SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 8 to
SCHEDULE 13D
Under the Securities Exchange Act of 1934
The Leslie Fay Company Inc.
---------------------------
(Name of Issuer)
Common Stock, $ .01 par value
(Title of Class of Securities)
527016109
---------
(CUSIP Number)
Abbe L. Dienstag, Esq.
Kramer, Levin, Naftalis & Frankel
919 Third Avenue
New York, New York 10022
(212) 715-9100
--------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
March 9, 1999
---------------
(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: |_|
Page 1 of 11 pages
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 2 of 11 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN & CO., L.P. 13-3321472
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
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
DELAWARE
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 1,821,838 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 1,821,838 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,821,838 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|X|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.2% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- 2 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 3 of 11 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN FOCUS FUND L.P. 13-3746015
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
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
DELAWARE
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 295,226 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 295,226 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
295,226 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|X|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- 3 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 4 of 11 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN INTERNATIONAL LIMITED
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
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
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 326,780 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 326,780 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
326,780 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |X|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.4% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- 4 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 5 of 11 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN PARTNERS, L.P. 13-3544838
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
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
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 2,117,064 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 2,117,064 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,117,064 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |X|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.0% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- 5 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 6 of 11 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DICKSTEIN PARTNERS INC. 13-3537972
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
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
Not Applicable
NUMBER
OF 8) SHARED VOTING POWER
SHARES 2,443,844 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH Not Applicable
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH 2,443,844 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,443,844 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |X|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.5% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- 6 -
<PAGE>
SCHEDULE 13D
CUSIP No. 527016109 Page 7 of 11 Pages
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MARK DICKSTEIN
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) SEE ITEM 5
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
PF, 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
82,000
NUMBER
OF 8) SHARED VOTING POWER
SHARES 2,443,844 (See Item 5)
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH 82,000
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
2,443,844 (See Item 5)
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,525,844 (See Item 5)
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |X|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41.8% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- 7 -
<PAGE>
Amendment No. 8 to
Schedule 13D
This amends the Schedule 13D dated August 15, 1997 (the "Schedule
13D"), as amended by Amendment No. 1 dated August 21, 1997, Amendment No. 2
dated August 28, 1997, Amendment No. 3 dated September 5, 1997, Amendment No. 4
dated September 10, 1997, Amendment No. 5 dated September 19, 1997, Amendment
No. 6 dated September 24, 1997 and Amendment No. 7 dated November 10, 1997 filed
by Dickstein & Co., L.P. ("Dickstein & Co."), Dickstein Focus Fund L.P.
("Dickstein Focus"), Dickstein International Limited ("Dickstein
International"), Dickstein Partners, L.P. ("Dickstein Partners"), Dickstein
Partners Inc. ("Dickstein Inc.") and Mark Dickstein with respect to the Common
Stock, $.01 par value (the "Common Stock"), of The Leslie Fay Company, Inc., a
Delaware corporation (the "Company"). Notwithstanding this Amendment No. 8, the
Schedule 13D speaks as of its date. Capitalized terms used without definition
have the meanings ascribed to them in the Schedule 13D.
I. Item 4 of the Schedule 13D "Purpose of Transaction," is amended by
adding the following paragraph:
Dickstein Partners Inc. has proposed to the Company that the Company
offer to exchange up to 2,500,000 shares of Common Stock, or approximately 41%
of the outstanding shares, for debt securities of the Company expected to be
valued on a per share basis in excess of the current trading price of the Common
Stock. The exchange offer would replace the Company's existing stock buyback
program, which would be terminated under the Dickstein Partners Inc. proposal.
The purpose of the exchange offer would be to enhance stockholder value and
create liquidity for stockholders in their holdings of Company securities. The
Reporting Persons expect that they would participate in such an exchange offer,
but anticipate that they would remain substantial stockholders of the Company
following consummation of the offer.
