SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
The Leslie Fay Company Inc.
---------------------------
(Name of Issuer)
Common Stock, $ .01 par value
(Title of Class of Securities)
527016109
---------
(CUSIP Number)
Abbe L. Dienstag, Esq.
Kramer, Levin, Naftalis & Frankel
919 Third Avenue
New York, New York 10022
(212) 715-9100
--------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
July 23, 19971
--------------
(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: |_|
Page 1 of 19 pages
Exhibit Index appears on page 14
- --------
1 The Reporting Persons believe that the Common Stock, $.01 par value, of
the Issuer has not been registered pursuant to Section 12 of the
Securities Exchange Act (the "Act") and, therefore, they are not
required pursuant to Rule 13(d)1 of the Act to file this Schedule 13D.
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 2 of 19 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN & CO., L.P. 13-3321472
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
6) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 437,731 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 437,731 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
437,731 (See Item 5)
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.9% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- 2 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 3 of 19 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN FOCUS FUND L.P. 13-3746015
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 97,000 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 97,000 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,000 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- 3 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 4 of 19 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN INTERNATIONAL LIMITED
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 83,996 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 83,996 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
83,996 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- 4 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 5 of 19 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN PARTNERS, L.P. 13-3544838
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 534,731 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 534,731 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
534,731 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.7% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- 5 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 6 of 19 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN PARTNERS INC. 13-3537972
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 618,727 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 618,727 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
618,727 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.2% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- 6 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 7 of 19 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MARK DICKSTEIN
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
PF, AF
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
31,879
NUMBER
OF 8) SHARED VOTING POWER
SHARES 618,727 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH 31,879
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER WITH 618,727 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
650,606 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.1% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- 7 -
<PAGE>
Schedule 13D
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (the "Statement") relates to the Common
Stock, $.01 par value (the "Common Stock"), of The Leslie Fay Company, Inc., a
Delaware corporation (the "Company"). The principal executive offices of the
Company are located at 1412 Broadway, New York, New York 10018.
ITEM 2. IDENTITY AND BACKGROUND.
(a) - (c) This Statement is being filed by Dickstein & Co., L.P.
("Dickstein & Co."), Dickstein Focus Fund L.P. ("Dickstein Focus"), Dickstein
International Limited ("Dickstein International"), Dickstein Partners, L.P.
("Dickstein Partners"), Dickstein Partners Inc. ("Dickstein Inc.") and Mark
Dickstein. Dickstein & Co., Dickstein Focus, Dickstein International, Dickstein
Partners, Dickstein Inc. and Mark Dickstein are collectively referred to as the
"Reporting Persons."
Dickstein & Co. is a Delaware limited partnership engaged in certain
investment activities, including, but not limited to, (i) the purchase of
marketable and non-marketable securities and other obligations of bankrupt or
near bankrupt companies, (ii) risk-arbitrage transactions undertaken in
connection with, among other things, mergers and acquisitions and (iii) the
purchase of securities in entities which appear to be undervalued.
Dickstein Focus is a Delaware limited partnership which engages in
certain investment activities similar in nature to the activities engaged in by
Dickstein & Co.
Dickstein International is a limited-liability, open-end investment
fund incorporated as an international business company in the Territory of the
British Virgin Islands. Dickstein International engages in certain investment
activities similar in nature to the activities engaged in by Dickstein & Co.
Dickstein Partners is a Delaware limited partnership and the general
partner of Dickstein & Co. and Dickstein Focus and makes all investment and
trading decisions for Dickstein & Co. and Dickstein Focus.
Dickstein Inc. is a Delaware corporation and is the general partner of
Dickstein Partners and the advisor to Dickstein International. In its capacity
as advisor, Dickstein Inc. makes all investment and trading decisions for
Dickstein International. Mark Dickstein is the president and sole director of
Dickstein Inc.
The business address and the address of the principal executive office
of each of Dickstein & Co., Dickstein Focus,
- 8 -
<PAGE>
Dickstein Partners and Dickstein Inc. is 660 Madison Avenue, New York, New York
10021. The business address and the address of the principal executive office of
Dickstein International is 129 Front Street, Hamilton HM 12, Bermuda. The
business address of Mark Dickstein is c/o Dickstein Partners, 660 Madison
Avenue, New York, New York 10021.
