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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)*
DDL ELECTRONICS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK ($.50 PAR VALUE)
- --------------------------------------------------------------------------------
(Title of Class of Securities)
233167105
-------------------------------------------------------------
(CUSIP Number)
Ronald J. Vannuki
100 Wilshire Blvd., 15th Floor
Santa Monica, CA 90401
(310) 917-6600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
NOVEMBER 1, 1995
----------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 2 of 16 Pages
- ---------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fortuna Investment Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
California
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,354,390
EACH
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,354,390
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,354,390
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 3 of 16 Pages
- ---------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fortuna Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 1,504,390
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,504,390
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,504,390
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 4 of 16 Pages
- ---------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald J. Vannuki
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF (with respect to shares over which Mr. Vannuki has sole
dispositive power);
NA (with respect to all other shares in which Mr. Vannuki has a
beneficial interest.)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
3,500
NUMBER OF ---------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,504,390
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
3,500
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,074,317
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,077,817
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 5 of 16 Pages
- ---------------------- --------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard Fechtor
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
457,050
NUMBER OF ---------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
457,050
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
457,050
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 6 of 16 Pages
- ---------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fortuna Advisors, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,364,954
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,364,954
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
CO
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 7 of 16 Pages
- ---------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Karen B. Brenner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF (with respect to shares over which Ms. Brenner has sole
dispositive power);
N/A (with respect to all other shares in which Ms. Brenner has a
beneficial interest.)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
107,400
NUMBER OF ---------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
107,400
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,364,954
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,472,354
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 8 of 16 Pages
- ---------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joseph Vannuki
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
64,409
NUMBER OF ---------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING ---------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
64,409
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
64,409
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 9 of 16 Pages
- ---------------------- --------------------------
Item 1. SECURITY AND ISSUER.
This filing relates to the Common Stock, $.50 par value (the "Stock"),
of DDL Electronics, Inc. (the "Company"). The Stock trades on the NYSE. The
Company's principal executive offices are located at 2051 Anchor Court, Newburg
Park, California; the Company's telephone number at that location is (805) 376-
2595. The number of issued and outstanding shares of Stock as set forth in the
Company's 10K for the period ended June 30, 1996 is 23,046,914.
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by (i) Fortuna Investment Partners, L.P.,
a California limited partnership ("Fortuna Investment Partners") with respect to
shares of Stock held or beneficially owned by the partnership; (ii) Fortuna
Capital Management, Inc. ("Fortuna Capital Management") as general partner and
discretionary investment adviser of Fortuna Investment Partners and with respect
to shares of Stock held or beneficially owned by the company; (iii) Ronald J.
Vannuki as sole shareholder and president of Fortuna Capital Management;
(iv) Richard Fechtor with respect to shares of Stock held or beneficially owned
by him; (v) Fortuna Advisors, Inc. ("Fortuna Advisors") as discretionary
investment adviser with respect to shares of Stock held or beneficially owned by
its advisory clients; (vi) Karen Beth Brenner with respect to shares of Stock
held or beneficially owned by her and as sole shareholder and president of
Fortuna Advisors; and (vii) Joseph Vannuki with respect to shares of Stock held
or beneficially owned by him. The foregoing persons hereinafter sometimes are
referred to collectively as the "Reporting Persons."
(b) The principal business address of (i) Fortuna Investment
Partners; (ii) Fortuna Capital Management; and (iii) Ronald J. Vannuki is 100
Wilshire Boulevard, Fifteenth Floor, Santa Monica, California 90401. The
principal business address of (i) Fortuna Advisors and (ii) Karen B. Brenner is
1300 Bristol Street North, Suite 230, Newport Beach, California 92660. The
principal business address of Richard Fechtor is 155 Federal Street, Boston,
Massachusetts 02110. The principal business address of Joseph Vannuki is 773
Ron Lee Lane, Youngstown, Ohio 44512.
(c) The business of (i) Fortuna Investment Partners is that of a
private investment partnership engaging in the purchase and sale of securities
for investment for its own account; (ii) Fortuna Capital Management is to serve
as the general partner of Fortuna Investment Partners; and (iii) Ronald J.
Vannuki is to serve as president of
<PAGE>
SCHEDULE 13D
- ---------------------- ---------------------------
CUSIP No. 233167105 Page 10 of 16 Pages
- ---------------------- ---------------------------
Fortuna Capital Management and as registered representative with a securities
brokerage firm.
The business of Richard Fechtor is a registered representative and
director of Fechtor, Detwiler & Co., a securities brokerage firm.
The business of (i) Fortuna Advisors is the provision of discretionary
investment management services to clients and (ii) Karen B. Brenner is to serve
as president of Fortuna Advisors.
