UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. ___)
Thorn Apple Valley
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
885184101
-----------------------
(CUSIP Number)
Judy K. Mencher
DDJ Capital Management, LLC
141 Linden Street, Suite 4
Wellesley, MA 02181
617-283-8500
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(Name, address and telephone number of person authorized to
receive notices and communications)
April 18, 1997
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(Date of Event which Requires filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule
13d-1(b) (3) or (4), check the following box [ ].
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.
(Continued on following pages)
(Page 1 of 15 Pages)
- ------------------------
(1) 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 coverage.
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 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>
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CUSIP No. SCHEDULE 13D Page 2 of 14 Pages
885184101
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DDJ Capital Management, LLC
04-3300754
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
SEE ITEM #5 (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
Commonwealth of Massachusetts
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NUMBER OF 7 SOLE VOTING POWER
SHARES 358,140
--------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
358,140
--------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
358,140
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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)
5.90%
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14 TYPE OF REPORTING PERSON *
00
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. SCHEDULE 13D Page 3 of 14 Pages
885184101
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DDJ Overseas Corp.
98-01511108
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
SEE ITEM #5 (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
CAYMAN ISLANDS
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NUMBER OF 7 SOLE VOTING POWER
SHARES 268,590
--------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
268,590
--------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
268,590
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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)
4.42%
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14 TYPE OF REPORTING PERSON *
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. SCHEDULE 13D Page 4 of 14 Pages
885184101
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DDJ Galileo, LLC
04-3304422
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
SEE ITEM #5 (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
COMMONWEALTH OF MASSACHUSETTS
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NUMBER OF 7 SOLE VOTING POWER
SHARES 268,590
--------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
268,590
--------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
268,590
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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)
4.42%
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14 TYPE OF REPORTING PERSON *
00
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. SCHEDULE 13D Page 5 of 14 Pages
885184101
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Copernicus Fund, L.P.
04-3193825
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
SEE ITEM #5 (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
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 68,110
--------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
68,110
--------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
68,110
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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)
1.12%
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14 TYPE OF REPORTING PERSON *
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. SCHEDULE 13D Page 6 of 14 Pages
885184101
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DDJ Copernicus, LLC
04-3304417
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
SEE ITEM #5 (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
COMMONWEALTH OF MASSACHUSETTS
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NUMBER OF 7 SOLE VOTING POWER
SHARES 68,110
--------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
68,110
--------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
68,110
- --------------------------------------------------------------------------------
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)
1.12%
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14 TYPE OF REPORTING PERSON *
00
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. SCHEDULE 13D Page 7 of 14 Pages
885184101
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kepler Overseas Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
SEE ITEM #5 (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
CAYMAN ISLANDS
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NUMBER OF 7 SOLE VOTING POWER
SHARES 10,720
--------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
10,720
--------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
10,720
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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)
.18%
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14 TYPE OF REPORTING PERSON *
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 8 of 14 Pages
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Item 1. Security and Issuer:
This statement relates to shares of the common stock , par value of
$.01 per share, (the "Shares") of Thorn Apple Valley, a Michigan corporation,
(the "Company"). The principal executive offices of the Company are located at
26999 Central Park Blvd., Suite 300, Southfield, MI 48076.
Item 2. Identity and Background:
This statement is being filed jointly by DDJ Capital Management, LLC.
("DDJ"), a Massachusetts limited liability company, DDJ Overseas Corporation., a
Cayman Islands corporation, DDJ Galileo, LLC, a Massachusetts limited liability
company, Kepler Overseas Corp., a Cayman Islands corporation, The Copernicus
Fund, L.P., a Delaware limited partnership and DDJ Copernicus, LLC, a
Massachusetts limited liability company. Each of the aforementioned entities
shall be collectively referred to as the "DDJ Affiliates". DDJ Copernicus, LLC
is the general partner of, and DDJ is the investment manager for, The Copernicus
Fund, L.P. DDJ Galileo, LLC owns all of the voting securities of, and DDJ is the
investment manager for, DDJ Overseas Corp. DDJ is also the investment manager
for Kepler Overseas Corp. and Crocodile I, LLC, a Cayman Islands limited
liability company (the "Advisory Account").
