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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 19 )*
SYMBOL TECHNOLOGIES, INC.
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
871508107
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(CUSIP Number)
Howard E. Steinberg, Executive Vice President and General Counsel
Reliance Financial Services Corporation
Park Avenue Plaza, 55 East 52nd Street, New York, New York 10055
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
November 18, 1999
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(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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss.240.13d-7 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 the
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).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
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CUSIP No. 871508107
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1. Names of Reporting Persons
Reliance Financial Services Corporation
I.R.S. Identification Nos. of above persons (entities only)
51-0113548
2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / /
(b) / /
3. SEC Use Only
4. Source of Funds (See Instructions)
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
X
6. Citizenship or Place of Organization
Delaware
7. Sole Voting Power 10,577,888
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each 9. Sole Dispositive Power 10,577,888
Reporting Person
10. Shared Dispositive Power
With
11. Aggregate Amount Beneficially Owned by Each Reporting Person
10,577,888
12. Check if the Aggregate Amount in Row (11)
Excludes Certain Shares (See Instructions)
13. Percent of Class Represented by Amount in Row (11)
12.0%
14. Type of Reporting Person (See Instructions)
HC
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ITEM 1. Security and Issuer
This statement relates to the Common Stock, $.0l par value per share (the
"Security"), of Symbol Technologies, Inc.(the "Issuer"), whose principal offices
are located at One Symbol Plaza, Holtsville, New York 11742. This statement
restates the Schedule 13D and all amendments thereto filed by Reliance Financial
Services Corporation, a Delaware corporation ("Reliance Financial"), in respect
of the Security prior to the date hereof.
ITEM 2. Identity and Background
This statement is filed by Reliance Financial, a Delaware corporation. Reliance
Financial owns all of the outstanding stock of Reliance Insurance Company
("RIC"), a Pennsylvania corporation. RIC and its property and casualty insurance
subsidiaries (the "Reliance Insurance Group") underwrite a broad range of
commercial line property and casualty insurance and also underwrite personal
automobile coverage. All of the capital stock of Reliance Financial is owned by
Reliance Group Holdings, Inc., a Delaware corporation ("RGH").
Approximately 42.8% of the common voting stock of RGH is owned by Saul P.
Steinberg, members of his family and affiliated trusts and partnerships. As a
result of his stock holdings in RGH, Saul P. Steinberg may be deemed to control
RGH.
The principal executive offices of each of Reliance Financial and RGH are
located at Park Avenue Plaza, 55 East 52nd Street, New York, New York 10055.
The names, address and principal occupations of the directors and executive
officers of Reliance Financial, all of whom are United States citizens, are as
follows:
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<TABLE>
<CAPTION>
POSITION WITH RELIANCE FINANCIAL
NAME AND BUSINESS ADDRESS AND PRINCIPAL OCCUPATION
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<S> <C>
Saul P. Steinberg Chairman of the Board, Chief Executive Officer,
Reliance Group Holdings, Inc. Chief Operating Officer and Director, Reliance
Park Avenue Plaza Financial and RGH.
New York, New York 10055
Robert M. Steinberg Vice Chairman of the Board and Director,
Reliance Group Holdings, Inc. Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
George E. Bello Executive Vice President, Controller and
Reliance Group Holdings, Inc. Director, Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Lowell C. Freiberg Executive Vice President, Chief Financial
Reliance Group Holdings, Inc. Officer and Director, Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Howard E. Steinberg, Esq. Executive Vice President, General Counsel and
Reliance Group Holdings, Inc. Corporate Secretary, Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Albert A. Benchimol Senior Vice President and Treasurer, Reliance
Reliance Group Holdings, Inc. Financial and RGH.
Park Avenue Plaza
New York, New York 10055
</TABLE>
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<TABLE>
<CAPTION>
POSITION WITH RELIANCE FINANCIAL
NAME AND BUSINESS ADDRESS AND PRINCIPAL OCCUPATION
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<S> <C>
Dennis J. O'Leary Senior Vice President-Taxes, Reliance Financial
Reliance Group Holdings, Inc. and RGH.
