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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(AMENDMENT NO. 1)*
VENTURE SEISMIC LTD
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
92327K108
- --------------------------------------------------------------------------------
(CUSIP Number)
David J. Schwartz, Esq., c/o Anderson Kill & Olick, P.C.
1251 Avenue of the Americas, New York, New York 10020 (212) 278-1000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
June 6, 1997
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)(1)
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 [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
(Continued on following pages)
(Page 1 of 12 Pages)
*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 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).
---------------
(1) This filing incorporates all information relevant to reportable events
effected by the Reporting Persons, who may be deemed a group for purposes
of Section 13(d) (the "Group"), with respect to the referenced class of
securities, up to and including June 6, 1997. As reflected herein, one
member of the Group, Andrew M. Brown, ceased to be associated with the
group as of that date.
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 2 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ernest P. Werlin
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF
SHARES --------------------------------------------------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 231,100(1)
PERSON
WITH -----------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
---
-----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
231,100(1)
- -------------------------------------------------------------------------------------------------------------------
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)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
(1) Ernest P. Werlin disclaims beneficial ownership of all shares owned by other
persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 3 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund, 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
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
113,050
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING
PERSON ---------------------------------------------------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER
113,050
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
113,050
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.62
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 4 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
The Cayman Islands
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
118,050
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ---------------------------------------------------------------------------------------------
PERSON
WITH 9 SOLE DISPOSITIVE POWER
118,050
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
118,050
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.78
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 5 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Andrew M. Brown
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
This Amendment No. 1 is being filed to reflect, among other things, (b) [ ]
the fact that as of June 6, 1997, Andrew M. Brown may no longer be
deemed to be a member of the group making this filing with respect
to, and is no longer considered to be a Reporting Person for purposes
of, Section 13 or for any other purpose.
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ---
PERSON
WITH -----------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
---
-----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 6 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter J. Powers
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF
SHARES --------------------------------------------------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 231,100(1)
PERSON
WITH -----------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
---
-----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
231,100(1)
- -------------------------------------------------------------------------------------------------------------------
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)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
(1) Peter J. Powers disclaims beneficial ownership of all shares owned by other
persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 7 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Asset Management Corporation
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF
SHARES ----------------------------------------------------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 118,050(1)
PERSON
WITH -----------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
---
-----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
118,050(1)
- -------------------------------------------------------------------------------------------------------------------
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)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
(1) High View Asset Management Corporation disclaims beneficial ownership of all
shares owned by other persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ----------------------- -------------------
CUSIP NO. 92327K108 PAGE 8 OF 12 PAGES
- ----------------------- -------------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Capital Corporation
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 113,050(1)
PERSON
WITH -----------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
---
-----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
113,050(1)
- -------------------------------------------------------------------------------------------------------------------
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)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
C0
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
(1) High View Capital Corporation disclaims beneficial ownership of all shares
owned by other persons.
<PAGE>
<PAGE>
Page 9 of 12 Pages
VENTURE SEISMIC LTD
(CUSIP No. 92327K108)
This Amendment No. 1 on Schedule 13D is related to and amends the
statement on Schedule 13D filed on November 12, 1996 (the "Original Schedule
13D"), and is being filed to reflect, among other things, the fact that as of
June 6, 1997, Andrew M. Brown may not be deemed to be a member of the group of
reporting persons, consisting of Ernest P. Werlin, The High View Fund, L.P., The
High View Fund, and Andrew M. Brown, which filed the Original Schedule 13D, each
member of which disclaims beneficial ownership in the shares of Common Stock
held by other persons.
ITEM 2. IDENTITY AND BACKGROUND.
(a) - (f)
Item 2 of the Original Schedule 13D is amended by replacing the
entire section with the following:
This statement is being filed on behalf of a group (the "Group")
consisting of the following seven reporting persons (each, a "Reporting Person"
and, collectively, the "Reporting Persons"):
(I) This statement is being filed on behalf of The High View Fund, L.P.,
a Delaware limited partnership (the "Delaware Fund"). The Delaware Fund's
principal business is to make and hold investments. The business address for the
Delaware Fund is c/o High View Capital Corporation, 805 Third Avenue, Floor 17,
New York, New York 10022. The general partner of the Delaware Fund is High View
Capital Corporation, which is described more fully in (II), below.
