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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Gish Biomedical, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
376360103
---------
(CUSIP Number)
S. Craig Tompkins, Vice Chairman, Citadel Holding Corporation and Craig
Corporation
550 South Hope Street, Suite 1825, Los Angeles, California 90071 (213) 239-0555
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 27, 1999
_________________________________________________
(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(e), 13d-1(f) or 13d-1(g), 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>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 376360103 PAGE 2 OF 5 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Holding Corporation
95-3885184
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
542,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY -0-
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
542,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
542,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
15.62%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 376360103 PAGE 3 OF 5 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Craig Corporation
95-1620188
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 542,500
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
542,500
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
542,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
15.62%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
<PAGE>
SCHEDULE 13D
-----------------------
Page 4 of 5 Pages
-----------------------
Item 1. Security and Issuer.
This Amendment No. 3 relates to the Schedule 13D filed November 25, 1998 in
connection with the ownership by Citadel Holding Corporation, a Delaware
corporation ("CHC and collectively with its consolidated subsidiaries,
"Citadel") of the Common Stock, no par value (the "Common Stock"), of Gish
Biomedical, Inc., a California corporation (the "Issuer") whose principal
executive offices are located at 2681 Kelvin Avenue, Irvine, California 92614.
Item 3. Source and Amount of Funds or Other Consideration.
Since the date of the last Schedule 13D/A filing of June 24, 1999, CHC has
acquired 39,200 Shares at the aggregate purchase price of $223,694.17, inclusive
of brokerage commissions, where applicable. CHC purchased the Shares with CHC's
liquid funds on hand. No portion of such funds were borrowed.
Item 5. Interest in Securities of the Issuer.
a) To the best knowledge of CHC, the aggregate amount of securities held by
the CHC Parties is 542,500 shares of Common Stock, representing
approximately 15.62% of the shares of Common Stock outstanding. The
percentage ownership is based upon the total Shares reported as outstanding
in the Company's Form 10-K for the year ended June 30, 1999.
b) All of the shares of Common Stock reported under this Item 5 with
respect to the CHC Parties is held by CHC, and CHC has the sole power to
vote and dispose of the 542,500 Shares.
c) CHC has engaged within the last sixty days in the following transactions
in Common Stock of the Issuer, all of which were effectuated on the Nasdaq
National Market.
<TABLE>
<CAPTION>
Transaction Date No. of Shares Purchased Price per Share(1)
---------------- ----------------------- ------------------
<S> <C> <C>
7-12-99 2,000 3.00
7-15-99 2,500 3.125
7-21-99 2,000 3.125
10-22-99 15,000 2.0625
10-26-99 7,700 2.09375
10-27-99 500 2.03125
10-27-99 300 2.09375
10-27-99 9,200 2.125
</TABLE>
(1)Exclusive of brokerage commissions.
<PAGE>
----------------------
Page 5 of 5 Pages
----------------------
Item 6. Contracts, Arrangements, Understandings or Relationships With respect
to Securities of the Issuer.
In November 1998, Asset Value Fund Limited Partnership ("AVF") and CHC entered
into an agreement with Mr. Howard F. Bovers pursuant to which Mr. Bovers agreed
to act as the representative of AVF and CHC on the Board of Directors of Gish.
Pursuant to the terms of this agreement, AVF and CHC have agreed to pay to Mr.
Bovers 5% of their net profits (if any) upon a sale of the Gish Common Stock.
Item 7. Materials to be Filed as Exhibits.
Attached as Exhibit 1 is a copy of an agreement between AVF, CHC and Mr. Howard
F. Bovers, dated December 3, 1998.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 27, 1999 CITADEL HOLDING CORPORATION
a Delaware corporation
/s/ S. Craig Tompkins
By:______________________________________
S. Craig Tompkins
Vice Chairman
CRAIG CORPORATION
a Delaware corporation
/s/ S. Craig Tompkins
By:______________________________________
S. Craig Tompkins
President
<PAGE>
ASSET VALUE FUND LIMITED PARTNERSHIP
211 PENNBROOK ROAD
P.O. BOX 97
FAR HILLS, NEW JERSEY 07931
908-766-7220
908-766-4160 Fax
December 3, 1998
Via Federal Express and Fax
Mr. Howard F. Bovers
Bradford Trading Company
2855 Ocean Drive
Suite D-3
Vero Beach, Florida 32963
Dear Howard:
Confirming our conversation earlier this week, this letter confirms the
terms of our working relationship with respect to Gish Biomedical, Inc.
We acknowledge that you were instrumental in the successful negotiation of
the purchase of the Heartland Fund Gish position for us and Citadel Holding.
You have agreed to serve as the representative of Asset Value and Citadel on the
Gish Board, have been elected and have attended your first board meeting.
Further, you have agreed to study Gish and its prospects and develop and
implement a plan to increase shareholder value.
In recognition of the contribution you have made and will continue to make
we have agreed to give you 5% of our net profits (if any), after deducting your
and our expenses, when and if the Gish position is sold. We have also agreed
that you may purchase up to 20,000 shares of Gish for your own account in the
open market. You shall have no responsibility for any losses we may incur.
James Cotter agreed to these terms in a telephone conversation with me on
Monday, November 30, 1998 on behalf of Citadel.
<PAGE>
Mr. Howard F. Bovers
Bradford Trading Company
December 3, 1998
Page 2
Please acknowledge your agreement below. Complete three copies retaining
one for your files. Return two to me in the envelope provided and I shall
forward one to James Cotter.
Sincerely,
/s/Paul O. Koether
---------------------
AGREED AND ACCEPTED: Paul O. Koether
for Asset Value
/s/Howard F. Bovers
- -------------------
Howard F. Bovers /s/James J. Cotter
---------------------
James J. Cotter
for Citadel Holding
cc: James J. Cotter
Via Federal Express and Fax
