UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 2
SPRECKELS INDUSTRIES, INC.
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(Name of Issuer)
Class A Common Stock, $0.01 Par Value
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(Title of Class of Securities)
849416-20-1
---------------------------------------------
(CUSIP Number)
Jeffrey Schwarz
Metropolitan Capital Advisors, Inc.
660 Madison Avenue
20th Floor
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)
July 11, 1996
------------------------------------------------------
(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).
<PAGE>
SCHEDULE 13D
CUSIP NO. 849416-20-1 PAGE 2 OF 16 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Bedford Falls Investors, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [X]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC, OO
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization Delaware
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Number of 7 Sole Voting Power 590,836
Shares ___________________________________________________________
Beneficially 8 Shared Voting Power 0
Owned by ___________________________________________________________
Each 9 Sole Dispositive Power 590,836
Reporting ___________________________________________________________
Person With 10 Shared Dispositive Power 0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 590,836
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12 Check Box 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) 9.4%
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14 Type of Reporting Person* PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 849416-20-1 PAGE 3 OF 16 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital Advisors, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [X]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization Delaware
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Number of 7 Sole Voting Power 0
Shares ___________________________________________________________
Beneficially 8 Shared Voting Power 590,836
Owned by ___________________________________________________________
Each 9 Sole Dispositive Power 0
Reporting ___________________________________________________________
Person With 10 Shared Dispositive Power 590,836
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 590,836*
*as General Partner of Bedford Falls Investors, L.P.
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12 Check Box 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) 9.4%
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14 Type of Reporting Person* PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 849416-20-1 PAGE 4 OF 16 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital Advisors, Inc.
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2 Check the Appropriate Box if a Member of a Group* (a) [X]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization Delaware
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Number of 7 Sole Voting Power 67,897
Shares ___________________________________________________________
Beneficially 8 Shared Voting Power 590,836
Owned by ___________________________________________________________
Each 9 Sole Dispositive Power 67,897
Reporting ___________________________________________________________
Person With 10 Shared Dispositive Power 590,836
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 658,733
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12 Check Box 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) 10.45%
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14 Type of Reporting Person* CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 849416-20-1 PAGE 5 OF 16 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person Jeffrey E. Schwarz
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2 Check the Appropriate Box if a Member of a Group* (a) [X]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization USA
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Number of 7 Sole Voting Power 0
Shares ___________________________________________________________
Beneficially 8 Shared Voting Power 658,733
Owned by ___________________________________________________________
Each 9 Sole Dispositive Power 0
Reporting ___________________________________________________________
Person With 10 Shared Dispositive Power 658,733
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 658,733
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12 Check Box 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) 10.45%
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14 Type of Reporting Person* IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 849416-20-1 PAGE 6 OF 16 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person Karen Finerman
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2 Check the Appropriate Box if a Member of a Group* (a) [X]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization USA
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Number of 7 Sole Voting Power 0
Shares ___________________________________________________________
Beneficially 8 Shared Voting Power 658,733
Owned by ___________________________________________________________
Each 9 Sole Dispositive Power 0
Reporting ___________________________________________________________
Person With 10 Shared Dispositive Power 658,733
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 658,733
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12 Check Box 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) 10.45%
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14 Type of Reporting Person* IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 849416-20-1 PAGE 7 OF 16 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Robert F. Lietzow, Jr.
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2 Check the Appropriate Box if a Member of a Group* (a) [X]
(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 Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization USA
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Number of 7 Sole Voting Power 8,000
Shares ___________________________________________________________
Beneficially 8 Shared Voting Power 0
Owned by ___________________________________________________________
Each 9 Sole Dispositive Power 8,000
Reporting ___________________________________________________________
Person With 10 Shared Dispositive Power 0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 8,000
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12 Check Box 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) 0.13%
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14 Type of Reporting Person* IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP NO. 849416-20-1 PAGE 8 OF 16 PAGES
THIS AMENDMENT NO. 2 RELATES TO THE SCHEDULE 13D ORIGINALLY FILED WITH THE
COMMISSION ON NOVEMBER 30, 1995 AND AMENDED AS OF MAY 15, 1996, FILED JOINTLY ON
BEHALF OF BEDFORD FALLS INVESTORS, L.P. AND CERTAIN OTHER REPORTING PERSONS. THE
TEXT OF ITEMS 4, 5 AND 6 OF SAID SCHEDULE 13D IS AMENDED AS INDICATED HEREIN.
ALL CAPITALIZED TERMS USED HEREIN WITHOUT DEFINITION SHALL HAVE THE SAME MEANING
AS SET FORTH IN SAID SCHEDULE 13D DATED NOVEMBER 30, 1995.
ITEM 4. PURPOSE OF THE TRANSACTION
The information set forth below supplements the information previously
set forth in Item 4.
