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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 2054
----------------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3 ________)*
WANG LABORATORIES, INC.
-----------------------
(Name of Issuer)
6 1/2% SERIES B CUMULATIVE CONVERTIBLE PREFERRED STOCK
------------------------------------------------------
(Title of Class of Securities)
93369N208
---------
(CUSIP Number)
* 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 Act but
shall be subject to all other provisions of the Act (however, see the Notes).
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Page 1 of 10 pages
<PAGE>
- --------------------- ------------------
CUSIP No. 93369N208 13G Page 2 of 10 Pages
- --------------------- ------------------
- --------------------------------------------------------------------------------
1 | NAME OF REPORTING PERSONS:
| S.S. OR I.R.S. Identification Nos. of above persons
|
| LIPPER CONVERTIBLES, L.P.
- --------------------------------------------------------------------------------
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
| (a) [ ]
| JOINT FILING (b) [ ]
- --------------------------------------------------------------------------------
3 | SEC USE ONLY
|
|
- --------------------------------------------------------------------------------
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
|
| NEW YORK
- --------------------------------------------------------------------------------
| 5 |SOLE VOTING POWER
NUMBER OF | |
| |NONE
SHARES ----------------------------------------------------------------
| 6 |SHARED VOTING POWER
BENEFICIALLY | |
| |542,690
OWNED BY ----------------------------------------------------------------
| 7 |SOLE DISPOSITIVE POWER
EACH | |
| |NONE
REPORTING ----------------------------------------------------------------
| 8 |SHARED DISPOSITIVE POWER
PERSON | |
| |542,690
WITH | |
- --------------------------------------------------------------------------------
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
| 542,690 (Not to be construed as an admission of beneficial ownership.)
|
- --------------------------------------------------------------------------------
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|
|
- --------------------------------------------------------------------------------
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|
| 18.9%
- --------------------------------------------------------------------------------
12 | TYPE OF REPORTING PERSON*
|
| PN,BD
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 10 pages
<PAGE>
- ------------------- ------------------
CUSIP No. 93369N208 13G Page 3 of 10 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 | NAME OF REPORTING PERSONS
| S.S. OR I.R.S. Identification Nos. of above persons
|
| LIPPER HOLDINGS, LLC
- --------------------------------------------------------------------------------
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
| (a) [ ]
| JOINT FILING (b) [ ]
- --------------------------------------------------------------------------------
3 | SEC USE ONLY
|
|
- --------------------------------------------------------------------------------
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
|
| DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF | 5 |SOLE VOTING POWER
| |
SHARES | |NONE
----------------------------------------------------------------
BENEFICIALLY | 6 |SHARED VOTING POWER
| |
OWNED BY | |542,690
----------------------------------------------------------------
EACH | 7 |SOLE DISPOSITIVE POWER
| |
REPORTING | |NONE
----------------------------------------------------------------
PERSON | 8 |SHARED DISPOSITIVE POWER
| |
WITH | |542,690
- --------------------------------------------------------------------------------
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
| 542,690 (Not to be construed as an admission of beneficial ownership.)
- --------------------------------------------------------------------------------
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|
|
- --------------------------------------------------------------------------------
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|
| 18.9%
- --------------------------------------------------------------------------------
12 | TYPE OF REPORTING PERSON*
|
| HC, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 10 pages
<PAGE>
- ------------------- ------------------
CUSIP No. 93369N208 13G Page 4 of 10 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 | NAME OF REPORTING PERSONS
| S.S. OR I.R.S. Identification Nos. of above persons
|
| LIPPER & COMPANY, INC.
- --------------------------------------------------------------------------------
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
| (a) { ]
| JOINT FILING (b) [ ]
- --------------------------------------------------------------------------------
3 | SEC USE ONLY
|
|
- --------------------------------------------------------------------------------
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
|
| DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF | 5 |SOLE VOTING POWER
| |
SHARES | |NONE
----------------------------------------------------------------
BENEFICIALLY | 6 |SHARED VOTING POWER
| |
OWNED BY | |542,690
----------------------------------------------------------------
EACH | 7 |SOLE DISPOSITIVE POWER
| |
REPORTING | |
----------------------------------------------------------------
PERSON | 8 |SHARED DISPOSITIVE POWER
| |
WITH | |542,690
- --------------------------------------------------------------------------------
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
| 542,690 (Not to be construed as an admission of beneficial ownership.)
