<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 4)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE d-2(a)
EMCOR GROUP, INC.
----------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01
----------------------------
(Title of Class of Securities)
29084Q100
---------
(CUSIP Number)
BAY HARBOUR MANAGEMENT, L.C.
TOWER INVESTMENT GROUP, INC.
STEVEN A. VAN DYKE
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)
February 25, 2000
-----------------
(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 [_].
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 18 Pages)
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 2 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
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) [X]
(b) [_]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO,PF
- ------------------------------------------------------------------------------
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 -30,600-
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER 1,391,367
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -30,600-
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 1,391,367
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,421,967
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 3 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
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) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 1,391,367
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 1,391,367
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,391,367
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 4 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
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) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER -0-
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER 1,391,367
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 1,391,367
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,391,367
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON HC
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 5 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
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) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 289,678
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER 1,101,689
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 289,678
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 1,101,689
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,391,367
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IA
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 6 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Bay Harbour Investments, Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER -0-
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER 375,979
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 375,979
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,979
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 7 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Bay Harbour 90-1, Ltd.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 355,150
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 355,150
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
355,150
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON PN
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 8 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Trophy Hunter Investments,
Ltd.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 350,822
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 350,822
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
350,822
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON PN
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 9 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Bay Harbour Partners, Ltd.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 374,888
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 374,888
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,888
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 10 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Bay Harbour 98-1, Ltd.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER 20,829
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 20,829
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,829
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
<PAGE>
- --------------------- ----------------------
CUSIP No. 29084Q100 13D Page 11 of 18 Pages
- --------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Trophy Hunters, Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
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 Florida
- ------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER -0-
Shares
-----------------------------------------------------------
Beneficially 8 SHARED VOTING POWER 350,822
Owned by
-----------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 350,822
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
350,822
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 29084Q100 13D Page 12 of 18 Pages
- -------------------------- --------------------------
This Amendment No. 4 amends and supplements the Statement on Schedule 13D,
originally filed with the U.S. Securities and Exchange Commission (the "SEC") on
November 4, 1998 (the "Schedule 13D"), by Bay Harbour Management, L.C. ("Bay
Harbour"), Tower Investment Group, Inc. ("Tower"), Steven A. Van Dyke ("Van
Dyke"), and Douglas Teitelbaum ("Teitelbaum"), as amended by Amendment No. 1
thereto filed with the SEC on December 18, 1998, which added the following
persons (herein referred to collectively with Bay Harbour, Tower, Van Dyke and
Teiltelbaum as the "Reporting Persons"): Bay Harbour 90-1, Ltd., Bay Harbour 98-
1, Ltd., Trophy Hunter Investments, Ltd., Bay Harbour Investments, Inc., Trophy
Hunters, Inc., Bay Harbour Partners, Ltd. and Trophy Hunter Partners, Ltd.,
Amendment No. 2 thereto filed with the SEC on January 6, 1999, and Amendment No.
3 thereto filed with the SEC on June 1, 1999.
Item 2. Identity and Background
Item 2 is hereby amended to change the third and fourth paragraphs to read as
follows:
Each of Bay Harbour 90-1, Ltd., Bay Harbour 98-1, Ltd. and Trophy Hunter
Investments, Ltd. is a Florida limited partnership. Each of Bay Harbour
Investments, Inc. and Trophy Hunters, Inc. is a Florida corporation. Bay Harbour
Partners, Ltd. is a Bahamian corporation.
