UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. 1)
Under the Securities Exchange Act of 1934
Genesis Health Ventures, Inc.
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(Name of Issuer)
Common Stock, par value $.02 per share
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(Title of Class of Securities)
37183F-10-7
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(CUSIP Number)
Patrick H. Daugherty, Esq. With a copy to:
Highland Capital Management, L.P. W. Scott Wallace, Esq.
Two Galleria Tower Haynes and Boone, LLP
13455 Noel Road, Suite 1300 901 Main Street, Suite 3100
Dallas, Texas 75240 Dallas, Texas 75202
(972) 628-4100 (214) 651-5587
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(Name, Address and Telephone Number of Persons Authorized to
Receive Notices and Communications)
March 7, 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 that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), (f) or (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 Section 240.13d-7(b) for
other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
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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SCHEDULE 13D
CUSIP No. 37183F-10-7 Page 2 of 12
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highland Capital Management, L.P., a Delaware limited partnership
75-2716725
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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
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF
SHARES 1,559,647
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
0
EACH ------------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,559,647
WITH ------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,997,691
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14 TYPE OF REPORTING PERSON
PN
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(1) Based on a total of 39,764,798 shares of Common Stock outstanding on
February 8, 2002, as disclosed in the Issuer's Quarterly Report on Form
10-Q filed on February 14, 2002.
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CUSIP No. 37183F-10-7 Page 3 of 12
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highland Crusader Offshore Partners, L.P., a Bermuda limited partnership
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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
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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7 SOLE VOTING POWER
NUMBER OF
SHARES 1,045,176
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
0
EACH ------------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,045,176
WITH ------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,997,691
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14 TYPE OF REPORTING PERSON
PN
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(1) Based on a total of 39,764,798 shares of Common Stock outstanding on
February 8, 2002, as disclosed in the Issuer's Quarterly Report on Form
10-Q filed on February 14, 2002.
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CUSIP No. 37183F-10-7 Page 4 of 12
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Prospect Street High Income Portfolio Inc., a Maryland corporation
04-3028343
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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
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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7 SOLE VOTING POWER
NUMBER OF
SHARES 253,468
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 253,468
WITH ---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,997,691
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14 TYPE OF REPORTING PERSON
CO
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(1) Based on a total of 39,764,798 shares of Common Stock outstanding on
February 8, 2002, as disclosed in the Issuer's Quarterly Report on Form
10-Q filed on February 14, 2002.
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CUSIP No. 37183F-10-7 Page 5 of 12
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PCMG Trading Partners XXIII LP
56-21575855
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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 ITEMS 2(d) OR 2(e) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF
SHARES 41,100
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 41,100
WITH ---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,997,691
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14 TYPE OF REPORTING PERSON
PN
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(1) Based on a total of 39,764,798 shares of Common Stock outstanding on
February 8, 2002, as disclosed in the Issuer's Quarterly Report on Form
10-Q filed on February 14, 2002.
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CUSIP No. 37183F-10-7 Page 6 of 12
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James Dondero
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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
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
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7 SOLE VOTING POWER
NUMBER OF
SHARES 98,300
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 98,300
WITH ---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,997,691
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14 TYPE OF REPORTING PERSON
IN
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(1) Based on a total of 39,764,798 shares of Common Stock outstanding on
February 8, 2002, as disclosed in the Issuer's Quarterly Report on Form
10-Q filed on February 14, 2002.
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CUSIP No. 37183F-10-7 Page 7 of 12
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This Amendment No. 1 to Schedule 13D (this "Amendment") amends and
supplements the Schedule 13D filed by Highland Capital Management, L.P.,
Highland Crusader Offshore Partners, L.P., Prospect Street High Income Portfolio
Inc., and James Dondero by furnishing the information set forth below. Unless
set forth below, all previous Items are unchanged. Capitalized terms used herein
which are not defined herein have the meanings given to them in the Schedule 13D
previously filed with the Securities and Exchange Commission.
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 is amended as follows:
(a) The names of the persons filing this Statement (the "Filing
Persons") are Highland Capital Management, L.P., a Delaware limited partnership
("Highland Capital"), Highland Crusader Offshore Partners, L.P., a Bermuda
limited partnership ("Crusader"), Prospect Street High Income Portfolio Inc., a
Maryland corporation and closed end mutual fund registered under the Investment
Company Act of 1940 ("Prospect"), PCMG Trading Partners XXIII LP, a Delaware
limited partnership ("PCMG"), and James Dondero ("Mr. Dondero"). The Filing
Persons have entered into a Joint Filing Agreement, dated as of April 5, 2002, a
copy of which is attached hereto.
(b) The principal business address of Highland Capital, Crusader,
Prospect, PCMG and Mr. Dondero is Two Galleria Tower, 13455 Noel Road, Suite
1300, Dallas, Texas 75240.
