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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 3)(1)
PHOTON DYNAMICS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of Class of Securities)
719364101
- --------------------------------------------------------------------------------
(CUSIP Number)
December 31, 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:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
- ----------
(1) 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 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 6 Pages
<PAGE>
CUSIP No. 719364101 13G Page 2 of 6 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WECHSLER & CO., INC.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 433,100
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY Not Applicable
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 433,100
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH Not Applicable
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
433,100
________________________________________________________________________________
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*
BD
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 6 Pages
<PAGE>
CUSIP No. 719364101 13G Page 2 of 6 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NORMAN J. WECHSLER
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 433,100
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY Not Applicable
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 433,100
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH Not Applicable
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
433,100
________________________________________________________________________________
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 INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 6 Pages
<PAGE>
Item 1(a). Name of Issuer:
PHOTON DYNAMICS, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
6325 San Ignacio Avenue
San Jose, CA 95119
Item 2(a). Name of Person Filing:
This Schedule 13G is filed on behalf of (i) Wechsler & Co.,
Inc. and (ii) Norman J. Wechsler (each a "Reporting Person"
and collectively, the "Reporting Persons").
Item 2(b). Address of Principal Business Office or, if none, Residence:
105 South Bedford Road
Suite 310
Mount Kisco, NY 10549
Item 2(c). Citizenship:
Wechsler & Co., Inc. is a New York corporation and
Norman J. Wechsler is a United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
719364101
Item 3. Type of Reporting Person:
(a) Wechsler & Co., Inc. is a Broker-Dealer registered under
Section 15 of the Securities Exchange Act of 1934. Norman
J. Wechsler is the majority stockholder, Chairman of the
Board and President of Wechsler & Co., Inc. and,
accordingly, is considered the beneficial owner of
securities beneficially owned by Wechsler & Co., Inc. All
of the equity securities of the Issuer beneficially owned
by the Reporting Persons were acquired in the ordinary
course of business and not with the purpose nor with the
effect of changing or influencing the control of the
Issuer, nor in connection with or as a participant in any
transaction having such effect (including any transaction
subject to Rule 13d-3(b) promulgated under the Securities
Exchange Act of 1934).
Page 4 of 6 Pages
<PAGE>
(b) - (h): Not Applicable
Item 4. Ownership:
(a) Amount Beneficially Owned:
As of December 31, 1999 Wechsler & Co., Inc.
beneficially owned 433,100 shares of Common Stock. Mr.
Wechsler is deemed the beneficial owner of such shares
by reason of his relationship with Wechsler & Co., Inc.
(b) Percent of Class:
4.5%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
433,100
(ii) shared power to vote or to direct the vote:
Not Applicable
(iii) sole power to dispose or to direct the disposition
of:
433,100
(iv) shared power to dispose or to direct the
disposition of:
Not Applicable
Item 5. This statement is being filed to report the fact that as of the date
hereof the Reporting Persons have ceased to be beneficial owners of
more than five percent of the common stock.
Items 6-9. Not Applicable
Page 5 of 6 Pages
<PAGE>
Item 10. By signing below each of the undersigned certifies that, to the best
of its or his knowledge and belief, the securities referred to above
were acquired or are held in the ordinary course of business and
were not acquired or are held for the purpose and do not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired or are held in connection with or
as a participant in any transaction having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Date: February 14, 2000
WECHSLER & CO., INC.
By: /s/ Norman J. Wechsler
------------------------------------
Norman J. Wechsler, President
/s/ Norman J. Wechsler
------------------------------------
NORMAN J. WECHSLER
Page 6 of 6 Pages
