<PAGE>
OMB APPROVAL
--------------------------
OMB Number: 3235-0145
Expires: October 31, 1994
Estimated average burden
hours per response...14.90
--------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)*
Craig Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.25 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
224174102
- --------------------------------------------------------------------------------
(CUSIP Number)
James C. Lockwood, Esq., Troy & Gould Professional Corporation
--------------------------------------------------------------
1801 Century Park East, Suite 1600, Los Angeles, California 90067 (310) 553-4441
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
June 12, 1995
- --------------------------------------------------------------------------------
(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 the 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 five percent or less of such class.)
(See Rule 13d-7.)
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>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 224174102 PAGE 2 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hecco Ventures I, a California general partnership
I.D. No. 95-3813514
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
617,438
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY -0-
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
617,438
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
617,438
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
14.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 224174102 PAGE 3 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael R. Forman
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 617,438
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
617,438
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
617,438
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
14.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 224174102 PAGE 4 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James J. Cotter
SS ####-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [x]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 1,379,822
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
617,438
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 1,379,822
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
617,438
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,997,260
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
43.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 13 amends and supplements the Schedule 13D dated
February 15, 1985 and Amendments thereto (collectively, the "Schedule 13D")
filed by Hecco Ventures, a California general partnership, the predecessor of
Hecco Ventures I, a California limited partnership which, in turn, is the
predecessor of Hecco Ventures I, a California general partnership ("Hecco
Ventures), together with, among others, from time to time, Michael R. Forman, an
individual and a general partner of Hecco Ventures and James J. Cotter, an
individual and a general partner of a limited partnership which is a general
partner of Hecco Ventures, relating to holdings of shares (the "Shares") of
Common Stock of Craig Corporation, a Delaware corporation (the "Issuer"). All
capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to such terms in the Schedule 13D. The purpose of
this Amendment No. 13 is to report the following transaction and events:
(1) As of June 15, 1995, Hecco Ventures I, a California limited partnership
("HVI"), became Hecco Ventures by amending HVI's partnership agreement;
(2) A grant by the Issuer effective June 12, 1995 to Mr. Cotter of an
option to purchase 300,000 Shares at an exercise price of $11.75 per share;
(3) The cancellation of an option held by Mr. Cotter relating to 175,000
shares of the Issuer's Class A Common Preference Stock that had an exercise
price of $10.50 per share; and
(4) An amendment of Mr. Cotter's consulting contract with the Issuer, the
term of which was extended to September 30, 1997.
Item 1 is amended and restated to read as follows:
Item 1. Security and Issuer.
- ----------------------------
This report relates to the shares of Common Stock, par value $.25 per share
of Craig Corporation, a Delaware corporation whose principal executive offices
are located at 550 South Hope Street, Suite 1825, Los Angeles, California 90071.
Item 2 is amended and restated to read as follows:
Item 2. Identity and Background.
- --------------------------------
(a), (b) and (c). This statement is being filed by Hecco Ventures I, a
California general partnership, Michael R. Forman and James J. Cotter.
<TABLE>
<CAPTION>
Name Business Address
----- ----------------
<S> <C>
Hecco Ventures I 120 No. Robertson Blvd.
Los Angeles, CA 90048
Michael R. Forman 120 N. Robertson Blvd.
Los Angeles, CA 90048
James J. Cotter 550 South Hope Street, Suite 1825
Los Angeles, CA 90071
</TABLE>
Page 5 of 11
<PAGE>
Hecco Ventures has three general partners, (i) Cinerama, Inc. ("Cinerama"), a
New York corporation and a wholly owned subsidiary of The Decurion Corporation
("Decurion"), a California corporation (formerly Pacific Theatres Corporation),
(ii) Michael R. Forman, an individual residing in California and (iii) James J.
Cotter, Ltd., a California limited partnership ("James J. Cotter, Ltd.") of
which James J. Cotter is the sole general partner. Cinerama is engaged in the
ownership and operation of motion picture theatres located in California.
Decurion is engaged directly and through a number of subsidiaries in the
ownership and operation of motion picture theatres located primarily in
California, Hawaii and New York. (See Exhibit A for information, including
addresses and principal businesses or occupations, about the officers and
directors of Cinerama, Inc., including Messrs. Forman and Cotter.)
