<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 11)<F*>
CROWN CENTRAL PETROLEUM CORPORATION
(Name of Issuer)
CLASS A COMMON STOCK, PAR VALUE $5 PER SHARE
(Title of Class of Securities)
00228219101
--------------
(CUSIP Number)
JAMES F. SANDERS, ESQ.
8182 MARYLAND AVE., SUITE 307
ST. LOUIS, MISSOURI 63105
(314) 889-0218
--------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 8, 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), 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 for
other parties to whom copies are to be sent.
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.
[FN]
<F*>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.
Page 1 of 20
<PAGE> 2
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 2
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NOVELLY EXEMPT TRUST U/I DATED AUGUST 12, 1992
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 516,600
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
516,600
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
516,600
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
OO (TRUST)
- -----------------------------------------------------------------------------
<PAGE> 3
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 3
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
P.A. NOVELLY, II, TRUSTEE OF THE
NOVELLY EXEMPT TRUST U/I DATED AUGUST 12, 1992
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 516,600
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
516,600
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
516,600
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
OO (TRUSTEE)
- -----------------------------------------------------------------------------
<PAGE> 4
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 4
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JOHN K. PRUELLAGE, TRUSTEE OF THE
NOVELLY EXEMPT TRUST U/I DATED AUGUST 12, 1992
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 516,600
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
516,600
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
516,600
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
OO (TRUSTEE)
- -----------------------------------------------------------------------------
<PAGE> 5
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 5
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
THE CAPITAL TRUST U/I DATED FEBRUARY 4, 1994
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 142,800
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
142,800
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
142,800
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
OO (TRUST)
- -----------------------------------------------------------------------------
<PAGE> 6
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 6
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WILLIAM LAUBER, TRUSTEE OF
THE CAPITAL TRUST U/I DATED FEBRUARY 4, 1994
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 142,800
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
142,800
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
142,800
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
OO (TRUSTEE)
- -----------------------------------------------------------------------------
<PAGE> 7
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 7
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DOUGLAS D. HOMMERT, TRUSTEE OF
THE CAPITAL TRUST U/I DATED FEBRUARY 4, 1994
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 142,800
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
142,800
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
142,800
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
OO (TRUSTEE)
- -----------------------------------------------------------------------------
<PAGE> 8
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 8
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAUL A. NOVELLY
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
PF, WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 48,975
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
48,975
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,975
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
IN
- -----------------------------------------------------------------------------
<PAGE> 9
- -----------------------------------------------------------------------------
CUSIP NO. 00228219101 SCHEDULE 13D Page 9
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GOLNOY BARGE COMPANY, INC.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F*>
(a) / /
(b) /x/
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS<F*>
WC
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 32,650
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
32,650
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,650
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES<F*> [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON<F*>
CO
- -----------------------------------------------------------------------------
<PAGE> 10
This Amendment No. 11 to Schedule 13D amends Item 4 of Amendment No. 8 to
Schedule 13D filed jointly on May 25, 1999 ("Amendment No. 8"), and amends
Items 3, 5 and 7 of Amendment No. 10 to Schedule 13D filed jointly on
November 5, 1999 ("Amendment No. 10"), by the parties named herein.
Amendment No. 8 had amended in their entirety the Schedule 13D filed jointly
on January 14, 1983 by Apex Holding Co., P.A. Novelly and Gary R. Parker, and
all of Amendments One through Seven thereto previously filed. Except as
specifically amended hereby, all other provisions of Amendment No. 8 and
Amendment No. 10 remain in full force and effect. The referenced Items are,
respectively, amended as follows:
ITEM 4. PURPOSE OF TRANSACTION.
- ------
Item 4 of Amendment No. 8 is amended to read in its entirety as follows:
The total number of Shares held by all filing persons is in excess of 5%
of the outstanding Class A Common. Except as set forth below, there are no
agreements among the filing persons or any other person or entity regarding
the Company and the Shares.
Apex Oil Company, Inc. ("Apex") is a privately held Missouri corporation
controlled directly or indirectly by Novelly Exempt Trust and Mr. Novelly.