The name, business address and present principal occupation or
employment of each of the executive officers and directors of Dickstein Inc.,
including Mark Dickstein, are set forth on Schedule I annexed hereto, which is
incorporated herein by reference.
(d) - (e) During the last five years, none of the Reporting Persons,
and, to the best knowledge of the Reporting Persons, none of the persons listed
on Schedule I hereto, has been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) or has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, Federal or state securities laws or finding any violation with
respect to such laws.
(f) Each natural person identified in this Item 2 is a citizen of the
United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The shares of Common Stock reported to be owned by Dickstein & Co.,
Dickstein Focus, Dickstein International and Mark Dickstein were acquired in the
open market. The total cost of the reported shares by Dickstein & Co., Dickstein
Focus, Dickstein International and Mark Dickstein was $2,485,428, $679,468,
$479,427 and $167,380, respectively. Such costs were funded out of working
capital (and in the case of Mark Dickstein, personal funds), which may, at any
given time, include margin loans made by brokerage firms in the ordinary course
of business.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired beneficial ownership of the shares of
Common Stock to which this Statement relates for investment.
The Reporting Persons have had preliminary discussions with the Issuer
relating to the possibility of the Reporting Persons obtaining representation on
the Issuer's board of directors.
The Reporting Persons may acquire additional shares of Common Stock or
other securities of the Company or sell or otherwise dispose of any or all of
the shares of Common Stock or other securities of the Company beneficially owned
by them. The
- 9 -
<PAGE>
Reporting Persons may take any other action with respect to the Company or any
of its debt or equity securities in any manner permitted by law.
Except as disclosed in this Item 4, the Reporting Persons have no
current plans or proposals which relate to or would result in any of the events
described in Items (a) through (j) of the instructions to Item 4 of Schedule
13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The Reporting Persons beneficially own an aggregate of 650,606
shares of Common Stock, representing approximately 19.1% of the Common Stock
outstanding. Dickstein & Co. owns 437,731 of such shares, representing
approximately 12.9% of the Common Stock outstanding, Dickstein Focus owns 97,000
of such shares, representing approximately 2.9% of the Common Stock outstanding,
Dickstein International owns 83,996 of such shares, representing approximately
2.5% of the Common Stock outstanding, and Mark Dickstein owns 31,879 of such
shares, representing approximately 1% of the Common Stock outstanding.2 The
Common Stock was issued pursuant to the Issuer's Amended Joint Plan of
Reorganization (the "POR") dated December 5,1996. The POR was consummated on
June 4, 1997. On May 1, 1997, certain of the Reporting Persons agreed to
purchase, in an open market transaction, on an "if and when issued" basis, an
aggregate of 540,000 shares of Common Stock. 430,368 of the shares of Common
Stock included in this transaction settled on July 23, 1997 after the
consummation of the POR and are included in the percentages stated above. The
balance of the shares (109,632) are scheduled to settle on or about November 3,
1997 for a price of $5.25 per share. 85,269 of these shares will be acquired by
Dickstein & Co., 16,242 of these shares will be acquired by Dickstein
International and 8,121 of these shares will be acquired by Mark Dickstein.
Mark Kaufman, a Vice President of Dickstein Inc., owns 1,000 shares of
Common Stock.
(b) By reason of its position as general partner of Dickstein & Co. and
Dickstein Focus, Dickstein Partners may be deemed to possess the power to vote
and dispose of the shares of Common Stock beneficially owned by Dickstein & Co.
and Dickstein Focus. By reason of its position as general partner of Dickstein
Partners and advisor to Dickstein International, Dickstein Inc. may be deemed to
possess the power to vote and dispose of the shares of Common Stock beneficially
owned by Dickstein & Co., Dickstein Focus and Dickstein International. By reason
of his position as
- --------
2 Percentages are based upon 3,400,000 shares of Common Stock outstanding,
the amount of shares issued in accordance with the POR.
