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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
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(Amendment No. 7)
BIOTIME INC.
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(Name of Issuer)
Common Shares, par value $.01 per share 09066L105
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(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
909 Third Avenue, 30th Floor
New York, New York 10022
(212) 350-5100
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(Name, address and telephone number of person authorized to receive notices and
communications)
April 17, 2002
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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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
(Page 1 of 10 Pages)
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NY2:\1072711\06\MZPJ06!.DOC\56392.0003
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CUSIP No. 09066L105 13D Page 2 of 10 Pages
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1 NAME OF REPORTING PERSON: GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON: 13-3791931
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(a) [x]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: 00
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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 752,278
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 752,278
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 752,278
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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): 6.4%
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14 TYPE OF REPORTING PERSON: CO
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2
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CUSIP No. 09066L105 13D Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON: GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON: 13-3714238
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(a) [x]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC, OO
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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: 90,750
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 90,750
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 90,750
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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): 0.8%
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14 TYPE OF REPORTING PERSON: PN
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3
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CUSIP No. 09066L105 13D Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON: GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON: 13-3793447
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(a) [x]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC, AF, OO
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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: 90,750
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 90,750
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 90,750
REPORTING PERSON:
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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): 0.8%
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14 TYPE OF REPORTING PERSON: PN
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4
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CUSIP No. 09066L105 13D Page 5 of 10 Pages
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1 NAME OF REPORTING PERSON: ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(a) [x]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: PF, AF, OO
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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: 1,376,711
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 843,028
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 1,376,711
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 843,028
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 2,219,739
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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): 18.5%
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14 TYPE OF REPORTING PERSON: IN
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5
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CUSIP No. 09066L105 13D Page 6 of 10 Pages
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1 NAME OF REPORTING PERSON: GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(a) [x]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: PF, AF, OO
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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: 10,895
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 843,028
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 10,895
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 843,028
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 853,923
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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): 7.3%
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14 TYPE OF REPORTING PERSON: IN
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6
This Amendment No. 7 ("Amendment No. 7") amends and supplements the
Statement on Schedule 13D (as amended by Amendment No. 1, dated May 14, 1998,
Amendment No. 2, dated August 18, 2000, Amendment No. 3, dated December 8, 2000,
Amendment No. 4, dated March 30, 2001, Amendment No. 5, dated August 31, 2001,
and Amendment No. 6, dated April 1, 2002 (the "Statement")) relating to the
common stock, par value $.01 per share (the "Shares"), of BioTime Inc., a
California corporation (the "Company"), filed by and on behalf of Greenbelt
Corp. ("Greenbelt"), Greenway Partners, L.P. ("Greenway"), Greenhouse Partners,
L.P. ("Greenhouse"), Alfred D. Kingsley and Gary K. Duberstein (collectively,
the "Reporting Persons"). Unless otherwise defined herein, the information set
forth in the Statement remains unchanged. Unless otherwise defined herein, all
capitalized terms used herein shall have the meanings previously ascribed to
them in the previous filing of the Statement.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source of funds used in the purchases of Shares set forth in Item
5(c) hereof was personal funds of Mr. Kingsley and margin indebtedness from
SalomonSmithBarney, UBS/PaineWebber and Spear, Leeds & Kellogg.
Except as indicated above, the information set forth in the Item 3 of
the Statement remains unchanged.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 2,230,634 Shares constituting 18.6% of the
outstanding Shares. Pursuant to Rule 13d-3 under the Securities and Exchange Act
of 1934, (i) such aggregate number includes 388,587 previously reported March
Aggregate Warrant Shares (as adjusted for expired warrants) and (ii) such
percentage of Shares beneficially owned by the Reporting Persons is determined
based upon an aggregate of 12,015,903 Shares outstanding consisting of (a) the
11,627,316 Shares outstanding on March 7, 2002, based upon the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2001, and (b) the
388,587 remaining March Aggregate Warrant Shares. The Reporting Persons may be
deemed to have direct beneficial ownership of Shares as set forth in the
following table. In such table, pursuant to Rule 13d-3, the remaining Greenbelt
Warrant Shares are deemed outstanding for determining the percentage ownership
of Shares by Greenbelt, which is the direct beneficial owner of the remaining
Greenbelt Warrant Shares. The Kingsley Warrant Shares and March Kingsley Warrant
Shares are deemed outstanding for determining the percentage ownership of Shares
by Kingsley, who is the direct beneficial owner thereof.
