SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 25)
Under the Securities Exchange Act of 1934
C-TEC CORPORATION
(Name of Issuer)
Common Stock Par Value $1.00 Per Share
(Title of Class and Securities)
126504109
(CUSIP Number of Class of Securities)
J. Hamilton Crawford, Jr., Gabelli Funds Inc.,
One Corporate Center, Rye, NY 10580-1434 (914) 921-5067
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 9, 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
Statement 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:
____
/___/
______________________________________
CUSIP No. 126504109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli Funds, Inc. I.D. No. 13-3056041
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(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) _____
/ x /
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
: (7) SOLE VOTING POWER
: 1,016,450 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None (Item 5)
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 1,016,450 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None (Item 5)
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,016,450 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* _____
/ x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.05%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
HC
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________________
CUSIP No. 126504109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
GAMCO Investors, Inc. I.D. No. 13-2951242
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
OO: Funds of investment advisory clients
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/x___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
: (7) SOLE VOTING POWER
: 3,365,598 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 3,663,578 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,663,578 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
18.22%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
IA
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
_________________________________________________________________
CUSIP No. 126504109 13D
_______________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli & Company, Inc. I.D. No. 13-2885006
________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
OO: Funds of client discretionary accounts and working
capital of its own account
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
: (7) SOLE VOTING POWER
: 30,757 (Item 5)
: _____________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None (Item 5)
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 30,757 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None (Item 5)
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,757 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.15%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
BD
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
_____________________________________
CUSIP No. 126504109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli Performance Partnership I.D. No. 13-3396569
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
AF: Funds of Gabelli Performance Partnership
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
: (7) SOLE VOTING POWER
: 47,000 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 47,000 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
47,000 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.23%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
CO
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
____________________________________
CUSIP No. 126504109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli International Limited I.D. No. Foreign Corporation
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(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
British Virgin Islands
_________________________________________________________________
: (7) SOLE VOTING POWER
: 5,700 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 5,700 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,700 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.03%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
CO
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
____________________________________
CUSIP No. 126504109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli International Limited II I.D. No.
Foreign Corporation
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(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
British Virgin Islands
_________________________________________________________________
: (7) SOLE VOTING POWER
: 29,000 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 29,000 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
29,000 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.15%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
CO
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
____________________________________
CUSIP No. 126504109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Mario J. Gabelli I.D. No. ###-##-####
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(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) ____
/ x /
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
_________________________________________________________________
: (7) SOLE VOTING POWER
: None (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: None (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* _____
/ x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.00%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
IN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!<PAGE>
This Amendment No. 25 to Schedule 13D on C-TEC
Corporation (the "Issuer") is being filed on behalf of the
undersigned to amend the Schedule 13D, as amended (the "Schedule
13D") which was originally filed on June 6, 1989. Unless
otherwise indicated, all capitalized terms used herein but not
defined herein shall have the same meaning as set forth in the
Schedule 13D.
Item 2. Identity and Background
This statement is being filed by Mario J. Gabelli ("Mr.
Gabelli") and various entities which he directly or indirectly
controls and for which he acts as chief investment officer.
These entities, except for Lynch Corporation ("Lynch"), Spinnaker
Industries, Incorporated ("Spinnaker", formerly known as Safety
Railway Services Corporation), Western New Mexico Telephone
Company ("Western New Mexico") and Inter-Community Telephone
Company ("Inter-Community") engage in various aspects of the
securities business, primarily as investment advisor to various
institutional and individual clients, including registered
investment companies and pension plans, as broker/dealer and as
managing general partner of various private investment partner-
ships. Certain of these entities may also make investments for
their own account.
The foregoing persons in the aggregate often own
beneficially more than 5% of a class of equity securities of a
particular Issuer. Although several of the foregoing persons are
treated as institutional investors for purposes of reporting
their beneficial ownership on the short-form Schedule 13G, the
holdings of those who do not qualify as institutional investors
may exceed the 1% threshold presented for filing on Schedule 13D
or implementation of their investment philosophy may from time to
time require action which could be viewed as not completely
passive. In order to avoid any question as to whether their
beneficial ownership is being reported on the proper form and in
order to provide greater investment flexibility and administra-
tive uniformity, these persons have decided to file their benefi-
cial ownership reports on the more detailed Schedule 13D form
rather than on the short-form Schedule 13G and thereby to provide
more expansive disclosure than may be necessary.
