<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 1
OIL-DRI CORPORATION OF AMERICA
------------------------------
(Name of Issuer)
COMMON STOCK
and CLASS B STOCK
(IMMEDIATELY CONVERTIBLE INTO COMMON)
-------------------------------------
(Title of Class of Securities)
677864 10 0
--------------
(CUSIP Number)
MARYON GRAY, 410 N. MICHIGAN AVE., STE. 400, CHICAGO, IL 60611
--------------------------------------------------------------
312-321-1515
------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
MARCH 10, 1998
--------------
(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 [ ].
Previous filing on Schedule 13G pursuant to Rule 13d-1(c).
Check the following box if a fee is being paid with this statement [ ].
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.
(Continued on following page(s))
<PAGE> 2
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Jaffee Investment Partnership, L.P. 36-4199570
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, United States
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 550,000 Class B Shares
SHARES
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
550,000 Class B Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
550,000 Class B Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
38.3% of the Class B Shares and 0% of the Common Shares, together
representing 29.3% of the voting power of Issuer's outstanding stock
at September 30, 1998.
If beneficially owned Class B Shares were converted to Common Shares,
total ownership would represent 11.1% of the Common Shares
outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Richard M. Jaffee ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
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
NUMBER OF 638,455 Class B Shares
SHARES 20,292 Common Shares
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 80,387 Class B Shares
REPORTING 100 Common Shares
PERSON WITH
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
638,455 Class B Shares
20,292 Common Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
718,842 Class B Shares
20,392 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
50.0% of the Class B Shares and .5% of the Common Shares, together
representing 38.4% of the voting power of Issuer's outstanding stock
at September 30, 1998.
If benefically owned Class B Shares were converted to Common Shares,
total ownership would represent 14.4% of the Common Shares
outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Shirley H. Jaffee ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
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
NUMBER OF 80,387 Class B Shares
SHARES
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 100 Common Shares
REPORTING
PERSON WITH
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
80,387 Class B Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
80,387 Class B Shares
100 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
5.6% of the Class B Shares and 0% of the Common Shares, together
representing 4.3% of the voting power of Issuer's outstanding stock at
September 30, 1998.
If beneficially owned Class B Shares were converted to Common Shares,
total ownership would represent 1.8% of the Common Shares outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Susan Jaffee Hardin ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
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
NUMBER OF 25,361 Class B Shares
SHARES 4,701 Common Shares
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 37,653 Common Shares
REPORTING
PERSON WITH
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
25,361 Class B Shares
4,701 Common Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,361 Class B Shares
42,354 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
1.8% of the Class B Shares and 1% of the Common Shares, together
representing 1.6% of the voting power of Issuer's outstanding stock at
September 30, 1998.
If beneficially owned Class B Shares were converted to Common Shares,
total ownership would represent 1.5% of the Common Shares outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Karen Jaffee Cofsky ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
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
NUMBER OF 28,360 Class B Shares
SHARES 4,063 Common Shares
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 11,691 Common Shares
REPORTING
PERSON WITH
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
28,360 Class B Shares
4,063 Common Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
301 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
28,360 Class B Shares
15,754 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
2.0% of the Class B Shares and .4% of the Common Shares, together
representing 1.6% of the voting power of Issuer's outstanding stock at
September 30, 1998.
If beneficially owned Class B Shares were converted to Common Shares,
total ownership would represent 1.0% of the Common Shares outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Nancy E. Jaffee ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
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
NUMBER OF 28,692 Class B Shares
SHARES 243 Common Shares
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 100 Common Shares
REPORTING
PERSON WITH
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
28,692 Class B Shares
243 Common Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
28,692 Class B Shares
343 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
2.0% of the Class B Shares and 0.0% of the Common Shares,
together representing 1.5% of the voting power of Issuer's outstanding
stock at September 30, 1998.
If beneficially owned Class B Shares were converted to Common Shares,
total ownership would represent 0.7% of the Common Shares outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS,
S.S. OR I.R.S. IDENTIFICATION NO.
Daniel S. Jaffee ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX (a) [ ]
IF A MEMBER OF A GROUP (b) [X]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
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
NUMBER OF 58,775 Class B Shares
SHARES 36,005 Common Shares
----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 4,102 Common Shares
REPORTING
----------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
58,775 Class B Shares
36,005 Common Shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100 Common Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,775 Class B Shares
40,107 Common Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11).