(II) This statement also is being filed on behalf of High View Capital
Corporation ("HVCC"), a Delaware corporation. HVCC's principal business is to
act as general partner to the Delaware Fund and to provide investment advisory
services to other clients. The business address for HVCC is 805 Third Avenue,
Floor 17, New York, New York 10022.
The sole stockholder of voting stock of HVCC is Ernest P. Werlin.
Mr. Werlin is a director, President and Treasurer of HVCC. Peter J. Powers is a
director, Senior Vice President and Secretary of HVCC.
(III) This statement also is being filed on behalf of The High View
Fund, a Cayman Islands company (the "Cayman Fund"). The Cayman Fund is listed on
the Irish Stock Exchange and its principal business is to make and hold
investments. The Cayman Fund's directors are Rhonda D. McDeigan-Eldridge and
Cedric L. Carroll. Ms. McDeigan-Eldridge and Mr. Carroll are citizens of the
Commonwealth of The Bahamas, their principal business is to act as investment
fund administrators and their business address is c/o Mees Pierson Fund Services
(Bahamas) Limited, Windermere House, 404 East Bay Street, P.O. Box SS-6238,
Nassau, The Bahamas. The investment manager of the Cayman Fund is High View
Asset Management Corporation, which is described more fully in (IV), below.
(IV) This statement also is being filed on behalf of High View Asset
Management Corporation, a Delaware corporation ("HVAM"). HVAM's principal
business is to act as investment manager to the Cayman Fund and its business
address is 805 Third Avenue, Floor 17, New York, New York 10022.
The sole stockholder of voting stock and the sole director of
HVAM is Ernest P. Werlin. Mr. Werlin is President of HVAM. Peter J. Powers is
Secretary, Treasurer and Vice President of HVAM.
(V) This statement also is being filed on behalf of Mr. Werlin. Mr.
Werlin's present principal occupation is as a director, President and Treasurer
of HVCC and as the director and President of HVAM. Mr. Werlin is a United States
citizen whose business address is c/o HVCC, 805 Third Avenue, Floor 17, New
York, New York 10022.
(VI) This statement also is being filed on behalf of Andrew M. Brown to
reflect the fact that as of June 6, 1997, Mr. Brown ceased to be an officer of
both HVCC and HVAM and Mr. Brown may no longer be deemed to be a part of the
group which filed the Original Schedule 13D. Mr. Brown is a United States
citizen whose present principal occupation is as an independent consultant. His
address as of June 6, 1997 is 58 West 58th Street, No. 9D, New York, NY 10019.
(VII) This statement also is being filed on behalf of Mr. Powers.
Mr. Powers's present principal occupation is as a director, Senior Vice
President and Secretary of HVCC and as Secretary, Treasurer and Vice President
of HVAM. Mr. Powers is a United States citizen whose business address is c/o
HVCC, 805 Third Avenue, Floor 17, New York, New York 10022.
<PAGE>
<PAGE>
Page 10 of 12 Pages
No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). Further, no Reporting Person has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction, nor
has any Reporting Person been subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or maintaining activities subject
to, Federal or State securities laws or finding any violation with respect to
such laws.
Each of the Delaware Fund and the Cayman Fund is making this
filing because each has acquired shares of Common Stock of the Issuer for which
each has sole voting power.
Mr. Brown is making this filing to reflect the fact that as of
June 6, 1997, Mr. Brown ceased to be associated in any capacity with the
Delaware Fund, the Cayman Fund, HVCC and HVAM, and he may not be deemed to have
beneficial ownership for purposes of Section 13 or any other purpose of the
shares of Common Stock held by any of the Reporting Persons.
HVCC is making this filing because, due to its relationship to
the Delaware Fund, as described above, HVCC may be deemed to have beneficial
ownership for purposes of Section 13(d) of the Act of the shares of Common Stock
held by the Delaware Fund. HVCC disclaims beneficial ownership of all shares of
Common Stock held by other persons.
HVAM is making this filing because, due to its relationship to
the Cayman Fund, as described above, HVAM may be deemed to have beneficial
ownership for purposes of Section 13(d) of the Act of the shares of Common Stock
held by the Cayman Fund. HVAM disclaims beneficial ownership of all shares of
Common Stock held by other persons.
Each of Ernest P. Werlin and Peter J. Powers is making this
filing because, due to the relationship between Mr. Werlin and each of the
Delaware Fund and the Cayman Fund and the relationship between Mr. Powers and
each of the Delaware Fund and the Cayman Fund, as described above, each of Mr.