(a), (b) and (c) - This statement is being filed by one
or more of the following persons: Gabelli Funds, Inc. ("GFI"),
GAMCO Investors, Inc. ("GAMCO"), Gabelli Securities, Inc.
("GSI"), Gabelli & Company, Inc. ("Gabelli & Company"), Gabelli
Performance Partnership ("GPP"), GLI, Inc. ("GLI"), The Gabelli
Associates Fund ("Gabelli Associates"), Gabelli Associates
Limited ("GAL"), The Gabelli & Company, Inc. Profit Sharing Plan
(the "Plan"); Gabelli International Limited ("GIL"), Gabelli
International II Limited ("GIL II"), ALCE Partners, L.P.
("ALCE"), Gabelli Multimedia Partners, L.P. ("Multimedia
Partners"), Mario J. Gabelli ("Mr. Gabelli"), Lynch, Spinnaker,
Western New Mexico and Inter-Community. Those of the foregoing
persons signing this Schedule 13D are hereafter referred to as
the "Reporting Persons".
GAMCO, a majority owned subsidiary of GFI, is an
investment adviser registered under the Investment Advisers Act
of 1940, as amended. GAMCO is a money manager providing discre-
tionary managed account services in the equity area for employee
benefit plans, private investors, endowments and foundations.
Gabelli & Company, a wholly-owned subsidiary of GSI, is
a broker-dealer registered under the l934 Act, which as a part of
its business regularly purchases and sells securities for its own
account. In addition, shares are held for clients who have
granted Gabelli & Company trading authorization over their
investment accounts.
GLI, a wholly-owned subsidiary of GSI, is a general
partner of G&R Partners, a Delaware partnership ("G&R"), which,
in turn ,is the general partner of Gabelli-Rosenthal & Partners,
L.P., a Delaware limited partnership ("G-R"), whose primary busi-
ness purpose is to do friendly leveraged buyouts. At the present
time, G-R's sole business purpose is to monitor the existing
portfolio investments.
Gabelli Associates, a New York limited partnership, is
a limited partnership whose primary business purpose is risk
arbitrage investments. GSI and Mr. Gabelli are the general
partners of Gabelli Associates.
GAL is a corporation whose primary business purpose is
risk arbitrage investments. Shares of GAL's Common Stock will be
offered only to persons who are neither citizens nor residents of
the United States and may be offered to a limited number of U.S.
investors consisting primarily of pension and profit sharing
trusts, charities and other tax-exempt entities. The investments
of GAL are managed by Gabelli Securities, Inc. (the "Investment
Manager") with Mr. Gabelli as the Chief Investment Officer.
GSI, a majority owned subsidiary of GFI, is a holding
company which as a part of its business regularly purchases and
sells securities for its own account. It is the immediate parent
of Gabelli & Company. In addition, GSI and Mr. Gabelli are the
general partners of Gabelli Associates.
On August 31, 1990, Gabelli Funds, Inc., formerly a
wholly-owned subsidiary of The Gabelli Group, Inc. ("TGGI") was
merged into TGGI. Subsequent to the merger on September 18,
1990, TGGI's name was changed to Gabelli Funds, Inc. ("GFI").
GFI is the ultimate parent company for a variety of companies
engaged in the securities business, each of which is named above.
In addition, GFI is an investment adviser registered under the
Investment Advisers Act of 1940, as amended. GFI is an
investment adviser which presently provides discretionary managed
account services for The Gabelli Equity Trust, Inc., The Gabelli
Asset Fund, The Gabelli Growth Fund, The Gabelli Convertible
Securities Fund, The Gabelli Value Fund Inc., The Gabelli Small
Cap Growth Fund, The Gabelli Equity Income Fund, The Gabelli ABC
Fund, The Gabelli Global Telecommunications Fund, Gabelli Gold
Fund, Inc., The Gabelli Global Multimedia Trust Inc., The Gabelli
Global Convertibles Securities Fund, and the Gabelli Global
Interactive Couch Potato Fund which are registered management
investment companies.
The Plan, a qualified employee profit sharing plan,
covers substantially all employees of GFI and its affiliates.
