<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(AMENDMENT NO. 2)
PEMCO AVIATION GROUP, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.0001 PER SHARE
--------------------------------------------------------------------------------
(Title of Class of Securities)
706444106
--------------------------------------------------------------------------------
(CUSIP Number)
TENNENBAUM & CO., LLC
11100 SANTA MONICA BOULEVARD, SUITE 210
LOS ANGELES, CALIFORNIA 90025
(310) 566-1000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
NOVEMBER 14, 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 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: [ ].
(Continued on the following pages)
Page 1 of 15 Pages
<PAGE> 2
SCHEDULE 13D
CUSIP No. 706444106 PAGE 2 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
TCO/PSI, LLC, IRS ID# 94-3379166
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
1,481,652 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,481,652 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,481,652 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO AVIATION GROUP, INC. ("PEMCO") COMMON
STOCK OUTSTANDING AS OF NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000
(FILE NO. 0-13829), FILED WITH THE SEC ON NOVEMBER 14, 2000, AND
INCLUDES 3,844 SHARES ISSUABLE TO MICHAEL E. TENNENBAUM UPON THE
EXERCISE OF OUTSTANDING STOCK OPTIONS THAT ARE EXERCISABLE WITHIN 60
DAYS OF NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
SCHEDULE 13D
CUSIP No. 706444106 PAGE 3 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
TENNENBAUM & CO., LLC, IRS ID# 95-4587347
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
1,481,652 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,481,652 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,481,652 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000, AND INCLUDES 3,844 SHARES ISSUABLE TO
MICHAEL E. TENNENBAUM UPON THE EXERCISE OF OUTSTANDING STOCK OPTIONS
THAT ARE EXERCISABLE WITHIN 60 DAYS OF NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
SCHEDULE 13D
CUSIP No. 706444106 PAGE 4 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SPECIAL VALUE BOND FUND, LLC, IRS ID# 95-4758920
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
1,481,652 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,481,652 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,481,652 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000, AND INCLUDES 3,844 SHARES ISSUABLE TO
MICHAEL E. TENNENBAUM UPON THE EXERCISE OF OUTSTANDING STOCK OPTIONS
THAT ARE EXERCISABLE WITHIN 60 DAYS OF NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
SCHEDULE 13D
CUSIP No. 706444106 PAGE 5 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SVIM/MSM, LLC, IRS ID# 95-4760193
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
1,481,652 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,481,652 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,481,652 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000, AND INCLUDES 3,844 SHARES ISSUABLE TO
MICHAEL E. TENNENBAUM UPON THE EXERCISE OF OUTSTANDING STOCK OPTIONS
THAT ARE EXERCISABLE WITHIN 60 DAYS OF NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 6
SCHEDULE 13D
CUSIP No. 706444106 PAGE 6 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SPECIAL VALUE INVESTMENT MANAGEMENT, LLC, IRS ID# 95-4759860
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
1,481,652 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,481,652 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,481,652 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000, AND INCLUDES 3,844 SHARES ISSUABLE TO
MICHAEL E. TENNENBAUM UPON THE EXERCISE OF OUTSTANDING STOCK OPTIONS
THAT ARE EXERCISABLE WITHIN 60 DAYS OF NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 7
SCHEDULE 13D
CUSIP No. 706444106 PAGE 7 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
RUSTIC CANYON VENTURES, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 300,000 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
300,000 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 8
SCHEDULE 13D
CUSIP No. 706444106 PAGE 8 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
MASSACHUSETTS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
300,000 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
300,000 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IC
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 9
SCHEDULE 13D
CUSIP No. 706444106 PAGE 9 OF 15
