SCHEDULE 14A INFORMATION
Securities Exchange Act of 1934
Filed by the Registrant [_]
Filed by a Party other than the Registrant [X]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] Definitive Proxy Statement
[_] Definitive Additional Materials
[X] Soliciting Materials Pursuant to ss. 240.14a-11(c) or ss. 240.14a-12
Columbus McKinnon Corporation
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(Exact Name as Specified In its Charter)
The Columbus McKinnon Shareholders Committee
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(Name of Person(s) Filing Proxy Statement)
Payment of Filing Fee (Check the appropriate box):
[_] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(j)(2).
[_] $500 per each party to the controversy pursuant to Exchange Act
Rule 14a-6(i)(3).
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
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2) Aggregate number of securities to which transaction applies:
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to Exchange Act Rule 0-11: (1)
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(1) Set forth the amount on which the filing fee is calculated and state how it
was determined.
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[_]Check box if any part of the fee is offset as provided by Exchange Act
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CONTACT:
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STANLEY J. KAY
MACKENZIE PARTNERS, INC.
(212) 929-5940
FOR IMMEDIATE RELEASE:
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COLUMBUS McKINNON SHAREHOLDERS COMMITTEE
CALLS MANAGEMENT LAWSUIT WITHOUT MERIT
COMMITTEE WILL NOT BE DETERRED BY MANAGEMENT'S INTIMIDATION ATTEMPT
NEW YORK, NEW YORK, MAY 26, 1999 - The Columbus McKinnon Shareholders Committee
announced today that it found the lawsuit alleging 13D and proxy violations
filed by the management of Columbus McKinnon Corp. (NASDAQ:CMCO) completely
without merit.
The Committee stressed its concern that management and the incumbent Board would
choose to frivolously spend shareholder funds to fight its own shareholders
instead of permitting all shareholders to freely decide between competing slates
of nominees for election to the Columbus McKinnon Board.
Jeffrey E. Schwarz, speaking for the Committee, stated, "We are appalled that
management is spending shareholder money on litigation against major, long-time
shareholders in order to further entrench themselves. Management and the Board
should know that we intend to press forward with our election contest and that
we will not be deterred by their transparent attempt to intimidate us with this
meritless lawsuit."
Mr. Schwarz continued, "We believe management should let the shareholders-- the
real owners of Columbus McKinnon-- exercise their fundamental right to decide
for themselves whom they prefer to comprise the Board of their Company. The
Committee intends to offer a slate dedicated to evaluating all alternatives to
maximize the value of the Company, while the incumbent Board, in our opinion,
provides only a business-as-usual approach, which disregards shareholders'
interests in maximizing the value of their investments."
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The Committee is composed of Metropolitan Capital Advisors, Inc., which
beneficially owns 366,800 shares of Columbus McKinnon common stock; Metropolitan
Capital III, Inc., which beneficially owns 240,600 shares; Lakeway Capital
Partners, LLC, which beneficially owns 120,450 shares; Scoggin, Inc., which
beneficially owns 322,500 shares; and Scoggin, LLC, which beneficially owns
153,200 shares. The Committee's collective beneficial ownership, including
shares owned by certain affiliates of Committee members, of approximately
1,245,545 shares, represents about 8.49% of Columbus McKinnon's outstanding
common stock.
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ADDITIONAL PARTICIPANT INFORMATION
In addition to the participants named above, the following individuals
and entities also may be deemed to be participants in the Committee's proxy
solicitation: Bedford Falls Investors, L.P., of which Metropolitan Capital
Advisors, L.P. is the sole general partner, of which Metropolitan Capital
Advisors, Inc. is the sole general partner; Metropolitan Capital Advisors
International Limited, of which Metropolitan Capital Partners III, L.P. is the
investment advisor, of which Metropolitan Capital III, Inc. is the sole general
partner; Jeffrey E. Schwarz and Karen Finerman, as shareholders, directors and
executive officers of Metropolitan Capital Advisors, Inc. and Metropolitan
Capital III, Inc.; Yaupon Partners, L.P. and Yaupon Partners II, L.P., of which
Lakeway Capital Partners, LLC is the sole general partner; Robert F. Lietzow,
Jr., as managing member of Lakeway Capital Partners, LLC; Scoggin Capital
Management, L.P., of which Scoggin, Inc. is the sole general partner; Scoggin
International Fund, Ltd., of which Scoggin, LLC is the investment advisor; and
Curtis Schenker and Craig Effron, as shareholders, directors and executive
officers of Scoggin, Inc. and managing members of Scoggin, LLC.
A further description of the interests held by each of the above-named
participants is contained in the Schedule 13D filed by the Committee and each of
its members on May 6, 1999, as supplemented and amended by Amendment No. 1 to
Schedule 13D filed with the Commission on May 24, 1999.
