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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. 1)
Under the Securities Exchange Act of 1934
OptiCare Health Systems, Inc.
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(Name of Issuer)
Common Stock, par value $.001 per share
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(Title of Class of Securities)
68386P 10 5
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(CUSIP Number)
Martin E. Franklin
Marlin Holdings, Inc.
555 Theodore Fremd Avenue
Rye, New York 10580
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
January 24, 2000
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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 (Section) 240.13d-1(e), 240.13d- 1(f) or 240.13d-1(g), check
the following box [ ].
*The remainder of this cover page shall be filed 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
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CUSIP NO. 68386P 10 5 Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marlin Capital, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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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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7 SOLE VOTING POWER
NUMBER OF 1,209,487
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,209,487
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,213,487
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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)
9.4%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D
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CUSIP NO. 68386P 10 5 Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marlin Holdings, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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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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7 SOLE VOTING POWER
NUMBER OF 0
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,209,487
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,209,487
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,213,487
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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)
9.4%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D
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CUSIP NO. 68386P 10 5 Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Martin E. Franklin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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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 Kingdom
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7 SOLE VOTING POWER
NUMBER OF 2,000
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,209,487
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,209,487
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,213,487
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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)
9.4%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D
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CUSIP NO. 68386P 10 5 Page 5 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ian G. H. Ashken
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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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 Kingdom
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7 SOLE VOTING POWER
NUMBER OF 2,000
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,209,487
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 2,000
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,209,487
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,213,487
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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)
9.4%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 1 to the Statement on Schedule 13D relates to the acquisition
of an additional 571,428 shares of Common Stock, par value $0.001 per share (the
"Shares"), of OptiCare Health Systems, Inc., a Delaware corporation by Marlin
Capital, L.P. on January 24, 2000, and the cancellation of the previously
described Voting Agreement. Capitalized terms not defined herein shall have the
meanings ascribed to it in the initial Statement on Schedule 13D filed on or
about August 23, 1999.
Information contained in this amendment to Schedule 13D is as of the date
hereof, unless otherwise expressly provided herein.
Item 1. Security and Issuer.
(i) Name and Issuer: OptiCare Health Systems, Inc., a Delaware
corporation (hereinafter referred to as the "Company" or "Issuer").
(ii) Address of the Principal Executive Offices of Issuer: 87 Grandview
Avenue, Waterbury, CT 06708.
(iii) Title of Class of Equity Securities to which this Statement relates:
Common Stock, $.001 par value (the "Common Stock").
Item 2. Identity and Background.
(a)-(c) This statement is being filed on behalf of Marlin Capital, L.P.,
Marlin Holdings, Inc., Martin E. Franklin, and Ian G. H. Ashken
(collectively, the "Reporting Persons").
Marlin Capital L.P. is a private investment limited partnership
which was formed under the laws of the State of Delaware. Marlin
Holdings, Inc. is a Delaware corporation and its principal business
is to serve as the general partner of Marlin Capital, L.P. Martin E.
Franklin's ("Franklin") principal employment is as Chairman and
Chief Executive Officer of Marlin Holdings, Inc. Ian G. H. Ashken's
("Ashken") principal employment is as Vice Chairman of Marlin
Holdings, Inc. The business address and principal office of all
Reporting Persons is 555 Theodore Fremd Avenue, Suite B-302 Rye,
New York 10580.
(d)(e) During the last five years, none of the Reporting Persons (i) have
been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) has been a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding 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 laws or finding any violation with respect to such laws.
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(f) Franklin and Ashken are citizens of the United Kingdom. Marlin
Capital, L.P. is a limited partnership organized under the laws of
Delaware. Marlin Holdings, Inc. is a corporation incorporated under
the laws of Delaware.
Item 3. Source and Amount of Funds or Other Consideration.
This amendment relates to the 571,428 shares of the Issuer's Common Stock
purchased by Marlin Capital, L.P. on January 24, 2000. Marlin Capital, L.P.
purchased such shares in exchange for the cancellation of a $2.0 million
subordinated note issued by the Issuer and held by Marlin Capital, L.P. The
571,428 shares were purchased from the Issuer in a public offering at an
exchange rate equal to the price of the common stock offered in the public
offering.
Item 4. Purpose of Transaction.
The Shares held by Marlin Capital, L.P. have been acquired for investment
purposes. Each Reporting Person expects to evaluate on an ongoing basis the
Company's financial condition, business operations and prospects, the status
of any business combination involving the Company, the market price of the
Shares, conditions in the securities markets generally, general economic and
industry conditions and other factors. Each Reporting Person may at any time
and from time to time acquire additional Shares or sell such Shares.
Item 5. Interest in Securities of the Issuer.
(a) Marlin Capital, L.P. beneficially owns 1,209,487 shares of Common
Stock, which constitutes approximately 9.3% of the Company's
outstanding shares of Common Stock.
Marlin Holdings, Inc. is the general partner of Marlin Capital, L.P.
and may be considered the beneficial owner of the 1,209,487 shares
of Common Stock held by Marlin Capital, L.P., which represents
approximately 9.3% of the Company's outstanding shares of Common
Stock. Marlin Holding, Inc. disclaims beneficial ownership of such
shares.
