================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 2)
-----------------------
NOEL GROUP, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.10 PER SHARE
(Title of Class of Securities)
655260107
(CUSIP Number)
-----------------------
TIMOTHY I. LEVART
885 THIRD AVENUE
NEW YORK, NY 10022
TEL. NO.: (212) 371-3813
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
-----------------------
MARCH 12, 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
statement 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 [X].
Page 1 of 24 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 2 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Davidson Kempner Partners
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds WC
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization New York
------------------------
Number of (7) Sole Voting Power 407,400
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 407,400
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 407,400
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 1.98%
---------
(14) Type of Reporting Person PN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 3 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Davidson Kempner Institutional Partners, L.P.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds WC
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization Delaware
------------------------
Number of (7) Sole Voting Power 698,600
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 698,600
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 698,600
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 3.39%
---------
(14) Type of Reporting Person PN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 4 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Davidson Kempner Endowment Partners
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds WC
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization New York
------------------------
Number of (7) Sole Voting Power 220,100
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 220,100
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 220,100
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 1.07%
---------
(14) Type of Reporting Person PN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 5 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
MHD Management Co.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization New York
------------------------
Number of (7) Sole Voting Power 627,500
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 627,500
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 627,500
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 3.05%
---------
(14) Type of Reporting Person PN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 6 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
M.H. Davidson & Co.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds WC
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization New York
------------------------
Number of (7) Sole Voting Power 25,900
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 25,900
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 25,900
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) .13%
---------
(14) Type of Reporting Person PN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 7 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Davidson Kempner Advisers Inc.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization New York
------------------------
Number of (7) Sole Voting Power 698,600
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 698,600
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 698,600
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 3.39%
---------
(14) Type of Reporting Person CO
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 8 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Davidson Kempner International Ltd.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds WC
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization British Virgin Islands
------------------------
Number of (7) Sole Voting Power 68,200
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 68,200
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 68,200
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 0.33%
---------
(14) Type of Reporting Person CO
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 9 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Davidson Kempner International Advisors, L.L.C.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization Delaware
------------------------
Number of (7) Sole Voting Power 68,200
Shares Bene- ------------------------
ficially (8) Shared Voting Power -
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power 68,200
Person With -------------------
(10) Shared Dispositive Power -
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 68,200
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 0.33%
---------
(14) Type of Reporting Person CO
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 10 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Marvin H. Davidson
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization United States
------------------------
Number of (7) Sole Voting Power -
Shares Bene- ------------------------
ficially (8) Shared Voting Power 1,420,000
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power -
Person With -------------------
(10) Shared Dispositive Power 1,420,000
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,420,000
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [X]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 6.9%
---------
(14) Type of Reporting Person IN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 11 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Thomas L. Kempner, Jr.
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF, PF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization United States
------------------------
Number of (7) Sole Voting Power --
Shares Bene- ------------------------
ficially (8) Shared Voting Power 1,420,900
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power --
Person With -------------------
(10) Shared Dispositive Power 1,420,900
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,420,900
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [X]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 6.9%
---------
(14) Type of Reporting Person IN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 12 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Stephen M. Dowicz
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization United States
------------------------
Number of (7) Sole Voting Power -
Shares Bene- ------------------------
ficially (8) Shared Voting Power 1,420,900
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power -
Person With -------------------
(10) Shared Dispositive Power 1,420,900
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,420,900
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 6.9%
---------
(14) Type of Reporting Person IN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 13 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Scott E. Davidson
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization United States
------------------------
Number of (7) Sole Voting Power -
Shares Bene- ------------------------
ficially (8) Shared Voting Power 1,420,900
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power -
Person With -------------------
(10) Shared Dispositive Power 1,420,900
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,420,900
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 6.9%
---------
(14) Type of Reporting Person IN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 14 OF 24 PAGES
---------
(1) Name of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons
Michael J. Leffell
------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group
(a) X (b)
----------------- -----------------------------------
(3) SEC Use Only
(4) Source of Funds AF
---------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
------------------------------
(6) Citizenship or Place of Organization United States
------------------------
Number of (7) Sole Voting Power -
Shares Bene- ------------------------
ficially (8) Shared Voting Power 1,420,900
Owned by Each ----------------------
Reporting (9) Sole Dispositive Power -
Person With -------------------
(10) Shared Dispositive Power 1,420,900
-----------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,420,900
-----------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
-----------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 6.9%
---------
(14) Type of Reporting Person IN
-----------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 15 OF 24 PAGES
---------
This Amendment No. 2 to Schedule 13D with respect
to shares of Common Stock, par value $ .10 per share (the
"Common Stock"), of Noel Group, Inc. (the "Company")
originally filed on October 6, 1997, as amended by Amendment
No. 1 dated February 11, 1998 (the "Schedule 13D") amends
Item 5 of the Schedule 13D.
