UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
American Land Lease, Inc.
-------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------
(Title of Class of Securities)
027118108
--------------
(CUSIP Number)
December 31, 2007
-----------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
* 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 the
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. 027118108
.................................................................................
1. Names of Reporting Persons.
Cliffwood Partners LLC
I.R.S. Identification Nos. of above persons (entities only): 95-4648555
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Delaware, United States
.................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ..........................................................
by Each Reporting 6. Shared Voting Power 632,900
Person With ..........................................................
7. Sole Dispositive Power None
..........................................................
8. Shared Dispositive Power 632,900
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 632,900
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.07% based on 7,841,000 shares outstanding as of October 31, 2007.
.................................................................................
12. Type of Reporting Person IA
.................................................................................
2
.................................................................................
1. Names of Reporting Persons.
Cliffwood Value Equity Fund, L.P.
I.R.S. Identification Nos. of above persons (entities only): 95-4817104
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Delaware, United States
.................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ..........................................................
by Each Reporting 6. Shared Voting Power 632,900
Person With ..........................................................
7. Sole Dispositive Power None
..........................................................
8. Shared Dispositive Power 632,900
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 632,900
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.07% based on 7,841,000 shares outstanding as of October 31, 2007.
.................................................................................
12. Type of Reporting Person PN
3
.................................................................................
1. Names of Reporting Persons.
Cliffwood Value Plus Fund, L.P.
I.R.S. Identification Nos. of above persons (entities only): [ ]
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Delaware, United States
.................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ..........................................................
by Each Reporting 6. Shared Voting Power 632,900
Person With ..........................................................
7. Sole Dispositive Power None
..........................................................
8. Shared Dispositive Power 632,900
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 632,900
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.07% based on 7,841,000 shares outstanding as of October 31, 2007.
.................................................................................
12. Type of Reporting Person PN
4
.................................................................................
1. Names of Reporting Persons.
Cliffwood Absolute Return Strategy Ltd.
I.R.S. Identification Nos. of above persons (entities only): N/A
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Cayman Islands,
British West Indies
.................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ..........................................................
by Each Reporting 6. Shared Voting Power 632,900
Person With ..........................................................
7. Sole Dispositive Power None
..........................................................
8. Shared Dispositive Power 632,900
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 632,900
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.07% based on 7,841,000 shares outstanding as of October 31, 2007.
.................................................................................
12. Type of Reporting Person OO
5
.................................................................................
1. Names of Reporting Persons.
Cliffwood Absolute Return Strategy, L.P.
I.R.S. Identification Nos. of above persons (entities only): 95-4789951
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Delaware, United States
.................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ..........................................................
by Each Reporting 6. Shared Voting Power 632,900
Person With ..........................................................
7. Sole Dispositive Power None
..........................................................
8. Shared Dispositive Power 632,900
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 632,900
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.07% based on 7,841,000 shares outstanding as of October 31, 2007.
.................................................................................
12. Type of Reporting Person PN
6
.................................................................................
1. Names of Reporting Persons.
Cliffwood Value Equity / WB Fund, L.P.
I.R.S. Identification Nos. of above persons (entities only): 20-3036834
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Delaware, United States
.................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ..........................................................
by Each Reporting 6. Shared Voting Power 632,900
Person With ..........................................................
7. Sole Dispositive Power None
..........................................................
8. Shared Dispositive Power 632,900
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 632,900
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.07% based on 7,841,000 shares outstanding as of October 31, 2007.
.................................................................................
12. Type of Reporting Person PN
7
Item 1(a). Name of Issuer:
American Land Lease, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
29399 U.S. Hwy 19 North
Suite 320
Clearwater, FL 33761
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office or, if None, Residence
Item 2(c). Citizenship
Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited liability company
Cliffwood Value Equity Fund, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership
Cliffwood Value Plus Fund, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership
Cliffwood Absolute Return Strategy Ltd.
c/o CITCO Fund Services (Cayman Islands) Limited
P.O. Box 31106 SMB
Regatta Office Park
West Bay Road
Grand Cayman, Cayman Islands
Cayman Islands exempted company
Cliffwood Absolute Return Strategy, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership
Cliffwood Value Equity / WB Fund, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership
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Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share
Item 2(e). CUSIP Number:
027118108
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
(a) |_| Broker or dealer registered under Section 15 of the
Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange
Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of
the Exchange Act.
