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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. 3)*
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 & Goodman, LLP
375 Park Avenue 919 Third Avenue
New York, NY 10152 New York, NY 10022
(212) 935-7500 (212) 758-9500
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 1, 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).
<TABLE>
SCHEDULE 13D
CUSIP NO. 250595105 PAGE 2 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 276,700
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 276,700
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 276,700
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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) 5.9%
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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.
<TABLE>
SCHEDULE 13D
CUSIP NO. 250595105 PAGE 3 OF PAGES
<S> <C> <C>
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 276,700
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 276,700
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 276,700
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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) 5.9%
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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.
SCHEDULE 13D AMENDMENT NO. 3
This Amendment No. 3 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"), Amendment No. 1 to the Schedule 13D
relating to the event date of November 3, 1995 and Amendment No. 2 to the
Schedule 13D relating to the event date of November 16, 1995 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 276,700 shares (5.9%) of the Common
Stock.
Lance Lessman, as the General Partner of LL, may be deemed to be the
beneficial owner of the 276,700 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 October 31, 1995, as reported
by the Company in its Quarterly Report on Form 10-Q for the period ended
September 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 276,700 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 Amendment No. 2 to the Schedule 13D
are listed below. Each of such transactions were open market sales unless
otherwise noted.
Date Shares Price
---- ------ -----
November 20, 1995 5,000 $4.00
November 20, 1995 5,000* 4.00
Date Shares Price
---- ------ -----
November 22, 1995 2,700 4.00
November 24, 1995 2,000 4.00
November 27, 1995 7,500 3.875
November 28, 1995 14,300 3.875
November 28, 1995 5,300 4.00
November 29, 1995 10,400 4.00
November 30, 1995 1,000 4.00
December 1, 1995 5,000 3.75
December 4, 1995 2,500 3.75
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* Open market purchase.
(d) Not applicable.
(e) Not applicable.
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: December 6, 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
