UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Wellsford Real Properties, Inc.
(Name of Issuer)
Common Stock, $0.02 par value per share
(Title of Class of Securities)
950240200
(CUSIP Number)
November 23, 2005
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G 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 purposes 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 15 Pages
CUSIP No. 950240200 13G Page 2 of 15 Pages
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(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
111,329 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
111,329 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
111,329 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.72%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 3 of 15 Pages
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(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
195,582 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
195,582 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
195,582 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.02%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 4 of 15 Pages
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(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
93,088 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
93,088 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
93,088 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.44%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 5 of 15 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
12,137 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,137 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,137 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.19%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 6 of 15 Pages
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(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
412,136 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
412,136 shares of Common Stock))
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.37%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 7 of 15 Pages
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(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
412,136 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.37%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 8 of 15 Pages
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(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
412,136 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.37%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 9 of 15 Pages
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(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
412,136 shares of Common Stock
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
412,136 shares of Common Stock
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.37%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 950240200 13G Page 10 of 15 Pages
Item 1.
(a) Name of Issuer
Wellsford Real Properties, Inc., a Maryland corporation (the
"Company").
(b) Address of Issuer's Principal Executive Offices
535 Madison Avenue
New York, NY 10022
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
CUSIP No. 950240200 13G Page 11 of 15 Pages
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.
18th Floor
New York, New York 10151
Citizenship: United States
Item 2(d) Title of Class of Securities
Common Stock, $0.02 par value per share ("Common Stock")
Item 2(e) CUSIP Number
950240200
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act
(15 U.S.C. 78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
CUSIP No. 950240200 13G Page 12 of 15 Pages
(a) Amount beneficially owned:
As of the date of this filing, D.B. Zwirn & Co., L.P., DBZ GP,
LLC, Zwirn Holdings, LLC, and Daniel B. Zwirn may each be deemed the beneficial
owner of (i) 111,329 shares of Common Stock issuable to D.B. Zwirn Special
Opportunities Fund, L.P., (ii) 195,582 shares of Common Stock issuable to D.B.
Zwirn Special Opportunities Fund, Ltd., (iii) 93,088 shares of Common Stock
issuable to HCM/Z Special Opportunities LLC, and (iv) 12,137 shares of Common
Stock issuable to The Coast Fund L.P.
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:
The Company's quarterly report filed on Form 10-Q that was filed
on November 8, 2005, indicates there were 6,467,639 shares of Common Stock
outstanding as of November 7, 2005. Therefore, based on the Company's
outstanding shares of Common Stock (i) D.B. Zwirn Special Opportunities Fund,
L.P. may be deemed to beneficially own 1.72% of the outstanding shares of Common
Stock of the Company, (ii) D.B. Zwirn Special Opportunities Fund, Ltd. may be
deemed to beneficially own 3.02% of the outstanding shares of Common Stock of
the Company, (iii) HCM/Z Special Opportunities LLC may be deemed to beneficially
own 1.44% of the outstanding shares of Common Stock of the Company, (iv) The
Coast Fund L.P. may be deemed to beneficially own 0.19% of the outstanding
shares of Common Stock of the Company, and (v) each of D.B. Zwirn & Co., L.P.,
DBZ GP, LLC, Zwirn Holdings, LLC and Daniel B. Zwirn may be deemed to
beneficially own 6.37% of the outstanding shares of Common Stock of the Company.
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.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
See Item 4(a) above.
CUSIP No. 950240200 13G Page 13 of 15 Pages
(iii) Sole power to dispose or to direct the disposition of
0
(iv) Shared power to dispose or to direct the disposition of
See Item 4(a) above.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or
Control Person
Not applicable.
Item 8. Identification and Classification of Members of the Group
See Exhibit I.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below each of the undersigned certifies that, to the best
of its knowledge and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of December 8, 2005, by
and among D.B. Zwirn Special Opportunities Fund, L.P., D.B. Zwirn Special
Opportunities Fund, Ltd., HCM/Z Special Opportunities LLC, The Coast Fund L.P.,
D.B. Zwirn & Co., L.P., DBZ GP, LLC, Zwirn Holdings, LLC, and Daniel B. Zwirn.
CUSIP No. 950240200 13G Page 14 of 15 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: December 8, 2005
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
By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn
----------------------------------- ------------------------------
Name: Daniel B. Zwirn Name: Daniel B. Zwirn
Title: Managing Member Title: Managing Member
HCM/Z Special Opportunities LLC The Coast Fund, L.P.
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
By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn
----------------------------------- ------------------------------
Name: Daniel B. Zwirn Name: Daniel B. Zwirn
Title: Managing Member Title: Managing Member
D.B. ZWIRN & CO., L.P. DBZ GP, LLC
By: DBZ GP, LLC, By: Zwirn Holdings, LLC,
its General Partner its Managing Member
By: Zwirn Holdings, LLC,
its Managing Member By: /s/ Daniel B. Zwirn
---------------------
Name: Daniel B. Zwirn
By: /s/ Daniel B. Zwirn Title: Managing Member
---------------------
Name: Daniel B. Zwirn
Title: Managing Member
ZWIRN HOLDINGS, LLC
By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn
----------------------------------- ------------------------------
Name: Daniel B. Zwirn DANIEL B. ZWIRN
Title: Managing Member
CUSIP No. 950240200 13G Page 15 of 15 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the Common
Stock, $0.02 par value, of Wellsford Real Properties, Inc., a Maryland
corporation, is being filed, and all amendments thereto will be filed, on behalf
of each of the persons and entities named below in accordance with Rule 13d-1(k)
under the Securities Exchange Act of 1934, as amended. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.
Dated as of December 8, 2005
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
By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn
----------------------------------- ------------------------------
Name: Daniel B. Zwirn Name: Daniel B. Zwirn
Title: Managing Member Title: Managing Member
HCM/Z Special Opportunities LLC The Coast Fund, L.P.
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
By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn
----------------------------------- ------------------------------
Name: Daniel B. Zwirn Name: Daniel B. Zwirn
Title: Managing Member Title: Managing Member
D.B. ZWIRN & CO., L.P. DBZ GP, LLC
By: DBZ GP, LLC, By: Zwirn Holdings, LLC,
its General Partner its Managing Member
By: Zwirn Holdings, LLC,
its Managing Member By: /s/ Daniel B. Zwirn
---------------------
Name: Daniel B. Zwirn
By: /s/ Daniel B. Zwirn Title: Managing Member
---------------------
Name: Daniel B. Zwirn
Title: Managing Member
ZWIRN HOLDINGS, LLC
By: /s/ Daniel B. Zwirn By: /s/ Daniel B. Zwirn
----------------------------------- ------------------------------
Name: Daniel B. Zwirn DANIEL B. ZWIRN
Title: Managing Member