Park Avenue Plaza
New York, New York 10055
Philip S. Sherman Senior Vice President-Group Controller, Reliance
Reliance Group Holdings, Inc. Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Bruce L. Sokoloff Senior Vice President--Administration, Reliance
Reliance Group Holdings, Inc. Financial and RGH.
Park Avenue Plaza
New York, New York 10055
James E. Yacobucci Senior Vice President--Investments and Director,
Reliance Insurance Company Reliance Financial, RGH and RIC.
Park Avenue Plaza
New York, New York 10055
Paul W. Zeller, Esq. Senior Vice President, Deputy General Counsel
Reliance Group Holdings, Inc. and Assistant Secretary, Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
George R. Baker Assistant to Chairman of the Board and Director,
3401 North California Avenue Reliance Financial and RGH.
Chicago, Illinois 60618
Dr. Thomas P. Gerrity Director, Reliance Financial and RGH; Professor of Management,
The Wharton School the Wharton School of the University of Pennsylvania.
University of Pennsylvania
Steinberg Hall- Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104
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<TABLE>
<CAPTION>
POSITION WITH RELIANCE FINANCIAL
NAME AND BUSINESS ADDRESS AND PRINCIPAL OCCUPATION
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<S> <C>
Jewell J. McCabe Director, Reliance Financial and RGH.
211 E. 70th St., #30F
New York, New York 10021
Irving Schneider Director, Reliance Financial and RGH; Co-Chairman
Helmsley-Spear, Inc. and Chief Operations Officer, Helmsley-Spear, Inc.,
60 East 42nd Street a real estate management corporation.
New York, New York 10165
Bernard L. Schwartz Director, Reliance Financial and RGH; Chairman of the
Loral Space & Communications Ltd. Board, Chief Executive Officer, Loral Space & Communications
600 Third Avenue Ltd., a high-technology company concentrating on satellite-
New York, New York 10016 based services; Chairman of the Board and Chief Executive
Officer, Globalstar Telecommunications, Ltd.
Richard E. Snyder Director, Reliance Financial and RGH; Chairman and Chief
Golden Books Family Executive Officer of Golden Books Family Entertainment, Inc.,
Entertainment, Inc. a publisher of children's books.
850 Third Avenue
New York, New York 10022
Bruce E. Spivey Director, Reliance Financial and RGH; President and Chief
Columbia-Cornell Care LLC Executive Officer, Columbia-Cornell Care LLC, the physician
900 Third Avenue, Suite 500 organization of the clinical faculties of the medical schools
New York, New York 10022 of Columbia and Cornell Universities.
</TABLE>
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Neither Reliance Financial nor, to the best of its knowledge, any other person
named in this Item 2 has, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) nor,
except as set forth below, been 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.
On February 17, 1994, in settlement of an administrative proceeding concerning
the accounting treatment for certain transactions in 1986 in the fixed income
portfolio of RIC, without admitting or denying the allegations against it, RGH
agreed to entry of an order by the Securities and Exchange Commission that RGH
cease and desist from committing or causing any violation, and from committing
or causing any future violation of, Section 13(a) of the Securities Exchange Act
of 1934, as amended and Rules 13a-1 and 13a-3 thereunder.
ITEM 3. Source and Amount of Funds or Other Consideration
N/A
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ITEM 4. Purpose of Transaction
The Securities are held for investment as part of the general investment
portfolio of RIC and the other corporations named herein. Subject to
availability and price and subject to applicable laws and regulations, each such
corporation may dispose of all or a portion of such Securities on terms and at
prices determined by it.
ITEM 5. Interest in Securities of the Issuer.