------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MASSMUTUAL HIGH YIELD PARTNERS II, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
300,000 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
300,000 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 10
SCHEDULE 13D
CUSIP No. 706444106 PAGE 10 OF 15
------------------- -------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MICHAEL E. TENNENBAUM, S.S.# ###-##-####
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 SHARES
OWNED BY EACH -------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
1,481,652 SHARES
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 SHARES
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,481,652 SHARES
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,481,652 SHARES
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
(1) BASED ON 4,027,815 SHARES OF PEMCO COMMON STOCK OUTSTANDING AS OF
NOVEMBER 10, 2000, AS REPORTED IN PEMCO'S QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (FILE NO. 0-13829), FILED WITH
THE SEC ON NOVEMBER 14, 2000, AND INCLUDES 3,844 SHARES ISSUABLE TO
MICHAEL E. TENNENBAUM UPON THE EXERCISE OF OUTSTANDING STOCK OPTIONS
THAT ARE EXERCISABLE WITHIN 60 DAYS OF NOVEMBER 14, 2000.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 11
Page 11 of 15
This Amendment No. 2 to Schedule 13D relating to Pemco Aviation Group,
Inc., a Delaware corporation ("Pemco"), is being filed on behalf of the
undersigned to amend the Schedule 13D filed with the SEC on September 17, 1999,
as amended by Amendment No. 1 thereto filed with the SEC on November 8, 2000
(together, the "Schedule 13D"). Capitalized terms not otherwise defined herein
have the meanings given them in the Schedule 13D.
ITEM 1. SECURITY AND ISSUER.
The information in Item 1 is hereby amended and restated as follows:
This statement relates to the beneficial ownership of 2,081,652 shares
of common stock, par value $0.0001 per share (the "Common Stock"), of Pemco. The
principal executive offices of Pemco are located at 1943 North 50th Street,
Birmingham, Alabama 35212.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information in Item 3 is hereby amended and restated as follows:
On September 7, 1999, Mr. Gold and TMG Fund LLP, a Colorado limited
liability partnership that is wholly owned by Mr. Gold, sold 800,000 shares and
200,000 shares, respectively, of Common Stock to Tennenbaum LLC, Massachusetts
Mutual Life, MassMutual High Yield, Rustic, Special Value, and certain other
investors. This sale was pursuant to a Stock Purchase Agreement dated the same
date (the "Stock Purchase Agreement"). The purchase price for these shares was
$10,000,000 (or $10 per share). The purchases were consummated using personal
funds and working capital of the respective Reporting Persons.
Since the purchases under the Stock Purchase Agreement, Special Value
has acquired an additional 115,900 shares of Common Stock for a total purchase
price of $1,521,327, including 42,800 shares of Common Stock acquired on
November 14, 2000 for a total purchase price of $573,653. The sole source of
funds used in purchasing all 115,900 shares of Common Stock was the working
capital of Special Value.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The information in Item 5 is hereby amended and restated as follows:
(a)-(b) The following table sets forth the aggregate number and
percentage of Common Stock of Pemco beneficially owned by each Reporting Person.
The percentages of Common Stock were calculated based on the 4,027,815 shares
reported to be outstanding on November 10, 2000 in Pemco's Quarterly Report on
Form 10-Q for the quarter ended September 30, 2000. Except as noted below, each
Reporting Person has sole voting and dispositive power with respect to the
shares indicated.
<TABLE>
<CAPTION>
Number of Shares
Stockholder Beneficially Owned Percentage
----------- ------------------ ----------
<S> <C> <C>
TCO/PSI, LLC 1,481,652(1) 36.8%
Tennenbaum & Co., LLC 1,481,652(1) 36.8%
</TABLE>
<PAGE> 12
Page 12 of 15
<TABLE>
<S> <C> <C>
Special Value Bond Fund, LLC 1,481,652(1) 36.8%
SVIM/MSM, LLC 1,481,652(1) 36.8%
Special Value Investment Management, LLC 1,481,652(1) 36.8%
Rustic Canyon Ventures, L.P. 300,000 7.4%
Massachusetts Mutual Life Insurance Company 300,000(2) 7.4%
MassMutual High Yield Partners II, LLC 300,000(2) 7.4%
Michael E. Tennenbaum 1,481,652(1) 36.8%
</TABLE>
----------
(1) Includes shares owned by Tennenbaum LLC (85,000), Special Value (365,900)
and TCO/PSI (1,026,908). Also includes 3,844 shares issuable to Michael E.
