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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. __)
PLAINS RESOURCES INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.10 PER SHARE 726540503
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(Title of class of securities) (CUSIP number)
ANDREA A. BERNSTEIN
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
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(Name, address and telephone number of person
authorized to receive notices and communications)
FEBRUARY 19, 2004
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(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 Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_].
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Page 2
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1 NAME OF REPORTING PERSON: Pershing Square, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 38-3694138
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 1,258,500
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,258,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,258,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.33%
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14 TYPE OF REPORTING PERSON: PN
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Page 3
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1 NAME OF REPORTING PERSON: Pershing Square GP, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 38-3694141
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 1,258,500
OWNED BY
------ --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------ --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,258,500
----------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,258,500
----------------- ----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
----------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.33%
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14 TYPE OF REPORTING PERSON: OO
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1 NAME OF REPORTING PERSON: William Ackman
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------ --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,258,500
OWNED BY
------ --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------ --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,258,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,258,500
----------------- ----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.33%
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14 TYPE OF REPORTING PERSON: IN
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1 NAME OF REPORTING PERSON: Leucadia National Corporation
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------ --------------------------------------------- -------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------ --------------------------------------------- -------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------ --------------------------------------------- -------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 0
----------------- ----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0%
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14 TYPE OF REPORTING PERSON: CO
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5
Item 1. Security and Issuer.
The title and class of equity security to which this statement on
Schedule 13D relates is the common stock, par value $.10 per share ("Common
Stock"), of Plains Resources Inc, a Delaware corporation (the "Company" or
"PLX"). The address of the Company's principal executive offices is 700 Milam,
Suite 3100, Houston, Texas 77002.
Item 2. Identity and Background.
This statement is filed by Pershing Square, L.P. ("Pershing Square"),
Pershing Square GP, LLC ("GP LLC"), William Ackman and Leucadia National
Corporation ("Leucadia" and collectively, the "Reporting Persons"). Pershing
Square is a Delaware partnership with its principal executive offices located at
110 East 42nd Street, New York, NY 10017. The principal business activity of
Pershing Square is making investments. WMAC Investment Corporation, a wholly
owned subsidiary of Leucadia, owns a substantial amount of the limited partner
interests of Pershing Square.
The sole general partner of Pershing Square is GP LLC. GP LLC is a
Delaware limited liability company with its principal executive offices located
at 110 East 42nd Street, New York, NY 10017. The principal business activity of
GP LLC is acting as the general partner of Pershing Square.
The sole managing member of GP LLC is William Ackman. Mr. Ackman's
business address is 110 East 42nd Street, New York, NY 10017. Mr. Ackman's
principal occupation is managing investments including the management of GP LLC.
Leucadia is a New York corporation with its principal office at 315
Park Avenue South, New York, New York 10010. Leucadia is a diversified holding
company engaged in a variety of businesses, including telecommunications,
banking and lending, manufacturing, real estate activities, winery operations,
development of a copper mine and property and casualty reinsurance.
Approximately 26.5% of the common shares of Leucadia outstanding at November 12,
2003 (including shares issuable pursuant to currently exercisable warrants) is
beneficially owned (directly and through family members) by Ian M. Cumming,
Chairman of the Board of Directors of Leucadia, and Joseph S. Steinberg, a
director and President of Leucadia (excluding an additional 1.6% of the common
shares of Leucadia beneficially owned by trusts for the benefit of Mr.
Steinberg's children, as to which Mr. Steinberg disclaims beneficial ownership).
Private charitable foundations independently established by each of Messrs.
Cumming and Steinberg each beneficially own less than one percent of the
outstanding common shares of Leucadia. Mr. Cumming and Mr. Steinberg each
disclaim beneficial ownership of the common shares of Leucadia held by their
respective private charitable foundations. Mr. Cumming and Mr. Steinberg have an
oral agreement pursuant to which they will consult with each other as to the
election of a mutually acceptable Board of Directors of Leucadia.
