SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
Niagara Corporation
-------------------
(Name of Issuer)
Common Stock, Par Value $0.001 Per Share
----------------------------------------
(Title of Class of Securities)
653349100
---------
(CUSIP Number of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
450 Seventh Avenue, Suite 509
New York, New York 10123
Attention: Mr. Nelson Obus
--------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Shahe Sinanian, Esq.
Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
(212) 801-9200
December 15, 2000
-----------------
(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 if filing this
Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_].
(continued on following pages)
(Page 1 of 9 Pages)
<PAGE>
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SCHEDULE 13D
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CUSIP No. 653349100 Page 2 of 9 Pages
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1. NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3688497
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC (SEE ITEM 3)
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7. SOLE VOTING POWER
SHARES 185,600
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BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
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EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 185,600
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WITH 10. SHARED DISPOSITIVE POWER
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,600 shares
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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)
2.18%
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14. TYPE OF REPORTING PERSON
PN
(Page 2 of 9 Pages)
<PAGE>
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SCHEDULE 13D
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CUSIP NO. 653349100 Page 3 of 9 Pages
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1. NAME OF REPORTING PERSON: Wynnefield Small Cap Value Offshore
Fund, Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Not
Applicable
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
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3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (SEE ITEM 3)
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2 (d) OR 2 (e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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NUMBER OF 7. SOLE VOTING POWER
SHARES 85,500
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BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
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EACH 9. SOLE DISPOSITIVE POWER
REPORTING 85,500
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PERSON 10. SHARED DISPOSITIVE POWER
WITH
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
85,500 shares
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.01%
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14. TYPE OF REPORTING PERSON
CO
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(Page 3 of 9 Pages)
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SCHEDULE 13D
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CUSIP NO. 653349100 Page 4 of 9 Pages
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1. NAME OF REPORTING PERSON Wynnefield Partners Small Cap Value, L.P.
I S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 13-3953291
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (SEE ITEM 3)
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7. SOLE VOTING POWER
SHARES 193,519
-----------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
-----------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING 193,519
-----------------------------------------------------------
PERSON 10. SHARED DISPOSITIVE POWER
WITH
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
193,519 shares
--------------------------------------------------------------------------------
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)
2.28%
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14. TYPE OF REPORTING PERSON
PN
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(Page 4 of 9 Pages)
<PAGE>
Item 1. Security and Issuer.
This Statement relates to shares of the Common Stock, $0.001 par value per
share (the "Shares"), of Niagara Corporation, a Delaware corporation (the
"Issuer"). The principal executive offices of the Issuer are located at 667
Madison Avenue, New York, New York 10021.
Item 2. Identity and Background.
(a), (b), (c) and (f). This Statement is being filed by Wynnefield
Partners Small Cap Value, L.P. (the "Partnership"), Wynnefield Small Cap
Value Offshore Fund, Ltd. (the "Fund"), and Wynnefield Partners Small Cap
Value, L.P. I (the "Partnership-I"). Although the Partnership, the Fund and
Partnership-I are each separate and distinctive entities with different
beneficial owners (whether designated as limited partners or stockholders),
for the convenience of reporting their holdings, in this Statement, they are
sometimes referred to collectively as the "Wynnefield Group".
Wynnefield Capital Management, LLC, a New York limited liability company
("WCM"), is the general partner of the Partnership and Partnership-I, private
investment companies organized as limited partnerships under the laws of the
State of Delaware. Nelson Obus and Joshua Landes are the managing members of WCM
and the principal executive officers of Wynnefield Capital, Inc., the investment
manager of the Fund, a private investment company organized under the laws of
the Cayman Islands. Mr. Obus and Mr. Landes are citizens of the United States of
America.
The business address of Mr. Obus, Mr. Landes, WCM, and each of the
entities in the Wynnefield Group is 450 Seventh Avenue, Suite 509, New York, New
York 10123.
(d) and (e). During the last five years, neither Mr. Obus, Mr. Landes,
WCM, nor any of the entities comprising the Wynnefield Group has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) 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.
Item 3. Source and Amount of Funds or Other Consideration.
The Wynnefield Group entities purchased their Shares, separately from each
other, for the consideration shown in the following table:
Name Number of Shares Consideration Paid
-------------------------- ------------------------- -------------------------
Partnership 7,100 $13,348.00
Partnership-I 8,400 $15,792.00
Fund 3,400 $ 6,392.00
(Page 5 of 9 Pages)
<PAGE>
Such Shares were paid for from the separate working capital of each entity
in the Wynnefield Group, each of which maintains a separate investment fund,
consisting of capital contributions from their respective partners and investors
and capital appreciation derived therefrom for the principal purpose of buying
and selling securities (including financial and money market instruments) and
interests in domestic and foreign securities, including, without limitation,
convertible securities, stock index futures contracts, options, puts and calls
on stock and warrants.
Item 4. Purposes of Transaction.