The Reporting Persons in mid-June 1996 proposed to the Issuer a meeting
of Issuer management and substantial shareholders for the purpose of discussing
the Company's business strategy and prospects, including possible sale or merger
of the Company or other extraordinary corporate transaction. After discussing
with the Reporting Persons the possibility of such a meeting, Issuer's
management rejected the Reporting Persons' proposal and stated that Company
management would determine the appropriate forum and timing for any possible
shareholder meetings.
By letter dated July 11, 1996, Bedford Falls Investors, L.P. gave
notice to the Issuer of its intention to nominate six candidates for election at
the Issuer's next stockholder meeting. Such nominations were made for the
purpose of electing a majority of the Company's Board of Directors and with the
further purpose of causing the Company to take steps to more fully explore and
consider all strategic alternatives for maximizing shareholder value, including
extraordinary corporate transactions such as a sale or merger. Bedford Falls
Investors, L.P. therein nominated Jeffrey E. Schwarz, Robert F. Lietzow, Jr.,
Lawrence E. Golub, Joseph F. Mazzella, Michael P. Fleischer and Jonathan G. Guss
(the "Nominees"). Messrs. Schwarz and Lietzow are officers of Metropolitan
Capital Advisors, Inc., a Reporting Person which is the corporate general
partner of Metropolitan Capital Advisors, L.P., a Reporting Person which is the
general partner of Bedford Falls Investors, L.P. Additional or different
nominations for candidates may, in the future, be made by the Reporting Persons.
Also, by letter dated June 3, 1996, Bedford Falls Investors, L.P.
submitted to the Issuer a proposal and supporting statement to be considered by
shareholders at the next Stockholders Meeting. The text of the proposal is as
follows:
"That the shareholders of Yale International, Inc. ("Yale" or the
"Company") hereby request that the Board of Directors initiate and
complete the steps necessary to achieve a sale of the Company on terms
that will maximize and realize shareholder value as promptly as
possible".
Adoption of the Reporting Persons shareholder proposal, or election of
the Nominees, may result in material changes in the Issuer's business or
corporate structure, including sale of the Company, sale of its assets, a merger
or reorganization or other extraordinary corporate transaction or a de-listing
of the Issuer's securities.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The beneficial ownership of each of the Reporting Persons of Common
Stock of the Issuer as of the date hereof is unchanged from that previously set
forth in Item 5, except as follows:
(i) Intentionally omitted.
(ii) Intentionally omitted.
(iii) Metropolitan Capital Advisors, Inc. has purchased no shares of
Common Stock of the Issuer solely for its own account;
however, Metropolitan Capital Advisors, Inc. does have voting
and/or dispositive power with respect to all shares of Common
Stock of the Issuer in a Managed Account
<PAGE>
CUSIP NO. 849416-20-1 PAGE 9 OF 16 PAGES
pursuant to the terms of a certain investment advisory
agreement between it and the Managed Account. Thus, by
virtue of its discretionary trading authority over assets held
in a Managed Account, Metropolitan Capital Advisors, Inc. may
be deemed the beneficial owner of 67,897 shares of Common
Stock of the Issuer held by the Managed Account, including
6,000 shares purchased on July 11, 1996 at a price of $15.50
per share, 31,097 of which may be acquired upon exercise of
currently exercisable Warrants and 36,800 of which have been
acquired directly in open market transactions.
In addition to the above, by reason of its position as General
Partner of Metropolitan Capital Advisors, L.P., Metropolitan
Capital Advisors, Inc. may be deemed to have shared voting and
dispositive power over the 294,600 shares of Common Stock of
the Issuer and the 296,236 Warrants owned by Bedford Falls
Investors, L.P. Accordingly, Metropolitan Capital Advisors,
Inc. may be deemed the beneficial owner of an aggregate
658,733 shares representing 10.45% of the Common Stock of the
Issuer.
(iv) Jeffrey Schwarz may be deemed the beneficial owner of 658,733
shares (10.45%) of the Common Stock of the Issuer, of which
296,236 are represented by currently exercisable warrants, as
a result of his being a director, executive officer and
controlling stockholder of Metropolitan Capital Advisors, Inc.
Jeffrey Schwarz does not beneficially own any shares of Common
Stock of the Issuer other than through such positions.
(v) Karen Finerman may be deemed the beneficial owner of 658,733
shares (10.45%) of the Common Stock of the Issuer,of which
296,236 are represented by currently exersisable warrants as a
result of her being a director and executive officer of
Metropolitan Capital Advisors, Inc. Karen Finerman does not
beneficially own any shares of Common Stock of the Issuer
other than through such positions.
(vi) Intentionally omitted.
