<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
EMCOR GROUP INC.
(NAME OF ISSUER)
COMMON STOCK, $.01 PAR VALUE PER SHARE
(TITLE OF CLASS OF SECURITIES)
29084Q100
(CUSIP NUMBER)
STEVEN A. VAN DYKE
TOWER INVESTMENT GROUP, INC.
BAY HARBOUR MANAGEMENT, L.C.
777 SOUTH HARBOUR ISLAND BOULEVARD, SUITE 270
TAMPA, FLORIDA 33602
(813) 272-1992
DOUGLAS P. TEITELBAUM
885 Third Avenue
34th Floor
New York, New York 10022
(212) 371-2211
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
October 30, 1998
(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(e), 13d-1(f) or 13d-1(g), check the
following box. [x]
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on the following pages)
(Page 1 of 9 Pages)
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<TABLE>
<CAPTION>
CUSIP NO. 000360206 13D Page 2 of 9 Pages
<S> <C>
- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Steven A. Van Dyke
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO, PF
- ---------------------------------------------------------------------------------------------------------
5 CHECK 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 1,248,867
Owned by
------------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -0-
------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 1,248,867
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,248,867
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.5%
- ---------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CUSIP NO. 000360206 13D Page 3 of 9 Pages
<S> <C>
- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Douglas P. Teitelbaum
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
- ---------------------------------------------------------------------------------------------------------
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 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 1,223,767
Owned by
------------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -0-
------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 1,223,767
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,223,767
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
- ---------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CUSIP NO. 000360206 13D Page 4 of 9 Pages
<S> <C>
- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Tower Investment Group, Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 59-2924229
- ---------------------------------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida
- --------------------------------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 1,223,767
Shares
-------------------------------------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
------------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 1,223,767
------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,223,767
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
- ---------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON HC
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CUSIP NO. 000360206 13D Page 5 of 9 Pages
<S> <C>
- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Bay Harbour Management, L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 59-3418243
- ---------------------------------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida
- --------------------------------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 1,223,767
Shares
-------------------------------------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
------------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 1,223,767
------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 0
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,223,767
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
- ---------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IA
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER.
Common Stock, $.01 par value per share ("Emcor Common Stock") of Emcor
Group Inc., a Delaware corporation ("Emcor"). The principal executive offices
of Emcor are located at 101 Merritt Seven Corporate Park, 7th Floor, Norwalk,
Connecticut 06851.
ITEM 2. IDENTITY AND BACKGROUND.
Bay Harbour Management, L.C. ("Bay Harbour") is a Florida limited
company and a registered investment adviser under the Investment Advisers Act of
1940, as amended. Tower Investment Group, Inc., a Florida corporation
("Tower"), is the majority stockholder of Bay Harbour. Steven A. Van Dyke, a
resident of Florida and a United States citizen ("Van Dyke"), is a stockholder
of Tower. Douglas P. Teitelbaum, a resident of New York and a United States
citizen ("Teitelbaum" and, together with Bay Harbour, Tower and Van Dyke, the
"Reporting Persons"), is a stockholder of Tower. The executive officers and
directors of Bay Harbour and Tower are as follows:
<TABLE>
<CAPTION>
Name Address Occupation Place of Employment
<S> <C> <C> <C>
Steven A. Van Dyke 777 South Harbour Island investment Bay Harbour
Boulevard, Suite 270 management Management, L.C.
Tampa, Florida 33602
Douglas P. Teitelbaum 885 Third Avenue investment Bay Harbour
34th Floor management Management, L.C.
New York, New York 10022
</TABLE>
The principal business address of each Reporting Person is 777 South
Harbour Island Boulevard, Suite 270, Tampa, Florida 33602, except that the
principal business office of Teitelbaum is 885 Third Avenue, 34th Floor, New
York, New York 10022.
