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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 2)
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)
BAY HARBOUR MANAGEMENT, L.C.
TOWER INVESTMENT GROUP, INC.
STEVEN A. VAN DYKE
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)
March 12, 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(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
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 10 Pages)
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<TABLE>
<CAPTION>
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CUSIP No. 000360206 13D Page 2 of 10 Pages
--------------------------------- -----------------------------
<S> <C> <C> <C>
- ------- -----------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON Steven A. Van Dyke
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
- -------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- -------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO, PF
- -------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------
Number of 7 SOLE VOTING POWER -0-
Shares
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Beneficially 8 SHARED VOTING POWER 893,290
Owned by
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Each Reporting 9 SOLE DISPOSITIVE POWER -0-
------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 893,290
- -------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
893,290
- -------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.38%
- -------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
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</TABLE>
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<TABLE>
<CAPTION>
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CUSIP No. 000360206 13D Page 3 of 10 Pages
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<S> <C> <C> <C>
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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]
- -------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- -------------------------------------------------------------------------------------------------
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
- ---------------- ------- ----------------------------------------------------------------------
Number of 7 SOLE VOTING POWER -0-
Shares
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Beneficially 8 SHARED VOTING POWER 893,290
Owned by
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Each Reporting 9 SOLE DISPOSITIVE POWER -0-
------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER 893,290
- -------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
893,290
- -------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.38%
- -------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN, HC
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</TABLE>
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<TABLE>
<CAPTION>
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CUSIP No. 000360206 13D Page 4 of 10 Pages
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<S> <C> <C> <C>
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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]
- -------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- -------------------------------------------------------------------------------------------------
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 7 SOLE VOTING POWER 893,290
Shares
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Beneficially 8 SHARED VOTING POWER -0-
Owned by
------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 893,290
------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- -------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
893,290
- -------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.38%
- -------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON HC
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</TABLE>
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<TABLE>
<CAPTION>
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CUSIP No. 000360206 13D Page 5 of 10 Pages
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<S> <C> <C> <C>
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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]
- -------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- -------------------------------------------------------------------------------------------------
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 Florida
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Number of 7 SOLE VOTING POWER 893,290
Shares
------------------------------------------------------------------------------
Beneficially 8 SHARED VOTING POWER -0-
Owned by
------------------------------------------------------------------------------
Each Reporting 9 SOLE DISPOSITIVE POWER 893,290
------------------------------------------------------------------------------
Person With 10 SHARED DISPOSITIVE POWER -0-
- -------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
893,290
- -------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.38%
- -------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IA
- -------------------------------------------------------------------------------------------------
</TABLE>
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CUSIP No. 000360206 13D Page 6 of 10 Pages
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This Amendment No. 2 amends and supplements the Statement on
Schedule 13D, originally filed with the U.S. Securities and Exchange Commission
(the "SEC") on October 27, 1998, by Bay Harbour Management, L.C. ("Bay
Harbour"), Tower Investment Group, Inc. ("Tower"), as the majority stockholder
of Bay Harbour, Steven A. Van Dyke ("Van Dyke"), in his capacity as a
stockholder and President of Tower, and Douglas P. Teitelbaum ("Teitelbaum"), in
his capacity as a stockholder of Tower, as amended by Amendment No. 1 thereto
filed with the SEC on February 19, 1999 (the "Schedule 13D"). Capitalized terms
used herein and not otherwise defined have the meanings assigned to them in the
Schedule 13D.
Item 4. Purpose of the Transaction.
Item 4 is hereby amended in its entirety to read as follows:
The Reporting Persons acquired the Shares to obtain an equity
position in Aaon. The Reporting Persons 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 believe Aaon's management has done a good
job on a day-to-day operational basis, but the stock has not performed and more
needs to be done to enable shareholders to realize the inherent value of the
Company's business. The Reporting Persons believe that Teitelbaum and Van Dyke
would make a valuable contribution to Aaon's board of directors in formulating
and implementing a plan to enhance shareholder value. Therefore, in accordance
with Article III of the Bylaws, Bay Harbour has nominated Teitelbaum and Van
Dyke for election to the board of directors at the 1999 annual meeting, and the
Reporting Persons intend to solicit proxies for Teitelbaum's and Van Dyke's
election to the Board, and for the other proposals described below, in
accordance with applicable proxy regulations (the "Proxy Solicitation").
The Reporting Persons believe that it would be desirable for Aaon
to explore the possibility of pursuing strategic transactions to enhance
shareholder value, and have so advised the management of Aaon. Such transactions
could involve the acquisition of all or part of Aaon, the sale of all or a
material part of Aaon's assets, or the purchase by Aaon of companies operating
in similar business lines or assets of such companies. The Reporting Persons
believe it was wrong for the board to adopt a stockholder rights plan or "poison
pill" last month because this action will tend to discourage prospective
purchasers from making a proposal to acquire Aaon and will deny shareholders the
opportunity to accept such a proposal. If Van Dyke and Teitelbaum are elected to
the Board, they will work to eliminate the poison pill or to amend the poison
pill so that it can not be used to block an offer that is supported by
shareholders after the Board has had an opportunity to obtain better offers or
persuade shareholders that
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CUSIP No. 000360206 13D Page 7 of 10 Pages
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Aaon should remain independent. The Reporting Persons may hold discussions with
other parties who might engage in such transactions with Aaon and depending on
their assessment of the factors listed above, participate in such a transaction
with Aaon by providing financing.
