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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 2)
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CRIIMI MAE Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
950241109
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(CUSIP Number)
Mr. Barry S. Blattman
BREF One, LLC
One Liberty Plaza
New York, New York 10006
(212) 417-7276
with a copy to:
Raymond O. Gietz, Esq.
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 Persons Authorized
to Receive Notices and Communications)
July 27, 2005
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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 [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
Page 1 of 13 Pages
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 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).
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Page 2 of 13 Pages
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1 NAME OF REPORTING PERSONS: BREF One, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
-------------- ----------------------------------------------------------------------------------------------------- -------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
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3 SEC USE ONLY
-------------- ----------------------- -------------------------------------------------------------------------------------------
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: 1,549,452
SHARES
----- -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 1,549,452
REPORTING
----- -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,549,452
-------------- ----------------------------------------------------------------------------------------------------- -------------
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): 9.7%
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14 TYPE OF REPORTING PERSON: OO
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Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON: Brascan Corporation
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
-------------- ----------------------------------------------------------------------------------------------------- -------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
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3 SEC USE ONLY
-------------- ----------------------- -------------------------------------------------------------------------------------------
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): [_]
-------------- ----------------------------------------------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario
----------------------- ----- -------------------------------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,549,452
SHARES
----- -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----- -------------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,549,452
REPORTING
----- -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
-------------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,549,452
-------------- ----------------------------------------------------------------------------------------------------- -------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
-------------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.7%
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14 TYPE OF REPORTING PERSON: CO
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Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON: Partners Limited (formerly known as EdperPartners Limited)
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) [_]
(b) [x]
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3 SEC USE ONLY
-------------- ----------------------- -------------------------------------------------------------------------------------------
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): [_]
-------------- ----------------------------------------------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario
----------------------- ----- -------------------------------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,549,452
SHARES
----- -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----- -------------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,549,452
REPORTING
----- -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
-------------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,549,452
-------------- ----------------------------------------------------------------------------------------------------- -------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
-------------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.7%
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14 TYPE OF REPORTING PERSON: CO
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Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON: Barry S. Blattman
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
-------------- ----------------------------------------------------------------------------------------------------- -------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
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3 SEC USE ONLY
-------------- ----------------------- -------------------------------------------------------------------------------------------
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): [_]
-------------- ----------------------------------------------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
----------------------- ----- -------------------------------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,549,452
SHARES
----- -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----- -------------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,549,452
REPORTING
----- -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
-------------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,549,452
-------------- ----------------------------------------------------------------------------------------------------- -------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
-------------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.7%
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14 TYPE OF REPORTING PERSON: IN
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Page 6 of 13 Pages
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This Amendment No. 2 amends the Schedule 13D filed February 3, 2003
(the "Schedule 13D"), as amended by Amendment No. 1 filed February 23, 2005, and
is filed by BREF One, LLC ("BREF One"), Brascan Corporation ("Brascan"),
Partners Limited (formerly known as EdperPartners Limited) and Barry S.
Blattman, with respect to the common stock, par value $0.01 per share (the
"Common Stock"), of CRIIMI MAE Inc. (the "Company"). Capitalized terms used
herein but not defined herein shall have the meanings attributed to them in the
Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 of the Schedule 13D is supplemented as follows:
(a) Schedule II hereto sets forth a list of all the directors and
executive officers, and their respective principal occupations and addresses, of
Brascan.
(d)-(e) During the last five years, none of Brascan and, to Brascan's
knowledge, the persons set forth on Schedule II hereto have 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 as a result of which, he, she or it 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.
(f) Set forth on Schedule II hereto is the citizenship of each of the
directors and executive officers of Brascan.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is supplemented as follows:
As reported in Amendment No. 1 to the Schedule 13D, on February 22,
2005, in response to invitations sent by the Company to a number of potential
interested parties, BREF Partners, an affiliate of the Reporting Persons,
submitted a preliminary indication of interest (the "Preliminary Indication of
Interest") for the purchase of all the outstanding shares of the Common Stock
not already owned by BREF Partners and its affiliates at a significant premium
to the Company's adjusted book value as of December 31, 2004. The Preliminary
Indication of Interest was non-binding and was only an expression of BREF
Partners' then-current intention.