- 10 -
<PAGE>
president and sole director of Dickstein Inc., Mark Dickstein may be deemed to
possess the power to vote and dispose of the shares of Common Stock beneficially
owned by Dickstein & Co., Dickstein Focus and Dickstein International. Pursuant
to Rule 13d-4 promulgated under the Securities Exchange Act of 1934, as amended,
(i) Dickstein & Co. disclaims beneficial ownership of all shares of Common Stock
beneficially owned by Dickstein International, Dickstein Focus and Mark
Dickstein, (ii) Dickstein Focus disclaims beneficial ownership of all shares of
Common Stock beneficially owned by Dickstein & Co., Dickstein International and
Mark Dickstein, (iii) Dickstein International disclaims beneficial ownership of
all shares of Common Stock beneficially owned by Dickstein & Co., Dickstein
Focus and Mark Dickstein, and (iv) each of Dickstein Partners, Dickstein Inc.
and Mark Dickstein disclaims beneficial ownership of the shares of Common Stock
beneficially owned by Dickstein & Co., Dickstein Focus and Dickstein
International, except to the extent of their actual economic interests.
Mr. Kaufman possesses the sole power to vote and dispose of the Common
stock owned by him.
(c) Except for the transactions set forth on Schedule II annexed
hereto, none of the persons identified in Item 2 has effected any transactions
in the Common Stock during the past 60 days. All such transactions were effected
in the open market.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF
THE ISSUER.
Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Agreement of joint filing pursuant to Rule 13d-1(f) promulgated
under the Securities Exchange Act of 1934, as amended.
- 11 -
<PAGE>
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Date: August 15, 1997
DICKSTEIN & CO., L.P.
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
general partner of Dickstein
Partners, L.P., the general
partner of Dickstein & Co.,
L.P.
/s/ Alan Cooper
---------------
Name: Alan Cooper
DICKSTEIN FOCUS FUND L.P.
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
general partner of Partners,
L.P., the general partner of
Dickstein Focus Fund L.P.
/s/ Alan Cooper
---------------
Name: Alan Cooper
DICKSTEIN INTERNATIONAL LIMITED
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
agent of Dickstein
International Limited
/s/ Alan Cooper
---------------
Name: Alan Cooper
DICKSTEIN PARTNERS, L.P.
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
general partner of Dickstein
Partners, L.P.
/s/ Alan Cooper
---------------
Name: Alan Cooper
- 12 -
<PAGE>
DICKSTEIN PARTNERS INC.
By: Alan Cooper, as Vice President
/s/ Alan Cooper
---------------
Name: Alan Cooper
Mark Dickstein
/s/ Mark Dickstein
------------------
Name: Mark Dickstein
- 13 -
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION PAGE
1 Agreement of joint filing pursuant 18
to Rule 13d-1(f) promulgated under
the Securities Exchange Act of
1934, as amended
- 14 -
<PAGE>
SCHEDULE 1
EXECUTIVE OFFICERS AND DIRECTORS
The name and present principal occupation or employment of each of the
executive officers and directors of Dickstein Inc. are set forth below. The
principal business address of each of the sole director and the officers of
Dickstein Inc. named below is c/o Dickstein Partners, Inc., 660 Madison Avenue,
New York, New York 10021.
Dickstein Partners Inc.
Name and Present Principal
Positions Held Occupation or Employment
Mark Dickstein President and Sole Director of Dickstein Inc.
President and
Sole Director
Alan S. Cooper Vice President and General Counsel of Dickstein Inc.
Vice President
and General
Counsel
Stephen Cornick Vice President of Dickstein Inc.
Vice President
Edward Farr Vice President of Dickstein Inc.
Vice President
Mark Kaufman Vice President of Dickstein Inc.
Vice President
Arthur Wrubel Vice President of Dickstein Inc.
Vice President
- 15 -
<PAGE>
SCHEDULE II
TRANSACTIONS IN COMMON
STOCK OF
THE LESLIE FAY COMPANY, INC.