The principal business of Bay Harbour 90-1, Ltd., Bay Harbour 98-1, Ltd.,
Trophy Hunter Investments, Ltd. and Bay Harbour Partners, Ltd. is investing in
securities. The principal business of Bay Harbour Investments, Inc. is serving
as the general partner of Bay Harbour 90-1, Ltd. and Bay Harbour 98-1, Ltd. The
principal business of Trophy Hunters, Inc. is serving as the general partner of
Trophy Hunter Investments, Ltd.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended by adding the following statement at the end of the
existing Item 3:
<PAGE>
- -------------------------- --------------------------
CUSIP No. 29084Q100 13D Page 13 of 18 Pages
- -------------------------- --------------------------
On January 31, 2000, Bay Harbour purchased 5,000 shares of Emcor Common
Stock for a purchase price of $87,813. The source of funds used by Bay Harbour
to purchase such shares was Capital in investment accounts managed on a
discretionary basis by Bay Harbour.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended by adding the following statement at the end of
existing Item 4:
By letter dated February 25, 2000, Bay Harbour 90-1, Ltd. notified Emcor
pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as
amended, of its intention to submit the following proposal (the "Proposal") for
action at the Annual Meeting of Stockholders to be held in 2000 (the "Annual
Meeting") and requested that the Company include the Proposal and the following
supporting statement in the its proxy statement:
Resolved that the following Article shall be added to the By-Laws of EMCOR
Group, Inc. (the Company):
The Board of Directors shall not enter into a Rights Agreement or other
form of plan or agreement, generally known as a "poison pill," which has the
purpose of discouraging the acquisition of large amounts of the Company's stock,
or issue or distribute rights under any such plan or agreement unless such plan
or agreement is first approved by the holders of a majority of the issued and
outstanding shares of Common Stock. Promptly after the adoption of this Article
the Company shall redeem any rights outstanding under any such plan or
agreement. Notwithstanding anything to the contrary in these Bylaws, this
Article shall not be amended, added to, rescinded or repealed by the Board of
Directors except by the unanimous vote of the Directors present at a meeting, a
quorum being present, with each Director not present at such meeting having
received at least 72 hours advance written notice that such action will be
proposed at such meeting.
SUPPORTING STATEMENT
Bay Harbour 90-1, Ltd. (the "Proponent") and its affiliates, including Bay
Harbour Management, L.C., are the largest stockholder of EMCOR Group, Inc. (the
"Company"). Together they beneficially own 13.3 % of the outstanding shares.
We believe that the Company's poison pill is harmful to the interests of
shareholders and should be repealed for the following reasons:
<PAGE>
- -------------------------- --------------------------
CUSIP No. 29084Q100 13D Page 14 of 18 Pages
- -------------------------- --------------------------
. Despite the Company's excellent management, we believe that the market
price of the Company's stock does not adequately reflect its long-term intrinsic
value. In our opinion, the best way to maximize shareholder value will
ultimately be to sell the Company to a strategic or financial buyer. We believe
that the poison pill discourages prospective buyers from proposing such a
transaction because of the risk that the Board of Directors will use the poison
pill to block a transaction favored by shareholders.
. The poison pill, which effectively bars anyone from owning more than 15%
of the Common Stock, prevents the Proponent and other large stockholders from
substantially increasing their investment in the Company. The Proponent believes
that this barrier depresses the price of the Company's stock, because it keeps
investors out of the market who are potentially the largest buyers of the
Company's shares. The Proponent believes that it would not be harmful to other
shareholders if the Proponent were to increase its ownership of the Company's
shares, because the Proponent's long-term objective is not to acquire control of
the Company, but to have the Company engage in a transaction that maximizes
shareholder value.
. If management has particular concerns about share accumulations, such as
the preservation of net operating loss carryforwards, it should draft a poison
pill that is focused on those concerns and submit it to a shareholder vote.
The Reporting Persons presently intend to nominate Douglas P. Teitelbaum
for election to the Board of Directors at the 2000 Annual Meeting.
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended in its entirety to read as follows:
(a) As of the date of this Statement, the Reporting Persons beneficially
owned in the aggregate 1,421,967 (including 36,576 Shares issuable upon
conversion of the Debentures), constituting 13.6 % of the outstanding shares of
Emcor Common Stock. The Reporting Persons may be deemed to have direct
beneficial ownership of shares of Emcor Common Stock as follows:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Approximate Percentage of
Outstanding Shares of
Number of Shares of Emcor Aggregate Principal Amount Emcor Common Stock
Name Common Stock of Debentures Beneficially Owned.
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bay Harbour 90-1, Ltd. 338,691 $450,000 (1) 3.4%
- ----------------------------------------------------------------------------------------------------------------------------
Trophy Hunter Investments, Ltd. 350,822 3.4%
- ----------------------------------------------------------------------------------------------------------------------------
Bay Harbour Partners, Ltd. 356,600 $500,000 (2) 3.6%
- ----------------------------------------------------------------------------------------------------------------------------
Bay Harbour 98-1, Ltd. 19,000 $ 50,000 (3) .2%
- ----------------------------------------------------------------------------------------------------------------------------
Bay Harbour 289,678 2.7%
- ----------------------------------------------------------------------------------------------------------------------------
Steve Van Dyke 30,600 (4) .3%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
______________
(1) Convertible into 16,459 Shares based upon a conversion price of $27.34
(2) Convertible into 18,288 Shares based upon a conversion price of $27.34 per
share.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 29084Q100 13D Page 15 of 18 Pages
- -------------------------- --------------------------
(3) Convertible into 1,829 Shares based upon a conversion price of $27.34 per
share.