The name, business address, present principal occupation or
employment, and citizenship of each director and executive officer of Leucadia
is set forth on Schedule A hereto.
During the last five years neither Pershing Square, GP LLC nor, Mr.
Ackman, has been (i) convicted of any 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
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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.
During the last five years neither Leucadia, nor, to its knowledge,
any of its directors or executive officers, has been (i) convicted of any
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.
The aggregate amount of funds used by Pershing Square in making the
purchases of the shares of Common Stock beneficially owned by Pershing Square as
of February 19, 2004, was $20,872,754 (including commissions and fees). The
source of funds used to purchase these shares of Common Stock was Pershing
Square's funds available for investment.
Item 4. Purpose of Transaction.
Pershing Square began purchasing shares of Common Stock in January
2004. Pershing Square acquired shares because, in its opinion, the Common Stock
was undervalued by the market. Pershing Square also acquired shares of Common
Stock because it was considering the possibility of proposing a business
combination with the Company or of attempting to acquire control of the Company
at some future date.
In late January 2004, Mr. Ackman indicated to representatives of the
Company that Pershing Square and Leucadia (the "Pershing Square Group") would be
interested in making a proposal (the "Proposal") to acquire the Company that
would be substantially superior to the $14.25 proposal made by management and
Mr. Paul Allen on November 20, 2003, subject only to a 10 business-day due
diligence period.
On February 12, 2004, the Company and Pershing Square entered into a
letter agreement providing that the Company would reimburse the Pershing Square
Group's expenses in connection with a possible transaction, including expenses
incurred in connection with the preparation of the Proposal.
At 6 pm on February 12, 2004, representatives of the Pershing Square
Group presented the Proposal on a telephone conference with the special
committee of the Company's Board of Directors (the "Special Committee") and
submitted a detailed letter of intent summarizing the Proposal later that
evening.
The Proposal provided for a transaction (the "Transaction") in which
a to-be-formed affiliate of the Pershing Square Group would acquire the Company
in a merger for a combination of cash and securities (the "Buyer Securities")
valued by the Pershing Square Group at approximately $17.60 per share,
representing a 30% premium to the closing price of the Common Stock prior to the
announcement of the management offer of $14.25 per share, a 24% premium to
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management's $14.25 proposal, and a $0.85 per share or 5.0% premium to the
$16.75 per share transaction announced on February 20, 2004
The Proposal was not subject to any financing condition and was only
conditioned on the Pershing Square Group's satisfactory completion of a limited
due diligence period, not to exceed 10 business days and the approval of
Leucadia's Board of Directors. A copy of the Letter of Intent is attached hereto
as Exhibit 2 and incorporated herein by reference.
On the afternoon of February 13, 2004, the Special Committee, acting
through its representatives, informed Pershing Square that it was not interested
in pursuing a transaction with it, and would not respond to any further
inquiries from the Pershing Square Group. None of the Reporting Persons have
made any subsequent proposals to the Special Committee and the Letter of Intent
has terminated in accordance with its terms.
The Pershing Square Group believes that its Proposal is superior to
the $16.75 management offer and continues to be interested in acquiring the
Company. The Pershing Square Group will base its decision as to whether to
continue to pursue an acquisition of the Company, among other factors, on PLX
shareholders' interest in the Proposal. The Reporting Persons have no immediate
plans or proposals to seek a business combination or to attempt to acquire
control of the Company. However, the Reporting Persons continue to consider each
of these alternatives and may determine to pursue one or more of them.
Pershing Square has communicated or presently intends to communicate,
directly or through intermediaries, with the Company's board of directors, other
shareholders of the Company, and other interested parties in an effort to
determine shareholder interest in the Proposal. The Reporting Persons may
acquire additional securities of the Company or dispose of securities of the
Company at any time and from time to time in the open market, in privately
negotiated transactions or otherwise.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons and, to their knowledge, their respective
general partners, directors and officers, as applicable, with respect to the
Company, it should be noted that the possible activities of the Reporting
Persons and their respective general partners, directors and officers are
subject to change at any time.
