UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
LASER MORTGAGE MANAGEMENT, INC.
-------------------------------
(Name of Issuer)
Common Stock, $.001 par value
------------- ---------------
(Title of Class of Securities)
518 06 D100
--------------
(CUSIP Number)
June 2, 1999
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 1 of 14 pages)
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 2 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Jay Buck
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
225,300
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
225,300
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,300
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTION BEFORE FILLING OUT!
page 2 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 3 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Demeter Asset Management, Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
225,300
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
225,300
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,300
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3%
12 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTION BEFORE FILLING OUT!
page 3 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 4 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Mariner Partners, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
797,400
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
797,400
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
797,400
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5%
12 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTION BEFORE FILLING OUT!
page 4 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 5 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Mariner GP LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
797,400
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
797,400
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
797,400
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5%
12 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTION BEFORE FILLING OUT!
page 5 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 6 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Mariner Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
797,400
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
797,400
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
797,400
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5%
12 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTION BEFORE FILLING OUT!
page 6 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 7 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
William J. Michaelcheck
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
797,400
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
797,400
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
797,400
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTION BEFORE FILLING OUT!
page 7 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 8 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Rockwood Asset Management, Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
225,300
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
225,300
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,300
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3%
12 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTION BEFORE FILLING OUT!
page 8 of 14 pages
<PAGE>
SCHEDULE 13G
CUSIP No. 51806D100 Page 9 of 14 Pages
---------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Rockwood Partners, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
5 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
6 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
225,300
7 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
8 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
225,300
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,300
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3%
12 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTION BEFORE FILLING OUT!
page 9 of 14 pages
<PAGE>
Items 2(a), 4 and 5 of the Schedule 13G filed by the Reporting Persons on April
22, 1999 are hereby amended to read in their entirety as follows:
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Jay Buck ("Buck") with respect to the shares of Common
Stock, par value $.001 per share ("Common Stock") of the
Company beneficially owned by (a) Demeter Asset Management,
Inc., a Delaware corporation ("Demeter"), of which Buck is
the sole stockholder, President and a director and (b)
Rockwood Asset Management Inc., a Delaware corporation
("RAM"), of which Buck is the sole stockholder, President and
a director;
(ii) Demeter, with respect to the shares of Common Stock also
beneficially owned by Rockwood Partners, L.P., a Delaware
limited partnership ("Rockwood Partners"), for which Demeter
serves as investment manager;
(iii) Mariner Partners with respect to the shares of Common Stock
owned directly by it;
(iv) Mariner GP LP, a Delaware limited partnership ("Mariner GP"),
with respect to the shares of Common Stock also beneficially
owned by Mariner Partners, L.P., a Delaware limited
partnership ("Mariner Partners"), of which Mariner GP is the
general partner;
(v) Mariner, Inc., a Delaware corporation, with respect to the
shares of Common Stock also beneficially owned by Mariner GP
of which Mariner Inc. is the general partner;
(vi) William J. Michaelcheck ("Michaelcheck"), with respect to
the shares of Common Stock also beneficially owned by Mariner
Inc., of which Michaelcheck is the sole stockholder,
President and a director.
(vii) RAM, with respect to the shares of Common Stock also
beneficially owned by Rockwood Partners, of which RAM is the
general partner; and
(viii) Rockwood Partners, with respect to the shares of Common Stock
owned directly by it.
The foregoing persons are hereinafter collectively referred to as
the "Reporting Persons."
Item 4. Ownership.
A. Buck
(a) Amount beneficially owned:
(b) Percent of class: 1.3%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 225,300
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 225,300
(Page 10 of 14 pages)
<PAGE>
B. Demeter
(a) Amount beneficially owned: 225,300
(b) Percent of class: 1.3%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 225,300
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 225,300
C. Mariner Partners
(a) Amount beneficially owned: 797,400
(b) Percent of class: 4.5%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 797,400
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 797,400
D. Mariner GP
(a) Amount beneficially owned: 797,400
(b) Percent of class: 4.5%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 797,400
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 797,400
E. Mariner Inc.
(a) Amount beneficially owned: 797,400
(b) Percent of class: 4.5%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 797,400
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 797,400
F. Michaelcheck
(a) Amount beneficially owned: 797,400
(b) Percent of class: 4.5%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 797,400
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 797,400
G. RAM
(a) Amount beneficially owned: 225,300
(b) Percent of class: 1.3%
(c) (i) Sole power to vote or direct the vote: 0
(Page 11 of 14 pages)
<PAGE>
(ii) Shared power to vote or direct the vote: 225,300
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 225,300
H. Rockwood Partners
(a) Amount beneficially owned: 225,300
(b) Percent of class: 1.3%
(c) (i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 225,300
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 225,300
Item 5. Ownership of Five Percent of Less of a Class.
On June 2, 1999 Mariner Partners transferred 797,400 shares of Common
Stock to another account maintained by Mariner Partners over which Demeter has
no voting or investment power. Therefore, on such date Demeter and Buck ceased
to have beneficial ownership of such shares and none of the Reporting Persons
was the beneficial owner of more than five percent of the outstanding Common
Stock.
(Page 12 of 14 pages)
<PAGE>
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.
Dated: June 2, 1999
/s/Jay Buck
-------------------------------
Jay Buck
DEMETER ASSET MANAGEMENT, INC.
By: /s/Jay Buck
----------------------------
Jay Buck
President
MARINER PARTNERS, INC., L.P.
By: Mariner GP LP, General Partner
By: Mariner, Inc., General Partner
By: /s/William Michaelcheck
----------------------------
William Michaelcheck
President
MARINER GP LP
By: Mariner Inc., General Partner
By: /s/William Michaelcheck
----------------------------
William Michaelcheck
President
(Page 13 of 14 pages)
<PAGE>
MARINER INC.
By: /s/William Michaelcheck
----------------------------
William Michaelcheck
President
/s/William Michaelcheck
-------------------------------
William Michaelcheck
ROCKWOOD ASSET MANAGEMENT, INC.
By: /s/Jay Buck
----------------------------
Jay Buck
President
ROCKWOOD PARTNERS, L.P.
By: Rockwood Asset Management, Inc.
General Partner
By: /s/ Jay Buck
----------------------------
Jay Buck
President
(Page 14 of 14 pages)