II. Item 5(a) of the Schedule 13D "Interest in Securities of the
Issuer" is amended and restated in its entirety as follows:
"(a) The Reporting Persons beneficially own an aggregate of 2,525,844
shares of Common Stock, representing approximately 41.8% of the Common Stock
outstanding. Dickstein & Co. owns 1,821,838 of such shares, representing
approximately 30.2% of the Common Stock outstanding, Dickstein Focus owns
295,226 of such shares, representing approximately 4.9% of the Common Stock
outstanding, Dickstein International owns 326,780 of such shares, representing
approximately 5.4% of the Common Stock outstanding, and Mark Dickstein owns
82,000 of such shares, representing approximately 1.4% of the Common Stock
outstanding. 1 The Common Stock was issued pursuant to the Issuer's Amended
Joint Plan of Reorganization (the "POR") dated December 5, 1996. The POR was
consummated on June 4, 1997.
- --------
1 Percentages are based upon 6,041,138 shares of Common Stock reported
outstanding as of January 2, 1999 in the Company's press release issued March 8,
1999. All share amounts and related data reflect a two-for-one split of the
Common Stock distributed on July 1, 1998.
-8-
<PAGE>
As described in prior amendments to this Schedule 13D, on August 20,
1997, certain of the Reporting Persons agreed to purchase from a third party
(the "Seller")an aggregate of up to 267,990 shares of Common Stock at a price of
$3.915 per share (including commission) in a negotiated transaction. The
purchase of 44,564 shares settled on November 3, 1997 through November 5, 1997.
Of these shares, 31,594 were purchased by Dickstein & Co., 5,654 were purchased
by Dickstein Internaional and 7,316 were purchased by Dickstein Focus. The
shares that have settled are included in the percentages stated above as shares
beneficially owned by the Reporting Persons. The purchase of the remaining
223,426 shares is contingent upon the issuance of the shares to a counterparty
of the Seller, which will depend upon resolution of certain pre- petition claims
in the Company's bankruptcy reorganization ("Pre-Petition Claims"). Of the
remaining shares, up to 158,396 shares would be acquired by Dickstein & Co., up
to 28,346 shares would be acquired by Dickstein International and up to 36,684
shares would be acquired by Dickstein Focus. These shares are not included in
the percentages stated above.
As described in prior amendments to the Schedule 13D, on September 2,
1997, certain of the Reporting Persons agreed to purchase from the Seller an
aggregate of up to 60,396 shares of Common Stock at a price of $5.54 per share
(including commission) in a negotiated transaction. The purchase of 9,930 shares
settled on November 3, 1997. Of these shares 6,970 were purchased by Dickstein &
Co., 1,250 were purchased by Dickstein International and 1,710 were purchased by
Dickstein Focus. The shares that have settled are included in the percentages
stated above as shares beneficially owned by the Reporting Persons. The purchase
of the remaining 50,466 shares is contingent upon the issuance of the shares to
a counterparty of the Seller, which will depend upon resolution of certain Pre-
Petition Claims. Of the remaining shares, up to 35,426 shares would be acquired
by Dickstein & Co., up to 6,350 shares would be acquired by Dickstein
International and up to 8,690 shares would be acquired by Dickstein Focus. These
shares are not included in the percentages stated above.
- 9 -
<PAGE>
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Date: March 10, 1999
DICKSTEIN & CO., L.P.
By: Alan Cooper, as Vice President of Dickstein
Partners Inc., the general partner of Dickstein
Partners, L.P., the general partner of Dickstein &
Co., L.P.
/s/ Alan Cooper
--------------------
Name: Alan Cooper
DICKSTEIN FOCUS FUND L.P.
By: Alan Cooper, as Vice President of Dickstein
Partners Inc., the general partner of Partners,
L.P., the general partner of Dickstein Focus Fund
L.P.
/s/ Alan Cooper
--------------------
Name: Alan Cooper
DICKSTEIN INTERNATIONAL LIMITED
By: Alan Cooper, as Vice President of Dickstein
Partners Inc., the agent of Dickstein
International Limited
/s/ Alan Cooper
--------------------
Name: Alan Cooper
DICKSTEIN PARTNERS, L.P.
By: Alan Cooper, as Vice President of Dickstein
Partners Inc., the general partner of Dickstein
Partners, L.P.
/s/ Alan Cooper
--------------------
Name: Alan Cooper
- 10 -
<PAGE>
DICKSTEIN PARTNERS INC.
By: Alan Cooper, as Vice President
/s/ Alan Cooper
--------------------
Name: Alan Cooper
Mark Dickstein
/s/ Mark Dickstein
---------------------
Name: Mark Dickstein
- 11 -
