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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 15)
CRAIG CORPORATION
- --------------------------------------------------------------------------------
(NAME OF ISSUER)
COMMON STOCK, PAR VALUE $.25 PER SHARE
- --------------------------------------------------------------------------------
(TITLE OF CLASS OF SECURITIES)
224174102
--------------------------
(CUSIP NUMBER)
ROBERT TY HOWARD, HECCO VENTURES,
120 NORTH ROBERTSON BLVD., LOS ANGELES, CALIFORNIA 90048 (310) 855-8456
- --------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED
TO RECEIVE NOTICES AND COMMUNICATIONS)
JULY 31, 1996
----------------------------------------------
(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).
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SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 224174102 PAGE 2 OF 6 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
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
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
-0-
OWNED BY
-----------------------------------------------------------
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
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
16.4%
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TYPE OF REPORTING PERSON*
14
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 224174102 PAGE 3 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael R. Forman
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
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
617,438
OWNED BY
-----------------------------------------------------------
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
16.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 224174102 PAGE 4 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James J. Cotter
SS ####-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
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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
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SOLE VOTING POWER
7
NUMBER OF 1,445,864
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
617,438
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 1,445,864
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
617,438
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,063,302
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
54.8%
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TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 15 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 general partnership ("Hecco Ventures), together
with 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"). Hecco Ventures, Mr. Forman and Mr. Cotter are
referred to herein as the "Reporting Persons". 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. 15 is to
report the following transaction:
On July 31, 1996, the Issuer repurchased 475,000 Shares of the 950,000
Shares owned by certain funds managed by Southeastern Management, Inc.
("Southeastern") for an aggregate purchase price of approximately $6,950,000 or
$14.631 per share. This repurchase transaction has resulted in a reduction of
the number of Shares outstanding from 4,237,912 to 3,762,912, resulting in an
increase of more than 1% in the percentage of the outstanding Shares
beneficially owned by the Reporting Persons.
The Issuer owns 52.5% of Reading Company, which has a significant net
operating loss carryforward. In order to mitigate against a possible change of
control which would limit Reading Company's ability to make use of such net
operating loss carryforward under applicable tax laws, the Issuer has obtained
incident to such repurchase Southeastern's agreement that Southeastern will not
sell more than 237,500 of its remaining shares to any single entity or
individual until the earlier of (i) December 31, 2001 or (ii) the date upon
which the current net operating loss carryforward has been exhausted by Reading
Company.
Item 3 is amended to add the following:
Item 3. Source and Amount of Funds or Other Consideration.
- -----------------------------------------------------------
The Reporting Persons did not provide any funds to the Issuer for the
repurchase. The source of funds for the repurchase by the Issuer of 475,000
Shares from Southeastern was from working capital of the Issuer.
Item 5 is amended 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 16.4% of Issuer's outstanding
Shares. Mr. Cotter owns beneficially 2,063,302 Shares or approximately 54.8% of
Issuer's outstanding Shares. These Shares consist of 1,145,864 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 Ventures 51,700 shares.
(b) Mr. Cotter has sole voting and dispositive power with respect to
1,445,864 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.
<PAGE>
Item 6 is amended to add the following:
Item 6. Contracts, Arrangements, Understanding or Relationships with Respect
- ------------------------------------------------------------------------------
to Securities of the Issuer.
- ---------------------------
The Issuer owns 52.5% of Reading Company, which has a significant net
operating loss carryforward. In order to mitigate against a possible change of
control which would limit Reading Company's ability to make use of such net
operating loss carryforward under applicable tax laws, the Issuer has obtained
incident to such repurchase Southeastern's agreement that Southeastern will not
sell more than 237,500 of its remaining Shares to any single entity or
individual until the earlier of (i) December 31, 2001 or (ii) the date upon
which the current net operating loss carryforward has been exhausted by Reading
Company.
Item 7. Material to be Filed as Exhibits.
- -----------------------------------------
Not applicable.
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: August 6, 1996 HECCO VENTURES I,
a California general partnership
By: Cinerama, Inc., a partner
By: /s/BRADLEY NEEL
---------------------------
Bradley Neel
Secretary
/s/ IRA LEVIN
--------------------------------
Michael R. Forman,
an individual, by Ira S. Levin,
his attorney-in-fact
/s/ IRA LEVIN
--------------------------------
James J. Cotter,
an individual, by Ira S. Levin,
his attorney-in-fact