4.2% of the Class B Shares and .9% of the Common Shares, together
representing 3.4% of the voting power of Issuer's outstanding stock at
September 30, 1998.
If beneficially owned Class B shares were converted to Common Shares,
total ownership would represent 2.2% of the Common Shares outstanding.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
ITEM 1. SECURITY AND ISSUER
This statement relates to the Common Stock, par value $.10 per
share (and the Class B Stock, par value $.10 per share immediately
convertible into Common Stock) of Oil-Dri Corporation of America, a
Delaware corporation ("Oil-Dri"). Oil-Dri's principal executive
offices are located at 410 North Michigan Avenue, Suite 400, Chicago,
Illinois 60611.
ITEM 2. IDENTITY AND BACKGROUND
<TABLE>
<S> <C>
(a) Name: Jaffee Investment Partnership, L.P.
State of Organization: Delaware
Principal Business: Investment
Address of Principal Business:
Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(d) No
(e) No
* * * * *
(a) Richard M. Jaffee
(b) Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(c) Chairman of the Board
Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(d) No
(e) No
(f) United States
* * * * *
(a) Shirley H. Jaffee
(b) Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(c) None
(d) No
(e) No
(f) United States
* * * * *
</TABLE>
<PAGE> 10
<TABLE>
<S> <C>
(a) Susan Jaffee Hardin
(b) Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(c) Product Compliance Manager
Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, IL 60611
(d) No
(e) No
(f) United States
* * * * *
(a) Karen Jaffee Cofsky
(b) Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(c) Human Resources Director
Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(d) No
(e) No
(f) United States
* * * * *
<S> <C>
(a) Nancy E. Jaffee
(b) Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(c) None
(d) No
(e) No
(f) United States
* * * * *
</TABLE>
<PAGE> 11
<TABLE>
<S> <C>
(a) Daniel S. Jaffee
(b) Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(c) President and CEO
Oil-Dri Corporation of America
410 North Michigan Avenue
Suite 400
Chicago, Illinois 60611
(d) No
(e) No
(f) United States
</TABLE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No purchase of securities of Oil-Dri Corporation of America
("Oil-Dri") was involved.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the transaction initially requiring filing of this
Schedule 13D was to form the Jaffee Investment Partnership, L.P. The
transaction which necessitated this Amendment to Schedule 13D was the
repurchase by Oil-Dri Corporation of America ("Oil-Dri") of Common and
Class B Shares from persons other than the persons named in Item 2,
thus reducing the total number of shares (and votes related thereto)
outstanding and increasing the percentage of such shares (and such
votes) outstanding held by the persons named in Item 2. Oil-Dri
repurchased 522,449 shares of stock during the fiscal year ended July
31, 1998, including 342,241 Class B shares on March 10, 1998.
Oil-Dri's board of directors at its July, 1998 meeting authorized the
repurchase of up to 200,000 additional shares of its outstanding Comon
and Class B Stock; Messrs. Richard M. Jaffee and Daniel S. Jaffee are
directors and executive officer of Oil-Dri. In addition Mr. Richard M.
Jaffee has discussed with Mr. Robert D. Jaffee the possibility of
exchanging on a one-for-one basis, shares of Common Stock for up to
25,000 shares of Class B Common Stock owned by Mr. Robert D. Jaffee
and has made the other persons named in Item 2 aware of Mr. Robert D.
Jaffee's willingness to make such exchanges. The persons named in Item
2 are each considering such exchanges. No person named in Item 2
otherwise has any present plans or proposals which relate to or would
result in (i) the acquisition by any person of securities of Oil-Dri
or the disposition of securities of Oil-Dri, (ii) any extraordinary
corporate transaction of Oil-Dri or its subsidiaries, (iii) a sale or
transfer of a material amount of assets of Oil-Dri or its
subsidiaries, (iv) any change in the board of directors or management
of Oil-Dri, (v) any material change in Oil-Dri's present
capitalization, dividend policy, business or corporate structure, (vi)
any change to Oil-Dri's charter or bylaws or other actions that may
impede the acquisition of
<PAGE> 12
control of Oil-Dri by any person, (vii) causing Oil-Dri Common Stock
to cease to be listed on the New York Stock Exchange, or to become
eligible for termination of registration pursuant to Section 12(g)(4)
under the Securities Exchange Act of 1934, or (viii) any action
similar to those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Aggregate Number and Percentage of Class Beneficially owned
The aggregate number and percentage of Class B shares
(outstanding at September 30, 1998) beneficially owned by each person
named in Item 2 and the aggregate number and percentage of Common
Shares (outstanding at September 30, 1998) beneficially owned by each
such person is shown below.
