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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 4)
Under the Securities Exchange Act of 1934
U.S. VISION, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
90339M-10-4
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(CUSIP Number)
George E. Norcross, III
1087 Springdale Road
Cherry Hill, NJ 08003
(856) 424-7122
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 27, 2000
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(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), (f) or (g), check the
following box / /.
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).
(Continued on following page(s))
Page 1 of 18 Pages
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CUSIP No. 90339M-10-4 13D/A Page 2 of 18 Pages
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(1) Names of Reporting Persons. I.R.S. Identification Nos. of Above
Persons (entities only)
George E. Norcross, III
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
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(6) Citizenship or Place of Organization United States
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 995,330(1)
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(9) Sole Dispositive
Power 0
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(10) Shared Dispositive
Power 995,330(1)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
995,330(1)
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
12.8%
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(14) Type of Reporting Person* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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(1) George E. Norcross, III shares voting and investment power with
Sandra T. Norcross, his wife, as tenants in common.
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CUSIP No. 90339M-10-4 13D/A Page 3 of 18 Pages
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(1) Names of Reporting Persons. I.R.S. Identification Nos. of Above
Persons (entities only)
Sandra T. Norcross
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
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(6) Citizenship or Place of Organization United States
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 995,330(1)
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(9) Sole Dispositive
Power 0
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(10) Shared Dispositive
Power 995,330(1)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
995,330(1)
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
12.8%
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(14) Type of Reporting Person* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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(1) Sandra T. Norcross shares voting and investment power with
George E. Norcross, her husband, as tenants in common.
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CUSIP No. 90339M-10-4 13D/A Page 4 of 18 Pages
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(1) Names of Reporting Persons. I.R.S. Identification Nos. of Above
Persons (entities only)
Joseph J. Roberts, Jr.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization United States
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Number of Shares (7) Sole Voting
Beneficially Owned Power 350,000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
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(9) Sole Dispositive
Power 350,000
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(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
350,000
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
4.5%
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(14) Type of Reporting Person* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 90339M-10-4 13D/A Page 5 of 18 Pages
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(1) Names of Reporting Persons. I.R.S. Identification Nos. of Above
Persons (entities only)
Indiana Pacific Capital Trust; 22-6760527
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization New Jersey
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Number of Shares (7) Sole Voting
Beneficially Owned Power 478,675
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
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(9) Sole Dispositive
Power 478,675
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(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
478,675
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
6.1%
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(14) Type of Reporting Person* OO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 90339M-10-4 13D/A Page 6 of 18 Pages
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(1) Names of Reporting Persons. I.R.S. Identification Nos. of Above
Persons (entities only)
Philip A. Norcross
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization United States
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Number of Shares (7) Sole Voting
Beneficially Owned Power 25,000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 478,675(1)
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(9) Sole Dispositive
Power 25,000
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(10) Shared Dispositive
Power 478,675(1)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
503,675
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
6.5%
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(14) Type of Reporting Person* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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(1) Includes 478,675 shares of common stock held by the Indiana Pacific Capital
Trust, of which Mr. Norcross is a trustee.
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CUSIP No. 90339M-10-4 13D/A Page 7 of 18 Pages
Item 1. SECURITY AND ISSUER.
The class of equity securities to which this Statement on Schedule
13D/A relates is Common Stock, par value $.01 per share ("Common Stock"), of
U.S. Vision, Inc., a Delaware corporation (sometimes referred to as the
"Company" or "Issuer"). The principal executive offices of the Company are
located at 1 Harmon Drive, Glen Oaks Industrial Park, Glendora, NJ 08029.
Item 2. IDENTITY AND BACKGROUND.
(a) The name of each Filer is as follows:
1. George E. Norcross, III
2. Sandra T. Norcross
3. Joseph J. Roberts, Jr.
4. Indiana Pacific Capital Trust
5. Philip A. Norcross
(b), (c) The principal occupation, if any, of each Filer who is a
natural person and the residence or business address for each Filer is as
follows:
1. George E. Norcross, III, Chairman and Chief Executive Officer,
Commercial National Insurance Services, Commerce Atrium, 1701
Route 70 East, Cherry Hill, NJ 08034.
2. Sandra T. Norcross, 1087 Springdale Road, Cherry Hill, NJ 08003.
3. Joseph J. Roberts, Jr., Restauranteur and Member of the New
Jersey General Assembly, 111 Linden Street, Camden, NJ 08102.