Approximate Percentage
Name Number of Shares of Outstanding Shares
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Greenbelt 752,278 6.4%
Greenway 90,750 0.8%
Kingsley 1,376,711 11.5%
Duberstein 10,895 0.1%
Greenbelt has direct beneficial ownership of 752,278 Shares including
the remaining Greenbelt Warrant Shares. Each of Messrs. Kingsley and Duberstein,
as executive officers and directors of Greenbelt, may be deemed to beneficially
own the Shares, including the Greenbelt Warrant Shares, that Greenbelt
beneficially owns. Each of Messrs. Kingsley and Duberstein disclaims beneficial
ownership of such Shares for all other purposes.
7
Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3) Shares which Greenway may
be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and
Duberstein, as general partners of Greenhouse, may be deemed to beneficially own
Shares which Greenhouse may be deemed to beneficially own. Each of Messrs.
Kingsley and Duberstein disclaims beneficial ownership of such Shares for all
other purposes.
(b) If Greenbelt were to exercise in full the remaining Greenbelt
Warrants, which are all presently exercisable, it would then have the sole power
to vote or direct the vote of 752,278 Shares and the sole power to dispose or
direct the disposition of such Shares. Messrs. Kingsley and Duberstein may be
deemed to share with Greenbelt the power to vote or to direct the vote and to
dispose or to direct the disposition of such Shares.
Greenway has the sole power to vote or direct the vote of 90,750 Shares
and the sole power to dispose or direct the disposition of such Shares.
Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share with
Greenway the power to vote or to direct the vote and to dispose or to direct the
disposition of such Shares.
If Mr. Kingsley were to exercise in full the Kingsley Warrant, the
August Kingsley Warrant and the March Kingsley Warrant, which are all presently
exercisable, he would have the sole power to vote or direct the vote of
1,376,711 Shares and the sole power to dispose or direct the disposition of such
Shares.
Mr. Duberstein has the sole power to vote or direct the vote of 10,895
Shares and the sole power to dispose or direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the Reporting
Persons since the filing of Amendment No. 6 is set forth in Exhibit 15 attached
hereto, which is incorporated herein by reference.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of, the
Shares or March Aggregate Warrant Shares reported in this Statement.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
DESCRIPTION
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15. Information concerning transactions in the Shares
effected by the Reporting Persons since the filing of
Amendment No. 6.
8
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information contained in this Statement is
true, complete and correct.
Dated: April 17, 2002
GREENHOUSE, L.P.
By: /s/Gary K. Duberstein
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Gary K. Duberstein,
General Partner
GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P.,
its general partner
By: /s/Gary K. Duberstein
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Gary K. Duberstein,
General Partner
GREENBELT CORP.
By: /s/Alfred D. Kingsley
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Alfred D. Kingsley,
President
/s/Alfred D. Kingsley
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Alfred D. Kingsley
/s/Gary K. Duberstein
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Gary K. Duberstein
9
EXHIBIT INDEX
DESCRIPTION
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15. Information concerning transactions in the Shares
effected by the Reporting Persons since the filing of
Amendment No. 6.
10
Exhibit 15
TRANSACTIONS IN SHARES OF THE COMPANY
The Reporting Persons engaged in the following transactions in Shares of the
Company since the filing of Amendment No. 6. Except as indicated, such
transactions involved purchases of Shares and were effected on The American
Stock Exchange.
Reporting Person Price per Share
with Direct Date of (Excluding
Beneficial Ownership Transaction Number of Shares Commissions)
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Kingsley 04/02/02 4,000 3.09
Kingsley 04/08/02 5,000 3.03
Kingsley 04/09/02 2,000 3.0
Kingsley 04/11/02 8,000 2.895
Kingsley 04/12/02 7,900 2.769
Kingsley 04/15/02 10,000 2.7805
Kingsley 04/16/02 11,000 2.7318
Kingsley 04/17/02 100,000* 2.5
Kingsley 04/17/02 100,000+ 2.5
Kingsley 04/17/02 16,500 2.8864
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* Privately negotiated acquisition of Shares from Paul Segall, the Company's
Chairman and Chief Executive Officer.
+ Privately negotiated acquisition of Shares from Harold Waitz, the Company's
Vice President of Engineering and Regulatory Affairs.
