SC 13D/A 1 form13da-54333_wexford.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A-1 Under the Securities Exchange Act of 1934 (Amendment No. 1) SUNTERRA CORPORATION ----------------------------------------- (Name of issuer) Common Stock, $.01 Par Value Per Share ----------------------------------------- (Title of class of securities) 86787D 20 8 ----------------------------------------- (CUSIP number) Arthur H. Amron, Esq. Wexford Capital LLC 411 West Putnam Avenue Greenwich, CT 06830 (203) 862-7012 -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) September 9, 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 that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five ---- copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. *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 disclosures provided in a prior cover page. 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 ("Act") or other subject to the liabilities of that section of Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 7 Pages CUSIP No. 86787D208 1. Names of Reporting Persons. W-K Investors LLC I.R.S. Identification Nos. of Above Persons (entities only) 06-1578461 -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (See Instructions) (b) [ ] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 5,205,304 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10.Shared Dispositive Power (see Item 5 below) 5,205,304 ---------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 5,205,304 -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 28.8% -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO -------------------------------------------------------------------------------- Page 2 of 7 Pages CUSIP No. 86787D208 1. Names of Reporting Persons. Wexford Capital, LLC I.R.S. Identification Nos. of Above Persons (entities only) 06-1442624 -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (See Instructions) (b) [ ] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Connecticut -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 5,205,304 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 5,205,304 -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 5,205,304 -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 28.8% -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO -------------------------------------------------------------------------------- Page 3 of 7 Pages CUSIP No. 86787D208 1. Names of Reporting Persons. Charles E. Davidson I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) 2. Check the Appropriate Box if a Member of a Group (a) [ ] (See Instructions) (b) [ ] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 5,205,304 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 5,205,304 -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 5,205,304 -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 28.8% -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN -------------------------------------------------------------------------------- Page 4 of 7 Pages CUSIP No. 86787D208 1. Names of Reporting Persons. Joseph M. Jacobs I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) 2. Check the Appropriate Box if a Member of a Group (a) [ ] (See Instructions) (b) [ ] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 5,205,304 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 5,205,304 -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 5,205,304 -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 28.8% -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN -------------------------------------------------------------------------------- Page 5 of 7 Pages This Amendment No. 1 to Schedule 13D modifies and supplements the Schedule 13D (the "Statement") initially filed on August 9, 2002 with respect to the common stock, $0.01 par value per share (the "Common Stock"), of Sunterra Corporation, a Maryland corporation (the "Company") and shares of Common Stock issuable upon the conversion of Stock Purchase Warrants (the "Warrants") issued by the Company pursuant to the Plan (as defined in the Statement). Except to the extent supplemented by the information contained in this Amendment No. 1, the Statement, as amended as provided herein, remains in full force and effect. Capitalized terms used herein without definition have the respective meanings ascribed to them in the Statement. Item 2. Identity and Background (1) This statement is filed by (i) W-K Investors LLC, a Delaware limited liability company ("W-K") with respect to the shares of Common Stock and Warrants directly owned by it; (ii) Wexford Capital LLC ("Wexford"), a Connecticut limited liability company, which is the managing member of W-K, with respect to the shares of Common Stock and Warrants directly owned by W-K; (iii)Charles E. Davidson ("Mr. Davidson"),t he chairman and a managing member of Wexford, with respect to the shares of Common Stock and Warrants directly owned by W-K; and (iv) Joseph M. Jacobs ("Mr. Jacobs"), the president and a managing member of Wexford, with respect to the shares of Common Stock and Warrants directly owned by W-K. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons". All disclosures herein with respect to any Reporting Person are made only by such Reporting Person. Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. (2) The address of the principal business and principal office of the Reporting Persons is c/o Wexford Capital LLC, 411 West Putnam Avenue, Greenwich, CT 06830. (3) The principal business of W-K is as a distressed securities investment entity. Wexford is the managing member of W-K. Messrs. Davidson and Jacobs serve as the managing members of Wexford. (4) None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (5) None of the Reporting Persons has, during the last five years, been a party to civil proceeding of a judicial 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. (6) W-K is a Delaware limited liability company. Wexford is a Connecticut limited liability company. Messrs. Davidson and Jacobs are each United States citizens. Item 5. Interest in Securities of the Issuer. ------------------------------------ Since the date of the Statement, W-K sold (a) 66,700 shares of Common Stock on September 5, 2003 in open market sales at an average sales price of $11.70 per share and (b) 125,000 shares of Common Stock on September 9, 2003 in open market sales at an average sales price of $11.45 per share. As a result of the foregoing, each of the Reporting Persons may be deemed to own beneficially 5,205,304 shares of Common Stock (including shares of Common Stock issuable to W-K upon the exercise of Warrants held for the account of W-K) representing 28.8% of the outstanding shares of Common Stock (on the basis of 18,045,077 shares of Common Stock issued and outstanding on September 9, 2003, as reported in the Company's Form 10-Q filed August 14, 2003). Wexford Capital may, by reason of its status as managing member of W-K, be deemed to own beneficially the shares of Common Stock of which W-K possesses beneficial ownership. Each of Charles E. Davidson and Joseph M. Jacobs may, by reason of his status as a controlling person of Wexford Capital, be deemed to own beneficially the shares of Common Stock of which W-K possesses beneficial ownership. Each of Charles E. Davidson, Joseph M. Jacobs and Wexford Capital shares the power to vote and to dispose of the shares of Common Stock beneficially owned by W-K. Each of Messrs. Davidson and Jacobs disclaims beneficial ownership of the shares of Common Stock owned by W-K. Except as set forth above, the Reporting Persons have not effected any transactions in the Common Stock during the 60 days preceding the date of this Amendment No. 1 to Schedule 13D. * * * * * Page 6 of 7 Pages SIGNATURE --------- After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: September 22, 2003 W-K INVESTORS LLC By:/s/ Arthur H. Amron ------------------------------ Name: Arthur H. Amron Title:Vice President and Assistant Secretary WEXFORD CAPITAL LLC By: /s/ Arthur H. Amron ----------------------------- Name: Arthur H. Amron Title:Principal and Secretary /s/ Charles E. Davidson --------------------------------- CHARLES E. DAVIDSON /s/ Joseph M. Jacobs --------------------------------- JOSEPH M. JACOBS Page 7 of 7 Pages