GPP, a Delaware limited partnership, is a limited
partnership whose primary business purpose is investments in
securities. Mr. Gabelli is the general partner and chief invest-
ment officer of GPP.
GIL is a corporation whose primary business purpose is
investing primarily in a portfolio of equity securities and
securities convertible into, or exchangeable for equity securit-
ies in order to achieve its investment objective of significant
long-term growth of capital. Shares of GIL's Common Stock are
offered only to persons who are neither citizens nor residents of
the United States and may be offered to a limited number of U.S.
investors consisting primarily of pension and profit sharing
trusts, charities and other tax-exempt entities. The investments
of GIL are managed by Mr. Gabelli (the "Investment Manager") who
is also a director and Chairman of the Board of Directors of GIL.
GIL II is a corporation whose primary business purpose
is investing primarily in a portfolio of equity securities and
securities convertible into, or exchangeable for equity securit-
ies in order to achieve its investment objective of significant
long-term growth of capital. Shares of GIL's II Common Stock are
offered only to persons who are neither citizens nor residents of
the United States and may be offered to a limited number of U.S.
investors consisting primarily of pension and profit sharing
trusts, charities and other tax-exempt entities. The investments
of GIL II are managed by Mr. Gabelli (the "Investment Manager")
who is also a director and Chairman of the Board of Directors of
GIL II.
ALCE is a Delaware private investment limited partnership
that seeks long-term capital appreciation primarily through
investment in public equity securities. GSI is a General Partner
of ALCE.
Multimedia Partners is a Delaware private investment
limited partnership whose objective is to provide long-term
capital appreciation by investing primarily in both public and
private multimedia communications companies. GSI is a general
partner of Multimedia Partners.
Lynch, an Indiana corporation, is a diversified public
company traded on the American Stock Exchange. Its subsidiaries
are engaged in communications, services, securities brokerage and
manufactured products. Spinnaker, a Delaware subsidiary of
Lynch, is also a public company and its stock is traded through
the NASDAQ System. Spinnaker manufactures and sells industrial-
process and air pollution control equipment. Another of Lynch's
subsidiaries, Western New Mexico, provides telephone services in
a service area in Southwestern New Mexico. Inter-Community,
which is also a subsidiary of Lynch, provides local telephone
services in an area 40 miles west of Fargo, North Dakota. Lynch
and Spinnaker actively pursue new business ventures and
acquisitions. Lynch, Spinnaker, Western New Mexico and Inter-
Community make investments in marketable securities to preserve
capital and maintain liquidity for financing their business
activities and acquisitions (not in the case of Western New
Mexico) and are not engaged in the business of investing,
reinvesting, or trading in securities. Mr. Gabelli is Chairman
of Lynch and owns beneficially 24.39% of the shares of Common
stock of Lynch, including shares obtainable upon the conversion
of the Convertible Debentures of Lynch.
Mr. Gabelli is the majority stockholder and Chairman of
the Board of Directors and Chief Executive Officer of GFI and the
Chief Investment Officer for each of the Reporting Persons. GFI,
in turn, is the majority stockholder of GAMCO. GFI is the
majority stockholder of GSI. Gabelli & Company is a wholly-owned
subsidiary of GSI. GLI is a wholly-owned subsidiary of GSI.
The Reporting Persons do not admit that they constitute
a group.
GFI, GAMCO, Gabelli & Company and GLI are New York
corporations and GSI are Delaware corporations, each having its
principal business office at One Corporate Center, Rye, New York
10580-1434. GPP is a Delaware limited partnership having its
principal business office at 8 Sound Shore Drive, Greenwich,
Connecticut, 06830. Gabelli Associates is a New York limited
partnership having its principal business office at One Corporate
Center, Rye, New York 10580-1434. GAL, GIL, and GIL II are
corporations organized under the laws of the British Virgin
Islands having their principal business office at c/o MeesPierson
(Cayman) Limited, British American Centre, Dr. Roy's Drive-Phase
3, George Town, Grand Cayman, British West Indies. Lynch is an
Indiana corporation having its principal business office at 8
Sound Shore Drive, Greenwich, CT 06830. Spinnaker is a Delaware
corporation having its principal business office at 251 Welton
Street, Hamden, CT 06511.
