SC 13G/A 1 sc13ga.txt WELLSFORD REAL PROPERTIES, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A Under The Securities Exchange Act of 1934 (Amendment No. 1) Wellsford Real Properties, Inc. ------------------------------------------------------ (Name of Issuer) Common Stock, par value $0.02 per share ------------------------------------------------------ (Title of Class of Securities) 950240200 ------------------------------------------------------ (CUSIP Number) December 31, 2006 ------------------------------------------------------ (Date of Event Which Requires Filing of this statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) 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 the disclosures provided in a prior cover page. The information required in 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). Page 1 of 14 Pages CUSIP No. 950240200 13G/A Page 2 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS D.B. Zwirn Special Opportunities Fund, L.P. (f/k/a Highbridge/Zwirn Special Opportunities Fund, L.P.) ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** PN ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 3 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS D.B. Zwirn Special Opportunities Fund, Ltd. (f/k/a Highbridge/Zwirn Special Opportunities Fund, Ltd.) ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** CO ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 4 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS HCM/Z Special Opportunities LLC ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 5 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS The Coast Fund L.P. ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** PN ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 6 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS D.B. Zwirn & Co., L.P. ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** PN ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 7 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS DBZ GP, LLC ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 8 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Zwirn Holdings, LLC ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** OO ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 9 of 14 Pages ----------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Daniel B. Zwirn ----------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [X] (b) [ ] ----------------------------------------------------------------------- (3) SEC USE ONLY ----------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ----------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ----------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] ----------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% ----------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON ** IN ----------------------------------------------------------------------- ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 950240200 13G/A Page 10 of 14 Pages This Amendment No. 1 (this "Amendment") amends the statement on Schedule 13G filed on December 8, 2005 (as amended, the "Schedule 13G") with respect to shares of Common Stock, par value $0.02 per share (the "Common Stock") of Wellsford Real Properties, Inc., a Maryland corporation (the "Company") (the "Shares"). Capitalized terms used herein and not otherwise defined in this Amendment have the meanings set forth in the Schedule 13G. This Amendment amends and restates Items 2(a), 2(b), 2(c), 4, 5 and 8 in their entirety as set forth below. Item 2(a). Name of Person Filing Item 2(b). Address of Principal Business Office Item 2(c). Citizenship D.B. Zwirn Special Opportunities Fund, L.P. c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware D.B. Zwirn Special Opportunities Fund, Ltd. c/o Goldman Sachs (Cayman) Trust, Limited P.O. Box 896 George Town Harbour Centre, 2nd Floor Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies HCM/Z Special Opportunities LLC P.O. Box 30554 Seven Mile Beach Grand Cayman, Cayman Islands British West Indies Citizenship: Cayman Islands, British West Indies The Coast Fund L.P. c/o Coast Asset Management, LLC 2450 Colorado Avenue Suite 100, East Tower Santa Monica, CA 90404 Citizenship: Cayman Islands, British West Indies D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware DBZ GP, LLC c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware Zwirn Holdings, LLC c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. 