(d) |_| Investment company registered under Section 8 of the
Investment Company Act.
(e) |X| An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in
accordance with Rule 13d- 1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in
accordance with Rule 13d- 1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of
an investment company under Section 3(c)(14) of the
Investment Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership:
Cliffwood Partners LLC
Cliffwood Value Equity Fund, L.P.
Cliffwood Value Plus Fund, L.P.
Cliffwood Absolute Return Strategy Ltd.
Cliffwood Absolute Return Strategy, L.P.
Cliffwood Value Equity / WB Fund, L.P.
Oregon Public Employees' Retirement Fund
Swarthmore College
The Common Fund
Guggenheim Trust Company
a. Amount beneficially owned: Cliffwood Value Equity Fund, L.P.
beneficially owns 131,900 shares of common stock; Cliffwood Value
Plus Fund, L.P. beneficially owns 18,000 shares of common stock;
Cliffwood Absolute Return Strategy Ltd. beneficially owns 34,400
shares of common stock; Cliffwood Absolute Return Strategy, L.P.
beneficially owns 235,900 shares of common stock; Cliffwood Value
Equity / WB Fund, L.P. beneficially owns 45,800 shares of common
stock; Oregon Public Employees Retirement Fund beneficially owns
68,400 shares of common stock (through an account managed by
Cliffwood Partners LLC); Swarthmore College beneficially owns
14,000 shares of common stock (through an account managed by
Cliffwood Partners LLC); The Common Fund beneficially owns 17,200
shares of common stock (through an account managed by Cliffwood
Partners LLC); and Guggenheim Trust Company beneficially owns
67,300 shares of common stock (through an account managed by
Cliffwood Partners LLC) for an aggregate total of 632,900 shares
of common stock.
9
b. Percent of Class: 8.07% of the aggregate outstanding shares
based upon information provided by American Land Lease, Inc. in
its most recently filed quarterly report on Form 10-Q which states
that there were approximately 7,841,000 shares of common stock
outstanding as of October 31, 2007.
The sole power to vote or direct the vote of the entire shareholding and
the sole power to dispose of or direct the disposal of the entire shareholding
has been delegated to Cliffwood Partners LLC for each of Cliffwood Value Equity
Fund, L.P., Cliffwood Value Plus Fund, L.P., Cliffwood Absolute Return Strategy
Ltd., Cliffwood Absolute Return Strategy, L.P., Cliffwood Value Equity / WB Fund
L.P., Oregon Public Employees' Retirement Fund's managed account, Swarthmore
College's managed account, The Common Fund's managed account and Guggenheim
Trust Company's managed account.
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
Not applicable
Item 8. Identification and Classification of Members of the Group:
Not applicable
Item 9. Notice of Dissolution of Group:
Not applicable.
Item 10. Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
10
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.
February 14, 2008
---------------------------
Date
/s/ Carl B. Tash
---------------------------
Carl B. Tash, CEO
CLIFFWOOD PARTNERS LLC
/s/ Carl B. Tash
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Carl B. Tash, CEO
CLIFFWOOD VALUE EQUITY FUND, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
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Carl B. Tash, CEO
CLIFFWOOD VALUE PLUS FUND, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
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Carl B. Tash, CEO
CLIFFWOOD ABSOLUTE RETURN STRATEGY LTD.
By: Cliffwood Partners LLC, as investment manager
/s/ Carl B. Tash
---------------------------------------------------
Carl B. Tash, CEO
CLIFFWOOD ABSOLUTE RETURN STRATEGY, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
---------------------------------------------------
Carl B. Tash, CEO
CLIFFWOOD VALUE EQUITY / WB FUND, L.P.
By: Cliffwood Partners LLC, its general partner
/s/ Carl B. Tash
---------------------------------------------------
Carl B. Tash, CEO
11