SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
Merisel, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
589849108
(CUSIP Number)
Judith A. Witterschein, Vice President & Corporate Counsel
Stonington Partners, Inc., 767 Fifth Avenue, New York, NY 10153
(212) 339-8536
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications)
December 19, 1997
(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 |_|.
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2
13D
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CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Phoenix Acquisition Company II, L.L.C.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
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|_| (b)
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO
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(5) Check 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 Delaware
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Number of (7) Sole Voting Power 50,000,000 Shares
Shares ---------------------
Beneficially ----------------------------------------
Owned by (8) Shared Voting Power
Each ---------------------
Reporting (9) Sole Dispositive Power 50,000,000 Shares
Person ----------------
With ----------------------------------------
(10) Shared Dispositive Power
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----------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
50,000,000 Shares
-----------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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(13) Percent of Class Represented by Amount in Row (11) 62.44%
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3
(14) Type of Reporting Person (See Instructions) OO
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4
13D
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CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Capital Appreciation 1994 Fund, L.P.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
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|_| (b)
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO
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(5) Check 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 Delaware
--------------------------------
Number of (7) Sole Voting Power
Shares ------------------------
Beneficially -------------------------------------------
Owned by (8) Shared Voting Power 50,000,000 Shares
Each ------------------------
Reporting (9) Sole Dispositive Power
Person -------------------
With -------------------------------------------
(10) Shared Dispositive Power 50,000,000 Shares
------------------
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
50,000,000 Shares
-----------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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(13) Percent of Class Represented by Amount in Row (11) 62.44%
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5
(14) Type of Reporting Person (See Instructions) PN
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6
13D
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CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Partners, L.P.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
------------------------------------------------------------------
|_| (b)
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(3) SEC Use Only
--------------------------------------------------------
(4) Source of Funds (See Instructions) OO
----------------------------------
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(5) Check 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 Delaware
--------------------------------
Number of (7) Sole Voting Power
Shares ------------------------
Beneficially -------------------------------------------
Owned by (8) Shared Voting Power 50,000,000 Shares
Each ------------------------
Reporting (9) Sole Dispositive Power
Person -------------------
With -------------------------------------------
(10) Shared Dispositive Power 50,000,000 Shares
------------------
-------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
50,000,000 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) 62.44%
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7
(14) Type of Reporting Person (See Instructions) PN
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<PAGE>
8
13D
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CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Partners, Inc. II
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
------------------------------------------------------------------
|_| (b)
------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------
(4) Source of Funds (See Instructions) OO
----------------------------------
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(5) Check 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 Delaware
--------------------------------
Number of (7) Sole Voting Power
Shares ------------------------
Beneficially -------------------------------------------
Owned by (8) Shared Voting Power 50,000,000 Shares
Each ------------------------
Reporting (9) Sole Dispositive Power
Person -------------------
With -------------------------------------------
(10) Shared Dispositive Power 50,000,000 Shares
------------------
-------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
50,000,000 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) 62.44%
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9
(14) Type of Reporting Person (See Instructions) CO
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<PAGE>
10
13D
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CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Partners, Inc.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
------------------------------------------------------------------
|_| (b)
------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------
(4) Source of Funds (See Instructions) OO
----------------------------------
----------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item
2(d) or 2(e).
----------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------------------------------
Number of (7) Sole Voting Power
Shares ------------------------
Beneficially -------------------------------------------
Owned by (8) Shared Voting Power 50,000,000 Shares
Each ------------------------
Reporting (9) Sole Dispositive Power
Person -------------------
With -------------------------------------------
(10) Shared Dispositive Power 50,000,000 Shares
------------------
-------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
50,000,000 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) 62.44%
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SS_NYL3A/57931 1
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11
(14) Type of Reporting Person (See Instructions) CO
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This Amendment No. 2 amends the Statement on Schedule 13D
filed with the Securities and Exchange Commission on September 29, 1997, as
amended by Amendment No. 1 to Schedule 13D filed with the Securities and
Exchange Commission on October 10, 1997, by Phoenix Acquisition Company II,
L.L.C. ("Phoenix"), Stonington Capital Appreciation 1994 Fund, L.P. (the
"Fund"), Stonington Partners, L.P. ("Stonington L.P.), Stonington Partners, Inc.
II ("Stonington II") and Stonington Partners, Inc. ("Stonington"). This
Amendment No. 2 is filed with respect to the shares of common stock, par value
$0.01 per share (the "Shares"), of Merisel, Inc., a Delaware corporation (the
"Company").
On September 19, 1997, Phoenix entered into a Stock and Note
Purchase Agreement (the "Agreement") with the Company and Merisel Americas,
Inc., a Delaware corporation and wholly owned subsidiary of the Company
("Merisel Americas"), pursuant to which Phoenix purchased from the Company
4,901,316 Shares (the "Purchased Shares") for $14.9 million. Also pursuant to
the Agreement Phoenix acquired a Convertible Promissory Note (the "Note") from
the Company and Merisel Americas for $137.1 million. The Note automatically
converts into approximately 45,098,684 Shares (the "Conversion Shares") (the
Purchased Shares and the Conversion Shares equal approximately 62.4% of the
outstanding Shares) upon a favorable stockholder vote and satisfaction of
certain other conditions.
