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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 )*
DRAVO CORPORATION
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $1.00
- -------------------------------------------------------------------------------
(Title of Class of Securities)
261471106
- -------------------------------------------------------------------------------
(CUSIP Number)
Stephen Zuppello, Managing Director
Deltec Asset Management Corporation
535 Madison Avenue, New York 10022
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 22, 1996
- -------------------------------------------------------------------------------
(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 |_|.
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 1 of 16 Pages
<PAGE>
SCHEDULE 13D
- ------------------- ---------------------------
CUSIP NO. 261471106 PAGE 2 OF 16 PAGES
--------- ----- ----
- ------------------- ---------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Deltec International S.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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7 SOLE VOTING POWER
NUMBER OF 233,800
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 495,900
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 233,800
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
495,900
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
729,700
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
- -------------------------------------------------------------------------------
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>
This Amendment No. 3 amends and supplements the Statement on Schedule
13D filed by Deltec International S.A. ("Deltec International") with the
Securities and Exchange Commission on September 10, 1993, as amended and
supplemented by Amendment No. 1 thereto filed on November 10, 1993 and Amendment
No. 2 thereto filed on March 8, 1996, relating to the Common Stock, par value
$1.00 per share (the "Shares"), of Dravo Corporation ("DRV").
ITEM 2. IDENTITY AND BACKGROUND
Kikis Fusco Asset Management Corporation is now known as Kikis Asset
Management Corporation ("KAM"). During the five years preceding the filing of
this statement, except as otherwise described in Appendix I neither Deltec
International, The Deltec Banking Corporation Limited ("Deltec Banking"), Deltec
Panamerica Trust Company Limited ("Deltec Trust"), Depasa Corporation
("Depasa"), Deltec Asset Management Corporation ("Deltec Asset Management"),
KAM, nor, to the knowledge of Deltec International, any of their respective
executive officers or directors, has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or has been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
as a result of which it or any such person was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities
Page 3 of 16 Pages
<PAGE>
subject to, United States federal or state securities laws or finding any
violation with respect to such laws.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of the date of filing this statement, Deltec International may be
deemed to own beneficially 729,700 Shares, or approximately 4.9% of the
14,764,000 Shares which DRV reported as outstanding at December 31, 1996. Deltec
International ceased to own beneficially 5% of the Shares on October 22, 1996.
Of the 729,700 Shares beneficially owned by Deltec International,
233,800 Shares are owned beneficially by Deltec International through Deltec
Banking, 51,000 Shares are owned beneficially by Deltec International through
Deltec Trust on behalf of discretionary customers of Deltec Trust, 17,000 Shares
are owned beneficially by Deltec International through Deltec Asset Management
on behalf of discretionary customers of Deltec Asset Management and 427,900
Shares are owned beneficially by Deltec International through KAM on behalf of
discretionary customers of KAM. Deltec Trust, Deltec Asset Management and KAM
have the power to vote and dispose of the Shares they hold for such
discretionary customers, who may also be regarded as having the power to vote
and dispose of such Shares. Deltec International disclaims beneficial ownership
of such 495,900 Shares owned beneficially through Deltec Trust, Deltec Asset
Management and KAM on behalf of discretionary customers.
Page 4 of 16 Pages
<PAGE>
During the sixty days preceding the filing of this statement, Deltec
International sold 13,000 Shares in the open market, as more particularly set
forth in Appendix II. Of such Shares, 5,000 Shares were sold for discretionary
customers of Deltec Trust and 8,000 Shares were sold for discretionary customers
of KAM. In addition, during such period Deltec International purchased 10,000
Shares in the open market for discretionary customers of KAM, as more
particularly set forth in Appendix II.
Page 5 of 16 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: February 6, 1997 DELTEC INTERNATIONAL S.A.
By: /s/ Stephen Zuppello
Stephen Zuppello
Authorized Representative
Page 6 of 16 Pages
<PAGE>
APPENDIX I
DELTEC INTERNATIONAL S.A.
DIRECTORS AND OFFICERS
<TABLE>
<CAPTION>
PRINCIPAL NAME AND
NAME OCCUPATION BUSINESS ADDRESS CITIZENSHIP
<S> <C> <C> <C>
Peter S. Darling Managing Director of Mercury Asset Mgmt. Group British
Chairman Mercury Asset Mgmt. 33 King William Street
Group London, England 3C2R 9AS
Penelope Dauphinot Executive Vice Deltec International S.A. Brazilian
Deputy Chairman; President of Deltec P. O. Box N-3229
Vice President International S.A. Nassau, Bahamas
Matthew F. Gibbons President of Deltec Deltec International S.A. British
President & CEO; International S.A. P. O. Box N-3229
Director Nassau, Bahamas
David P. McNaughtan Chairman of Deltec Securities (U.K.) Ltd. British
Director Deltec Securities Brettenham House
(U.K.) Limited 5 Lancaster Place
London, WC2E 7EN
England
Gordon Bradshaw Vice President & The Deltec Banking Canadian
Treasurer Controller of Corporation Ltd.