Apex and its subsidiaries are in the business of, among other things, trading
and transporting petroleum and petroleum products and refining asphalt, jet
fuel and petroleum distillates. Apex has sent a letter to the board of
directors of the Company indicating Apex's willingness to enter into a merger
involving Apex and the Company. A copy of the letter is attached as Exhibit
III to this filing. No direct negotiations toward such a transaction have
occurred and Apex is not aware of the Company's intention with respect to any
such potential transaction. Apex believes its trading strategies, wholesale
marketing expertise, crude supply relationships and financial resources would
be beneficial to the Company and its shareholders in a merger. If such
potential transaction were to be completed on the terms currently proposed by
Apex, Apex would control a majority of the Company's Class A Common shares.
Accordingly, the transaction would result in a change in management of the
Company, a change in the Company's board of directors and a material change
in the Company's capitalization. There are numerous conditions precedent to
accomplishing a transaction between Apex and Crown, including, without
limitation, due diligence review, financing, negotiation of a definitive
merger agreement and satisfactory resolution of the current union boycott
against the Company.
Although the foregoing represents the current intentions and purposes of
the filing persons with respect to the Company and the Class A Common, such
activities of the filing persons may, but need not, change at any time in the
future. Without limitation, the filing persons could make additional or
further plans or proposals which relate to or would result in (a) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation involving the Company or any of its subsidiaries; (b) a sale or
transfer of a material amount of the assets of the Company or any of its
subsidiaries; (c) a change in the present board of directors or management of
the Company, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board, if any; (d)
material change in the capitalization or dividend policy of the Company; (e)
other material change in the Company's business or corporate structure; (f)
changes in the Company's charter, bylaws or
10
<PAGE> 11
instruments corresponding thereto or other similar actions; or (g) any action
similar to those listed above.
Each of the filing persons originally acquired the Shares of Class A
Common reported herein for investment purposes. Subject to availability at
prices deemed favorable, any filing person may acquire additional Shares of
Class A Common from time to time in the open market, in privately negotiated
transactions, or otherwise. Any filing person also may dispose of Shares of
Class A Common from time to time in the open market, in privately negotiated
transactions or otherwise.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
- ------
Item 3 of Amendment No. 10 is amended to read in its entirety as follows:
Each of the filing persons who is an individual and is reporting his
individual ownership of Shares, acquired such Shares reported by such person
herein with personal funds for investment. Each of the filing persons which
is a trust or corporation acquired the Shares reported by such entity herein
with general funds of the trust or working capital of the corporation, as
applicable, for investment. The amount of funds expended by the filing
persons to purchase the Shares are as follows:
Name of Filing Person Number of Shares Amount of Funds
- --------------------- ---------------- ---------------
Exempt Trust 516,600 $4,234,568.90
Capital Trust 142,800 $1,027,275.70
Golnoy 32,650 $678,507.80
Mr. Novelly 16,325 $339,253.90
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
- ------
Item 5 of Amendment No. 10 is amended to read in its entirety as follows:
Subsections (a) and (b):
Golnoy beneficially owns 32,650 Shares constituting approximately 0.7% of
the outstanding Class A Common. The Exempt Trust beneficially owns 516,600
Shares constituting approximately 10.7% of the outstanding Class A Common.
The Capital Trust beneficially owns 142,800 Shares constituting approximately
3.0% of the outstanding Class A Common.
Mr. Novelly has direct beneficial ownership and the sole power to vote
and dispose of 16,325 Shares by ownership in his revocable living trust,
constituting approximately 0.3% of the outstanding Class A Common. Mr.
Novelly has indirect beneficial ownership and the sole power to vote and
dispose of the 32,650 Shares owned by Golnoy (0.7% of the total outstanding)
by reason of being the president of Golnoy.
11
<PAGE> 12
As Co-Trustee of the Exempt Trust, Mr. Novelly II beneficially owns
516,600 Shares. Mr. Novelly II possesses shared power to vote and dispose of
all of the Shares beneficially owned by him as Co-Trustee of the Exempt
Trust.
As Co-Trustee of the Exempt Trust, Mr. Pruellage beneficially owns
516,600 Shares. Mr. Pruellage possesses shared power to vote and dispose of
all of the Shares beneficially owned by him as Co-Trustee of the Exempt
Trust.
As Co-Trustee of the Capital Trust, Mr. Hommert beneficially owns 142,800
Shares. Mr. Hommert possesses shared power to vote and dispose of all of the
Shares beneficially owned by him as Co-Trustee of the Capital Trust.