Werlin and Mr. Powers may be deemed to have beneficial ownership for purposes of
Section 13(d) of the Act of the shares of Common Stock held by each of the
Delaware Fund and the Cayman Fund. Each of Mr. Werlin and Mr. Powers disclaims
beneficial ownership of all shares of Common Stock held by other persons.
The Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin, Mr.
Brown and Mr. Powers are making this group filing because, up through June 5,
1997, such persons may have been deemed to constitute a "group" (the "Group")
for purposes of Section 13(d)(3) of the Act due to the relationships between and
among the Reporting Persons, as described in this Item 2. Each of such persons
disclaims beneficial ownership of the shares of Common Stock held by any other
person and disclaims membership in a group. Further, this filing is being made
to relect, among other things, the fact that as of June 6, 1997, Mr. Brown was
no longer associated or affiliated in any way with any of the Delaware Fund,
HVCC, the Cayman Fund, HVAM, Mr. Werlin, or Mr. Powers and that, as of June 6,
1997, Mr. Brown may not be deemed to be a member of the Group or to have
beneficial ownership of the shares of Common Stock held by any of the Reporting
Persons for purposes of Section 13 or any other purpose.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Original Schedule 13D is amended by replacing it in
its entirety with the following:
The Delaware Fund acquired 113,050 shares of Common Stock in a
series of open market transactions over the period from October 21, 1996 to
December 13, 1996, and the Cayman Fund acquired 118,050 shares of Common Stock
in a series of open market transactions during the period from October 18, 1996
to December 13, 1996. The aggregate amount of funds required by the Delaware
Fund to purchase the 113,050 shares of Common Stock beneficially owned by it was
$531,830.43. The aggregate amount of funds required by the Cayman Fund to
purchase the 118,050 shares of Common Stock beneficially owned by it was
$552,455.43.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Original Schedule 13D is amended by replacing the
entire section with the following:
Each of the Delaware Fund and the Cayman Fund holds its
respective shares of Common Stock to which this statement on Schedule 13D
relates for purposes of investment. At present, neither the Delaware Fund nor
the Cayman Fund has any plans to purchase additional shares of Common Stock or
to transfer shares of Common Stock. Except as disclosed in this Item 4, neither
the Delaware Fund nor the Cayman Fund has current plans or proposals which
relate to or would result in any of the events described in Items (a) through
(j) of the instructions to Item 4 of Schedule 13D.
<PAGE>
<PAGE>
Page 11 of 12 Pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Original Schedule 13D is amended by replacing all
paragraphs under Item 5 with the following paragraphs:
(I) The Delaware Fund beneficially holds 113,050 shares of Common
Stock, for an aggregate beneficial ownership of 113,050 shares of Common Stock,
which would constitute 3.62% of the outstanding class of Common Stock.
(II) For purposes of Rule 13(d) under the Act, because HVCC is the sole
general partner of the Delaware Fund, and because it may be deemed to share
voting and dispositive power with the Delaware Fund over the shares of Common
Stock held by the Delaware Fund, HVCC may be deemed to be the beneficial owner
of the 113,050 shares of Common Stock held by the Delaware Fund. Therefore, HVCC
may be deemed to be the aggregate beneficial owner of 113,050 shares of Common
Stock, which would consititute 3.62% of the outstanding class of Common Stock.
HVCC disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(III) The Cayman Fund beneficially holds 118,050 shares of Common Stock,
for an aggregate beneficial ownership of 118,050 shares of Common Stock, which
would constitute 3.78% of the outstanding class of Common Stock.
(IV) For purposes of Rule 13(d) under the Act, because HVAM is the
investment manager to the Cayman Fund, and because it may be deemed to share
voting and dispositive power with the Cayman Fund over the shares of Common
Stock held by the Cayman Fund, HVAM may be deemed to be the beneficial owner of
the 118,050 shares of Common Stock held by the Cayman Fund. Therefore, HVAM may
be deemed to be the aggregate beneficial owner of 118,050 shares of Common
Stock, which would constitute 3.78% of the outstanding class of Common Stock.
HVAM disclaims benficial ownership of all shares of Common Stock held by other
persons.
(V) Ernest P. Werlin is the sole stockholder, a director, President and
Treasurer of HVCC, and Peter J. Powers is a director, Senior Vice President and
Secretary of HVCC, the general partner of the Delaware Fund. Because of the
positions held by each of Mr. Werlin and Mr. Powers at HVCC, because of HVCC's
relationship to the Delaware Fund, as described in this Item 5, and because
therefore each of Mr. Werlin and Mr. Powers may be deemed to share with HVCC and
with each other voting and dispositive power over the shares of Common Stock
held by the Delaware Fund, for purposes of Rule 13(d) under the Act, each of Mr.
