<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(a)
AAON, INC.
(NAME OF ISSUER)
COMMON STOCK, $.004 PAR VALUE PER SHARE
(TITLE OF CLASS OF SECURITIES)
000360206
(CUSIP NUMBER)
STEVEN A. VAN DYKE
TOWER INVESTMENT GROUP, INC.
BAY HARBOUR MANAGEMENT, L.C.
777 SOUTH HARBOUR ISLAND BOULEVARD, SUITE 270
TAMPA, FLORIDA 33602
(813) 272-1992
DOUGLAS P. TEITELBAUM
885 Third Avenue
34th Floor
New York, New York 10022
(212) 371-2211
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
October 27, 1998
(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(e), 13d-1(f) or 13d-1(g), check the
following box. [X]
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on the following pages)
(Page 1 of 9 Pages)
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<TABLE>
<S> <C> <C>
CUSIP No. 000360206 13D Page 2 of 9 Pages
</TABLE>
<TABLE>
<S> <C>
1 NAME OF REPORTING PERSON Steven A. Van Dyke
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO, PF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION United States
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Number of
Shares 7 SOLE VOTING POWER -0-
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Beneficially 8 SHARED VOTING POWER 770,500
Owned by
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Each Reporting 9 SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 770,500
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
770,500
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4%
- ---------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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<S> <C>
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CUSIP No. 000360206 13D Page 3 of 9 Pages
- --------------------------------- ------------------------------------
</TABLE>
<TABLE>
<S> <C>
1 NAME OF REPORTING PERSON Douglas P. Teitelbaum
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION United States
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Number of
Shares 7 SOLE VOTING POWER -0-
-----------------------------------------------------------------------------------------
Beneficially 8 SHARED VOTING POWER 770,500
Owned by
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Each Reporting 9 SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 770,500
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
770,500
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ---------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4%
- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
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</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
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CUSIP No. 000360206 13D Page 4 of 9 Pages
- ---------------------- -------------------------------
<S> <C>
1 NAME OF REPORTING PERSON Tower Investment Group, Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 59-2924229
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida
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Number of
Shares 7 SOLE VOTING POWER 770,500
-----------------------------------------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
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Each Reporting 9 SOLE DISPOSITIVE POWER 770,500
-----------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
770,500
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ---------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4%
- ---------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON HC
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
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CUSIP No. 000360206 13D Page 5 of 9 Pages
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<S> <C>
1 NAME OF REPORTING PERSON Bay Harbour Management, L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 59-3418243
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida
-----------------------------------------------------------------------------------------
Number of
Shares 7 SOLE VOTING POWER 770,500
-----------------------------------------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
-----------------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 770,500
-----------------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- ---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
770,500
- ---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4%
- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IA
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER.
Common Stock, $.004 par value per share ("Aaon Common Stock") of Aaon,
Inc., a Nevada corporation ("Aaon"). The principal executive offices of Aaon
are located at 2425 Yukon, Tulsa, Oklahoma 74107.
ITEM 2. IDENTITY AND BACKGROUND.
Bay Harbour Management, L.C. ("Bay Harbour") is a Florida limited
company and a registered investment adviser under the Investment Advisers Act of
1940, as amended. Tower Investment Group, Inc., a Florida corporation
("Tower"), is the majority stockholder of Bay Harbour. Steven A. Van Dyke, a
resident of Florida and a United States citizen ("Van Dyke"), is a stockholder
of Tower. Douglas P. Teitelbaum, a resident of New York and a United States
citizen ("Teitelbaum" and, together with Bay Harbour, Tower and Van Dyke, the
"Reporting Persons"), is a stockholder of Tower. The executive officers and
directors of Bay Harbour and Tower are as follows:
<TABLE>
<CAPTION>
Name Address Occupation Place of Employment
<S> <C> <C> <C>
Steven A. Van Dyke 777 South Harbour Island investment Bay Harbour
Boulevard, Suite 270 management Management, L.C.
Tampa, Florida 33602
Douglas P. Teitelbaum 885 Third Avenue investment Bay Harbour
34th Floor management Management, L.C.
New York, New York 10022
</TABLE>
The principal business address of each Reporting Person is 777 South
Harbour Island Boulevard, Suite 270, Tampa, Florida 33602, except that the
principal business office of Teitelbaum is 885 Third Avenue, 34th Floor, New
York; New York 10022.
No Reporting Person has during the last five years (i) been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding 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 laws
or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
From May 1, 1997 through October 22, 1998, Bay Harbour purchased in
secondary trades on the open-market for certain of its managed accounts, 770,500
shares of Aaon Common Stock (the "Shares"), for an aggregate purchase price of
$7,463,690. The source of the funds used by Bay Harbour to purchase the Shares
were the following investment accounts managed on a discretionary basis by Bay
Harbour:
-6-
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<TABLE>
<S> <C>
Bay Harbour Partners, Ltd. $1,274,246
Bay Harbour 90-1, Ltd. $1,037,092
Bay Harbour 98-1, Ltd. $ 76,503
Polaris Prime Orphans, L.P. $ 74,068
Trophy Hunter Investments, Ltd. $4,903,333
Trophy Hunter Partners, Ltd. $ 98,448
</TABLE>
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Shares to obtain an equity position
in Aaon. The Reporting Persons presently consider the Shares an attractive
investment and intend to review their investment on an ongoing basis. Such
continuing review may result in the Reporting Persons acquiring additional
shares of Aaon Common Stock in the open-market or in privately negotiated
transactions, maintaining their holdings at current levels or selling all or a
portion of their holdings in the open-market or in privately negotiated
transactions. Any such actions the Reporting Persons undertake will be
dependent upon, among other things, the availability of shares of Aaon Common
Stock for purchase and the price levels of such shares; general market and
economic conditions; on-going evaluation of Aaon's business, financial
condition, operations and prospects; the relative attractiveness of alternative
business and investment opportunities; the availability of funds for the
purchase of additional shares of Aaon Common Stock; the actions of the
management and Board of Directors of Aaon; and other future developments.