Mr. Cotter is an individual residing in California. Additional information
concerning Mr. Cotter is set forth on Exhibit A hereto.
(d) During the past five years, none of the foregoing persons or entities,
nor any of the persons listed on Exhibit A has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, none of the foregoing persons or entities,
nor any of the persons listed on Exhibit A has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of which was subject to a judgment, decree of 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.
(f) James J. Cotter and each of the other individuals listed on Exhibit A
hereto are United States citizens.
Information with respect to each person filing this Statement and all persons
controlling each such person is given solely by the respective filing person,
and no filing person has responsibility for the accuracy or completeness of
information supplied by another filing person.
Item 3 is amended and restated to read as follows:
Item 3. Source and Amount of Funds or Other Consideration.
- ----------------------------------------------------------
Effective June 15, 1995, HVI amended its partnership agreement to become a
general partnership, which holds 617,438 shares of Issuer's Common Stock. As a
result of the Amendment, James J. Cotter, Ltd. which was a limited partner of
HVI became a general partner of Hecco Ventures.
On June 12, 1995, the Board of Directors of the Issuer granted James J. Cotter
an option (the "Option") to purchase 300,000 Shares at an exercise price of
$11.75. In connection therewith, Mr. Cotter agreed to amend and extend his
consulting agreement with the Issuer through September 30, 1997 and to cancel
his fully vested option to purchase 175,000 shares of the Issuer's Class A
Common Preference Stock with an exercise price of $10.50 per share.
Item 4 is amended and restated to read as follows:
Item 4. Purpose of Transaction.
- -------------------------------
The Shares held by Hecco Ventures and the Option were acquired for investment
purposes. Either Mr. Cotter, Mr. Forman or Hecco Ventures may elect to purchase
additional Shares or shares of the Issuer's
Page 6 of 11
<PAGE>
Class A Common Preference Stock on the NYSE or Pacific Stock Exchange or in
private transactions. In the future, either Mr. Cotter, Mr. Forman or Hecco
Ventures may decide to sell all or part of their investment in the Issuer,
although no party has a present intention to do so.
Except as set forth in this Item 4, neither Mr. Cotter, Mr. Forman nor Hecco
Ventures have any present plans or proposals that relate to or would result in
any of the actions specified in clauses (a) through (j) of Item 4 of Schedule
13D.
Item 5 is amended by to add the following:
Item 5. Interest in Securities of the Issuer.
- ---------------------------------------------
(a) As of the date of this Amendment, Hecco Ventures owns beneficially
617,438 Shares or approximately 14.4% of Issuer's outstanding Shares. Mr.
Cotter owns beneficially 1,997,260 Shares or approximately 43.5% of Issuer's
outstanding shares. These Shares consist of 1,079,822 Shares owned directly by
Mr. Cotter, 300,000 shares owned beneficially representing the fully vested
shares under the Option and his beneficial ownership of the 617,438 Shares owned
by Hecco Ventures. In addition, Hecco Ventures owns beneficially 51,700 shares
of Issuer's Class A Common Preference Stock. Mr. Cotter owns beneficially
129,200 shares of Issuer's Class A Common Preference Stock, which includes his
beneficial interest in Hecco Venture's 51,700 shares.
(b) Mr. Cotter has sole voting and dispositive power with respect to
1,379,822 Shares and shared voting and dispositive power with respect to 617,438
Shares. Mr. Forman has shared voting and dispositive power with respect to
617,438 Shares.
(c) In December 1994, Mr. Cotter made a gift of 15,000 Shares to an
institution of higher learning. As to the Option granted on June 12, 1995,
300,000 Shares are fully vested, subject, as to 125,000 Shares, to divestiture
under certain circumstances in the event that Mr. Cotter voluntarily terminates
his consulting arrangement with the Issuer prior to October 1, 1997 or is
terminated for cause prior to that date (the "Termination"). If the Termination
occurs between October 1, 1996 and September 30, 1997, only 62,500 Shares are
subject to divestiture. If Mr. Cotter exercises the option in full prior to
October 1, 1997, and there is a Termination, the Issuer has the option to
repurchase the Shares at the exercise price. As a result of the amendment to the
HVI partnership agreement, Mr. Cotter as the general partner of a limited
partnership which is a general partner of Hecco Ventures, became a beneficial
owner of the Shares and shares of Class A Common Preference Stock of Issuer
owned by Hecco Ventures.
