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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
HERLEY INDUSTRIES, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
427398
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(CUSIP Number)
Harvey Houtkin, c/o All-Tech Investment Group, Inc.
160 Summit Avenue, Montvale, New Jersey 07645//(201) 782-0200
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 30, 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 / /.
Check the following box if a fee is being paid with this statement /X/. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class. (See Rule 13d-7.)
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 1 of 10
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SCHEDULE 13D
CUSIP No. 427398 13D Page 2 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
All-Tech Investment Group, Inc.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC/OO
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(5) Check 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
New York
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 96,320
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(9) Sole Dispositive
Power -0-
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(10) Shared Dispositive
Power 96,320
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
96320
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
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(13) Percent of Class Represented by Amount in Row (11)
3.2%
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(14) Type of Reporting Person*
BD
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SCHEDULE 13D
CUSIP No. 427398 13D Page 3 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Rushmore Financial Services, Inc.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC/OO
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(5) Check 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
New Jersey
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 130,237
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(9) Sole Dispositive
Power -0-
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(10) Shared Dispositive
Power 130,237
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
130,237
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
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(13) Percent of Class Represented by Amount in Row (11)
4.3%
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(14) Type of Reporting Person*
CO
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SCHEDULE 13D
CUSIP No. 427398 13D Page 4 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Harvey Houtkin
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
PF WC OO
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(5) Check 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 States
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Number of Shares (7) Sole Voting
Beneficially Owned Power 87,851
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 1,100
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(9) Sole Dispositive
Power 87,851
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(10) Shared Dispositive
Power 131,337
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
219,188
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/X/
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(13) Percent of Class Represented by Amount in Row (11)
7.3%
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(14) Type of Reporting Person*
IN
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SCHEDULE 13D
CUSIP No. 427398 13D Page 5 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Mark Shefts
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC/OO
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(5) Check 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 States
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 130,237
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(9) Sole Dispositive
Power -0-
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(10) Shared Dispositive
Power 130,237
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
130,237
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/X/
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(13) Percent of Class Represented by Amount in Row (11)
4.3%
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(14) Type of Reporting Person*
IN
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Item 1. Security and Issuer
Common Stock
Herley Industries, Inc.
10 Industry Drive
Lancaster, PA17603-4092
Item 2. Identity and Background
(a) All-Tech Investment Group, Inc.
(b) 160 Summit Avenue
Montvale, New Jersey 07645
(c) Registered broker/dealer, 160 Summit Avenue,
Montvale, NJ 07645
(d) No
(e) No
(f) New York
90.5% of the shares of All-Tech Investment Group, Inc. ("All-Tech"), a
registered broker/dealer which makes a market in the issuer's stock,
are owned by Rushmore Financial Services, Inc. ("Rushmore").
Information with respect to Rushmore is as follows:
(a) Rushmore Financial Services, Inc.
(b) 160 Summit Avenue
Montvale, New Jersey 07645
(c) Holding company of All-Tech Investment Group, Inc.
and Domestic Securities, Inc.
(d) No
(e) No
(f) New Jersey
Information with respect to Mr. Houtkin is set forth below.
(a) Harvey Houtkin
(b) c/o All-Tech Investment Group, Inc.
160 Summit Avenue
Montvale, New Jersey 07645
(c) Chairman of the Board, CEO and Secretary, All-Tech Investment
Group, Inc.; Chairman of the Board and President, Domestic
Securities, Inc. All-Tech and Domestic are registered
broker-dealers. Chairman of the Board and President, Rushmore
Financial Services, Inc. All of such companies are located at
160 Summit Avenue, Montvale, NJ 07645
(d) No
Page 6 of 10
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(e) In 1990 a consent order was issued by the New Jersey Bureau of
Securities pursuant to a negotiated amicable resolution of the
application for registration of Domestic Securities, Inc.
("Domestic"), a registered broker-dealer, in the State of New
Jersey. The order provided that neither Domestic nor Mr. Houtkin
would reapply for registration for three years and the New
JerseyBureau of Securities would be reimbursed $50,000 in respect
of its costs of investigation of the application. Mr. Houtkin
and Domestic are now registered in the State of New Jersey.
(f) United States
Information with respect to Mr. Shefts is set forth below.
(a) Mark Shefts
(b) c/o All-Tech Investment Group, Inc.
160 Summit Avenue
Montvale, New Jersey 07645
(c) President/Treasurer All-Tech Investment Group, Inc., Domestic
Securities, Inc. and Rushmore Financial Services, Inc., 160
Summit Avenue, Montvale, NJ 07645
(d) No
(e) No
(f) United States
(d) No
(e) No
(f) New York
Item 3. Source and Amount of Funds or Other Consideration.
