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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 38)*
Canal Capital Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
91301416
- --------------------------------------------------------------------------------
(CUSIP Number)
Asher B. Edelman, 717 Fifth Avenue,
New York, New York 10022
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 20, 1998
- --------------------------------------------------------------------------------
(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 this statement |_|. (A fee
is not required only if the filing 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 13d-1(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 the
disclosures provided in a prior cover page.
The information required in 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>
CUSIP No. 913014106 SCHEDULE 13D Page 2 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Asher B. Edelman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [x ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 51,400 (including options on 20,000 shares)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 405,250
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 51,400 (including options on 20,000 shares)
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
405,250
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
456,650 (including options on 20,000 shares)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
See Item 5
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.5%
- --------------------------------------------------------------------------------
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. 913014106 SCHEDULE 13D Page 3 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Regina M. Edelman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Brazil
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 145,050
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 145,050
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
145,050
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
- --------------------------------------------------------------------------------
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. 913014106 SCHEDULE 13D Page 4 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
A.B. Edelman Limited Partnership
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,017,120
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,017,120
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,017,120
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.5%
- --------------------------------------------------------------------------------
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. 913014106 SCHEDULE 13D Page 5 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Felicitas Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 3,399
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 3,399
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,399
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1%
- --------------------------------------------------------------------------------
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. 913014106 SCHEDULE 13D Page 6 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aile Blanche, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 8,400
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 8,400
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- --------------------------------------------------------------------------------
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. 913014106 SCHEDULE 13D Page 7 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canal Capital Corporation Retirement Plan
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
NA
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 26,620
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 26,620
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,620
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
- --------------------------------------------------------------------------------
*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. 913014106 SCHEDULE 13D Page 8 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edelman Value Fund Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x ]
(b) [ ]
- --------------------------------------------------------------------------------
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) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 385,250
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
385,250
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
385,250
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.9%
- --------------------------------------------------------------------------------
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. 913014106 SCHEDULE 13D Page 9 of 13 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edelman Value Partners 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
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 20,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
20,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- --------------------------------------------------------------------------------
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. 913014106
Items 2, 3, 5 and 7 of the Schedule 13D, dated June 1, 1984, relating
to the Common Stock, par value $0.01 per share, of Canal Capital Corporation, as
amended, (the "Schedule 13D"), are hereby amended by adding thereto the
information set forth below. The terms defined in the Schedule 13D shall have
their defined meanings herein, unless otherwise defined herein.
Item 2. Identity and Background
-----------------------
Item 2 is hereby supplemented by the addition of the following:
(a) This statement is also filed on behalf of Edelman Value Partners,
L.P. , a limited partnership governed by laws of the State of Delaware (the
"Value Partners"), with respect to ownership by the Value Partners of shares of
Common Stock. The general partner of Value Partners is A.B. Edelman Management
Company, Inc., of which Mr. Asher B. Edelman is sole stockholder and an officer
and director.
(b) The principal business address of Value Partners is 717 Fifth
Avenue, New York, New York 10022.
(c) The principal business of Value Partners is an investment
partnership.
(d) Value Partners has not, during the past five years, been convicted
in a criminal proceeding.
(e) Value Partners has not, during the past five years, been a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgement, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to federal or state securities laws or finding
any violation with respect to such laws. convicted in a criminal proceeding.
(f) Value Partners is organized under the State of Delaware.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
Item 3 is hereby supplemented by the addition of the following:
The 20,000 shares of the Common Stock purchased by Edelman Value Fund
Ltd. (the "Fund") since the date of the last preceding Amendment to this
Schedule 13D, at an aggregate cost of approximately $7,775 (including
commissions), were purchased with the Fund's working capital.
The 30,000 shares purchased by Value Partners at an aggregate cost of
$4,175 (including commissions) were purchased with the Value Partner's working
capital at an aggregate cost of $4,175 (including commissions).
Item 5. Interest in Securities of the Issuer
------------------------------------
Item 5(a) is hereby supplemented by the addition of the following:
10 of 13 Pages
<PAGE>
CUSIP No. 913014106
(a) The aggregate percentage of shares of Common Stock reported owned
by each person herein is based upon 4,326,929 shares outstanding, which is the
number of shares outstanding at August 31, 1998, as reported in the Company's
Form 10-Q for the fiscal quarter ended July 31, 1998 as filed with the
Securities and Exchange Commission.
As of the date hereof:
(i) Edelman Limited Partnership owns 1,017,120 shares of the Common
Stock, constituting approximately 23.5% of the shares outstanding.
(ii) Mr. Edelman owns directly 31,400 shares of the Common Stock and
holds exercisable options on 20,000 shares of the Common Stock, totaling 51,400
shares of the Common Stock. Such shares constitute approximately 1.2% of the
shares outstanding (based upon the 4,346,929 shares which would be outstanding
upon the exercise of such options). By reason of the provisions of Rule 13d-3,
Mr. Edelman may be deemed to own beneficially the shares owned by the Fund,
Edelman Limited Partnership, Value Partners, The Canal Capital Retirement Plan,
The Edelman Family Partnership, L.P., Aile Blanche, Regina M. Edelman, Felicitas
and the Custodian Accounts, which, when aggregated with the shares owned by Mr.
