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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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ICO, INC.
(Name of Issuer)
Common Stock, with no par value 449294206
(Title of class of securities) (CUSIP number)
Christopher N. O'Sullivan
TRAVIS STREET PARTNERS, LLC
Bank One Center
910 Travis Street, Suite 2150
Houston, Texas 77002
(713) 759-2030
(Name, address and telephone number of person authorized
to receive notices and communications)
with copy to:
Steven D. Rubin, Esq.
Weil, Gotshal & Manges LLP
700 Louisiana, Suite 1600
Houston, Texas 77002
(713) 546-5000
January 12, 2001
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 pages)
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<TABLE>
<CAPTION>
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<S> <C>
1 NAME OF REPORTING PERSON Travis Street Partners, LLC
ss. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON 76-0657668
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(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 ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Texas
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER 1,158,300
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,158,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,158,300
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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): 5.11%
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14 TYPE OF REPORTING PERSON: 00
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2
<PAGE>
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1 NAME OF REPORTING PERSON Timothy J. Gollin
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER 1,158,300
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,158,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,158,300
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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): 5.11%
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14 TYPE OF REPORTING PERSON: IN
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3
<PAGE>
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1 NAME OF REPORTING PERSON Christopher N. O'Sullivan
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER 1,158,300
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,158,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,158,300
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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): 5.11%
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14 TYPE OF REPORTING PERSON: IN
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</TABLE>
4
<PAGE>
This Amendment No. 1 ("Amendment No. 1") amends the Statement
on Schedule 13D filed on December 29, 2000 (the "Schedule 13D") by and on behalf
of the following persons: Travis Street Partners, LLC ("TSP"), Timothy J. Gollin
("Gollin") and Christopher N. O'Sullivan (individually "O'Sullivan"; together
with Gollin the "TSP Managers"; and, together with Gollin and TSP the "Reporting
Persons").
Except as otherwise indicated, capitalized terms used herein
and not defined herein have the meanings ascribed thereto in the Schedule 13D.
As used herein, the "Company" shall mean ICO, Inc.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
On January 10, 2001, TSP purchased an aggregate of 20,000
Shares. The aggregate amount of funds required to purchase such Shares was
$47,160, including brokerage commissions.
Except as indicated above, the information set forth in Item 3
of the Schedule 13D remains unchanged.
ITEM 4. PURPOSE OF THE TRANSACTION
On January 12, 2001, the TSP Managers delivered a letter to
ICO that reads as follows:
TRAVIS STREET PARTNERS, LLC
910 Travis
Suite 2150
Houston TX 77002
(713) 759-2030
fax (713) 759-2040
VIA COURIER
January 12, 2001
Dr. Asher O. Pacholder, Chairman & CFO
ICO Inc.
11490 Westheimer
Suite 1000
Houston TX 77077
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Dear Dr. Pacholder:
Through your attorneys, we understand you are interested in reopening our
discussions relative to a transaction through which Travis Street Partners, LLC
or an affiliate ("TSP") would acquire ICO, Inc. or its oilfield services
business.
In your December 22, 2000 letter to us, you advised us that the ICO Board of
Directors had unanimously determined that the "process" we had outlined in our
December 20, 2000 letter to you was unacceptable.
To restart our discussions on a mutually beneficial basis, we think it would be
most productive if ICO might:
1. Define for us which elements of the process we outlined were
unacceptable and suggest ways in which we could make the process
workable for both sides.
2. Respond meaningfully to the economic and financial terms of our
December 20, 2000 letter.
3. Describe the terms under which ICO's Board of Directors would consider
recission or waiver of the Poison Pill.
4. Work openly with us to try to come to terms on the economic parameters
which might be used to value the Company or the oilfield services
business.
Finally, after defining a formula for valuation, and subject to appropriate
mutual agreements, we will look forward to the opportunity to review ICO books
and records in order to try to maximize the value we can offer for ICO or its
oilfield services business.
The best context for the initial steps outlined above, we think, would be
another meeting together. We are at your disposal as to the time and place of
this meeting.
Meanwhile, we hope you appreciate that if the Company's cash is wasted or the
Company doesn't meet operating objectives, the value of the Company could drop
substantially and so could our offer.
Further, while we would not rule out a possible acquisition of ICO's oilfield
services business, our primary interest is in the purchase of the entire
company. We believe a transaction involving the entire company will be more
favorable to shareholders than a transaction which simply involves a single
division.
Thank you once again for giving us the opportunity to explain our position more
clearly. We look forward to your speedy reply.
6
<PAGE>
Very truly yours,
TRAVIS STREET PARTNERS, LLC
by: Christopher N. O'Sullivan, Manager
cc: Dr. Sylvia A. Pacholder, President & CEO - ICO Inc.
Steve Rubin, Esq. - Weil, Gotshal & Manges LLP
Except as indicated above, the information set forth in Item 4
of the Schedule 13D remains unchanged.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Amendment No. 1, TSP beneficially
owned in the aggregate 1,158,300 Shares constituting 5.11% of the outstanding
Shares (the percentage of Shares owned being based upon 22,686,987 Shares
outstanding on December 18, 2000, as set forth in the Company's Annual Report on
Form 10-K for the fiscal year ended September 30, 2000).
Each of the TSP Managers possesses shared voting and
investment power over, and may be deemed to beneficially own, Shares which TSP
beneficially owns. Each of the TSP Managers disclaims beneficial ownership of
such Shares for all other purposes.
(b) The responses to Items 7-11 on each of pages 2-4 hereof
which relate to voting and disposition of Shares with respect to each Reporting
Person are incorporated herein by reference.
(c) Except as set forth on Exhibit 4, the Reporting Persons
have not engaged in any transactions in the Shares during the past sixty days.
(d) No other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the sale
of, the Shares.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
4. Transactions in Shares Effected by Reporting Persons
During Past 60 Days
[The remainder of this page intentionally left blank.]
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SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information contained in this
Statement is true, complete and correct.
Dated: January 12, 2001
TRAVIS STREET PARTNERS, LLC
By: /s/ Christopher N. O'Sullivan
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Christopher N. O'Sullivan, Manager
/s/ Timothy J. Gollin
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Timothy J. Gollin
/s/ Christopher N. O'Sullivan
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Christopher N. O'Sullivan
8
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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4. Transactions in Shares Effected by Reporting Persons
During Past 60 Days