The Fund made a Hart-Scott-Rodino Pre-merger Notification
filing with the U.S. Department of Justice with respect to the acquisition by
Phoenix of the Conversion Shares. On September 29, 1997, the waiting period for
Hart-Scott-Rodino Pre-merger Notification expired. On October 6, 1997 the
Company converted $3,296,285.70 of the Note into 1,084,305 shares of Common
Stock. Following such conversion the Company owned 16.9% of the then outstanding
shares of the Company.
On December 19, 1997 the Company held a special meeting of its
stockholders at which the stockholders, among other things, approved the
issuance of shares of Common Stock to the Company upon conversion of the Note.
Following the special stockholders meeting, on December 19, 1997, the balance of
the Note was converted into 44,014,379 shares of Common Stock increasing the
Company's ownership to 62.44% of the then outstanding shares after giving effect
to the issuance.
Item 5 of the Schedule 13D is hereby amended in its entirety
to read as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 50,000,000 Shares constituting 62.44% of the
then outstanding Shares after giving effect to the issuance of the Conversion
Shares (the percentage of Shares owned being based upon 30,078,495 Shares
outstanding at August 8, 1997 as set forth in the Company's Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 1997 plus the 4,901,316 Shares
reported on the Schedule 13D filed September 29, 1997 and the
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1,084,305 Shares reported on Amendment 1 to Schedule 13D filed October 10,
1997). The Reporting Persons may be deemed to have direct beneficial ownership
of the Shares as follows:
APPROXIMATE PERCENTAGE OF
NAME NUMBER OF SHARES THE THEN OUTSTANDING SHARES
Phoenix 50,000,000 62.44%
The Fund, as the sole member of Phoenix may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) 50,000,000 Shares.
Stonington L.P., as the general partner of the Fund may be
deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) 50,000,000 Shares. Stonington L.P. disclaims
beneficial ownership of such Shares for all other purposes.
Stonington II, as the general partner of Stonington L.P. may
be deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) 50,000,000 Shares. Stonington II disclaims
beneficial ownership of such Shares for all other purposes.
Stonington, as the management company of the Fund may be
deemed to own beneficially (as that term is defined in Rule 13-d under the
Securities Exchange Act of 1934) 50,000,000 Shares. Stonington disclaims
beneficial ownership of such Shares for all other purposes.
(b) Phoenix has the sole power to vote or direct the vote of
50,000,000 Shares and the sole power to dispose or direct the disposition of
such Shares. The Fund, Stonington L.P., Stonington II and Stonington may be
deemed to share with Phoenix the power to vote or to direct the vote and to
dispose or to direct the disposition of such Shares.
(c) Other than the purchase reported on this Statement, there
have been no transactions in the Shares by the Reporting Persons or the
individuals listed in Item I above during the past sixty days.
(d) Not applicable.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following Exhibits are filed herewith:
2
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A. Joint Filing Agreement.
3
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SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information contained in this
Statement is true, complete and correct.
Dated: December 23, 1997
PHOENIX ACQUISITION COMPANY II, L.L.C.
By: Stonington Capital Appreciation 1994
Fund, L.P., its sole member
By: Stonington Partners, L.P.,
its general partner
By: Stonington Partners, Inc. II,
its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON CAPITAL APPRECIATION 1994
FUND L.P.
By: Stonington Partners, L.P.,
its general partner
By: Stonington Partners, Inc. II,
its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, L.P.
By: Stonington Partners, Inc. II,
its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
4
<PAGE>
STONINGTON PARTNERS, INC. II
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, INC.
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
5
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EXHIBIT INDEX
A. Joint Filing Agreement.
6
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EXHIBIT A
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a statement on Schedule 13D (including amendments
thereto) with respect to the common stock, par value $0.01 per share, of
Merisel, Inc. and further agree that this Joint Filing Agreement be included as
an Exhibit to such joint filing. In evidence thereof, the undersigned hereby
execute this Agreement this 23rd day of December, 1997.
PHOENIX ACQUISITION COMPANY II, L.L.C.
By: Stonington Capital Appreciation 1994
Fund, L.P., its sole member
By: Stonington Partners, L.P.,
its general partner
By: Stonington Partners, Inc. II,
its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON CAPITAL APPRECIATION 1994
FUND L.P.
By: Stonington Partners, L.P.,
its general partner
By: Stonington Partners, Inc. II,
its general partner
By: /s/ Judith A. Witterschein
-------------------------------------
Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, L.P.
By: Stonington Partners, Inc. II,
its general partner
By: /s/ Judith A. Witterschein
-------------------------------------
Name: Judith A. Witterschein
7
<PAGE>
Title: Vice President & Secretary
STONINGTON PARTNERS, INC. II
By: /s/ Judith A. Witterschein
-------------------------------------
Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, INC.
By: /s/ Judith A. Witterschein
-------------------------------------
Name: Judith A. Witterschein
Title: Vice President & Secretary
8
