{THIS CONFORMING PAPER FORMAT DOCUMENT IS BEING SUBMITTED}
{PURSUANT TO RULE 901(d) OF REGULATION S-T}
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Ranger Industries, Inc.
(Name of Issuer)
Common Stock, par value $0.01
(Title of Class of Securities)
752907105
(CUSIP Number)
John N. Turitzin
Battle Fowler LLP
75 East 55th Street
New York, New York 10022
(212) 856-7000
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
March 20, 1997
(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 1 of 15
C/M 10302.0046 470933.2
<PAGE>
- -----------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- -----------------------------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pure Group, Inc., a Delaware corporation
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
Not Applicable
- -------------------------------------------------------------------------------
5 CHECK BOX 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
151,797
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
------------------------------------------------
8 SHARED VOTING POWER
0
------------------------------------------------
9 SOLE DISPOSITIVE POWER
151,797
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
151,797
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
Page 2 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tangible Media, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
- --------------------------------------------------------------------------------
5 CHECK BOX 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
34,037
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
34,037
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
34,037
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
Page 3 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
KidBest Limited
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- -------------------------------------------------------------------------------
5 CHECK B X IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Hong Kong
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
171,659
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
171,659
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
171,659
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
Page 4 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joseph M. Ahearn
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
190,000
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
190,000
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
190,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
Page 5 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cheng Hsieh
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
Not Applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
171,659
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
171,659
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
171,659
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
Page 6 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert M. Grosser
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
5,000
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
5,000
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
Page 7 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morton Handel
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
198,167
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
198,167
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,167
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
Page 8 of 15
C/M 10302.0046 470933.2
<PAGE>
- ------------------------------------------------------
CUSIP No. 752907105 SCHEDULE 13D
- ------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Isaac Perlmutter
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
Not Applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
185,834
NUMBER OF
SHARES BENE-
FICIALLY
OWNED BY
EACH REPORT-
ING PERSON
WITH
-------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
185,834
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,834
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
Page 9 of 15
C/M 10302.0046 470933.2
<PAGE>
Item 1. Security and Issuer.
Common Stock, $0.01 par value, (the "Common Stock") of Ranger
Industries, Inc., a Connecticut corporation (the "Company"), c/o
Zeisler & Zeisler, 558 Clinton Avenue, Bridgeport, Connecticut 06605.
Item 2. Identity and Background.
(i) (1) Pure Group, Inc., a Delaware corporation ("PGI").
Address: P.O. Box 1028, Lake Worth, Florida 33460
Principal Business: Investments.
Directors and Executive Officers: Isaac Perlmutter
("Perlmutter"), Director, President and Treasurer, and
Robert M. Grosser ("Grosser"), Director, Vice President
and Secretary.
Sole Stockholder: Perlmutter
(2) Isaac Perlmutter
Address: P.O. Box 1028, Lake Worth, Florida 33460
Principal Occupation and Employment: Independent investor
with stock ownership interests in PGI, Toy Biz, Inc.,
and Tangible Media, Inc.
Citizenship: U.S.A.
(3) Robert M. Grosser (see clause v below)
(ii) Tangible Media, Inc. ("TM"), a Delaware corporation
Address: 333 East 38th Street, New York, New York 10016
Principal Business: Media buying services.
Sole Director: Perlmutter
Executive Officers: Lee Ravdin, Chairman, and Mitchell Boden,
President.
The principal occupation or employment of Messrs. Ravdin and
Boden are their respective positions as Chairman and President
of TM. The current business address for each of Messrs. Ravdin
and Boden is the same as TM. Each of Messrs. Ravdin and Boden is
a citizen of the United States.
Sole Stockholder: Perlmutter
(iii) (1) KidBest, Limited ("KidBest"), a Hong Kong corporation
Address: 1/F Lok Comm. Centre, 29-31, Queen's Road,
Wan Chai, Hong Kong.
Principal Business: Manufacturer and distributor of toys.
Nominee Directors: ASTA - HK Investment Ltd.
BTN Best Ltd.
Sole Stockholder and Executive Officer: Cheng Hsieh.
Page 10 of 15
C/M 10302.0046 470933.2
<PAGE>
(2) Cheng Hsieh
Address: c/o KidBest, 1/F Lok Comm. Centre, 29-31,
Queen's Road, Wan Chai, Hong Kong.
Principal Occupation and Employment: Executive officer of
KidBest.
Citizenship: Canada.
iv) Joseph M. Ahearn ("Ahearn")
Business Address: c/o Toy Biz, Inc., 333 East 38th Street, New
York, New York 10016.
Principal Occupation and Employment: Chief Executive Officer
of Toy Biz, Inc., a Delaware corporation, 333 East 38th
Street, New York, New York 10016.