DURING THE PRECEDING 60 DAYS
Shares Purchased by Dickstein & Co., L.P.
- -----------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Price per Total
Date Purchased share Commission Cost
- ---- --------- ----- ---------- ----
<S> <C> <C> <C> <C>
7/23/97* 334,731 5.250 15.00 1,757,352.75
8/1/97 50,000 7.030 15.00 351,515.00
8/1/97 10,000 7.000 15.00 70,015.00
8/5/97 15,000 7.250 15.00 108,765.00
8/5/97 18,000 7.063 15.00 127,140.00
8/5/97 10,000 7.063 15.00 70,640.00
</TABLE>
Shares Purchased by Dickstein International Limited
- ---------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Price per Total
Date Purchased share Commission Cost
- ---- --------- ----- ---------- ----
<S> <C> <C> <C> <C>
7/23/97* 63,758 5.250 15.00 334,744.50
8/1/97 9,425 7.030 15.00 66,272.75
8/5/97 10,813 7.250 15.00 78,409.25
</TABLE>
Shares Purchased by Dickstein Focus Fund L.P.
- ---------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Price per Total
Date Purchased share Commission Cost
- ---- --------- ----- ---------- ----
<S> <C> <C> <C> <C>
8/1/97 90,000 7.000 15.00 630,015.00
8/5/97 7,000 7.063 15.00 49,452.50
</TABLE>
- --------
* These transactions are the partial settlement of the "if and when
issued" trade referred to in item 5 of this Schedule 13D. The balance
of this trade (85,269 shares for Dickstein & Co., 16,242 shares for
Dickstein International and 8,121 shares for Mark Dickstein) is
scheduled to settle on or about November 3, 1997.
- 16 -
<PAGE>
Shares Purchased by Mark Dickstein
- ----------------------------------
<TABLE>
<CAPTION>
Number of
Shares Price per Total
Date Purchased share Commission Cost
<S> <C> <C> <C> <C>
7/23/97* 31,879 5.250 15.00 167,379.75
Shares Purchased by Mark Kaufman
- --------------------------------
Number of
Shares Price per Total
Date Purchased share Commission Cost
7/23/97 1,000 5.250 0.00 5,250.00
</TABLE>
- ---------------
* These transactions are the partial settlement of the "if and when
issued" trade referred to in item 5 of this Schedule 13D. The balance of
this trade (85,269 shares for Dickstein & Co., 16,242 shares for
Dickstein International and 8,121 shares for Mark Dickstein) is
scheduled to settle on or about November 3, 1997.
- 17 -
<PAGE>
Exhibit 1 Agreement of Joint Filing
EXHIBIT 1
AGREEMENT OF JOINT FILING
Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act
of 1934, the undersigned persons hereby agree to file with the Securities and
Exchange Commission the Statement on Schedule 13D (the "Statement") to which
this Agreement is attached as an exhibit, and agree that such Statement, as so
filed, is filed on behalf of each of them.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
August 15, 1997.
DICKSTEIN & CO., L.P.
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
general partner of Dickstein
Partners, L.P., the general
partner of Dickstein & Co.,
L.P.
/s/ Alan Cooper
---------------
Name: Alan Cooper
DICKSTEIN FOCUS FUND L.P.
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
general partner of Dickstein
Partners, L.P., the general
partner of Dickstein Focus Fund
L.P.
/s/ Alan Cooper
---------------
Name: Alan Cooper
DICKSTEIN INTERNATIONAL LIMITED
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
agent of Dickstein
International Limited
/s/ Alan Cooper
---------------
Name: Alan Cooper
- 18 -
<PAGE>
DICKSTEIN PARTNERS, L.P.
By: Alan Cooper, as Vice President
of Dickstein Partners Inc., the
general partner of Dickstein
Partners, L.P.
/s/ Alan Cooper
---------------
Name: Alan Cooper
DICKSTEIN PARTNERS INC.
By: Alan Cooper, as Vice President
/s/ Alan Cooper
---------------
Name: Alan Cooper
Mark Dickstein
/s/ Mark Dickstein
------------------
Name: Mark Dickstein
- 19 -
