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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
VENTURIAN CORP.
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(Name of Issuer)
Common Stock, $1.00 par value
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(Title of Class of Securities)
1 92330410
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(CUSIP Number)
Russell C. Hansen, Esq.
Gibson, Dunn & Crutcher LLP
2029 Century Park East, Suite 4000
Los Angeles, CA 90067
(310) 552-8500
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(Name, address and telephone number of person
authorized to receive notices and communications)
March 8, 1999
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(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(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)
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13D
CUSIP No. 1 92330410 PAGE 2 OF 8 PAGES
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Quarterdeck Public Equities, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX 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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7 SOLE VOTING POWER
129,610
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 129,610
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
129,610
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
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14 TYPE OF REPORTING PERSON*
OO
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13D
CUSIP No. 1 92330410 PAGE 3 OF 8 PAGES
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Quarterdeck Equity Partners, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX 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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7 SOLE VOTING POWER
129,610
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 129,610
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
129,610
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
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14 TYPE OF REPORTING PERSON*
CO
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13D
CUSIP No. 1 92330410 PAGE 4 OF 8 PAGES
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Jon B. Kutler
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX 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
United States
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7 SOLE VOTING POWER
150,610
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 150,610
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
150,610
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.9%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 1 92330410 PAGE 5 OF 8
ADDENDUM TO SCHEDULE 13D
The persons filing this Amendment No. 2 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. 2 amends
a Statement on Schedule 13D filed by QEP, Quarterdeck and Mr. Kutler
on July 10, 1998 (the "Original Statement"), and a subsequent
Amendment No. 1 to the Original Statement, filed September 28, 1998.
The filing of this Amendment No. 2 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. 2 relates to the common stock, $1.00 par value
(the "Common Stock"), of Venturian Corp., a Minnesota corporation
(the "Issuer").
On February 18, 1999, Quarterdeck purchased 1,600 shares of the
Common Stock on the open market at $7 per share. Between February
17, 1999 and March 9, 1999, Mr. Kutler purchased 13,000 shares of
the Common Stock on the open market, at prices between $6.75 and
$7.50 per share.
On November 27, 1998, a $504,040 debenture (the "Convertible
Debenture") received by Quarterdeck from the Issuer became
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
129,610 out of 1,261,086 outstanding shares, approximately 10.3% 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. 2.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a)-(b) Reference is made to Items 7 through 13 of this Amendment
No. 2 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 129,610 shares of Common Stock of the Issuer,
which, upon issuance of the Conversion Shares, will
constitute approximately 10.3% of the 1,261,086 outstanding
shares of Common Stock of the Issuer, based upon the
Issuer'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 129,610 shares of Common Stock of the
Issuer, which, upon the
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CUSIP No. 1 92330410 PAGE 6 OF 8
issuance of the Conversion Shares to Quarterdeck, will
constitute approximately 10.3% of the 1,261,086 outstanding
shares of Common Stock of the Issuer, based upon the
Issuer'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. 2, in Amendment No. 1 to the Original Statement, 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 150,610
shares of Common Stock of the Issuer, which, upon the
issuance of the Conversion Shares to Quarterdeck, will
constitute approximately 11.9% of the 1,261,086 outstanding
shares of Common Stock of the Issuer, based upon the
Issuer'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 this Amendment
No. 2.
(d) Not applicable.
(e) Not applicable.
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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: March 16, 1999
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
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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
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CUSIP No. 1 92330410 PAGE 8 OF 8
Exhibit Index
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
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<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>
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*Previously filed.
