SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Noel Group Inc.
(Name of Issuer)
Common Stock, Par Value $.10 Per Share
(Title of Class of Securities)
655260107
(Cusip Number)
David C. Haley
HBK Investments L.P.
777 Main Street, Suite 2750
Fort Worth, Texas 76102
(817) 870-6100
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 19, 1997
(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 [ ].
*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>
1. Name of Reporting Person:
HBK Investments L.P.
2. Check the Appropriate Box if a Member of a Group:
(a) / /
(b) / X /
3. SEC Use Only
4. Source of Funds: WC and OO (See Item 3)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: 917,500 (1)(2)
Number of
Shares
Beneficially 8. Shared Voting Power: 563,000 (2)(3)
Owned By
Each
Reporting 9. Sole Dispositive Power: 917,500 (1)(2)
Person
With
10. Shared Dispositive Power: 563,000 (2)(3)
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
1,480,500 (1)(3)
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares:
/ /
13. Percent of Class Represented by Amount in Row (11): 7.2%
14. Type of Reporting Person: PN
- ----------------------------
(1) 917,500 shares were purchased by HBK Securities Ltd. HBK
Investments L.P. has sole voting and dispositive power over these
shares pursuant to an Investment Management Agreement with HBK
Securities Ltd. Accordingly, HBK Securities Ltd. has no beneficial
ownership of such shares.
(2) Power is exercised by its general partner, HBK Partners II L.P.,
whose general partner is HBK Management L.L.C.
(3) 40,050 shares were purchased by HBK Main Street Investments L.P. and
522,950 shares were purchased by HBK Finance L.P. HBK Investments
L.P. has shared voting and dispositive power over these shares
pursuant to an Amended and Restated Management Agreement.
<PAGE>
1. Name of Reporting Person:
HBK Main Street Investments L.P.
2. Check the Appropriate Box if a Member of a Group:
(a) / /
(b) / X /
3. SEC Use Only
4. Source of Funds: WC and OO (See Item 3)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: -0-
Number of
Shares
Beneficially 8. Shared Voting Power: 40,050 (1)
Owned By
Each
Reporting 9. Sole Dispositive Power: -0-
Person
With
10. Shared Dispositive Power: 40,050 (1)
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
40,050
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares:
/ /
13. Percent of Class Represented by Amount in Row (11): 0.2%
14. Type of Reporting Person: PN
- ----------------------------
(1) Power is exercised by its general partner, HBK Fund, L.P., whose
general partner is HBK Capital L.P., whose general partner is HBK
Partners I L.P., whose general partner is HBK Management L.L.C.
Power is shared with HBK Investments L.P. pursuant to an Amended and
Restated Management Agreement. <PAGE>
1. Name of Reporting Person:
HBK Finance L.P.
2. Check the Appropriate Box if a Member of a Group:
(a) / /
(b) / X /
3. SEC Use Only
4. Source of Funds: WC and OO (See Item 3)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: -0-
Number of
Shares
Beneficially 8. Shared Voting Power: 522,950 (1)
Owned By
Each
Reporting 9. Sole Dispositive Power: -0-
Person
With
10. Shared Dispositive Power: 522,950 (1)
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
522,950
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares:
/ /
13. Percent of Class Represented by Amount in Row (11): 2.5%
14. Type of Reporting Person: BD
- ----------------------------
(1) Power is exercised by its general partner, HBK Fund, L.P., whose
general partner is HBK Capital L.P., whose general partner is HBK
Partners I L.P., whose general partner is HBK Management L.L.C.
Power is shared with HBK Investments L.P. pursuant to an Amended and
Restated Management Agreement.<PAGE>
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock, par value $0.10 per
share (the "Stock"), of Noel Group Inc. (the "Issuer"). The principal executive
offices of the Issuer are located at 667 Madison Avenue, New York, New York
10021.
ITEM 2. IDENTITY AND BACKGROUND.
