-----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, T8EEfLmOjX9v9JNIo3CLUWClGhNMV7vGC7gCXN3smJ4SUXI7EaZxSIh8I+P9oZ2d 7af/hKqWHK0QblFVIFIcwg== 0000930661-99-000720.txt : 19990405 0000930661-99-000720.hdr.sgml : 19990405 ACCESSION NUMBER: 0000930661-99-000720 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19990402 GROUP MEMBERS: MORGAN STANLEY DEAN WITTER & CO GROUP MEMBERS: MORGAN STANLEY REAL ESTATE FUND III, L.P. GROUP MEMBERS: MORGAN STANLEY REAL ESTATE INVESTORS III, L.P. GROUP MEMBERS: MSP REAL ESTATE FUND, L.P. GROUP MEMBERS: MSREF III SPECIAL FUND, L.P. GROUP MEMBERS: MSREF III, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BLUEGREEN CORP CENTRAL INDEX KEY: 0000778946 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 030300793 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-38205 FILM NUMBER: 99586599 BUSINESS ADDRESS: STREET 1: 4960 BLUE LAKE DRIVE CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 5619128000 MAIL ADDRESS: STREET 1: 4960 BLUE LAKE DRIVE CITY: BOCA RATON STATE: FL ZIP: 33431 FORMER COMPANY: FORMER CONFORMED NAME: PATTEN CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY DEAN WITTER & CO CENTRAL INDEX KEY: 0000895421 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 363145972 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2127614000 MAIL ADDRESS: STREET 1: 1585 BROADWAY STREET 2: 38TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: DEAN WITTER DISCOVER & CO DATE OF NAME CHANGE: 19960315 SC 13D/A 1 SCHEDULE 13-D/A #1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- SCHEDULE 13D (Amendment No. 1) (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d- 1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a) BLUEGREEN CORPORATION (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 703365 10 6 (CUSIP Number) Harold Lueken Morgan Stanley & Co. Incorporated 1221 Avenue of the Americas, 27th Floor New York, New York 10020 (212) 762-7380 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) With a copy to David J. Lowery Jones, Day, Reavis & Pogue 2001 Ross Avenue, 23rd Floor Dallas, Texas 75201 Tel. No. (214) 220-3939 March 26, 1999 (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-1(f) or 13d-1(g), check the following box [_]. (Continued on following pages) (Page 1 of 24 Pages) =============================================================================== SCHEDULE 13D - ----------------------- --------------------- CUSIP NO. 703365106 PAGE 2 OF 24 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Morgan Stanley Dean Witter & Co. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 Not applicable - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 4,117,648 (See Item 5) ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 REPORTING 0 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 4,117,648 (See Item 5) - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 4,117,648 (See Item 5) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 17.0% (See Item 5) - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 CO =============================================================================== =============================================================================== SCHEDULE 13D - ----------------------- --------------------- CUSIP NO. 703365106 PAGE 3 OF 24 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON MSREF III, Inc. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 Not applicable - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 4,117,648 (See Item 5) ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 REPORTING 0 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 4,117,648 (See Item 5) - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 4,117,648 (See Item 5) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 17.0% (See Item 5) - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 PN =============================================================================== =============================================================================== SCHEDULE 13D - ----------------------- --------------------- CUSIP NO. 703365106 PAGE 4 OF 24 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Morgan Stanley Real Estate Investors III, L.P. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [X] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 OO - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 100,215 (See Item 5) ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 REPORTING 0 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 100,215 (See Item 5) - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 100,215 (See Item 5) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 0.4% (See Item 5) - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 PN =============================================================================== =============================================================================== SCHEDULE 13D - ----------------------- --------------------- CUSIP NO. 703365106 PAGE 5 OF 24 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Morgan Stanley Real Estate Fund III, L.P. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [X] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 OO - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 1,521,473 (See Item 5) ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 REPORTING 0 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 1,521,473 (See Item 5) - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 1,521,473 (See Item 5) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 6.3% (See Item 5) - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 PN =============================================================================== =============================================================================== SCHEDULE 13D - ----------------------- --------------------- CUSIP NO. 703365106 PAGE 6 OF 24 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON MSP Real Estate Fund, L.P. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [X] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 OO - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 1,504,526 (See Item 5) ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 REPORTING 0 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 1,504,526 (See Item 5) - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 1,504,526 (See Item 5) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 6.2% (See Item 5) - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 PN =============================================================================== =============================================================================== SCHEDULE 13D - ----------------------- --------------------- CUSIP NO. 703365106 PAGE 7 OF 24 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON MSREF III Special Fund, L.P. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [X] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 OO - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 0 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 991,434 (See Item 5) ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 REPORTING 0 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 991,434 (See Item 5) - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 991,434 (See Item 5) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 4.1% (See Item 5) - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 PN =============================================================================== This Amendment No. 1 supplements and amends the Statement on Schedule 13D, dated August 14, 1998 (the "Schedule 13D") by (i) Morgan Stanley Dean Witter & Co., a Delaware corporation ("MSDW"), (ii) MSREF III, Inc., a Delaware corporation, (iii) Morgan Stanley Real Estate Investors III, L.P., a Delaware limited partnership ("MSREI"), (iv) Morgan Stanley Real Estate Fund III, L.P., a Delaware limited partnership ("MSREF"), (v) MSP Real Estate Fund, L.P., a Delaware limited partnership ("MSP") and (vi) MSREF III Special Fund, L.P., a Delaware limited partnership ("Special Fund" and, together with MSREI, MSREF and MSP, the "Funds"). Item 1. Security and Issuer. ------------------- Not amended. Item 2. Identity and Background. ----------------------- Item 2 is hereby amended by deleting the second through the fifth paragraphs thereof and substituting therefor the following four paragraphs: The general partner of each of the Funds is MSREF III, L.L.C. The MS Member of MSREF III, L.L.C. is MSREF III, Inc., a wholly-owned subsidiary of MSDW. MSREF III, L.L.C. is a limited partner of MSREF, MSREI, MSP and Special Fund. The principal business of MSDW is to provide global financial services through its three primary businesses--securities, asset management and credit services. The principal business of MSREF III, L.L.C. is to act as the general partner of the Funds. The principal business of MSREF III, Inc. is to act as the MS Member of MSREF III, Inc. The principal business of each of the Funds is to acquire, hold and dispose of investments in real estate and real estate related asset portfolios and operating companies. The address of the principal business and office of the Funds, MSREF III, L.L.C., MSREF III, Inc. and MSDW is 1585 Broadway, New York, New York 10036. During the last five years, none of MSDW, MSREF III, L.L.C., MSREF III, Inc., MSREI, MSREF, MSP, or Special Fund, nor to the best knowledge of any of them, any of the persons listed on Appendix A attached hereto has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is 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. Item 3. Source and Amount of Funds or Other Consideration. ------------------------------------------------- Item 3 is hereby amended by adding the following paragraph after the last paragraph thereof. The general and limited partners of the Funds contributed, in the aggregate, $10,000,000 for the 1,176,471 shares of Common Stock purchased by them. Item 4. Purpose of Transaction. ---------------------- Not amended. Item 5. Interest in Securities of the Issuer. ------------------------------------ Item 5 is hereby amended by deleting the second, third and fourth paragraphs thereof and substituting therefor the following six paragraphs: Pursuant to the Securities Purchase Agreement, the Company exercised its right to require the Funds to purchase 1,176,471 of the Remaining Shares for an aggregate purchase price of $10,000,000 ($8.50 per share). The Funds purchased such Remaining Shares on March 26, 1999. MSREI purchased 19,333 of such Remaining Shares; MSREF purchased 417,061 of such Remaining Shares; MSP purchased 333,937 of such Remaining Shares; and Special Fund purchased 406,140 of such Remaining Shares. As a result of such purchases, for purposes of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, ("Rule 13d-3") the Funds may be deemed to beneficially own, in the aggregate 4,117,648 shares of Common Stock, or 17.0% of the total number of shares of Common Stock outstanding pursuant to Rule 13d-3 (the "Outstanding Shares"). Immediately following the purchase of such Remaining Shares, (i) MSREI will 8 beneficially own 100,215 of such shares, representing 0.4% of the Outstanding Shares; MSREF will beneficially own 1,521,473 of such