Citizenship: U.S.A.
(v) Robert M. Grosser, Vice President and Secretary of PGI.
Business Address: Tangible Media, Inc., 333 East 38th Street,
New York, New York 10016.
Principal Occupation and Employment: Chief of Loss Prevention,
Tangible Media, Inc., 333 East 38th Street, New York,
New York 10016.
Citizenship: U.S.A.
(vi) Morton Handel ("Handel")
Business Address: S&H Consulting, Ltd., One Regency Drive,
Bloomfield, Connecticut 06002
Principal Occupation and Employment: Financial consultant, S & H
Consulting, Ltd., One Regency Drive, Bloomfield,
Connecticut 06002.
Citizenship: U.S.A.
None of the persons named above, within the last 5 years, has been
(i) convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors, if any), or (ii) 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.
Each of the persons named above may hereinafter be referred to as the
"Reporting Persons."
Item 3. Source and Amount of Funds or Other Consideration.
TM acquired its shares of Common Stock by virtue of its status as a
creditor of the Company (which term, for purposes hereof, includes its
subsidiaries) as a result of the Company's voluntary filing (July 11, 1988) of a
petition in bankruptcy under Chapter 11 of the United States Bankruptcy Code.
The plan of reorganization (the "Plan") ultimately approved by the bankruptcy
court, on February 28, 1990, cancelled all the common stock then outstanding and
directed (i) the issuance of a new class of common stock (the "Common Stock") to
be
Page 11 of 15
C/M 10302.0046 470933.2
<PAGE>
distributed to the creditors in proportion to their respective allowed but
unsatisfied claims, and (ii) the cancellation of all other outstanding equity
and debt securities of the Company.
PGI expended $45,539 to purchase an aggregate of 151,797 shares of
Common Stock. The funds used in making the purchase came from working capital of
PGI.
KidBest expended $34,332 to purchase an aggregate of 171,659 shares
of Common Stock. The funds used in making the purchase care from the working
capital of KidBest.
Messrs. Ahearn, Grosser and Handel expended $57,000, $1,350 and
$53,629, respectively, to purchase, respectively, 190,000, 5,000 and 198,167
shares of Common Stock. The funds used in making the foregoing purchases came
from the personal savings of Messrs. Ahearn, Grosser and Handel.
Item 4. Purpose of Transaction.
Other than TM, which acquired its shares of Common Stock through the
Plan described in Item 3 above, and PGI, which acquired its shares of Common
Stock for the purposes discussed below, each of the Reporting Persons acquired
their respective shares of Common Stock for investment purposes. While there
have been communications between and among each of the Reporting Persons with
regard to the performance of the Company's management and PGI has communicated
to the other Reporting Persons its desire to seek replacement of the Company's
management with new management that would evaluate alternative strategies to
improve stockholder value, each of the Reporting Persons has acted independently
of each other in connection with its purchase of shares of Common Stock.
PGI purchased its shares of Common Stock with the purpose of seeking to
replace the current Board of Directors and executive officers of the Company
with persons who would evaluate alternative strategies to improve stockholder
value. To that end, PGI has requested the Board of Directors (i) to call an
annual meeting of stockholders, (ii) to provide PGI with a copy of the list of
stockholders of the Company, and (iii) to waive certain restrictions with
respect to ownership of the Common Stock contained in the Company's amended and
restated certificate of incorporation. The Board of Directors has not complied
with PGI's requests. As a result, PGI intends to commence appropriate legal
proceedings to enforce these requests.
PGI plans to take the necessary steps to initiate stockholder action to
replace the current Board of Directors of the Company with persons nominated by
PGI and thereafter have the new board of directors replace all of the current
executive officers of the Company with persons appointed by the new board of
directors. PGI expects that the new Board of Directors and executive officers
would, consistent with their fiduciary duties to the Company and it
stockholders, evaluate alternatives to increase stockholder value.
In connection with the foregoing, PGI intends to file proxy
solicitation materials with the Securities and Exchange Commission and in
connection therewith solicit requests of stockholders of the Company to request
the Board of Directors to call a special meeting of stockholders, for the
purpose of considering and acting upon the following proposals:
(a) To approve an amendment to Section 3.14 of the by-laws of the
Company (the "By-laws") to authorize the stockholders to fill
vacancies in the Board of Directors at any special meeting of
stockholders;
(b) To remove the current members of the Board of Directors
(the "Removal"); and
C/M 10302.0046 472051.1 03/20/97 2:19PM
<PAGE>
(c) To elect nominees of PGI as directors to fill vacancies
created by the Removal, to the serve until the next annual
meeting of stockholders.