For information required by instruction C to Schedule
13D with respect to the executive officers and directors of the
foregoing entities and other related persons (collectively,
"Covered Persons"), reference is made to Schedule I annexed
hereto and incorporated herein by reference.
(d) and (e) On December 8, 1994, the SEC instituted and
simultaneously accepted offers for the settlement of an
administrative proceeding againts Gabelli & Company, Inc. The
order instituting the proceeding included a finding, which
Gabelli & Company and GAMCO neither admitted nor denied, that
they failed to impliment and maintain policies and procedures
reasonably designed to prevent the misuse of material, nonpublic
information by not sepecifically addressing the special
circumstances that arose from their affiliation with Lynch
Corporation, a public company. To resolve this matter, Gabelli &
Company and GAMCO agreed to cease and desist from violating
Section 15(f) of the Securities Exchange Act of 1934 (the
"Exchange Act") and Section 204A of the Investment Advisers Act
of 1940 (the "1940 Act"), respectively. They further agreed to
each pay a civil penalty in the amount of $50,000, and to retain,
and adopt the recommendations of, an independant consultant
regarding their Section 15(f) and Section 204A policies and
procedures.
On December 13, 1991, the Virginia State Corporation
Commission entered an order of settlement in final disposition of
matters arising from an allegation that GAMCO had transacted
business in Virginia as an investment adviser without having been
registered as such under Virginia Code Section 13.1-504A or an
exemption therefrom. GAMCO consented to the entry of the order
without admitting or denying the allegation and without a
hearing. The terms of the order provide that GAMCO would pay a
fine and cots totalling fifty-five thousand dollars and would not
transact business in Virginia as an investment adviser unless it
was registered as such under section 13.1-504A or was exempt from
registration.
(f) - Reference is made to Schedule I hereto.
Item 5. Interest In Securities Of The Issuer
Item 5 Schedule 13D is amended, in pertinent part, as
follows:
(a) The aggregate number and percentage of Securities
to which this Schedule 13D relates is 4,792,485 shares and repre-
sents 23.83% of 20,110,641 shares. This latter number of shares
is arrived at by adding the number of shares reported as being
outstanding by the Issuer on December 13, 1994 (18,974,840
shares) to the number of shares which would be receivable by the
Reporting Persons if they were to convert all of the Issuer's
Class B common held by them (1,135,801 shares) into the common
stock of the Issuer. However, the Reporting Persons ownership of
Common Stock is in fact 19.27%. In addition, since Class B common
shares have 15 votes per share and C-Tec Corporation Common Stock
shares have 1 vote per share, the Reporting Persons combined
votes are 19,219,719 representing 12.30% of all classes of
common.
The Reporting persons beneficially own the Securities
as follows:
Shares of % of Shares of % of
Common Class of Common Stock, Class % of
Name Stock Common Converted Convrt'd Vote
GFI:
Principal: 1,350 0.01% 2,850 0.01% 0.02%
Agent: 818,600 4.31% 1,013,600 5.04% 2.28%
GAMCO:
Principal: 0 0.00% 0 0.00% 0.00%
Agent: 2,761,810 14.56% 3,663,578 18.22% 09.57%
Gabelli & Company:
Trading: 28,224 0.15% 30,757 0.15% 0.03%
Agent: 0 0.00% 0 0.00% 0.00%
GPP 32,000 0.17% 47,000 0.23% 0.18%
GIL 2,700 0.01% 5,700 0.03% 0.03%
GIL II 12,000 0.06% 29,000 0.15% 0.19%
MJG 0 0.00% 0 0.00% 0.00%
(b) Each of the Reporting Persons and Covered Persons has
the sole power to vote or direct the vote and sole power to dispose
or to direct the disposition of the Securities reported for it,
either for its own benefit or for the benefit of its investment
clients or its partners, as the case may be, except that GAMCO
Investors, Inc. does not have authority to vote 297,980 of the
reported shares, and except that GFI has sole dispositive and
voting power with respect to the 1,013,600 shares of the Issuer
held by the The Gabelli Asset Fund, The Gabelli Growth Fund, The
Gabelli Equity Trust, Inc. The Gabelli Convertible Securities Fund,
The Gabelli Value Fund Inc., The Gabelli Small Cap Growth Fund, The
Gabelli Equity Income Fund, The Gabelli Global Interactive Couch
Potato Fund, The Gabelli Global Convertible Securities Fund,
Gabelli Gold Fund, Inc., The Gabelli Global Multimedia Trust Inc.,
The Gabelli ABC Fund, and/or The Gabelli Global Telecommunications
Fund, so long as the aggregate voting interest of all joint filers
does not exceed 25% of their total voting interest in the Issuer
and, in that event, the Proxy Voting Committee of each Fund (other
than The Gabelli Growth Fund) shall respectively vote that Funds
shares, and except that at any time, the Proxy Voting Committee of
each such Fund may take and exercise in its sole discretion the
entire voting power with respect to the shares held by such fund
under special circumstances such as regulatory considerations, and
except that the power of Mr. Gabelli and GFI is indirect with
respect to Securities beneficially owned directly by other
Reporting Persons.