The percentage of total voting power of all shares beneficially
owned by each person is also shown. Note that Class B shares are
entitled to 10 votes per share.
<TABLE>
<CAPTION>
===========================================================================================================
Name # of % of # of % of
Class B Detail of Class B Class B Common Detail of Common Common
% of Voting Power Shares Share Ownership Shares Shares Share Ownership Shares
--------
% of
Common
Shares if
Class B
Shares
Owned
Converted
to Common
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Jaffee 550,000 30.2% 0 0
Investment --------
Partnership, LP
11.1%
Voting Power
24.3%
-----------------------------------------------------------------------------------------------------------
Richard M. 718,842 638,455 shares held 70.4% 20,392 2,292 shares held by .5%
Jaffee by Richard M. Jaffee Richard M. Jaffee as --------
as Trustee under the Trustee under the
Voting Power Richard M. Jaffee Richard M. Jaffee 14.4%
56.7% Revocable Trust of Revocable Trust of
6/21/74. 6/21/74.
80,387 shares held 100 shares held in
by spouse, Shirley joint tenancy with
H. Jaffee, as spouse.
trustee under the
Shirley H. Jaffee 18,000 shares are in
Declaration of Trust the form of employee
of 7/12/93. stock options
Mrs. Jaffee has exercisable within
voted these shares 60 days of the date
consistent with Mr. of this filing
Jaffee's voting.
-----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 13
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
Shirley H. Jaffee 80,387 80,387 shares held 34.6% 100 Held in joint 0%
by Shirley H. tenancy with spouse. --------
Voting Power Jaffee, as trustee
27.8%. under the Shirley H. 1.8%
Jaffee Declaration
of Trust of 7/12/93.
-----------------------------------------------------------------------------------------------------------
Susan Jaffee 25,361 22,361 shares held 31.6% 42,354 4,701 shares held 1%
Hardin directly. directly. --------
Voting Power 3,000 shares held as 100 shares held in 1.5%
25.6% trustee for minor joint tenancy with
children. spouse.
35,553 shares held
by spouse, Richard
M. Hardin.
2,000 shares are in
the form of
employee stock
options exercisable
by spouse, Richard
M. Hardin, within
60 days of the date
of this filing.
Mr. Hardin has voted
his shares
consistent with Ms.
Hardin's voting.
-----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
Karen Jaffee 28,360 22,360 shares held 31.6% 15,754 63 shares held .4%
Cofsky directly. directly. --------
Voting Power 6,000 shares held as 301 shares held in 1.0%
25.5% trustee for minor joint tenancy with
children. spouse.
4,000 shares are in
the form of
employee stock
options exercisable
within 60 days of
the date of this
filing.
390 shares held by
spouse, Thomas F.
Cofsky.
11,000 shares are
in the form of
employee stock
options exercisable
by spouse, Thomas
F. Cofsky, within
60 days of this
filing.
Mr. Cofsky has voted
his shares
consistent with Mrs.
Cofsky's voting.
-----------------------------------------------------------------------------------------------------------
Nancy E. Jaffee 28,692 22,692 shares held 31.6% 343 243 shares held 0%
directly. directly. --------
Voting Power
25.4% 6,000 shares held as 100 shares held in .7%
trustee for minor joint tenancy with
children. spouse.
-----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
Daniel S. Jaffee 58,775 23,861 shares held 33.4% 40,107 3,005 shares held 1.1%
directly. directly. --------
Voting Power
27.1% 3,000 shares held as 100 shares held in 2.2%
trustee for minor joint tenancy with
children. spouse.