The Schedule 13D is hereby amended as follows:
Item 5. Interest in Securities of the Issuer.
The aggregate percentage of shares of Common Stock reported
owned by each person herein is based upon the Issuer's Form 10-Q filed on
November 14, 1997, which disclosed that 20,567,757 shares of Common Stock were
outstanding at the close of business on November 13, 1997.
As of the close of business on March 12, 1998:
Name of Reporting Party:
DKP
(a) Aggregate Number of Securities Owned 407,400
Percentage 1.98%
(b) 1. Sole power to vote or to direct
the vote 407,400
2. Shared power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the disposition 407,400
4. Shared power to dispose of or to
direct the disposition --
(c) Information concerning transactions in
the Common Stock effected by DKP is set
forth in Appendix II.
DKIP
(a) Aggregate Number of Securities Owned 698,600
Percentage 3.39%
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 16 OF 24 PAGES
---------
(b) 1. Sole power to vote or to direct
the vote 698,600
2. Shared power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the disposition 698,600
4. Shared power to dispose of or to
direct the disposition --
(c) Information concerning transactions
in the Common Stock effected by DKIP is
set forth in Appendix II.
DKEP
(a) Aggregate Number of Securities Owned 220,100
Percentage 1.07%
(b) 1. Sole power to vote or to direct
the vote 220,100
2. Shared power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the disposition 220,100
4. Shared power to dispose of or to
direct the disposition --
(c) Information concerning transactions
in the Common Stock effected by DKEP is
set forth in Appendix II.
MHD Management Co.
(a) Aggregate Number of Securities Owned 627,500
(b) Percentage 3.05%
1. Sole power to vote or to direct
the vote 627,500
2. Shared power to vote or to direct
the vote --
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 17 OF 24 PAGES
---------
3. Sole power to dispose or to direct
the disposition 627,500
4. Shared power to direct the
disposition --
M.H. Davidson & Co.
(a) Aggregate Number of Securities Owned 25,900
(b) Percentage .13%
1. Sole power to vote or to direct
the vote 25,900
2. Shared power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the disposition 25,900
4. Shared power to direct the
disposition --
(c) Information concerning transactions
in the Common Stock effected by M.H. Davidson
& Co. is set forth in Appendix II.
Davidson Kempner Advisers Inc.
(a) Aggregate Number of Securities Owned 698,600
(b) Percentage 3.39%
1. Sole Power to vote or to direct
the vote 698,600
2. Shared Power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the dispositions 698,600
4. Shared power to direct the
disposition --
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 18 OF 24 PAGES
---------
Davidson Kempner International Ltd.
(a) Aggregate Number of Securities Owned 68,200
(b) Percentage .33%
1. Sole power to vote or to direct
the vote 68,200
2. Shared power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the disposition 68,200
4. Shared power to direct the
disposition --
(c) Information concerning transactions
in the Common Stock effected by DKIL
is set forth in Appendix II.
DKIA
(a) Aggregate Number of Securities Owned 68,200
(b) Percentage .33%
1. Sole power to vote or to direct
the vote 68,200
2. Shared power to vote or to direct
the vote --
3. Sole power to dispose or to direct
the disposition 68,200
4. Shared power to direct the
disposition --
Marvin H. Davidson
(a) Aggregate Number of Securities Owned 1,420,200
(b) Percentage 6.9%
5. Sole Power to vote or to direct
the vote --
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 19 OF 24 PAGES
---------
6. Shared Power to vote or to direct
the vote 1,420,200
7. Sole power to dispose or to direct
the dispositions --
8. Shared power to direct the
disposition 1,420,200
Thomas L. Kempner, Jr.
