SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 9)*
Frisch's Restaurants, Inc.
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
358748101
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(CUSIP Number)
Gary P. Kreider, Esq.
Keating, Muething & Klekamp
One East Fourth Street, 18th Floor
Cincinnati, Ohio 45202
(513) 579-6411
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 11, 1999
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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.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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CUSIP NO. 358748101 13D Page 2 of 4 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Mr. Jerry L. Ruyan - ###-##-####
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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
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- --------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 437,898
REPORTING --------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
365,309
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
437,898
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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)
7.4%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 358748101 13D Page 3 of 4 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Barry S. Nussbaum -- ###-##-####
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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
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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 citizen
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 437,898
REPORTING --------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
72,589
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
437,898
- --------------------------------------------------------------------------------
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)
7.4%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 9 to Schedule 13D is filed for the purpose of amending
Item 4 to include the following:
Item 4. Purpose of Transaction.
Messrs. Ruyan and Nussbaum submitted a shareholder proposal to Frisch's on
May 11, 1999. Their proposal for submission to shareholders at the 1999 Annual
Shareholders' Meeting is as follows:
Proposal:
RESOLVED, that the shareholders of Frisch's Restaurants, Inc. recommend
that the Board of Directors retain an independent investment banking firm to
explore all alternatives to enhance shareholder value and the value of the
Company including, but not limited to, the sale of all or substantially all of
the Company's assets, a merger or other business combination or a divestiture of
a major division of the Company.
Supporting Statement:
We own 435,698 shares of Frisch's Common Stock which far exceeds the
number of shares owned by all of the directors and executive officers of
Frisch's except for members of the Maier family, as shown elsewhere in the Proxy
Statement. We were elected directors of Frisch's in opposition to management's
slate at the 1996 Annual Shareholders' Meeting. We did not seek re-election to
the Board at the 1998 Annual Shareholders' Meeting because of the expense
involved and because we hoped that management's addition to the Board of new
directors, Lorrence T. Kellar and William J. Reik, Jr., would provide impetus to
the changes we had urged with the aim of increasing the value of the Company's
Common Stock.
Unfortunately, however, we have seen no evidence of any changes to
date. The stock continues to languish in the $10 area while various stock market
indexes are making new highs. An investment of $100 in Frisch's stock on May 28,
1993 declined to $85 at May 31, 1998 while the Standard & Poors 500 Index at the
same time increased from $100 to $272. Based on a May 5, 1999 close of $10-1/16,
that $100 investment made on May 28, 1993 was worth only $68.53 on May 5, 1999.
During the three years ended May 31, 1998, the Maier family members,
Jack and Craig, have received $1,381,130 in compensation, which does not include
fees to Mrs. Maier and salaries of other Maier children who are employees but
not corporate officers, while we as shareholders have received lackluster equity
performance. We refer you to the "Summary Compensation Table" and "Certain
Relationships and Related Transactions" sections of this year's proxy statement
for fiscal 1999 information. Therefore, it is evident to us that there is little
prospect for any improvement in the Company's stock price or in the Company's
business under current management. We believe that the only way to achieve
shareholder value is to sell all or major portions of the Company and, to that
end, we are proposing this resolution.
We are not soliciting proxies but urge you to vote for our resolution.
Regards, Regards,
JERRY L. RUYAN BARRY S. NUSSBAUM
Item 5. Interest in Securities of the Issuer
(c) Since the most recent filing of an Amendment to this Schedule 13D,
Jerry Ruyan made the following purchases of Frisch's Common Stock in market
transactions:
Date of Transaction Amount Purchased Price Per Share
- ------------------- ---------------- ---------------
10/22/98 1,100 $ 9.97
10/23/98 1,100 $10.03
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Dated: May 13, 1999 *
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Jerry L. Ruyan
*
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Barry S. Nussbaum
*By: Gary P. Kreider
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Gary P. Kreider
Attorney-in-Fact
