SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
(Amendment No. 2 )
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)
July 15, 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
1,141,789
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,141,789
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,141,789
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.90%
_____________________________________________________________________________
(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
596,941
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
596,941
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
596,941
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.23%
_____________________________________________________________________________
(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
596,941
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
596,941
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
596,941
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.23%
_____________________________________________________________________________
(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
50,411
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
50,411
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
50,411
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.53%
_____________________________________________________________________________
(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
1,141,789
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,141,789
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,141,789
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.90%
_____________________________________________________________________________
(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
50,411
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
50,411
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
50,411
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.53%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 13 Pages
<PAGE>
This Amendment No. 2 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").
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) $4,521,867 for 1,103,589 Shares beneficially
owned by Monarch, (ii) $2,391,438 for 575,441 Shares beneficially owned by
LP and GP, as its General Partner, and (iii) $196,928 for 48,611 Shares
beneficially owned by BNA. The aggregate net investment cost of all
of the Shares beneficially owned by the Group is $4,718,797.
ITEM 4. PURPOSE OF TRANSACTION.
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 9, 1996, as reflected in the Prospectus of the
Company filed with the Securities and Exchange Commission as of 5/29/96. For
purposes of calculating the percentages herein, the number of Shares underlying
the Warrants beneficially owned by the Reporting Person have been added
to the number of Shares outstanding and the number of Shares beneficially
owned by such Reporting Person 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 1,141,789 Shares, including 424,996 Shares
owned directly by Monarch Capital, Ltd. (constituting approximately
11.90% and 4.44% of the Shares outstanding, respectively).
(ii) LP owns directly 596,941 Shares,
constituting approximately 6.23% 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 596,941 Shares, constituting approximately 6.23% 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 50,411 Shares (constituting approximately 0.53%
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 (1,141,789 Shares, representing approximately 11.90% 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 (50,411 Shares, representing
approximately 0.53% of the shares outstanding).
(vi) The aggregate number of Shares beneficially owned by
all of the Reporting Persons is 1,192,200, representing approximately 12.42%
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 June 12 through July 15, 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.
July 16, 1996
/s/ George Bernstein
as attorney-in-fact for
Jeffrey N. Greenblatt, as
President of
Monarch Management Group, Ltd.
/s/ George Bernstein
as attorney-in-fact for
Jeffrey N. Greenblatt, as
Managing Member of
Monarch GP, L.L.C., as
General Partner of
Monarch Capital, L.P.
/s/ George Bernstein
as attorney-in-fact for
Jeffrey N. Greenblatt, as
Managing Member of
Monarch GP, L.L.C.
/s/ George Bernstein
as attorney-in-fact for
Richard B. Nye, as
President of
Baker Nye Advisers, Inc.
/s/ George Bernstein
as attorney-in-fact for
Jeffrey N. Greenblatt
/s/ George Bernstein
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
Purchased/(Sold)
6/19/96 4.39 19,918 4,532
6/25/96 4.41 9,988 2,266
6/28/96 4.32 64,800 15,000
7/1/96 4.52 19,436 4,300
7/2/96 4.52 14,464 3,200
7/3/96 4.52 15,368 3,400
7/8/96 4.53 4,211 930
7/10/96 4.40 5,507 1,253
7/11/96 4.36 18,228 4,177
7/12/96 4.21 17,573 4,176
7/15/97 3.80 31,750 8,353
Page 11 of 13 Pages
<PAGE>
Schedule B
MONARCH CAPITAL LP
Trade Date Unit Cost Cost Shares
Purchased/(Sold)
6/18/96 4.40 22,028 5,012
6/25/96 4.40 11,014 2,506
7/8/96 4.52 30,736 6,800
7/9/96 4.52 40,996 9,070
7/10/96 4.39 7,678 1,747
7/11/96 4.36 25,412 5,823
7/12/96 4.21 24,507 5,824
7/15/96 3.80 44,270 11,647
Page 12 of 13 Pages
<PAGE>
Schedule C
BAKER NYE ADVISERS, INC.
Trade Date Unit Cost Cost Shares
Purchased/(Sold)
6/19/96 4.39 2,004 456
6/25/96 4.39 1,002 228
Page 13 of 13 Pages