No Reporting Person has during the last five years (i) been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
During 1994, Bay Harbour purchased, for an aggregate purchase price of
$493,994.50, debentures of JWP, Inc. that were converted into 58,117 shares of
Emcor Common Stock (the "JWP Shares") pursuant to a reorganization plan approved
by a bankruptcy court. The source of the funds used by Bay Harbour to purchase
the JWP Shares were investment accounts managed on a discretionary basis by Bay
Harbour.
On March 13, 1998, Bay Harbour purchased in a public offering for
certain of its managed accounts, $1,000,000 of Emcor Group Inc. 5.75%
Convertible Debentures (the "Debentures") for an aggregate purchase price of
$1,000,105. The source of the funds used by Bay Harbour to purchase the
Debentures were investment accounts managed on a discretionary basis by Bay
Harbour.
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<PAGE>
From March 6, 1995 through November 3, 1998, Bay Harbour purchased in
secondary trades on the open-market for certain of its managed accounts,
1,129,074 shares of Emcor Common Stock (the "Open Market Shares" and, together
with the JWP Shares, the "Shares" ), for an aggregate purchase price of
$16,649,987.73. The source of the funds used by Bay Harbour to purchase the
Open Market Shares were investment accounts managed on a discretionary basis by
Bay Harbour. During this same time period, 25,100 shares of Emcor Common Stock
were purchased in secondary trades on the open-market for an aggregate amount of
$404,565.95 by Van Dyke using his personal funds.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Shares and the Debentures to obtain
an equity position in Emcor. The Reporting Persons presently consider the
Shares and the Debentures an attractive investment and intend to review their
investment on an ongoing basis. Such continuing review may result in the
Reporting Persons acquiring additional shares of Emcor Common Stock in the open-
market or in privately negotiated transactions, maintaining their holdings at
current levels or selling all or a portion of their holdings in the open-market
or in privately negotiated transactions. Any such actions the Reporting Persons
undertake will be dependent upon, among other things, the availability of shares
of Emcor Common Stock for purchase and the price levels of such shares; general
market and economic conditions; on-going evaluation of Emcor's business,
financial condition, operations and prospects; the relative attractiveness of
alternative business and investment opportunities; the availability of funds for
the purchase of additional shares of Emcor Common Stock; the actions of the
management and Board of Directors of Emcor; and other future developments.
The Reporting Persons also believe that it would be desirable for
Emcor to explore the possibility of pursuing strategic transactions to enhance
shareholder value, and has so advised the management of Emcor. Such
transactions could involve the acquisition of all or part of Emcor or the sale
of all or a material part of its assets. The Reporting Persons may hold
discussions with other parties who might engage in such transactions with Emcor
or, depending on its assessment of the factors listed above, may itself seek to
engage in such a transaction with Emcor. There can be no assurance that the
Reporting Persons (or any of their affiliates) will take any of the actions
described above with respect to the Shares, the Debentures or Emcor.
Although the foregoing reflects activities presently contemplated by
the Reporting Persons with respect to Emcor, the foregoing is subject to change
at any time. Except as set forth above, the Reporting Persons have no present
plans or intentions which would result in or relate to any of the transactions
described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
As of November 3, 1998, (i) Van Dyke beneficially owns 1,248,867
shares of Emcor Common Stock, which represent approximately 12.5% of Emcor
Common Stock outstanding, (ii) Teitelbaum beneficially owns 1,223,767 shares of
Emcor Common Stock, which represent approximately 12.3% of Emcor Common Stock
outstanding, (iii) Tower beneficially owns 1,223,767 shares of Emcor Common
Stock, which represent approximately 12.3% of Emcor Common Stock outstanding and
(iv) Bay Harbour beneficially owns 1,223,767 shares of Emcor Common Stock, which
represent approximately 12.3% of Emcor Common Stock outstanding based upon
9,952,803 shares of Emcor Common Stock outstanding as of October 28, 1998 as set
forth in a 10-Q filed on October 29, 1998 with the U.S. Securities and Exchange
Commission. For purposes of disclosing the number of shares beneficially owned
by each of the Reporting Persons, (A) Van Dyke and Teitelbaum are deemed to
beneficially own all shares of Emcor Common Stock that are beneficially owned by
Tower and Bay
-7-
<PAGE>
Harbour and (B) Tower is deemed to beneficially own all shares of
Emcor Common Stock that are beneficially owned by Bay Harbour.