The Shares described herein are owned by one or more of The Copernicus
Fund, L.P., DDJ Overseas Corporation, Kepler Overseas Corp. (jointly, the
"Funds") and/or the Advisory Account. The principal office of each of DDJ and
the DDJ Affiliates, with the exception of DDJ Overseas Corp. and Kepler Overseas
Corp., are located at 141 Linden Street, Suite 4, Wellesley, Massachusetts
02181. The principal office of DDJ Overseas Corp. and Kepler Overseas Corp. is:
c/o Goldman Sachs (Cayman), Harbour Centre, George Town, Post Office Box 896,
Grand Cayman Islands.
The name, residence, or business address, principal occupation or
employment and citizenship of each of the executive officers and members of DDJ
and each of the DDJ Affiliates are set forth on Schedule A hereto.
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 9 of 14 Pages
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Within the past five years, none of DDJ or the DDJ Affiliates named in
this Item 2 or persons listed on Schedule A has been convicted in any criminal
proceeding (excluding traffic violations or similar misdemeanors) or has been a
party to any civil proceeding and as a result thereof was or is subject to any
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to federal or state securities laws or finding
any violations with respect to such laws.
Item 3. Sources and Amount of Funds or Other Consideration:
The Funds and Advisory Account which own or owned Shares purchased an
aggregate of 358,140 Shares for cash in the amount of approximately
$6,254,919.40 including brokerage commissions. All of the 68,110 Shares owned by
The Copernicus Fund, L.P. were purchased for cash or on margin pursuant to a
typical customer margin agreement with Goldman Sachs & Co.; all of the 268,590
Shares owned by DDJ Overseas Corp. were purchased for cash or on margin pursuant
to a typical customer margin agreement with Goldman Sachs & Co.; all of the
10,720 Shares owned by Kepler Overseas Corp. were purchased for cash or on
margin pursuant to a typical customer margin agreement with Goldman Sachs & Co.
and all of 10,720 Shares owned by the Advisory Account were purchased for cash
or on margin pursuant to a typical customer margin agreement with Goldman Sachs
& Co.
The attached Schedule B sets forth Shares purchased and/or sold by the
Funds and/or the Advisory Account since February 18, 1997.
Item 4. Purpose of Transaction:
The Shares were purchased in order to acquire an equity interest in the
Company in pursuit of specified investment objectives established by the
investors in the Funds and/or Advisory Account. DDJ and the DDJ Affiliates may
continue to have the Funds and/or Advisory Account purchase Shares subject to a
number of factors, including, among others, the availability of Shares for sale
at what they consider to be reasonable prices and other investment opportunities
that may be available to the Funds and Advisory Account.
DDJ and the DDJ Affiliates intend to review continuously the equity
position of the Funds and the Advisory Account in the Company. Depending upon
future evaluations of the business prospects of the Company and upon other
developments,
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 10 of 14 Pages
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including, but not limited to, general economic and business conditions and
money market and stock market conditions, DDJ and the DDJ Affiliates may
determine to cease making additional purchases of Shares or to increase or
decrease the equity interest in the Company by acquiring additional Shares, or
by disposing of all or a portion of the Shares.
None of DDJ or the DDJ Affiliates has any present plan or proposal
which relates to or would result in (i) an extraordinary corporate transaction,
such as a merger, reorganization, liquidation, or sale of transfer or a material
amount of assets of or involving the Company or any of its subsidiaries, (ii)
any change in the Company's present Board of Directors or management, (iii) any
material changes in the Company's present capitalization or dividend policy or
any other material change in the Company's business or corporate structure, (iv)
any change in the Company's charter or bylaws, (v) the Company's Shares becoming
eligible for termination of their registration pursuant to Section 12(g)(4) of
the 1934 Act, or (vi) any similar action.
Item 5. Interest in Securities of Issuer:
(a) DDJ Overseas Corp. owns, and DDJ Galileo, LLC and DDJ beneficially
own as majority shareholder and investment manager, respectively, of DDJ
Overseas Corp. 268,590 Shares, or approximately 4.42% of the outstanding Shares
of the Company. The Copernicus Fund, L.P. owns, and DDJ Copernicus, LLC and DDJ
beneficially own, as general partner and investment manager, respectively, of
The Copernicus Fund, L.P. 68,110 Shares, or approximately 1.12% of the
outstanding Shares of the Company. Kepler Overseas Corp. owns, and DDJ, as
investment manager for Kepler Overseas Corp. beneficially owns 10,720 Shares or
approximately .18% of the Company. DDJ, as investment manager to the Funds and
the Advisory Account may be deemed to beneficially own 358,140 Shares, or
approximately 5.90% of the outstanding Shares of the Company. DDJ disclaims any
such beneficial ownership. Neither DDJ nor any of the DDJ Affiliates and, to the
best knowledge of DDJ and the DDJ Affiliates, none of the persons named in
Schedule A, beneficially own any other Shares.
