UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Westmoreland Coal Company
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(Name of Issuer)
Common Stock, par value $2.50 per share
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(Title of Class of Securities)
960878106
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(CUSIP Number)
Louis J. Bevilacqua, Esq.
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, New York 10038
(212) 504-6057
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 3, 1998
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(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: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
disclosures provided in a prior cover page.
The information required on 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 ("Act") 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>
CUSIP No. 960878106
1 NAME OF REPORTING PERSON Wynnefield Partners Small Cap Value L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-3688497
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) |X| (b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- ------- ------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- ------ ---------------------------------------------------
7 SOLE VOTING POWER
346,290
------ ---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ------ --------------------------------------------------
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 346,290
PERSON
WITH ------ ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------- ------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
346,290
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.97%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
<PAGE>
1 NAME OF REPORTING PERSON Wynnefield Partners Small Cap Value L.P. I
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
13-3953291
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) |X| (b) |_|
- ------- ------------------------------------------------------------------------
3 SEC USE ONLY
- ------- ------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- ------- ------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- ------ ---------------------------------------------------
7 SOLE VOTING POWER
245,791
------ ---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ------ ---------------------------------------------------
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 245,791
PERSON
WITH
------ --------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------- ------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
245,791
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.53%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
<PAGE>
1 NAME OF REPORTING PERSON Wynnefield Small Cap Value Offshore Fund Ltd
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a) |X| (b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------- ------ ---------------------------------------------------
7 SOLE VOTING POWER
146,800
------ ---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ------ ----------------------------------------------------
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 146,800
PERSON
WITH
------ ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------- ------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
146,800
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.11%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
<PAGE>
This Amendment No. 2 to Schedule 13D amends Items 2, 3, 5 and 7 of the
Schedule 13D, dated January 23, 1997, as amended by Amendment No. 1 thereto,
dated May 1, 1997, (as amended, the "Existing Schedule 13D") filed by the
Reporting Person to reflect subsequent purchases and dispositions of Common
Stock by Partnership, Partnership I and Offshore Fund. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in the
Existing Schedule 13D.
Item 2. Identity and Background.
Item 2 is amended to provide in its entirety as follows:
(a) The persons filing this statement are Wynnefield Partners Small Cap
Value L.P. I, a limited partnership organized under the laws of the State of
Delaware ("Partnership I"), Wynnefield Partners Small Cap Value L.P., a limited
partnership organized under the laws of the State of Delaware ("Partnership"),
and Wynnefield Small Cap Offshore Fund Ltd, a partnership organized under the
laws of the Cayman Islands ("Offshore Fund"), (Partnership I, Partnership and
Offshore Fund, collectively, the "Reporting Person").
(b) The address of each Reporting Person's principal business and principal
office is One Penn Plaza, Suite 4720, New York, New York 10119.
(c) The principal business of each Reporting Person is that of acting as a
private investment firm.
(d) During the last five years, no Reporting Person has been convicted in a
criminal proceeding.
(e) During the last five years, no Reporting Person has 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.
Item 3 is amended by appending the following thereto:
The source of the $183,600 used by Partnership I to purchase 20,400
depository shares, which are convertible into 34,844 shares of Common Stock, was
its working capital. The source of the $153,000 used by Partnership to purchase
17,000 depository shares, which are convertible into 29,037 shares of Common
Stock, was its working capital. The source of the $81,000 used by Offshore Fund
to purchase 9,000 depository shares, which are convertible into 15,372 shares of
Common Stock, was its working capital. No funds were borrowed by any of
Partnership I, Partnership or Offshore Fund in connection with its purchases of
depository shares.
Item 5. Interest in Securities of the Issuer.
