-----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, L0arUmpAgjXDcU0cXsYDsRnDe4bMZZi/MRMHNtrhApMKLTz+aAGy8votTEYzpJYn jrrBAqJZoBDDdUAjiHaCWg== 0000950133-03-002400.txt : 20030716 0000950133-03-002400.hdr.sgml : 20030716 20030716134534 ACCESSION NUMBER: 0000950133-03-002400 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20030716 GROUP MEMBERS: FORTRESS FUND MM II LLC GROUP MEMBERS: FORTRESS INVESTMENT FUND II LLC GROUP MEMBERS: FORTRESS INVESTMENT GROUP LLC GROUP MEMBERS: FORTRESS INVESTMENT HOLDINGS LLC GROUP MEMBERS: FORTRESS INVESTMENT TRUST II GROUP MEMBERS: PRT PSA LLC FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FORTRESS INVESTMENT TRUST II CENTRAL INDEX KEY: 0001176340 IRS NUMBER: 421540586 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1251 AVENUE OF THE AMERICAS STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2127986100 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PRIME RETAIL INC/BD/ CENTRAL INDEX KEY: 0000911708 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 382559212 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-46088 FILM NUMBER: 03788875 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST STREET 2: 1900 FLOOR CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4102340782 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET STREET 2: 1900 FLOOR CITY: BALTIMORE STATE: MD ZIP: 21202 SC 13D/A 1 w88449sc13dza.htm SCHEDULE 13D/AMENDMENT sc13dza
 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

_______________________

SCHEDULE 13D/A
(RULE 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)

PRIME RETAIL, INC.

(NAME OF ISSUER)

10.5% SERIES A SENIOR CUMULATIVE PREFERRED STOCK,
PAR VALUE $0.01 PER SHARE

(TITLE OF CLASS OF SECURITIES)

741570-20-4

(CUSIP NUMBER)

Randal A. Nardone
Chief Operating Officer and Secretary
Fortress Investment Trust II
1251 Avenue of the Americas
16th Floor
New York, New York 10020
(212) 798-6100

(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)

COPY TO:

John J. Sabl
Sidley Austin Brown & Wood
Bank One Plaza
10 South Dearborn Street
Chicago, IL 60603
(312) 853-7000

July 15, 2003
(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(f) or 13d-1(g), check the following box [   ].

 

 

             
 
1
  NAMES OF REPORTING PERSONS        
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)        
    PRT PSA LLC (I.R.S. EMPLOYER IDENTIFICATION NUMBER [        ])        
 
2
  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
NOT APPLICABLE 		  (a)
(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        
    DELAWARE        
                 
NUMBER OF   7     SOLE VOTING POWER   -0-
SHARES  
BENEFICIALLY                
OWNED BY     8     SHARED VOTING POWER   -230,000-
EACH  
REPORTING PERSON                
WITH     9     SOLE DISPOSITIVE POWER   -0-
 
                 
      10     SHARED DISPOSITIVE POWER   -230,000-

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
    - -230,000-    
 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  
 
  NOT APPLICABLE  
 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
    10.0%    
 
14   TYPE OF REPORTING PERSON    
    00    

-2-

 

             
 
1   NAMES OF REPORTING PERSONS        
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)        
    FORTRESS INVESTMENT TRUST II (I.R.S. EMPLOYER IDENTIFICATION NUMBER [        ])        
 
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
NOT APPLICABLE 		  (a)
(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        
    DELAWARE        
                 
NUMBER OF   7     SOLE VOTING POWER   -0-
SHARES  
BENEFICIALLY                
OWNED BY     8     SHARED VOTING POWER   -230,000-
EACH  
REPORTING PERSON                
WITH     9     SOLE DISPOSITIVE POWER   -0-
 
                 
      10     SHARED DISPOSITIVE POWER   -230,000-

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
    - -230,000-    
 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  
 
  NOT APPLICABLE  
 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
    10.0%    
 
14   TYPE OF REPORTING PERSON    
    IC    

-3-

 

             
 
1   NAMES OF REPORTING PERSONS        
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)        
    FORTRESS INVESTMENT FUND II LLC (I.R.S. EMPLOYER IDENTIFICATION NUMBER [        ])        
 
