SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
McM CORPORATION
(Name of Issuer)
COMMON STOCK
(Title of class of securities)
552674103
(CUSIP NUMBER)
McM Acquisition Corporation
M. Roland Britt
1005 Wade Avenue
Raleigh, North Carolina 27605
Telephone No. 919-787-8837
(Name, address and telephone number of person authorized to
receive notices and communications)
Copy to:
William S. Patterson
Hunton & Williams
Post Office Box 109
Raleigh, North Carolina 27602
December 23, 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 [ ].
Check the following box if
a fee is being paid
with this statement [ ].
Page 1 of 6 Pages
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CUSIP NO. 552674103 13D PAGE 2 OF 6 PAGES
- ------------------------ -------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
McM Acquisition Corporation
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
00 (option acquired in exchange for willingness to pursue
acquisition)
- --------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
- --------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
North Carolina
- --------------- ----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES - 0 -
-------- --------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY - 0 -
-------- --------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING - 0 -
-------- --------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
- 0 -
- -------------------------------- -------- --------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES*
- --------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
- 0 -
- --------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------- ----------------------------------------------------------------
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CUSIP NO. 552674103 13D PAGE 3 OF 6 PAGES
- --------------------------- -------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
M. Roland Britt
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
00 (option acquired in exchange for willingness to
pursue acquisition)
- --------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
- --------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------- ----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 50
-------- --------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY - 0 -
-------- --------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 50
-------- --------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
- 0 -
- -------------------------------- -------- --------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50
- --------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES*
- --------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
- --------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------- ----------------------------------------------------------------
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Amendment No. 1 amends and supplements the Statement on Schedule 13D
filed on February 3, 1997 by McM Acquisition Corporation, a North Carolina
corporation (the "Corporation") and M. Roland Britt with respect to the common
stock of McM Corporation. The purpose of the amendment is to report that the
Corporation has terminated its option to acquire shares of McM Corporation.
Item 5. Interest in Securities of the Issuer.
This item is amended to read as follows:
(a) McM Acquisition Corporation owns no shares of common stock of
McM Corporation. M. Roland Britt owns 50 shares of common
stock of McM Corporation, constituting less than 1% of the
shares outstanding.
(b) M. Roland Britt has sole voting and dispositive power over 50
shares of common stock of McM Corporation.
(c) See Item 6 below.
(d) Not applicable.
(e) December 23, 1997.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
This item is amended to add the following:
Pursuant to an Agreement and Release dated as of November 26, 1997
between, among other parties, the Corporation and Wilmington Trust Company as
Trustee of the McMillen Trust, the Agreement (including all amendments thereto,
and including the Option) was terminated. The Agreement and Release was approved
by the North Carolina Superior Court on December 23, 1997.
The Exclusive Period granted to the Corporation by the Issuer pursuant
to a letter agreement dated January 31, 1997 has expired.
Item 7. Material to be Filed as Exhibits.
Agreement and Release dated as of November 26, 1997.
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SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: January 6, 1998 /s/ M. Roland Britt
-------------------------------
M. Roland Britt
McM Acquisition Corporation
By: /s/ M. Roland Britt
-----------------------------
Name: M. Roland Britt
Title: President
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<PAGE>
EXHIBIT INDEX
Exhibit 1 Agreement between McM Acquisition Corporation and M. Roland
Britt concerning the filing of this form.
Exhibit 2 Agreement and Release dated as of November 26, 1997 between
David J. Robinson, Jesse Greenfield, Wilmington Trust Company
as Trustee of the McMillen Trust, Wilmington Trust Company,
Michael A. DiGregorio, George E. King, Stephen L. Stephano,
R. Peyton Woodson, III, Claude G. Sanchez, Jr., Lawrence F.
Lee, Jr. and Lawrence F. Lee, III.
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<PAGE>
EXHIBIT 1
We, the undersigned, hereby express our agreement that the attached
Schedule 13D is filed on behalf of each of the undersigned.
