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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 RAYMOND CORPORATION
(Name of Issuer)
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Common Stock, Par Value $1.50
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(Title of Class of Securities)
754688-10-9
-------------------
(CUSIP Number)
Jeffrey E. Schwarz
Metropolitan Capital Advisors, Inc.
660 Madison Avenue
New York, NY 10021
(212) 486-8100
-with copies to-
Joseph F. Mazzella, Esq.
Lane Altman & Owens LLP
101 Federal Street
Boston, Massachusetts 02110
(617) 345-9800
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
March 24, 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 [ ].
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 13-d(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).
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CUSIP No. 754688-10-9 13D Page 2 of 14 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Metropolitan Capital Advisors, Inc.
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* 00
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization New York
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 2,572,684
--------------------------------------------------
(9) Sole Dispositive 0
Power
--------------------------------------------------
(10) Shared Dispositive
Power 488,800
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,572,684
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* /x/
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(13) Percent of Class Represented by Amount in Row (11) 24.27%
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(14) Type of Reporting Person* CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 754688-10-9 13D Page 3 of 14 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
KJ Advisors, Inc.
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* 00
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization New York
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 155,400
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(9) Sole Dispositive 0
Power
--------------------------------------------------
(10) Shared Dispositive
Power 155,400
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 155,400
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11) 1.47%
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(14) Type of Reporting Person* CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 754688-10-9 13D Page 4 of 14 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Metropolitan Capital III, Inc.
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* 00
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization New York
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 139,000
--------------------------------------------------
(9) Sole Dispositive 0
Power
--------------------------------------------------
(10) Shared Dispositive
Power 139,000
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 139,000
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11) 1.31%
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(14) Type of Reporting Person* CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 754688-10-9 13D Page 5 of 14 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Jeffrey E. Schwarz
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* None
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization U.S.A
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 2,572,684
--------------------------------------------------
(9) Sole Dispositive 0
Power
--------------------------------------------------
(10) Shared Dispositive
Power 783,200
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,572,684
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* /x/
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(13) Percent of Class Represented by Amount in Row (11) 24.27%
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(14) Type of Reporting Person* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 754688-10-9 13D Page 6 of 14 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Karen Finerman
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* None
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization U.S.A.
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 2,572,684
--------------------------------------------------
(9) Sole Dispositive 0
Power
--------------------------------------------------
(10) Shared Dispositive
Power 783,200
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,572,684
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* /x/
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(13) Percent of Class Represented by Amount in Row (11) 24.27%
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(14) Type of Reporting Person*
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 754688-10-9 13D Page 7 of 14 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Robert F. Lietzow, Jr.
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds* PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization U.S.A.
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Number of Shares (7) Sole Voting
Beneficially Owned Power 13,000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive 13,000
Power
--------------------------------------------------
(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 13,000
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(12) Check 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%
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(14) Type of Reporting Person* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO. 754688-10-9 Page 8 of 14
THIS AMENDMENT NO. 1 RELATES TO THE SCHEDULE 13D ORIGINALLY FILED ON BEHALF
OF THE REPORTING PERSONS WITH THE SECURITIES AND EXCHANGE COMMISSION ON
FEBRUARY 18, 1997. THE TEXTS OF ITEMS 4 AND 7 OF SAID SCHEDULE 13D ARE HEREBY
AMENDED AS FOLLOWS:
ITEM 4. PURPOSE OF THE TRANSACTION
On February 18, 1997, Metropolitan Capital notified the Issuer that it,
and affiliates, had acquired approximately 7.5% of the Issuer's Common Stock,
and had entered into Voting Agreements pursuant to which Metropolitan Capital
had acquired the right to vote an additional 16.8% of the Issuer's Common
Stock. At such time, Metropolitan Capital also advised the Issuer of its
view that sale or merger of the Issuer should be actively explored as the
means to attain the highest value available for shareholders. Finally,
Metropolitan Capital requested a meeting with management and stated that,
pending the results of such meeting, it intended to seek the expansion of the
Board of Directors to thirteen and election of six of its nominees to the
Board of Directors at the Issuer's Annual Meeting to be held on May 3, 1997.
As of the date hereof, Metropolitan Capital has not met with management,
but has communicated with the Issuer's Board of Directors and Managment
regarding prospects for sale or merger of the Issuer, has provided the Issuer
with information regarding potential acquirors and has discussed with the
Issuer the timing and process for soliciting and evaluating offers from such
persons. By letter dated March 24, 1997 (attached hereto as Exhibit E),
Metropolitan Capital agreed to the rescheduling of the Issuer's Annual
Meeting from May 3, 1997, to June 2, 1997, to enable a Special Committee of
Directors the time necessary to solicit and evaluate such proposals.
Metropolitan Capital further stated that its agreement is based upon
assurances given by the Issuer, and its Board of Directors, that a program to
achieve the maximization of shareholder value has been actively undertaken,
and that Lehman Brothers has been retained to assist in the value
maximization process.
Metropolitan Capital has also restated to the Issuer that, unless
otherwise advised by Metropolitan Capital, Metropolitan Capital's nominees
and its proposed By-law amendment to expand the Board to thirteen, should be
business brought before shareholders at the Annual Meeting on June 2, 1997.
Metropolitan Capital currently expects that its decision whether to solicit
proxies in favor of its nominees, and such By-law proposal, may not be made
until the end of April, 1997, and will be made, in part, based upon the
Special Committee's progress in pursuing alternatives for maximizing
shareholder value. Such decision may be made earlier, or later to the extent
the Annual Meeting schedule permits, based upon Metropolitan Capital's
evaluation of the steps being taken or contemplated by the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit E. Letter to Issuer from Metropolitan Capital dated March 24, 1997.
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CUSIP NO. 754688-10-9 Page 9 of 14
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
Metropolitan Capital Advisors, Inc.
By: /s/ Jeffrey E. Schwarz
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Jeffrey E. Schwarz, Chief Executive Officer
Dated as of: March 24, 1997
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CUSIP NO. 754688-10-9 Page 10 of 14
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
KJ Advisors, Inc.
By: /s/ Jeffrey E. Schwarz
-------------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
Dated as of: March 24, 1997
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CUSIP NO. 754688-10-9 Page 11 of 14
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
Metropolitan Capital III, Inc.
By: /s/ Jeffrey E. Schwarz
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Jeffrey E. Schwarz, Chief Executive Officer
Dated as of: March 24, 1997
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CUSIP NO. 754688-10-9 Page 12 of 14
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
By: /s/ Jeffrey E. Schwarz
-------------------------------------------
Jeffrey E. Schwarz
Dated as of: March 24, 1997
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CUSIP NO. 754688-10-9 Page 13 of 14
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct. This statement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which shall constitute
one (1) instrument.
By: /s/ Karen Finerman
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Karen Finerman
Dated as of: March 24, 1997
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CUSIP NO. 754688-10-9 Page 14 of 14
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct. This statement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which shall constitute
one (1) instrument.
By: /s/ Robert F. Lietzow, Jr.
-------------------------------------------
Robert F. Lietzow, Jr.
Dated as of: March 24, 1997