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
NOT APPLICABLE 		  (a)
(b) 		  [   ]
[   ]
 
3   SEC USE ONLY        
 
 
4   SOURCE OF FUNDS        
    NOT APPLICABLE        
 
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e). 		      [   ]
 
 
6   CITIZENSHIP OR PLACE OF ORGANIZATION        
    DELAWARE        
                 
NUMBER OF   7     SOLE VOTING POWER   -0-
SHARES  
BENEFICIALLY                
OWNED BY     8     SHARED VOTING POWER   -230,000-
EACH  
REPORTING PERSON                
WITH     9     SOLE DISPOSITIVE POWER   -0-
 
                 
      10     SHARED DISPOSITIVE POWER   -230,000-

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
    - -230,000-    
 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  
 
  NOT APPLICABLE  
 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
    10.0%    
 
14   TYPE OF REPORTING PERSON    
    00    

-4-

 

             
 
1   NAMES OF REPORTING PERSONS        
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)        
    FORTRESS FUND MM II LLC (I.R.S. EMPLOYER IDENTIFICATION NUMBER [        ])        
 
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
NOT APPLICABLE 		  (a)
(b) 		  [   ]
[   ]
 
3   SEC USE ONLY        
 
 
4   SOURCE OF FUNDS        
    NOT APPLICABLE        
 
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e). 		      [   ]
 
 
6   CITIZENSHIP OR PLACE OF ORGANIZATION        
    DELAWARE        
                 
NUMBER OF   7     SOLE VOTING POWER   -0-
SHARES  
BENEFICIALLY                
OWNED BY     8     SHARED VOTING POWER   -230,000-
EACH  
REPORTING PERSON                
WITH     9     SOLE DISPOSITIVE POWER   -0-
 
                 
      10     SHARED DISPOSITIVE POWER   -230,000-

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
    - -230,000-    
 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  
 
  NOT APPLICABLE  
 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
    10.0%    
 
14   TYPE OF REPORTING PERSON    
    00    

-5-

 

             
 
1   NAMES OF REPORTING PERSONS        
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)        
    FORTRESS INVESTMENT GROUP LLC (I.R.S. EMPLOYER IDENTIFICATION NUMBER [        ])        
 
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
NOT APPLICABLE 		  (a)
(b) 		  [   ]
[   ]
 
3   SEC USE ONLY        
 
 
4   SOURCE OF FUNDS        
    NOT APPLICABLE        
 
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e). 		      [   ]
 
 
6   CITIZENSHIP OR PLACE OF ORGANIZATION        
    DELAWARE        
                 
NUMBER OF   7     SOLE VOTING POWER   -0-
SHARES  
BENEFICIALLY                
OWNED BY     8     SHARED VOTING POWER   -230,000-
EACH  
REPORTING PERSON                
WITH     9     SOLE DISPOSITIVE POWER   -0-
 
                 
      10     SHARED DISPOSITIVE POWER   -230,000-

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
    - -230,000-    
 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  
 
  NOT APPLICABLE  
 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
    10.0%    
 
14   TYPE OF REPORTING PERSON    
    00    

-6-

 

             
 
1   NAMES OF REPORTING PERSONS        
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)        
    FORTRESS INVESTMENT HOLDINGS LLC
(I.R.S. EMPLOYER IDENTIFICATION NUMBER [        ])		        
 
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
NOT APPLICABLE 		  (a)
(b) 		  [   ]
[   ]
 
3   SEC USE ONLY        
 
 
4   SOURCE OF FUNDS        
    NOT APPLICABLE        
 
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e). 		      [   ]
 
 
6   CITIZENSHIP OR PLACE OF ORGANIZATION        
    DELAWARE        
                 
NUMBER OF   7     SOLE VOTING POWER   -0-
SHARES  
BENEFICIALLY                
OWNED BY     8     SHARED VOTING POWER   -230,000-
EACH  
REPORTING PERSON                
WITH     9     SOLE DISPOSITIVE POWER   -0-
 
                 
      10     SHARED DISPOSITIVE POWER   -230,000-

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
    - -230,000-    
 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  
 
  NOT APPLICABLE  
 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
    10.0%    
 
14   TYPE OF REPORTING PERSON    
    00    

-7-

 

     
ITEM 4.   PURPOSE OF TRANSACTION.