In addition to the shares of Common Stock described above, each of the
Reporting Persons may be deemed to be the beneficial owner of shares of Class A
Common Stock beneficially owned by other Nominees, for the reasons described in
Item 6 hereto, in the following accounts: Lawrence E. Golub (Warrants for 46,667
shares acquired on November 30, 1995); Michael P. Fleisher (5,750 shares
acquired on July 11, 1996); Joseph F. Mazzella (1,500 shares acquired on July
11, 1996); and Jonathan G. Guss (5,750 shares acquired on July 11, 1996). The
Reporting Persons disclaim beneficial ownership of such shares.
The number of shares beneficially owned and the percentage of
outstanding shares represented thereby, for each of the Reporting Persons, have
been computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The percentages of ownership described above are based on the
outstanding shares of Class A Common Stock of the Issuer reported in the
Issuer's Quarterly Report on Form 10-Q for the quarter ended March 31, 1996.
(b) Bedford Falls Investors, L.P. (the "Partnership") has the sole power to
vote or to dispose of or to direct the voting or to direct the disposition of
the Common Stock of the Issuer beneficially owned by it. Such voting and
dispositive power may be exercised on behalf of Bedford Falls Investors, L.P. by
its General Partner, Metropolitan Capital Advisors, L.P., which acts through its
corporate general partner, Metropolitan Capital Advisors, Inc. Jeffrey Schwarz
and Karen Finerman are the sole directors, officers and, with respect to Mr.
Schwarz, controlling stockholder of Metropolitan Capital Advisors, Inc.
Accordingly, Jeffrey Schwarz and Karen Finerman may be deemed to each have
shared voting and dispositive power over 590,836 shares of the Common Stock of
the Issuer beneficially owned by the Partnership.
By virtue of their positions with Metropolitan Capital Advisors, Inc.,
Jeffrey Schwarz and Karen Finerman each may be deemed to have voting and
dispositive power over the 67,897 shares of the Common Stock beneficially owned
by a Managed Account. Pursuant to a written agreement governing the Managed
Account, such power is sole with respect to all of such shares.
<PAGE>
CUSIP NO. 849416-20-1 PAGE 10 OF 16 PAGES
Robert F. Lietzow has sole voting and dispositive power over the 8,000
shares of common stock beneficially owned by him.
(c) Except as stated above, no transactions in the class of Securities
reported on herein have been effected by any of the Reporting Persons in the
past sixty (60) days.
(d) Not Applicable.
(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO THE SECURITIES OF THE ISSUER.
The Nominees described in Item 4 above, by virtue of their consent given to
Bedford Falls Investors, L.P. to be named as candidates for election to the
Issuer's Board of Directors, and to act together to influence control over the
Issuer, may be considered to have formed a "group" with the Reporting Persons
for purposes of Section 13(d) under the Securities and Exchange Act of 1934, and
the rules thereunder. The existence of a group for any purpose, other than the
purposes set forth above, is disclaimed by the Reporting Persons. In addition,
though no written agreement exists, it is the understanding among the Nominees
and the Reporting Persons that each will vote shares beneficially owned by them
in support of each and all of the Nominees.
Bedford Falls Investors, L.P. has agreed to indemnify each of the Nominees
against all expenses, costs and other liabilities which may arise as a result of
their serving as candidates for election as Directors of the Issuer. No other
arrangements regarding guarantees of profits, options or similar understandings
have been entered into or exist.
<PAGE>
CUSIP NO. 849416-20-1 PAGE 11 OF 16 PAGES
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.
BEDFORD FALLS INVESTORS, L.P.
By: Metropolitan Capital Advisors, L.P.
Its Sole General Partner
By: Metropolitan Capital Advisors, Inc.
Its Sole General Partner
By: /s/ Karen Finerman
-----------------------------
Karen Finerman, President
Dated as of: July 12, 1996
<PAGE>
CUSIP NO. 849416-20-1 PAGE 12 OF 16 PAGES
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, L.P.
By: Metropolitan Capital Advisors, Inc.
By: /s/ Karen Finerman
-------------------------
Karen Finerman, President
Dated as of: July 12, 1996
<PAGE>
CUSIP NO. 849416-20-1 PAGE 13 OF 16 PAGES
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/ Karen Finerman
------------------------------
Karen Finerman, President
Dated as of: July 12, 1996
<PAGE>
CUSIP NO. 849416-20-1 PAGE 14 OF 16 PAGES
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.
/s/ Jeffrey Schwarz
--------------------------
Jeffrey Schwarz
Dated as of: July 12, 1996
<PAGE>
CUSIP NO. 849416-20-1 PAGE 15 OF 16 PAGES
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.
/s/ Karen Finerman
---------------------------
Karen Finerman
Dated as of: July 12, 1996
<PAGE>
CUSIP NO. 849416-20-1 PAGE 16 OF 16 PAGES
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.
/s/ Robert F. Lietzow, Jr.
---------------------------------
Robert F. Lietzow, Jr.
Dated as of: July 12, 1996
