SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 3)(1)
GP Strategies Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
36225V104
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(CUSIP Number)
Scott B. Bernstein, Esq.,
Caxton Corporation,
315 Enterprise Drive
Plainsboro, New Jersey 08536
(609) 936-2580
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 3, 2000
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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 that 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. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 14 Pages)
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(1) 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. 36225V104 Page 2 of 14 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton International Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 881,874
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
881,874
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
881,874
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 36225V104 Page 3 of 14 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton Equity Growth (BVI) Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 73,532
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
73,532
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
73,532
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.6%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 36225V104 Page 4 of 14 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton Equity Growth LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
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) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 32,994
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,994
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,994
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.3%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 36225V104 Page 5 of 14 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce S. Kovner
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 988,400
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
988,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
988,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 36225V104 Page 6 of 14 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton Associates, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 988,400
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
988,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
988,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment 3 to Schedule 13D relates to the Common Stock, par value
$.01 per share (the "Common Stock"), of GP Strategies Corporation (the
"Company"), 9 West 57th Street, New York, NY 10019.
Item 2: Identity and Background
Item 2 of the Schedule 13D is hereby amended and replaced by the following:
(a) "This statement is filed by Caxton International Limited, a British Virgin
Islands corporation, Caxton Equity Growth LLC, a Delaware limited
liability company, Caxton Equity Growth (BVI) Ltd., a British Virgin
Islands corporation, Caxton Associates, L.L.C., a Delaware limited
liability company, and Mr. Bruce Kovner. The persons listed on Schedule C,
Schedule D and Schedule E (as filed with Amendment #2) are the directors
and executive officers (the "Listed Persons") of Caxton International
Limited, Caxton Equity Growth LLC and Caxton Equity Growth (BVI) Ltd.,
respectively.
(b)
(i) "The address of Caxton International Limited is c/o Prime Management
Limited, Mechanics Building, 12 Church Street, Hamilton HM11,
Bermuda.
(ii) The address of Caxton Equity Growth LLC is c/o Caxton Corporation,
315 Enterprise Drive, Plainsboro, New Jersey 08536.
(iii) The address of Caxton Equity Growth (BVI) Ltd. is c/o Prime
Management Limited, Mechanics Building, 12 Church Street, Hamilton
HM11, Bermuda.
(iv) The address of Caxton Associates, L.L.C. is c/o Caxton Corporation,
315 Enterprise Drive, Plainsboro, New Jersey 08536.
(v) The business address of Mr. Kovner is 667 Madison Avenue, New York,
NY 10021.
(c)
(i) "The principal business of Caxton International Limited is engaging
in the trading and investing in international currency, financial
and commodity interests and securities, as well as other
investments.
(ii) The principal business of Caxton Equity Growth LLC is engaging in
the trading and investing of primarily U.S. Exchange traded
securities of U.S. issuers and, to a lesser extent, foreign issuers.
(iii) The principal business of Caxton Equity Growth (BVI) Ltd. is
engaging in the trading and investing of primarily U.S. Exchange
traded securities of U.S. issuers and, to a lesser extent, foreign
issuers.
(iv) Caxton Associates is the trading advisor to Caxton International
Limited and Caxton Equity Growth (BVI) Ltd., and the managing member
of Caxton Equity Growth LLC.
(v) The principal occupation of Mr. Kovner is Chairman of Caxton
Corporation, a Delaware corporation, the address of which is 667
Madison Avenue, New York,
<PAGE>
NY 10021. Caxton Corporation is the manager and majority owner of
Caxton Associates.
(d) "No person filing this statement has during the past five years, been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanor).
(e) "No person filing this statement has during the last five years, been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such a 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) "Mr. Kovner is a United States citizen."
Item 3: Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended and supplemented by inserting
the following paragraphs at the end thereof:
"A net aggregate of $239,811 (excluding commissions, if any) was paid in a
series of transactions pursuant to which Caxton International Limited acquired
and sold shares (of Common Stock) since October 18, 1999. The purchase price for
such acquired shares was paid out of Caxton International Limited's working
capital.
"A net aggregate of $105,365 (excluding commissions, if any) was paid in a
series of transactions pursuant to which Caxton Equity Growth LLC acquired
shares (of Common Stock) since October 18, 1999. The purchase price for such
acquired shares was paid out of Caxton Equity Growth LLC's working capital.
"A net aggregate of $237,924 (excluding commissions, if any) was paid in a
series of transactions pursuant to which Caxton Equity Growth (BVI) Ltd.
acquired Shares (of Common Stock) since October 18, 1999. The purchase price for
such acquired shares was paid out of Caxton Equity Growth (BVI) Ltd.'s working
capital.