Joseph Vannuki is retired.
(d) None of the Reporting Persons has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years,
been 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.
(f)(i) Fortuna Investment Partners is a California limited
partnership; (ii) Fortuna Capital Management is a California corporation; (iii)
Ronald J. Vannuki is a United States citizen; (iv) Richard Fechtor is a
United States citizen; (v) Fortuna Advisors is a California corporation; (vi)
Karen B. Brenner is a United States citizen; and (vii) Joseph Vannuki is a
United States citizen.
Item 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATION
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Fortuna Investment Partners is $1,972,290. The
source of funds for this consideration was working capital.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Fortuna Capital Management is $0. (See Item 6.)
<PAGE>
SCHEDULE 13D
- ---------------------- ---------------------------
CUSIP No. 233167105 Page 11 of 16 Pages
- ---------------------- ---------------------------
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Richard Fechtor is $461,620. The source of funds
for this consideration was personal funds.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Fortuna Advisors is $2,511,389. The source of
funds for this consideration was Fortuna Advisor's clients' personal funds.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Karen B. Brenner is $37,706. The source of funds
for this consideration was $23,466 in personal funds and $14,240 was a gift of
16,000 shares.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Joseph Vannuki is $116,306. The source of funds
for this consideration was working capital.
Item 4. PURPOSE OF THE TRANSACTION
The purpose of the acquisition of the shares by the Reporting Persons
is to participate in the active management of the Company and to gain
representation on the Company's Board of Directors. Each Reporting Person may
make further purchases of shares of Stock from time to time and may dispose of
any or all of the shares of Stock held by such person at any time.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date hereof:
(i) Fortuna Investment Partners beneficially owns 1,354,390
shares of Stock which includes 420 convertible bonds convertible into 39,530
shares of Stock. Fortuna Investment Partners is the beneficial owner of 5.9% of
the Stock.
(ii) Fortuna Capital Management, as general partner and
discretionary investment adviser to Fortuna Investment Partners, beneficially
owns 1,504,390 shares of Stock, which includes 420 convertible bonds convertible
into 39,530 shares of Stock and 150,000 warrants convertible into 150,000 shares
of Stock. Fortuna Capital Management is the beneficial owner of 6.5% of the
Stock.
<PAGE>
SCHEDULE 13D
- ---------------------- --------------------------
CUSIP No. 233167105 Page 11 of 16 Pages
- ---------------------- --------------------------
(iii) Ronald J. Vannuki, as sole shareholder and president of
Fortuna Capital Management, as a registered representative with discretionary
authority over a customer's account, and as a direct owner of shares of Stock,
beneficially owns 2,077,817 shares of Stock, which includes 420 convertible
bonds convertible into 39,530 shares of Stock and 150,000 warrants convertible
into 150,000 shares of Stock. Mr. Vannuki is the beneficial owner of 8.9% of
the Stock.
(iv) Richard Fechtor beneficially owns 457,050 shares of Stock.
Mr. Fechtor is the beneficial owner of 2.0% of the Stock.
(v) Fortuna Advisors, as discretionary investment adviser to
clients whose accounts hold the Stock, beneficially owns 1,364,954 shares of
Stock which includes 494 convertible bonds convertible into 46,495 shares of
Stock. Fortuna Advisors is the beneficial owner of 5.9% of the Stock.
(vi) Karen Brenner, as sole shareholder of Fortuna Advisors and
as a direct owner of shares of Stock, beneficially owns 1,472,354 shares of
Stock, which includes 494 convertible bonds convertible into 46,495 shares of
Stock and 75,000 warrants convertible into 75,000 shares of Stock. Ms. Brenner
is the beneficial owner of 6.4% of the Stock.
(vii) Joseph Vannuki beneficially owns 64,409 shares of Stock
which includes 24 convertible bonds convertible into 2,259 shares of Stock. Mr.
Vannuki is the beneficial owner of 0.3% of the Stock.
The Reporting Persons in the aggregate may be deemed to own an
aggregate of 17.4% of the Stock.
