SEC 1746 (11-02) Potential persons who are to respond to the collection of
information contained in this form are not required to respond unless the form
displays a currently valid OMB control number.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
MACC Private Equities Inc.
--------------------------
(Name of Issuer)
Common Stock, $0.01 par value
-----------------------------
(Title of Class of Securities)
552 617 102
--------------------------------------------------------------------------------
(CUSIP Number)
Kent Madsen
One South Main Street, Suite 1660
Salt Lake City, UT 84133
(801) 524-8939
Keith L. Pope
Parr, Waddoups, Brown, Gee & Loveless
185 South State Street, Suite 1300
Salt Lake City, UT 84111
(801) 532-7840
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 30, 2003
--------------------------------------------------------------------------------
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss.240.13d-7 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 in 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).
CUSIP No. 552 617 102
-----------
------------ -------------------------------------------------------------------
1 Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Atlas Management Partners, LLC (71-0950380)
-------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
Utah
--------------------------------------------------------------------------------
7 Sole Voting Power
910,146
Number of -------- -------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by 0
Each -------- -------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 0
-------- -------------------------------------------------
10 Shared Dispositive Power
910,146
-------------------------------------------------------------------------------
11
Aggregate Amount Beneficially Owned by Each Reporting Person
910,146--Reporting person has the right to vote these shares
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
39.1%
------------ ------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
OO
------------ -------------------------------------------------------------------
2
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1 Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Bridgewater Internaitonal Group, LLC
-------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(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
Utah
--------------------------------------------------------------------------------
7 Sole Voting Power
0
Number of -------- -------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by 0
Each -------- -------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 0
-------- -------------------------------------------------
10 Shared Dispositive Power
804,689
-------------------------------------------------------------------------------
11
Aggregate Amount Beneficially Owned by Each Reporting Person
804,689
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
34.5%
------------ ------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
00
------------ -------------------------------------------------------------------
3
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1 Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Kent Madsen
-------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
PF
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
--------------------------------------------------------------------------------
7 Sole Voting Power
2,500
Number of -------- -------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by 910,146
Each -------- -------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 2,500
-------- -------------------------------------------------
10 Shared Dispositive Power
0
-------------------------------------------------------------------------------
11
Aggregate Amount Beneficially Owned by Each Reporting Person
Mr. Madsen holds 2,500 shares and, as a manager of Atlas, has
shared control over the voting power held by Atlas on an additional
910,146 shares. Mr. Madsen does not beneficially own these shares.
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
39.2%
------------ ------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
------------ -------------------------------------------------------------------
4
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1 Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Robert Madsen
-------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
PF
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
--------------------------------------------------------------------------------
7 Sole Voting Power
0
Number of -------- -------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by 0
Each -------- -------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 0
-------- -------------------------------------------------
10 Shared Dispositive Power
105,457
-------------------------------------------------------------------------------
11
Aggregate Amount Beneficially Owned by Each Reporting Person
105,457
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
4.5%
------------ ------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
------------ -------------------------------------------------------------------
5
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1 Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Geoffrey T. Woolley
-------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
--------------------------------------------------------------------------------
7 Sole Voting Power
0
Number of -------- -------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by 0
Each -------- -------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 0
-------- -------------------------------------------------
10 Shared Dispositive Power
0
-------------------------------------------------------------------------------
11
Aggregate Amount Beneficially Owned by Each Reporting Person
Mr. Woolley has committed to loan funds to Atlas Management
Partners, LLC and will be named as a voting managing director of
Atlas in the future. Mr. Woolley does not beneficially own the
shares held by Atlas.
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0
------------ ------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
------------ -------------------------------------------------------------------
6
CUSIP No. 552 617 102
-----------
Item 1. Security and Issuer
The name of the issuer is MACC Private Equities Inc. ("MACC") and the
class of securities subject to this Form 13D is MACC's Common Stock (the "MACC
Shares"). MACC's business address is 101 Second Street, S.E., Suite 800, Cedar
Rapids, IA 52401.
