<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
NIAGARA CORPORATION
-------------------
(Name of Issuer)
Common Stock, Par Value $0.001
----------------------------------
(Title of Class of Securities)
653349100
--------------------
(CUSIP Number)
Walter J. Schloss
Walter & Edwin Schloss Associates, L.P.
350 Park Avenue
New York, New York 10022
(212) 371-2529
-------------------------------
(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
October 24, 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 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>
CUSIP NO. 653349100
---------------------------------
-------------------------------------------------------------------------------
1) Name of Reporting Person Walter & Edwin Schloss
S.S. or I.R.S. Identifica- Associates, L.P.
tion No. of Above Person Employer I.D. No. 13-6065556
-------------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------
(See Instructions) (b) X
---------------------------
-------------------------------------------------------------------------------
3) SEC Use Only
-------------------------------------------------------------------------------
4) Source of Funds (See
Instructions) WC, 00
-------------------------------------------------------------------------------
5) Check if Disclosure of Legal
Proceedings is Required Pur-
Suant to Items 2(d) or 2(e)
-------------------------------------------------------------------------------
6) Citizenship or Place of Delaware
Organization
-------------------------------------------------------------------------------
Number of (7) Sole Voting Power 484,400 shares
Shares Bene- -------------------------------------------------------------
ficially (8) Shared Voting
Owned by power -0-
Each Report- -------------------------------------------------------------
ing Person (9) Sole Dispositive
With Power 484,400 shares
-------------------------------------------------------------
(10) Shared Dispositive
Power -0-
-------------------------------------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 484,400 shares
-------------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions)
-------------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 5.54%(1)
-------------------------------------------------------------------------------
14) Type of Reporting Person (See
Instructions) PN
-------------------------------------------------------------------------------
-------------------------------
(1) All percentages contained herein are based on 8,738,246 shares of Common
Stock of Niagara Corporation outstanding, as set forth in the Company's
Proxy Statement, dated May 15, 2000. Each share of Common Stock is entitled
to one vote per share.
Page 2 of 12
<PAGE>
CUSIP NO. 653349100
------------------------------------------------
1) Name of Reporting Person Schloss Management
S.S. or I.R.S. Identifica- Company
tion No. of Above Person Employer I.D. No. 13-3522115
-------------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------
(See Instructions)
(b) X
---------------------------
-------------------------------------------------------------------------------
3) SEC Use Only
-------------------------------------------------------------------------------
4) Source of Funds (See
Instructions) AF
-------------------------------------------------------------------------------
5) Check if Disclosure of Legal
Proceedings is Required Pur-
Suant to Items 2(d) or 2(e)
-------------------------------------------------------------------------------
6) Citizenship or Place of New York
Organization
-------------------------------------------------------------------------------
Number of (7) Sole Voting Power -0-
Shares Bene- ----------------------------------------------------
ficially (8) Shared Voting
Owned by Power 484,400 shares(1)
Each Report- ----------------------------------------------------
ing Person (9) Sole Dispositive
With Power -0-
----------------------------------------------------
(10) Shared Dispositive
Power 484,400 shares(1)
-------------------------------------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 484,400 shares(1)
-------------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions)
-------------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 5.54%
-------------------------------------------------------------------------------
14) Type of Reporting Person (See
Instructions) PN
-------------------------------------------------------------------------------
---------------------
(1) Includes 484,400 shares owned by Walter & Edwin Schloss Associates, L.P.
("Associates"), of which Schloss Management Company ("Management") is the
general partner. By reason of its capacity as general partner of Associates,
Management may be deemed to have shared dispositive power and shared voting
power of such shares.
Page 3 of 12
<PAGE>
CUSIP NO. 653349100
-------------------------------------------
1) Name of Reporting Person Walter J. Schloss
S.S. or I.R.S. Identifica- Soc. Sec. No. ###-##-####
tion No. of Above Person
-------------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group --------------------------
(See Instructions) (b) X
--------------------------
-------------------------------------------------------------------------------
3) SEC Use Only
-------------------------------------------------------------------------------
4) Source of Funds (See
Instructions) AF, PF
-------------------------------------------------------------------------------
5) Check if Disclosure of Legal
Proceedings is Required Pur-
suant to Items 2(d) or 2(e)
-------------------------------------------------------------------------------
6) Citizenship or Place of United States
Organization
-------------------------------------------------------------------------------
Number of (7) Sole Voting Power 50,000 shares
Shares Bene-
ficially ----------------------------------------------------
Owned by (8) Shared Voting
Each Report- Power 484,400 shares(1)
----------------------------------------------------
ing Person (9) Sole Dispositive
With Power 50,000 shares
----------------------------------------------------
(10) Shared Dispositive
Power 484,400 shares(1)
-------------------------------------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 534,400 shares(1)
-------------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions)
-------------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 6.12%
-------------------------------------------------------------------------------
14) Type of Reporting Person (See
Instructions) IN
-------------------------------------------------------------------------------
(1) Includes 484,400 shares owned by Walter & Edwin Schloss Associates, L.P.,
of which Schloss Management Company ("Management") is the general partner.