(c) This Statement is filed on behalf of a group consisting of Highland
Capital, Crusader, Prospect, PCMG and Mr. Dondero. The general partner of
Crusader is Highland Capital. Highland Capital, as a registered investment
advisor, is the investment advisor for Prospect. The general partner of Highland
Capital is Strand Advisors, Inc., a Delaware corporation ("Strand"). The general
partner of PCMG is Strand Advisors III, Inc., a Delaware corporation ("Strand
III"). The directors and officers of Strand, Prospect and Strand III are listed
on Appendix 1 hereto. Mr. Dondero is the President of Highland, Prospect, Strand
and Strand III, and a director of the Issuer. In the aforementioned capacities,
each of the foregoing may be deemed to be the beneficial owner of the shares of
Common Stock beneficially owned by the other members of the group.
The principal business of Highland Capital, Crusader, Prospect and PCMG
is purchasing and holding securities for investment purposes. The principal
business of Strand is serving as the general partner of Highland Capital. The
principal business of Strand III is serving as the general partner of PCMG. Mr.
Dondero's principal business is acting in the capacities set forth above and on
Appendix 1 hereto. The principal business of each director and officer of
Prospect, Strand and Strand III is provided on Appendix 1 hereto.
(d) and (e) During the past five years, none of the foregoing entities
or natural persons has been convicted in a criminal proceeding or been a party
to a civil proceeding, in either case of the type specified in Items 2(d) or (e)
of Schedule 13D.
(f) Crusader is a citizen of Bermuda; Highland Capital and PCMG are
citizens of Delaware; Prospect is a citizen of Maryland; and Mr. Dondero is a
citizen of the United States. The citizenship of each of the persons on Appendix
1 hereto is as indicated on Appendix 1.
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CUSIP No. 37183F-10-7 Page 8 of 12
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is amended as follows:
The total amount of funds required by PCMG for the purchase of 41,100
Shares was approximately $682,094 and was obtained from working capital. The
total amount of funds required by Mr. Dondero for the purchase of 98,300 Shares
was approximately $1,471,853 and was obtained from his personal funds.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is amended as follows:
(a) Based on the information disclosed by the Issuer in its Quarterly
Report on Form 10-Q filed on February 14, 2002, there were 39,764,798 shares of
Common Stock outstanding on February 8, 2002, and 1,366,221 shares of Common
Stock yet to be issued in connection with the Plan. Pursuant to the Plan, the
outstanding pre-Chapter 11 Common Stock and preferred stock was canceled and
upon implementation of the Plan, the Issuer was to issue 41,000,000 shares of
Common Stock to its creditors in accordance with the Plan provisions.
Pursuant to provisions of the Exchange Act and in accordance with
that certain Joint Filing Agreement, entered into by and among Highland Capital,
Crusader, Prospect, PCMG and Mr. Dondero dated as of April 5, 2002 (attached
hereto as Exhibit 1), each of Highland Capital, Crusader, Prospect, PCMG and Mr.
Dondero may be deemed to beneficially own 2,997,691 shares of Common Stock
(which is approximately 7.5% of the shares of Common Stock outstanding on
February 8, 2002).
(b) Sole Shared Sole Shared
Voting Voting Dispositive Dispositive
Power Power Power Power
------ ------ ----------- -----------
Highland Capital Management, L.P. 1,559,647 (1) 0 1,559,647 (1) 0
Highland Crusader Offshore Partners, L.P. 1,045,176 (2) 0 1,045,176 (2) 0
Prospect Street High Income Portfolio Inc. 253,468 (3) 0 253,468 (3) 0
PCMG Trading Partners XXIII LP 41,100 0 41,100 0
James Dondero (4) 98,300 0 98,300 0
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(1) Includes 1,452,434 shares of Common Stock beneficially and directly owned by
Highland Capital, 82,213 shares of common stock underlying 16,714 shares of
Convertible Preferred Stock immediately convertible and beneficially and
directly owned by Highland Capital; and 25,000 Options. The Options were granted
under the Issuer's 2001 Stock Option Plan to Mr. Dondero, President of Highland
Capital, who is a member of the new board of directors of the Issuer appointed
pursuant to the Plan. Mr. Dondero and Highland Capital have an understanding
pursuant to which Mr. Dondero holds the Options for the benefit of Highland
Capital.
(2) Includes 993,848 shares of Common Stock beneficially and directly owned by
Crusader, and 51,328 shares of Common Stock underlying 10,435 shares of
Convertible Preferred Stock immediately convertible and beneficially and
directly owned by Crusader.
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CUSIP No. 37183F-10-7 Page 9 of 12
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(3) Includes 239,774 shares of Common Stock beneficially and directly owned by
Prospect, and 13,694 shares of Common Stock underlying 2,784 shares of
Convertible Preferred Stock immediately convertible and beneficially and
directly owned by Prospect.