Item 2. Identity and Background
The names of the reporting persons (the "Reporting Persons") filing
this Form 13D are: Atlas Management Partners, LLC, a Utah limited liability
company ("Atlas"), Bridgewater International Group, LLC, a Utah limited
liability company ("Bridgewater"), Kent Madsen, Robert Madsen and Geoffrey
Woolley ("Woolley"). Atlas was formed to operate as a management company to
provide services to MACC and holds voting rights to 39.1% of the MACC Shares.
Bridgewater owns the beneficial interest and has dispositive power over 34.5% of
the MACC Shares, and has granted Atlas the right to vote such shares. Kent
Madsen is the sole manager of Atlas. Kent Madsen and Bridgewater are the sole
members of Atlas. The business address of each of Atlas, Kent Madsen, and Robert
Madsen is One South Main Street, Suite 1660, Salt Lake City, UT 84133. The
business address of Bridgewater is 10500 South 1300 West, South Jordan, Utah
84095. The business address of Woolley is 398 Columbus Avenue, Suite 320,
Boston, MA 02116. Kent Madsen is employed by Wasatch Venture Fund, One South
Main Street, Suite 1660, Salt Lake City, UT 84133, as a managing director, and
by Zions First National Bank, One South Main Street, Salt Lake City, UT 84133,
as a consultant. Geoffrey T. Woolley is a founding manager of Dominion Ventures
Inc., 398 Columbus Avenue, Suite 320, Boston, MA 02116. Robert Madsen is
retired.
The required information relating to the members and managers of
Bridgewater is set forth in Appendix A hereto, which is incorporated herein by
this reference.
During the last five years, none of the Reporting Persons have been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). During the last five years, none of the Reporting Persons have
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, the result of which has made it or him once or now
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.
Item 3. Source and Amount of Funds or Other Consideration
Robert Madsen has spent approximately $626,500 of his personal funds
acquiring MACC Shares throughout the period from June 1996 through the date of
this first amendment to Schedule 13D. Kent Madsen spent approximately $8,000 of
his personal funds acquiring 2,500 MACC Shares in May 2003. Bridgewater acquired
its shares for $3.2 million, which funds were provided by its member Aleksin
Investments Limited ("Aleksin") which in turn obtained the funds from its sole
owner Maze Industrial Ltd.
Item 4. Purpose of Transaction
Bridgewater acquired its shares of MACC under the terms of an agreement
with Zions First National Bank, a national banking association ("Zions"), which
gave Atlas, or an affiliate designated by it, the right to acquire all of the
MACC Shares held by Zions, consisting of approximately 804,689 shares, or 34.5%
of the outstanding stock of MACC, for an aggregate purchase price of $3.2
million. In connection with this acquisition, Bridgewater entered into a
shareholder and voting agreement with Atlas, granting Atlas the right effective
upon execution to vote the MACC Shares acquired by Bridgewater from Zions for an
initial period ending six years after the occurrence of the triggering event
described in the following paragraph. The agreement may be extended for up to
six years. Bridgewater also agreed not to sell these shares during an initial
period ending three-years after the triggering event and to limitations on the
amount of MACC Shares it could sell during the following three-year period. From
the end of the initial lock-up period until the termination of the agreement,
Atlas holds a right of first purchase and a right of first refusal to purchase
any MACC Shares that Bridgewater wishes to sell. In connection with this
7
CUSIP No. 552 617 102
-----------
acquisition, Robert Madsen also entered into a shareholder and voting agreement
with Atlas on substantially the same terms as the Bridgewater agreement,
provided that Atlas agrees to follow the direction of Kent Madsen in voting the
Robert Madsen shares except in certain limited circumstances.
The parties also entered into a strategic agreement pursuant to which,
if Atlas enters into an investment management agreement with MACC and its
subsidiary, MorAmerica Capital Corp. (the triggering event), (i) Bridgewater
will become a manager of Atlas; (ii) Atlas will vote all MACC Shares for which
it has voting rights in favor of Bridgewater's designee approved by Atlas for
election to the board of directors of MACC; (iii) Kent Madsen, Woolley, a person
designated by Bridgewater and two other persons will become voting managing
directors of Atlas; (iv) Woolley committed to provide certain funding to Atlas;
and (v) Atlas shall support the participation by Bridgewater in any equity
security offering of MACC to enable it to maintain its percentage ownership.