As Co-Trustee of the Capital Trust, Mr. Lauber beneficially owns 142,800
Shares. Mr. Lauber possesses shared power to vote and dispose of all of the
Shares beneficially owned by him as Co-Trustee of the Capital Trust.
The percentage of the outstanding shares of Class A common calculated for
each filing person is based upon 4,817,394 shares of Class A common
outstanding as of July 31, 1999.
In addition to the shares of Class A Common, the Exempt Trust is the
direct owner of 182,800 shares of the Company's Class B common stock, par
value $5.00 per share.
(c) During the 60 days prior to the date hereof, the filing persons made
open-market purchases of Class A Common as set forth on Exhibit I attached
hereto.
(d) The co-trustees of the various trusts listed above have the right to
receive and the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Shares held by the specific trusts due to
their status as co-trustees.
(e) Not Applicable.
Each of the filing persons disclaims any beneficial ownership of any
Shares except those reported as owned by him or it and set forth following
his or its name in Item 5, and the filing of this report shall not be
construed as an admission to the contrary.
ITEM 7. MATERIAL TO BE FILED AS EXHIBIT.
- ------
The following are filed herewith as exhibits:
Exhibit I: Schedule of Share Purchase Transactions
Exhibit II: Joint Filing Agreement pursuant to Rule 13-d-1(k).
Exhibit III: Copy of Letter from Apex Oil Company, Inc.
12
<PAGE> 13
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of each of
the undersigned, I certify that the information set forth in this statement is
true, complete and correct.
Dated: November 9, 1999
/s/ Paul A. Novelly
- -------------------------------------------
Paul A. Novelly
Golnoy Barge Company, Inc.
By: /s/ P.A. Novelly, II
---------------------------------------
P.A. Novelly, II, Vice President
Novelly Exempt Trust dated August 12, 1992
By: /s/ P.A. Novelly, II
---------------------------------------
P.A. Novelly, II, Trustee
By: /s/ John K. Pruellage
---------------------------------------
John K. Pruellage, Trustee
The Capital Trust dated February 4, 1994
By: /s/ Douglas D. Hommert
---------------------------------------
Douglas D. Hommert, Trustee
By: /s/ William Lauber
---------------------------------------
William Lauber, Trustee
/s/ P.A. Novelly, II
- -------------------------------------------
P.A. Novelly, II
/s/ John K. Pruellage
- -------------------------------------------
John K. Pruellage
13
<PAGE> 14
/s/ Douglas D. Hommert
- -------------------------------------------
Douglas D. Hommert
/s/ William Lauber
- -------------------------------------------
William Lauber
14
<PAGE> 15
<TABLE>
EXHIBIT I TO AMENDMENT TO SCHEDULE 13-D
SCHEDULE OF SHARE PURCHASE TRANSACTIONS
---------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------
DATE OF TYPE OF PRICE NUMBER OF IDENTITY OF
TRANSACTION TRANSACTION PER SHARE SHARES FILING PERSON
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
09/28/1999 Purchase 7.000 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
09/30/1999 Purchase 6.500 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
09/30/1999 Purchase 6.125 2,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
10/05/1999 Purchase 6.000 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
10/06/1999 Purchase 5.562 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
10/20/1999 Purchase 5.500 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
10/29/1999 Purchase 5.250 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
11/01/1999 Purchase 4.750 10,000 Novelly Exempt Trust
- -----------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE> 16
EXHIBIT II TO AMENDMENT TO SCHEDULE 13-D
JOINT FILING AGREEMENT
----------------------
Dated as of November 9, 1999
The undersigned each hereby agree that the Amendment No. 11 to Schedule
13D filed herewith, relating to the Class A Common Stock of Crown Central
Petroleum Corporation, is filed on behalf of each of the undersigned.
Dated: November 9, 1999
/s/ Paul A. Novelly
- -------------------------------------------
Paul A. Novelly
Golnoy Barge Company, Inc.
By: /s/ P.A. Novelly, II
----------------------------------------
P.A. Novelly, II, Vice President
Novelly Exempt Trust dated August 12, 1992
By: /s/ P.A. Novelly, II
----------------------------------------
P.A. Novelly, II, Trustee
By: /s/ John K. Pruellage
----------------------------------------
John K. Pruellage, Trustee
The Capital Trust dated February 4, 1994
By: /s/ Douglas D. Hommert
----------------------------------------
Douglas D. Hommert, Trustee
By: /s/ William Lauber
----------------------------------------
William Lauber, Trustee
/s/ P.A. Novelly, II
- -------------------------------------------
P.A. Novelly, II
16
<PAGE> 17
/s/ John K. Pruellage
- -------------------------------------------
John K. Pruellage
/s/ Douglas D. Hommert
- -------------------------------------------
Douglas D. Hommert
/s/ William Lauber
- -------------------------------------------
William Lauber
17
<PAGE> 18
EXHIBIT III TO AMENDMENT TO SCHEDULE 13-D
Copy of Letter from Apex Oil Company, Inc.