On July 27, 2005, BREF Partners sent a letter to the Company's
financial advisor, Citigroup Global Markets Inc. indicating that it no longer is
interested in pursuing a transaction involving an acquisition of the Company or
its assets. A copy of BREF Partners' letter is filed as Exhibit 99.6 hereto and
is incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Schedule 13D is supplemented as follows:
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Page 7 of 13 Pages
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(a)-(b) The responses of the Reporting Persons to Rows (11) through
(13) of the cover pages of this Amendment No. 2 are incorporated herein by
reference. As of July 27, 2005, each of the Reporting Persons may be deemed to
be the beneficial owner of an aggregate of 1,549,452 shares of Common Stock
composed of (i) 1,212,617 shares of outstanding Common Stock and (ii) 336,835
shares of Common Stock purchasable under a warrant held by BREF One. Such shares
constitute approximately 9.7% of the issued and outstanding shares of the Common
Stock (based upon the 15,587,827 shares of the Common Stock stated to be issued
and outstanding by the Company in its latest Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission on May 6, 2005, plus the shares of
Common Stock purchasable under the warrant described above). Each of the
Reporting Persons may be deemed to have the sole power to vote or direct the
vote of such shares or to dispose or direct the disposition of such shares.
As of July 27, 2005, Jeffrey M. Blidner, managing partner and
chairman of Brascan, beneficially owns 3,550 shares of Common Stock (comprised
of 2,500 options to acquire Common Stock that are currently exercisable, and
1,050 restricted stock units (representing 1,050 notional shares of Common
Stock) that are currently settleable under certain circumstances pursuant to the
Company's Deferred Compensation Plan), representing a nominal percentage of the
issued and outstanding shares of the Common Stock, of which Mr. Blidner would
have the sole power to vote or direct the vote of such shares or to dispose or
direct the disposition of such shares. Mr. Blidner disclaims beneficial
ownership of the shares beneficially owned by the Reporting Persons.
As of July 27, 2005, Bruce K. Robertson, president and chief
executive officer of Brascan Asset Management, a subsidiary of Brascan,
beneficially owns 1,362 shares of Common Stock (comprised of 1,362 restricted
stock units (representing 1,362 notional shares of Common Stock) that are
currently settleable under certain circumstances pursuant to the Company's
Deferred Compensation Plan), representing a nominal percentage of the issued and
outstanding shares of the Common Stock ,of which Mr. Robertson would have the
sole power to vote or direct the vote of such shares or to dispose or direct the
disposition of such shares. Mr. Robertson disclaims beneficial ownership of the
shares beneficially owned by the Reporting Persons.
(c) None of the Reporting Persons and, to the Reporting Persons'
knowledge, the Scheduled Persons have effected any transaction in the Common
Stock during the past 60 days, except that (i) Bruce K. Robertson received 298
restricted stock units (representing 298 notional shares of Common Stock) on
July 1, 2005, in respect of fees received for serving on the Board of Directors
of the Company and (ii) Jeffrey M. Blidner received 229 restricted stock units
(representing 229 notional shares of Common Stock) on July 1, 2005, in respect
of fees received for serving on the Board of Directors of the Company.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
Exhibit 99.6 Letter, dated July 27, 2005, from BREF Partners to the Company's
financial advisor, Citigroup Global Markets Inc.
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Page 8 of 13 Pages
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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.
Dated: July 27, 2005
BREF ONE, LLC
By: /s/ Theresa A. Hoyt
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Name: Theresa A. Hoyt
Title: Vice President
BRASCAN CORPORATION
By: /s/ Joseph Freedman
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Name: Joseph Freedman
Title: Senior Vice President
EDPER PARTNERS LIMITED
By: /s/ Brian Lawson
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Name: Brian Lawson
Title: President
BARRY S. BLATTMAN
/s/ Barry S. Blattman
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Page 9 of 13 Pages
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SCHEDULE II
BRASCAN CORPORATION
Conrad M. Black
Citizenship: United Kingdom
Business Address: 10 Toronto Street, Toronto, Ontario M5C 2B7
Present Principal
Occupation or Employment: Chairman and Chief Executive Officer
Employer: Hollinger Inc.
Employer's Business: Publishing company
Employer's Address: Same as Employment Address
James J. Blanchard
Citizenship: United States
Business Address: 901 - 15th Street N.W., Washington, D.C. 20005
Present Principal
Occupation or Employment: Partner
Employer: Piper Rudnick
Employer's Business: Law firm
Employer's Address: Same as Business Address
Jeffrey M. Blidner
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: Managing Partner and Chairman
Employer: Brascan Corporation
Employer's Business: Real estate, power generation and financial services
Employer's Address: Same as Business Address
Jack L. Cockwell
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: Co-Chairman
Employer: Brascan Corporation
Employer's Business: Real estate, power generation and financial services
Employer's Address: Same as Business Address
John P. Curtin, Jr.