Tennenbaum upon the exercise of outstanding stock options that are exercisable
within 60 days of November 14, 2000. By reason of (i) Mr. Tennenbaum's position
as managing member of Tennenbaum LLC, (ii) Tennenbaum LLC's position as managing
member of SVIM/MSM, SVIM and TCO/PSI, (iii) SVIM/MSM's position as managing
member of Special Value and (iv) SVIM's position as investment advisor to
Special Value, each of Mr. Tennenbaum, Tennenbaum LLC, TCO/PSI, Special Value,
SVIM/MSM and SVIM may be deemed to share voting and dispositive power over such
shares.
(2) Includes shares reported separately herein as owned by MassMutual High Yield
as to which Massachusetts Mutual Life shares voting and dispositive power and
disclaims beneficial ownership. Massachusetts Mutual Life provides investment
advice to MassMutual High Yield.
(c) The following transactions in Common Stock of Pemco were open market
purchases on the Nasdaq SmallCap Market effected by Special Value.
<TABLE>
<CAPTION>
Number of Shares
Date of Common Stock Price Per Share
---- ---------------- ---------------
<S> <C> <C>
11/08/00 8,000 $12.95
11/14/00 42,800 $13.40
11/15/00 1,500 $13.54
</TABLE>
Except as described herein, since the filing of the Schedule 13D with
the SEC, none of the Reporting Persons has effected any transaction in the
Common Stock.
(d)-(e) Not applicable.
ITEM 7. INTEREST IN SECURITIES OF THE ISSUER.
The information in Item 7 is hereby amended and restated as follows:
Exhibit A Joint Filing Agreement.
Exhibit B Stock Purchase Agreement by and among Tennenbaum & Co.,
LLC and the other parties listed under the heading
"Buyer" on the signature pages thereto and Matthew L.
Gold and the other parties listed under the heading
<PAGE> 13
Page 13 of 15
"Seller" on the signature pages thereto dated September
7, 1999 (attached as an exhibit to the Schedule 13D).
Exhibit C Limited Liability Company Agreement of TCO/PSI, LLC
dated September 7, 1999 (attached as an exhibit to the
Schedule 13D).
<PAGE> 14
Page 14 of 15
SIGNATURE
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: November 16, 2000 TCO/PSI, LLC
By: /s/ Michael E. Tennenbaum
-------------------------------------
Michael E. Tennenbaum,
its Managing Member
TENNENBAUM & CO., LLC
By: /s/ Michael E. Tennenbaum
------------------------------------
Michael E. Tennenbaum,
its Managing Member
SPECIAL VALUE BOND FUND, LLC
By: SVIM/MSM, LLC, its Managing Member
By: Tennenbaum & Co., LLC, its
Managing Member
By: /s/ Michael E. Tennenbaum
----------------------------
Michael E. Tennenbaum,
its Managing Member
SVIM/MSM, LLC
By: Tennenbaum & Co., LLC, its Managing
Member
By: /s/ Michael E. Tennenbaum
--------------------------------
Michael E. Tennenbaum,
its Managing Member
SPECIAL VALUE INVESTMENT MANAGEMENT, LLC
By: Tennenbaum & Co., LLC, its Managing
Member
By: /s/ Michael E. Tennenbaum
--------------------------------
Michael E. Tennenbaum,
its Managing Member
<PAGE> 15
Page 15 of 15
/s/ Michael E. Tennenbaum
----------------------------------------
MICHAEL E. TENNENBAUM
MASSACHUSETTS MUTUAL LIFE INSURANCE
COMPANY
By: /s/ Walter T. Dwyer
------------------------------------
Name: Walter T. Dwyer
Title: a Managing Director
MASSMUTUAL HIGH YIELD PARTNERS II,
LLC
By: HYP MANAGEMENT INC., as Managing
Member
By: /s/ Walter T. Dwyer
------------------------------------
Name: Walter T. Dwyer
Title: Vice President
RUSTIC CANYON VENTURES, L.P.