------------------------------------------
November 8, 1999
The Board of Directors of
Crown Central Petroleum Corporation
One North Charles Street
Baltimore, Maryland 21201
Gentlemen:
As you know, I am part of a Schedule 13d filing group (the "Novelly
Group") with respect to Crown Central Petroleum Corporation ("Crown"). The
Novelly Group, or its predecessors, have been shareholders of Crown since the
early 1980's. As of October 31, 1999, the Novelly Group owned 698,375 shares
of Crown Class A Common Stock and 174,400 shares of Crown Class B Common
Stock. The value of our investment in Crown common stock has decreased from a
high in excess of $40 per share to its current value of $5.375. In the past
decade, Crown has reported net income only twice (1990 and 1997), and in the
period 1990 through 1998, inclusive, Crown has averaged a net loss of
$12,085,000 per year. Crown's revenues have decreased from $2,060,000,000 in
1990 to $1,264,000,000 in 1998, a 38% decrease. Industry statistics show
that in virtually every financial category, Crown performs below its industry
and sector peers and below the S&P 500.
To state the obvious, the Novelly Group is not satisfied with its
investment in Crown nor do I believe you are satisfied with the performance
of Crown's stock. However, we believe that Crown still can be a good
investment, and we believe that the underlying assets can be deployed in a
profitable manner. But to realize that profit, we believe that a dramatic
change is required in Crown's strategic direction. Towards that end, I
propose a merger of Apex Oil Company, Inc. ("Apex") with Crown. Apex is
controlled directly or indirectly by certain members of the Novelly Group.
Apex and its subsidiaries are in the business of, among other things, trading
and transporting petroleum and petroleum products and refining asphalt, jet
fuel and petroleum distillates. Although Apex is a privately owned company,
your financial advisors have received Apex's consolidated financial
statements for the period ended August 31, 1999 and are well aware of its
profitability and strong financial position.
Apex has put together a highly efficient wholesale marketing department
which operates through a system of terminals in the gulf coast and along the
eastern seaboard. We believe this operation could add substantial value to
Crown by providing an additional established market and distribution system
for Crown's refined products, and an established source of supply for Crown's
retail outlets. In addition, Apex's employees have developed a hedging
strategy which can be extended to Crown's refining and marketing inventories,
reducing the risk of fluctuations in crude prices. Apex has existing
relationships with crude suppliers which should result in lower product costs
to Crown's refining operations. Economies of scale will also result in lower
overhead costs to the combined companies. On a going forward basis after the
merger, the combined companies should produce substantial annual net income.
Share price to earnings ratios should increase, and current ratios, debt to
equity ratios and debt service coverage ratios should improve. Apex has
obtained expressions of interest from lenders to lend sufficient sums to
retire, if necessary, the $125,000,000 of long-term debt of Crown and
replace, in their entirety, the current operating lines of credit of Crown,
in each case on terms we believe are more favorable than those currently
enjoyed by Crown.
For all of these reasons, we believe a merger of Crown and Apex will
result in an increase to Crown's stock price and will be beneficial to both
companies and their shareholders.
We previously have attempted to work with Crown's financial advisor,
Credit Suisse First Boston ("CSFB") in structuring a transaction between our
companies. However, attempts to work with CSFB have been frustrated by
delays and apparent refusals to meet. Recently, we received a form of
confidentiality agreement from Crown. This confidentiality agreement
provides, among other things, that the Novelly Group not acquire any
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additional Crown stock, or "form, join or in any way participate in a 'group'
(as defined under the Securities Exchange Act of 1934, as amended)." This
notwithstanding the fact that we already have made joint Schedule 13d filings
and have continued purchasing Crown stock. This has left us no choice but to
approach Crown's board directly.
Our proposal is that the merger of Crown and Apex be structured along the
following terms.
