SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)(1)
DVL, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
233347103
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(CUSIP Number)
Howard S. Jacobs, Esq.
Rosenman & Colin LLP
575 Madison Avenue
New York, New York 10022
212-940-8800
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 12, 1999
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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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 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.
(Continued on following pages)
(Page 1 of 11 Pages)
- ----------
(1) 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 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. 233347103 SCHEDULE 13D Page 2 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lawrence J. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
3,104,540
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,661,759
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,689,629
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,351,388
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.0%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 233347103 SCHEDULE 13D Page 3 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Milton Neustadter
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
531,210
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 284,362
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,689,629
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,973,991
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 233347103 SCHEDULE 13D Page 4 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jay Chazanoff
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
1,811,156
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 970,673
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,172,275
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,142,948
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.1%
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14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 233347103 SCHEDULE 13D Page 5 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ron Jacobs
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
1,435,481
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 769,585
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,172,275
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,941,860
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.2%
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14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 233347103 SCHEDULE 13D Page 6 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen Simms
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
1,435,480
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 769,584
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,172,275
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,941,859
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.2%
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14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 233347103 SCHEDULE 13D Page 7 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Keith B. Stein
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
1,006,963
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 540,805
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,498,498
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,039,303
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.6%
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14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 8 of 11 Pages
This Amendment No. 2 (this "Amendment") amends the Schedule 13D filed with
the Securities and Exchange Commission (the "Commission") on December 20, 1996,
as amended by Amendment No. 1 on September 27, 1999, (as amended, the "Schedule
13D"), by Lawrence J. Cohen, Milton Neustadter, Jay Chazanoff, Ron Jacobs,
Stephen Simms and Keith B. Stein, relating to the common stock, par value $.01
per share (the "Common Stock"), of DVL, Inc., a Delaware corporation (the
"Issuer"). Capitalized terms used and not defined herein shall have the meanings
attributed to them in the Schedule 13D.
Item 5 Interest in Securities of the Issuer
The information set forth in Item 5 of the Schedule 13D is hereby amended
and supplemented by the following information to the respective paragraphs
thereof.
(a) The aggregate number of shares of Common Stock beneficially owned by
Mr. Cohen as of the date of this Amendment is 3,351,388 shares, or 17.0% of the
outstanding Common Stock.
The aggregate number of shares of Common Stock beneficially owned by Mr.
Neustadter as of the date of this Amendment is 1,973,991 shares, or 10.7% of the
outstanding Common Stock.
The aggregate number of shares of Common Stock beneficially owned by Mr.
Chazanoff as of the date of this Amendment is 3,142,948 shares, or 16.1% of the
outstanding Common Stock.
The aggregate number of shares of Common Stock beneficially owned by Mr.
Jacobs as of the date of this Amendment is 2,941,860 shares, or 15.2% of the
outstanding Common Stock.
The aggregate number of shares of Common Stock beneficially owned by Mr.
Simms as of the date of this Amendment is 2,941,859 shares, or 15.2% of the
outstanding Common Stock.
The aggregate number of shares of Common Stock beneficially owned by Mr.
Stein as of the date of this Amendment is 3,039,303 shares, or 15.6% of the
outstanding Common Stock.
<PAGE>
Page 9 of 11 Pages
(b) As of the date of this Amendment, Mr. Cohen possesses: (i) the sole
power to vote 3,104,540 shares of Common Stock, which includes 2,879,802 shares
of Common Stock issuable upon exercise of Warrants; (ii) shared power to vote 0
shares of Common Stock; (iii) the sole power to dispose of 1,661,759 shares of
Common Stock, which includes 1,437,021 shares of Common Stock issuable upon
exercise of Warrants; and (iv) shared power with the other member of the
Pembroke Group to dispose of 1,689,629 shares of Common Stock, which includes
1,442,781 shares of Common Stock issuable upon the exercise of Warrants held by
Mr. Cohen and 246,848 shares of Common Stock issuable upon exercise of Warrants
held by the other member of the Pembroke Group. Mr. Cohen explicitly disclaims
beneficial ownership of all of the shares of Common Stock and Warrants (and
shares of Common Stock issuable upon exercise of Warrants) held by the other
member of the Pembroke Group.
As of the date of this Amendment, Mr. Neustadter possesses: (i) the sole
power to vote 531,210 shares of Common Stock, which includes 492,710 shares of
Common Stock issuable upon exercise of Warrants; (ii) shared power to vote 0
shares of Common Stock; (iii) the sole power to dispose of 284,362 shares of
Common Stock, which includes 245,862 shares of Common Stock issuable upon
exercise of Warrants; and (iv) shared power with the other member of the
Pembroke Group to dispose of 1,689,629 shares of Common Stock, which includes
246,848 shares of Common Stock issuable upon the exercise of Warrants held by
Mr. Neustadter and 1,442,781 shares of Common Stock issuable upon exercise of
Warrants held by the other members of the Pembroke Group. Mr. Neustadter
explicitly disclaims beneficial ownership of all of the shares of Common Stock
and Warrants (and shares of Common Stock issuable upon exercise of Warrants)
held by the other member of the Pembroke Group.
