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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 3)*
INTERNATIONAL SPECIALTY PRODUCTS INC.
(Name of Issuer)
COMMON STOCK 460337 10 8
(Title of class of securities) (CUSIP number)
RICHARD A. WEINBERG, ESQ.
ISP MANAGEMENT COMPANY INC.
1361 ALPS ROAD
WAYNE, NEW JERSEY 07470
(973) 628-3520
(Name, address and telephone number of person authorized to receive notices and
communications)
JULY 15, 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 [_].
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
disclosures provided in a prior cover page.
The information required on the remainder of this 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).
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NYFS01...:\01\47201\0035\1909\FRM7148K.50H
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CUSIP No. 460337 10 8 SCHEDULE 13D-Page 1
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1 NAME OF REPORTING PERSON: SAMUEL J. HEYMAN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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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 SOURCE OF FUNDS:* OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF USA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 52,418,040
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 52,418,040
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 52,418,040
EACH REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 75.3%
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14 TYPE OF REPORTING PERSON:* IN
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*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.
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CUSIP No. 460337 10 8 SCHEDULE 13D-Page 2
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1 NAME OF REPORTING PERSON: HEYMAN JOINT VENTURE
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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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 SOURCE OF FUNDS:* WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF CT
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 125,000
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 125,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 125,000
EACH REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.2%
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14 TYPE OF REPORTING PERSON:* PN
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</TABLE>
*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.
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This constitutes Amendment No. 3 to the Schedule 13D (the "Statement")
originally filed on July 3, 1991 by Samuel J. Heyman, GAF Corporation, G-I
Holdings Inc., G Industries Corp. and GAF Fiberglass Corporation (formerly known
as GAF Chemicals Corporation) relating to the common stock, par value $.01 per
share (the "Old Common Stock"), of International Specialty Products Inc., a
Delaware corporation ("Old ISP").
ITEM 1. SECURITY AND ISSUER.
This Statement relates to the common stock, par value $.01 per share (the
"New Common Stock"), of International Specialty Products Inc., formerly known as
ISP Holdings Inc. ("New ISP"), as successor issuer to Old ISP in connection with
the merger of Old ISP with and into New ISP, with New ISP being the surviving
corporation in the merger.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Amendment No. 3 are Samuel J. Heyman, a citizen of
the United States of America, and Heyman Joint Venture, a Connecticut general
partnership ("HJV"). Mr. Heyman has his principal place of business at 1361 Alps
Road, Wayne, New Jersey 07470. HJV has its principal place of business at 333
Post Road West, Westport, Connecticut 06881. Mr. Heyman and HJV are referred
herein to as the "Reporting Persons."
Mr. Heyman, indirectly through HJV, Heyman Holdings Associates Limited
Partnership and Heybldg Associates LLC, is the controlling stockholder of New
ISP. Mr. Heyman is the Manager and a general partner of HJV. HJV's only other
general partner is Heyman No. 1 Associates Limited Partnership, a Connecticut
limited partnership of which Mr. Heyman is the sole general partner. HJV is an
investment partnership. The name, business address and citizenship of the
general partners of HJV are set forth in Schedule A hereto. Mr. Heyman is the
Chairman of the Board and Chief Executive Officer of New ISP.
ITEM 4. PURPOSE OF THE TRANSACTION.
As previously reported in Amendment No. 2 to the Statement, on March 30,
1998, New ISP and Old ISP entered into an Agreement and Plan of Merger (the
"Merger Agreement"). Pursuant to the Merger Agreement, on July 15, 1998, Old ISP
merged (the "Merger") with and into New ISP, with New ISP as the surviving
corporation in the Merger (the "Surviving Corporation"). Prior to the Merger,
all of the assets and liabilities of Old ISP were transferred to ISP Sub Inc., a
newly formed, wholly owned subsidiary of Old ISP. As a result of the Merger, (i)
each outstanding share of Old Common Stock, other than shares owned by New ISP,
was converted into one share of New Common Stock, (ii) each outstanding share of
Old Common Stock owned by New ISP was cancelled and retired without payment of
any consideration therefor and (iii) the outstanding shares of common stock of
New ISP became shares of New Common Stock representing approximately 78% of the
outstanding shares thereof. Upon the effectiveness of the Merger, the name of
the
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Surviving Corporation became "International Specialty Products Inc." As a result
of the Merger, the Reporting Persons may be deemed to own beneficially (as that
term is defined in Rule 13d-3 of the Securities Exchange Act of 1934), in the
aggregate, as of the date of this Amendment No. 3 to the Statement, 75.3% of the
outstanding shares of Common Stock.
The Old Common Stock has been delisted from trading on the New York Stock
Exchange and the New Common Stock has been listed thereon for trading.
The Reporting Persons may acquire additional shares of New Common Stock
from time to time in the open market in privately negotiated transactions with
third parties or otherwise, depending upon his or its evaluation of market
conditions and other factors. The Reporting Persons have not determined whether
any such additional purchases will be made, the number of additional shares
which will be purchased or the timing of any purchases.
The Reporting Persons reserve the right to dispose of shares of New Common
Stock in the open market, in privately negotiated transactions or otherwise,
depending upon their evaluation of market conditions and other factors.
Except as set forth above, the Reporting Persons have no present plans or
intentions which would result in or relate to any other transactions required to
be described in Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a), (b), (c) The information in these sections is hereby amended to reflect the
information contained in Item 4 above and in the cover pages, all of which is
incorporated herein by reference.
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SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: July 24, 1998
/s/ Samuel J. Heyman
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Samuel J. Heyman
HEYMAN JOINT VENTURE
By: /s/ Samuel J. Heyman
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Samuel J. Heyman
General Partner
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SCHEDULE A
The names of the general partners of Heyman Joint Venture are set forth
below. The business address of the general partners is 333 Post Road West,
Westport, Connecticut 06881. Mr. Heyman is a citizen of the United States.
Heyman Associates No. 1 Limited Partnership is a Connecticut limited
partnership.
Name Position
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Samuel J. Heyman General Partner
Heyman No. 1
Associates Limited
Partnership General Partner
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