Walter J. Schloss is one of the general partners of Management. By reason
of his capacity as a general partner of Management, Walter J. Schloss may
be deemed to have shared dispositive power and shared voting power of such
shares.
Page 4 of 12
<PAGE>
CUSIP NO. 653349100
--------------------------------------
1) Name of Reporting Person Edwin W. Schloss
S.S. or I.R.S. Identifica- Soc. Sec. No. ###-##-####
tion No. of Above Person
------------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group ----------------------
(See Instructions)
(b) X
----------------------
------------------------------------------------------------------------------
3) SEC Use Only
------------------------------------------------------------------------------
4) Source of Funds (See
Instructions) AF, PF
------------------------------------------------------------------------------
5) Check if Disclosure of Legal
Proceedings is Required Pur-
suant to items 2(d) or 2(e)
------------------------------------------------------------------------------
6) Citizenship or Place of United States
Organization
------------------------------------------------------------------------------
Number of (7) Sole Voting Power 30,000 shares
Shares Bene- ---------------------------------------------------
ficially (8) Shared Voting
Owned by Power 514,400 shares(1)
Each Report-
ing Person ---------------------------------------------------
With
(9) Sole Dispositive
Power 30,000 shares
---------------------------------------------------
(10) Shared Dispositive
Power 514,400 shares(1)
------------------------------------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 514,400 shares(1)
------------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions)
------------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 5.89%
------------------------------------------------------------------------------
14) Type of Reporting Person (See
Instructions) IN
------------------------------------------------------------------------------
(1) Includes 484,400 shares owned by Associates of which Management is the
general partner. Edwin W. Schloss is one of the general partners of
Management. By reason of his capacity as a general partner of Management,
Edwin W. Schloss may be deemed to have shared dispositive power and shared
voting power of such shares.
Page 5 of 12
<PAGE>
Item 1. Security and Issuer
This Statement relates to the Common Stock, par value $0.001 per share
(the "Common Stock") of Niagara Corporation (the "Company"), which, to the best
knowledge of the persons filing this Statement, is a corporation organized under
the laws of Delaware with its principal executive offices located at 667 Madison
Avenue, New York, New York 10021.
Item 2. Identity and Background
(a) The persons filing this Statement on Schedule 13D (this
"Statement") are: (i) Walter & Edwin Schloss Associates, L.P., a Delaware
limited partnership ("Associates"); (ii) Schloss Management Company, a New York
general partnership ("Management"); (iii) Walter J. Schloss; and (iv) Edwin W.
Schloss (collectively, the "Filing Persons"). The general partner of Associates
is Management, of which Walter J. Schloss and Edwin W. Schloss are the general
partners. Annexed as Exhibit A hereto, which appears on page 11 hereof and is
incorporated herein by reference, is an agreement among Associates, Management,
Walter J. Schloss and Edwin W. Schloss that this Statement is filed on behalf of
each of them. The filing of this Statement should not be deemed an admission
that Associates, Management, Walter J. Schloss and Edwin W. Schloss comprise a
group within the meaning of Section 13(d)(3) of the Securities Exchange Act of
1934, as amended (the "Act").
(b) The business address of each of Associates and Management is 350
Park Avenue, New York, New York 10022. The business address of each of Walter J.
Schloss and Edwin W. Schloss is c/o Associates, 350 Park Avenue, New York, New
York 10022.
(c) Associates is a private investment partnership and is currently,
and at all relevant times was, engaged primarily in the business of investing in
securities for its own account. Management is a general partnership and is
currently, and at all relevant times was, engaged primarily in managing
Associates. The present principal occupation or employment of each of Walter J.
Schloss and Edwin W. Schloss is as a general partner of Management, the general
partner of Associates.
(d) None of Associates, Management, Walter J. Schloss or Edwin W.