Amounts set forth below are for shares owned directly by a reporting
person.
WC/OO All-Tech Investment Group, Inc., a registered broker/dealer
which makes a market in the issuer's stock, owned 96,320 shares (3.2%)
as of June 30, 1997. All of such shares were purchased on margin.
All of the stock of All-Tech is owned by Rushmore.
WC/OO Rushmore Financial Services, Inc. owned 33,917 shares (1.1%) of
the issuer directly, all of which were purchased on margin and 96,320
(3.2%) shares indirectly, through its ownership of All-Tech, as of
June 30, 1997. Rushmore is owned 50% by Mr. Shefts and 50% by Mr.
Houtkin.
Page 7 of 10
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PF/OO All 87,851 of the shares directly beneficially owned by Mr.
Houtkin individually were purchased for cash. Mr. Houtkin's wife
Sherry Houtkin owns 4,000 shares (0.1%), which were purchased for cash
and 2,887 shares (0.1%) which were purchased on margin. Mr. Houtkin's
adult son Michael Houtkin is the beneficial owner of 2,500 shares
(0.1%) which were purchased for cash; his adult son Brad Houtkin is
the beneficial owner of 2,500 shares (0.1%) which were purchased for
on margin. Mr. Houtkin disclaims beneficial ownership of all of the
shares owned by his wife, his sons Michael and Brad and his mother.
PF/WC/OO Mr. Shefts is the indirect beneficial owner of the 130,237
shares owned by All-Tech and Rushmore. Mr. Shefts' wife, Wanda
Shefts, is the beneficial owner of 22,000 shares (0.7%). Mr. Shefts
disclaims beneficial ownership of the shares owned by his wife. All
of such shares were purchased for cash.
Item 4. Purpose of Transaction
The shares were purchased for investment purposes only. From time to time
All-Tech purchases shares as inventory for its market-making activity.
Except for All-Tech's continuing to make a market in the issuer's stock,
there are no current plans or proposals to acquire or dispose of the
issuer's securities or to seek any change in the issuer's business or
corporate structure.
Item 5. Interest in Securities of the Issuer
(a) The aggregate number of the issuer's common shares beneficially owned
at the close of business on June 30, 1997, by all reporting persons
submitting this joint filing was 218,088 (excluding shares as to which
beneficial ownership is disclaimed), equaling approximately 7.2% of the
common stock outstanding on such date.
All shares held in corporate name as set forth below are subject to shared
voting and dispositive power; shares owned by Mr. Houtkin are subject to
sole voting and dispositive power.
Page 8 of 10
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(b) Shares beneficially owned by each reporting person:
All-Tech Investment Group, Inc. TOTAL: 96,320
PERCENTAGE: 3.2%
Rushmore Financial Services, Inc.
(excluding shares TOTAL: 33,917
of All-Tech) PERCENTAGE: 1.1%
Harvey Houtkin, individually 87,851
Harvey Houtkin as a control person of
Rushmore (excluding shares owned
by All-Tech) 33,917
Harvey Houtkin as a control person of
All-Tech 96,320
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TOTAL: 218,088
PERCENTAGE: 7.2%
Mark Shefts, individually -0-
Mark Shefts as a control person
of Rushmore 33,917
Mark Shefts as a control person
of All-Tech 96,320
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TOTAL: 130,237
Mr. Shefts disclaims beneficial ownership of 22,000 shares (0.7%)
owned by his wife, Wanda Shefts.
Mr. Houtkin disclaims beneficial ownership of 2,500 shares (0.1%)
owned by his adult son Brad Houtkin; 2,500 shares (0.1%) owned by his
adult son Michael Houtkin, 6,887 shares (0.2%) owned by his wife
Sherry Houtkin, and 1,100 shares (0.0%) owned by his mother, Esther
Houtkin.
(c) All-Tech, a market-maker in the issuer's stock, effects transactions
in the issuer's stock continually.
(d) N/A
(e) N/A
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
The parties filing this Report on Form 13D have orally agreed to make
this joint filing.
Page 9 of 10
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Item 7. Material to be Filed as Exhibits
None
Signature
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.
July 11, 1997 ALL-TECH INVESTMENT GROUP, INC.
By s/Harvey Houtkin
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Harvey Houtkin, Chairman
RUSHMORE FINANCIAL SERVICES, INC.
By s/Harvey Houtkin
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Harvey Houtkin, Chairman
s/Harvey Houtkin
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Harvey Houtkin
s/Mark Shefts
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Mark Shefts
Page 10 of 10
