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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
The Chicago Dock and Canal Trust
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
1673391
(CUSIP Number)
Fred Eychaner, c/o Newsweb Corporation, 1645 W. Fullerton Avenue,
Chicago, IL 60614 (312) 975-0400
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
June 16, 1995
(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 [ ].
Check the following box if a fee is being paid with the statement
[ ]. (A fee is not required only if the reporting person: (1) has
a previous statement on file reporting beneficial ownership of more
than five percent of the class of securities described in Item 1;
and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of five percent or less of such class.) (See
Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should
be filed with the Commission. See Rule 13d-1(a) 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).
SEC 1746 (12-91)
SCHEDULE 13D
CUSIP No. 1673391
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fred Eychaner (S.S.# ###-##-####)
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 ITEMS 2(d) or 2(E) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7 SOLE VOTING POWER
355,300
8 SHARED VOTING POWER
- -100-
9 SOLE DISPOSITIVE POWER
355,300
10 SHARED DISPOSITIVE POWER
- -100-
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
355,400
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.14%
14 TYPE OF REPORTING PERSON*
IN
SCHEDULE 13D
CUSIP No. 1673391
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Newsweb Corporation (I.R.S.# 362728759)
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 ITEMS 2(d) or 2(E) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7 SOLE VOTING POWER
- -0-
8 SHARED VOTING POWER
- -100-
9 SOLE DISPOSITIVE POWER
- -0-
10 SHARED DISPOSITIVE POWER
- -100-
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.002%
14 TYPE OF REPORTING PERSON*
CO
Item 1. Security and Issuer
This Schedule 13D relates to the shares of common stock, no par
value (the "Common Stock" or the "Shares") of The Chicago Dock and
Canal Trust (the "Company") with its principal executive offices
located at 455 East Illinois Street, Suite 565, Chicago, Illinois
60611.
Item 2. Identity and Background
This Schedule 13D is being filed by Fred Eychaner individually and
on behalf of Newsweb Corporation. Eychaner's business address is
c/o Newsweb Corporation, 1645 West Fullerton Avenue, Chicago,
Illinois 60614. His principal occupation is President and Chief
Executive Officer of Newsweb Corporation. Newsweb Corporation is
located at 1645 W. Fullerton Avenue, Chicago, Illinois 60614. The
principal business of Newsweb Corporation is to own and operate a
television station and printing company. Eychaner has not, during
the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors). Eychaner
has not, during the last five years, been a party to any civil
proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he was or is subject to a
judgment, decree, or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities law or finding any violation with respect to such laws.
Eychaner is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration
Eychaner purchased the shares using personal funds. Newsweb
purchased the shares using working capital.
Item 4. Purpose of Transaction
Eychaner acquired his Shares for the purpose of investment because
he believes the Shares represented a favorable investment
opportunity. He is evaluating and expects to continue evaluating
the investment potential of the Shares. Depending on various
factors including the results of such evaluation, the Company's
business prospects and financial position, other developments
concerning the Company, the price level of the Shares, available
opportunities to acquire or dispose of Shares or realize trading
profits, conditions in the securities markets and general economic
and industry conditions, reinvestment opportunities and development
relating to his business, Eychaner may in the future take such
actions with respect to such holdings in the Company as he deems
appropriate in light of circumstances existing from time to time
and will continue to explore measures aimed at enhancing
shareholder value. Such actions may include the purchase of
additional Shares in the open market, through privately negotiated
transactions with third parties or otherwise, or the sale at any
time, in the open market, through privately negotiated transactions
with third parties or otherwise, of all or a portion of the Shares
now owned or hereafter acquired.
Except as described below, Eychaner has no present plans or
proposals which would result in or relate to any of the
transactions described in paragraphs (a) through (j) of Item 4 of
Schedule 13D. In the future, however, Eychaner reserves the right
to adopt such plans or proposals subject to applicable regulatory
requirements, if any.
Eychaner, on behalf of himself and Newsweb Corporation, recently
attended a meeting in New York at which most of the Company's
largest shareholders or their representatives were in attendance.
During the general discussions at the meeting, there was concern
voiced with respect to the performance of the Company and its
stock, as well as the composition of the Board of Trustees.
In particular, concern was expressed, in light of the Company's
performance, that the composition of the Board of Trustees
presently does not appear to be representative of the Company's
shareholder base. At the meeting, there was also discussion as to
the potential benefits to the Company that might result from the
addition of two or three qualified trustees that have a meaningful
ownership stake in the future of the Company and/or bring real
estate expertise to the deliberations of the Board.
