UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
AMENDMENT NO. 1
UNDER THE SECURITIES EXCHANGE ACT OF 1934
COLUMBUS MCKINNON CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
Common Stock, $.01 Par Value
- --------------------------------------------------------------------------------
199333-10-5
- --------------------------------------------------------------------------------
(Cusip Number)
Jeffrey E. Schwarz
Metropolitan Capital Advisors, Inc.
660 Madison Avenue
New York, NY 10021
(212) 486-8100
Robert F. Lietzow, Jr.
Lakeway Capital Partners, LLC
660 Madison Avenue
New York, NY 10021
(212)371-0600
Curtis Schenker
Scoggin Capital Management, L.P.
660 Madison Avenue
New York, NY 10021
(212) 355-7480
with copies to:
Joseph F. Mazzella
Lane Altman & Owens LLP
101 Federal Street
Boston, Massachusetts 02110
617-345-9800
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
May 24, 1999
- --------------------------------------------------------------------------------
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [x]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13-d(a) 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).
<PAGE>
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CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 2 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
COLUMBUS MCKINNON SHAREHOLDERS COMMITTEE (1)
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,245,545
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,245,545
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.49%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00
================================================================================
(1) Consists of Metropolitan Capital Advisors, Inc., Metropolitan Capital
III, Inc., Jeffrey Schwarz, Karen Finerman, Lakeway Capital Partners, LLC,
Robert F. Lietzow, Jr., Scoggin, Inc.,Scoggin, LLC, Curtis Schenker and Craig
Effron, each of whom joins in this filing, and each of whom denies beneficial
ownership of the shares beneficially owned by the other members of the Committee
except as otherwise described in Item 5 herein.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 3 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
METROPOLITAN CAPITAL ADVISORS, INC.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 366,800
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
366,800
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.50%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 4 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
METROPOLITAN CAPITAL III, INC.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 240,600
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
240,600
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
240,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.64%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 5 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
BEDFORD FALLS INVESTORS, LP
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 366,800
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
366,800
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
366,800
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.50%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 6 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
METROPOLITAN CAPITAL ADVISORS INTERNATIONAL, LTD.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 240,600
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
240,600
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
240,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.64%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 7 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
JEFFREY E. SCHWARZ
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
7,200
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 607,400
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 7,200
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
607,400
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.19%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 8 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
KAREN FINERMAN
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 607,400
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
607,400
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
607,400
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.14%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D Page 9 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SCOGGIN, INC.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 322,500
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
322,500
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
322,500
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.20%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 10 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SCOGGIN CAPITAL MANAGEMENT, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 322,500
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
322,500
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
322,500
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.20%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 11 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SCOGGIN, LLC
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 153,200
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
153,200
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
153,200
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.04%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 12 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SCOGGIN INTERNATIONAL FUND LIMITED
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
COMMONWEALTH OF BAHAMAS
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 153,200
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
153,200
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
153,200
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.04%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 13 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
CURTIS SCHENKER
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [X]
(B) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
7,500
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 480,700
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 7,500
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
480,700
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
488,200
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.33%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 14 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
CRAIG EFFRON
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
5,000
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 475,700
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 5,000
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
475,700
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
480,700
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.28%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 15 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
LAKEWAY CAPITAL PARTNERS, LLC
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 120,450
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
120,450
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
120,450
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.82%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 16 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
YAUPON PARTNERS, LP
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 116,750
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
116,750
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,750
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.80%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 17 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
YAUPON PARTNERS II, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 3,700
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
3,700
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,700
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.03%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 18 of 23 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
ROBERT F. LIETZOW, JR.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
17,295
NUMBER OF --------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 120,450
EACH --------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 17,295
--------------------------------------------------
10. SHARED DISPOSITIVE POWER
120,450
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
137,745
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.94%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 19 of 23 Pages
----------- --------------------
THIS AMENDMENT NO. 1 RELATES TO THE SCHEDULE 13D ORIGINALLY FILED ON
BEHALF OF THE REPORTING PERSONS WITH THE SECURITIES AND EXCHANGE COMMISSION ON
MAY 6, 1999. THE TEXT OF ITEMS 4 AND 7 OF SAID SCHEDULE 13D IS HEREBY
SUPPLEMENTED AND AMENDED AS FOLLOWS:
ITEM 4. PURPOSE OF THE TRANSACTION
In a letter dated May 5, 1999, the Columbus McKinnon Shareholders
Committee (the "Shareholders Committee") notified the Issuer of its intention to
nominate an alternative slate of directors for election at the Company's next
annual meeting of shareholders. The nominees of the Shareholders Committee will
be committed to pursuing a value maximization strategy, including through
seeking a sale of the Company.