Werlin and Mr. Powers may be deemed to be a beneficial owner of the 113,050
shares of Common Stock held by the Delaware Fund. Further, Mr. Werlin is the
sole director, sole stockholder and President of HVAM, and Mr. Powers is the
Secretary, Treasurer and Vice President of HVAM, the investment manager for the
Cayman Fund. Because of the positions held by each of Mr. Werlin and Mr. Powers
at HVAM, because of HVAM's relationship to the Cayman Fund, as described in this
Item 5, and because therefore each of Mr. Werlin and Mr. Powers may be deemed to
share with HVAM and with each other voting and dispositive power over the shares
of Common Stock held by the Cayman Fund, for purposes of Rule 13(d) under the
Act, each of Mr. Werlin and Mr. Powers may be deemed to be a beneficial owner of
the 118,050 shares of Common Stock held by the Cayman Fund. Therefore, each of
Mr. Werlin and Mr. Powers may be deemed to be the aggregate beneficial owner of
231,100 shares of Common Stock, which would constitute 7.4% of the outstanding
class of Common Stock. Each of Mr. Werlin and Mr. Powers disclaims beneficial
ownership of all shares of Common Stock held by other persons.
(VI) As of June 6, 1997, Andrew M. Brown was no longer affiliated with
any of the Delaware Fund, HVCC, the Cayman Fund, HVAM, Ernest P. Werlin or Peter
J. Powers. He may not be deemed to be the beneficial owner of any shares of
Common Stock held by any of the Reporting Persons for purposes of Section 13 or
any other purpose.
By reason of the relationships described in Item 2 and this Item
5, as of June 6, 1997, the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr.
Werlin and Mr. Powers may be deemed to constitute a "group" within the meaning
of Rule 13d-5 under the Act. Pursuant to Rule 13d-4 under the Act, neither the
filing of this statement nor any of its contents shall be construed as an
admission that any person named herein is, for purposes of Section 13(d) or
13(g) of the Act (or pursuant to Rule 16a-1(a)(1) thereunder), the beneficial
owner of any shares of Common Stock held by other members of any such group.
Additionally, each of the persons named herein disclaims membership in a group.
Further, as of June 6, 1997, Andrew M. Brown, who was included as a Reporting
Person on the Original Schedule 13D, ceased to be associated with any such
group and ceased to be associated with each of the Delaware Fund, HVCC, the
Cayman Fund, HVAM, Ernest P. Werlin and Peter J. Powers and may not be deemed to
be the beneficial owner of any shares of Common Stock held by any other person
for purposes of Section 13 or for any other purpose.
(c) No transactions in shares of Common Stock were effected in
the past 60 days by any person or entity disclosed in Item 2.
(d) Not applicable.
(e) Not applicable.
<PAGE>
<PAGE>
Page 12 of 12 Pages
SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated as of June 6, 1997 /s/ ERNEST P. WERLIN
______________________________________
Ernest P. Werlin
/s/ ANDREW M. BROWN
______________________________________
Andrew M. Brown*
/s/ PETER J. POWERS
______________________________________
Peter J. Powers
THE HIGH VIEW FUND, L.P.
By: High View Capital Corporation,
its general partner
By: /s/ ERNEST P. WERLIN
___________________________________
Ernest P. Werlin
President
HIGH VIEW CAPITAL CORPORATION
By: /s/ ERNEST P.WERLIN
___________________________________
Ernest P. Werlin
President
THE HIGH VIEW FUND
By: /s/ CEDRIC L. CARROLL
___________________________________
Cedric L. Carroll
Director
HIGH VIEW ASSET MANAGEMENT CORPORATION
By: /s/ ERNEST P. WERLIN
___________________________________
Ernest P. Werlin
President
* This Amendment No. 1 is being filed to reflect, among other things, the fact
that as of June 6, 1997, Mr. Brown ceased to be associated or affiliated in any
way with any other Reporting Person and may not be deemed to be a member of the
Group making this filing for purposes of Section 13 or for any other purpose.
Each of the Reporting Persons disclaims beneficial ownership of the shares of
Common Stock held by other persons.
<PAGE>