Item 5(a) is amended by appending the following:
As of the date of this Amendment No. 2: Partnership I is the beneficial
owner of 245,791 shares of Common Stock, or 3.53% of the outstanding Common
Stock; Partnership is the beneficial owner of 346,290 shares of Common Stock, or
4.97% of the outstanding Common Stock; Offshore Fund is the beneficial owner of
146,800 shares of Common Stock, or 2.11% of the outstanding Common Stock; and
the Reporting Person is the beneficial owner of 738,881 shares of Common Stock,
or 10.61% of the outstanding Common Stock.
Item 5(b) is amended by appending the following:
As of the date of this Amendment No. 2: Partnership I has the sole power to
vote, or to direct the vote of, 245,791 shares of Common Stock and the sole
power to dispose of, or to direct the disposition of, 245,791 shares of Common
Stock; Partnership has the sole power to vote, or to direct the vote of, 346,290
shares of Common Stock and the sole power to dispose of, or to direct the
disposition of, 346,290 shares of Common Stock; Offshore Fund has the sole power
to vote, or to direct the vote of, 146,800 shares of Common Stock and the sole
power to dispose of, or to direct the disposition of, 146,800 shares of Common
Stock; and the Reporting Person has the sole power to vote, or to direct the
vote of, 738,881 shares of Common Stock and the sole power to dispose of, or to
direct the disposition of, 738,881 shares of Common Stock.
Item 5(c) is amended by appending the following:
No. of Shares
Reporting Person Purchased Price per
Date (Disposed) Share
---- ---------- -----
Partnership I................. 09/02/98 (19,000) $1.4375
09/02/98 34,844(a) 5.2692(a)
Partnership................... 09/02/98 (15,000) 1.4375
09/02/98 22,375(b) 5.2693(b)
09/03/98 6,662(c) 5.2687(c)
Offshore Fund................. 09/03/98 (8,300) 1.4375
09/03/98 15,372(d) 5.2693(d)
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(a) Represents 20,400 depository shares purchased for $183,600.
(b) Represents 13,100 depository shares purchased for $117,900.
(c) Represents 3,900 depository shares purchased for $35,100.
(d) Represents 9,000 depository shares purchased for $81,000.
Item 7. Material to Be Filed as Exhibits.
Exhibit 99.1 -- Joint Filing Agreement.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: September 16, 1998
WYNNEFIELD PARTNERS SMALL CAP VALUE L.P. I
By: WYNNEFIELD CAPITAL MANAGEMENT, LLC,
as general partner
By: /S/ NELSON OBUS
---------------
Nelson Obus
Managing Member
WYNNEFIELD PARTNERS SMALL CAP VALUE L.P.
By: WYNNEFIELD CAPITAL MANAGEMENT, LLC,
as general partner
By: /S/ NELSON OBUS
---------------
Nelson Obus
Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD
By: WYNNEFIELD CAPITAL, INC.,
as general partner
By: /S/ NELSON OBUS
---------------
Nelson Obus
President
JOINT FILING AGREEMENT
The Amendment No. 2 to Schedule 13D, relating to the common stock, par
value $2.50 per share, of Westmoreland Coal Company, dated September 16, 1998,
is filed on behalf of Wynnefield Partners Small Cap Value L.P., Wynnefield
Partners Small Cap Value L.P. I, Channel Partnership II L.P., Wynnefield Small
Cap Value Offshore Fund Ltd and Nelson Obus.
Dated: September 16, 1998
WYNNEFIELD PARTNERS SMALL CAP VALUE L.P. I
By: WYNNEFIELD CAPITAL MANAGEMENT, LLC,
as general partner
By: /S/ NELSON OBUS
---------------
Nelson Obus
Managing Member
WYNNEFIELD PARTNERS SMALL CAP VALUE L.P.
By: WYNNEFIELD CAPITAL MANAGEMENT, LLC,
as general partner
By: /S/ NELSON OBUS
---------------
Nelson Obus
Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD
By: WYNNEFIELD CAPITAL, INC.,
as general partner
By: /S/ NELSON OBUS
---------------
Nelson Obus
President