1. MERGER. We propose that the merger be structured as a merger of a
newly created subsidiary of Crown into Apex as a reverse triangular merger
within the meaning of Sections 368(a)(1)(A) and(a)(2)(E) of the Internal
Revenue Code of 1986, as amended.
2. CONSIDERATION. The merger consideration payable to the shareholders of
Apex would be shares of newly issued Class A Common Stock in Crown equaling
35% of the issued and outstanding stock of Crown immediately after the
merger. Such shares would be registered and freely tradable after the
merger.
3. MANAGEMENT. Pursuant to the definitive merger agreement, Apex's
shareholder will have the right to designate all Class A directors of Crown
and, upon the closing date, those designees will become the Class A directors
of Crown. Crown will enter into a three year employment contract with me as
the chairman, chief executive officer and president of Crown.
4. DISTRIBUTION OF TERMINALLING AND OTHER ASSETS. Prior to the effective
date of the merger, Apex will distribute to its shareholder or otherwise
dispose of all of its terminalling operations and assets, together with
certain other personal property so that, on the effective date of the merger,
Apex will have, on a consolidated basis, sufficient net worth and working
capital commensurate with the merger consideration.
5. CLOSING CONDITIONS. Apex's and Crown's obligations to close will be
subject to usual and customary conditions for a transaction of this type. In
addition, Apex's obligations to close will be subject to the following
conditions: (i) the satisfactory resolution of the boycott against Crown and
its subsidiaries by the Paper Allied-Industrial, Chemical and Energy Workers
Union; (ii) Apex will have conducted a due diligence review of Crown and is
satisfied with the results thereof in its sole discretion; (iii) Apex will
have received, on behalf of Crown, a financing commitment in an amount of at
least $125,000,000 on such terms as are satisfactory to Apex; (iv) Apex will
have received, on behalf of Crown, a line of credit sufficient to replace
Crown's current operating lines of credit, on terms satisfactory to Apex; and
(v) the expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended.
6. REPRESENTATIONS. Apex and Crown will make representations and
warranties to each other which are usual and customary for a transaction of
this type.
7. PROHIBITED TRANSACTIONS. The definitive merger agreement will contain
certain restrictions on Apex's and Crown's activities between the execution
of the definitive agreement and the closing, including requiring the parties
not to enter into any transaction other than in the ordinary course of
business consistent with past practice.
8. DUE DILIGENCE REVIEWS. The parties will have the right, at reasonable
times upon reasonable notice, to make a full due diligence investigation of
the other party's assets and the books and records of the other party
pertaining thereto and to such other party's business.
9. CONSENTS AND BEST EFFORTS. The definitive agreement will provide that,
as soon as practicable after the execution of the definitive agreement, the
parties will commence to take all reasonable action required to obtain all
authorizations, consents, approvals, orders and agreements of, and to give
all notices and make all filings with, governmental authorities and any other
person necessary to authorize, approve or permit their respective obligations
pursuant to such agreement and the consummation of the transactions
contemplated thereby.
10. HART-SCOTT-RODINO ACT. Promptly after the execution of a definitive
merger agreement, the parties will file with the Federal Trade Commission and
the Antitrust Division of the United States Department of Justice
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Notification and Report Forms and documentary material which comply with the
provisions of the Hart-Scott-Rodino Act and the rules thereunder and will
promptly file any additional information requested as soon as practicable
after receipt of the request. No party will take any action which will have
the effect of delaying, impairing or impeding the receipt of any required
regulatory approvals.
11. OBLIGATIONS SUBJECT TO DEFINITIVE PURCHASE AGREEMENT. Each of
Apex's and Crown's obligation to consummate the merger is subject to the parties
executing a mutually agreeable definitive merger agreement to be drafted by
Apex's counsel and approved by Apex's shareholder and by the parties'
respective boards of directors.
12. OPEN TERMS. The parties acknowledge that this letter does not set forth
all material terms of the proposed transaction nor does this letter
constitute an offer of merger. It merely sets forth our suggested framework.
13. CONFIDENTIALITY AGREEMENT. At the request of either party, and as a
condition to continued negotiations, the other party will execute a
confidentiality agreement reasonably acceptable to both parties.
I would appreciate the opportunity to meet with you at your convenience
to discuss this proposed transaction.
Sincerely,
/s/ P.A. Novelly
---------------------------------
P.A. Novelly,
Chief Executive Officer
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