SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
SCHEDULE 13G
(Amendment No. 1)
Price Legacy Corporation
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(Name of Issuer)
Common Stock, $.0001 Par Value Per Share
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(Title of Class of Securities)
74144P106
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(CUSIP Number of Class of Securities)
December 31, 2003
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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)
(Page 1 of 11 Pages)
CUSIP NO. 74144P106 Page 2 of 11
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1) Name And I.R.S. Identification No. Of Reporting Person
Wynnefield Partners Small Cap Value, L.P. 13-3688497
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2) Check The Appropriate Box If A Member Of A Group (See Instructions)
(a)
(b)[X] Reporting person is affiliated with other persons
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3) SEC Use Only
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4) Citizenship Or Place Of Organization: Delaware
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5) Sole Voting Power:
NUMBER OF SHARES 634,200 Shares
BENEFICIALLY OWNED --------------------------------------------------
BY EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
634,200 Shares
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned By Each Reporting Person :
634,200 Shares
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10) Check Box 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):
1.8% of Common Stock
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12) Type of Reporting Person (See Instructions) PN
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CUSIP NO. 74144P106 Page 3 of 11
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1) Name and I.R.S. Identification No. of Reporting Person (entities only)
Wynnefield Partners Small Cap Value, L.P.I 13-3953291
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2) Check the Appropriate Box If a Member of a Group (See Instructions)
(a)
(b) [X] Reporting Person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: Delaware
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5) Sole Voting Power:
NUMBER OF SHARES 808,100 Shares
BENEFICIALLY OWNED --------------------------------------------------
BY EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
808,100 Shares
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
808,100 Shares
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10) Check Box 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):
2.3% of Common Stock
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12) Type of Reporting Person: PN
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CUSIP NO. 74144P106 Page 4 of 11
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1) Name and I.R.S. Identification No. of Reporting Person (entities only)
Wynnefield Small Cap Value Offshore Fund, Ltd. (No IRS Identification No.)
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X] Reporting person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: Cayman Islands
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5) Sole Voting Power:
NUMBER OF SHARES 557,700 Shares
BENEFICIALLY OWNED BY --------------------------------------------------
EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
557,700 Shares
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
557,700 Shares
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10) Check Box 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):
1.6% of Common Stock
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12) Type of Reporting Person (See Instructions) CO
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CUSIP NO. 74144P106 Page 5 of 11
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1) Name and I.R.S. Identification No. of Reporting Person (entities only)
Channel Partnership II, L.P. 22-3215653
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X] Reporting person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: New York
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5) Sole Voting Power:
NUMBER OF SHARES 20,000 Shares
BENEFICIALLY OWNED BY --------------------------------------------------
EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
20,000 Shares
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
20,000 Shares
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10) Check Box 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):
0.1% of Common Stock
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12) Type of Reporting Person (See Instructions) PN
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CUSIP NO. 74144P106 Page 6 of 11
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1) Name and I.R.S. Identification No. of Reporting Person (entities only)
Wynnefield Capital Management, LLC 13-4018186
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X] Reporting person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: New York
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5) Sole Voting Power:
NUMBER OF SHARES 1,442,300 Shares (1)
BENEFICIALLY OWNED BY --------------------------------------------------
EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
1,442,300 Shares (1)
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
1,442,300 Shares (1)
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10) Check Box 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):
4.2% of Common Stock (1)
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12) Type of Reporting Person: OO (Limited Liability Company)
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(1) Wynnefield Capital Management, LLC holds an indirect beneficial
interest in these shares which are directly beneficially owned by
Wynnefield Partners Small Cap Value, L.P. and Wynnefield Partners Small
Cap Value, L.P.I.
CUSIP NO. 74144P106 Page 7 of 11
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1) Name and I.R.S. Identification No. of Reporting Person (entities only)
Wynnefield Capital, Inc. Profit Sharing & Money Purchase Plan 13-3873998
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X] Reporting person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: N/A
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5) Sole Voting Power:
NUMBER OF SHARES 75,000 Shares
BENEFICIALLY OWNED BY --------------------------------------------------
EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
75,000 Shares
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
75,000 Shares
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10) Check Box 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):
0.2% of Common Stock (1)
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12) Type of Reporting Person (See Instructions) EP
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CUSIP NO. 74144P106 Page 8 of 11
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1) Name and I.R.S. Identification No. of Reporting Person (entities only)
Wynnefield Capital, Inc. (No IRS Identification No.)
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X] Reporting person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: Cayman Islands
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5) Sole Voting Power:
NUMBER OF SHARES 150,000 Shares (1)(2)
BENEFICIALLY OWNED BY --------------------------------------------------
EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
150,000 Shares (1)(2)
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
150,000 Shares (1)(2)
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10) Check Box 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):
0.4% of Common Stock (1)(2)
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12) Type of Reporting Person: CO
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(1) Wynnefield Capital, Inc. holds an indirect beneficial interest in 557,700
shares which are directly beneficially owned by Wynnefield Small Cap Value
Offshore Fund, Ltd.