<PAGE>
SCHEDULE 13D
- ---------------------- ---------------------------
CUSIP No. 233167105 Page 13 of 16 Pages
- ---------------------- ---------------------------
(b)
<TABLE>
<CAPTION>
------------------------------------------------------------------
Power to Vote Power to Dispose
-------------------------------------------------------------------------------------------------------------
No. of Shares Percentage of
Beneficially Owned Class Sole Shared Sole Shared
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fortuna Investment
Partners 1,354,390 5.9% 0 1,354,390 0 1,354,390
Fortuna Capital
Management 1,504,390 6.5% 0 1,504,390 0 1,504,390
Ronald J. Vannuki 2,077,817 8.9% 3,500 1,504,390 3,500 2,074,317
Richard Fechtor 457,050 2.0% 457,050 0 457,050 0
Fortuna Advisors 1,364,954 5.9% 0 0 0 1,364,954
Karen B. Brenner 1,472,354 6.4% 107,400 0 107,400 1,364,954
Joseph Vannuki 64,409 0.3% 64,409 0 64,409 0
</TABLE>
(c) The trading dates, number of shares purchased or sold and price
per share for all transactions by the Reporting Persons since September 1, 1995
are set forth on Schedule A hereto. All such transactions, unless otherwise
noted, were open market transactions and were effected on the NYSE. No other
transactions were effected by the Reporting Persons during such period.
(d) No person other than each respective owner referred to herein of
Stock is known to have the right to receive or the power to direct the receipt
of dividends from or the proceeds of sale of such Stock.
(e) Not applicable.
<PAGE>
- ---------------------- ---------------------------
CUSIP No. 233167105 Page 14 of 16 Pages
- ---------------------- ---------------------------
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Fortuna Capital Management has provided various consulting and
financial advisory services for which it received 150,000 warrants, which are
convertible into 150,000 shares of Stock, as compensation. The warrants have
not been exercised.
Item 7. MATTER TO BE FILED AS EXHIBITS
No new exhibits. Exhibits previously filed by the Reporting Persons
are incorporated herein by this reference.
<PAGE>
- ---------------------- ---------------------------
CUSIP No. 233167105 Page 15 of 16 Pages
- ---------------------- ---------------------------
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: October 18, 1996
FORTUNA INVESTMENT PARTNERS, L.P.
By: Fortuna Capital Management, Inc.,
its General Partner
By: /s/ Ronald J. Vannuki
-----------------------------------
Ronald J. Vannuki, President
FORTUNA CAPITAL MANAGEMENT, INC.
By: /s/ Ronald J. Vannuki
-----------------------------------
Ronald J. Vannuki, President
/s/ Ronald J. Vannuki
- --------------------------------------------------
Ronald J. Vannuki
Individual
/s/ Richard Fechtor
- --------------------------------------------------
Richard Fechtor
Individual
<PAGE>
- ---------------------- ---------------------------
CUSIP No. 233167105 Page 16 of 16 Pages
- ---------------------- ---------------------------
FORTUNA ADVISORS, INC.
By: /s/ Karen B. Brenner
-----------------------------------
Karen B. Brenner, President
/s/ Karen B. Brenner
- --------------------------------------------------
Karen B. Brenner
Individual
/s/ Joseph Vannuki
- --------------------------------------------------
Joseph Vannuki
Individual
<PAGE>
SCHEDULE A
Transactions Since September 1, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Broker Effective
Party Date Bought (Sold) Price Per Share Transaction
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fortuna Investment Partners 09/04/95 11,500 1.91 Bear Stearns
Fortuna Advisors 11/16/95 (25,000) 2.88 Bear Stearns
Fortuna Advisors 11/16/95 (17,633) 2.74 Bear Stearns
Fortuna Advisors 11/16/95 (7,367) 2.75 Bear Stearns
Fortuna Advisors 11/17/95 (25,000) 2.49 Bear Stearns
Fortuna Advisors 11/30/95 80,965 2.94 Bear Stearns
Fortuna Advisors 12/28/95 74,000 2.63 Bear Stearns
Fortuna Investment Partners 01/02/96 3,500 2.60 Bear Stearns
Fechtor 01/03/96 (3,000) 2.50 Fechtor, Detwiler
Fortuna Advisors 01/04/96 4,000 2.64 Bear Stearns
Fechtor 01/04/96 1,500 2.50 Fechtor, Detwiler
Fechtor 01/08/96 (3,000) 2.50 Fechtor, Detwiler
Fortuna Advisors 01/09/96 (41,000) 2.67 Bear Stearns
Fechtor 01/09/96 (3,000) 2.75 Fechtor, Detwiler
Fechtor 01/09/96 (3,000) 2.88 Fechtor, Detwiler
