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SCHEDULE 13G
(RULE 13d-102)
Information to be Included in Statements Filed Pursuant to Rule 13d-1(b), (c)
and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Universal Heights, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
91359C 307
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(CUSIP Number)
December 31, 2000
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] 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).
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CUSIP NO. 91359C 307 13G PAGE 2 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Blue Water Master Fund, L.P.
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Blue Water Master Fund, L.P. - British Virgin Islands
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Number of
5 Sole Voting Power
Shares Blue Water Master Fund, L.P. - 666,500**
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Beneficially 6 Shared Voting Power
Blue Water Master Fund, L.P. - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each Blue Water Master Fund, L.P. - 666,500**
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Reporting 8 Shared Dispositive Power
Person With Blue Water Master Fund, L.P. - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Blue Water Master Fund, L.P. - 666,500**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
(See Instructions)
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11 Percent of Class Represented by Amount in Row (9)
4.5%** (based on 14,751,694 shares outstanding as of October 1, 2000 as
reported by issuer on Form 10-QSB)
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12 Type of Reporting Person (See Instructions)
Blue Water Master Fund, L.P. - 00
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* See Instruction before filling out.
** See Item 4 of this filing.
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CUSIP NO. 91359C 307 13G PAGE 3 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Blue Water Partners, L.L.C.
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Blue Water Partners, L.L.C.- State of California
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Number of
5 Sole Voting Power
Shares Blue Water Partners, L.L.C. - 666,500**
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Beneficially 6 Shared Voting Power
Blue Water Partners, L.L.C. - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each Blue Water Partners, L.L.C. - 666,500**
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Reporting 8 Shared Dispositive Power
Person With Blue Water Partners, L.L.C. - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Blue Water Partners, L.L.C. - 666,500**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
(See Instructions)
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11 Percent of Class Represented by Amount in Row (9)
4.5%** (based on 14,751,694 shares outstanding as of October 1, 2000 as
reported by issuer on Form 10-QSB)
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12 Type of Reporting Person (See Instructions)
Blue Water Partners, L.L.C. - 00
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* See Instruction before filling out.
** See Item 4 of this filing.
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CUSIP NO. 91359C 307 13G PAGE 4 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
JDI Management Corp.
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
JDI Management Corp. - State of New York
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Number of
5 Sole Voting Power
Shares JDI Management Corp. - 666,500**
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Beneficially 6 Shared Voting Power
JDI Management Corp. - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each JDI Management Corp. - 666,500**
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Reporting 8 Shared Dispositive Power
Person With JDI Management Corp. - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
JDI Management Corp. - 666,500**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
(See Instructions)
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11 Percent of Class Represented by Amount in Row (9)
4.5%** (based on 14,751,694 shares outstanding as of October 1, 2000 as
reported by issuer on Form 10-QSB)
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12 Type of Reporting Person (See Instructions)
JDI Management Corp. - CO
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* See Instruction before filling out.
** See Item 4 of this filing.
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CUSIP NO. 91359C 307 13G PAGE 5 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Jonathan D. Iseson
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Jonathan D. Iseson - United States of America
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Number of
5 Sole Voting Power
Shares Jonathan D. Iseson - 666,500**
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Beneficially 6 Shared Voting Power
Jonathan D. Iseson - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each Jonathan D. Iseson - 666,500**
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Reporting 8 Shared Dispositive Power
Person With Jonathan D. Iseson - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Jonathan D. Iseson - 666,500**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
(See Instructions)
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11 Percent of Class Represented by Amount in Row (9)
4.5%** (based on 14,751,694 shares outstanding as of October 1, 2000 as
reported by issuer on Form 10-QSB)
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12 Type of Reporting Person (See Instructions)
Jonathan D. Iseson - IN
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* See Instructions before filling out.
** See Item 4 of this filing.
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CUSIP NO. 91359C 307 13G PAGE 6 OF 10 PAGES
ITEM 1.
(a) Name of Issuer: Universal Heights, Inc.
(b) Address of Issuer's Principal Executive Offices: 2875 N.E. 191 Street
Suite 400A
Miami, Florida 33180
ITEM 2.
(a) - (c) Name, Principal Business Address and Citizenship of Persons Filing:
(1) Blue Water Master Fund, L.P.
c/o Citco Fund Services
Kaya Flamboyan 9
Curacoa, Netherland Antilles
Citizenship: British Virgin Islands
(2) Blue Water Partners, L.L.C.