(a) Pursuant to Rules 13d-1(f)(1)-(2) of Regulation 13D-G of the
General Rules and Regulations under the Securities Exchange Act of 1934, as
amended (the "Act"), this Schedule 13D Statement is hereby filed by HBK
Investments L.P., a Delaware limited partnership ("Investments"), HBK Main
Street Investments L.P., a Delaware limited partnership ("Main Street") and HBK
Finance L.P., a Delaware limited partnership ("Finance") (collectively, the
"Reporting Persons"). The Reporting Persons are making this single, joint
filing because they may be deemed to constitute a "group" within the meaning of
Section 13(d)(3) of the Act, although neither the fact of this filing nor
anything contained herein shall be deemed an admission by the Reporting Persons
that a group exists. Additionally, pursuant to Instruction C to Schedule 13D,
information is included herein with respect to the following persons
(collectively, the "Controlling Persons"): HBK Partners II L.P., a Delaware
limited partnership ("Partners II"), HBK Fund L.P., a Delaware limited
partnership ("Fund"), HBK Capital L.P., a Delaware limited partnership
("Capital"), HBK Partners I L.P., a Delaware limited partnership ("Partners I"),
HBK Management L.L.C., a Delaware limited liability company ("Management") and
each of the following individuals who may control Management (collectively, the
"Managers"): Harlan B. Korenvaes, Kenneth M. Hirsh, Laurence H. Lebowitz,
William E. Rose, and Richard L. Booth, Jr. The Reporting Persons and the
Controlling Persons are sometimes hereinafter collectively referred to as the
"Item 2 Persons."
(b)-(c)
Reporting Persons
Investments is a Delaware limited partnership, the principal business
of which is acting as an investment manager to two investment funds. The
principal address of Investments, which also serves as its principal office, is
777 Main Street, Suite 2750, Fort Worth, Texas 76102.
Main Street is a Delaware limited partnership, the principal business
of which is the purchase, sale, exchange, acquisition and holding of investment
securities. The principal address of Main Street, which also serves as its
principal office, is 777 Main Street, Suite 2750, Fort Worth, Texas 76102.
Finance is a Delaware limited partnership, the principal business of
which is acting as a registered broker dealer. The principal address of
Finance, which also serves as its principal office, is 777 Main Street, Suite
2750, Fort Worth, Texas 76102.
Controlling Persons
Pursuant to Instruction C to Schedule 13D of the Act, information with
respect to the Controlling Persons is set forth below. The principal address
of each Controlling Person, which also serves as its principal office, is 777
Main Street, Suite 2750, Fort Worth, Texas 76102.
Partners II is a Delaware limited partnership, the principal business
of which is serving as the general partner of Investments.
Management is a Delaware limited liability company, the principal
business of which is serving as the general partner of Partners II and Partners
I.
Fund is a Delaware limited partnership, the principal business of
which is serving as the general partner of Main Street, Finance and another
limited partnership.
Capital is a Delaware limited partnership, the principal business of
which is serving as the general partner of Fund.
Partners I is a Delaware limited partnership, the principal business
of which is serving as the general partner of Capital.
Managers
The principal occupation of each of the Managers is serving as an
officer of Investments. The business address of each of the Managers is 777
Main Street, Suite 2750, Fort Worth, Texas 76102.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of the funds used or to be used by each of the
Reporting Persons to purchase shares of the Stock are set forth below.
REPORTING PERSON SOURCE OF FUNDS AMOUNT OF FUNDS
Investments Working Capital
and Other (1) $ 3,266,750 (2)(3)
Main Street Working Capital
and Other (1) $ 255,781 (3)
Finance Working Capital
and Other (1) $ 1,844,065 (3)
(1) As used herein the term "Working Capital" includes income from
the business operations of the entity plus sums borrowed from, among other
sources, banks and brokerage firm margin accounts, to operate such business in
general. A portion of the funds reported herein was obtained from Bear, Stearns
& Co. Inc. and Goldman, Sachs & Co. Incorporated as margin loans to acquire the
Stock, and the remainder was obtained from Working Capital.
(2) Represents $3,266,750 expended by HBK Securities Ltd.
("Securities") to purchase 917,500 shares of the Stock as to which Securities
has no beneficial ownership.
(3) This figure represents the total amount expended by such person
in purchasing the Stock reported herein.
ITEM 4. PURPOSE OF TRANSACTION.
The Item 2 Persons acquired the Stock in the ordinary course of
business for investment purposes. None of the Item 2 Persons has any plans or
proposals which relate to or would result in any of the actions or transactions
specified in clauses (a) through (j) of Item 4 of Schedule 13D under the Act.