The Deltec Banking P. O. Box N-3229
Corporation Limited Nassau, Bahamas
Stephanie E. Harding Secretary & Treasurer The Deltec Banking Bahamian
Vice President & of The Deltec Corporation Ltd.
Asst. Secretary Banking Corporation P. O. Box N-3229
Limited Nassau, Bahamas
Arthur E. Byrnes Chairman of the Board Deltec Asset Mgmt. Corp. U.S.
Director Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Jean Chalopin Private investor c/o Deltec Int'l S.A. French
Director P. O. Box N-3229
Nassau, Bahamas
Maurice M. Dwek Private investor Soditic Finance F.A. British
Director 114 rue du Rhone
1204 Geneva
Switzerland
</TABLE>
Page 7 of 16 Pages
<PAGE>
<TABLE>
<S> <C> <C> <C>
Albert H. Gordon Private investor c/o Deltec Asset Mgmt. Corp. U.S.
Director 535 Madison Avenue
New York, N.Y. 10022
John R. Gordon President & CEO of Deltec Asset Mgmt. Corp. U.S.
Director Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Kiendl Gordon Homemaker c/o Deltec Asset Mgmt. Corp. U.S.
Director 535 Madison Avenue
New York, N.Y. 10022
Peter T. Kikis Private investor c/o Kikis Asset Mgmt. Corp. U.S.
Director 535 Madison Avenue
New York, N.Y. 10022
J. Mario Santo Domingo Presidente del Cervecerias Bavaria S.A. Colombian
Director Directorio (brewery)
Bavaria, S.A. Apartado Aereo 3538
Bogota, Colombia
Gustavo J. Vollmer, Jr.Industrialist Corpalmar Venezuelan
Director (sugar mill)
Edificio Banco Del Orinoco
Pisoq, Ave.FCO De Miranda
Sector La Floresta
Caracas, Venezuela
Gustavo J. Vollmer, Sr.Private investor Banco Mercantile C.A. Venezuelan
Director Apartado 789
Caracas 1010, Venezuela
Andre J. Feldman Executive Vice The Deltec Banking Bahamian
Vice President President & COO of Corporation Ltd.
& Secretary The Deltec Banking P. O. Box N-3229
Corporation Limited Nassau, Bahamas
Terry E. Girling Chief Financial Deltec Panamerica Trust British
Asst. Treasurer Officer of Deltec Company Limited
Panamerica Trust P. O. Box N-3229
Company Limited Nassau, Bahamas
</TABLE>
Page 8 of 16 Pages
<PAGE>
DELTEC PANAMERICA TRUST COMPANY LIMITED
DIRECTORS AND OFFICERS
<TABLE>
<CAPTION>
PRINCIPAL NAME AND
NAME OCCUPATION BUSINESS ADDRESS CITIZENSHIP
<S> <C> <C> <C>
Matthew F. Gibbons President & CEO Deltec International S.A. British
Chairman & Director of Deltec P. O. Box N-3229
International S.A. Nassau, Bahamas
Jennifer E. Rahming Trust Officer of Deltec Panamerica Trust Bahamian
Managing Director; Deltec Panamerica Company Limited
Asst. Vice President; Trust Company P. O. Box N-3229
Director Limited Nassau, Bahamas
Ella M. Thompson Secretary-Treasurer Deltec Panamerica Trust Bahamian
Secretary-Treasurer of Deltec Panamerica Company Limited
and Director Trust Company Limited P. O. Box N-3229
Nassau, Bahamas
Penelope Dauphinot Executive Vice Deltec International S.A. Brazilian
Director President of Deltec P. O. Box N-3229
International S.A Nassau, Bahamas
Antonio Augusto de President of Deltec Holdings Inc. Portuguese
Araujo Faria Guedes Deltec Holdings Inc. (real estate development)
Director and Rua Alcides Lourenco Da Rocha
Assistant Secretary 167-3 Andar
Sao Paulo, Brazil
CEP 04571-110
Andre J. Feldman Trust Services, Deltec Panamerica Trust Bahamian
Director; Managing Deltec Panamerica Company Limited
Director Trust Company Limited P.O. Box N-3229
Nassau, Bahamas
Patricia N. Sandford Managing Director of Deltec Panamerica Trust U.S.