In response to such notice of nominations, the incumbent Board of
Directors, on May 17, 1999, approved by-law amendments which impose new
limitations and requirements on shareholder nominations and on any other
shareholder proposals. As approved by the incumbent directors, such requirements
are not applicable to any nominations or proposals made by management or the
current Board.
By letter dated May 24, 1999 (attached hereto as Exhibit C), the
Shareholders Committee proposed that the incumbent Board rescind such amendments
and restore the by-laws to those in effect at the time the Shareholders
Committee gave notice of its intent to nominate directors. The Shareholders
Committee requested, among other things, that the Issuer confirm the size of the
Board to be elected at the meeting, and that the incumbent Board take no other
action which would impede shareholders in making nominations or proposals at
this year's annual meeting.
Also by letter dated May 24, 1999 (attached hereto as Exhibit D), the
Shareholders Committee proposed that Columbus McKinnon shareholders contact
management and express their support for a fair election of directors and
adoption of a value maximization strategy.
The Shareholders Committee has retained MacKenzie Partners, Inc., New
York, New York, to assist the Shareholders Committee in connection with the
annual meeting.
<PAGE>
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 20 of 23 Pages
----------- --------------------
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A. Agreement of Joint Filing (Previously Filed)
Exhibit B. Agreement of Stockholders (Previously Filed)
Exhibit C. Letter to Issuer dated May 5, 1999 (Previously Filed)
Exhibit D. Letter to Issuer dated May 24, 1999
Exhibit E. Letter to Shareholders dated May 24, 1999
<PAGE>
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 21 of 23 Pages
----------- --------------------
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
METROPOLITAN CAPITAL ADVISORS, INC.
By:/s/ Jeffrey E. Schwarz
-------------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
METROPOLITAN CAPITAL III, INC.
By:/s/ Jeffrey E. Schwarz
-------------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
METROPOLITAN CAPITAL ADVISORS INTERNATIONAL, LTD.
By: Metropolitan Capital III, L.P.
By: Metropolitan Capital III, Inc.
By: /s/ Jeffrey E. Schwarz
---------------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
BEDFORD FALLS INVESTORS, L.P.
By: Metropolitan Capital Advisors, L.P.
By: Metropolitan Capital Advisors, Inc.
By: /s/ Jeffrey E. Schwarz
---------------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
By: /s/ Jeffrey E. Schwarz
---------------------------------------------
Jeffrey E. Schwarz
By: /s/ Karen Finerman
---------------------------------------------
Karen Finerman
Dated as of: May 24, 1999
<PAGE>
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 22 of 23 Pages
----------- --------------------
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
Yaupon Partners, L.P.
By: Lakeway Capital Partners, LLC
By: /s/ Robert F. Lietzow, Jr.
---------------------------------------------
Robert F. Lietzow, Jr.
Managing Member
Yaupon Partners II, L.P.
By: Lakeway Capital Partners, LLC
By: /s/ Robert F. Lietzow, Jr.
---------------------------------------------
Robert F. Lietzow, Jr.
Managing Member
Lakeway Capital Partners, LLC
By: /s/ Robert F. Lietzow, Jr.
---------------------------------------------
Robert F. Lietzow, Jr.
Managing Member
By: /s/ Robert F. Lietzow, Jr.
---------------------------------------------
Robert F. Lietzow, Jr.
Dated as of: May 24, 1999
<PAGE>
CUSIP No. 199333-10-5 SCHEDULE 13D/A Page 23 of 23 Pages
----------- --------------------
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
Scoggin Capital Management, L.P.