701 Palomar Airport Road, Suite 150
Carlsbad, California 92009
Citizenship: California
(3) JDI Management Corp.
6 Chanticlaire Road
Manhasset, NY 11030
Citizenship: New York
(4) Jonathan D. Iseson
c/o Blue Water Partners, L.L.C.
6 Chanticlaire
Manhasset, NY 11030
Citizenship: USA
(d) Title of Class of Securities: Common Stock, par value $0.01 per share
(e) CUSIP Number: 91359C 307
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(B), OR 13d-2(B),
CHECK WHETHER THE PERSON FILING IS A:
(a) - (j) Not Applicable.
If this Statement is filed pursuant to Rule 13d-1(c), check this box. |X|
ITEM 4. OWNERSHIP
The information in Items 1, 5 through 11 on the cover pages (pp. 2-5)
on Schedule 13G is hereby incorporated by reference.
Blue Water Master Fund, L.P., a British Virgin Islands limited
partnership (the "Fund"), was formed for the purpose of investing in U.S.
equities. All of the shares of Universal Heights, Inc. ("UHTS") covered hereby
are owned of record by the Fund. The Fund has the right to receive any dividends
on, or the proceeds from the sale of, these securities.
Blue Water Partners, L.L.C., a California limited liability company
(the "L.L.C."), is the general partner of the Fund. As a result of its role as
general partner of the Fund, the L.L.C. has the ability to exercise voting
and/or
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CUSIP NO. 91359C 307 13G PAGE 7 OF 10 PAGES
dispositive power over shares of UHTS held in the Fund, and, therefore, the
L.L.C. may be deemed to be the beneficial owner of the shares of UHTS held by
the Fund. However, the L.L.C. does not have the right to receive any dividends
on, or the proceeds from the sale of, the securities held in the Fund and
disclaims any ownership associated with such rights.
JDI Management Corp., a New York corporation ("JDI"), is a principal of
the L.L.C. As a principal of the L.L.C., JDI has the ability to exercise voting
and/or dispositive power through the L.L.C. over shares of UHTS held in the
Fund. Consequently, JDI may be deemed to be the beneficial owner of the shares
of UHTS beneficially owned by the L.L.C. However, JDI does not have the right to
receive any dividends on, or the proceeds from the sale of, the securities held
in the Fund and disclaims any ownership associated with such rights.
Jonathan D. Iseson is the principal of JDI and is the investment
manager and decision maker for the Fund. Mr. Iseson is filing this joint
statement with the Fund because such roles enable him to exercise control over
JDI, the L.L.C. and the Fund. Mr. Iseson does not own of record any shares of
UHTS and he has not engaged in any transaction in common stock. However, as a
result of his position as the principal of JDI, which is the principal of the
L.L.C., which is the general partner of the Fund, and as the investment manager
and decision maker for the Fund, Mr. Iseson has the power to exercise or to
direct the exercise of such voting and/or dispositive power that the Fund may
have with respect to UHTS common stock held by the Fund. All shares reported
herein have been acquired by the Fund, and Mr. Iseson specifically disclaims
beneficial ownership over any shares of UHTS common stock that he, JDI, the
L.L.C. or the Fund may be deemed to beneficially own. Mr. Iseson does not have
the right to receive any dividends from, or the proceeds from the sale of, the
securities held in the Fund and disclaims any ownership associated with such
rights.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: |X|
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.
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CUSIP NO. 91359C 307 13G PAGE 8 OF 10 PAGES
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above 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.
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: February 14, 2001
BLUE WATER MASTER FUND, L.P.
By: Blue Water Partners, L.L.C.
Its General Partner
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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BLUE WATER PARTNERS, L.L.C.
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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JDI MANAGEMENT CORP.
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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JONATHAN D. ISESON
/s/ Jonathan D. Iseson
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CUSIP NO. 91359C 307 13G PAGE 9 OF 10 PAGES
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, the persons named below agree to the joint filing on behalf of each of
them of a Statement on Schedule 13G (including amendments thereto) with respect
to the Common Stock, par value $0.01 per share, of Universal Heights, Inc. and
further agree that this Joint Filing Agreement be included as an Exhibit to such
joint filings. In evidence thereof, the undersigned hereby execute this
Agreement as of the 10th day of November, 1999.
BLUE WATER MASTER FUND, L.P.
By: Blue Water Partners, L.L.C.
Its General Partner
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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BLUE WATER PARTNERS, L.L.C.
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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JDI MANAGEMENT CORP.
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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JONATHAN D. ISESON
/s/ Jonathan D. Iseson
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