Each Reporting Person has (i) the sole power to vote or direct the
vote of the 1,223,767 shares of Emcor Common Stock held by Bay Harbour; and (ii)
the sole power to dispose of or to direct the disposition of such 1,223,767
shares of Emcor Common Stock; except that Van Dyke and Teitelbaum share with
each other their voting and disposition power. In addition, Van Dyke has the
sole power to vote and direct the vote of 3,700 shares of Emcor Common Stock
held in his individual retirement account and, together with his wife, Ann Van
Dyke, has the sole power to vote and direct the vote of 21,400 shares of Emcor
Common Stock held in a joint personal account.
Except for the purchase of the Shares, to the best knowledge and
belief of the undersigned, no transactions involving Emcor Common Stock have
been effected during the past 60 days by the Reporting Persons or by their
directors, executive officers or controlling persons.
The 1,223,767 shares of Emcor Common Stock held by Bay Harbour
reported in this Statement are beneficially owned by Van Dyke, Teitelbaum, Tower
and Bay Harbour for the benefit of certain investment partnerships and managed
accounts over which Van Dyke, Teitelbaum, Tower and Bay Harbour control the
power to (i) direct the voting of such shares of Emcor Common Stock and (ii)
dispose of such shares of Emcor Common Stock. The limited partners of the
investment partnerships and the investors in the managed accounts for which Bay
Harbour acts as an investment adviser have the right to participate in the
receipt of dividends from, or proceeds from the sale of, securities held by
their funds or accounts, as the case may be. No such fund, single limited
partner of any of such funds nor any investor in a managed account has the right
to receive or the power to direct the receipt of dividends from, or proceeds
from the sale of, shares of Emcor Common Stock reported in this Schedule 13D
representing more than five percent of the outstanding Emcor Common Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT I Joint Filing Agreement, by and among Bay Harbour, Tower, Van
---------
Dyke and Teitelbaum.
-8-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated as of: November 4, 1998 TOWER INVESTMENT GROUP, INC.
/s/ Steven A. Van Dyke
By: _____________________________
Name: Steven A. Van Dyke
Title: President
BAY HARBOUR MANAGEMENT, L.C.
/s/ Steven A. Van Dyke
By: _____________________________
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
______________________________
STEVEN A. VAN DYKE
/s/ Douglas P. Teitelbaum
_______________________________
DOUGLAS P. TEITELBAUM
-9-
<PAGE>
Exhibit Index
-------------
EXHIBIT I Joint Filing Agreement, by and among Bay Harbour, Tower, Van
--------- Dyke and Teitelbaum.
<PAGE>
Exhibit I
Joint Filing Agreement
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint filing agreements.
The undersigned acknowledge that each shall be responsible for the timely filing
of such amendments, and for the completeness and accuracy of the information
concerning it contained therein, but shall not be responsible for the
completeness and accuracy of the information concerning the others, except to
the extent that it knows or has reason to believe that such information is
inaccurate.
This Agreement may be executed in counterparts and each of such
counterparts taken together shall constitute one and the same instrument.
BAY HARBOUR MANAGEMENT, L.C.
/s/ Steven A. Van Dyke
Date: November 4, 1998 By: _________________________________
Name: Steven A. Van Dyke
Title: President
TOWER INVESTMENT GROUP, INC.
/s/ Steven A. Van Dyke
Date: November 4, 1998 By: _________________________________
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
Date: November 4, 1998 ________________________________
Steven A. Van Dyke
/s/ Douglas P. Teitelbaum
Date: November 4, 1998 --------------------------------
Douglas P. Teitelbaum