By: S&E Partners, L.P., its General Partner
By: Scoggin, Inc., its General Partner
By: /s/ Curtis Schenker
---------------------------------------------
Curtis Schenker, its Executive Officer
SCOGGIN INTERNATIONAL FUND, LTD.
By: Scoggin, LLC, its Investment Advisor
By: /s/ Curtis Schenker
---------------------------------------------
Curtis Schenker, Managing Member
Scoggin, LLC
By: /s/ Curtis Schenker
---------------------------------------------
Curtis Schenker, Managing Member
Scoggin, Inc.
By: /s/ Curtis Schenker
---------------------------------------------
Curtis Schenker, its Chief Executive Officer
By: /s/ Craig Effron
---------------------------------------------
Craig Effron
By: /s/ Curtis Schenker
---------------------------------------------
Curtis Schenker
Dated as of: May 24, 1999
<PAGE>
EXHIBIT C
Letter to Issuer dated May 24, 1999
THE COLUMBUS MCKINNON
SHAREHOLDERS COMMITTEE
c/o Metropolitan Capital Advisors, Inc.
660 Madison Avenue
New York, NY 10021
May 24, 1999
Board of Directors
Columbus McKinnon Corporation
140 John James Audubon Parkway
Amherst, New York 14228
Gentlemen:
On May 5, 1999, I wrote to inform the Company that the Columbus McKinnon
Shareholders Committee (the "Committee") had been formed to seek the election of
a slate of directors committed to value maximization for Columbus shareholders.
As you are no doubt aware, the market's reaction to our proposal was extremely
favorable. Indeed, the prospect of a new Board and strategy did more in a day to
enhance shareholder value than management's so-called "three pronged" strategy
has done in over three years.
So far the Company's response has been to refuse to discuss our proposal and to
take action to impede independent shareholder nominations and proposals.
Management categorically refused to discuss the Committee's 13D filing on a
recent conference call with shareholders and analysts. Even more disturbing,
shortly after that call, the Company filed with the Securities and Exchange
Commission a Form 8-K that disclosed newly amended by-laws. Those amendments are
nothing more than a thinly veiled device to entrench management and the
incumbent Board. You have not explained to shareholders that these by-laws
significantly limit shareholders in the exercise of their rights, while at the
same time giving management the right to make or change its nominations and
proposals at any time. In short, you give yourself the ability to propose any
corporate action at any time, without shareholders being able to respond with
alternatives.
We believe that the Board's by-law amendments, taken in direct response to our
decision to propose nominees, are in brazen disregard of shareholder rights and
interests. We fully intend to deliver our nominations to you shortly, and with
complete information. Nevertheless, we demand that, whether or not you formally
rescind the amendments, they should not be used to exclude shareholder
nominations or proposals that otherwise would be validly made for the 1999
meeting under the pre-existing by-laws.
<PAGE>
The Board's willingness to interfere with nominations by long-time shareholders
indicates nothing but contempt for non-management shareholders. Rescinding these
new limitations and restoring the process to a level playing field would be a
welcome step to an open and fair debate about the future of the Company. We are
sending you our letter to fellow shareholders to let you know the seriousness of
our position. We believe our views are shared by many others.
We encourage you to abandon the failed strategy of the past, and to adopt the
value maximizing strategy we have proposed, and the market clearly supports. We
also request that you promptly announce the record and proposed meeting date for
this year's annual meeting. In addition, in order for us to make our nominations
and proposals, we require that you advise us and all shareholders whether
management will change the size of the Board and of any other action expected to
be proposed for shareholder action.
Reasonable people may disagree about the best strategy for Columbus, but no one
can dispute that the shareholders own this company and are entitled to decide
its future. Management and the current Board owe shareholders a fair election
and should be willing to commit to all shareholders that they will take no
further action to impede voting rights or further entrench themselves.
I am separately forwarding a request for certain shareholder lists and
information. I look forward to receiving the material and your response
promptly.
Sincerely,
Jeffrey E. Schwarz
On Behalf of the Columbus McKinnon
Shareholders Committee
<PAGE>
EXHIBIT D
Letter to Shareholders dated May 24, 1999
THE COLUMBUS MCKINNON
SHAREHOLDERS COMMITTEE
c/o Metropolitan Capital Advisors, Inc.
