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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. 3)
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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
Three World Financial Center
New York, New York 10281
(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)
October 6, 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 10 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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CUSIP No. 950241109 13D Page 2 of 10 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
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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: 1,549,452
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----- -------------------------------------- -------------------------------------------------------------
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
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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): 9.7%
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14 TYPE OF REPORTING PERSON: OO
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CUSIP No. 950241109 13D Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON: Brascan 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) [_]
(b) [x]
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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: Ontario
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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
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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: [_]
-------------- -------------------------------------------------------------------------------------------------------------------
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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CUSIP No. 950241109 13D Page 4 of 10 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):
-------------- ----------------------------------------------------------------------------------------------------- -------------
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: 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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CUSIP No. 950241109 13D Page 5 of 10 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]
-------------- -------------------------------------------------------------------------------------------------------------------
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: 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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This Amendment No. 3 amends the Schedule 13D filed February 3, 2003
(the "Schedule 13D"), as amended by Amendment No. 1 filed February 23, 2005, and
Amendment No. 2 filed on July 28, 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 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is supplemented as follows:
The Company has entered into a Merger Agreement (the "Merger
Agreement"), dated October 6, 2005, with CDP CAPITAL-FINANCING INC., a Quebec
charter corporation ("Buyer"), CADIM W.F. CO., a newly-formed Maryland
corporation ("Buyer Sub") and an indirect, wholly-owned subsidiary of Buyer. The
Merger Agreement provides for the merger of Buyer Sub with and into the Company
(the "Merger"), with the Company surviving the Merger as a wholly-owned
subsidiary of Buyer.
In connection with the execution of the Merger Agreement, BREF ONE
has entered into a voting agreement (the "Voting Agreement") with Buyer and
Buyer Sub with regard to its shares of Common Stock. The Voting Agreement
requires BREF ONE to vote (or cause to be voted) all of its shares of Common
Stock of the Company in favor of the Merger and the other transactions
contemplated by the Merger Agreement, and against (i) any alternative
transaction, (ii) any liquidation or winding up of the Company, (iii) any
extraordinary dividend by the Company, (iv) any change in the capital structure
of the Company (other than pursuant to the Merger Agreement) or (v) any other
action that may reasonably be expected to impede, interfere with, delay,
postpone or attempt to discourage the consummation of the Merger or any of the
other transactions contemplated by the Merger Agreement or result in a breach of
any of the covenants therein.
In furtherance of its obligations under the Voting Agreement, BREF
ONE has granted an irrevocable proxy, coupled with an interest, to certain
representatives of Buyer for the sole purpose to vote all of its shares of
Common Stock in favor of the Merger Agreement, the Merger, the other
transactions contemplated thereby and each of the other documents, agreements
and transactions referred to therein in accordance with the provisions of the
Voting Agreement.
BREF ONE's obligations under the Voting Agreement will apply until
the termination of the Voting Agreement in accordance with its terms and
thereafter will be of no further force or effect. The Voting Agreement will
terminate upon the earliest to occur of (i) the closing of the transactions
contemplated by the Merger Agreement, (ii) the termination of the Merger
Agreement in accordance with its terms, (iii) the amendment of the Merger
Agreement, without the prior written consent of BREF ONE, in any manner that
affects the economic terms of the Merger, and (iv) March 31, 2006, if the Merger
has not been consummated before such date.
The summary of the Voting Agreement contained in this Item 4 is
qualified in its entirety by reference to the Voting Agreement, which is filed
herewith as Exhibit 99.7 and incorporated herein by reference.
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Schedule 13D is supplemented as follows:
(a)-(b) The responses of the Reporting Persons to Rows (11) through
(13) of the cover pages of this Amendment No. 3 are incorporated herein by
reference. As of October 6, 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 15,598,447 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 August 4, 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 October 6, 2005, Jeffrey M. Blidner,a managing partner of
Brascan and chairman of Brascan Investments, a subsidiary of Brascan,
beneficially owns 7,610 shares of Common Stock (comprised of 2,500 options to
acquire Common Stock that are currently exercisable, and 5,110 restricted stock
units (representing 5,110 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 October 6, 2005, Bruce K. Robertson, a managing partner of
Brascan and president of Brascan Asset Management, a subsidiary of Brascan,
beneficially owns 5,684 shares of Common Stock (comprised of 5,684 restricted
stock units (representing 5,684 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 640
restricted stock units (representing 640 notional shares of Common Stock) on
October 3, 2005, in respect of fees received for serving on the Board of
Directors of the Company and (ii) Jeffrey M. Blidner received 378 restricted
stock units (representing 378 notional shares of Common Stock) on October 3,
2005, in respect of fees received for serving on the Board of Directors of the
Company.
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Item 6 of the Schedule 13D is supplemented to include the information
set forth in Item 4 of this Amendment No. 3, which is incorporated into this
Item 6 by reference.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
Exhibit 99.7 Voting Agreement, dated October 6, 2005, among BREF ONE,
Buyer and Buyer Sub.
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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: October 6, 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
PARTNERS LIMITED
By: /s/ Lory Corso
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Name: Lory Corso
Title: Secretary
BARRY S. BLATTMAN
/s/ Barry S. Blattman
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EXHIBIT INDEX
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Exhibit No. Description
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Exhibit 99.7 Voting Agreement, dated October 6, 2005, among BREF ONE,
Buyer and Buyer Sub.
10