Dated: January 6, 1998 /s/ M. Roland Britt
---------------------------------
M. Roland Britt
McM Acquisition Corporation
By: /s/ M. Roland Britt
---------------------------------
Name: M. Roland Britt
Title: President
<PAGE>
EXHIBIT 2
AGREEMENT AND RELEASE
THIS AGREEMENT AND RELEASE (the "Release") is made as of November 26th,
1997 by and among the following parties,
DAVID J. ROBINSON and JESSE GREENFIELD of Greensboro, North Carolina
and Boulder, Colorado, respectively, the plaintiffs in the Civil Action;
WILMINGTON TRUST COMPANY AS Trustee of the MCMILLEN TRUST ("McMillen
Trust"), WILMINGTON TRUST COMPANY ("Wilmington Trust"), MICHAEL A. DIGREGORIO
("DiGregorio"), GEORGE E. KING, STEPHEN L. STEPHANO, R. PEYTON WOODSON, III,
CLAUDE G. SANCHEZ, JR., LAWRENCE F. LEE, JR. and LAWRENCE F. LEE III, all
defendants in the Civil Action (the "Company Defendants");
MCM ACQUISITION CORPORATION ("MAC"), a North Carolina corporation and
named defendant in the Civil Action; and
MCM CORPORATION, a North Carolina corporation in whose behalf the Civil
Action is derivatively asserted by the named plaintiffs.
PRELIMINARY STATEMENT
The parties hereto constitute all of the parties in the Civil Action
titled David J. Robinson, Jr. et al. v. McMillen Trust et al. (Civil Action No.
97CVS9042 - Guilford County Superior Court now assigned to Judge Ben F.
Tennille) (the "Civil Action"). MAC and Wilmington Trust Company as Trustee of
the McMillen Trust have agreed to the full cancellation and termination of the
Agreement dated November 22, 1996, as amended by First Amendment dated January
24, 1997 (and subject to letter agreement dated January 31, 1997) between them
(the "Agreement"), subject to the terms and the releases herein provided.
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<PAGE>
NOW, THEREFORE, in consideration of the mutual agreements and releases
herein, the parties agree for themselves, successors and assigns as follows:
1. Full Cancellation and Termination of the Agreement. MAC and
Wilmington Trust Company as Trustee of the McMillen Trust agree that the
Agreement, including all amendments thereto, is hereby canceled and terminated
and shall be of no further force and effect whatsoever.
2. Court Approval: Dismissal with Prejudice of the Civil Action as
Against MAC. Upon full execution and delivery of this Release to MAC, the named
plaintiffs, with full cooperation of all other parties hereto, will seek the
Court's approval of this Release and the dismissal with prejudice of the Civil
Action as against MAC, which dismissal shall be solely as to MAC and as to which
the parties shall bear their own costs.
3. Releases of All Claim Relating to or Arising out of the Agreement.
All parties hereto do hereby fully release and discharge MAC, and MAC does
hereby fully release and discharge all parties hereto, from any and all claims,
liabilities, costs and expenses of any kind and nature relating to or arising
out of the Agreement, including without limitation, any claims, counter, cross
or third party claims that might otherwise be assertable in the Civil Action and
relating to or arising out of the Agreement, or its termination as provided
herein, it being the agreement and intention of all parties that this Release
end and terminate all matters and claims of any kind between MAC and all parties
hereto relating to or arising out of the Agreement. Further, the McMillen Trust
and MAC, as parties to the Agreement, Wilmington Trust, DiGregorio, and MAC do
hereby fully release and discharge Robinson and Greenfield from any and all
claims, liabilities, costs and expenses of any kind and nature relating to or
arising out of the termination of the Agreement as provided herein, including
without limitation, any claims,
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<PAGE>
counter, cross or third party claims that might otherwise be assertable in the
Civil Action and relating to or arising out of the termination of the Agreement
as provided herein.
4. Counterparts and Construction. This Release may be executed in
counterparts and shall be construed in accordance with North Carolina law.
IN WITNESS WHEREOF, the parties have duly executed this agreement as of
the above date.
/s/ David J. Robinson, Jr.
---------------------------
McM Acquisition Corporation David J. Robinson, Jr.
By: /s/ M. Roland Britt
--------------------------------- /s/ Jesse Greenfield
---------------------------
Wilmington Trust Company as Trust of Jesse Greenfield
the McMillen Trust
By: /s/ Michael A. DiGregorio
---------------------------------
Wilmington Trust Company McM Corporation
By: /s/ Cynthia Corliss By: /s/ George E. King
--------------------------------- ------------------------
/s/ Michael A. DiGregorio /s/ George E. King
- ------------------------------------- ----------------------------
Michael A. DiGregorio George E. King
/s/ R. Peyton Woodson /s/ Stephen L. Stephano
- ------------------------------------- ----------------------------
R. Peyton Woodson Stephen L. Stephano
/s/ Claude G. Sanchez, Jr.
- -------------------------------------
Claude G. Sanchez, Jr.
/s/ Lawrence F. Lee, Jr.
- -------------------------------------
Lawrence F. Lee, Jr.
/s/ Lawrence F. Lee, III
- -------------------------------------
Lawrence F. Lee, III
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