Item 4: Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended by replacing it with the
following two paragraphs:
"The persons filing this Report have supported recent actions taken
by the Company to restore its profitability but, (a) continue to believe
that the Common Stock is under-valued, and (b) are concerned about
management's failure to disclose their plans on monetizing, or transfering
to shareholders their holding in Millenium Cell (MCEL), and (c) believe
that management should take further steps to improve the quality of the
Board of Directors and the company's operating management. We also believe
that the company should consider additional steps to enhance shareholder
value including: (i) the sale of the company in its entirety, (ii) the
distribution of shares in certain operating subsidiaries including
E-Learning and Hydromed, (iii) the distribution of all shares held in
publicly traded companies that have not been sold for the specific purpose
of paying down debt, (iv)
<PAGE>
that all outstanding loans to members of management should be paid off in
full, or any stock secured by such loans should be forfeited in return for
eliminating the debt, and (v) that the Class B Supervoting stock should be
abolished as a class, as it is only available to select members of
management, and, we believe, acts as a continued detriment to attracting
either new investors, or potential buyers for the entire company. The
persons filing this Report are also examining all of their options with
respect to the possibility of taking actions, which they believe will
enhance shareholder value. Any such actions could relate to or result in
one or more of the matters referred to in paragraphs (a) through (j) of
Item 4 of Schedule 13D.
"Each of the persons filing this Report also reserves the right to
purchase or otherwise acquire additional Common Stock or to sell or
otherwise dispose of Common Stock owned by it, in each case in open market
or privately negotiated transactions or otherwise."
Item 5: Interest in Securities of the Issuer.
Subparagraph (a) of Item 5 of the Schedule 13D is hereby amended and
replaced by the following:
(i) Caxton International Limited beneficially owns 881,874 shares of
Common Stock (the "Shares"), representing approximately 7.4% of the total shares
of Common Stock issued and outstanding. This percentage reflects the acquisition
of the additional Shares being reported hereunder.
(ii) Caxton Equity Growth (BVI) Ltd. beneficially owns 73,532 shares of
Common Stock (the "Shares"), representing approximately .6% of the total shares
of Common Stock issued and outstanding. This percentage reflects the acquisition
of the additional Shares being reported hereunder.
(iii) Caxton Equity Growth LLC beneficially owns 32,994 shares of Common
Stock (the "Shares"), representing approximately .3% of the total shares of
Common Stock issued and outstanding. This percentage reflects the acquisition of
the additional Shares being reported hereunder.
Subparagraph (c) of Item 5 of the Schedule 13D is hereby amended and
supplemented by adding the following paragraph at the end thereof:
(c) Caxton International Limited, Caxton Equity Growth (BVI) Ltd. and
Caxton Equity Growth LLC acquired additional shares and/or sold shares of Common
Stock in a series of open market transactions effected primarily with
independent brokers and, to a lesser extent, directly with market makers
utilizing the NASDAQ System, between October 18, 2000 and November 3, 2000. See
Schedule A and Schedule B for disclosure of (1) the date, (2) the price and (3)
the amount of shares purchased and/or sold by Caxton International Limited,
Caxton Equity Growth (BVI) Ltd. and Caxton Equity Growth LLC since October 18,
2000.
<PAGE>
After reasonable inquiry and to the best of the undersigneds' knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
November 13, 2000 CAXTON INTERNATIONAL LIMITED
By: /s/ Joseph Kelly
---------------------------------------
Name: Joseph Kelly
Title: Vice President and Treasurer
By: /s/ Maxwell Quin
---------------------------------------
Name: Maxwell Quin
Title: Vice President and Secretary
CAXTON EQUITY GROWTH LLC
By: /s/ Scott B. Bernstein
---------------------------------------
Name: Scott B. Bernstein
Title: Secretary, Caxton Associates,
L.L.C., Manager
CAXTON EQUITY GROWTH (BVI) LTD.
By: /s/ Joseph Kelly
---------------------------------------
Name: Joseph Kelly
Title: Vice President
By: /s/ Maxwell Quin
---------------------------------------
Name: Maxwell Quin
Title: Secretary
CAXTON ASSOCIATES, L.L.C.
By: /s/ Scott B. Bernstein
---------------------------------------
Name: Scott B. Bernstein
Title: Secretary
/s/ Bruce S. Kovner
-------------------------------------------
Bruce S. Kovner, by Scott B. Bernstein, as
Attorney-in-Fact
<PAGE>
SCHEDULE A
Caxton International
Limited
No of Shares Price Per Share
Trade Date Purchased (Sold) (Excluding Commission)
24-Oct 4.75000
7,500
25-Oct 4.59380
10,000
25-Oct 4.81150
14,696
26-Oct 4.80560
2,645
27-Oct 5.01920
7,642
30-Oct 5.75000
14,696
2-Nov 5.81250
(20,500)
3-Nov 6.02500
11,805
Caxton Equity Growth LLC
No of Shares Price Per Share
Trade Date Purchased (Excluding Commission)
25-Oct 4.81150
3,227
26-Oct 4.80559
581
27-Oct 5.01920
1,678
30-Oct 5.75000
3,227
2-Nov 5.81250
6,100
3-Nov 6.02500
4,085
<PAGE>
SCHEDULE A
Caxton Equity Growth (BVI) Ltd.
No of Shares Price Per Share
Trade Date Purchased (Excluding Commission)
25-Oct 4.81150
7,077
26-Oct 4.80560
1,274
27-Oct 5.01920
3,680
30-Oct 5.75000
7,077
2-Nov 5.81250
14,400
3-Nov 6.02500
9,110
<PAGE>
Exhibit Index
Exhibit 1 - Joint Acquisition Statement Pursuant To Rule 13d-1(k)(1).