By: Rustic Canyon Partners, LLC,
as General Partner
By: /s/ Thomas Unterman
--------------------------
Name: Thomas Unterman
Title: Managing Member
<PAGE> 16
EXHIBIT INDEX
<TABLE>
<S> <C>
Exhibit A Joint Filing Agreement.
Exhibit B Stock Purchase Agreement by and among Tennenbaum
& Co., LLC and the other parties listed under the
heading "Buyer" on the signature pages thereto and
Matthew L. Gold and the other parties listed under
the heading "Seller" on the signature pages thereto
dated September 7, 1999 (attached as an exhibit to
the Schedule 13D).
Exhibit C Limited Liability Company Agreement of TCO/PSI,
LLC dated September 7, 1999 (attached as an exhibit
to the Schedule 13D).
</TABLE>
<PAGE> 17
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934,
as amended, the undersigned agree to the joint filing on behalf of each of them
of a Statement on Schedule 13D (including any and all amendments thereto) with
respect to the Common Stock, par value $0.0001 per share, of Pemco Aviation
Group, Inc., and further agree that this Agreement shall be included as an
Exhibit to such joint filing.
The undersigned further agree that each party hereto is responsible for
timely filing of such statement on Schedule 13D and any amendments thereto, and
for the completeness and accuracy of the information concerning such party
contained therein; provided that no party is responsible for the completeness or
accuracy of the information concerning the other parties, unless such party
knows or has reason to believe that such information is inaccurate.
This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original instrument, but all of such counterparts
together shall constitute but one agreement.
In evidence thereof the undersigned, being duly authorized, hereby
execute this Agreement this 16th day of November, 2000.
TCO/PSI, LLC
By: /s/ Michael E. Tennenbaum
-------------------------
Michael E. Tennenbaum
its Managing Member
TENNENBAUM & CO., LLC
By: /s/ Michael E.Tennenbaum
------------------------
Michael E. Tennenbaum,
its Managing Member
SPECIAL VALUE BOND FUND,
LLC
By: SVIM/MSM, LLC, its
Managing Member
By: Tennenbaum & Co., LLC, its
Managing Member
By: /s/ Michael E. Tennenbaum
-------------------------
Michael E. Tennenbaum,
its Managing Member
A-1
<PAGE> 18
By: Tennenbaum & Co., LLC, its Managing
Member
By: /s/ Michael E. Tennenbaum
-----------------------------
Michael E. Tennenbaum,
its Managing Member
SPECIAL VALUE INVESTMENT
MANAGEMENT, LLC
By: Tennenbaum & Co., LLC, its Managing
Member
By: /s/ Michael E. Tennenbaum
-----------------------------
Michael E. Tennenbaum,
its Managing Member
/s/ Michael E. Tennenbaum
--------------------------
MICHAEL E. TENNENBAUM
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By: /s/ Walter T. Dwyer
--------------------------
Name: Walter T. Dwyer
Title: a Managing Director
MASSMUTUAL HIGH YIELD
PARTNERS II, LLC
By: HYP MANAGEMENT INC.,
as Managing Member
By: /s/ Walter T. Dwyer
---------------------
Name: Walter T. Dwyer
Title: Vice President
RUSTIC CANYON VENTURES,
L.P.
By: Rustic Canyon Partners, LLC, as
General Partner
By: /s/ Thomas Unterman
-----------------------
Name: Thomas Unterman
Title: Managing Member
A-2