15,963 shares held 33,000 shares are in
as trustee of the the form of employee
Shirley H. Jaffee stock options
1993 Annuity Trust exercisable within
dated 5/17/93. 60 days of the date
of this filing
15,951 shares held
as trustee of the 2 shares held by
Richard M. Jaffee spouse, Heidi M.
1993 Annuity Trust Jaffee.
dated 5/17/93.
4,000 shares are in
the form of
employee stock
options exercisable
by spouse, Heidi M.
Jaffee, within 60
days of the date of
this filing.
Mrs. Jaffee has
voted her shares
consistent with Mr.
Jaffee's voting.
===========================================================================================================
</TABLE>
<PAGE> 16
(b) The voting power and power of disposition of each person named in
Item 2 is shown below.
<TABLE>
<CAPTION>
===============================================================================================================
Detail of
Sole Shared Sole Shared Shared
Voting Voting Detail of Shared Dispositive Dispositive Dispositive
Name Power Power Voting Power Power Power Power
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Jaffee 550,000 0 550,000 0
Investment Class B Class B
Partnership, LP Shares Shares
---------------------------------------------------------------------------------------------------------------
Richard M. 638,455 80,387 80,387 Class B shares 638,455 100 Common Shares
Jaffee Class B Class B held by spouse, Shirley Class B Common held in joint
Shares Shares H. Jaffee, as trustee Shares Shares tenancy with
under the Shirley H. spouse.
20,292 Jaffee Declaration of
Common Trust of 7/12/93.
Shares Mrs. Jaffee has voted
these shares consistent
with Mr. Jaffee's voting.
100
Common Common Shares held in
Shares joint tenancy with spouse.
---------------------------------------------------------------------------------------------------------------
Shirley H. 80,387 100 Common Common Shares Held in 80,387 100 Common Shares
Jaffee Class B Shares joint tenancy with spouse. Class B Common Held in joint
Shares* Shares Shares tenancy with
*Voting of spouse.
these
shares has
been
consistent
with Mr.
Richard M.
Jaffee's
voting of
his shares.
---------------------------------------------------------------------------------------------------------------
Susan Jaffee 25,361 37,653 Common Shares consist of 25,361 100 Common Shares
Hardin Class B Common 100 shares held in joint Class B Common Held in joint
Shares Shares tenancy with spouse and Shares Shares tenancy with
37,553 shares owned by spouse.
4,701 spouse, Richard M.
Common Hardin. Mr. Hardin has 4,701
Shares voted his shares Common
consistent with Ms. Shares
Hardin's voting.
---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 17
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------
Karen Jaffee 28,360 11,691 Common Shares consist of 28,360 301 Common Shares
Cofsky Class B Common 301 shares held in joint Class B Common held in joint
Shares Shares tenancy with spouse and Shares Shares tenancy with
11,390 shares owned by spouse.
4,063 spouse, Thomas F.
Common Cofsky. Mr. Cofsky has
Shares voted his shares 63
consistent with Mrs. Common
Cofsky's voting. Shares
---------------------------------------------------------------------------------------------------------------
Nancy E. Jaffee 28,692 100 Common Shares held in 28,692 100 Common Shares
Class B Common joint tenancy with Class B Common held in joint
Shares Shares spouse. Shares Shares tenancy with
spouse.
243 243
Common Common
Shares Shares
----------------------------------------------------------------------------------------------------------------
Daniel S. 58,775 4,102 Common Shares consist of 58,775 100 Common Shares
Jaffee Class B Common 100 shares held in joint Class B Common Held in joint
Shares Shares tenancy with spouse and Shares Shares tenancy with
4,002 shares owned by spouse.
36,005 spouse, Heidi M. 36,005
Common Jaffee. Mrs. Jaffee has Common
Shares voted her shares Shares
consistent with Mr.
Jaffee's voting.
================================================================================================================
</TABLE>
(c) Transactions in last 60 days for each person named in Item 2 are
shown below. All of the transactions were private transfers or
expirations or cancellations of employee stock options. Price per
share was not applicable to the transactions.