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 11 of 14 Pages
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(b) Each of the aforementioned entities has sole power to vote and to
dispose of the Shares so indicated.
(c) Except as set forth in Item 3, neither DDJ nor any of the DDJ
Affiliates, and, to the best knowledge of DDJ and the DDJ Affiliates, none of
the persons named in Schedule A hereto have effected any transaction in the
Shares during the past sixty days.
Item 6. Contracts, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
Other than the margin agreements described in Item 3 above, neither DDJ
nor any of the DDJ Affiliates and, to the best knowledge of DDJ and the DDJ
Affiliates, none of the persons named in Schedule A hereto have any contract,
arrangement, understanding or relationship with any person with respect to any
securities of the Company, including respecting voting or transfer of Company
securities or joint venture, finder's fee or the like.
The Funds may from time to time own debt securities issued by the
Company, and may from time to time purchase and or sell such debt securities.
Item 7. Material to be filed as Exhibits:
Not Applicable.
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 12 of 14 Pages
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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.
DDJ CAPITAL MANAGEMENT, LLC
By:_____________________________
Judy K. Mencher
Member
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 13 of 14 Pages
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SCHEDULE A
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The name and present principal occupation or employment of each
executive officer and member of DDJ Capital Management, LLC and each of the DDJ
Affiliates are set forth below. The business address of each person is 141
Linden Street, Suite 4, Wellesley, MA 02181 and the address of the corporation
or organization in which such employment is conducted is the same as each
person's business address, except that the principal address of DDJ Overseas
Corporation and Kepler Overseas Corp. is set forth in Item 2. All of the persons
listed below are U. S. citizens.
NAME PRINCIPAL OCCUPATION OR EMPLOYMENT
- ---- ----------------------------------
Daniel G. Harmetz Principal of DDJ Capital Management, LLC, DDJ Galileo,
LLC and DDJ Copernicus, LLC
David J. Breazzano Principal of DDJ Capital Management, LLC, DDJ Galileo,
LLC and DDJ Copernicus, LLC
Judy K. Mencher Principal of DDJ Capital Management, LLC, DDJ Galileo,
LLC, DDJ Copernicus, LLC, Vice President of DDJ Overseas
Corporation and Director of Kepler Overseas Corp.
<PAGE>
Schedule 13D
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CUSIP NO. 885184101 Page 14 of 14 Pages
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SCHEDULE B
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Thorn Apple Valley
- ------------------
Set forth below is an itemization of all purchases and sales of Shares
of Common Stock since February 18, 1997. The transactions were made for cash in
open market transactions.
TYPE:
PURCHASE AGGREGATE
DATE OR SALE SHARES PRICE
---- ------- ------ -----
3/18/97 PURCHASE 9,700 $137,803.88
3/19/97 PURCHASE 15,000 $255,000.00
3/20/97 PURCHASE 11,800 $188,332.43
3/21/97 PURCHASE 6,900 $110,564.77
3/24/97 PURCHASE 15,000 $240,300.00
3/27/97 PURCHASE 6,000 $94,655.00
3/31/97 PURCHASE 4,400 $67,525.04
4/2/97 PURCHASE 5,000 $76,875.00
4/4/97 PURCHASE 24,500 $386,935.85
4/7/97 PURCHASE 12,200 $206,343.60
4/9/97 PURCHASE 28,500 $524,148.80
4/10/97 PURCHASE 59,740 $1,101,561.60
4/11/97 PURCHASE 3,300 $60,187.50
4/14/97 PURCHASE 29,000 $520,795.00
4/15/97 PURCHASE 1,800 $32,229.00
4/17/97 PURCHASE 4,500 $80,635.06
4/18/97 PURCHASE 53,500 $1,612,077.90
4/21/97 PURCHASE 10,100 $183,492.86
4/22/97 PURCHASE 8,400 $154,082.43
4/24/97 PURCHASE 6,000 $108,855.00
4/25/97 PURCHASE 5,000 $90,962.52