Kent Madsen and Bridgewater are currently the only members, and Kent Madsen is
the only manager, of Atlas. It is anticipated that Robert Madsen, Woolley and
others will also become members of Atlas.
The MACC Shares held by Bridgewater and Messrs. Kent Madsen and Robert
Madsen were acquired for investment purposes. However, the Reporting Persons
will review their holdings from time to time and may increase or decrease their
holdings in MACC as future circumstances may dictate. Such transactions may be
made at any time without prior notice. There can be no assurance, however, that
the Reporting Persons will take any such actions. It is anticipated that the
Reporting Persons will seek to influence the operations of MACC through a change
in the board of directors, management, investment adviser, or otherwise.
Item 5. Interest in Securities of the Issuer
(a) and (b) The Reporting Persons collectively own 912,646 MACC Shares,
representing 39.2% of the outstanding MACC Shares.
(c) On July 28, 2003, Robert Madsen purchased 100 MACC Shares on the
open market at $2.99 per share and an additional 9,000 MACC Shares on the open
market at $3.00 per share. On July 30, 2003, Robert Madsen purchased 149 shares
on the open market at $2.70 per share. On October 7, 2003 Robert Madsen acquired
10,238 shares from an affiliate of Zions at $2.56 per share. On September 30,
2003, Bridgewater acquired 804,689 shares from Zions for a purchase price of
$3.2 million.
(d) No other person, other than the Reporting Persons and their owners,
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 912,646 MACC Shares owned
by the Reporting Persons.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
Other than as set forth herein, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) between the Reporting
Persons and any other person with respect to any securities of MACC, including
but not limited to transfer or voting of any of the securities, finders' fees,
joint ventures, loans or option arrangements, puts or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies.
No securities are pledged or otherwise subject to a contingency, the occurrence
of which would give another person voting power or investment power over such
securities.
8
CUSIP No. 552 617 102
-----------
Item 7. Material to Be Filed as Exhibits
7(a). Agreement relating to group filing.
7(b). Shareholder and Voting Agreement dated September 29,
2003, between Kent Madsen, Bridgewater International Group,
LLC and Atlas Management Partners, LLC.
7(c). Shareholder and Voting Agreement dated September 29,
2003, between Kent Madsen, Robert Madsen and Atlas Management
Partners, LLC.
7(d) Strategic Agreement dated September 29, 2003, by and
among Bridgewater International Group, LLC, Kent I. Madsen,
Robert T. Madsen, Geoffrey T. Woolley, and Atlas Management
Partners,
9
CUSIP No. 552 617 102
-----------
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.
ATLAS MANAGEMENT PARTNERS, LLC,
a Utah limited liability company
October 9, 2003 By: /s/ KENT MADSEN
------------------------------ ----------------------------------------------
Date Kent Madsen, Manager
BRIDGEWATER INTERNATIONAL GROUP, LLC
October 9, 2003 By: /s/ TIM BRIDGEWATER
------------------------------ ----------------------------------------------
Date Tim Bridgewater, Managing Director
October 9, 2003 /s/ KENT MADSEN
------------------------------ ----------------------------------------------
Date Kent Madsen
October 9, 2003 /s/ KENT MADSEN
------------------------------ ----------------------------------------------
Date Robert Madsen, by Kent Madsen, as
Attorney-in-Fact pursuant to a Power of
Attorney dated August 7, 2003, a copy of
which is on file with the Commission and
incorporated herein by this reference.
October 9, 2003 /s/ GEOFFREY WOOLLEY
------------------------------ ----------------------------------------------
Date Geoffrey Woolley
10
CUSIP No. 552 617 102
-----------
Exhibit 7A
----------
AGREEMENT
The undersigned agree that this Amendment No. 1 to Schedule 13D of
Atlas Management Partners, LLC, Bridgewater International Group, LLC, Kent
Madsen, Robert Madsen and Geoffrey Woolley relating to shares of the common
stock of MACC Private Equities Inc. shall be filed jointly on behalf of each of
the undersigned.