The Company has not held an annual meeting of stockholders to elect
directors since October 5, 1994.
If PGI is successful in replacing the Board of Directors with its
nominees, PGI expects that the new Board of Directors would evaluate several
alternative strategies to improve stockholder value including, without
limitation, considering opportunities to obtain a release to the Company of all
or a portion of the Product Liability Trust that was established as part of the
Plan.
PGI will consider various alternatives with respect to its investment
in the Company, including, including actions that would entail:
(a) the acquisition of additional securities of the
Company, or the disposition of securities of the Company in the
open market or otherwise;
(b) an extraordinary corporate transaction, such as a
merger or liquidation, involving the Company;
(c) a sale or transfer of a material amount of assets
of the Company;
(d) in addition to the changes disclosed above, a
change in the Board of Directors or management of the Company;
(e) a material change in the present dividend policy
of the Company;
(f) other material changes in the Company's business
or corporate structure;
(g) changes in the Company's certificate of incorporation or
bylaws (in addition, in the case of the latter, to the changes disclosed above),
or other actions which may impede the acquisition of control of the Company by a
person; or
(h) actions similar to those enumerated above (each of the
foregoing are collectively hereinafter referred to as the "Enumerated Actions").
At the present time, none of the Reporting Persons other than PGI has
any expectation that it or any of its respective affiliates or associates will,
directly or indirectly, undertake or advance any of the Enumerated Actions,
except that such
<PAGE>
Reporting Persons may acquire additional shares of Common Stock or, in the
alternative, dispose of shares of Common Stock.
PGI's determination with respect to any of the foregoing
Enumerated Actions will depend upon various factors, including, but not limited
to, PGI's evaluation of the Company and its prospects, the status of the Product
Liability Trust, general market and economic conditions, other opportunities
available to PGI and other factors PGI may deem relevant to its investment
decision.
Page 12 of 15
C/M 10302.0046 470933.2
<PAGE>
value including, without limitation, considering opportunities to obtain a
release of all or a portion of the Product Liability Trust to the Company.
Item 5. Interest in Securities of the Issuer.
(a)/(b): The following table sets forth the number of shares of
Common Stock beneficially owned by each of the Reporting Persons and the
percentage ownership represented by such shares. None of the Reporting Persons
shares voting or dispositive power with any other Reporting Person. The
percentages are based upon the number of shares (4,000,000) of Common Stock
issued and outstanding as of November 13, 1996 as reported on the Company's
Quarterly Report a Form 10-Q for the quarter ended September 30, 1996.
<TABLE>
<CAPTION>
===========================================================================================================================
Holder Sole Voting and Dispositive Power
------------------------------------------------------------------------------------------
Amount Percentage
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
PGI 151,797 3.8%
- ---------------------------------------------------------------------------------------------------------------------------
TM 34,037 *
- ---------------------------------------------------------------------------------------------------------------------------
KidBest1 171,659 4.3%
- ---------------------------------------------------------------------------------------------------------------------------
Ahearn 190,000 4.8%
- ---------------------------------------------------------------------------------------------------------------------------
Grosser 5,000 *
- ---------------------------------------------------------------------------------------------------------------------------
Handel 198,167 4.9%
- ---------------------------------------------------------------------------------------------------------------------------
Perlmutter 185,8342 4.6%
===========================================================================================================================
</TABLE>
1. The sole stockholder of KidBest is Mr. Hsieh.
2. Consists of the shares owned by PGI and TM, each of which is wholly
owned by Mr. Perlmutter.
* Less than 1%.
Except for Mr. Perlmutter, with respect to shares of Common Stock
owned by PGI and TM, and Mr. Hsieh with respect to shares of Common Stock owned
KidBest, each of the Reporting Persons (i) disclaims beneficial ownership of the
shares of Common Stock owned by each of the other Reporting Persons and (ii)
disclaims membership in any group that includes any of the other Reporting
Persons. Mr. Perlmutter, PGI and TM acknowledge that they constitute a group but
disclaim membership in any group with any other Reporting Person and Mr. Hsieh
and KidBest acknowledge that they constitute a group but disclaim membership in
any group with any other Reporting Person.
