<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Abrams Industries, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $1.00 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
003788 10 6
--------------------------
(CUSIP Number)
Bernard W. Abrams
Kandu Partners, L.P.
P.O. Box 53407
Atlanta, GA 30355-1407
(770) 953-0304
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
May 18, 1999
-----------------------------------------------------------
(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), Rule 13d-1(f) or Rule 13d-1(g), 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.
*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).
The Exhibit Index is located on page 7.
Page 1 of 8
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 003788 10 6 PAGE 2 OF 8 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Kandu Partners, L.P. 58-2465529
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Georgia
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
None.
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 612,208 shares
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
None.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
612,208 shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
612,208 shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.9%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 003788 10 6 PAGE 3 OF 8 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Kandu Management Corp. 58-2464772
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Georgia
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
None.
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 612,208 shares
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
None.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
612,208 shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
612,208 shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.9%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
Page 3 of 8
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 003788 10 6 PAGE 4 OF 8 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Bernard W. Abrams
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
None.
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 612,208 shares
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
None.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
612,208 shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
612,208 shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.9%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
Page 4 of 8
<PAGE>
Item 1. Security and Issuer.
This statement is being filed jointly by and on behalf of each of Kandu
Partners, L.P., Kandu Management Corp. and Bernard W. Abrams and relates to
shares of the common stock, par value $1.00 per share, designated as Common
Stock (the "Common Stock") of Abrams Industries, Inc. (the "Issuer").
The Issuer's principal executive offices are located at 1945 The
Exchange, Suite 300, Atlanta, Georgia 30339.
Item 2. Identity and Background.
Kandu Partners, L.P.
Kandu Partners, L.P. ("Kandu, L.P.") is a Georgia limited partnership.
Kandu, L.P.'s principal business is investment management. The address of Kandu,
L.P.'s principal business and its principal office is P. O. Box 53407, Atlanta,
GA 30355-1407. Kandu Management Corp., a Georgia corporation, is the sole
general partner of Kandu, L.P.
Kandu Management Corp.
Kandu Management Corp. ("Kandu Corp.") is a Georgia corporation whose
principal business is to serve as the general partner of Kandu, L.P. The address
of Kandu Corp.'s principal business and its principal office is P. O. Box 53407,
Atlanta, GA 30355-1407. Bernard W. Abrams is the sole shareholder, sole director
and sole executive officer of Kandu Corp.
Bernard W. Abrams
The business address of Bernard W. Abrams is P. O. Box 53407, Atlanta,
GA 30355-1407. Mr. Abrams is presently retired but serves as a consulting
employee of the Issuer and a private investor. Mr. Abrams is a citizen of the
United States of America.
During the last five years, neither Kandu, L.P., Kandu Corp. nor Mr.
Abrams has been (1) convicted in a criminal proceeding, or (2) a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
as a result of which any of them 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 Conditions.
On May 18, 1999, Mr. Abrams contributed 606,086 shares of Common Stock
to Kandu, L.P. in exchange for a 99% limited partnership interest therein. On
that
Page 5 of 8
<PAGE>
same date, Mr. Abrams also contributed 6,122 shares of Common Stock to Kandu
Corp. in exchange for all Kandu Corp.'s outstanding common stock. These shares
had previously been held by Mr. Abrams since prior to the time that the Issuer
had become subject to the Securities Exchange Act of 1934, as amended, as a
reporting company
On May 19, 1999, Kandu Corp. contributed 6,122 shares of Common Stock
to Kandu, L.P. in exchange for a 1% general partnership interest in Kandu, L.P.
Item 4. Purpose of Transaction.
Kandu, L.P. acquired the 612,208 shares of Common Stock as a result of
the transactions described in Item 3. These transactions were completed for
estate planning purposes and to facilitate future investment management. Neither
Kandu, L.P., Kandu Corp. nor Mr. Abrams have any plans or proposals which relate
to or would result in any of the events described in Items 4(a) - (j) of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) See Boxes 11 and 13 of each of cover pages 2 - 4 and see Item 4.
(b) See Boxes 7, 8, 9, and 10 of each of pages 2 - 4.
(c) See Items 3 and 4.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or Relationship with
Respect to Securities of the Issuer.
Pursuant to a limited partnership agreement of Kandu Partners, L.P., by
and among Kandu Corp. as general partner, and Mr. Abrams, as sole limited
partner, dated May 10, 1999 (the "Limited Partnership Agreement"), Kandu Corp.
is the sole general partner of Kandu, L.P. Except as provided in the Limited
Partnership Agreement, Kandu Corp. will have full and exclusive responsibility
and discretion in the management, operation and control of Kandu, L.P. These
powers include the ability to cause Kandu, L.P. to dispose of and vote the
shares of Common Stock held by Kandu, L.P. Kandu, L.P. was formed on May 10,
1999 and shall continue until the first to occur of (i) December 31, 2049, or
(ii) the dissolution of Kandu, L.P. pursuant to the express provisions of the
Limited Partnership Agreement.
Page 6 of 8
<PAGE>
Item 7. Material to Be Filed as Exhibits.
Exhibit A Joint Filing Agreement pursuant to Rule 13d-1(k)(1)(iii) under the
Securities Exchange Act of 1934, as amended, among Kandu Partners,
L.P., Kandu Management Corp. and Bernard W. Abrams.
Page 7 of 8
<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.
May 27, 1999
-----------------------------------
(Date)
Kandu Partners, L.P.
By: Kandu Management Corp., its
general partner
By: /s/ Bernard W. Abrams
----------------------------
Bernard W. Abrams, President
Kandu Management Corp.
By: /s/ Bernard W. Abrams
----------------------------
Bernard W. Abrams, President
/s/ Bernard W. Abrams
----------------------------
Bernard W. Abrams
Page 8 of 8
<PAGE>
Exhibit A
Joint Filing Agreement pursuant to Rule 13d-1(k)(1)(iii) under the
Securities Exchange Act of 1934, as amended.
Each of the undersigned hereby agrees to be included in the filing of
the Schedule 13D dated May 18, 1999 with respect to the issued and
outstanding Common Stock of Abrams Industries, Inc. beneficially owned
by each of the undersigned, respectively.
Dated May 27, 1999
Kandu Partners, L.P.
By: Kandu Management Corp., its general
partner
By: /s/ Bernard W. Abrams
---------------------------------
Bernard W. Abrams, President
Kandu Management Corp.
By: /s/ Bernard W. Abrams
---------------------------------
Bernard W. Abrams, President
/s/ Bernard W. Abrams
---------------------------------
Bernard W. Abrams
