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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13D-1(B) AND (C) AND AMENDMENTS THERETO FILED
PURSUANT TO 13D-2(B)
AVTEAM, INC.
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(NAME OF ISSUER)
CLASS A COMMON STOCK, $0.01 PAR VALUE 054527 20 5
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(TITLE OF CLASS OF SECURITIES) (CUSIP NUMBER)
*The remainder of this cover page should 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 purposes 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).
(Continued on following page(s))
(Page 1 of 11 Pages)
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NYFS03...:\15\36315\0036\1708\SCH1288T.46A
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CUSIP No. 054527 20 5 13G Page 2 of 11 pages
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1 NAME OF REPORTING PERSON: CLIPPER CAPITAL ASSOCIATES, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3706321
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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6 SHARED VOTING POWER: 2,414,286 (INCLUDES 439,644
BENEFICIALLY SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY OWNED BY THE REPORTING
PERSON)
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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8 SHARED DISPOSITIVE POWER: 2,414,286 (INCLUDES 439,644
PERSON WITH SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY THE REPORTING
PERSON)
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9 AGGREGATE AMOUNT BENEFICIALLY 2,414,286 (INCLUDES 439,644
OWNED BY REPORTING PERSON: SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY THE REPORTING
PERSON)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 20.9% (ASSUMING
CONVERSION OF ALL
SHARES OF CLASS B
COMMON STOCK
BENEFICIALLY OWNED
BY THE REPORTING
PERSON)
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12 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 054527 20 5 13G Page 3 of 11 pages
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1 NAME OF REPORTING PERSON: CLIPPER/MERCHANT PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3737437
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 729,534
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 8 SHARED DISPOSITIVE POWER: 729,534
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9 AGGREGATE AMOUNT BENEFICIALLY 729,534
OWNED BY REPORTING PERSON:
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 6.6%
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12 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 054527 20 5 13G Page 4 of 11 pages
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1 NAME OF REPORTING PERSON: CLIPPER/MERBAN, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 98-0137328
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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6 SHARED VOTING POWER: 729,534 (INCLUDES 439,644
BENEFICIALLY SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY OWNED BY THE REPORTING
PERSON)
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER: 729,534 (INCLUDES 439,644
PERSON WITH SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY THE REPORTING
PERSON)
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9 AGGREGATE AMOUNT BENEFICIALLY 729,534 (INCLUDES 439,644
OWNED BY REPORTING PERSON: SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY THE REPORTING
PERSON)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 6.3% (assuming
conversion of all
shares of Class B
Common Stock
beneficially owned
by the Reporting
Person)
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12 TYPE OF REPORTING PERSON: PN
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CUSIP No. 054527 20 5 13G Page 5 of 11 pages
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1 NAME OF REPORTING PERSON: CLIPPER EQUITY PARTNERS I, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3834258
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 547,151
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 8 SHARED DISPOSITIVE POWER: 547,151
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9 AGGREGATE AMOUNT BENEFICIALLY 547,151
OWNED BY REPORTING PERSON:
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 4.9%
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12 TYPE OF REPORTING PERSON: PN
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CUSIP No. 054527 20 5 13G Page 6 of 11 pages
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1 NAME OF REPORTING PERSON: CLIPPER/EUROPEAN RE, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 98-0154020
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 364,767
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 8 SHARED DISPOSITIVE POWER: 364,767
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9 AGGREGATE AMOUNT BENEFICIALLY 364,767
OWNED BY REPORTING PERSON:
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 3.3%
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12 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 054527 20 5 13G Page 7 of 11 pages
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1 NAME OF REPORTING PERSON: CLIPPER CAPITAL ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3706407
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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6 SHARED VOTING POWER: 2,414,286 (INCLUDES 439,644
BENEFICIALLY SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY OWNED BY THE REPORTING
PERSON)
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER: 2,414,286 (INCLUDES 439,644
PERSON WITH SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY THE REPORTING
PERSON)
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9 AGGREGATE AMOUNT BENEFICIALLY 2,414,286 (INCLUDES 439,644
OWNED BY REPORTING PERSON: SHARES ACQUIRABLE UPON
CONVERSION OF ALL CLASS B
COMMON STOCK BENEFICIALLY
OWNED BY THE REPORTING
PERSON)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 20.9% (ASSUMING
CONVERSION OF ALL
SHARES OF CLASS B
COMMON STOCK
BENEFICIALLY OWNED
BY THE REPORTING
PERSON)
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12 TYPE OF REPORTING PERSON: CO
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<PAGE>
ITEM 1
(a) NAME OF ISSUER:
AVTEAM, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
3230 Executive Way
Miramar, Florida 33025
ITEM 2
(a) NAME OF PERSON FILING:
See Item 1 of the Cover Pages attached hereto.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
For all Reporting Persons except Clipper/Merban, L.P. and
Clipper/European Re, L.P.:
650 Madison Avenue
New York, New York 10022
For Clipper/Merban, L.P. and Clipper/European Re, L.P.:
De Ruyterkade 62
P.O Box 812
Curacao Netherlands Antilles
(c) CITIZENSHIP:
See Item 4 of the Cover Pages attached hereto.
