SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
McFarland Energy, Inc.
--------------------------------------------------
(Name of Issuer)
Common Stock
-------------------------------
(Title of Class of Securities)
58 0432102
---------------------------------
(CUSIP Number)
Michael S. Paquette
Vice President and
Controller
Fund American Enterprises Holdings, Inc.
The 1820 House,
Main Street,
Norwich, Vermont 05055
(802) 649-3633
------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 29, 1996
------------------------------------------------------------
(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 ___.
Check the following box if a fee is being paid with this statement ___. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
CUSIP NO. 58 0432102
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
- --------------------------------------------------------------------------------
Fund American Enterprises Holdings, Inc.
94-2708455
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) -------------
of a Group (See Instructions)
- -----------------------------------------(b)----------------
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions) AF
- --------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
- --------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------
- --------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned --------------------------
by Each Reporting (8) Shared Voting Power
Person With 400,000
--------------------------
(9) Sole Dispositive Power
--------------------------
(10) Shared Dispositive Power
400,000
--------------------------
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
400,000
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
Approximately 7.1%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) HC, CO
Page 2 of 11
CUSIP NO. 58 0432102
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Fund American Enterprises, Inc.
51-0328932
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) -------------
of a Group (See Instructions)
- -------------------------------------------(b)---------------
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
- --------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------
- --------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned --------------------------
by Each Reporting (8) Shared Voting Power
Person With 169,231
--------------------------
(9) Sole Dispositive Power
--------------------------
(10) Shared Dispositive Power
169,231
--------------------------
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
169,231
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
Approximately 3.0%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
Page 3 of 11
CUSIP NO. 58 0432102
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
White Mountains Holdings, Inc.
02-0477315
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) ------------
of a Group (See Instructions)
- -----------------------------------------(b)---------------
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
- --------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------
- --------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned
by Each Reporting --------------------------
Person With (8) Shared Voting Power
230,769
--------------------------
(9) Sole Dispositive Power
--------------------------
(10) Shared Dispositive Power
230,769
--------------------------
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
230,769
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
Approximately 4.1%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
Page 4 of 11
ONLY ITEMS REPORTED IN THIS AMENDMENT NO. 4 TO SCHEDULE 13D ARE AMENDED FROM THE
FILINGS ON SCHEDULE 13D (THE "SCHEDULE 13D") PREVIOUSLY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION"). ALL OTHER ITEMS REMAIN
UNCHANGED. UNLESS OTHERWISE SPECIFIED, ALL DEFINED TERMS USED HEREIN HAVE THE
MEANING PREVIOUSLY ASCRIBED TO THEM IN THE SCHEDULE 13D.
Item 3. Source and Amount of Funds or Other Consideration.
--------------------------------------------------
On December 26, 1995, FAE transferred subordinated convertible notes
representing 230,769 Shares to FAEH at $6.50 per Share. FAEH subsequently
transferred subordinated convertible notes representing 230,769 Shares to White
Mountains Holdings, Inc. ("WMH") and certain of WMH's direct and indirect
wholly-owned subsidiaries on December 26, 1995 at $6.50 per Share.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
Item 5 is replaced in its entirety.
(a) FAEH, through FAE, WMH and certain of WMH's direct and indirect
wholly owned subsidiaries, owned a subordinated convertible note in the face
amount of $2.6 million which was converted by the issuer on January 29, 1996 to
400,000 Shares at $6.50 of note principal for each Share.
FAEH owns 0 Shares directly and owns 169,231 Shares and 230,769 Shares
indirectly through FAE, WMH and certain of WMH's direct and indirect wholly
owned subsidiaries, respectively. The aggregate number of Shares and the
corresponding percentage of the outstanding Shares such number represents is as
follows:
Page 5 of 11
Percentage of
Shares Shares
Beneficially Beneficially
Person Owned Owned
------ ------------ ------------
FAEH - -
FAE 169,231 3.0%
WMH* 230,769 4.1%
* WMH and certain of its direct and indirect wholly-owned subsidiaries.
(b) FAEH has sole voting power and dispositive power with respect to 0
Shares and shares voting power and dispositive power with respect to 169,231
Shares with FAE, 230,769 Shares with WMH and certain of WMH's direct and
indirect wholly-owned subsidiaries. The persons on Schedule I listed above have
sole voting power and dispositive power with respect to Shares individually
owned by them respectively.
(c) None
(d) None
(e) Not Applicable
Page 6 of 11
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
---------------------------------------------------------------------
to Securities of the Issuer.
- ---------------------------
FAE extended a "Standstill Agreement", originally dated September 1,
1989, until January 4, 1998. Such agreement provides the executive management
and Board of McFarland Energy certain assurances, voluntary restrictions on
purchasing or selling Shares of McFarland and voting limitations intended to
keep FAE in the position of a friendly investor that supports the incumbent
management's views. The arrangement was not affected by the conversion of the
subordinated convertible note to Shares.
Page 7 of 11
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: February 9, 1996
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
BY:
------------------------------
Name: Michael S. Paquette
Title: Vice President and
Controller
FUND AMERICAN ENTERPRISES, INC.
BY:
---------------------------
Name: Terry L. Baxter
Title: President
WHITE MOUNTAINS HOLDINGS, INC.