shares, representing 6.3% of the Outstanding Shares, MSP will beneficially own 1,504,526 of such shares, representing 6.2% of the Outstanding Shares; and Special Fund will beneficially own 991,434 of such shares, representing 4.1% of the Outstanding Shares. The percentages set forth in the preceding paragraphs are based on 24,241,376 shares of Common Stock outstanding (including (i) 23,064,905 shares of Common Stock outstanding before the purchase of the Remaining Shares by the Funds as set forth in the Company's Quarterly Report or Form 10-Q for the period ended December 27, 1998 and (ii) the 1,176,471 shares of Common Stock issued to the Funds as described herein). Each of MSREF III, Inc. and MSDW may be deemed to have shared voting and dispositive power with respect to the shares of Common Stock held by the Funds. Except as disclosed herein, none of MSREI, MSREF, MSP, Special Fund, MSREF III, Inc., MSREF III, L.L.C. or MSDW has effected any transaction in shares of the Common Stock during the preceding 60 days. No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities. Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. -------------------------------------------------------- Item 6 is hereby amended by adding the following two paragraphs after the second paragraph thereof. Amendment to Securities Purchase Agreement The Funds and the Company entered into an Amendment to Securities Purchase Agreement dated as of March 26, 1999 (the "Amendment"). Pursuant to the Amendment, among other things, all of the conditions to the sale and purchase of the Remaining Shares after March 26, 1999 were removed. A copy of the Amendment to Securities Purchase Agreement is attached hereto as Exhibit 1 and incorporated herein by reference. 9 Item 7. Material to be Filed as Exhibits. -------------------------------- The following are filed herewith as Exhibits to this Schedule 13D. Exhibit No. Description --------- ----------- 1 Amendment to Securities Purchase Agreement 10 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 1, 1999 MORGAN STANLEY DEAN WITTER & CO. By: /s/ Robert G. Koppenol ------------------------------------ Name: Robert G. Koppenol Title: Principal 11 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 1, 1999 MSREF III, INC. By: /s/ John A. Henry ------------------------------------ Name: John A. Henry IV Title: Vice President 12 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 1, 1999 MORGAN STANLEY REAL ESTATE INVESTORS III, L.P. By: MSREF III, L.L.C., its General Partner By: MSREF III, Inc., its MS Member By: /s/ John A. Henry ---------------------------------- Name: John A. Henry IV Title: Vice President 13 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 1, 1999 MORGAN STANLEY REAL ESTATE FUND III, L.P. By: MSREF III, L.L.C., its General Partner By: MSREF III, Inc., its MS Member By: /s/ John A. Henry ---------------------------------- Name: John A. Henry IV Title: Vice President 14 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 1, 1999 MSP REAL ESTATE FUND, L.P. By: MSREF III, L.L.C., its General Partner By: MSREF III, Inc., its MS Member By: /s/ John A. Henry --------------------------------- Name: John A. Henry IV Title: Vice President 15 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 1, 1999 MSREF III SPECIAL FUND, L.P. By: MSREF III, L.L.C., its General Partner By: MSREF III, Inc., its MS Member By: /s/ John A. Henry --------------------------------- Name: John A. Henry IV Title: Vice President 16 APPENDIX A CERTAIN INFORMATION REGARDING DIRECTORS AND EXECUTIVE OFFICERS OF MORGAN STANLEY DEAN WITTER & CO. AND MSREF III, INC. Set forth below are the names of the directors and executive officers of Morgan Stanley Dean Witter & Co. ("MSDW") and MSREF III, Inc. as well as their residence or business addresses, and present principal occupations. If no address is given, the director's or executive officer's business address is that of MSDW at 1535 Broadway, New York, New York 10036. Unless otherwise indicated, each occupation set forth opposite an individual's name refers to MSDW. Each individual is a United States citizen. 1. MORGAN STANLEY DEAN WITTER & CO. Name and Business Address Present Principal Occupation ------------------------- ---------------------------- * Robert P. Bauman Non-executive Chairman of BTR plc BTR plc BTR House Carlisle Place Buckingham Gate London SW1P 1BX * Edward A. Brennan Retired; former Chairman of the Board, President and Chief Executive Officer of Sears, Roebuck and Co. * Diana D. Brooks President and Chief Executive Officer Sotheby's Holdings, Inc. of Sotheby's Holdings, Inc. 1334 York Avenue New York, NY 10021 * Daniel B. Burke Retired; former Chief Executive Officer of Capital Cities/ABC, Inc. Christine A. Edwards Executive Vice President, Chief Legal Officer and Secretary * Richard B. Fisher Chairman of the Board of Directors of Morgan Stanley & Co. Incorporated * C. Robert Kidder Chairman of the Board and Chief Borden, Inc. Executive Officer of Borden, Inc. 180 East Broad Street Columbus, Ohio 43215 17 Name and Business Address Present Principal Occupation ------------------------- ---------------------------- * John J. Mack President and Chief Operating Officer * Miles L. Marsh Chairman and Chief Executive Officer Fort James Corporation of Fort James Corporation 75 Tri-State International Office Center Lincolnshire, IL 60069 * Michael A. Miles Special Limited Partner, Forstmann 1350 Lake Road Little & Co. Lake Forest, Illinois 60045 * Allen E. Murray Retired; former Chairman of the Board of Directors and Chief Executive Officer of Mobil Corporation * Philip J. Purcell Chairman of the