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CUSIP No. 90339M-10-4 13D/A Page 8 of 18 Pages
4. Indiana Pacific Capital Trust, c/o Philip A. Norcross,
Trustee, P.O. Box 1440, Cherry Hill, NJ 08034.
5. Philip A. Norcross, Managing Partner, Parker McCay &
Criscuolo, P.A., Marlton, NJ, 2 Yearling Chase, Mt.
Laurel, NJ 08054.
(d), (e) During the past five years, none of the Filers has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors), nor has any of them 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 judgment, 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.
(f) Each Filer which is a trust was organized under the laws of the
State of New Jersey and each Filer who is a natural person is a citizen of
the United States.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 4 from pages 2-7 of this Schedule 13D/A are incorporated herein
by reference.
Item 4. PURPOSE OF TRANSACTION.
(a) The Filers acquired the securities herein reported for
investment purposes. Depending on market conditions, general economic
conditions, and other factors that each may deem significant to its
respective investment decisions, the Filers may purchase shares of Common
Stock in the open market or in private transactions or may dispose of all or
a portion of the shares of Common Stock that they or any of them presently
own or may hereafter acquire. The Filers intend to seek to enhance the value
of their investment, which may include pursuing one or more of the following
actions: (a) the acquisition by any person of additional securities of the
Company, or the disposition of securities of the Company; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Company or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the Company or any of its
subsidiaries; (d) any change in the present board of directors or management
of the Company, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the Company; (f)
any other material change to the Company's business or corporate structure;
(g) changes in the Company's charter or bylaws or other actions which may
impede the acquisition of control of the Company by any person; (h) causing
the Common Stock or any other class of securities of the Company to be
delisted from the Nasdaq National Market; (i) the Common Stock or any other
class of equity securities of the Company becoming eligible for termination
of registration pursuant to Section 12(g)(4) of the Securities Exchange Act
of 1934, as amended; or (j) any action similar to any of those enumerated
above.
(b) On December 27, 2000, George E. Norcross, III ("Norcross"), on
behalf of the Filers, entered into a non-binding letter of intent with the
Company and certain of its stockholders whereby the parties agreed to pursue
a transaction in which the Filers, either directly or through an entity to be
formed by them, would acquire (i) all of the outstanding shares of Common
Stock for a purchase price of $4.50 per share and (ii) certain stock options
currently exercisable for shares of Common Stock of the Company for a
purchase price equal to the difference between $4.50 and the exercise price
of such options. The proposed transaction is subject to the execution of a
definitive agreement on terms consistent with the letter agreement, as well
as the satisfaction of certain other conditions set forth therein, including
without limitation approval by the Company's stockholders, regulatory
approvals, receipt of financing and receipt of third party consents and
approvals. The Filers and the other stockholders who are parties to the
letter of intent have agreed to vote all of the shares of Common Stock held
or controlled by them in favor of the proposed transaction, which shares
represent, in the aggregate, approximately 78% of the Company's outstanding
Common Stock.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) Items 7, 8, 9, 10, 11 and 13 from pages 2-7 of this
Schedule 13D/A are incorporated herein by reference. The Filers own an
aggregate of 1,849,005 shares of Common Stock, representing 23.7% of the
Issuer's outstanding Common Stock.
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CUSIP No. 90339M-10-4 13D/A Page 9 of 18 Pages
(c) In the sixty days preceding the date of this filing, the Filers
listed below made the following purchases of Common Stock:
On December 14, 2000, George E. Norcross, III and Sandra T.
Norcross purchased an aggregate of 91,200 shares of Common Stock from former
group member Rose Guida.
On December 14, 2000, Indiana Pacific Capital Trust
purchased an aggregate of 200,000 shares of Common Stock from former group
member Rose Guida.
(d) N/A
(e) N/A
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
See Item 4(b) above.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement among the parties listed therein dated as
of January 5, 2001.
2. Letter Agreement dated as of December 27, 2000 by and among
Norcross, the Company and certain stockholders of the Company listed on the
signature pages thereto.
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CUSIP No. 90339M-10-4 13D/A Page 10 of 18 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this Statement on Schedule 13D/A
is true, complete and correct as of the date hereof.
Dated: January 5, 2001
/s/ George E. Norcross, III
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George E. Norcross, III
/s/ Sandra T. Norcross
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Sandra T. Norcross
/s/ Joseph J. Roberts, Jr.
--------------------------------
Joseph J. Roberts, Jr.
INDIANA PACIFIC CAPITAL TRUST
By: /s/ Philip A. Norcross
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Philip A. Norcross
Trustee
/s/ Philip A. Norcross
--------------------------------
Philip A. Norcross