The Reporting Persons also believe that it would be desirable for Aaon
to explore the possibility of pursuing strategic transactions to enhance
shareholder value, and has so advised the management of Aaon. Such transactions
could involve the acquisition of all or part of Aaon or the sale of all or a
material part of its assets. The Reporting Persons may hold discussions with
other parties who might engage in such transactions with Aaon or, depending on
its assessment of the factors listed above, may itself seek to engage in such a
transaction with Aaon. There can be no assurance that the Reporting Persons (or
any of their affiliates) will take any of the actions described above with
respect to the Shares or Aaon.
Although the foregoing reflects activities presently contemplated by
the Reporting Persons with respect to Aaon, the foregoing is subject to change
at any time. Except as set forth above, the Reporting Persons have no present
plans or intentions which would result in or relate to any of the transactions
described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
As of the filing date of this Statement, each Reporting Person
beneficially owns 770,500 shares of Aaon Common Stock, which represent
approximately 12.4% of Aaon Common Stock outstanding based upon 6,201,949 shares
of Aaon Common Stock outstanding as of June 30, 1998 as set forth in a 10-Q
filed on August 6, 1998 with the U.S. Securities & Exchange Commission. For
purposes of disclosing the number of shares beneficially owned by each of the
Reporting Persons, (A) Van Dyke and Teitelbaum are deemed to beneficially own
all shares of Aaon Common Stock that are beneficially owned by Tower and Bay
Harbour and (B) Tower is deemed to beneficially own all shares of Aaon Common
Stock that are beneficially owned by Bay Harbour.
-7-
<PAGE>
Each Reporting Person has (i) the sole power to vote or direct the
vote of the 770,500 shares of Aaon Common Stock held by Bay Harbour; and (ii)
the sole power to dispose of or to direct the disposition of such 770,500 shares
of Aaon Common Stock; except that Van Dyke and Teitelbaum share with each other
their voting and disposition power.
Except for the purchase of the Shares, to the best knowledge and
belief of the undersigned, no transactions involving Aaon Common Stock have
been effected during the past 60 days by the Reporting Persons or by their
directors, executive officers or controlling persons.
The 770,500 shares of Aaon Common Stock held by Bay Harbour reported
in this Statement are beneficially owned by Van Dyke, Teitelbaum, Tower and Bay
Harbour for the benefit of certain investment partnerships and managed accounts
over which Van Dyke, Teitelbaum, Tower and Bay Harbour control the power to (i)
direct the voting of such shares of Aaon Common Stock and (ii) dispose of such
shares of Aaon Common Stock. The limited partners of the investment partnerships
and the investors in the managed accounts for which Bay Harbour acts as an
investment adviser have the right to participate in the receipt of dividends
from, or proceeds from the sale of, securities held by their funds or accounts,
as the case may be. Other than Trophy Hunter Investments, Ltd., no such fund,
single limited partner of any of such funds nor any investor in a managed
account has the right to receive or the power to direct the receipt of dividends
from, or proceeds from the sale of, shares of Aaon Common Stock reported in this
Schedule 13D representing more than five percent of the outstanding Aaon Common
Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT I Joint Filing Agreement, by and among Bay Harbour, Tower, Van
---------
Dyke and Teitelbaum.
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SIGNATURES
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.
Dated as of: October 27, 1998 TOWER INVESTMENT GROUP, INC.
By: /s/ Steven A. Van Dyke
----------------------------
Name: Steven A. Van Dyke
Title: President
BAY HARBOUR MANAGEMENT, L.C.
By: /s/ Steven A. Van Dyke
----------------------------
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
---------------------------------
STEVEN A. VAN DYKE
/s/ Douglas P. Teitelbaum
---------------------------------
DOUGLAS P. TEITELBAUM
-9-
<PAGE>
Exhibit Index
-------------
EXHIBIT I Joint Filing Agreement, by and among Bay Harbour, Tower, Van
---------
Dyke and Teitelbaum.
<PAGE>
Exhibit I
Joint Filing Agreement
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint filing agreements.
The undersigned acknowledge that each shall be responsible for the timely filing
of such amendments, and for the completeness and accuracy of the information
concerning it contained therein, but shall not be responsible for the
completeness and accuracy of the information concerning the others, except to
the extent that it knows or has reason to believe that such information is
inaccurate.
This Agreement may be executed in counterparts and each of such
counterparts taken together shall constitute one and the same instrument.
BAY HARBOUR MANAGEMENT, L.C.
Date: October 27, 1998 By: /s/ Steven A. Van Dyke
-------------------------------
Name: Steven A. Van Dyke
Title: President
TOWER INVESTMENT GROUP, INC.
Date: October 27, 1998 By: /s/ Steven A. Van Dyke
-------------------------------
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
Date: October 27, 1998 -----------------------------------
Steven A. Van Dyke
/s/ Douglas P. Teitelbaum
Date: October 27, 1998 -----------------------------------
Douglas P. Teitelbaum