Board and Chief Executive Officer * Clarence B. Rogers, Jr. Chairman of the Board of Equifax, Inc. Equifax, Inc. 1600 Peachtree Street, N.W. Atlanta, Georgia 30309 John H. Schaefer Executive Vice President and Chief Strategic and Administrative Officer * Thomas C. Schneider Executive Vice President Robert G. Scott Executive Vice President and Chief Financial Officer * Laura D'Andrea Tyson Dean of the Walter A. Haas School of Haas School of Business Business, University of California, Room S 545 Berkeley Berkeley, California 94720-1900 - ------------------- * Director 18 2. MSREF III, INC. Name and Business Address Present Principal Occupation ------------------------- ---------------------------- *John A. Henry, IV Principal of Morgan Stanley & Co. Incorporated; Vice President of MSREF III, Inc. *William M. Lewis Managing Director of Morgan Stanley & Co. Incorporated; President of MSREF III, Inc. *Owen D. Thomas Managing Director of Morgan Stanley & Co. Incorporated; Vice President of MSREF III, Inc. - ------------------- * Director 19 EXHIBIT INDEX Exhibit No. Description --------- ----------- 1 Amendment to Securities Purchase Agreement 20 EX-1 2 AMENDMENT TO SECURITIES PURCHASE AGREEMENT Exhibit 1 --------- AMENDMENT TO SECURITIES PURCHASE AGREEMENT This AMENDMENT TO SECURITIES PURCHASE AGREEMENT is dated as of March 26, 1999 by and among Bluegreen Corporation (the "Company") and Morgan Stanley Real Estate Fund III, L.P., Morgan Stanley Real Estate Investors III, L.P., MSP Real Estate Fund, L.P. and MSREF III Special Fund, L.P. (collectively, "MSREF"). Capitalized terms used and not otherwise defined shall have the meanings given to such terms in the Purchase Agreement. WHEREAS, the Purchase Agreement provides that at any time from the Closing Date through expiration of the Commitment Period, the Company may sell any or all of the Remaining Shares to MSREF, subject to satisfaction or waiver of certain conditions set forth in Sections 5.03 and 5.04 of the Purchase Agreement; and WHEREAS, the Purchase Agreement provides that if the Company has not offered to sell to MSREF all of the Remaining Shares on or before expiration of the Commitment Period, MSREF will have the right, but not obligation, to purchase any or all of the Remaining Shares, subject to, among other things, the Company achieving certain thresholds relating to total revenues and net income during the 12-month period ending on the last day of the third full fiscal quarter after the Closing Date; and WHEREAS, the parties desire to revise the Purchase Agreement (i) to delete all conditions to the sale and purchase of any Remaining Shares after March 26, 1999, and (ii) to change the 12-month period during which the Company is to achieve the thresholds relating to total revenues and net income. NOW, THEREFORE, the parties hereby agree as follows: 1. Post-Closing Purchases. Subsections 2.03(c)(i) and ---------------------- (ii) are hereby amended to read in their entirety as follows: "(i) the Company achieving total revenues of at least $220,000,000 for the 12-month period ended on the last day of the full fiscal quarter immediately preceding expiration of the Commitment Period; or (ii) the Company achieving net income (excluding write-offs) of at least $15,000,000 for the 12-month period ended on the last day of the full fiscal quarter immediately preceding expiration of the Commitment Period." 2. Conditions of Purchase of Remaining Shares. With ------------------------------------------ respect to any purchase of Remaining Shares after March 26, 1999, there shall be no conditions to the Purchasers' or the Company's obligations and all of the conditions set forth in Section 5.03 and Section 5.04 are hereby deleted in their entirety. Notwithstanding the foregoing, the Company will endeavor to deliver the legal opinion described in Section 5.03(b) at each Subsequent Closing. 3. Other Terms. All other terms and conditions of the ----------- Purchase Agreement shall remain unchanged and in full force and effect. 4. Counterparts. This Amendment may be executed by ------------ facsimile signature and in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 5. Governing Law. This Amendment shall be governed by, ------------- and interpreted in accordance with, the laws of the State of Massachusetts applicable to contracts made and to be performed in that state without giving effect to the conflict of laws of that state. [Signature Page Follows] 2 IN WITNESS WHEREOF, the parties hereto have cause this Amendment to be executed as of the date first written above. MORGAN STANLEY REAL ESTATE FUND III, L.P. By: MSREF III, L.L.C., its general partner By: MSREF III, Inc., its MS Member By: /s/ Michael J. Franco ------------------------------ Its: Vice President ----------------------------- MORGAN STANLEY REAL ESTATE INVESTORS III, L.P. By: MSREF III, L.L.C., its general partner By: MSREF III, Inc., its MS Member By: /s/ Michael J. Franco ------------------------------ Its: Vice President ----------------------------- MSP REAL ESTATE FUND, L.P. By: MSREF III, L.L.C., its general partner By: MSREF III, Inc., its MS Member By: /s/ Michael J. Franco ------------------------------ Its: Vice President ----------------------------- MSREF III SPECIAL FUND, L.P. By: MSREF III, L.L.C., its general partner By: MSREF III, Inc., its MS Member By: /s/ Michael J. Franco ------------------------------ Its: Vice President ----------------------------- 3 BLUEGREEN CORPORATION By: /s/ Patrick E. Rondeau ------------------------------ Its: Senior Vice President ----------------------------- 4 -----END PRIVACY-ENHANCED MESSAGE-----