<PAGE>
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: March 13, 1995
GABELLI FUNDS, INC.
By:_________________________
J. Hamilton Crawford, Jr.
Senior Vice President
and General Counsel
GAMCO INVESTORS, INC.
By:___________________________
Douglas R. Jamieson
Chief Operating Officer and
Executive Vice President
GABELLI & COMPANY, INC.
By:__________________________
J. Hamilton Crawford, Jr.
Senior Vice President
and General Counsel
GABELLI INTERNATIONAL LIMITED
By:_________________________
Mario J. Gabelli, Chairman
and Investment Manager
by: J. Hamilton Crawford, Jr.
Attorney-in-Fact
GABELLI INTERNATIONAL LIMITED II
By:_________________________
Mario J. Gabelli, Chairman
and Investment Manager
by: J. Hamilton Crawford, Jr.
Attorney-in-Fact
GABELLI PERFORMANCE PARTNERSHIP
By:______________________________
Mario J. Gabelli
Chairman
by: J. Hamilton Crawford, Jr.
Attorney-in-Fact
MARIO J. GABELLI
By:_____________________________
J. Hamilton Crawford, Jr.
Attorney-in-Fact
<PAGE>
Schedule I
Information with Respect to Executive
Officers and Directors of the Undersigned
Schedule I to Schedule 13D is amended, in pertinent part,
as follows:
The following sets forth as to each of the executive
officers and directors of the undersigned: his name; his business
address; and his present principal occupation or employment and the
name, principal business and address of any corporation or other
organization in which such employment is conducted. Unless other-
wise specified, the principal employer of each such individual is
Gabelli Funds, Inc., Gabelli & Company, Inc., or GAMCO Investors,
Inc., the business address of each of which is One Corporate
Center, Rye, New York 10580, and each such individual identified
below is a citizen of the United States. To the knowledge of the
undersigned, during the last five years, no such person has been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors), and no such person was a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he 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 law or finding any violation with respect to such laws
except as reported in Item 2(d) of this Schedule 13D.
Gabelli Funds, Inc.
Directors:
Mario J. Gabelli
Richard B. Black Chairman of Raster Image
Processing Systems; Chairman
ECRM; Director of Archetype
and Oak Technology; Director
of The Morgan Group, Inc.;
General Partner of KBA Part-
ners, Parker Plaza
400 Kelby Street,
Fort Lee, NJ 07029
Charles C. Baum Chairman, Director and Chief
Executive Officer of The
Morgan Group, Inc.;
Secretary & Treasurer
United Holdings
2545 Wilkens Avenue
Baltimore, MD 21223
Dr. Eamon M. Kelly President
Tulane University
218 Gibson Hall
6823 St. Charles Avenue
New Orleans, LA 70118
Officers:
Mario J. Gabelli Chairman, Chief Executive
Officer and Chief Investment
Officer
J. Hamilton Crawford, Jr. Senior Vice President
and General Counsel
Stephen G. Bondi Vice President - Finance
James E McKee Vice President, Co-General
Counsel and Assistant
Secretary
Joseph J. Frazzitta Assistant Secretary
GAMCO Investors, Inc.
Directors:
Douglas R. Jamieson
Joseph R. Rindler, Jr.
