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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. 1 )*
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DeSoto Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
250595105
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(CUSIP Number)
Lance Lessman Andrew Levander
LL Capital Partners, L.P. Shereff, Friedman, Hoffman &
375 Park Avenue Goodman, LLP
New York, N.Y. 10152 919 Third Avenue
(212) 935-7500 New York, N.Y. 10022
(212) 758-9500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
November 3, 1995
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition 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).
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SCHEDULE 13D
CUSIP NO. 250595105 PAGE __ OF __ PAGES
<S> <C> <C>
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lance Lessman
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION United States
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NUMBER OF 7. SOLE VOTING POWER 375,700
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER -0-
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 375,700
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER -0-
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 375,700
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.0%
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14. TYPE OF REPORTING PERSON* IN
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</TABLE>
*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.
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SCHEDULE 13D
CUSIP NO. 250595105 PAGE __ OF __ PAGES
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LL Capital Partners, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF 7. SOLE VOTING POWER 375,700
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER -0-
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 375,700
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER -0-
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 375,700
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.0%
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14. TYPE OF REPORTING PERSON* PN
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</TABLE>
*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.
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SCHEDULE 13D AMENDMENT NO. 1
This Amendment No. 1 to the Statement on Schedule 13D amends
and supplements the Statement on Schedule 13D relating to the event date of
October 6, 1995 (the "Schedule 13D") filed by LL Capital Partners, L.P. and
Lance Lessman (the "Reporting Persons") and relates to the common stock (the
"Common Stock") of DeSoto Inc. (the "Company"). The address of the principal
executive offices of the Company is 16750 South Vincennes, South Holland, IL
60473. Capitalized terms used herein and not defined herein shall have the
meanings ascribed thereto in the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) LL is the beneficial owner of 370,700 shares (8.0%)
of the Common Stock.
Lance Lessman, as the General Partner of LL, may be deemed
to be the beneficial owner of the 370,700 shares of Common Stock beneficially
owned by LL as described above.
The number of shares beneficially owned by each of the
Reporting Persons and the percentage of outstanding shares presented thereby,
have been computed in accordance with Rule 13d-3 under the Securities Exchange
Act of 1934, as amended. The percentage of ownership of the Reporting Persons
is based on 4,679,207 outstanding shares of Common Stock on July 31, 1995, as
reported by the Company in its Quarterly Report on Form 10-Q for the period
ended June 30, 1995.
(b) LL has the sole power (i) to vote or to direct the
voting of and (ii) to dispose and to direct the disposition of the 370,700
shares of Common Stock beneficially owned by it. LL's power to vote and
dispose of its shares rests with Lance Lessman in his capacity as LL's General
Partner.
(c) Each of the transactions by the Reporting Persons in the
Common Stock that were effected since the filing of the Schedule 13D are
listed below. Each of such transactions were open market sales.
Date Shares Price
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October 23, 1995 8,000 $4.75
October 30, 1995 5,000 4.875
November 2, 1995 15,000 4.50
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Date Shares Price
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November 3, 1995 19,000 4.625
November 3, 1995 6,600 4.50
November 6, 1995 5,000 4.375
November 7, 1995 5,000 4.50
November 7, 1995 6,500 4.375
November 8, 1995 5,000 4.375
(d) Not applicable.
(e) Not applicable.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: November 8, 1995
LL CAPITAL PARTNERS, L.P.
By: Lance Lessman, as General Partner
/s/ Lance Lessman
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Lance Lessman
/s/ Lance Lessman
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LANCE LESSMAN
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