. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (b) -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION State of California -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 NUMBER OF SHARES --------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER 1,177,500 OWNED BY EACH REPORTING PERSON --------------------------------------------- WITH 9. SOLE DISPOSITIVE POWER 0 --------------------------------------------- 10. SHARED DISPOSITIVE POWER 1,177,500 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,177,500 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------- ----------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.0% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s quarterly report on Form 10-Q for the quarter ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- Page 3 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Partners, L.P. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (b) -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 NUMBER OF SHARES --------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER 1,177,500 OWNED BY EACH REPORTING PERSON --------------------------------------------- WITH 9. SOLE DISPOSITIVE POWER 0 --------------------------------------------- 10. SHARED DISPOSITIVE POWER 1,177,500 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,177,500 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------- ----------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.0% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s quarterly report on Form 10-Q for the quarter ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- Page 4 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Partners, LLC -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 State of Delaware -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 NUMBER OF SHARES --------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER 1,177,500 OWNED BY EACH REPORTING PERSON --------------------------------------------- WITH 9. SOLE DISPOSITIVE POWER 0 --------------------------------------------- 10. SHARED DISPOSITIVE POWER 1,177,500 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,177,500 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------- ----------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.0% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s quarterly report on Form 10-Q for the quarter ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- Page 5 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Carl B. Tash -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (b) -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS AF -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S. Citizen -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ---------------------------------------------- NUMBER OF SHARES 8. SHARED VOTING POWER 1,177,500 BENEFICIALLY OWNED BY EACH REPORTING ---------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER 0 WITH ---------------------------------------------- 10. SHARED DISPOSITIVE POWER 1,177,500 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,177,500 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.0% (based on 13,127,448 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- Page 6 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Select Equity Fund, L.P. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 State of Delaware -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ---------------------------------------------- NUMBER OF SHARES 8. SHARED VOTING POWER 171,200 BENEFICIALLY OWNED BY EACH REPORTING ---------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER 0 WITH ---------------------------------------------- 10. SHARED DISPOSITIVE POWER 171,200 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 171,200 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- Page 7 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Select Equity Fund II, L.P. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 State of Delaware -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ---------------------------------------------- NUMBER OF SHARES 8. SHARED VOTING POWER 242,700 BENEFICIALLY OWNED BY EACH REPORTING ---------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER 0 WITH ---------------------------------------------- 10. SHARED DISPOSITIVE POWER 242,700 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 242,700 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.9% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- Page 8 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Select Equity Fund, Ltd. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 Cayman Islands -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ---------------------------------------------- NUMBER OF SHARES 8. SHARED VOTING POWER 114,500 BENEFICIALLY OWNED BY EACH REPORTING ---------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER 0 WITH ---------------------------------------------- 10. SHARED DISPOSITIVE POWER 114,500 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 114,500 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.9% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- Page 9 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Value Equity Fund, L.P. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 State of Delaware -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ---------------------------------------------- NUMBER OF SHARES 8. SHARED VOTING POWER 333,200 BENEFICIALLY OWNED BY EACH REPORTING ---------------------------------------------- PERSON 9. SOLE DISPOSITIVE POWER 0 WITH ---------------------------------------------- 10. SHARED DISPOSITIVE POWER 333,200 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 333,200 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- Page 10 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Equity Fund, L.P. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 State of California -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ------------------------------------------- NUMBER OF SHARES BENEFICIALLY 8. SHARED VOTING POWER 29,000 OWNED BY EACH REPORTING PERSON ------------------------------------------- WITH 9. SOLE DISPOSITIVE POWER 0 ------------------------------------------- 10. SHARED DISPOSITIVE POWER 29,000 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 29,000 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.2% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- Page 11 of 18 SCHEDULE 13D CUSIP No. 63623G109 -------------------------------------------------------------------------------- 1. NAME OR REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cliffwood Real Estate Equity Fund, Ltd. -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A (a) [X] MEMBER OF A GROUP (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 Cayman Islands -------------------------------------------------------------------------------- 7. SOLE VOTING POWER 0 ------------------------------------------- NUMBER OF SHARES BENEFICIALLY 8. SHARED VOTING POWER 53,900 OWNED BY EACH REPORTING PERSON ------------------------------------------- WITH 9. SOLE DISPOSITIVE POWER 0 ------------------------------------------- 10. SHARED DISPOSITIVE POWER 53,000 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 53,900 -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.4% (based on 13,127,148 shares outstanding as of November 9, 2001, as reported in National Golf Properties Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2001) -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- Page 12 of 18 Item 1. Security and Issuer. Cliffwood Partners LLC hereby amends and supplements its statement on Schedule 13D originally filed on February 21, 2002 and amended on March 1, 2002 and March 11, 2002 (the "Schedule 13D") relating to the common stock, $.01 par value per share (the "Common Stock"), of National Golf Properties, Inc., a Maryland corporation (the "Issuer"). Item 3. Purpose of Transaction. Item 3 of the Schedule 13D is hereby amended by adding the following as the last paragraph under Item 3: "On March 20, 2002, the Reporting Persons sent a letter to the Board of Directors of the Issuer which is filed as Exhibit 1 to this Amendment No. 3." Item 7. Materials to be Filed as Exhibits. Item 7 of the Schedule 13D is hereby amended and restated as follows: "Exhibit 1 - Letter from Cliffwood Partners LLC to the Board of Directors of National Golf Properties, Inc., dated March 20, 2002." Page 13 of 18 SIGNATURE After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: March 20, 2002 CBT ADVISORY GROUP, INC. By: /s/ Carl B. Tash --------------------------------- Name: Carl B. Tash Title: President TASH PARTNERS, L.P. By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------------- Name: Carl B. Tash Title: President CLIFFWOOD PARTNERS, L.P. By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President Page 14 of 18 CLIFFWOOD PARTNERS LLC By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash --------------------------- Name: Carl B. Tash Title: President CLIFFWOOD EQUITY FUND, L.P. By: CLIFFWOOD PARTNERS, LLC, its general partner By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President Page 15 of 18 CLIFFWOOD SELECT EQUITY FUND, L.P. By: CLIFFWOOD PARTNERS, LLC, its general partner By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President CLIFFWOOD REAL ESTATE EQUITY FUND, LTD. By: CLIFFWOOD PARTNERS, LLC, its investment manager and director By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President Page 16 of 18 CLIFFWOOD SELECT EQUITY FUND II, L.P. By: CLIFFWOOD PARTNERS, LLC, its general partner By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President CLIFFWOOD SELECT EQUITY FUND, LTD. By: CLIFFWOOD PARTNERS, LLC, its investment manager and director By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President Page 17 of 18 CLIFFWOOD VALUE EQUITY FUND, L.P. By: CLIFFWOOD PARTNERS, LLC, its general partner By: CLIFFWOOD PARTNERS, L.P., its managing member By: TASH PARTNERS, L.P. its general partner By: CBT ADVISORY GROUP, INC., its general partner By: /s/ Carl B. Tash -------------------- Name: Carl B. Tash Title: President /s/ Carl B. Tash -------------------- Carl B. Tash Page 18 of 18