Regina Pitaro
Joseph J. Frazzitta
F. William Scholz, II
Officers:
Mario J. Gabelli Chief Investment Officer
Douglas R. Jamieson Chief Operating Officer and
Executive Vice President
Joseph J. Frazzitta Vice President and Chief
Financial Officer
James E. McKee Vice President
and General Counsel
J. Hamilton Crawford, Jr. Assistant Secretary
Gabelli Securities, Inc.
Directors:
Charles C. Baum See above-Gabelli Funds, Inc.
Joseph R. Rindler Managing Director
GAMCO Investors, Inc.
One Corporate Center
Rye, NY 10580
David Perlmutter Perlmutter & Associates
200 Park Avenue, Suite 4515
New York, N.Y. 10166
Stephen G. Bondi Acting Chief Operating Officer
and Vice President
Salvatore Muoio Vice President-Research
Gabelli & Company, Inc.
One Corporate Center
Rye, NY 10580
Advisors:
Vincent J. Amabile
Robert Blake
Officers:
Stephen G. Bondi Acting Chief Operating Officer
and Vice President
J. Hamilton Crawford, Jr. Senior Vice President,
Assistant Secretary, and
General Counsel
Erwin I. Mevorah Vice President - Finance
Gabelli & Company, Inc.
Directors:
James G. Webster, III Chairman
Charles C. Baum See above-Gabelli Funds, Inc.
Joseph J. Frazzitta Vice President and
Chief Financial Officer
Officers:
James G. Webster, III Chairman
Joseph J. Frazzitta Vice President/Finance and
Chief Financial Officer
Stephen G. Bondi Vice President
J. Hamilton Crawford, Jr. Senior Vice President,
Secretary and
General Counsel
Walter K. Walsh Operations and Compliance
Officer
GLI, Inc.
Directors:
Mario J. Gabelli See above-Gabelli Funds, Inc.
Officers:
Mario J. Gabelli Chairman and Chief Investment
Officer
Stephen G. Bondi Vice President
J. Hamilton Crawford, Jr. Assistant Secretary
Gabelli Associates Limited
Directors:
Mario J. Gabelli See above-Gabelli Funds, Inc.
MeesPierson (Cayman) British American Centre
Limited Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British
WestIndies
MeesPierson (Cayman) British American Centre
Limited Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British
WestIndies
Officers:
Mario J. Gabelli Chief Investment Officer
Kevin Bromley Vice President, Treasurer and
Assistant Secretary
Sandra Wight Secretary and Assistant Treasurer
Gabelli International Limited
Directors:
Mario J. Gabelli See above-Gabelli Funds, Inc.
MeesPierson (Cayman) British American Centre
Limited Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British West Indies
Officers:
Kevin Bromley Vice President, Treasurer, and
Assistant Secretary
MeesPierson (Cayman) Limited
British American Centre
Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British West Indies
Sandra Wight Secretary and Assistant Treasurer
Assistant Secretary
MeesPierson (Cayman) Limited
British American Centre
Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British West Indies
Lynch Corporation
8 Sound Shore Drive
Greenwich, CT 06830
Directors:
Paul J. Evanson Chief Financial Officer
FPL Group, Inc.
P.O Box 14000
700 Universe Blvd.
Juno Beach, Fl 33408
Bradley J. Bell Vice President & Treasurer
Whirlpool Corp.
2000 M. 63 North
Administrative Center
Benton Harbor, MI 49022
Morris Berkowitz Business Consultant
163-43 Willets Point Blvd.
Whitestone, NY 11357
Richard J. Boyle Chairman, The Boyle Group
6110 Blue Circle Drive
Suite 250
Minnetonka, MN 55343
Mario J. Gabelli See above-Gabelli Funds, Inc.
Paul Woolard Business Consultant
116 East 68th Street
New York, NY 10021
E. Val Cerutti Business Consultant
Cerutti Consultants
227 McLain Street
Mount Kisco, NY 10549
Officers:
Mario J. Gabelli Chairman and Chief Executive
Officer
Michael J. Small Office of the President
Joseph H. Epel Treasurer
Robert E. Dolan Chief Financial Officer
Carmine Ceraolo Assistant Controller
Robert A. Hurwich Vice President-Administration,
Secretary and General Counsel
Spinnaker Industries, Inc.