(d) TITLE OF CLASS OF SECURITIES:
Class A Common Stock, par value $0.01 per share
(e) CUSIP NUMBER: 054527 20 5
ITEM 3
Not applicable.
Page 8 of 11
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ITEM 4 OWNERSHIP.
(a) Amount Beneficially Owned:
See Item 9 of the Cover Pages attached hereto.
(b) Percent of Class:
See Item 11 of the Cover Pages attached hereto.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
See Item 5 of the Cover Pages attached hereto.
(ii) Shared power to vote or to direct the vote
See Item 6 of the Cover Pages attached hereto and below.
(iii) Sole power to dispose or to direct the disposition of
See Item 7 of the Cover Pages attached hereto.
(iv) Shared power to dispose or to direct the disposition of
See Item 8 of the Cover Pages attached hereto and below.
Clipper Capital Associates, L.P. ("CCA") directly owns 43,300
shares of Class A Common Stock ("Class A Shares"). CCA is the general
partner of: (i) Clipper/Merchant Partners, L.P. ("Merchant"), which
directly owns 729,534 Class A Shares; (ii) Clipper/Merban, L.P. ("Merban"),
which directly owns 289,890 Class A Shares; (iii) Clipper Equity Partners
I, L.P. ("Equity"), which directly owns 547,151 Class A Shares; and (iv)
Clipper/European Re, L.P. ("European"), which directly owns 364,767 Class A
Shares. Pursuant to the limited partnership agreements of Merchant, Merban,
Equity and European, CCA is the investment general partner, with sole
investment authority and power to vote or direct the vote, and to dispose
or to direct the disposition of, Class A Shares held by Merchant, Merban,
Equity and European. Accordingly, for purposes hereof, CCA may be deemed to
respectively share with each of Merchant, Merban, Equity and European the
power to vote or direct the vote, and to dispose or to direct the
disposition of, Class A Shares held by Merchant, Merban, Equity and
European. Moreover, Clipper Capital Associates, Inc. ("CCA, Inc.") is the
Page 9 of 11
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sole general partner of CCA. Accordingly, for purposes hereof, CCA, Inc.
may also be deemed to share the power to vote or direct the vote, and to
dispose or to direct the disposition of, the Shares held directly by CCA,
Merban and Merchant. Merban also directly owns 439,644 shares of Class B
Common Stock, which are convertible 1:1 into Class A Shares.
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable. See Item 4.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10 CERTIFICATION.
Not applicable.
Page 10 of 11
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
February 4, 1998
CLIPPER CAPITAL ASSOCIATES, L.P.
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER/MERCHANT PARTNERS, L.P.
By: Clipper Capital Associates, L.P.,
its general partner
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER/MERBAN, L.P.
By: Clipper Capital Associates, L.P.,
its general partner
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER EQUITY PARTNERS I, L.P.
By: Clipper Capital Associates, L.P.
its general partner
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER/EUROPEAN RE, L.P.
By: Clipper Capital Associates, L.P.,
its general partner
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER CAPITAL ASSOCIATES, INC.
By: /s/ Eugene P. Lynch
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Name: Eugene P. Lynch
Title: Treasurer and Secretary
Page 11 of 11
