SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
(Amendment No. 1 )
WAXMAN INDUSTRIES, INC.
- - ----------------------------------------------------------------------------
(Name of Issuer)
Class A Common Stock
- - ----------------------------------------------------------------------------
(Title of Class of Securities)
944124106
- - ----------------------------------------------------------------------------
(CUSIP Number)
Jeffrey N. Greenblatt
President
Monarch Management Group, Ltd.
767 Fifth Avenue
New York, New York 10153
(212) 826-3030
- - ----------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 11, 1996
- - ----------------------------------------------------------------------------
(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 reporting 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 less than five percent of such class.
See Rule 13d-7.)
Page 1 of 13 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Monarch Management Group, Ltd.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
OO
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,041,773
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,041,773
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,041,773
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
10.85%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 13 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Monarch Capital,L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
WC
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
548,512
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
548,512
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
548,512
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.72%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 13 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Monarch GP, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
WC
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
548,512
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
548,512
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
548,512
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.72%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
OO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 13 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Baker Nye Advisers, Inc.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
OO
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
49,727
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
49,727
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
49,727
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.52%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 13 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Jeffrey N. Greenblatt
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
OO
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,041,773
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,041,773
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,041,773
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
10.85%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 6 of 13 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Richard B. Nye
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
OO
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
49,727
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
49,727
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
49,727
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.52%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 13 Pages
<PAGE>
This Amendment No. 1 to the Schedule 13D originally filed on April 22,
1996, relates to shares of Class A Common Stock (the "Shares"), and Shares
underlying warrants (the "Warrants") for the purchase of Shares,
of Waxman Industries, Inc. (the "Company"). Reference herein to "Shares"
refer to shares held directly and shares underlying the Warrants.
ITEM 1. SECURITY AND ISSUER.
No change.
ITEM 2. IDENTITY AND BACKGROUND.
No change.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The first paragraph of Item 3 is hereby amended and restated as follows:
The net investment cost (including commissions, if any, and excluding
the cost of the Warrants) is (i) $4,093,984 for 1,003,573 Shares beneficially
owned by Monarch, (ii) $2,139,109 for 527,012 Shares beneficially owned by
LP and GP, as its General Partner, and (iii) $193,921 for 47,927 Shares
beneficially owned by BNA. The aggregate net investment cost of all
of the Shares beneficially owned by the Group is $4,287,905.
ITEM 4. PURPOSE OF TRANSATION.
No change.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated in its entirety as follows:
(a) The approximate aggregate percentage of Shares
reported beneficially owned by each person herein is based on 9,559,586 Shares
outstanding as of May 8, 1996, as reflected in the Form 10Q of the
Company for the period ending March 31, 1995. For purposes of calculating
the percentages herein, the number of Shares underlying the Warrants
beneficially owned by the applicable member of the Group have been added
to the number of Shares outstanding as though such Warrants had been exercised.
As of the date hereof:
(i) Monarch owns directly no Shares. By reason of the
provisions of Rule 13d-3 of the Act, Monarch may be deemed to
own beneficially 1,041,773 Shares, including the 362,733 Shares
owned directly by Monarch Capital, Ltd. (constituting approximately
10.85% and 3.78% of the Shares outstanding, respectively).
(ii) LP owns directly 548,512 Shares,
constituting approximately 5.72% of the Shares outstanding.
(iii) GP owns directly no Shares. By reason of the
provisions of Rule 13d-3 of the Act, GP may be deemed to
own beneficially 548,512 Shares, constituting approximately 5.72% of the
shares outstanding.
(iv) BNA owns directly no Shares. By reason of the
provisions of Rule 13d-3 of the Act, BNA may be deemed to
own beneficially 49,727 Shares (constituting approximately 0.52%
of the Shares outstanding).
Page 8 of 13 Pages
<PAGE>
(v) Mr. Greenblatt and Mr. Nye own directly no Shares. Mr.
Greenblatt, by reason of Rule 13d-3 of the Act, may be deemed to own
beneficially the Shares owned by each of the entities in (i) through (iii)
above (1,041,773 Shares, representing approximately 10.85% of the shares
outstanding). Mr. Nye, by reason of Rule 13d-3 of the Act, may be deemed
to beneficially own the Shares owned by BNA (49,727 Shares, representing
approximately 0.52% of the shares outstanding).