660 Madison Avenue
New York, NY 10021
May 24, 1999
Dear Fellow Columbus McKinnon Shareholder:
Nearly three weeks ago, several long-time, significant shareholders who own
approximately 8.5% of Columbus McKinnon, formed the Columbus McKinnon
Shareholders Committee. Our purpose in nominating an alternate slate of
directors is to pursue a value maximization strategy for Columbus shareholders.
Our proposal to the Company, and the history of management inaction that led to
it, are described in a Form l3D filed with the Securities and Exchange
Commission which we amended today.
We want to take this opportunity to update you on events that only reinforce the
need for shareholders to act.
o Since our filing, management has neither publicly responded to our
proposal, nor indicated any intent to develop a new strategy of their
own. Despite the market's clear support for the sale of Columbus,
management has refused to answer shareholder questions about our
proposal to adopt a value maximization strategy. Even in its recent
press release reporting results for fiscal year 1999, and a related
conference call for investors, management only offered its reasons
for underperforming analyst expectations, and pointed to better times
ahead. What management did not describe was a new strategy to achieve
better returns ahead.
o Management claims that it has already succeeded in building
shareholder value. We disagree. In over three years since Columbus
first became a public company to the day before our announcement, the
value of Columbus' shares appreciated less than $6. In just the few
days following our announcement, Columbus' shares traded as much as
$8 HIGHER, and even after the Company announced earnings below
expectations, shares remain nearly $6 HIGHER. Management's continued
refusal to acknowledge that their strategy has not succeeded only
indicates you can expect no new initiatives from the incumbent Board,
and no recognition that shareholder value is the top priority, not an
afterthought.
o Let us give another example of management's silence speaking volumes
about their view of outside shareholders. Even as they issued their
press release and held a conference call, management and the
incumbent Board amended the Company's by-laws to make it more
difficult for shareholders to nominate alternative directors, or
propose business for shareholder action. Why did management choose
not to disclose these defensive tactics in their press release, or in
their conference call- Did they think these steps were not important?
Would they be able to explain why the Company's long- standing
by-laws suddenly were deemed inadequate? We suggest that this
eleventh-hour attempt to change the election process tells
<PAGE>
you what management thinks of allowing shareholders to freely choose
a value maximization strategy: it is less important than the
incumbent Board retaining their positions.
o Management's disregard of shareholder interests and views is not new.
In 1998, we advocated that management use some of the Company's
remaining borrowing capacity to implement a share buyback. The
Company's poor market performance (with the stock declining below its
IPO level) actually presented Columbus with an excellent opportunity
to enhance value for all shareholders by buying back and retiring its
substantially undervalued shares. Management did decide to pursue a
share repurchase strategy, but not as a value-enhancing tool for
public shareholders. Instead, the Company purchased stock exclusively
for the ESOP, thereby stockpiling years of shares and votes in the
ESOP, but not increasing the ownership of public shareholders. Did
this do the most for shareholders? No. Did this do more to entrench
management and the incumbent Board? What do you think?
One final point. Management has continually pointed to the 1998 strike at
General Motors as the prime driver for Company earnings failing to meet investor
expectations. However, an agreement settling that strike was reached in July
1998 and UAW workers began to return to their jobs in early August. In fact, not
only has stability returned to the economy, but GDP growth and industrial
activity rebounded well beyond pre-strike levels in the quarters following the
strike. The strike is not the cause for management's failure to create
shareholder value. Management has had years to implement its strategy, and have
it bear fruit. It has not succeeded. It is time to change the strategy and the
Board.
The Columbus McKinnon Shareholder Committee is committed to providing you with
an alternative to the current Board, and in so doing, allow you to choose a
slate dedicated to evaluating all alternatives for immediate maximization of
your share value. We welcome your input either directly at (212) 829-9507, or by
your contacting our representative, MacKenzie Partners, Inc. at (800) 322-2885.
We also strongly encourage you to tell management what you think of their
attempts to impede action by independent shareholders, and to express your
support for our strategy to maximize value.
Sincerely,
Jeffrey E. Schwarz
On Behalf of the Columbus McKinnon
Shareholders Committee