As of the date of this Amendment, Mr. Chazanoff possesses: (i) the sole
power to vote 1,811,156 shares of Common Stock, which includes 1,677,610 shares
of Common Stock issuable upon exercise of Warrants; (ii) shared power to vote 0
shares of Common Stock; (iii) the sole power to dispose of 970,673 shares of
Common Stock, which includes 837,127 shares of Common Stock issuable upon
exercise of Warrants; and (iv) shared power with the other members of the
Millennium Group to dispose of 2,172,275 shares of Common Stock, which includes
840,483 shares of Common Stock issuable upon the exercise of Warrants held by
Mr. Chazanoff and 1,331,792 shares of Common Stock issuable upon exercise of
Warrants held by the other members of the Millennium Group. Mr. Chazanoff
explicitly disclaims beneficial ownership of all of the shares of Common Stock
and Warrants (and shares of Common Stock issuable upon exercise of Warrants)
held by the other members of the Millennium Group.
As of the date of this Amendment, Mr. Jacobs possesses: (i) the sole power
to vote 1,435,481 shares of Common Stock, which includes 1,329,134 shares of
Common Stock issuable upon exercise of Warrants; (ii) shared power to vote 0
shares of Common Stock; (iii) the sole power to dispose of 769,585 shares of
Common Stock, which includes 663,238 shares of Common Stock issuable upon
exercise of Warrants; and (iv) shared power with the other members of the
Millennium Group to dispose of 2,172,275 shares of Common Stock, which includes
665,896 shares of Common Stock issuable upon exercise of Warrants held by Mr.
Jacobs and 1,506,379 shares of Common Stock issuable upon exercise of Warrants
held by the other members of the Millennium Group. Mr. Jacobs explicitly
disclaims beneficial ownership of all of the shares of Common Stock and Warrants
(and shares of Common Stock issuable upon exercise of Warrants) held by the
other members of the Millennium Group.
<PAGE>
Page 10 of 11 Pages
As of the date of this Amendment, Mr. Simms possesses: (i) the sole power
to vote 1,435,480 shares of Common Stock, which includes 1,329,134 shares of
Common Stock issuable upon exercise of Warrants; (ii) shared power to vote 0
shares of Common Stock; (iii) the sole power to dispose of 769,584 shares of
Common Stock, which includes 663,238 shares of Common Stock issuable upon
exercise of Warrants; and (iv) shared power with the other members of the
Millennium Group to dispose of 2,172,275 shares of Common Stock, which includes
665,896 shares of Common Stock issuable upon the exercise of Warrants by Mr.
Simms and 1,506,379 shares of Common Stock issuable upon the exercise of
Warrants by the other members of the Millennium Group. Mr. Simms explicitly
disclaims beneficial ownership of all of the shares of Common Stock and Warrants
(and shares of Common Stock issuable upon exercise of Warrants) held by the
other members of the Millennium Group.
As of the date of this Amendment, Mr. Stein possesses: (i) the sole power
to vote 1,006,963 shares of Common Stock, which includes 930,456 shares of
Common Stock issuable upon exercise of Warrants; (ii) shared power to vote 0
shares of Common Stock; (iii) the sole power to dispose of 540,805 shares of
Common Stock, which includes 464,298 shares of Common Stock issuable upon
exercise of Warrants; and (iv) shared power with the other members of the
Florida Group to dispose of 2,498,498 shares of Common Stock, which includes
466,158 shares of Common Stock issuable upon the exercise of Warrants by Mr.
Stein and 2,032,340 shares of Common Stock issuable upon the exercise of
Warrants by the other members of the Florida Group. Mr. Stein explicitly
disclaims beneficial ownership of all of the shares of Common Stock and Warrants
(and shares of Common Stock issuable upon exercise of Warrants) held by the
other members of the Florida Group.
(c) Pursuant to a Stock Purchase Agreement dated September 1999, on
November 12, 1999, Stephen L. Gurba transferred in a private sale 90,712 shares
of Common Stock and 1,162,168 Warrants to the following transferees in the
following amounts in exchange for an aggregate consideration of $41,385.76,
which consideration was paid pro rata by each of the transferees: 12,246 shares
of Common Stock and 156,893 Warrants to Jay Chazanoff, 12,247 shares of Common
Stock and 156,893 Warrants to Ron Jacobs, 12,246 shares of Common Stock and
156,893 Warrants to Stephen Simms, 9,071 shares of Common Stock and 116,216
Warrants to Peter Gray, 36,738 shares of Common Stock and 470,678 Warrants to
Lawrence J. Cohen and 8164 shares of Common Stock and 104,595 Warrants to Keith
B. Stein.
<PAGE>
Page 11 of 11 Pages
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: November 16, 1999 /s/ Lawrence J. Cohen
----------------------------------------
LAWRENCE J. COHEN
Date: November 16, 1999 /s/ Milton Neustadter
----------------------------------------
MILTON NEUSTADTER
Date: November 16, 1999 /s/ Jay Chazanoff
----------------------------------------
JAY CHAZANOFF
Date: November 16, 1999 /s/ Ron Jacobs
----------------------------------------
RON JACOBS
Date: November 16, 1999 /s/ Stephen Simms
----------------------------------------
STEPHEN SIMMS
Date: November 16, 1999 /s/ Keith B. Stein
----------------------------------------
KEITH B. STEIN