(vi) The aggregate number of Shares beneficially owned by
all of the Reporting Persons is 1,091,500, representing approximately 11.37%
of the shares outstanding.
(b) Each of LP. and Monarch Capital, Ltd. has the power
to vote and dispose of the Shares owned by it, which power may be exercised
by the general partner or investment manager of each such Partnership. BNA
and Mr. Nye share voting and investment power as to Shares
held in discretionary accounts managed by BNA. Mr. Greenblatt and Monarch
share voting and investment power as to Shares held in discretionary
accounts managed by Monarch, including Monarch Capital, Ltd. Mr.
Greenblatt, LP and GP share voting and investment power as to Shares
owned by LP.
(c) The trading dates, number of shares of Common Stock
purchased or sold and price per share for all transactions in the Shares
from April 19, 1996 until June 11, 1996 by (i) Monarch on behalf of
discretionary accounts other than LP, (ii) LP and (iii) BNA on behalf
of discretionary accounts are set forth on Schedules A, B and C,
respectively. All such transactions were effected through the New York Stock
Exchange. During such period, none of the individuals named herein entered
into any transactions in the Shares.
(d) No person other than each respective record owner referred
to herein of Shares is known to have the right to receive or the power to
direct the receipt of dividends from or the proceeds of sale of such Shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUERS.
No change.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
No change.
Page 9 of 13 Pages
<PAGE>
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.
June 12, 1996
/s/ JEFFREY N. GREENBLATT
Jeffrey N. Greenblatt, as
President of
Monarch Management Group, Ltd.
/s/ JEFFREY N. GREENBLATT
Jeffrey N. Greenblatt, as
Managing Member of
Monarch GP, L.L.C., as
General Partner of
Monarch Capital, L.P.
/s/ JEFFREY N. GREENBLATT
Jeffrey N. Greenblatt, as
Managing Member of
Monarch GP, L.L.C.
/s/ Joseph M. Kiely
Joseph M. Kiely as attorney-in-fact
for Richard B. Nye, as
President of
Baker Nye Advisers, Inc.
/s/ JEFFREY N. GREENBLATT
Jeffrey N. Greenblatt
/s/ Joseph M. Kiely
Joseph M. Kiely as attorney-in-fact
for Richard B. Nye
Page 10 of 13 Pages
<PAGE>
Schedule A
MONARCH MANAGEMENT GROUP, LTD.
Trade Date Unit Cost Cost Shares
5/6/95 4.65 19,974 4,300
5/7/96 4.66 3,9l7 840
5/7/96 4.64 38,460 8,280
5/7/96 4.65 2,095 45l
5/20/96 4.63 9,330 2,016
5/20/96 4.62 59,689 12,918
5/20/96 4.52 4,440 961
5/20/96 4.63 7,085 1,530
5/31/96 4.65 l0,219 2,200
6/5/96 4.65 46,450 10,000
6/6/96 4.65 23,225 5,000
6/10/96 4.69 l,743 372
6/l0/96 4.65 79,067 l7,022
6/l0/96 4.65 497 l07
6/ll/96 4.64 l4,634 3,l56
6/ll/96 4.64 l03,465 22,313
6/11/96 4.64 8,643 l,684
6/11/96 4.64 6,956 l,500
Page 11 of 13 Pages
<PAGE>
Schedule B
MONARCH CAPITAL LP
Trade Date Unit Cost Cost Shares
5/7/96 4.65 23,457 5,050
5/20/96 4.62 95,628 20,696
6/l0/96 4.65 l8,8l2 4,050
6/ll/96 4.64 l50,327 32,4l9
Page 12 of 13 Pages
<PAGE>
Schedule C
BAKER NYE ADVISERS, INC.
Trade Date Unit Cost Cost Shares
5/7/96 4.65 l,760 379
5/20/96 4.62 8,682 l,879
6/l0/96 4,65 2,086 449
6/ll/96 4.64 l3,670 2,948
Page 13 of 13 Pages