One Galleria Tower
13355 Noel Road
Suite 1100
Dallas, TX 75240
Directors:
Joseph P. Rhein Chairman
241 McClenaghan Mill Road
Wynnewood, PA 19096
Richard J. Boyle The Boyle Group, Inc.
6110 Blue Circle Drive
Suite 250
Minnetonka, MN 55343
Ned N. Fleming, III Boyle, Fleming,
George & Co., Inc.
One Galleria Tower
13355 Noel Road
Suite 1100
Dallas, TX 75240
Officers:
Robert E. Dolan Controller
Joseph H. Epel Treasurer
James W. Toman Assistant Secretary
Ned N. Fleming, III President
Richard J. Boyle Chairman and
Chief Executive Officer
Robert A. Hurwich Secretary
Entoleter, Inc.
251 Welton Street
Hamden, CT 06517
Directors:
Joseph P. Rhein See above-Spinnaker
William F. Bullis See above-Spinnaker
Officers:
James W. Toman Chief Financial Officer
Joseph H. Epel Treasurer and Secretary
Robert E. Dolan Controller
Western New Mexico Telephone Company
314 Yankee Street
Silver City, NM 88062
Directors:
Jack C. Keen Chairman
Jack W. Keen President
Dr. Brian E. Gordon Vice President
Mary Beth Baxter Secretary & Treasurer
Robert E. Dolan See above-Lynch Corporation
Joseph H. Epel See above-Lynch Corporation
Carmine Ceraolo See above-Lynch Corporation
Officers:
Jack C. Keen Chairman of the Board
Jack W. Keen President
Jack L. Bentley Executive Vice President
Dr. Brian E. Gordon Vice President
Charles M. Baxter Sr. Vice President-Operations
Mary Beth Baxter Secretary & Treasurer
Joseph H. Epel Assistant Treasurer
Inter-Community Telephone Company
P.O. Box A
Nome, ND 58062
Directors:
Mary J. Carroll See above-Lynch Corporation
Carmine P. Ceraolo See above-Lynch Corporation
Robert E. Dolan See above-Lynch Corporation
Joseph H. Epel See above-Lynch Corporation
Leone A. Nilsen President
Roger J. Nilsen P.O. Box 146
Hannaford, ND 58448
Duane A. Plecity Secretary
Harry B. Snyder P.O. Box 131
Buffalo, ND 58011
Robert Snyder 200 Broadway South
Buffalo, ND 58011
Officers:
Leone A. Nilsen President
Robert Snyder Vice President
Duane A. Plecity Secretary
Harry B. Snyder Treasurer
Joseph H. Epel Assistant Treasurer
Lynch Telecommunications Corporation
8 Sound Shore Drive
Greenwich, CT 06830
Directors:
Robert E. Dolan Controller
Jack C. Keen Chairman
Michael J. Small Vice President
Officers:
Jack C. Keen Chairman
Jack W. Keen President
Michael J. Small Vice President
Robert A. Hurwhich Secretary
Mary Beth Baxter Treasurer and
Assistant Secretary
Robert E. Dolan Controller
Lynch Telephone Corporation
8 Sound Shore Drive
Greenwich, CT 06830
Directors:
Robert E. Dolan Controller
Jack C. Keen Chairman
Michael J. Small Vice President
Officers:
Jack C. Keen Chairman
Jack W. Keen President
Michael J. Small Vice President
Robert A. Hurwhich Secretary
Mary Beth Baxter Treasurer and
Assistant Secretary
Robert E. Dolan Controller
SCHEDULE II
INFORMATION WITH RESPECT TO
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)
SHARES
PURCHASED AVERAGE
DATE SOLD(-) PRICE(2)
COMMON STOCK-C-TEC CORP-COMMON
GABELLI & COMPANY SPLMKKT A/C
2/09/95 270- 19.9546
2/09/95 2,230- 24.4288
2/09/95 1,000 20.0000
2/09/95 1,500 *DI
1/24/95 270 19.8530
1/24/95 1,500- 26.3823
1/24/95 270- 19.8530
1/24/95 270 20.0000
1/24/95 1,500 26.3823
1/24/95 270- *DO
THE GABELLI PERFORMANCE PARTNERSHIP
2/02/95 1,500- 24.0833
GIL II, LTD.
