SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)(1)
PLM INTERNATIONAL, INC.
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(Name of issuer)
COMMON STOCK, $.01 PAR VALUE
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(Title of class of securities)
69341L106
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
August 4, 1997
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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(b)(3) or (4), check the following box
o.
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.
(Continued on following pages)
(Page 1 of 7 Pages)
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1 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 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>
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CUSIP No. 69341L106 13D Page 2 of 7 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
STEEL PARTNERS II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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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 OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,125,900
OWNED BY
EACH
REPORTING
PERSON WITH
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8 SHARED VOTING POWER
-0-
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9 SOLE DISPOSITIVE POWER
1,125,900
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,125,900
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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)
12.3%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 69341L106 13D Page 3 of 7 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
WARREN LICHTENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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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 OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,125,900
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
- 0 -
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,125,900
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10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,125,900
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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)
12.3%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 69341L106 13D Page 4 of 7 Pages
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This constitutes Amendment No. 3 ("Amendment No. 3") to the Schedule
13D filed by the undersigned (the "Schedule 13D"). This Amendment No. 3
supplements the Schedule 13D as specifically set forth.
Item 3 is amended in its entirety to read as follows:
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate purchase price of the 1,125,900 Shares of Common Stock
owned by Steel Partners II is $5,670,413. The Shares of Common Stock owned by
Steel Partners II were acquired with partnership funds.
Item 4 is amended in its entirety to read as follows:
Item 4. Purpose of Transaction.
The Reporting Persons purchased the Shares of the Issuer based on the
Reporting Persons' belief that the Shares at current market prices are
undervalued and represent an attractive investment opportunity. Depending upon
overall market conditions, other investment opportunities available to the
Reporting Persons, and the availability of Shares at prices that would make the
purchase of additional Shares desirable, the Reporting Persons may endeavor to
increase their position in the Issuer through, among other things, the purchase
of Shares on the open market or in private transactions, on such terms and at
such times as the Reporting Persons may deem advisable.
The Reporting Persons have had discussions with the Issuer and intend
to have future discussions with the Issuer about the business operations of the
Issuer and ways to enhance stockholder value. The Reporting Persons intend to
actively monitor efforts by management to increase stockholder value. The
Reporting Persons may also in the future propose certain matters for
consideration and approval by the Issuer's stockholders. The Reporting Persons
may also decide in the future, should the Issuer's Shares continue to be
undervalued, to propose a transaction with the Issuer whereby the Reporting
Persons would seek to acquire control of the Issuer in a negotiated transaction
or otherwise. Should the Issuer's Shares continue to be undervalued, the
Reporting Persons also may seek in the future to have one or more of its
representatives appointed to the Board of Directors of the Issuer, by agreement
with the Issuer or otherwise, including by running its own slate of nominees at
an annual or special meeting of the Issuer.
No Reporting Person has any present plan or proposal which would relate
to or result in any of the matters set forth in subparagraphs (a) - (j) of Item
4 of Schedule 13D except as set
<PAGE>
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CUSIP No. 69341L106 13D Page 5 of 7 Pages
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forth herein or such as would occur upon completion of any of the actions
discussed above. Steel Partners II intends to review its investment in the
Issuer on a continuing basis and, depending on various factors including,
without limitation, the Issuer's financial position and investment strategy, the
price levels of the Common Stock, conditions in the securities markets and
general economic and industry conditions, may in the future take such actions
with respect to its investment in the Issuer as it deems appropriate including,
without limitation, purchasing additional Shares of Common Stock or selling some
or all of its Shares or to change its intention with respect to any and all
matters referred to in Item 4.
Items 5(a) and 5(c) are amended in their entirety to read as follows:
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of Shares of Common Stock reported owned
by each person named herein is based upon 9,184,884 Shares outstanding, which is
the total number of Shares of Common Stock outstanding as reported in the
Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30,
1997.
As of the close of business on August 4, 1997, Steel Partners II
beneficially owned 1,125,900 Shares of Common Stock, constituting approximately
12.3% of the Shares outstanding. Mr. Lichtenstein may be deemed to beneficially
own all shares owned by Steel Partners II by virtue of his authority to vote and
dispose of such Shares. All of such Shares were acquired in open-market
transactions.
(c) Schedule A annexed hereto lists all transactions in the Issuer's
Common Stock in the last sixty days by the Reporting Persons.
<PAGE>
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CUSIP No. 69341L106 13D Page 6 of 7 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 5, 1997 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
General Partner
By:/s/ Warren G. Lichtenstein
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Warren G. Lichtenstein,
Chief Executive Officer
/s/ Warren G. Lichtenstein
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` WARREN G. LICHTENSTEIN
<PAGE>
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CUSIP No. 69341L106 13D Page 7 of 7 Pages
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SCHEDULE A
Transactions in the Shares Within the Past 60 Days
Shares of Common Price Per Date of
Stock Purchased Share Purchase
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STEEL PARTNERS II, L.P.
9,000 5.76122 6/9/97
35,900 5.75560 6/10/97
21,500 5.79330 6/11/97
6,100 5.67000 6/13/97
15,500 5.81571 6/16/97
3,300 5.67000 6/23/97
1,000 5.67000 7/3/97
8,500 5.67000 7/7/97
5,000 5.60750 7/8/97
13,500 5.63759 7/21/97
2,600 5.63870 7/29/97
5,900 5.60750 7/31/97
5,900 5.62339 8/1/97
232,400 5.91500 8/4/97
WARREN LICHTENSTEIN
None.