Page 13 of 15
C/M 10302.0046 470933.2
<PAGE>
(c) As of March 20, 1997, the following table sets forth all
transactions in the shares of Common Stock of the Company by the Reporting
Persons during the past sixty days:
<TABLE>
<CAPTION>
=============================================================================================================================
Number of Shares
Purchased or Nature of Transac-
Holder Date (Sold) Price per Share tion
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PGI 3/4/97 46,797 $0.30 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
PGI 1/31/97 15,000 0.30 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
Grosser 2/25/97 5,000 0.27 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
Handel 2/25/97 40,000 0.27 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
Handel 1/27/97 18,500 0.30 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
Handel 1/22/97 30,000 0.30 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
Ahearn 1/21/97 40,000 0.30 Open Market
Purchase
- -----------------------------------------------------------------------------------------------------------------------------
Ahearn 1/16/97 150,000 0.30 Open Market
Purchase
=============================================================================================================================
</TABLE>
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) among the Reporting Persons or between such persons and any
other person with respect to any securities of the Company, including but not
limited to transfer or voting any of such securities, finders' fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of proxies. The
Reporting Persons are parties to a Joint Filing Agreement, a copy of which is
attached hereto as Exhibit I.
Item 7. Material to be Filed as Exhibits.
Exhibit I -- Filing agreement dated March 19, 1997, among the
Reporting Persons.
Page 14 of 15
C/M 10302.0046 470933.2
<PAGE>
SIGNATURES
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.
Dated: March 20, 1997 PURE GROUP, INC.
By: /s/ Isaac Perlmutter
---------------------------------------------
Name: Isaac Perlmutter
Title: President
TANGIBLE MEDIA, INC.
*
By:
---------------------------------------------
Name: Mitchell Boden
Title: President
KIDBEST LIMITED
*
By:
---------------------------------------------
Name: Cheng Hsieh
Title: Executive Officer
*
---------------------------------------------
Joseph M. Ahearn
*
---------------------------------------------
Robert M. Grosser
*
---------------------------------------------
Morton Handel
*
---------------------------------------------
Cheng Hsieh
*By: /s/ Isaac Perlmutter
---------------------------------------------
Isaac Perlmutter, Pro Se and Attorney-In-Fact
Page 15 of 15
C/M 10302.0046 470933.2
<PAGE>
EXHIBIT I
JOINT FILING AGREEMENT
AGREEMENT, dated as of March 19, 1997, by and among the parties
identified (the "Parties" or a "Party") on the signature pages hereto.
WHEREAS, each of the Parties beneficially own shares of common stock,
$0.01 par value per share ("Common Stock"), of Ranger Industries, Inc., a
Connecticut corporation; and
WHEREAS, some or all of the Parties may be deemed to have formed a
"group" with respect to the beneficial ownership of Common Stock for purposes of
Rule 13d-5 and Schedule 13D promulgated by the Securities and Exchange
Commission;
NOW, THEREFORE, the Parties hereto agree as follows:
1. (a) The Parties hereby agree to jointly prepare and file with the
Securities and Exchange Commission (the "Commission") a single statement
containing the information required by Schedule 13D with respect to their
respective interests in the Common Stock (the "Schedule 13D") and, furthermore,
they agree to jointly prepare and file with the Commission any amendments to the
Schedule 13D.
(b) Each Party hereby authorizes Isaac Perlmutter, P.O. Box 1028,
Lake Worth, Florida 33460, to sign Schedule 13D and all amendments thereto to be
filed with respect to the Common Stock, on behalf of each Party.
2. Each Party shall be responsible for the timely filing of the
Schedule 13D and any necessary amendments thereto, and for the completeness and
accuracy of the information concerning him or it contained therein, but shall
not be responsible for the completeness and accuracy of the information
concerning any other Party contained therein, except to the extent that he or it
knows or has reason to believe that such information is inaccurate.
3. This Agreement shall continue unless terminated by any Party
hereto. Termination by one Party shall not constitute termination of the
Agreement by any of the other Parties.
4. John N. Turitzin, Esq., of Battle Fowler, LLP, 75 East 55th Street,
New York, New York 10022, is hereby designated as the person authorized to
receive notices and communications with respect to the Schedule 13D and any
amendments thereto.
5. This Agreement may be executed in counterparts, each of which taken
together shall constitute one and the same instrument.
6. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to such State's conflicts
of laws principles.
C/M: 10302.0046 471363.1
<PAGE>
SIGNATURE PAGE TO JOINT FILING AGREEMENT
IN WITNESS WHEREOF, the undersigned have executed this Agreement in
one or more counterparts as of the date first above written.
PURE GROUP, INC., a Delaware corporation
By:
--------------------------------------------
Name: Isaac Perlmutter
Title: President
TANGIBLE MEDIA, INC., a Delaware corporation
By:
--------------------------------------------
Name: Mitchell Boden
Title: President
KIDBEST, LIMITED, a Hong Kong corporation
By:
--------------------------------------------
Cheng Hsieh, Managing Director
--------------------------------------------
Joseph M. Ahearn
--------------------------------------------
Cheng Hsienh
--------------------------------------------
Robert M. Grosser
--------------------------------------------
Morton Handel
--------------------------------------------
Isaac Perlmutter
C/M: 10302.0046 471363.1
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