Martin E. Franklin beneficially owns 2,000 shares of Common Stock.
Martin E. Franklin, the Chairman, Chief Executive Officer and
principal stockholder of Marlin Holdings, Inc., may be considered
the beneficial owner of the 1,209,487 shares of Common Stock held by
Marlin Capital, L.P., as to which Mr. Franklin disclaims beneficial
ownership, which, when aggregated with the 2,000 shares held by him
directly, represents approximately 9.3% of the Company's outstanding
shares of Common Stock.
Ian G. H. Ashken beneficially owns 2,000 shares of Common Stock. Ian
G. H. Ashken, the Vice Chairman and a stockholder of Marlin
Holdings, Inc., may be considered the beneficial owner of the
1,209,487 shares of Common Stock held by Marlin Capital, L.P. as to
which Mr. Ashken disclaims beneficialy ownership, which, when
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aggregated with the 2,000 shares held by him directly, represents
approximately 9.3% of the Company's outstanding shares of Common
Stock.
Messrs. Franklin and Ashken no longer have voting control over the
137,085 shares of Common Stock owned by Thomas F. Cooke pursuing to
the Voting Agreement previously described. The Voting Agreement has
been terminated.
Each of the above calculations is based on outstanding Share
information derived from the pro forma projection in the Company's
prospectus dated January 19, 2000 projecting the number of shares of
its common stock which would be outstanding after the consummation
of the public offering. The Company has not filed any periodic
reports since the consummation of the public offering.
(b) Marlin Capital, L.P. has the sole power to vote and the sole power
to dispose of the 1,209,487 shares of Common Stock it beneficially
owns. Marlin Holdings, Inc. as the general partner of Marlin
Capital, L.P., may be deemed to share the power to vote and dispose
of the Common Stock held by Marlin Capital, L.P. Franklin, as the
Chairman, Chief Executive Officer and principal stockholder of
Marlin Holdings, Inc., and Ashken as the Vice Chairman of Marlin
Holdings, Inc. may also be deemed to share the power to vote and
dispose of the Common Stock held by Marlin Capital, L.P. Franklin
and Ashken have the sole power to vote and the sole power to dispose
of the 2,000 shares of Common Stock each of them beneficially owns.
(c) During the past 60 days, Marlin Capital, L.P. purchased 571,428
shares of Common Stock in exchange for the cancellation of
$2,000,000.00 of indebtedness owed by the Company to Marlin Capital,
L.P. and the aforementioned Voting Agreement was canceled.
There were no other purchases or sales of the Shares by the
Reporting Persons in the past 60 days.
Item 7. Material to Be Filed as Exhibits
A copy of the notice terminating the Voting Agreement is annexed hereto as
Exhibit 1.
A copy of the joint acquisition statement as required by Rule 13d-1(k)(1) is
annexed hereto as Exhibit 2.
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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.
Date: February 8, 2000 MARLIN CAPITAL, L.P.
By: Marlin Holdings, Inc.
As General Partner
By: /s/ Ian G.H. Ashken
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Name: Ian G.H. Ashken
Title: Vice Chairman
MARLIN HOLDINGS, INC.
By: /s/ Ian G.H. Ashken
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Name: Ian G.H. Ashken
Title: Vice Chairman
/s/ Martin E. Franklin
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Martin E. Franklin
/s/ Ian G.H. Ashken
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Ian G.H. Ashken
<PAGE>
Exhibit 1
PRIMEVISION HEALTH, INC.
First Union Capital Center
150 Fayetteville Street Mall, Suite 1000
Raleigh, NC 27601
As of January 29, 2000
VIA FACSIMILE (512) 478-5733
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Mr. Thomas Cooke
301 Congress Avenue
Suite 1550
Austin, TX 78701
Dear Mr. Cooke:
As you know, PrimeVision Health, Inc. (the "Company") and you are
parties to a voting agreement (the "Agreement") pursuant to which you granted,
for the benefit of the Company, to the Company's representatives a proxy to vote
what are now shares of OptiCare Eye Health Systems, Inc. on all matters to be
submitted to the shareholders of OptiCare Health Systems.
The Agreement was entered into for the Company's benefit in order to
induce it to enter into a certain merger agreement. The Company no longer has
any purpose or reason to retain the voting rights and, accordingly, as of the
date hereof waives any additional benefits it a may have under the agreement and
relinquishes any right it may have to vote or influence the voting of the shares
of the Company's Common Stock which were subject to the Agreement. Accordingly,
the Agreement is hereby terminated.
PRIME VISION HEALTH, INC.
By:
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Exhibit 2
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement of Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or her contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other, except to the extent that he or she knows of or has reason
to believe that such information is not accurate.
Date: February 8, 2000 MARLIN CAPITAL, L.P.
By: Marlin Holdings, Inc.
As General Partner
By: /s/ Ian G.H. Ashken
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Name: Ian G.H. Ashken
Title: Vice Chairman
MARLIN HOLDINGS, INC.
By: /s/ Ian G.H. Ashken
---------------------------
Name: Ian G.H. Ashken
Title: Vice Chairman
/s/ Martin E. Franklin
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Martin E. Franklin
/s/ Ian G.H. Ashken
------------------------------
Ian G.H. Ashken