                On July 15, 2003, Fortress Investment Trust II sent to Prime Retail, Inc. the letter filed as Exhibit 5 hereto.

-8-

 

     
ITEM 7.   MATERIAL TO BE FILED AS EXHIBITS.
     
Exhibit 5   Letter dated July 15, 2003 from Fortress Investment Trust II to Prime Retail, Inc.
 

-9-

 

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.

     
July 16, 2003    
 
    PRT PSA LLC
 
    By: /s/ Randal A. Nardone
Randal A. Nardone
as Secretary and Chief Operating Officer
of Fortress Investment Trust II,
sole member of PRT PSA LLC

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.

     
July 16, 2003    
 
    FORTRESS INVESTMENT TRUST II
 
    By: /s/ Randal A. Nardone
Randal A. Nardone
as Secretary and Chief Operating Officer

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.

     
July 16, 2003    
 
    FORTRESS INVESTMENT FUND II LLC
 
    By: /s/ Randal A. Nardone
Randal A. Nardone
as Chief Operating Officer and Secretary of
Fortress Fund MM II LLC, managing member
of Fortress Investment Fund II LLC

 

 

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.

     
July 16, 2003    
 
    FORTRESS FUND MM II LLC
 
    By: /s/ Randal A. Nardone
Randal A. Nardone
as Chief Operating Officer and Secretary

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.

     
July 16, 2003    
 
    FORTRESS INVESTMENT GROUP LLC
 
    By: /s/ Randal A. Nardone
Randal A. Nardone,
as Chief Operating Officer and Secretary

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.

     
July 16, 2003    
 
    FORTRESS INVESTMENT HOLDINGS LLC
 
    By: /s/ Randal A. Nardone
Randal A. Nardone,
as Manager

  EX-99.5 3 w88449exv99w5.htm EXHIBIT 99.5 exv99w5

 

Exhibit 5

LETTER DATED JULY 15, 2003

July 15, 2003

Prime Retail, Inc.
100 East Pratt Street
19th Floor
Baltimore, Maryland 21202
Att: Board of Directors

Re: Proposed Lightstone Acquisition

Ladies and Gentlemen:

As you know Fortress Investment Trust II is currently an owner of 230,000 shares of Prime Retail’s Series A Preferred Stock, which represents 10.0% of the outstanding shares of such class (the “Series A”). It is our understanding based upon your recent public announcement that you intend to sell the Company to an affiliate of Lightstone Group, LLC for approximately $638 million (the “Lightstone Transaction”), with total cash consideration allocated among all classes of the Company’s preferred and common equity to be $115 million. Holders of the Series A would receive $16.25 per share for each share of such class. We further understand that in order for the Lightstone Transaction to be consummated, among other things, the affirmative vote of at least 66 2/3 % of the Series A in favor of the transaction is required.

Given that (i) the holders of the Series A are currently entitled to receive approximately $34.50 per share (including accrued dividends) and (ii) the Series A rank senior in priority to both the Company’s Series B Preferred Stock and Common Stock (who together will receive approximately $78 million or 68% of the total cash consideration), without more information, we find it difficult to understand how the special committee of the Board of Directors and Houlihan Lokey Howard & Zukin (“Houlihan Lokey”), the Company’s financial advisors, could recommend this transaction to the holders of the Series A as being in their best financial interest.

We hereby request that all holders of the Series A be provided with the following information: a) the Houlihan Lokey fairness opinion; and b) all other written materials provided to the Board of Directors, including the special committee, that were relied upon in recommending this transaction.

 

 

Finally, Fortress would like to discuss the relative merits of the Lightstone Transaction with other interested holders of the Series A. To that end, we would request the identity and contact information for all holders of the Series A to the extent in the possession of the Company or its legal or financial advisors. We look forward to hearing from you.

Sincerely,

Fortress Investment Trust II

       
  By:  /s/ William B. Doniger  
   
 
    William B. Doniger  

  -----END PRIVACY-ENHANCED MESSAGE-----