In light of Eychaner's concurrence with the views expressed at the
meeting, a letter was sent to the Company, which was also signed on
behalf of certain of the other shareholders in attendance, to
request that it and the other signatories be advised as to the
Company's plans with respect to the nomination of new trustees at
the upcoming annual meeting and as to whether and how the
nominating committee intends to address the concerns raised at the
meeting. A copy of the letter is filed as Exhibit 1 hereto.
Eychaner is hopeful that the concerns expressed at the meeting can
be addressed in a fair and constructive manner, which is in the
best interests of all shareholders. Accordingly, Eychaner intends
to wait for, and thereafter evaluate, the Company's response before
considering whether or not to pursue other alternatives in
connection with the 1995 Annual Meeting.
Item 5. Interest in Securities of the Issues
(a) Eychaner beneficially owns 355,400 Shares representing 6.14% of
the outstanding Shares.
(b) Eychaner has the sole power to vote and the sole power to
dispose of 355,300 Shares. Eychaner has the shared power to vote
and the shared power to dispose of 100 Shares. Newsweb Corporation
has the sole power to dispose of -0- Shares. Newsweb has the
shared power to vote and the shared power to dispose of 100 Shares.
(c) Eychaner purchased (i) 10,000 shares on March 9, 1995 at a
price of $10-5/8 per share for a total consideration of
$106,252.50; (ii) 12,800 shares on March 24, 1995 at a price of
$10-11/16 per share for a total consideration of $136,802.50; (iii)
5,000 shares on May 4, 1995 at a price of $11-5/8 per share for a
total consideration of $58,125; (iv) 2,000 shares on May 24, 1995
at a price of $12 per share for total consideration of $24,002.50
and (v) 2,000 shares on May 26, 1995 at a price of $12 per share
for total consideration of $24,002.50.
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of
such securities.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the
persons named in Item 2 hereof or between such persons and any
other person with respect to any securities of the Company,
including but not limited to transfer or voting of any other
securities, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, divisions of
profits or loss, or the giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits
A copy of the letter sent to the Company, as described under Item
4, is attached hereto as Exhibit 1.
Signatures
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this Agreement
is true, complete and correct.
Date: June 16, 1995
/s/ FRED EYCHANER
- --------------------
Fred Eychaner
NEWSWEB CORPORATION
/s/ FRED EYCHANER
- --------------------
Fred Eychaner, President
EXHIBIT 1
June 15, 1995
Mr. Charles R. Gardner
President
The Chicago Dock & Canal
Trust Company
455 East Illinois Street
Suite 565
Chicago, Illinois 60611
Dear Mr. Gardner:
Each of us recently were at a meeting in New York which was also
attended by several other of the Company's largest shareholders or
their representatives at which there was a general discussion about
the Company. During these discussions, there was concern voiced
with respect to the performance of the Company and its stock, as
well as the composition of the Board of Trustees.
In particular, concern was expressed, in light of the Company's
performance, that the composition of the Board of Trustees
presently does not appear to be representative of the Company's
shareholder base. As you know, four or five shareholders, none of
which is represented on the Board of Trustees, beneficially own in
excess of 40% of the outstanding shares. At the meeting, there was
also discussion as to the potential benefits to the Company that
might result from the addition of two or three qualified trustees
that have a meaningful ownership stake in the future of the Company
and/or bring real estate expertise to the deliberations of the
Board.
In light of the foregoing, each of the undersigned has respectively
decided to send this letter to request that each of the undersigned
be advised as to the Company's plans with respect to the nomination
of new trustees at the upcoming annual meeting and as to whether
and how the nominating committee intends to address the concerns
raised at the recent meeting in New York. If the Company is
seriously interested in being responsive to these concerns, each of
the undersigned would be available, and is confident that other
significant shareholders would be similarly available, to assist in
the selection process, as well as to meet with you, the chairman of
the nominating committee and any other trustees who wish to attend.
Given the importance of these matters, the undersigned would
appreciate hearing from the Company as soon as possible so that
each of us may separately evaluate, if necessary, our respective
alternatives well in advance of the annual meeting.
Sincerely,
Cowen Asset Management Private Capital Management, Inc.
By: William R. Church By: Bruce S. Sherman
Management Director and President
Chief Investment Officer
Fred Eychaner
cc: Members of the Board
of Trustees