(4) Includes 26,900 Shares held in a joint account with Ann Van Dyke, not a
Reporting Person.
Tower, as the majority shareholder of Bay Harbour, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) the Securities as to which Bay Harbour possesses direct
beneficial ownership. Each of Messrs. Van Dyke and Teitelbaum, as directors,
executive officers and shareholders of Tower, may be deemed to beneficially own
the Securities which Tower may be deemed to beneficially own. Each of Messrs.
Van Dyke and Teitelbaum disclaims beneficial ownership of such Securities for
all other purposes.
Bay Harbour has direct beneficial ownership of the Securities held in
certain accounts that it manages. Each of Messrs. Teitelbaum and Van Dyke, as
executive officers and directors of Bay Harbour, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) the Securities which Bay Harbour beneficially owns. Each
of Messrs. Teitelbaum and Van Dyke hereby disclaims beneficial ownership of such
Securities for all other purposes.
Bay Harbour Investments, Inc., as the general partner of Bay Harbour 90-1,
may be deemed to own beneficially (as that term is defined in Rule 13d-3 under
the Securities Exchange Act of 1934) Securities which Bay Harbour 90-1 may be
deemed to possess direct beneficial ownership. Each of Messrs. Van Dyke and
Teitelbaum, as shareholders, officers and directors of Bay Harbour Investments,
Inc., Bay Harbour and Tower may be deemed to beneficially own Securities which
Bay Harbour 90-1 may be deemed to beneficially own. Each of Messrs. Van Dyke
and Teitelbaum disclaims beneficial ownership of such Shares for all other
purposes.
Trophy Hunters, Inc., as the general partner of Trophy Hunter Investments,
Ltd., may be deemed to own beneficially (as that term is defined in Rule 13d-3
under the Securities Exchange Act of 1934) Securities which Trophy Hunters
Investments, Ltd. may be deemed to possess direct beneficial ownership. Each of
Messrs. Van Dyke and Teitelbaum, as shareholders, officers and directors of
Trophy Hunters, Inc., Bay Harbour and Tower may be deemed to beneficially own
Securities which Trophy Hunter Investments, Ltd. may be deemed to beneficially
own. Each of Messrs. Van Dyke and Teitelbaum disclaims beneficial ownership of
such Shares for all other purposes.
Bay Harbour, as the investment advisor of Bay Harbour Partners, Ltd.,
may be deemed to own beneficially (as that term is defined in Rule 13d-3 under
the Securities Exchange Act of 1934) Securities which Bay Harbour Partners, Ltd.
may be deemed to possess direct beneficial ownership. Each of Messrs. Van Dyke
and Teitelbaum, as shareholders, officers and directors of Bay Harbour and Tower
may be deemed to beneficially own Securities which Bay Harbour Partners, Ltd.
may be deemed to beneficially own. Each of Messrs. Van Dyke and Teitelbaum
disclaims beneficial ownership of such Shares for all other purposes.
Bay Harbour Investments, Inc., as the general partner of Bay Harbour
98-1, Ltd. may be deemed to own beneficially (as that term is defined in Rule
13d-3 under the Securities Exchange Act of 1934) Securities which Bay Harbour
98-1, Ltd. may be deemed to possess direct beneficial ownership. Each of
Messrs. Van Dyke and Teitelbaum, as shareholders, officers and directors of Bay
Harbour Investments, Inc., may be deemed to beneficially own Securities which
Bay Harbour 98-1, Ltd. may be deemed to beneficially own. Each of Messrs. Van
Dyke and Teitelbaum disclaims beneficial ownership of such Shares for all other
purposes.
<PAGE>
- -------------------------- --------------------------
CUSIP No. 29084Q100 13D Page 16 of 18 Pages
- -------------------------- --------------------------
(b) Bay Harbour has the sole power to vote or direct the vote of 289,678
shares of Emcor Common Stock held in accounts and that it manages, and the sole
power to dispose or direct the disposition of all such shares of Emcor Common
Stock. Tower and Messrs. Van Dyke and Teitelbaum may be deemed to share with
Bay Harbour the power to vote or to direct the vote and to dispose of or to
direct the disposition of such shares of Emcor Common Stock.