Each of the Item 2 Persons reserves the right to acquire or dispose of the
Stock, or to formulate other purposes, plans or proposals regarding the Issuer
or the Stock held by each such Item 2 Person to the extent deemed advisable in
light of general investment policies, market conditions and other factors.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)
Reporting Persons
Pursuant to an Investment Management Agreement with Securities,
Investments may, pursuant to Rule 13d-3(a), be deemed to be the beneficial owner
of 917,500 shares of the Stock, which constitutes approximately 4.5% of the
outstanding shares of the Stock. Further, pursuant to an Amended and Restated
Management Agreement with Fund and Capital, Investments may, pursuant to Rule
13d-3(a), be deemed to be the beneficial owner of 40,050 shares of the Stock
owned by Main Street, which constitutes approximately 0.2% of the outstanding
shares of the Stock and 522,950 shares of the Stock owned by Finance, which
constitutes approximately 2.5% of the outstanding shares of the Stock.
Pursuant to Rule 13d-3(a), Main Street is the beneficial owner of
40,050 shares of the Stock, which constitutes approximately 0.2% of the
outstanding shares of the Stock.
Pursuant to Rule 13d-3(a), Finance is the beneficial owner of 522,950
shares of the Stock, which constitutes approximately 2.5% of the outstanding
shares of the Stock.
Controlling Persons
Because of its position as the sole general partner of Investments,
Partners II may be deemed to be the beneficial owner of 1,480,500 shares of the
Stock, which constitutes approximately 7.2% of the outstanding shares of the
Stock.
Each of (1) Fund, as sole general partner of Main Street and Finance,
(2) Capital, as sole general partner of Fund, and (3) Partners I, as sole
general partner of Capital, may, pursuant to Rule 13d-3 of the Act, be deemed
to be the beneficial owner of 563,000 shares of the Stock, which constitutes
approximately 2.7% of the outstanding shares of the Stock.
Each of (1) Management, as sole general partner of Partners I and
Partners II, and (2) the Managers, as controlling persons of Management, may,
pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an
aggregate of 1,480,500 shares of the Stock, which constitutes approximately 7.2%
of the outstanding shares of the Stock.
To the best of the knowledge of each of the Reporting Persons, other
than as set forth above, none of the persons named in Item 2 herein is the
beneficial owner of any shares of the Stock.
(b)
Reporting Persons
Pursuant to an Investment Management Agreement with Securities, and
acting through its general partner, Partners II, Investments has the sole power
to vote or to direct the vote and to dispose or to direct the disposition of
917,500 shares of the Stock. Pursuant to an Amended and Restated Management
Agreement with Fund and Capital, and acting through its general partner,
Partners II, Investments has the shared power to vote or to direct the vote and
to dispose or to direct the disposition of 40,050 shares of the Stock held by
Main Street and 522,950 shares of the Stock held by Finance.
Acting through its general partner, Fund, Main Street has the shared
power to vote or to direct the vote and to dispose or to direct the disposition
of 40,050 shares of the Stock.
Acting through its general partner, Fund, Finance has the shared
power to vote or to direct the vote and to dispose or to direct the disposition
of 522,950 shares of the Stock.
Controlling Persons
Acting through its general partner, Management, and in its capacity
as the general partner of Investments, Partners II has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 917,500
shares of the Stock and the shared power to vote or to direct the vote and to
dispose or to direct the disposition of 563,000 shares of the Stock.
Acting through its general partner, Capital, and in its capacity as
the general partner of Main Street and Finance, Fund has the shared power to
vote or to direct the vote and to dispose or to direct the disposition of
563,000 shares of the Stock.
Acting through its general partner, Partners I, and in its capacity
as the general partner of Fund, Capital has the shared power to vote or to
direct the vote and to dispose or to direct the disposition of 563,000 shares
of the Stock.
Acting through its general partner, Management, and in its capacity
as the general partner of Capital, Partners I has the shared power to vote or
to direct the vote and to dispose or to direct the disposition of 563,000 shares
of the Stock.
In its capacity as the general partner of Partners I and Partners II,
Management has the sole power to vote or to direct the vote and to dispose or
to direct the disposition of 1,480,500 shares of the Stock.
Managers
In his capacity as a controlling person of Management, each of the
Managers has the shared power to vote or to direct the vote and to dispose or
to direct the disposition of 1,480,500 shares of the Stock.