Schloss has, during the last five years, been convicted in any criminal
proceeding (excluding traffic violations and similar misdemeanors).
(e) None of Associates, Management, Walter J. Schloss or Edwin W.
Schloss has, during the last five years, been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction which, as a result of
such proceeding, made it or him 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
thereto.
Page 6 of 12
<PAGE>
(f) Associates is a Delaware limited partnership. Management is a New
York general partnership. Walter J. Schloss and Edwin W. Schloss are each
citizens of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
(a) The 484,400 shares of Common Stock owned by Associates (the
"Partnership Shares") were purchased by it in the open market at a cost
(including commissions) of approximately $2,227,421.40. The funds used by
Associates to purchase the Partnership Shares have come from its general funds
on hand, which funds may include capital contributions of partners and gains and
losses on the sale of other securities.
(b) The 50,000 shares of Common Stock owned by Walter J. Schloss indi
vidually consist entirely of shares purchased by him in open market transactions
at a cost (including commissions) of $224,811.05, the funds coming from his
personal funds on hand.
(c) The 30,000 shares of Common Stock owned by Edwin W. Schloss indi
vidually consist entirely of shares purchased by him in open market transactions
at a cost (including commissions) of $114,597.33, the funds coming from his
personal funds on hand.
Item 4. Purpose of Transaction.
Each of the Filing Persons has acquired the shares of Common Stock
owned by it or him for investment purposes. None of the Filing Persons has any
plan or proposal which relates to or would result in any of the actions
enumerated in Item 4 of Schedule 13D, except that the Filing Persons may, from
time to time or at any time, dispose of all or some of the shares of Common
Stock owned by them or acquire additional shares of Common Stock, depending upon
the price and market conditions, and the Filing Person's evaluation of the
Company, alternative investments and other factors.
Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, Associates beneficially owns directly
484,400 shares of Common Stock, which constitutes approximately 5.54%(2) of the
outstanding shares of Common Stock of the Company. Management, solely by reason
if its position as general partner of Associates, and Walter J. Schloss and
Edwin W. Schloss, solely by reason of their positions as general partners of
Management, may each be deemed to be the indirect beneficial owner of the
484,400 shares of Common Stock beneficially owned directly by Associates.
--------
(2) Percentages contained herein are computed based on 8,738,246 shares of
Common Stock outstanding, as reported in the Proxy Statement.
Page 7 of 12
<PAGE>
As of the date hereof, Walter J. Schloss beneficially owns 534,400
shares (includ ing the shares owned by Associates) of Common Stock, which
constitutes approximately 6.12% of the outstanding shares of Common Stock.
As of the date hereof, Edwin W. Schloss beneficially owns 514,400
shares (including the shares owned by Associates) of Common Stock, which
constitutes approximately 5.89% of the outstanding shares of Common Stock.
(b) Associates has sole power to vote and dispose of the Partnership
Shares, except that Management, solely by reason of its position as general
partner of Associates, and Walter J. Schloss and Edwin W. Schloss, solely by
reason of their positions as general partners of Management, may be deemed to
have shared power to vote and dispose of the Partnership Shares.
Walter J. Schloss and Edwin W. Schloss each have sole power to vote and
dispose of the shares of Common Stock beneficially owned directly by them.
(c) Information with respect to all transactions in which Associates,
Management, Walter J. Schloss or Edwin W. Schloss purchased shares of Common
Stock during the 60-day period ended on the date hereof are as follows:
Associates:
----------
<TABLE>
<CAPTION>
Date Shares Purchased Per Share Price
---- ---------------- ---------------
<S> <C> <C>
10/24/2000 10,000 $3.186
10/24/2000 31,000 $3.185
11/15/2000 5,000 $3.311
11/28/2000 2,500 $2.562
11/29/2000 8,500 $2.561
12/04/2000 1,000 $2.315
12/06/2000 4,500 $2.250
12/08/2000 11,900 $2.188
</TABLE>
Walter J. Schloss:
-----------------
<TABLE>
<CAPTION>
Date Shares Purchased Per Share Price
---- ---------------- ---------------
<S> <C> <C>
10/05/2000 1,500 $3.814
10/06/2000 3,500 $3.812
Page 8 of 12
<PAGE>
10/11/2000 100 $3.528
10/11/2000 1,400 $3.689
10/20/2000 400 $3.401
10/23/2000 1,000 $3.159
11/22/2000 2,100 $3.063
</TABLE>
Edwin W. Schloss:
----------------
<TABLE>
<CAPTION>
Date Shares Purchased Per Share Price
---- ---------------- ---------------
<S> <C> <C>
10/25/2000 6,300 $3.186
10/26/2000 6,200 $3.301
11/02/2000 500 $3.446
11/02/2000 1,000 $3.435
11/06/2000 1,000 $3.378
</TABLE>
All such transactions were open market transactions. None of Associates,
Management, Walter J. Schloss or Edwin W. Schloss sold any shares of Common
stock during the 60-day period ended on the date hereof.