18th Floor New York, New York 10151 Citizenship: Delaware Daniel B. Zwirn c/o D.B. Zwirn & Co., L.P. 745 Fifth Ave. CUSIP No. 950240200 13G/A Page 11 of 14 Pages 18th Floor New York, New York 10151 Citizenship: United States Item 4. Ownership (a) Amount Beneficially Owned As of the date of this filing, (i) D.B. Zwirn & Co., L.P., (ii) DBZ GP, LLC, (iii) Zwirn Holdings, LLC, (iv) Daniel B. Zwirn, (v) D.B. Zwirn Special Opportunities Fund, L.P., (vi) D.B. Zwirn Special Opportunities Fund, Ltd., (vii) HCM/Z Special Opportunities LLC and (viii) The Coast Fund L.P. no longer own any Shares (each entity referred to in (v) through (viii) is herein referred to as a "Fund" and, collectively, as the "Funds"). D.B. Zwirn & Co., L.P. is the manager of each of D.B. Zwirn Special Opportunities Fund, L.P., D.B. Zwirn Special Opportunities Fund, Ltd., HCM/Z Special Opportunities LLC, and The Coast Fund L.P., and consequently has voting control and investment discretion over the securities held by each of D.B. Zwirn Special Opportunities Fund, L.P., D.B. Zwirn Special Opportunities Fund, Ltd., HCM/Z Special Opportunities LLC, and The Coast Fund L.P. Daniel B. Zwirn is the managing member of and thereby controls Zwirn Holdings, LLC, which in turn is the managing member of and thereby controls DBZ GP, LLC, which in turn is the general partner of and thereby controls D.B. Zwirn & Co., L.P. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. In addition, each of D.B. Zwirn & Co., L.P., DBZ GP, LLC, Zwirn Holdings, LLC, and Daniel B. Zwirn disclaims beneficial ownership of shares of Common Stock owned respectively by D.B. Zwirn Special Opportunities Fund, L.P., D.B. Zwirn Special Opportunities Fund, Ltd., HCM/Z Special Opportunities LLC, and The Coast Fund L.P. (b) Percent of Class Based upon the Issuer's quarterly report on form 10-Q filed on November 8, 2006, there were 6,646,738 Shares outstanding as of November 6, 2006. D.B. Zwirn Special Opportunities Fund, L.P., D.B. Zwirn Special Opportunities Fund, Ltd., D.B. Zwirn Special Opportunities Fund (TE), L.P., D.B. Zwirn & Co., L.P., DBZ GP, LLC, Zwirn Holdings, LLC, and Daniel B. Zwirn beneficially own 0% of the outstanding Shares. (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: See Item 4(a) (ii) Shared power to vote or to direct the vote See Item 4(a) CUSIP No. 950240200 13G/A Page 12 of 14 Pages (iii) Sole power to dispose or to direct the disposition of See Item 4(a) (iv) Shared power to dispose or to direct the disposition of See Item 4(a) Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [X] Item 8. Identification and Classification of Members of the Group See Exhibit I of Schedule 13G filed on December 8, 2005 with respect to the Shares of the Company. Exhibits: Exhibit I: Power of attorney for Daniel B. Zwirn dated February 5, 2007. CUSIP No. 950240200 13G/A Page 13 of 14 Pages SIGNATURES After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct. Dated: February 5, 2007 D.B. ZWIRN SPECIAL OPPORTUNITIES D.B. ZWIRN SPECIAL OPPORTUNITIES FUND, L.P. FUND, LTD. By: D.B. Zwirn & Co., L.P. By: D.B. Zwirn & Co., L.P. By: DBZ GP, LLC, By: DBZ GP, LLC, its General Partner its General Partner By: Zwirn Holdings, LLC, By: Zwirn Holdings, LLC, its Managing Member its Managing Member HCM/Z Special Opportunities LLC D.B. ZWIRN & CO., L.P. By: D.B. Zwirn & Co., L.P. By: DBZ GP, LLC, By: DBZ GP, LLC, its General Partner its General Partner By: Zwirn Holdings, LLC, By: Zwirn Holdings, LLC, its Managing Member its Managing Member DBZ GP, LLC ZWIRN HOLDINGS, LLC By: Zwirn Holdings, LLC, its Managing Member The Coast Fund, L.P. By: D.B. Zwirn & Co., L.P. By: DBZ GP, LLC, its General Partner By: Zwirn Holdings, LLC, its Managing Member By: /s/ Lawrence D. Cutler -------------------------- Name: Lawrence D. Cutler Title: Authorized Signatory /s/ Lawrence D. Cutler -------------------------- LAWRENCE D. CUTLER, as Attorney-in-Fact for Daniel B. Zwirn CUSIP No. 950240200 13G/A Page 14 of 14 Pages EXHIBIT I POWER OF ATTORNEY The undersigned hereby appoints David C. Lee and Lawrence D. Cutler, or either of them, his true and lawful attorney-in fact and agent to execute and file with the Securities and Exchange Commission any Schedule 13D, Schedule 13G, any amendments thereto and any related documentation which may be required to be filed in his individual capacity as a result of the undersigned's beneficial ownership of, or participation in a group with respect to, securities directly or indirectly beneficially owned by D.B. Zwirn & Co, L.P. or any of its affiliates, and granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing which he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. The authority of David C. Lee and Lawrence D. Cutler, or either of them, under this Power of Attorney shall continue with respect to the undersigned until the undersigned is no longer required to file Schedule 13Ds or Schedule 13Gs unless revoked earlier in writing. Date: February 5, 2007 /s/ Daniel B. Zwirn -------------------------- Daniel B. Zwirn