(c)
Since the Reporting Persons' last filing on Schedule 13D pursuant to
Rule 13d-1 under the Act, the Reporting Persons have purchased and sold shares
of the Stock in open market transactions on the Nasdaq National Market as
follows:
NUMBER OF SHARES
PURCHASED (P) PRICE PER
REPORTING PERSON DATE OR SOLD (S) SHARE
Finance 11/11/97 1,400 (P) $ 3.56
Investments (1) 11/11/97 1,600 (P) $ 3.56
Finance 11/18/97 1,500 (S) $ 4.00
Investments (1) 11/18/97 1,500 (S) $ 4.00
Finance 12/08/97 4,800 (P) $ 3.44
Investments (1) 12/08/97 7,200 (P) $ 3.44
Finance 12/09/97 8,000 (P) $ 3.44
Investments (1) 12/09/97 12,000 (P) $ 3.44
Finance 12/10/97 7,200 (P) $ 3.31
Investments (1) 12/10/97 10,800 (P) $ 3.31
Finance 12/11/97 13,300 (P) $ 3.31
Investments (1) 12/11/97 20,000 (P) $ 3.31
Finance 12/12/97 93,000 (P) $ 3.29
Finance 12/12/97 7,100 (P) $ 3.31
Finance 12/12/97 17,200 (P) $ 3.28
Investments (1) 12/12/97 287,000 (P) $ 3.29
Investments (1) 12/12/97 20,900 (P) $ 3.31
Investments (1) 12/12/97 50,800 (P) $ 3.28
Finance 12/15/97 12,400 (P) $ 3.31
Finance 12/15/97 8,000 (P) $ 3.31
Investments (1) 12/15/97 18,600 (P) $ 3.31
Investments (1) 12/15/97 12,000 (P) $ 3.31
Finance 12/17/97 2,000 (P) $ 3.28
Investments (1) 12/17/97 3,000 (P) $ 3.28
Finance 12/19/97 302,200 (P) $ 3.28
Investments (1) 12/19/97 377,800 (P) $ 3.28
Investments (1) 12/19/97 5,000 (P) $ 3.28
Finance 12/22/97 8,400 (P) $ 3.28
Investments (1) 12/22/97 12,600 (P) $ 3.28
Finance 12/24/97 400 (P) $ 3.28
Investments (1) 12/24/97 600 (P) $ 3.28
(1) These shares were purchased or sold by Securities, which has no
beneficial ownership of such shares pursuant to an Investment Management
Agreement with Investments.
(d)
Not applicable.
(e)
Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Except as set forth herein or in the Exhibits filed herewith, there
are no contracts, arrangements, understandings or relationships with respect to
shares of the Stock owned by the Item 2 Persons.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 99.1 -- Agreement pursuant to Rule 13d-1(f)(1)(iii), filed
herewith.
<PAGE>
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.
DATED: December 29, 1997
HBK INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese,
Chief Financial Officer (1)
HBK MAIN STREET INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese,
Chief Financial Officer (2)
HBK FINANCE L.P.
By: /s/ H. Michael Reese
H. Michael Reese,
Chief Financial Officer (3)
(1) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Investments L.P. previously has been filed with the
Securities and Exchange Commission.
(2) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Main Street Investments L.P. previously has been filed
with the Securities and Exchange Commission.
(3) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Finance L.P. previously has been filed with the
Securities and Exchange Commission.
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
99.1 Agreement pursuant to Rule 13d-1(f)(1)(iii), filed herewith.
Exhibit 99.1
Pursuant to Rule 13d-1(f)(1)(iii) of Regulation 13D-G of the General
Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agrees that the
statement to which this Exhibit is attached is filed on behalf of each of them
in the capacities set forth below.
HBK INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese,
Chief Financial Officer (1)
HBK MAIN STREET INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese,
Chief Financial Officer (2)
HBK FINANCE L.P.
By: /s/ H. Michael Reese
H. Michael Reese,
Chief Financial Officer (3)
(1) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Investments L.P. previously has been filed with the
Securities and Exchange Commission.
(2) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Main Street Investments L.P. previously has been filed
with the Securities and Exchange Commission.
(3) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Finance L.P. previously has been filed with the
Securities and Exchange Commission.