During the past sixty days there were no purchases of Securities beneficially
owned by Reliance Financial. After giving effect to a 3 for 2 stock split on
each of April 1, 1997, April 7, 1998 and June 1, 1999 (collectively, the "Stock
Splits"), and to the sale in the last sixty days of Securities beneficially
owned by Reliance Financial set forth below, 10,577,888 shares of the Security
are beneficially owned by Reliance Financial and comprise, to the best knowledge
of Reliance Financial, approximately 12.0% of the Securities outstanding. Of the
10,577,888 shares beneficially owned by Reliance Financial, 9,346,801 shares are
owned directly by RIC, 668,587 shares are owned directly by Reliance National
Indemnity Company, an insurance subsidiary of RIC, and 562,500 shares are owned
directly by United Pacific Insurance Company, an insurance subsidiary of RIC.
Each of the corporations listed above has sole voting and dispositive power over
all of the shares directly owned by it.
Below is a list of sales of the Securities beneficially owned by Reliance
Financial during the past sixty days, all of which were accomplished through
ordinary brokerage transactions:
Number of Price
Date Company Shares Per Share
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11/18/99 Reliance Insurance Co. 1,000,000 $49.00
11/22/99 Reliance Insurance Co. 500,000 $49.00
To the best knowledge of Reliance Financial, after giving effect to the Stock
Splits and to the sale in the last sixty days of the Securities set forth below,
Mr. Lowell C. Freiberg beneficially owns 85,873 shares of the Security (38,436
of which are based upon the assumed exercise of stock options), representing
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approximately .10% of the Securities outstanding and Mr. Saul P. Steinberg
beneficially owns 5,625 shares of the Security (based upon the assumed exercise
of stock options), representing less than .01% of the Securities outstanding.
Each of Mr. Freiberg and Mr. Steinberg has sole voting and dispositive power
over the shares of the Security owned by him. To the best knowledge of Reliance
Financial, the other persons named in Item 2 hereof do not own in the aggregate
more than 5,000 shares of the Security.
Below is a list of sales of the Securities by Saul P. Steinberg and Lowell C.
Freiberg during the past sixty days, all of which were accomplished through
ordinary brokerage transactions:
Number of Price
Date Company Shares Per Share
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10/25/99 Saul P. Steinberg 2,999 $37.6875
10/25/99 Saul P. Steinberg 5,800 $37.75
10/25/99 Saul P. Steinberg 3,400 $37.625
10/25/99 Saul P. Steinberg 4,000 $37.75
10/25/99 Saul P. Steinberg 12,200 $38.00
10/25/99 Saul P. Steinberg 1,600 $37.875
10/25/99 Saul P. Steinberg 5,625 $38.3125
10/25/99 Saul P. Steinberg 2,812 $38.0625
11/17/99 Lowell C. Freiberg 2,000 $50.25
11/17/99 Lowell C. Freiberg 2,000 $50.375
11/17/99 Lowell C. Freiberg 2,000 $51.50
11/17/99 Lowell C. Freiberg 2,000 $50.875
11/17/99 Lowell C. Freiberg 7,000 $51.125
To Reliance Financial's knowledge, none of the other persons named in Item 2
hereof has effected any transaction in the Security during the 60 days preceding
the date of this filing.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
Pursuant to the Purchase Agreement referred to in Item 7 as in effect on the
date hereof, the issuer has granted RIC the right to designate one nominee for
election to the Issuer's Board of Directors for so long as RIC owns a specified
minimum number of shares of the Security (subject to adjustment).
Item 7. Material to be Filed as Exhibits
Purchase Agreement, dated February 4, 1985, between Symbol Technologies, Inc.
and Reliance Insurance Company (the "Purchase Agreement") (incorporated by
reference to Exhibit 1 to Schedule 13D filed in paper format).
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SIGNATURE
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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: November 22, 1999
RELIANCE FINANCIAL SERVICES CORPORATION
By: /s/ James E. Yacobucci
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James E. Yacobucci
Senior Vice President-Investments