(a) Aggregate Number of Securities Owned 1,420,900*/
(b) Percentage 6.9%
1. Sole Power to vote or to direct
the vote --
2. Shared Power to vote or to direct
the vote 1,420,900
3. Sole power to dispose or to direct
the disposition --
4. Shared power to direct the
disposition 1,420,900
Stephen M. Dowicz
(a) Aggregate Number of Securities Owned 1,420,900*/
(b) Percentage 6.9%
1. Sole Power to vote or to direct
the vote --
2. Shared Power to vote or to direct
the vote 1,420,900
- --------
*/ Includes 700 shares held by the M.H. Davidson & Co.,
Inc. 401(k) Plan, of which Messrs. Kempner, Leffell,
Dowicz and Scott Davidson are the Trustees. Each of
Messrs. Kempner, Leffell, Dowicz and Scott Davidson
disclaims beneficial ownership of such shares except to
the extent of such persons interest in such 401(k)
Plan.
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 20 OF 24 PAGES
---------
3. Sole power to dispose or to direct
the disposition --
4. Shared power to direct the
disposition 1,420,900
Scott E. Davidson
(a) Aggregate Number of Securities Owned 1,420,900*/
(b) Percentage 6.9%
1. Sole Power to vote or to direct
the vote --
2. Shared Power to vote or to direct
the vote 1,420,900
3. Sole power to dispose or to direct
the disposition --
4. Shared power to direct the
disposition 1,420,900
Michael J. Leffell
(a) Aggregate Number of Securities Owned 1,420,900*/
(b) Percentage 6.9%
1. Sole Power to vote or to direct
the vote --
2. Shared Power to vote or to direct
the vote 1,420,900
3. Sole power to dispose or to direct
the disposition --
4. Shared power to direct the
disposition 1,420,900
- --------
*/ Includes 700 shares held by the M.H. Davidson & Co.,
Inc. 401(k) Plan, of which Messrs. Kempner, Leffell,
Dowicz and Scott Davidson are the Trustees. Each of
Messrs. Kempner, Leffell, Dowicz and Scott Davidson
disclaims beneficial ownership of such shares except to
the extent of such persons interest in such 401(k)
Plan.
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 21 OF 24 PAGES
---------
SIGNATURES
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.
March 16, 1998
DAVIDSON KEMPNER PARTNERS
By MHD Management Co., its
general partner
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
General Partner
DAVIDSON KEMPNER INSTITUTIONAL
PARTNERS, L.P.
By Davidson Kempner Advisers
Inc., its general partner
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
Secretary
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 22 OF 24 PAGES
---------
DAVIDSON KEMPNER ENDOWMENT PARTNERS
By MHD Management Co., its
general partner
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
General Partner
MHD MANAGEMENT CO.
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
General Partner
DAVIDSON KEMPNER ADVISERS INC.
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
Secretary
DAVIDSON KEMPNER INTERNATIONAL LTD.
By Davidson Kempner
International
Advisors, LLC
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
A Managing Member
DAVIDSON KEMPNER INTERNATIONAL
ADVISORS, LLC
By: /s/ Thomas L. Kempner, Jr
-----------------------------
Thomas L. Kempner, Jr.
A Managing Member
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 23 OF 24 PAGES
---------
/s/ Marvin H. Davidson
----------------------
Marvin H. Davidson
/s/ Thomas L. Kempner, Jr.
--------------------------
Thomas L. Kempner, Jr.
/s/ Stephen M. Dowicz
---------------------
Stephen M. Dowicz
/s/ Scott E. Davidson
---------------------
Scott E. Davidson
/s/ Michael J. Leffell
----------------------
Michael J. Leffell
<PAGE>
SCHEDULE 13D
CUSIP NO. 655260107 PAGE 24 OF 24 PAGES
---------
APPENDIX II
Noel Group, Inc.
Transaction Schedule
For the sixty-day period ending March 12, 1998
Where/How
Price/ Transaction
Date Quantity Share ($) Buy/Sell Affected
---- -------- --------- -------- -----------
2/04/98 5,000 3.50 Buy Open Market
2/17/98 5,000 3.50 Buy Open Market
2/18/98 10,000 3.50 Buy Open Market
2/19/98 17,900 3.50 Buy Open Market
2/24/98 5,000 3.28125 Buy Open Market
2/25/98 7,000 3.43750 Buy Open Market
2/27/98 4,000 3.43750 Buy Open Market
3/10/98 10,000 3.375 Buy Open Market
3/12/98 50,000 3.25 Buy Open Market
3/12/98 120,000 3.4375 Buy Open Market