Director; Managing Deltec Panamerica Company Limited
Director Trust Company Limited P.O. Box N-3229
Nassau, Bahamas
</TABLE>
Page 9 of 16 Pages
<PAGE>
THE DELTEC BANKING CORPORATION LIMITED
DIRECTORS AND OFFICERS
<TABLE>
<CAPTION>
PRINCIPAL NAME AND
NAME OCCUPATION BUSINESS ADDRESS CITIZENSHIP
<S> <C> <C> <C>
Matthew F. Gibbons President & CEO of Deltec International S.A. British
Chairman, President Deltec International S.A. P.O. Box N-3229
& CEO; Director Nassau, Bahamas
Andre J. Feldman Chief Operating Officer The Deltec Banking Bahamian
Executive Vice of The Deltec Banking Corporation Limited
President & COO Corporation Limited P.O. Box N-3229
Nassau, Bahamas
Jeffrey A. Williams Vice President of The Deltec Banking Bahamian
Vice President The Deltec Banking Corporation Limited
Corporation Limited P. O. Box N-3229
Nassau, Bahamas
Stephanie E. Harding Secretary & Treasurer The Deltec Banking Bahamian
Secretary & Treasurer of The Deltec Banking Corporation Limited
Corporation Limited P. O. Box N-3229
Nassau, Bahamas
Gordon Bradshaw Vice President & The Deltec Banking Canadian
Vice President, Controller of The Corporation Limited
Controller & Director Deltec Banking P. O. Box N-3229
Corporation Limited Nassau, Bahamas
Antonio Augusto de President of Deltec Holdings Inc. Portuguese
Araujo Faria Guedes Deltec Holdings Inc. (real estate development)
Vice President and Rua Alcides Lourenco Da Rocha
Director 167-3 Andar
Sao Paulo, Brazil
CEP 04571-110
Roland P. Malimpensa Vice President of Deltec Holdings Inc. Brazilian
Director Deltec Holdings Inc. (real estate development)
Rua Alcides Lourenco Da Rocha
167-3 Andar
Sao Paulo, Brazil
CEP 04571-110
</TABLE>
Page 10 of 16 Pages
<PAGE>
<TABLE>
<S> <C> <C> <C>
Patricia N. Sandford Managing Director of Deltec Panamerica Trust U.S.
Director Deltec Panamerica Company Limited
Trust Company Limited P.O. Box N-3229
Nassau, Bahamas
David P. McNaughtan Chairman of Deltec Securities (U.K.) British
Director Deltec Securities Brettenham House
(U.K.) Limited 5 Lancaster Place
London, WC2E 7EN
England
Jennifer E. Rahming Trust Officer of The Deltec Banking Bahamian
Vice President The Deltec Banking Corporation Limited
Corporation Limited P.O. Box N-3229
Nassau, Bahamas
Terry E. Girling Vice President of The Deltec Banking British
Vice President The Deltec Banking Corporation Limited
Corporation Limited P.O. Box N-3229
Nassau, Bahamas
Page 11 of 16 Pages
<PAGE>
DEPASA CORPORATION
DIRECTORS AND OFFICERS
PRINCIPAL NAME AND
NAME OCCUPATION BUSINESS ADDRESS CITIZENSHIP
<S> <C> <C> <C>
Arthur E. Byrnes Chairman of the Board Deltec Asset Mgmt. Corp. U.S.
Chairman, President Deltec Asset Mgmt. 535 Madison Avenue
& Director Corporation New York, N.Y. 10022
John A. Cento Senior Vice President Deltec Asset Mgmt. Corp. U.S.
Vice President, Deltec Asset Mgmt. 535 Madison Avenue
Treasurer & Director Corporation New York, N.Y. 10022
John R. Gordon President & CEO Deltec Asset Mgmt. Corp. U.S.
Director Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Elizabeth A. O'Reilly Secretary Deltec Asset Mgmt. Corp. U.S.
Secretary Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Stephen Zuppello CFO, COO & Managing Deltec Asset Mgmt. Corp. U.S.
Vice President Director 535 Madison Avenue
& Director Deltec Asset Mgmt. New York, N.Y. 10022
Corporation
</TABLE>
Page 12 of 16 Pages
<PAGE>
DELTEC ASSET MANAGEMENT CORPORATION
DIRECTORS AND OFFICERS
<TABLE>
<CAPTION>
PRINCIPAL NAME AND
NAME OCCUPATION BUSINESS ADDRESS CITIZENSHIP
<S> <C> <C> <C>
Arthur E. Byrnes Chairman of the Board Deltec Asset Mgmt. Corp. U.S.