Except as set forth above, neither the Reporting Persons, nor, to
their knowledge, any of their respective general partners, directors or
officers, have any present plans or proposals which relate to or would result in
any of the actions described in subparagraphs (a) through (j) of Item 4 of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) As of February 19, 2004, the Reporting Persons beneficially own
the following shares of Common Stock:
(i) The responses of Pershing Square to Rows (11) through (13) of the
cover pages of this Schedule 13D are incorporated herein by reference. As of
February 19, 2004, Pershing Square beneficially owned 1,258,500 shares of Common
Stock, representing approximately 5.33% of the outstanding shares of Common
Stock (the outstanding shares of Common Stock, 23,600,000, being based on the
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number of shares outstanding as of October 31, 2003, as reported in the
Company's Form 10-Q for the quarterly period ended September 30, 2003).
(ii) The responses of GP LLC to Rows (11) through (13) of the cover
pages of this Schedule 13D are incorporated by reference. By virtue of being the
general partner of Pershing Square, for purposes of this Schedule 13D, GP LLC
may be deemed to share voting and dispositive powers with respect to the shares
of Common Stock beneficially owned by Pershing Square and therefore may be
deemed to be beneficial owners of all of the shares of Common Stock beneficially
owned by Pershing Square. GP LLC disclaims beneficial ownership of any shares of
Common Stock beneficially owned by Pershing Square.
(iii) The responses of William Ackman to Rows (11) through (13) of
the cover pages of this Schedule 13D are incorporated herein by reference. By
virtue of being the sole manager of GP LLC, for purposes of this Schedule 13D,
Mr. Ackman may be deemed to share voting and dispositive powers with respect to
the shares of Common Stock beneficially owned by Pershing Square and therefore
may be deemed to be beneficial owners of all of the shares of Common Stock
beneficially owned by Pershing Square. Mr. Ackman disclaims beneficial ownership
of any shares of Common Stock beneficially owned by GP LLC or Pershing Square.
(iv) The responses of Leucadia to Rows (11) through (13) of the cover
pages of this Schedule 13D are incorporated herein by reference.
(b) The responses of the Reporting Persons to (i) Rows (7) through
(10) of the cover pages of this statement on Schedule 13D and (ii) Item 5(a)
hereof are incorporated herein by reference.
(c) During the past sixty days, Pershing Square effected the
following transactions in the Common Stock:
Date of Amount of Price per Where and
Transaction Securities Share* How Effected
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01/20/2004 165,400 $16.3767 NYSE (purchase)
01/21/2004 194,300 $16.4745 NYSE (purchase)
01/22/2004 142,900 $16.4883 NYSE (purchase)
01/23/2004 171,400 $16.4805 NYSE (purchase)
01/27/2004 38,500 $16.6783 NYSE (purchase)
01/28/2004 204,900 $16.7611 NYSE (purchase)
02/02/2004 38,400 $16.2408 NYSE (purchase)
02/03/2004 42,900 $16.2270 NYSE (purchase)
02/04/2004 12,700 $16.2334 NYSE (purchase)
02/06/2004 3,200 $16.2225 NYSE (purchase)
02/09/2004 38,500 $16.2412 NYSE (purchase)
02/10/2004 67,500 $16.2885 NYSE (purchase)
02/13/2004 15,900 $16.2714 NYSE (purchase)
02/17/2004 12,200 $16.3971 NYSE (purchase)
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02/18/2004 31,000 $16.4662 NYSE (purchase)
02/19/2004 78,800 $16.5986 NYSE (purchase)
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* Excludes commissions and fees.
To the Reporting Persons' knowledge, none of their respective general
partners, directors or officers have had any transactions in the Common Stock
that were effected in the past sixty days.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
The information set forth in Item 4 is incorporated herein by
reference.
Leucadia and Mr. Ackman have an agreement in principal whereby Mr.