(d) To the best knowledge of Associates, no person other than
Associates has the right to receive or the power to direct the receipt of,
dividends from, or the proceeds from the sale of, the Partnership Shares, except
that each of Management, solely by reason of being the general partner of
Associates, and Walter J. Schloss and Edwin W. Schloss, solely by reason of
being a general partner of Management, may be deemed to have such rights and
powers.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Except as otherwise described herein, none of the Filing Persons has
any contract, arrangement, understanding or relationship with respect to any
securities of the Company.
Item 7. Material to be Filed as Exhibits.
A copy of the agreement among each of the Filing Persons on whose
behalf this Statement is filed is annexed as Exhibit A hereto, which appears on
page 12 and is incorporated herein by reference.
Page 9 of 12
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
December 14, 2000
/s/ WALTER J. SCHLOSS
--------------------------------------------------
Walter J. Schloss
/s/ EDWIN W. SCHLOSS
--------------------------------------------------
Edwin W. Schloss
WALTER & EDWIN SCHLOSS ASSOCIATES, L.P.
By Schloss Management Company, General Partner
By: /s/ WALTER J. SCHLOSS
----------------------------------------------
Walter J. Schloss, General Partner
By: /s/ EDWIN W. SCHLOSS
-----------------------------------------------
Edwin W. Schloss, General Partner
SCHLOSS MANAGEMENT COMPANY
By: /s/ WALTER J. SCHLOSS
-----------------------------------------------
Walter J. Schloss, General Partner
By: /s/ EDWIN W. SCHLOSS
-----------------------------------------------
Edwin W. Schloss, General Partner
Page 10 of 12
<PAGE>
EXHIBIT A
W I T N E S S E T H:
-------------------
AGREEMENT, dated as of December 8, 2000, among Walter & Edwin Schloss
Associates, L.P., a Delaware limited partnership ("Associates"), Schloss
Management Company, a New York general partnership ("Management"), Walter J.
Schloss and Edwin W. Schloss.
WHEREAS, Associates, Management, Walter J. Schloss and Edwin W. Schloss
may be deemed to have acquired, in the aggregate, beneficial ownership of more
than five percent of the Common Stock of Niagara Corporation (the "Common
Stock"); and
WHEREAS, pursuant to Rule 13d-1 under the Securities Exchange Act of
1934, as amended (the "Act"), a Statement on Schedule 13D must be filed by a
person who acquires more than five percent of a class of registered equity
securities; and
WHEREAS, in accordance with Rule 13d-1(f) under the Act, only one such
Statement need be filed whenever two or more persons are required to file such a
Statement pursuant to Section 13(d) of the Act with respect to the same
securities, provided that said persons agree in writing that such Statement is
filed on behalf of each of them.
NOW, THEREFORE, in consideration of the premises and mutual agreements
herein contained, the parties hereto agree as follows:
Associates, Management, Walter J. Schloss and Edwin W. Schloss do
hereby agree, in accordance with Rule 13d-1(f) under the Act, to file one
Statement on Schedule 13D relating to their ownership of Common Stock, and do
hereby further agree that said Statement shall be filed on behalf of each of
them.
Page 11 of 12
<PAGE>
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
/s/ WALTER J. SCHLOSS
------------------------------------------
Walter J. Schloss
/s/ EDWIN W. SCHLOSS
------------------------------------------
Edwin W. Schloss
WALTER & EDWIN SCHLOSS ASSOCIATES, L.P.
By: Schloss Management Company, General
Partner
By: /s/ WALTER J. SCHLOSS
---------------------------------------
Walter J. Schloss, General Partner
By: /s/ EDWIN W. SCHLOSS
---------------------------------------
Edwin W. Schloss, General Partner
SCHLOSS MANAGEMENT COMPANY
By: /s/ WALTER J. SCHLOSS
---------------------------------------
Walter J. Schloss, General Partner
By: /s/ EDWIN W. SCHLOSS
---------------------------------------
Edwin W. Schloss, General Partner
Page 12 of 12