BY:
---------------------------
Name: Michael S. Paquette
Title: Vice President and
Controller
Secretary
Page 8 of 11
SCHEDULE I TO SCHEDULE 13D
--------------------------
Following is a list of the directors and executive officers of Fund
American Enterprises Holdings, Inc. ("FAEH"), Fund American Enterprises, Inc.
("FAE"), and White Mountains Holdings, Inc. ("WMH") setting forth the business
address and present principal occupation or employment (and the name, principal
business and address of any corporation or organization in which such employment
is conducted) of each such person. Each such person is a citizen of the United
States of America.
Present
Name and Principal Occupation
Business Address Office or Employment
- ---------------- ------ -------------------------
FAEH
Dennis P. Beaulieu Corporate Secretary Corporate Secretary
Fund American Enterprises of FAEH, Director of WMH of FAEH
Holdings, Inc.
The 1820 House, Main Street
Norwich VT 05055-0850
John J. Byrne Chairman of the Board, Chairman of the Board,
Fund American Enterprises President & Chief President & Chief
Holdings, Inc. Executive Officer of Executive Officer of
The 1820 House, Main Street FAEH, Chairman of the FAEH
Norwich VT 05055-0850 Board of FAE and WMH
Howard L. Clark Director Retired
200 Park Avenue, Suite 4501 of FAEH
New York NY 10166
Howard L. Clark, Jr. Director Vice Chairman of Lehman
Lehman Brothers Holdings, Inc. of FAEH Brothers Holdings, Inc.
American Express Tower
New York NY 10128
Robert P. Cochran Director President & Chief
Financial Security Assurance of FAEH Executive Officer of
Holdings, Ltd. Financial Security Assurance
350 Park Avenue Holdings, Ltd.
New York NY 10022
George J. Gillespie, III Director Partner in Cravath,
Cravath, Swaine & Moore of FAEH Swaine & Moore
825 Eighth Avenue
New York NY 10019
K. Thomas Kemp Executive Vice President Executive Vice President
Fund American Enterprises of FAEH, Director of of FAEH
Holdings, Inc. FAEH and FAE and WMH
The 1820 House, Main Street
Norwich VT 05055-0850
Gordon S. Macklin Director Chairman of White River
8212 Burning Tree Road of FAEH Corporation
Bethesda MD 20817
Page 9 of 11
SCHEDULE I TO SCHEDULE 13D (cont.)
----------------------------------
Present
Name and Principal Occupation
Business Address Office or Employment
- ---------------- ------ ------------------------
FAEH
Michael S. Paquette Vice President & Vice President &
Fund American Enterprises Controller of FAEH, Controller of FAEH
Holdings, Inc. Director of FAE and WMH
The 1820 House, Main Street
Norwich VT 05055-0850
Allan L. Waters Senior Vice President & Senior Vice President &
Fund American Enterprises Chief Financial Officer Chief Financial Officer
Holdings, Inc. of FAEH, Director of of FAEH
The 1820 House, Main Street FAE and WMH
Norwich VT 05055-0850
Arthur Zankel Director Co-Managing Partner
First Manhattan Co. of FAEH First Manhattan Co.
437 Madison Ave.
New York NY 10022
FAE
Terry L. Baxter President & Secretary of FAE President & Secretary of FAE,
Fund American Enterprises, Inc. Director of FAE and WMH
The 1820 House, Main Street
Norwich VT 05055-0850
WMH
Dennis P. Beaulieu Vice President and Corporate Secretary
(see above) Secretary of WMH, of FAEH
Director of WMH
John J. Byrne Chairman of the Board of Chairman of the Board,
(see above) WMH President & Chief
Executive Officer of
FAEH
Terry L. Baxter Director of WMH President & Secretary of FAE
(see above)
Morgan Davis Sr. Vice President & Sr. Vice President &
White Mountains Chief Operating Officer Chief Operating Officer
Holdings, Inc. of WMH, Director of WMH of WMH
1117 Elm Street
Manchester, NH 03101
Page 10 of 11
SCHEDULE I TO SCHEDULE 13D (cont.)
----------------------------------
Present
Name and Principal Occupation
Business Address Office or Employment
- ---------------- ------- -------------------------
WMH
Robert P. Cochran Director President & Chief
(see above) of WMH Executive Officer of
Financial Security
Assurance
Holdings, Ltd.
Morgan Davis Sr. Vice President & Sr. Vice President &
White Mountains Chief Operating Officer Chief Operating Officer
Holdings, Inc. of WMH, Director of WMH of WMH
1117 Elm Street
Manchester, NH 03101
Robert P. Keller Director of WMH Self Employed
White Mountains
Holdings, Inc.
1117 Elm Street
Manchester, NH 03101
K. Thomas Kemp Chief Executive Officer and Executive Vice President
(see above) President of WMH, Director of of FAEH
WMH
Phil Koerner Director of WMH Chief Executive Officer of
National Grange Mutual National Grange Mutual
Insurance Company Insurance Company
55 West Street, POB 2300
Keene, NH 03431
Michael S. Paquette Vice President & Vice President &
(see above) Controller of WMH, Controller of FAEH
Director of WMH
Allan L. Waters Senior Vice President & Senior Vice President &
(see above) Chief Financial Officer Chief Financial Officer
of WMH, Director of of FAEH
WMH
Page 11 of 11