On September 18, 1998 the Compensation and Stock Option Committee of
the board of directors of Oil-Dri Corporation of America voted to
give all employees holding employee stock options ("options") under
the Oil-Dri Corporation of America Long-Term Incentive Plan ("Plan")
the opportunity to have all options previously granted to them under
the Plan canceled. These options would be replaced by employee stock
options to purchase the same number of shares as were canceled at
September 18, 1998's closing price. For the individuals named in Item
2 above and their spouses the new options would be for Class B
Shares. These new options would vest 25% on each of the following
dates: September 18, 2000, September 18, 2001, September 18, 2002,
and September 18, 2003 and therefore do not currently result in
beneficial ownership of Common Stock for purposes of Regulation 13D.
This offer was accepted by all individuals named in Item 2 above and
by the spouses of those individuals. This transaction resulted in a
reduction of employee stock options exercisable within 60 days of
this filing as detailed below.
<PAGE> 18
<TABLE>
<CAPTION>
==================================================================
# of
Securities Nature of Transaction
Name Date Involved
------------------------------------------------------------------
<S> <C> <C> <C>
Richard M. 9/18/ 11,875 Cancellation of
Jaffee 1998 Common employee stock options
Shares. to purchase 11,875
Common Shares.
-----------------------------------------------------------------
Susan Jaffee 9/18/ 1,781 Common Cancellation of
Hardin 1998 Shares employee stock options
held by spouse to
purchase 1,781 Common
Shares.
------------------------------------------------------------------
Karen Jaffee 9/18/ 1,187 Common Cancellation of
Cofsky 1998 Shares. employee stock options
to purchase 1,187
Common Shares.
5,937 Common Cancellation of
Shares employee stock options
held by spouse to
purchase 5,937 Common
Shares.
------------------------------------------------------------------
Daniel S. 9/18/ 23,750 Cancellation of
Jaffee 1998 Common Shares employee stock options
to purchase 23,750
Common Shares.
1,187 Common Cancellation of employee stock
Shares options held by spouse to
purchase 1,187 Common Shares.
------------------------------------------------------------------
</TABLE>
(d) No other person has the right to receive or the power to direct
receipt of dividends from, or proceeds from the sale of, such
securities.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
The Limited Partnership Agreement ("Agreement") of the Jaffee
Investment Partnership, L.P. provides that, subject to the limitations
of the Agreement, the General Partners manage the partnership
business, with all rights and powers of general partners as provided
in the Delaware Revised Uniform Partnership Act. It further provides
that certain decisions (distributions to Partners, sale, assignment or
mortgage of, grant of security interest in, or pledge of, a
Partnership Interest, borrowing, or lending, or purchasing of any
security) cannot be made and, unless otherwise specifically provided
in the Agreement, other decision and acts cannot be taken, unless
approved by a majority of the Units held by General Partners; no
General Partner holds more than three of the outstanding ten Units. It
grants the power and authority over day-to-day decisions to Richard M.
Jaffee as Managing General Partner. (Day-to-day decisions include the
investment and reinvestment of Partnership assets in
<PAGE> 19
any property, including stock of any corporation, and execution of any
documents deemed by the Managing General Partner to be necessary for
the Partnership to conduct its business.) (See Exhibit 2 to the
initial filing of this Schedule 13D, incorporated herein by
reference.) Based upon consultation with counsel, the Partnership and
its General Partners have concluded that the initial filing of the
Schedule 13D incorrectly characterized the Partnership and its General
Partners as a group, and this Amendment corrects that
characterization. See Southland Corporation, SEC No Action Letter
(1987).
The Agreement is not clear as to whether Richard M. Jaffee, as
the Managing General Partner, has the power to unilaterally dispose
of or vote Oil-Dri stock held by the Partnership, and as to whether,
if he has such power, it can be overridden by action of the General
Partners by a majority of the Units. Accordingly, based on
consultation with counsel, Mr. Jaffee acknowledges the possibility,
for purposes of Regulation 13D, that he could be deemed to
beneficially own, but disclaims ownership of, the Partnership's
550,000 shares of Class B Common Stock (and the 550,000 shares of
Common Stock into which such Class B Common Stock is convertible),
which would be in addition to the Class B Common Stock and Common
Stock otherwise shown herein as owned by him.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 Exhibit Pursuant To Article 13D-1 (k)(1)(iii)
Exhibit 2 Jaffee Investment Partnership, LP
Partnership Aggreement*
Exhibit 3 Power of Attorney
* Incorporated by reference to Schedule 13D, dated January 19, 1998,
filed by the Reporting Persons.