Fechtor 01/09/96 (2,000) 2.88 Fechtor, Detwiler
Fechtor 01/09/96 (2,000) 2.75 Fechtor, Detwiler
<PAGE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Broker Effective
Party Date Bought (Sold) Price Per Share Transaction
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fechtor 01/11/96 (2,500) 2.63 Fechtor, Detwiler
Fechtor 01/12/96 (3,000) 2.75 Fechtor, Detwiler
Fechtor 01/12/96 (2,000) 2.88 Fechtor, Detwiler
Fortuna Advisors 01/18/96 4,000 2.63 Bear Stearns
Fechtor 01/19/96 (3,000) 2.63 Fechtor, Detwiler
Fechtor 01/24/96 (3,000) 2.63 Fechtor, Detwiler
Fortuna Investment Partners 01/29/96 146,000 2.62 Bear Stearns
Fortuna Investment Partners 02/05/96 15,000 2.53 Bear Stearns
Fechtor 02/16/96 (5,000) 2.50 Fechtor, Detwiler
Fortuna Investment Partners 02/29/96 11,500 2.53 Bear Stearns
Fortuna Investment Partners 03/29/96 10,000 2.41 Bear Stearns
Fortuna Investment Partners 03/29/96 7,500 2.38 Bear Stearns
Fortuna Investment Partners 05/01/96 23,000 1.91 Bear Stearns
Fortuna Investment Partners 05/02/96 33,000 1.77 Bear Stearns
Fortuna Investment Partners 05/03/96 2,000 1.78 Bear Stearns
Fortuna Investment Partners 05/10/96 5,500 2.03 Bear Stearns
Fortuna Investment Partners 05/13/96 5,500 2.03 Bear Stearns
Fortuna Investment Partners 05/14/96 5,500 2.03 Bear Stearns
Fortuna Investment Partners 05/15/96 6,000 2.03 Bear Stearns
Brenner 05/24/96 50,000 warrants N/A Granted by DDL
Fechtor 06/21/96 (5,000) 2.13 Fechtor, Detwiler
<PAGE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Broker Effective
Party Date Bought (Sold) Price Per Share Transaction
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fortuna Advisors 06/24/96 (7,000) 1.97 Bear Stearns
Fortuna Advisors 06/25/96 (3,000) 2.00 Bear Stearns
Fortuna Investment Partners 06/25/96 1,000 2.03 Bear Stearns
Fortuna Investment Partners 06/28/96 4,000 2.03 Bear Stearns
Fortuna Investment Partners 07/01/96 1,000 2.04 Bear Stearns
Fortuna Advisors 07/10/96 (3,000) 1.75 Bear Stearns
Fortuna Investment Partners 07/22/96 1,000 1.78 Bear Stearns
Fortuna Investment Partners 07/29/96 22,600 1.66 Bear Stearns
Fortuna Investment Partners 08/08/96 6,000 1.53 Bear Stearns
Fortuna Investment Partners 08/09/96 11,000 1.42 Bear Stearns
Fortuna Investment Partners 08/09/96 1,000 1.50 Bear Stearns
Fortuna Investment Partners 08/14/96 6,000 1.28 Bear Stearns
Fortuna Investment Partners 08/15/96 3,000 1.28 Bear Stearns
Fortuna Investment Partners 08/21/96 1,000 1.28 Bear Stearns
Fortuna Investment Partners 08/22/96 500 1.28 Bear Stearns
Fortuna Investment Partners 08/26/96 500 1.28 Bear Stearns
Fortuna Investment Partners 08/30/96 2,000 1.28 Bear Stearns
Brenner 09/18/96 25,000 warrants N/A Transferred from Client
Fortuna Advisors 09/23/96 (20,000) 1.25 Bear Stearns
Fortuna Advisors 09/27/96 (4,500) 1.25 Bear Stearns
Fortuna Advisors 10/02/96 (5,500) 1.25 Bear Stearns
</TABLE>
<PAGE>
EXHIBIT A
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(f)(1)
This agreement is made pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer" the Joint Filers agree that a statement of
beneficial ownership as required by Section 13(d) of the Act and the Rules
thereunder may be filed on each of their behalf on Schedule 13D or Schedule 13G,
as appropriate, and that said joint filing may thereafter be amended by further
joint filings. The Joint Filers state that they each satisfy the requirements
for making a joint filing under Rule 13d-1.
Dated: October 18, 1996
FORTUNA INVESTMENT PARTNERS, L.P.
By: Fortuna Capital Management, Inc.,
its General Partner
By: /s/ Ronald J. Vannuki
----------------------------------------
Ronald J. Vannuki, President
FORTUNA CAPITAL MANAGEMENT, INC.
By: /s/ Ronald J. Vannuki
----------------------------------------
Ronald J. Vannuki, President
/s/ Ronald J. Vannuki
- --------------------------------------------------
Ronald J. Vannuki
Individual
/s/ Richard Fechtor
- --------------------------------------------------
Richard Fechtor
Individual
<PAGE>
FORTUNA ADVISORS, INC.
By: /s/ Karen B. Brenner
----------------------------------------
Karen B. Brenner, President
/s/ Karen B. Brenner
- --------------------------------------------------
Karen B. Brenner
Individual
/s/ Joseph Vannuki
- --------------------------------------------------
Joseph Vannuki
Individual