(4) Because of the relationships described herein, Mr. Dondero may be deemed the
indirect beneficial owner of the shares owned by Highland Capital, Crusader,
Prospect and PCMG. Mr. Dondero disclaims beneficial ownership of all such
shares.
(c) All transactions in the Shares during the past sixty days, or since
the most recent filing of Schedule 13D, by any of the Filing Persons are set
forth on Appendix II attached hereto.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is hereby amended as follows:
Exhibit 1. Joint Filing Agreement, dated as of April 5, 2002, entered
into by and among Highland Capital, Crusader, Prospect, PCMG and Mr. Dondero.
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CUSIP No. 37183F-10-7 Page 10 of 12
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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.
Date: April 5, 2002
HIGHLAND CAPITAL MANAGEMENT, L.P.
By: Strand Advisors, Inc., its general partner
By: /s/ James Dondero
--------------------------------------------------
Name: James Dondero
Title: President
HIGHLAND CRUSADER OFFSHORE PARTNERS, L.P.
By: Highland Capital Management, L.P., its general partner
By: Strand Advisors, Inc., its general partner
By: /s/ James Dondero
--------------------------------------------------
Name: James Dondero
Title: President
PROSPECT STREET HIGH INCOME PORTFOLIO INC.
By: /s/ James Dondero
------------------------------------------------------
Name: James Dondero
Title: President
PCMG TRADING PARTNERS XXIII LP
By: Strand Advisors III, Inc., its general partner
By: /s/ James Dondero
--------------------------------------------------
Name: James Dondero
Title: President
/s/ James Dondero
----------------------------------------------------------
JAMES DONDERO
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CUSIP No. 37183F-10-7 Page 11 of 12
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APPENDIX 1
Appendix 1 is hereby amended as follows:
The name of each director and officer of Prospect Street High Income
Portfolio, Inc., Strand Advisors, Inc. and Strand Advisors III, Inc. is set
forth below. The business address of each person listed below is Two Galleria
Tower, 13455 Noel Road, Suite 1300, Dallas, Texas 75240, unless otherwise noted.
Each person is a citizen of the United States of America unless otherwise noted.
The present principal occupation or employment of each of the listed persons is
set forth below. During the past five years, none of the individuals listed
below has been convicted in a criminal proceeding or been a party to a civil
proceeding, in either case of the type specified in Items 2(d) or (e) of
Schedule 13D.
PRESENT PRINCIPAL OCCUPATION OR EMPLOYMENT
NAME AND BUSINESS ADDRESS (IF APPLICABLE)
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PROSPECT STREET HIGH INCOME PORTFOLIO, INC.
James Dondero, Director President
Mark Okada Executive Vice President
R. Joseph Daugherty Senior Vice President and Secretary
Timothy Hui, Director Director of Learning Resources of the Pennsylvania Biblical University,
48 Willow Green Drive, Churchville, PA 18966.
Scott Kavanaugh, Director Director, Executive Vice President and Treasurer of Commercial
Capital, One Venture, Ste. 300, E. Irvine, CA 92618.
James Leary, Director Managing Director of Benefit Capital, 2006 Peakwood Drive,
Garland, Texas 75044.
Bryan Ward, Director Special Projects Advisor and Information Technology Consultant for
Accenture, 3625 Rosedale, Dallas, Texas 75205.
STRAND ADVISORS, INC.
James Dondero, Director President
Mark Okada Executive Vice President
Louis Koven Secretary
STRAND ADVISORS III, INC.
James Dondero, Director President
Mark Okada Executive Vice President
Louis Koven Secretary
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CUSIP No. 37183F-10-7 Page 12 of 12
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APPENDIX II
TRANSACTIONS IN THE SHARES
IN THE PAST SIXTY DAYS, OR SINCE THE MOST RECENT FILING OF SCHEDULE 13D, THE
ONLY TRANSACTIONS IN THE SHARES BY PCMG WERE:
Date of Purchase Price Per Share Shares Purchased
---------------- --------------- ----------------
03/07/02 $ 16.360 8,600
03/07/02 16.460 15,000
03/11/02 16.500 12,500
03/14/02 17.650 5,000
IN THE PAST SIXTY DAYS, OR SINCE THE MOST RECENT FILING OF SCHEDULE 13D, THE
ONLY TRANSACTIONS IN THE SHARES BY MR. DONDERO WERE:
Date of Purchase Price Per Share Shares Purchased
---------------- --------------- ----------------
02/25/02 $ 14.810 15,000
02/26/02 14.810 5,000
02/27/02 14.835 35,000
02/28/02 15.160 43,300
EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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1. Joint Filing Agreement, dated as of April 5, 2002, entered into by and among Highland
Capital, Crusader, Prospect, PCMG and Mr. Dondero.