Each member of the Wynnefield Group acquired the Shares reported in Item 5
below for investment purposes. If any member of the Wynnefield Group determines
that the ownership of the Issuer's securities represents an attractive
investment opportunity, it reserves the right to buy additional Shares with the
understanding that neither such purchases nor the exercise of its rights as a
stockholder of the Issuer is intended as a "control" device with respect to the
Issuer.
The Wynnefield Group intends to meet with management to explore the
establishment of a program to better communicate the Issuer's operating status
to the investment community.
Except as set forth above, no member of the Wynnefield Group has any
present plans or intentions that would result in or relate to any of the
transactions described in subparagraphs (a) through (j) of Item 4 of Schedule
13D.
Item 5. Interests in Securities of the Issuer.
(a) As of the close of business on the date hereof, the three entities
referred to as the Wynnefield Group beneficially owned a total of 464,619
Shares. Mr. Obus and Mr. Landes, by virtue of their status as managing members
of WCM, the general partner of the Partnership and Partnership-I, and as
officers of the Fund's investment manager, may be deemed to have indirect
beneficial ownership of the Shares owned by the three entities referred to as
the Wynnefield Group.
However, Mr. Obus and Mr. Landes, as stated below, disclaim any beneficial
ownership of such Shares. The Shares owned by the three entities referred to as
the Wynnefield Group represent approximately 5.47% of the outstanding Shares of
the Issuer, based on the 8,498,817 Shares reported as outstanding on September
30, 2000 in the Issuer's latest Quarterly Report on Form 10-Q.
Pursuant to Rule 13d-4 of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), Mr. Obus
and Mr. Landes disclaim beneficial ownership of any Shares owned by the three
entities comprising the Wynnefield Group and disclaim membership in the
Wynnefield Group with respect to the Shares for purposes of Sections 13(d) and
13(g) of the Exchange Act or for any other purpose under any other provision of
the Exchange Act or the rules and regulations promulgated thereunder.
(b) Mr. Obus and Mr. Landes, by virtue of their status as the managing
members of WCM, the general partner of the Partnership and Partnership-I, and as
officers of the Fund's investment manager, have the power to vote or to direct
the vote and the power to dispose and to
(Page 6 of 9 Pages)
<PAGE>
direct the disposition of the Shares owned by each of the three entities
comprising the Wynnefield Group.
(c) In the past sixty (60) days, the entities in the Wynnefield Group made
their separate purchases and sales of Shares in the open market as follows:
Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
Partnership Buy November 8, 2000 17,820 $3.2075
Partnership Buy November 22, 2000 1,300 $2.8125
Partnership Buy November 27, 2000 8,100 $2.9709
Partnership Buy November 29, 2000 5,100 $2.5937
Partnership Buy November 30, 2000 6,200 $2.5937
Partnership Buy December 15, 2000 7,100 $1.88
Partnership Buy December 18, 2000 7,600 $1.8125
Partnership Buy December 18, 2000 3,800 $1.8125
Partnership Buy December 19, 2000 1,000 $1.75
Partnership-I Buy November 22, 2000 1,600 $2.8125
Partnership-I Buy November 27, 2000 9,500 $2.9709
Partnership-I Buy November 29, 2000 6,000 $2.5937
Partnership-I Buy November 30, 2000 7,300 $2.5937
Partnership-I Buy December 15, 2000 8,400 $1.88
Partnership-I Buy December 18, 2000 8,800 $1.8125
Partnership-I Buy December 18, 2000 4,400 $1.8125
Partnership-I Buy December 19, 2000 1,000 $1.75
Fund Buy November 22, 2000 600 $2.8125
Fund Buy November 27, 2000 3,900 $2.9709
(Page 7 of 9 Pages)
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Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
Fund Buy November 29, 2000 2,400 $2.5937
Fund Buy November 30, 2000 3,000 $2.5937
Fund Buy December 15, 2000 3,400 $1.88
Fund Buy December 18, 2000 3,600 $1.8125
Fund Buy December 18, 2000 1,800 $1.8125
(d) Each of the entities comprising the Wynnefield Group has the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the Shares beneficially owned by the Wynnefield Group, but
only from such Shares beneficially owned by the Wynnefield Group.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Neither Mr. Obus, Mr. Landes, WCM, nor any of the entities comprising the
Wynnefield Group has any contracts, arrangements, understandings or
relationships (legal or otherwise) with any person with respect to any
securities of the Issuer, including but not limited to any contracts,
arrangements, understandings or relationships concerning the transfer or voting
of such securities, finder's fees, joint ventures, loan or option arrangements,
puts or calls, guarantees of profits, division of profits or losses, or the
giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits.
Not applicable.
(Page 8 of 9 Pages)
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SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this Statement is
true, complete and correct.
Dated: December 21, 2000
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC
General Partner
By: /s/ Nelson Obus
--------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD.
By: Wynnefield Capital, Inc.
/s/ Nelson Obus
--------------------------------------
Nelson Obus, President
(Page 9 of 9 Pages)