Citizenship: United States
Business Address: 85 Broad Street, 16th Floor, New York, N.Y. 10004
Present Principal
Occupation or Employment: Managing Director, Investment Banking Division
Employer: Goldman, Sachs & Co.
Employer's Business: Investment banking company
Employer's Address: Same as Business Address
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Page 10 of 13 Pages
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Roberto P.C. de Andrade
Citizenship: Brazil
Business Address: Rua Lauro Muller, 116 - 29(degree) andar, CEP. 22299.
900 Botafogo, Rio de Janeiro, Brazil
Present Principal
Occupation or Employment: Chairman and Director
Employer: Brascan Brazil Ltd.
Employer's Business: Real estate, agribusiness and financial services
Employer's Address: Same as Business Address
Sen. J. Trevor Eyton
Citizenship: Canada
Business Address: 44 Victoria Street, Suite #400, Toronto, Ontario M5C 1Y2
Present Principal
Occupation or Employment: Member of the Senate of Canada
Employer: The Senate of Canada
Employer's Business: Government
Employer's Address: Room 561-5, Centre Block, Parliament Buildings, Ottawa, Ontario K1A 0A4
J. Bruce Flatt
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: President & Chief Executive Officer
Employer: Brascan Corporation
Employer's Business: Real estate, power generation and financial services
Employer's Address: Same as Business Address
Julia E. Foster
Citizenship: Canada
Business Address: 151 Bloor Street West, 5th Floor, Toronto, Ontario M5S 1T6
Present Principal
Occupation or Employment: Chair
Employer: Ontario Arts Council
Employer's Business: Arts funding organization
Employer's Address: Same as Business Address
James K. Gray
Citizenship: Canada
Business Address: 605 Fifth Ave. S.W., Suite 2800, Calgary, Alberta T2P 3H5
Present Principal
Occupation or Employment: Corporate Director
Employer: N/A
Employer's Business: N/A
Employer's Address: N/A
Lynda C. Hamilton
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4420, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: President
Employer: Edper Investments Limited
Employer's Business: Investment company
Employer's Address: Same as Business Address
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Page 11 of 13 Pages
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Robert J. Harding
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: Chairman
Employer: Brascan Corporation
Employer's Business: Real estate, power generation and financial services
Employer's Address: Same as Business Address
David W. Kerr
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4100, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: Chairman
Employer: Noranda Inc.
Employer's Business: Mining and metallurgy
Employer's Address: Same as Business Address
Philip B. Lind
Citizenship: Canada
Business Address: 333 Bloor Street E., 10th Floor, Toronto, Ontario M4W 1G9
Present Principal
Occupation or Employment: Vice-Chairman
Employer: Rogers Communications Inc.
Employer's Business: Diversified communications company
Employer's Address: Same as Business Address
Roy MacLaren
Citizenship: Canada
Business Address: 121 King Street W., Suite 840, Toronto, Ontario M5H 3T9
Present Principal
Occupation or Employment: Corporate Director
Employer: N/A
Employer's Business: N/A
Employer's Address: N/A
Jack M. Mintz
Citizenship: Canada
Business Address: 125 Adelaide Street E., Toronto, Ontario M5C 1L7
Present Principal
Occupation or Employment: President & Chief Executive Officer
Employer: C.D. Howe Institute
Employer's Business: Public policy institute
Employer's Address: Same as Business Address
Saul Shulman
Citizenship: Canada
Business Address: #2300 - 200 King Street W., Toronto, Ontario M5H 3W5
Present Principal
Occupation or Employment: Senior Partner
Employer: Goodman & Carr
Employer's Business: Law firm
Employer's Address: Same as Business Address
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Page 12 of 13 Pages
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George S. Taylor
Citizenship: Canada
Business Address: R.R. #3, 4675 Line 3, Street Marys, Ontario N4X 1C6
Present Principal
Occupation or Employment: Corporate Director
Employer: N/A
Employer's Business: N/A
Employer's Address: N/A
Brian D. Lawson
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: Executive Vice-President and Chief Financial Officer
Employer: Brascan Corporation
Employer's Business: Real estate, power generation and financial services
Employer's Address: Same as Business Address
Edward C. Kress
Citizenship: Canada
Business Address: BCE Place, 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3
Present Principal
Occupation or Employment: Executive Vice President
Employer: Brascan Corporation
Employer's Business: Real estate, power generation and financial services
Employer's Address: Same as Business Address
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Page 13 of 13 Pages
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EXHIBIT INDEX
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Exhibit No. Description
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Exhibit 99.6 Letter, dated July 27, 2005, from BREF Partners to the
Company's financial advisor, Citigroup Global Markets Inc.