This Amendment No. 1 to Schedule 13D is filed on behalf of all
of the persons identified on the Cover Page as Reporting Persons and
includes, as Exhibit 1 attached, the agreement of all of those
persons that such statement is filed on behalf of each of them. This
Amendment also amends the Schedule 13D filed solely by Mr. Richard
M. Jaffee, which was last previously amended on January 21, 1998.
<PAGE> 20
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of each of
the undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: November 10, 1998
JAFFEE INVESTMENT PARTNERSHIP, L.P.
By /s/ RICHARD M. JAFFEE
---------------------------------------
Richard M. Jaffee
Managing General Partner
/s/ RICHARD M. JAFFEE
---------------------------------------
Richard M. Jaffee
/s/ SHIRLEY H. JAFFEE
---------------------------------------
Shirley H. Jaffee
/s/ SUSAN JAFFEE HARDIN
---------------------------------------
Susan Jaffee Hardin
/s/ KAREN JAFFEE COFSKY
---------------------------------------
Karen Jaffee Cofsky
/s/ NANCY E. JAFFEE
---------------------------------------
Nancy E. Jaffee
/s/ DANIEL S. JAFFEE
---------------------------------------
Daniel S. Jaffee
<PAGE> 21
EXHIBIT 1 PURSUANT TO RULE 13d-1 (k) (iii) TO SCHEDULE 13D
OIL-DRI CORPORATION OF AMERICA
FOR JAFFEE INVESTMENT PARTNERSHIP, L.P. ET AL
The statement on Schedule 13D for Jaffee Investment Partnership,
L.P. and each of the undersigned is filed on behalf of Jaffee
Investment Partnership, L.P. and each of the undersigned.
JAFFEE INVESTMENT PARTNERSHIP, L.P.
By /S/ RICHARD M. JAFFEE
---------------------------------------
Richard M. Jaffee
Managing General Partner
/s/ RICHARD M. JAFFEE
---------------------------------------
Richard M. Jaffee
/s/ SHIRLEY H. JAFFEE
---------------------------------------
Shirley H. Jaffee
/s/ SUSAN JAFFEE HARDIN
---------------------------------------
Susan Jaffee Hardin
/s/ KAREN JAFFEE COFSKY
---------------------------------------
Karen Jaffee Cofsky
/s/ NANCY E. JAFFEE
---------------------------------------
Nancy E. Jaffee
/s/ DANIEL S. JAFFEE
---------------------------------------
Daniel S. Jaffee
<PAGE> 22
EXHIBIT 3
POWER OF ATTORNEY
The undersigned hereby appoint Maryon Gray and Mary Geroch, and each of them,
with full power of substitution, as his or her attorneys-in-fact, to prepare and
sign for himself or herself and on his or her behalf any and all filings on
Schedule 13D and any amendments thereto, and any other forms which may be
required by the Securities and Exchange Commission pursuant to the requirements
of Regulation 13D-G of the Securities Exchange Act of 1934, and to file the same
with (i) the Securities and Exchange Commission and (ii) any securities exchange
upon which any of securities of Oil-Dri Corporation may then be admitted or
listed for trading. The undersigned further grants to Maryon Gray and Mary
Geroch authority to do and perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as the undersigned might or could do if personally present, hereby
ratifying and confirming all that said attorneys-in-fact, or any of them, or any
of their substitutes, may do or cause to be done by virtue hereof.
Date: October 19, 1998
JAFFEE INVESTMENT PARTNERSHIP, L.P.
By /S/ RICHARD M. JAFFEE
---------------------------------------
Richard M. Jaffee
Managing General Partner
/s/ RICHARD M. JAFFEE
---------------------------------------
Richard M. Jaffee
/s/ SHIRLEY H. JAFFEE
---------------------------------------
Shirley H. Jaffee
/s/ SUSAN JAFFEE HARDIN
---------------------------------------
Susan Jaffee Hardin
/s/ KAREN JAFFEE COFSKY
---------------------------------------
Karen Jaffee Cofsky
/s/ NANCY E. JAFFEE
---------------------------------------
Nancy E. Jaffee
/s/ DANIEL S. JAFFEE
---------------------------------------
Daniel S. Jaffee