Chairman of the Board Deltec Asset Mgmt. 535 Madison Avenue
& Director Corporation New York, N.Y. 10022
John R. Gordon President & CEO Deltec Asset Mgmt. Corp. U.S.
President, CEO Deltec Asset Mgmt. 535 Madison Avenue
& Director Corporation New York, N.Y. 10022
John A. Cento Senior Vice President Deltec Asset Mgmt. Corp. U.S.
Senior Vice Presi- Deltec Asset Mgmt. 535 Madison Avenue
dent, Treasurer Corporation New York, N.Y. 10022
& Director
Stephen Zuppello COO, CFO & Managing Deltec Asset Mgmt. Corp. U.S.
COO, CFO, Managing Director 535 Madison Avenue
Director & Director Deltec Asset Mgmt. New York, N.Y. 10022
Corporation
Stephen J. Albert Managing Director Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Robin R. Keller Managing Director Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Nancy D. Pundyk Managing Director Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Alan L. Werlau Managing Director Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Frank Codispoti Vice President Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Darys C. Estrella Vice President Deltec Asset Mgmt. Corp. Dominican
Deltec Asset Mgmt. 535 Madison Avenue Republic
Corporation New York, N.Y. 10022
</TABLE>
Page 13 of 16 Pages
<PAGE>
<TABLE>
<S> <C> <C> <C>
Dana H. Harper Vice President Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Cricket B. Weaver Vice President Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
James T. White Vice President Deltec Asset Mgmt. Corp. U.S.
Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
Elizabeth A. O'Reilly Secretary Deltec Asset Mgmt. Corp. U.S.
Secretary Deltec Asset Mgmt. 535 Madison Avenue
Corporation New York, N.Y. 10022
James M. Colleary Assistant Secretary & Deltec Asset Mgmt. Corp. U.S.
Assistant Treasurer Assistant Treasurer 535 Madison Avenue
Assistant Secretary Deltec Asset Mgmt. New York, N.Y. 10022
Corporation
Wolfgang Traber Managing Director Hanseatic Corp. German
Director Hanseatic Corp. (investment company)
450 Park Avenue
New York, N.Y. 10022
</TABLE>
In an administrative proceeding entitled In the Matter of Deltec Asset
Management Corp. f/k/a Deltec Securities Corp., the Securities and Exchange
Commission entered an Order Instituting Public Administrative Proceedings
Pursuant to Section 8A of the Securities Act of 1933 against Deltec Asset
Management Corporation on November 8, 1994 and accepted Deltec Asset Management
Corporation's Offer of Settlement. The Order found that Deltec Asset Management
Corporation violated Sections 5(a) and 5(c) of the Securities Act in that Deltec
Asset Management Corporation sold 1,200,000 shares of common stock of Cascade
International, Inc. when no registration statement was filed or in effect and
that no exemption from registration was available. Deltec Asset Management
Corporation was ordered to cease and desist from committing or causing any
future violation of Sections 5(a) and 5(c) of the Securities Act and to pay
$731,277, the amount of its profits on the sales, into an escrow fund for
distribution upon Court approval to qualified claimants in the class action
entitled In re Cascade International Securities Litigation, No.
91-8652-Civ-Nesbitt (S.D. Fla.).
Page 14 of 16 Pages
<PAGE>
KIKIS ASSET MANAGEMENT CORPORATION
DIRECTORS AND OFFICERS
<TABLE>
<CAPTION>
PRINCIPAL NAME AND
NAME OCCUPATION BUSINESS ADDRESS CITIZENSHIP
<S> <C> <C> <C>
Thomas P. Kikis Director & CEO Kikis Asset Mgmt. U.S.
Director Kikis Asset Corporation
Mgmt. Corporation 535 Madison Avenue
New York, N.Y. 10022
</TABLE>
Page 15 of 16 Pages
<PAGE>
APPENDIX II
SCHEDULE OF PURCHASES/SALES OF SHARES
DURING THE PAST SIXTY DAYS
DATE PURCHASE/SALE NUMBER OF SHARES PRICE PER SHARE
- ---- ------------- ---------------- ---------------
1/3/97 Sale 5,000 14.00
1/7/97 Sale 3,000 14.125
1/16/97 Sale 5,000 13.343
1/27/97 Purchase 2,000 12.75
1/30/97 Purchase 8,000 12.75
Page 16 of 16 Pages
