<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
VENTURIAN CORP.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $1.00 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
1 92330410
- --------------------------------------------------------------------------------
(CUSIP number)
Russell C. Hansen, Esq.
Gibson, Dunn & Crutcher
2029 Century Park East, Suite 4000
Los Angeles, CA 90067
(310) 552-8500
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
September 28, 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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Page 1 of 8 Pages)
<PAGE> 2
SCHEDULE 13D
CUSIP No. 1 92330410 PAGE 2 OF 8 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Quarterdeck Public Equities, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
128,010
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 128,010
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
128,010
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
<PAGE> 3
SCHEDULE 13D
CUSIP No. 1 92330410 PAGE 3 OF 8 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Quarterdeck Public Equities, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
128,010
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 128,010
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
128,010
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE> 4
SCHEDULE 13D
CUSIP No. 1 92330410 PAGE 4 OF 8 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Jon B. Kutler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
136,010
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 136,010
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
136,010
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE> 5
CUSIP No. 1 92330410 Page 5 of 8
ADDENDUM TO SCHEDULE 13D
The persons filing this Amendment No. 1 are (i) Quarterdeck
Equity Partners, Inc., a Delaware corporation ("QEP"), (ii)
Quarterdeck Public Equities, LLC, a Delaware limited liability
company ("Quarterdeck") and (iii) Jon B. Kutler. This Amendment
No. 1 amends a Statement on Schedule 13D filed by QEP,
Quarterdeck and Mr. Kutler on July 10, 1998 (the "Original
Statement"). The filing of this Amendment No. 1 should not be
deemed an admission that QEP, Quarterdeck and Mr. Kutler
comprise a group within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended.
This Amendment No. 1 relates to the common stock, $1.00 par
value (the "Common Stock"), of Venturian Corp., a Minnesota
corporation (the "Issuer").
Between July 29 and the date hereof, Quarterdeck and Mr. Kutler
purchased, respectively, 2,000 and 6,000 shares of the Common
Stock on the open market, at prices between 6 3/8 and 7 1/4.
On November 27, 1998, sixty days from the date hereof, a
$504,040 debenture (the "Convertible Debenture") received by
Quarterdeck from the Issuer will become convertible, at $8.00
per share, into shares of Common Stock, for a total of 63,005
shares (the "Conversion Shares"), at the option of Quarterdeck.
Upon conversion, Quarterdeck will beneficially own 128,010 out
of 1,260,086 outstanding shares, approximately 10.2%, of Common
Stock of the Issuer.
To the best knowledge of QEP, Quarterdeck and Mr. Kutler, there
has been no material change in the information set forth in
response to Items 1, 2, 3, 4, 6 and 7 of the Original Statement,
as amended. Accordingly, those Items are omitted from this
Amendment No. 1.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a)-(b) Reference is made to Items 7 through 13 of this
Amendment No. 1 on pages 2-4 hereof, to the Addendum on
page 5 hereof, and to Item 2 on page 6 of the Original
Statement, all of which are incorporated herein by
reference.
As of the date hereof, Quarterdeck may be deemed to be
the beneficial owner, with voting and disposition power,
of an aggregate of 128,010 shares of Common Stock of the
Issuer, which, upon issuance of the Conversion Shares,
will constitute approximately 10.2% of the 1,260,086
outstanding shares of Common Stock of the Issuer, based
upon the Company's most recent available filing with the
Securities and Exchange Commission.
By reason of its position as the sole managing member of
Quarterdeck, QEP, as of the date hereof, may be deemed
to be the beneficial owner, with voting and disposition
power, of an aggregate of 128,010 shares of Common Stock
of the Issuer, which,
<PAGE> 6
CUSIP No. 1 92330410 Page 6 of 8
upon the issuance of the Conversion Shares to
Quarterdeck, will constitute approximately 10.2% of the
1,260,086 outstanding shares of Common Stock of the
Issuer, based upon the Company's most recent available
filing with the Securities and Exchange Commission.
By reason of his position as Chairman, Treasurer,
Director and sole stockholder of QEP, and of open market
purchases of the Issuer's Common Stock as described in
this Amendment No. 1 and in Item 2 of the Original
Statement, Mr. Kutler, as of the date hereof, may be
deemed to be the beneficial owner, with voting and
disposition power, of an aggregate of 136,010 shares of
Common Stock of the Issuer, which, upon the issuance of
the Conversion Shares to Quarterdeck, will constitute
approximately 10.8% of the 1,260,086 outstanding shares
of Common Stock of the Issuer, based upon the Company's
most recent available filing with the Securities and
Exchange Commission.
(c) None of the persons referred to in Item 5(a) has
effected any transactions in the Issuer's Common Stock
during the past 60 days, other than as described in the
Original Statement or in this Amendment No. 1.
(d) Not applicable.
(e) Not applicable.
<PAGE> 7
CUSIP No. 1 92330410 Page 7 of 8
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: September 28, 1998
QUARTERDECK PUBLIC EQUITIES, LLC
a limited liability company organized
under the laws of Delaware
By: QUARTERDECK EQUITY PARTNERS, INC.
Its: Managing Member
/s/ JON B. KUTLER
---------------------------------------------------
By: Jon B. Kutler
Its: Chairman
QUARTERDECK EQUITY PARTNERS, INC.
a corporation organized under the laws of Delaware
/s/ JON B. KUTLER
---------------------------------------------------
By: Jon B. Kutler
Its: Chairman
JON B. KUTLER
an individual
/s/ JON B. KUTLER
---------------------------------------------------
<PAGE> 8
CUSIP No. 1 92330410 Page 8 of 8
Exhibit Index
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
------- --------------------------------------------------------
<S> <C>
1 $1 Million Private Placement Term Sheet, dated June 28,
1998, by and between Venturian Corp. and Quarterdeck
Equity Partners, Inc.*
2 Agreement With Respect to Joint Filing, dated July 10,
1998, by and among Quarterdeck Public Equities, LLC,
Quarterdeck Equity Partners, Inc. and Mr. Jon B.
Kutler.*
</TABLE>
* Previously filed.