Item 6 is amended to add the following:
Item 6. Contracts, Arrangements, Understanding or Relationships with Respect to
- --------------------------------------------------------------------------------
Securities of the Issuer.
- ------------------------
See Item 5 with respect to the Option.
All prior voting arrangements and agreements between Mr. Cotter, HVI and Mr.
Forman with respect to the voting of Shares and shares of the Issuer's Class A
Common Preference Stock have been terminated effective June 15, 1995.
Page 7 of 11
<PAGE>
Item 7. Material to be Filed as Exhibits.
- -----------------------------------------
Exhibit A -- Description of General Partners of Hecco Ventures
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: June 28, 1995 HECCO VENTURES I,
a California general partnership
By: /S/ Michael R. Forman
---------------------
Michael R. Forman,
a general partner
/S/ Michael R. Forman
---------------------
Michael R. Forman,
an individual
/S/ James J. Cotter
-------------------
James J. Cotter,
an individual
Page 8 of 11
<PAGE>
EXHIBIT A
Name and Business Address Present Position(s) with Address
- ------------------------- --------------------------------
CINERAMA, INC.
Directors and Officers:
President and Chairman President and Chairman
Michael R. Forman Cinerama, Inc.
120 North Robertson Blvd. 120 N. Robertson
Los Angeles, CA 90048
("120 N. Robertson") Chairman
The Decurion Corporation
120 N. Robertson
Executive Vice President Chairman of the Board
and Director Craig Corporation
James J. Cotter 550 South Hope Street, Suite 1825
550 South Hope Street, Suite 1825 Los Angeles, CA 90071
Los Angeles, CA 90071
Executive Vice President and Director
The Decurion Corporation
120 N. Robertson
General Partner
James J. Cotter, Ltd.
550 South Hope Street, Suite 1825
Los Angeles, CA 90071
Chairman of the Board
Reading Company
The Graham Bldg.
One Penn Square West
30 South 15th Street, Suite 1300
Philadelphia, PA 19102
Chairman of the Board
Citadel Holding Corporation
550 South Hope Street, Suite 1825
Los Angeles, CA 90071
Director
Stater Bros. Holdings Inc.
21700 Barton Road
Colton, CA 92324
Page 9 of 11
<PAGE>
Vice President Vice President
James P. Hudson Cinerama, Inc.
120 N. Robertson 120 N. Robertson
Vice President
The Decurion Corporation
120 N. Robertson
Senior Vice President Senior Vice President
Ira Levin Cinerama, Inc.
120 N. Robertson 120 N. Robertson
Senior Vice President
The Decurion Corporation
120 N. Robertson
Secretary Secretary
Bradley Neel Cinerama, Inc.
120 N. Robertson 120 N. Robertson
Secretary
The Decurion Corporation
120 N. Robertson
Chief Financial Officer Chief Financial Officer
John Hunter Cinerama, Inc.
120 N. Robertson 120 N. Robertson
Chief Financial Officer
The Decurion Corporation
120 N. Robertson
Controlling Entity of Cinerama, Inc.
The Decurion Corporation
120 N. Robertson
DIRECTORS AND OFFICERS:
Chairman
Michael R. Forman See Information Listed Above
President, Chief Executive Officer
and Director
Christopher S. Forman President, Chief Executive Officer
and Director
The Decurion Corporation
120 N. Robertson
Executive Vice President and Director
James J. Cotter See Information Listed Above
Page 10 of 11
<PAGE>
Vice President
James P. Hudson See Information Listed Above
Senior Vice President
Ira Levin See Information Listed Above
Secretary
Bradley Neel See Information Listed Above
Chief Financial Officer
John Hunter See Information Listed Above
James J. Cotter, Ltd:
General Partner
James J. Cotter See Information Listed Above
Page 11 of 11