Ackman will identify business opportunities exclusively for Leucadia. Leucadia
will have the sole option, in its discretion, to invest in any such
opportunities. If Leucadia determines to invest in any such business
opportunities, Leucadia and Mr. Ackman would establish an investment vehicle to
hold such investment. Generally, pursuant to the agreement in principle,
Leucadia would invest all (or if Mr. Ackman invests, substantially all) of the
capital for the business opportunity and Mr. Ackman would be entitled to a
portion of the profits, if any, generated from the investment after Leucadia
receives its principal and a minimum return on such principal amount. In
addition, Pershing Square has an understanding that it would support any
transaction concerning the Company that is proposed by Leucadia and Mr. Ackman.
Item 7. Materials to be Filed as Exhibits.
1. Agreement among the Reporting Persons with respect to the filing of
this Schedule 13D.
2. Letter of Intent, dated February 12, 2004, from Leucadia and Pershing
Square Capital Management, LLC.
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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.
PERSHING SQUARE, L.P.
By: PERSHING SQUARE GP, LLC
By: /s/ William Ackman
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Name: William Ackman
Title: Managing Member
PERSHING SQUARE GP, LLC
By: /s/ William Ackman
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Name: William Ackman
Title: Managing Member
By: /s/ William Ackman
-----------------------------------------
Name: William Ackman
LEUCADIA NATIONAL CORPORATION
By: /s/ Joseph A. Orlando
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Name: Joseph A. Orlando
Title: Vice President and
Chief Financial Officer
Date: February 23, 2004
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EXHIBIT INDEX
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Exhibit No.
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Exhibit 1 - Agreement among the Reporting Persons with respect to the
filing of this Schedule 13D.
Exhibit 2 - Letter of Intent, dated February 12, 2004, from Leucadia
and Pershing Square Capital Management, LLC.
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SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF
LEUCADIA NATIONAL CORPORATION
The name, business address, present principal occupation or employment, and the
name, principal business and address of any corporation or other organization in
which such employment is conducted, of each of the directors and executive
officers of Leucadia National Corporation is set forth below. Unless otherwise
specified, the business address of each person listed below is c/o Leucadia
National Corporation, 315 Park Avenue South, New York, NY 10010. To the
knowledge of Leucadia, each person listed below is a United States citizen.
Principal Occupation or
Name and Business Address Offices at Leucadia Employment
------------------------- ------------------- -----------------------
Ian M. Cumming Chairman of the Board Chairman of the Board of
c/o Leucadia National Corporation Leucadia
529 E. South Temple
Salt Lake City, Utah 84102
Joseph S. Steinberg President President of Leucadia
Paul M. Dougan Director President and Chief Executive
c/o Equity Oil Company Officer of Equity Oil Company
10 West 300 South (a company engaged in oil and
Salt Lake City, Utah 84102 gas exploration and production
having an office in Salt Lake
City, Utah)
Lawrence D. Glaubinger Director Private Investor; President of
c/o Lawrence Economic Lawrence Economic Consulting
Consulting, Inc. Inc., (a management consulting
P.O. Box 3567 firm)
Hallandale Beach, FL 33008
James E. Jordan Director Managing Director of Arnhold
c/o Arnhold and S. Bleichroeder and S. Bleichroeder Advisors,
Advisors, Inc. Inc. (a company engaged in
1345 Avenue of the Americas asset management services)
New York, N.Y. 10105
Principal Occupation or
Name and Business Address Offices at Leucadia Employment
------------------------- ------------------- -----------------------
Jesse Clyde Nichols, III Director Retired Investor
4945 Glendale Road
Westwood Hills, KS 66205
Thomas E. Mara Executive Vice President and Treasurer Executive Vice President and
Treasurer of Leucadia
Joseph A. Orlando Vice President and Chief Financial Officer Vice President and Chief
Financial Officer Leucadia
Philip M. Cannella Asst. Vice President Asst. Vice President Leucadia
Barbara L. Lowenthal Vice President and Comptroller Vice President and Comptroller
of Leucadia
H. E. Scruggs Vice President Vice President of Leucadia
Laura E. Ulbrandt Secretary Secretary of Leucadia