Edelman, total 2,436,075 shares (including options on 20,000 shares),
constituting approximately 56.3% of the shares outstanding (based upon the
4,346,929 shares which would be outstanding upon the exercise of such options).
(iii) Regina M. Edelman owns 145,050 shares of the Common Stock,
constituting approximately 3.3% of the shares outstanding.
(iv) Aile Blanche owns 8,400 shares of the Common Stock, constituting
approximately 0.2% of the shares outstanding.
(v) Felicitas owns 3,399 shares of the Common Stock, constituting less
than 0.1% of the shares outstanding.
(vi) The Retirement Plan owns 26,620 shares of the Common Stock,
constituting approximately 0.6% of the shares outstanding.
(vii) The Fund owns 385,250 shares of the Common Stock, constituting
approximately 8.9% of the shares outstanding.
(viii) Value Partners own 20,000 shares of the Common Stock,
constituting approximately 0.5% of the shares outstanding.
(ix) The Custodian Accounts own 188,650 shares of the Common Stock,
constituting approximately 4.4% of the shares outstanding.
(x) The Edelman Family Partnership, L.P. owns 590,186 shares of Common
Stock, constituting 13.6% of the shares outstanding.
(xi) Certain other persons related to or affiliated with Mr. Edelman
own the following amounts of Common Stock: (A) Penelope C. Edelman owns 39,865
shares of Common Stock,
11 of 13 Pages
<PAGE>
CUSIP No. 913014106
constituting approximately 0.9% of the shares outstanding; (B) three UGMA
Accounts for the benefit of children of Mr. Edelman, of which Penelope C.
Edelman is custodian, own a total of 12,010 shares of Common Stock, constituting
approximately 3.0% of the shares outstanding; and (C) Mildred Ash owns 236,000
shares of Common Stock, constituting approximately 5.5% of the shares
outstanding. Mr. Edelman expressly disclaims beneficial ownership of the
foregoing shares of Common Stock.
(x) To the best knowledge of the reporting persons, certain directors
and officers of the reporting persons and other affiliated persons own the
following amounts of Common Stock (based upon information reported by the
Company or such individuals in public filings): (A) Irving Garfinkel, an officer
of Edelman Management and Aile Blanche, a director of Datapoint, and a general
partner of the Edelman Family Partnership, L.P., owns 11,210 shares of Common
Stock, constituting approximately 0.2% of the shares outstanding; and (B) Gerald
N. Agranoff, an officer of Edelman Management, and a general partner of the
Edelman Family Partnership, L.P., holds exercisable options on 25,000 shares of
Common Stock, which constitute approximately 0.6% of the shares outstanding
(based upon the 4,351,929 shares which would be outstanding upon the exercise of
such options).
Item 5(b) is hereby supplemented by the addition of the following:
(a) Value Partners has shared power to vote and dispose of the shares
owned by it. The power to vote and dispose of such shares is exercisable by A.B.
Edelman Management Company, Inc., a corporation controlled by Mr. Edelman and of
which Mr. Edelman is sole stockholder and an officer and director.
Item 5(c) is hereby supplemented by the addition of the following:
(a) On January 30, 1998, the Fund purchased 20,000 shares of Common
Stock through a broker for a price of $0.25 per share. On February 13, 1998, the
Fund purchased 10,000 shares of Common Stock through a broker for a price of
$0.27 per share.
(b) On October 10, 1998, Value Partners purchased 20,000 shares of
Common Stock through a broker for a price of $0.2075 per share.
Item 7. Material to be Filed as Exhibits.
---------------------------------
Exhibit I - Agreement pursuant to Rule 13d-1(f)(1)(iii), filed herewith.
12 of 13 Pages
<PAGE>
CUSIP No. 913014106
Signature
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: November 3, 1998
/S/ ASHER B. EDELMAN
------------------------------------
Asher B. Edelman, individually, as a
general partner of A. B. Edelman
Limited Partnership and as
attorney-in-fact for each of Canal
Capital Corporation Retirement Plan,
Felicitas Partners, L.P., Edelman
Value Partners L.P., Edelman Value
Fund Ltd., Regina M. Edelman, and
Aile Blanche, Inc., under Powers of
Attorney previously filed with the
Securities and Exchange Commission
as Exhibits to this Schedule 13D and
amendments thereto.
13 of 13 Pages
CUSIP No. 913014106
EXHIBIT I
---------
Pursuant to Rule 13d-1(f)(1)(iii) of Regulation 13D-G of the General
Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agrees that the
statement to which this Exhibit is attached is filed on behalf of it in the
capacity set forth below.
/S/ ASHER B. EDLEMAN
-------------------------------------------------------------
Asher B. Edelman, individually, as a general partner of A. B.
Edelman Limited Partnership and Edelman Value Partners L.P.
and as attorney-in-fact for each of Canal Capital Corporation
Retirement Plan, Felicitas Partners, L.P., Regina M. Edelman,
Aile Blanche, Inc. and Edelman Value Fund Ltd. under Powers
of Attorney previously filed with the Securities and Exchange
Commission as Exhibits to this Schedule 13D and amendments
thereto.
<PAGE>
