<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
American Precision Industries Inc.
----------------------------------
(Name of Issuer)
Common Stock $.66 2/3 Par Value Per Share
-----------------------------------------
(Title of Class of Securities)
029069-10-1
--------------
(CUSIP Number)
Brian D. Baird, Kavinoky & Cook, LLP, 120 Delaware Avenue, Buffalo, NY 14202
(716) 845-6000
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 3, 1996
-----------------
(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 the statement / /. (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> 2
<TABLE>
<CAPTION>
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CUSIP NO. 029069-10-1 13D PAGE 2 OF 10 PAGES
- ------------------------------------------- -----------------------------------------------
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
First Carolina Investors, Inc.
- -------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
- -------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
300,000
NUMBER OF ----------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH ----------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
300,000
----------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000
- -------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.163%
- -------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
<TABLE>
<CAPTION>
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CUSIP NO. 029069-10-1 13D PAGE 3 OF 10 PAGES
- ------------------------------------------- ------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
The Cameron Baird Foundation
- -------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- -------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
- -------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
215,700
NUMBER OF ----------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH ----------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
215,700
----------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
215,700
- -------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.993%
- -------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
<TABLE>
<CAPTION>
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CUSIP NO. 029069-10-1 13D PAGE 4 OF 10 PAGES
- ------------------------------------------- --------------------------------------------
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Jane D. Baird
- -------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- -------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
- -------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
10,000
NUMBER OF ----------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH ----------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
10,000
----------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000
- -------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.139%
- -------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
<TABLE>
<CAPTION>
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CUSIP NO. 029069-10-1 13D PAGE 5 OF 10 PAGES
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<S> <C> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Aries Hill Corp.
- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
- ------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
44,300
NUMBER OF ---------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH ---------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
44,300
---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
44,300
- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.615%
- ------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 6
SCHEDULE 13D
Amendment No. 2
CUSIP NO. 029069-10-1 Page 6 of 10 Pages
INTRODUCTION
- ------------
The ownership of 480,800 Shares of Common Stock ("Shares") of
American Precision Industries Inc. (the "Issuer") was reported by members of the
Baird family and other persons (the "Reporting Persons") in a Schedule 13D filed
with the Securities and Exchange Commission on July 21, 1995, as amended by
Schedule 13D Amendment No. 1 ("Amendment No. 1") filed with the Securities and
Exchange Commission on November 3, 1995. Since the filing of Amendment No. 1,
Shares owned by the Reporting Persons has increased to 584,500 Shares. Schedule
13D is hereby amended to reflect the changes in ownership by four of the
Reporting Persons (First Carolina Investors, The Cameron Baird Foundation, Jane
D. Baird and Aries Hill Corp.).
The cover pages for the four aforementioned Reporting Persons
are hereby amended to read as set forth in this Schedule 13D Amendment No. 2.
Items 3 and 5 are hereby amended as set forth in this Schedule 13D Amendment No.
2. All other cover pages and items remain unchanged, and are incorporated herein
by reference.
NOTE: THE EXECUTION AND SUBMISSION OF THIS STATEMENT SHALL NOT
BE CONSTRUED AS A STATEMENT OR ADMISSION THAT THE REPORTING
PERSONS (I) ARE ACTING AS A GROUP IN THE ACQUISITION OF THE
SHARES, (II) COLLECTIVELY CONSTITUTE A "PERSON" WITHIN THE
MEANING OF SECTION 13(D)(3) OF THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED (THE "ACT"), OR (III) FOR THE PURPOSES OF
SECTION 13(D) OF THE ACT, ARE THE BENEFICIAL OWNERS OF SHARES
OTHER THAN SHARES IN WHICH EACH PERSON IS SPECIFICALLY
IDENTIFIED IN THIS STATEMENT TO HAVE A BENEFICIAL INTEREST.
<PAGE> 7
SCHEDULE 13D
Amendment No. 2
CUSIP NO. 029069-10-1 Page 7 of 10 Pages
ITEM 3. Source and Amount of Funds.
