SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 4 to
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)
September 9, 1997/1/
(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 12 pages
- --------
/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 Amendment No.
4 to Schedule 13D.
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 2 of 12 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
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 603,431 (See Item 5)
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Not Applicable
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
603,431 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
603,431 (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)
17.7% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
- 2 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 3 of 12 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
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 143,100 (See Item 5)
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Not Applicable
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
143,100 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
143,100 (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)
4.2% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
- 3 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 4 of 12 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
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 108,696 (See Item 5)
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Not Applicable
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
108,696 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,696 (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)
3.2% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
- 4 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 5 of 12 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
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 746,531 (See Item 5)
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Not Applicable
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
746,531 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
746,531 (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)
22.0% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
- 5 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 6 of 12 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
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 855,227 (See Item 5)
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Not Applicable
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
855,227 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
855,227 (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)
25.2% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
- 6 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 7 of 12 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
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 855,227 (See Item 5)
EACH REPORTING
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
31,879
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
855,227 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
887,106 (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)
26.1% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
- 7 -
<PAGE>
Amendment No. 4 to
Schedule 13D
This amends the Schedule 13D dated August 15, 1997 (the "Schedule
13D"), as amended by Amendment No. 1 dated August 21, 1997, Amendment No. 2
dated August 28, 1997 and Amendment No. 3 dated September 5, 1997 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 with respect to the Common Stock, $.01 par value (the
"Common Stock"), of The Leslie Fay Company, Inc., a Delaware corporation (the
"Company"). Notwithstanding this Amendment No. 4, the Schedule 13D speaks as of
its date. Capitalized terms used without definition have the meanings ascribed
to them in the Schedule 13D.
I. Item 3 of the Schedule 13D "Source and Amount of Funds or Other
Consideration." is amended and restated as follows:
"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 is $4,379,416.75,
$1,179,694.25 and $769,682, 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."
II. The following new paragaraph shall be added to the end of Item 4 of
the Schedule 13D "Purpose of Transaction.":
"On September 10, 1997 the Reporting Persons sent a letter to the
Issuer requesting that two of its representatives be appointed to the Isssuer's
board of directors. A copy of this letter is attached hereto as Exhibit 2."
III. Items 5(a) and 5(c) of the Schedule 13D "Interest in Securities of
the Issuer." are amended and restated as follows:
"(a) The Reporting Persons beneficially own an aggregate of 887,106
shares of Common Stock, representing approximately 26.1% of the Common Stock
outstanding. Dickstein & Co. owns 603,431 of such shares, representing
approximately 17.7% of the Common Stock outstanding, Dickstein Focus owns
143,100 of such shares, representing approximately 4.2% of the Common Stock
outstanding, Dickstein International owns 108,696 of such shares, representing
approximately 3.2% 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.
These shares are not included in the percentages stated above.
- --------
2 Percentages are based upon 3,400,000 shares of Common Stock reported
outstanding as of August 2, 1997 in the Company's Quarterly Report on Form
10-Q for the quarter ended July 5, 1997.
- 8 -
<PAGE>
On August 20, 1997, certain of the Reporting Persons agreed to acquire
from a third party ("Seller"), on a so-called "if and when issued" basis, an
aggregate of up to 133,995 shares (the "Subject Shares") of Common Stock at a
price (including commission) of $7.83 per share. The Seller's obligation to sell
the Subject Shares to the Reporting Persons is contingent upon the issuance
pursuant to the POR of such shares to Seller's counter-party upon the resolution
of certain pre-petition claims. 94,995 of these shares will be acquired by
Dickstein & Co., 17,000 of these shares will be acquired by Dickstein
International and 22,000 of these shares will be acquired by Dickstein Focus.
These shares are not included in the percentages stated above.
On September 4, 1997, certain of the Reporting Persons agreed to
acquire from Seller on the same basis described in the preceding paragraph, up
to an additional 30,198 shares (the "Additional Subject Shares") of Common Stock
at a price (including commission) of $11.08 per share. 21,198 of these shares
will be acquired by Dickstein & Co., 3,800 of these shares will be acquired by
Dickstein International and 5,200 of these shares will be acquired by Dickstein
Focus. These shares are not included in the percentages stated above.
Mark Kaufman, a Vice President of Dickstein Inc., owns 1,000 shares of
Common Stock.
(c) Except for the transactions described in Item 5(a) above and the
transactions set forth on Schedule II annexed hereto, Schedule II to the
Schedule 13D, Schedule II to the Amendment No. 1 to the Schedule 13D, Schedule
II to Amendment No. 2 to the Schedule 13D and Schedule II to Amendment No. 3 to
the Schedule 13D, 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."
IV. Item 7 of the Schedule 13D "Materials to be Filed as Exhibits."
shall be amended by adding the following to the end of such paragraph:
"Exhibit 2 Letter to Issuer September 10, 1997 Letter to Issuer."
- 9 -
<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: September 10, 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
- 10 -
<PAGE>
DICKSTEIN PARTNERS INC.
By: Alan Cooper, as Vice President
/s/ Alan Cooper
------------------
Name: Alan Cooper
Mark Dickstein
/s/ Mark Dickstein
------------------
Name: Mark Dickstein
- 11 -
<PAGE>
SCHEDULE II
TRANSACTIONS IN COMMON
STOCK OF
THE LESLIE FAY COMPANY, INC.
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>
9/8/97 7,000 12.125 $15.00 $ 84,890.00
9/9/97 66,500 12.125 $15.00 $806,327.50
Shares Purchased by Dickstein Focus Fund L.P.
Number of
Shares Price per Total
Date Purchased share Commission Cost
- ---- --------- ----- ---------- ----
9/8/97 1,700 12.125 $15.00 $ 20,627.50
Shares Purchased by Dickstein International Limited
Number of
Shares Price per Total
Date Purchased share Commission Cost
- ---- --------- ----- ---------- ----
9/8/97 1,300 12.125 $15.00 $ 15,777.50
9/9/97 12,000 12.125 $15.00 $145,515.00
</TABLE>
- 12 -
<PAGE>
EXHIBIT 2
DICKSTEIN PARTNERS INC.
- --------------------------------------------------------------------------------
Tel: 212-754-4000
Fax: 212-754-5825
September 10, 1997
Mr. John J. Pomerantz
The Leslie Fay Company, Inc.
1412 Broadway
New York, NY 10018
Dear John:
As you are aware, Dickstein Partners, through investment funds it manages, owns
or has contracted to buy an aggregate of 1,120,931 shares of The Leslie Fay
Company, Inc. common stock.
In light of the foregoing, we believe it appropriate, and hereby request, that
two representatives of our firm (Mark Kaufman and myself) be appointed to the
Company's board of directors. We believe in the Company's prospects and are
confident that as board members Mark and I can make a positive contribution to
the Company.
We would be glad to provide you with any information you require to expedite our
request.
I look forward to hearing from you.
Sincerely,
/s/Mark Dickstein
- -----------------
Mark Dickstein