- --------------------------------------------------------------------------------
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|
|
- --------------------------------------------------------------------------------
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|
| 18.9%
- --------------------------------------------------------------------------------
12 | TYPE OF REPORTING PERSON*
|
| CO, HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 10 pages
<PAGE>
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CUSIP No. 93369N208 13G Page 5 of 10 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 | NAME OF REPORTING PERSONS
| S.S. OR I.R.S. Identification Nos. of above persons
|
| KENNETH LIPPER
- --------------------------------------------------------------------------------
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
| (a) { ]
| JOINT FILING (b) [ ]
- --------------------------------------------------------------------------------
3 | SEC USE ONLY
|
|
- --------------------------------------------------------------------------------
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
|
| UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF | 5 |SOLE VOTING POWER
| |
SHARES | |NONE
----------------------------------------------------------------
BENEFICIALLY | 6 |SHARED VOTING POWER
| |
OWNED BY | |542,690
----------------------------------------------------------------
EACH | 7 |SOLE DISPOSITIVE POWER
| |
REPORTING | |NONE
----------------------------------------------------------------
PERSON | 8 |SHARED DISPOSITIVE POWER
| |
WITH | |542,690
- --------------------------------------------------------------------------------
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
| 542,690 (Not to be construed as an admission of beneficial ownership.)
- --------------------------------------------------------------------------------
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|
|
- --------------------------------------------------------------------------------
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|
| 18.9%
- --------------------------------------------------------------------------------
12 | TYPE OF REPORTING PERSON*
|
| IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 10 pages
<PAGE>
ITEM 1.
(a) Name of issuer: WANG LABORATORIES, INC.
(b) Address of issuer's principal executive offices:
600 TECHNOLOGY PARK DRIVE
BILLERICA, MASSACHUSETTS 01821-4130
ITEM 2.
(a) Name of person filing: LIPPER & COMPANY, INC.
(b) Address or principal business office or, if none, residence:
101 PARK AVENUE, 6TH FLOOR
NEW YORK, NEW YORK 10178
(c) Citizenship: DELAWARE
(d) Title of class of securities: 6 1/2% SERIES B CUMULATIVE CONVERTIBLE
PREFERRED STOCK
(e) CUSIP No: 93369N208
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under section 15 of the Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act
(d) [ ] Investment company registered under section 8 of the Investment
Company Act
(e) [ ] Investment adviser registered under section 203 of the Investment
Advisers Act of 1940
(f) [ ] Employee benefit plan, pension fund which is subject to provisions
of the Employee Retirement Income Security Act of 1974 or
endowment fund; see (section mark) 240.13d-1(b)(1)(ii)(F)
(g) [ X] Parent holding cocmpany, in accordance with (section mark) 240.13d
-(b)(ii)(G). (Note: See Item 7)
(h) [ ] Group, in accordance with (section mark) 240.13d-1(b)(1)(ii)(H)
ITEM 4. OWNERSHIP
(a) Amount beneficially owned: AT DECEMBER 31, 1998, THE REPORTING PERSONS
MAY BE DEEMED TO BENEFICIALLY OWN IN THE AGGREGATE 542,690 SHARES OF 6 1/2%
SERIES B CUMULATIVE CONVERTIBLE PREFERRED STOCK (THE "CONVERTIBLE PREFERRED
STOCK"). LIPPER CONVERTIBLES, L.P. ("LIPPER CONVERTIBLES") IS THE OWNER OF
RECORD OF 542,690 SHARES OF CONVERTIBLE PREFERRED STOCK. AS SOLE GENERAL PARTNER
OF LIPPER CONVERTIBLES, LIPPER HOLDINGS, LLC ("LIPPER HOLDINGS") MAY BE DEEMED
TO BENEFICIALLY OWN THE CONVERTIBLE PREFERRED STOCK THAT LIPPER CONVERTIBLES
DIRECTLY BENEFICIALLY OWNS. AS MANAGER OF LIPPER HOLDINGS, LIPPER & COMPANY,
INC. ("LIPPER INC.") MAY BE DEEMED TO BENEFICIALLY OWN THE CONVERTIBLE PREFERRED
STOCK DIRECTLY BENEFICIALLY OWNED BY LIPPER CONVERTIBLES. AS SOLE SHAREHOLDER OF
LIPPER INC., KENNETH LIPPER ("LIPPER") MAY BE DEEMED TO BENEFICIALLY OWN THE
CONVERTIBLE PREFERRED STOCK DIRECTLY BENEFICIALLY OWNED BY LIPPER CONVERTIBLES.
EACH OF LIPPER HOLDINGS, LIPPER INC. AND LIPPER DISCLAIMS BENEFICIAL OWNERSHIP
OF THE CONVERTIBLE PREFERRED STOCK, AND THE FILING OF THIS SCHEDULE 13G SHALL
NOT BE CONSTRUED AS AN ADMISSION THAT ANY OF THE FOREGOING, FOR THE PURPOSES OF
SECTION 13(d) OR 13(g) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, IS
THE BENEFICIAL OWNER OF ANY WANG LABORATORIES INC. SECURITIES.