(2) Wynnefield Capital, Inc. holds an indirect beneficial interest in 75,000
shares which are directly beneficially owned by Wynnefield Capital, Inc. Profit
Sharing & Money Purchase Plan.
CUSIP NO. 74144P106 Page 9 of 11
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1) Name and I.R.S. Identification No. of Reporting Person
Nelson Obus
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X] Reporting person is affiliated with other persons
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3) SEC USE ONLY
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4) Citizenship or Place of Organization: United States of America
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5) Sole Voting Power:
NUMBER OF SHARES 98,800 Shares (1)(2)
BENEFICIALLY OWNED BY --------------------------------------------------
EACH REPORTING 6) Shared Voting Power
PERSON WITH --------------------------------------------------
7) Sole Dispositive Power:
98,800 Shares (1)(2)
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person:
98,800 Shares (1)(2)
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10) Check Box 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):
0.1% of Common Stock
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12) Type of Reporting Person (See Instructions) IN
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(1) Nelson Obus, as general partner of Channel Partnership II, L.P., holds an
indirect beneficial interest in 20,000 shares which are directly beneficially
owned by Channel Partnership II, L.P.
(2) Nelson Obus owns 78,800 shares personally.
ITEM 1(a). Name of Issuer:
Price Legacy Corporation
ITEM 1(b). Address of Issuer's Principal Executive Offices:
17140 Bernardo Center Drive, Suite 300, San Diego, California
92128
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ITEM 2(a). Names of Persons Filing:
Wynnefield Partners Small Cap Value, L.P. ("Partners")
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Wynnefield Partners Small Cap Value, L.P. I ("Partners I")
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Wynnefield Partners Small Cap Offshore Fund, Ltd. ("Fund")
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Channel Partnership II, L.P. ("Channel")
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Wynnefield Capital Management, LLC ("WCM")
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Wynnefield Capital, Inc. Profit Sharing & Money Purchase
Plans ("WCIPM")
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Wynnefield Capital, Inc. ("WCI")
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Nelson Obus ("Obus")
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ITEM 2(b). Address of Principal Business Office Or, If None, Residence:
450 Seventh Avenue, Suite 509, New York, NY 10123
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ITEM 2(c). Citizenship:
Partners and Partners I are Delaware Limited Partnerships
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Fund and WCI are Cayman Islands Companies
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WCM is a New York Limited Liability Company
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Channel is a New York Limited Partnership
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Obus is a citizen of the United States of America
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ITEM 2(d). Title of Class of Securities:
Common Stock, $.0001 Par Value Per Share
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ITEM 2(e). CUSIP Number: 74144P106
ITEM 3. If this Statement is filed pursuant to Rules 13d-1(b) or
13d-2(b) or (c), check whether the person filing is:
None of the reporting persons is an entity specified in Rule
13d-1(b)(1)(ii).
ITEM 4. Ownership:
(a) Amount beneficially owned by all reporting persons: 2,173,800 Shares
(b) Percent of class: 6.3 % of Common Stock
(c) Number of shares as to which the reporting persons have:
(i) sole power to vote or to direct the vote:
2,173,800 Shares
(ii) shared power to vote or to direct the vote
(iii) sole power to dispose or to direct the disposition:
2,173,800 Shares
(iv) shared power to dispose or to direct the disposition
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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.
None of the reporting persons who have filed this schedule is
a person, as defined in Rule 13d-1(b)(1)(ii), promulgated
pursuant to the Securities Exchange Act of 1934. The persons
filing this schedule are identified in Item 2 hereof.
ITEM 9. Notice of dissolution of group. Not applicable.
ITEM 10. Certifications.
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 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.
Dated: February 11, 2004
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
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Nelson Obus, Managing Member
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.I
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
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Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD.
By: Wynnefield Capital, Inc.
By: /s/ Nelson Obus
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Nelson Obus, President
CHANNEL PARTNERSHIP II, L.P.
By: /s/ Nelson Obus
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Nelson Obus, General Partner
/s/ Nelson Obus
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Nelson Obus, Individually
WYNNEFIELD CAPITAL MANAGEMENT, LLC
By: /s/ Nelson Obus
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Nelson Obus, Managing Member
WYNNEFIELD CAPITAL, INC. PROFIT SHARING & MONEY
PURCHASE PLAN
By: Wynnefield Capital, INc. [Portfolio Manager]
By: /s/ Nelson Obus
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Nelson Obus, President
WYNNEFIELD CAPITAL, INC.
By: /s/ Nelson Obus
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Nelson Obus, President