The Reporting Persons believe that Van Dyke and Teitelbaum as
members of the Board, and in cooperation with the current management, can seek
to improve the Company's relationship with the investor community and seek to
identify and pursue strategic transactions that would enhance shareholder value.
Van Dyke and Teitelbaum intend to pursue a policy of cooperation with current
management to achieve these goals. However, if they are not satisfied with
Aaon's progress toward these goals, the Reporting Persons may propose candidates
for the three directorships to be filled at the 2000 annual meeting. If elected,
these candidates and Teitelbaum and Van Dyke would constitute a majority of the
Board.
To assure that shareholders have a fair opportunity to elect a
new board majority at the 2000 Annual Meeting, Bay Harbour has also proposed in
accordance with Article II of the Bylaws that shareholders adopt amendments to
the Bylaws at the Annual Meeting that would (i) provide that the Company must
hold its 2000 annual meeting by May 30, 2000 and must set a meeting date for the
2000 annual meeting by January 31, 2000, (ii) prevent the Board from amending
the Company's bylaws to provide that less that 3 directorships will be filled at
the 2000 annual meeting, (iii) reinstate the right of a majority of the
shareholders of the Company to act by written consent, (iv) repeal any bylaws
adopted by the Board after March 12, 1999, the date on which the Reporting
Persons notified the Board of the details of their Proxy Solicitation, and (v)
prevent the Board from amending the bylaws adopted by the passage of the
proposals described above.
Representatives of the Reporting Persons will solicit
individuals, brokers, banks, bank nominees and other institutional holders in
connection with the Proxy Solicitation and will not receive any compensation for
such solicitation.
The Reporting Persons have not agreed, and are not contractually
obligated, to vote the shares of Aaon Common Stock beneficially owned by the
Reporting Persons in any manner in connection with the Proxy Solicitation or
with respect to any other vote of the shareholders of the Company. The Reporting
Persons reserve the right to participate in or initiate, alone or with others,
any plans, proposals or transactions of a similar or different nature with
respect to the Company or its securities. In addition, the Reporting Persons may
revise the proposals described above or submit additional proposals for action
by shareholders.
There can be no assurance that the Reporting Persons (or any of
their affiliates) will take any of the actions described in this Item 4 with
respect to the Shares or Aaon.
Except as described in this Item 4, as of the date of this
Statement none of the Reporting Persons has formulated any plans or proposals
that relate to or would result in: (a) the acquisition by any person of
additional securities of the Company, or the disposition of securities of the
Company; (b) an extraordinary corporate transaction; (c) a sale or transfer of a
material amount of assets of the Company or its subsidiaries, if any; (d) any
change in the present board of directors or management of the Company, including
any change in the number or term of directors or the filling of any existing
vacancies on the
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CUSIP No. 000360206 13D Page 8 of 10 Pages
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board; (e) any material change in the present capitalization or dividend policy
of the Company; (f) any other material change in the Company's business or
corporate structure; (g) changes in the Company's charter or bylaws or other
actions that may
Item 5 Interest in Securities of the Issuer.
Item 5 is hereby amended in its entirety to read as follows:
(a) As of the filing date of this Statement, each Reporting
Persons beneficially own 893,290 shares of Aaon Common Stock, which represent
approximately 14.38% of Aaon Common Stock outstanding based upon 6,211,949
shares of Aaon Common Stock outstanding as of September 30, 1998 as set forth in
a 10-Q filed on November 11, 1998 with the SEC. 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.
(b) Each Reporting Person has (i) the sole power to vote or
direct the vote of the 893,290 shares of Aaon Common Stock held by Bay Harbour;
and (ii) the sole power to dispose of or to direct the disposition of such
893,290 shares of Aaon Common Stock; except that Van Dyke and Teitelbaum share
with each other their voting and disposition power.
(c) Information concerning transactions in the Shares of Aaon
Common Stock by the Reporting Persons in the last 60 days is set forth below.
All of the shares of Aaon Common Stock listed below were purchased in open
market purchases.
<TABLE>
<CAPTION>
Purchasing Transaction Date Number of Price per
Entity Shares Share
--------- ---------------- --------- ---------
<S> <C> <C> <C>
Bay Harbour 2/5/99 1,000 9.81
Bay Harbour 2/22/99 10,000 9.62
Bay Harbour 2/26/99 5,000 8.62
Bay Harbour 3/2/99 6,300 8.76
Bay Harbour 3/9/99 5,000 10.06
Bay Harbour 3/9/99 2,000 10.06
Bay Harbour 3/12/99 5,000 9.94
</TABLE>
(d) The 893,290 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.
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CUSIP No. 000360206 13D Page 9 of 10 Pages
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(e) Not applicable
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CUSIP No. 000360206 13D Page 10 of 10 Pages
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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: March 12, 1999 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