Page 6 OF 10 Pages
<PAGE>
(b) Percent of class: SEE LINE ITEM (11) OF THE COVER PAGES.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: SEE LINE ITEM (5) OF THE
COVER PAGES.
(ii) Shared power to vote or to direct the vote: SEE LINE ITEM (6) OF
THE COVER PAGES.
(iii) Sole power to dispose or to direct the disposition of: SEE LINE
ITEM (7) OF THE COVER PAGES.
(iv) Shared power to dispose or to direct the disposition of: SEE LINE
ITEM (8) OF THE COVER PAGES.
ITEM 5. OWNERSHIP OF 5 PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be beneficial owner of more than 5
percent of the class of securities, check the following [ ].
Instruction: Dissolution of a group requires a response to this item.
ITEM 6. OWNERSHIP OF MORE THAN 5 PERCENT ON BEHALF OF ANOTHER PERSON.
THE LIMITED PARTNERS OF LIPPER CONVERTIBLES, L.P. MAY HAVE THE RIGHT TO
RECEIVE, OR THE POWER TO DIRECT THE RECEIPT OF, DIVIDENDS OR PROCEEDS FROM THE
SALE OF SECURITIES REPORTED HEREIN.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
SEE EXHIBIT A.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
NOT APPLICABLE
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NOT APPLICABLE
Page 7 of 10 pages
<PAGE>
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
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 12, 1999
-----------------------------------------
Date
/s/
---------
Signature
Abraham Biderman/Executive Vice President
-----------------------------------------
Name/Title
Attention: Intentional misstatements or omissions of fact constitute
federal criminal violations (see 18 U.S.C. 1001).
Page 8 of 10 pages
<PAGE>
EXHIBIT A TO SCHEDULE 13G
ITEM 7 DISCLOSURE RESPECTING SUBSIDIARIES
LIPPER CONVERTIBLES, L.P., A NEW YORK LIMITED PARTNERSHIP ("LIPPER
CONVERTIBLES"), IS A BROKER DEALER REGISTERED UNDER SECTION 15 OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED (THE "ACT").
EACH OF LIPPER HOLDINGS, LLC, A DELAWARE LIMITED LIABILITY COMPANY AND THE
GENERAL PARTNER OF LIPPER CONVERTIBLES ("LIPPER HOLDINGS"), AND LIPPER &
COMPANY, INC., A DELAWARE CORPORATION AND THE MANAGER OF LIPPER HOLDINGS
("LIPPER INC."), DOES NOT DIRECTLY HOLD ANY 6-1/2% SERIES B CUMULATIVE
CONVERTIBLE PREFERRED STOCK OF WANG LABORATORIES, INC. (THE "CONVERTIBLE
PREFERRED STOCK") AND THUS IS FILING THIS STATEMENT ON SCHEDULE 13G AS A PARENT
HOLDING COMPANY IN ACCORDANCE WITH RULE 13D-1(B)1(ii)(G) UNDER THE ACT.
KENNETH LIPPER, A UNITED STATES CITIZEN AND THE SOLE SHAREHOLDER OF LIPPER
INC., DOES NOT DIRECTLY HOLD ANY CONVERTIBLE PREFERRED STOCK AND IS FILING THIS
STATEMENT ON SCHEDULE 13G IN RELIANCE ON THE NO ACTION RELIEF GRANTED BY THE
SECURITIES AND EXCHANGE COMMISSION IN RESPONSE TO LETTERS FILED BY EDWARD C.
JOHNSON 3RD (AUGUST 20, 1991) AND WARREN E. BUFFETT AND BERKSHIRE HATHAWAY, INC.
(DECEMBER 5, 1985).
Page 9 of 10 pages
<PAGE>
AMENDMENT NO. 2 TO JOINT FILING AGREEMENT
-----------------------------------------
Pursuant to Section 13(d) and (g) of the Securities Exchange Act of 1934,
as amended, and the rules promulgated thereunder, each of the undersigned
persons hereby agrees and consents to this joint filing of Schedule 13G on its
behalf (including any amendments thereto) and further agrees that this Joint
Filing Agreement be included as an Exhibit to such joint filing. Each of these
persons is not responsible for the completeness or accuracy of the information
concerning the other persons making this filing unless such person knows or has
reason to believe that such information is inaccurate.
Dated: February 12, 1999
Lipper Convertibles, L.P. Lipper Holdings, LLC
Name: /s/ Name: /s/
- ----------------------------------- ------------------------------
Title: Executive Vice President Title: Executive Vice President
Lipper & Company, Inc. Kenneth Lipper
Name: /s/ Name: /s/
- ----------------------------------- ------------------------------
Title: Executive Vice President
Page 10 of 10 pages