---------------------------
Item 3 is hereby amended to read as follows:
The source of funds used by the Reporting Persons are personal
funds of each such Reporting Person with respect to the ownership of Shares by
such Reporting Person, except the source of funds used by First Carolina
Investors, The Cameron Baird Foundation, and Aries Hill Corp. was working
capital of such Reporting Persons. The Reporting Persons did not borrow any
funds to acquire Shares, it being noted that Aries Hill Corp. has a margin
account at Fahnestock & Co. The following table shows the net amount of funds
paid for Shares by the Reporting Persons. Except for First Carolina Investors,
the following table does not include brokerage commissions.
<TABLE>
<S> <C>
First Carolina Investors $2,911,167
The Cameron Baird Foundation 2,442,525
Brent D. Baird 46,875
Jane D. Baird 112,950
David M. Stark, as successor trustee 18,250
Brian D. Baird, as successor trustee 81,250
Aries Hill Corp. 507,674
</TABLE>
ITEM 5. Interest in Securities of the Issuer.
-------------------------------------
Item 5 is hereby amended to read as follows:
<PAGE> 8
SCHEDULE 13D
Amendment No. 2
CUSIP NO. 029069-10-1 Page 8 of 10 Pages
(a) The Reporting Persons hereby report beneficial ownership, in the manner
hereinafter described, of 584,500 Shares of the Issuer:
<TABLE>
<CAPTION>
Percentage of
Number Of Outstanding
Shares Held in the Name of Shares Security (1)
- -------------------------- ------ --------------
<S> <C> <C>
First Carolina Investors 300,000 4.163%
The Cameron Baird Foundation 215,700 2.993%
Brent D. Baird (2) 5,000 0.069%
Jane D. Baird 10,000 0.139%
David M. Stark, as successor trustee (3) 2,000 0.028%
Brian D. Baird, as successor trustee (4) 7,500 0.104%
Aries Hill Corp. 44,300 0.615%
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TOTAL 584,500 8.111%
<FN>
(1) The foregoing percentages assume that the number of Shares of
the Issuer outstanding is 7,205,856 Shares (as reported in
the Issuer's Form 10-Q Quarterly Report as of August 1, 1996).
(2) Held in Trubee, Collins & Co., Inc.'s pension plan for the
benefit of Brent D. Baird.
(3) The family of Anne S. Baird are the beneficiaries under a
testamentary trust established by the Will of Margaret S.
DeMorinni.
<PAGE> 9
SCHEDULE 13D
Amendment No. 2
CUSIP NO. 029069-10-1 Page 9 of 10 Pages
(4) Jane D. Baird is the income beneficiary and the issue of Jane D.
Baird are the remainder beneficiaries under a trust agreement dated
2/13/22.
</TABLE>
(b) For each persons named in paragraph (a), that person has sole voting and
sole dispositive power over the Shares enumerated in paragraph (a).
(c) The following purchases of the Shares were effected during
the past sixty days:
<TABLE>
<CAPTION>
Price/Share (in
Dollars Commissions Transaction
Purchase In The Name Of Date Number of Shares not included) Made Through
----------------------- ---- ---------------- ------------- ------------
<S> <C> <C> <C> <C>
Jane D. Baird 7/23/96 2,000 12 1/8 Fahnestock & Co
7/24/96 4,000 11 3/4 Fahnestock & Co
7/24/96 2,000 11 5/8 Fahnestock & Co
7/24/96 1,100 11 1/2 Fahnestock & Co
7/25/96 900 12 Fahnestock & Co
The Cameron Baird Foundation 7/25/96 3,000 12 Fahnestock & Co
7/29/96 700 12 1/8 Fahnestock & Co
7/29/96 4,000 12 1/4 Fahnestock & Co
7/31/96 3,500 12 1/2 Fahnestock & Co
8/1/96 1,500 12 1/2 Fahnestock & Co
8/2/96 1,000 12 1/2 Fahnestock & Co
8/22/96 1,000 12 5/8 Fahnestock & Co
9/3/96 10,000 12 5/8 Fahnestock & Co
9/3/96 3,000 12 3/4 Fahnestock & Co
9/4/96 3,000 12 3/4 Fahnestock & Co
9/5/96 16,000 12 3/4 Fahnestock & Co
</TABLE>
(d) Not applicable
(e) Not applicable