1/30/95 2,000- 23.6250
1/27/95 1,300- 22.2500
GABELLI FUNDS, INC.
THE GABELLI TELECOMMUNICATION FUND
2/21/95 2,900- 21.7500
THE GABELLI GROWTH FUND
1/11/95 12,800- 20.2500
1/10/95 3,000- 20.3750
1/09/95 7,600- 20.3799
GAMCO INVESTORS, INC.
3/09/95 35,950- *DO
3/09/95 2,280- *DO
3/08/95 2,000- 22.0000
3/02/95 1,000- 22.8750
2/28/95 2,000- 23.6250
2/27/95 16,500- 22.5417
2/27/95 1,750- 23.1250
2/24/95 7,370- 21.7224
2/23/95 1,800- 21.3750
2/23/95 1,000- 21.6250
PAGE 33 OF 35
2/22/95 500- 21.6250
2/21/95 3,490- *DO
2/21/95 3,800 22.3750
2/21/95 2,000- 22.0000
2/17/95 3,800- 22.3750
2/15/95 2,000- 22.7500
2/07/95 1,000- 23.5000
2/06/95 3,850- 23.7198
2/06/95 750- 23.8750
2/03/95 3,420- 24.0943
2/02/95 750- 24.2500
2/01/95 1,500- 23.7500
1/27/95 1,000- 22.3750
1/26/95 21,000 20.6786
1/26/95 21,000- 20.6786
1/26/95 570- 21.1250
1/25/95 21,000- 20.6786
1/24/95 5,000- 20.7000
1/20/95 1,400- 20.8750
1/19/95 1,800- 20.9306
1/19/95 3 20.0000
1/18/95 500- 20.7500
1/17/95 1,000- 20.5200
1/13/95 280- 20.3750
GABELLI ASSOCIATES FUND
1/19/95 1,000- 20.0200
1/19/95 1,000 20.0200
GABELLI & COMPANY MARKET MAKING ACCOUNT
3/01/95 1,000- 23.1250
2/21/95 1,000- 21.5000
2/21/95 1,000 21.6250
2/14/95 1,000- 22.5000
2/09/95 1 *DI
2/09/95 1,000 22.5000
2/07/95 1,000 23.1250
1/30/95 500 23.2500
PREFERRED CONVERTIBLE STOCK-C-TEC CORP CL B
GABELLI & COMPANY SPLMKT A/C
2/09/95 3,000 19.9583
2/09/95 1,000 20.2500
2/09/95 1,000- 20.4890
2/09/95 1,000- 21.4890
1/26/95 3,000- 19.9583
1/26/95 3,000 19.5000
1/26/95 500 21.5000
1/17/95 1,000- 20.2500
1/17/95 1,000 20.2500
PAGE 34 OF 35
GABELLI FUNDS, INC.
THE GABELLI GROWTH FUND
1/24/95 5,000- 20.7500
1/23/95 2,800- 20.7946
1/20/95 4,200- 20.8810
1/19/95 2,000- 20.8750
1/18/95 6,000- 20.7292
1/17/95 4,000- 20.5000
1/16/95 2,000- 20.5000
GAMCO INVESTORS,INC.
3/09/95 22,000- *DO
3/02/95 4,000 22.7813
2/24/95 3,000- 21.5833
2/21/95 500- *DO
2/17/95 3,000- 22.0000
2/16/95 6,600- 22.1723
2/14/95 2,000- 22.6250
2/02/95 3,000- 24.0000
1/31/95 2,500- 23.3750
1/30/95 7,000- 23.4464
1/27/95 5,000- 22.4250
1/26/95 500- 21.8750
1/12/95 500 20.5000
GABELLI & COMPANY MARKET MAKING ACCOUNT
3/06/95 1,000- 22.7400
3/06/95 1,000 22.7400
3/01/95 1,000 23.1250
2/27/95 1,000- 22.7500
2/21/95 1,000- 21.3750
2/21/95 1,000 21.2500
2/16/95 70- 22.1250
(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED
ON THE NY STOCK EXCHANGE.
(2) PRICE EXCLUDES COMMISSION.
(*) RESULTS IN CHANGE OF DISPOSITIVE POWER AND BENEFICIAL OWNERSHIP
OF GAMCO INVESTORS, INC.
PAGE 35 OF 35