ATLAS MANAGEMENT PARTNERS, LLC,
a Utah limited liability company
October 9, 2003 By: /s/ KENT MADSEN
---------------------------------- -------------------------------------------
Date Kent Madsen, Manager
BRIDGEWATER INTERNATIONAL GROUP, LLC
October 9, 2003 By: /s/ TIM BRIDGEWATER
---------------------------------- ----------------------------------------
Date Tim Bridgewater, Managing Director
October 9, 2003 /s/ KENT MADSEN__
---------------------------------- -------------------------------------------
Date Kent Madsen
October 9, 2003 /s/ KENT MADSEN
---------------------------------- -------------------------------------------
Date Robert Madsen, by Kent Madsen, as
Attorney-in-Fact pursuant to a Power of
Attorney dated August 7, 2003, a copy of
which is on file with the Commission and
incorporated herein by this reference.
October 9, 2003 /s/ GEOFFREY WOOLLEY
---------------------------------- -------------------------------------------
Date Geoffrey Woolley
11
CUSIP No. 552 617 102
-----------
APPENDIX A
----------
CONTROL PERSONS OF BRIDGEWATER INTERNATIONAL GROUP, LLC
A. The sole manager of Bridgewater is Benjamin Jiaravanon. Mr. Jiaravanon's
address is Ancol Barat, Jl Ancol VIII/ No 1, Jakarta 14430 Indonesia. Mr.
Jiaravanon is a citizen of Indonesia. Mr. Jiaravanon's principal employment is
by Charoen Pokphand Indonesia.
B. The sole member of Bridgewater is Aleksin. Aleksin is a corporation formed
under the laws of the British Virgin Islands. Aleksin's address is c/o Offshore
Incorporation Limited, PO Box 957, Offshore Incorporation Centre, Road Town,
Tortola, British Virgin Islands.
C. The directors of Aleksin are Sumet Jiaravanon and Eddy Susanto Zaoputra. The
business address for Mr. Jiaravanon and Mr. Zaoputra is Ancol Barat, Jl Ancol
VIII/ No 1, Jakarta 14430 Indonesia. Mr. Jiaravanon is a citizen of Thailand.
Mr. Jiaravanon's principal employment is as the Chairman of Charoen Pokphand
Indonesia. Mr. Zaoputra is a citizen of Indonesia. Mr. Zaoputra's principal
employment is as Chief Financial Officer of Charoen Pokphand Indonesia.
D. The sole shareholder of Aleksin is Maze Industrial Ltd. ("Maze"). Maze is a
corporation formed under the laws of the British Virgin Islands. Maze's address
is c/o Offshore Incorporation Limited, PO Box 957, Offshore Incorporation
Centre, Road Town, Tortola, British Virgin Islands.
E. The directors of Maze are Sumet Jiaravanon and Eddy Susanto Zaoputra. The
business address for Mr. Jiaravanon and Mr. Zaoputra is Ancol Barat, Jl Ancol
VIII/ No 1, Jakarta 14430 Indonesia. Mr. Jiaravanon is a citizen of Thailand.
Mr. Jiaravanon's principal employment is as the Chairman of Charoen Pokphand
Indonesia. Mr. Zaoputra is a citizen of Indonesia. Mr. Zaoputra's principal
employment is as Chief Financial Officer of Charoen Pokphand Indonesia.
F. The sole shareholder of Maze is Sumet Jiaravanon. Mr. Jiaravanon's address is
Ancol Barat, Jl Ancol VIII/ No 1, Jakarta 14430 Indonesia. Mr. Jiaravanon is a
citizen of Thailand. Mr. Jiaravanon's principal employment is as the Chairman of
Charoen Pokphand Indonesia. Mr. Sumet Jiaravanon is the father of Mr. Benjamin
Jiaravanon.
During the last five years, none of the persons named on this Appendix A have
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). During the last five years, none of the persons named on this
Appendix A have been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction, the result of which has made it
or him once or now 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.
12