Van Dyke has the sole power to vote or direct the vote of 30,600 shares of
Emcor Common Stock and the sole power to dispose or direct the disposition of
such shares of Emcor Common Stock. Van Dyke's wife, Ann Van Dyke (not a
Reporting Person) may be deemed to share with Van Dyke the power to vote or
direct the vote and to dispose of or direct the disposition of 26,900 of such
shares of Emcor Common Stock.
Bay Harbour 90-1, Ltd. has the sole power to vote or direct the vote of
329,191 Shares and, after conversion of the Debentures, an additional 16,459
shares of Emcor Common Stock and the sole power to dispose or direct the
disposition of such Securities. Tower, Bay Harbour, Bay Harbour Investments,
Inc. and Messrs. Van Dyke and Teitelbaum may be deemed to share with Bay Harbour
90-1, Ltd. the power to vote or to direct the vote and to dispose or to direct
the disposition of such Securities.
Bay Harbour 98-1, Ltd. has the sole power to vote or direct the vote of
18,000 Shares and, after conversion of the Debentures, an additional 1,829
shares of Emcor Common Stock and the sole power to dispose or direct the
disposition of such Securities. Tower, Bay Harbour, Bay Harbour Investments,
Inc. and Messrs. Van Dyke and Teitelbaum may be deemed to share with Bay Harbour
98-1, Ltd. the power to vote or to direct the vote and to dispose or to direct
the disposition of such Securities.
Bay Harbour Partners, Ltd. has the sole power to vote or direct the vote of
356,600 Shares and, after conversion of the Debentures, an additional 18,288
shares of Emcor Common Stock and the sole power to dispose or direct the
disposition of such Securities. Tower, Bay Harbour and Messrs. Van Dyke and
Teitelbaum may be deemed to share with Bay Harbour Partners, Ltd. the power to
vote or to direct the vote and to dispose or to direct the disposition of such
Securities.
Trophy Hunter Investments, Ltd. has the sole power to vote or direct the
vote of 350,822 Shares and the sole power to dispose or direct the disposition
of such Securities. Tower, Bay Harbour, Trophy Hunters, Inc. and Messrs. Van
Dyke and Teitelbaum may be deemed to share with Trophy Hunter Investments, Ltd.
the power to vote or to direct the vote and to dispose or to direct the
disposition of such Securities.
(c) On January 31, 2000, a Bay Harbour managed account purchased on NASDAQ
5,000 shares of Emcor Common Stock at a price of $17.56 per share.
(d) No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
Securities, except the dividends from, or proceeds from the sale of shares of
Emcor Common Stock, and interest on or proceeds from the sale of Debentures in
each respective account managed by Bay Harbour and the investment partnerships
for which Bay Harbour acts as an investment advisor will be delivered into each
such respective account or to such investment partnership, as the case may be.
No such individual account, investment partnership or limited partner thereof
has an interest in shares of Emcor Common Stock reported in this Schedule 13D
representing more than five percent of the class of outstanding shares of Emcor
Common Stock.
(e) Not applicable.
<PAGE>
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CUSIP No. 29084Q100 13D Page 17 of 18 Pages
- -------------------------- --------------------------
SIGNATURE
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: February 29, 2000
BAY HARBOUR MANAGEMENT, L.C.
By: /s/ Steven A. Van Dyke
----------------------------
Name: Steven A. Van Dyke
Title: President
TOWER INVESTMENT GROUP, INC.
By: /s/ Steven A. Van Dyke
----------------------------
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
--------------------------------
STEVEN A. VAN DYKE
/s/ Douglas P. Teitelbaum
--------------------------------
DOUGLAS P. TEITELBAUM
BAY HARBOUR 90-1, LTD.
By: /s/ Steven A. Van Dyke
----------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR 98-1, LTD.
By: /s/ Steven A. Van Dyke
----------------------------
Name: Steven A. Van Dyke
<PAGE>
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CUSIP No. 29084Q100 13D Page 18 of 18 Pages
- -------------------------- --------------------------
Title: Authorized Signatory
TROPHY HUNTER INVESTMENTS, LTD.
By: /s/ Steven A. Van Dyke
-----------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR INVESTMENTS, INC.
By: /s/ Steven A. Van Dyke
-----------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
TROPHY HUNTERS, INC.
By: /s/ Steven A. Van Dyke
-----------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR PARTNERS, LTD.
By: /s/ Steven A. Van Dyke
-----------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
