<PAGE>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.___ )*
(Rule 13d-101)
AG-BAG INTERNATIONAL LIMITED
- - --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
- - --------------------------------------------------------------------------------
(Title of Class of Securities)
001077106
---------------------------------------------------
(CUSIP Number)
David J. Schwartz, Esq., c/o Anderson Kill & Olick, P.C.
1251 Avenue of the Americas, New York, New York 10020 (212) 278-1000
- - --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
February 21, 1997
--------------------------------------------------------
(Date of Event which Requires Filing of this Statement)1
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 [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
(Continued on following pages)
(Page 1 of 13 pages)
*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 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).
--------
1. This filing incorporates all information relevant to reportable events
effected by the Reporting Persons, who may be deemed a group for purposes
of Section 13(d) (the "Group"), with respect to the referenced class of
securities, up to and including June 5, 1997. As reflected in Amendment
No. 1 to this statement, which is being filed contemporaneously with this
statement, as of June 6, 1997, one member of the Group, Andrew M. Brown,
ceased to be associated with the Group.
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 2 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ernest P. Werlin
- - -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- - -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- - -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
44,000
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 999,916(1)
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
44,000
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
999,916(1)
- - -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 44,000
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- - -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.04
- - -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------
1. Ernest P. Werlin disclaims beneficial ownership of all shares owned by other
persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 3 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Andrew M. Brown
- - -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- - -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- - -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 999,916(1)
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
999,916(1)
- - -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- - -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- - -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------
1. Andrew M. Brown disclaims beneficial ownership of all shares owned by other
persons. As of June 6, 1997, Mr. Brown ceased to be a member of the group which
is making this filing.
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 4 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter J. Powers
- - -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- - -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- - -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 631,866(1)
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
631,866(1)
- - -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- - -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- - -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------
1. Peter J. Powers disclaims beneficial ownership of all shares owned by other
persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 5 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund, 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
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
631,866
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY ---
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
631,866
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
- - -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
631,866
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- - -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24
- - -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 6 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Capital Corporation
- - -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- - -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- - -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 631,866(1)
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
631,866(1)
- - -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- - -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- - -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------
1. High View Capital Corporation disclaims beneficial ownership of all shares
owned by other persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 7 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund
- - -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- - -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- - -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
The Cayman Islands
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
368,050
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY ---
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
368,050
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
----
- - -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
368,050
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX 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*
OO
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
- - -------------------- ---------------------
CUSIP NO. 001077106 PAGE 8 OF 13 PAGES
- - -------------------- ---------------------
<TABLE>
<C> <S> <C>
- - -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Asset Management Corporation
- - -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- - -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- - -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not Applicable
- - -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- - -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
---
NUMBER OF ---------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 368,050(1)
EACH
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
368,050(1)
- - -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- - -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- - -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- - -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- - -----------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------
1. High View Asset Management Corporation disclaims beneficial ownership of all
shares owned by other persons.
<PAGE>
<PAGE>
Page 9 of 13 Pages
AG-BAG INTERNATIONAL LIMITED
(CUSIP NO. 001077106)
ITEM 1. SECURITY AND ISSUER.
This statement relates to common stock, $.01 par value per share
("Common Stock") issued by Ag-Bag International Limited (the "Issuer" or the
"Company"). The address of the principal executive offices of the Issuer is 2320
SE Ag-Bag Lane, Warrenton, Oregon 97146.
ITEM 2. IDENTITY AND BACKGROUND.
(a) - (f)
This statement is being filed on behalf of a group consisting of
the following seven reporting persons (each, a "Reporting Person" and,
collectively, the "Reporting Persons"):
(I) This statement is being filed on behalf of The High View Fund, L.P.,
a Delaware limited partnership (the "Delaware Fund"). The Delaware Fund's
principal business is to make and hold investments. The business address for the
Delaware Fund is c/o High View Capital Corporation, 805 Third Avenue, Floor 17,
New York, New York 10022. The general partner of the Delaware Fund is High View
Capital Corporation, which is described more fully in (II), below.
(II) This statement also is being filed on behalf of High View Capital
Corporation ("HVCC"), a Delaware corporation. HVCC's principal business is to
act as general partner to the Delaware Fund and to provide investment advisory
services to other clients. The business address for HVCC is 805 Third Avenue,
Floor 17, New York, New York 10022.
The sole stockholder of voting stock of HVCC is Ernest P. Werlin.
Mr. Werlin is a director, the President and Treasurer of HVCC. As of the date of
the event which requires the filing of this statement, Peter J. Powers was a
director and the Senior Vice President of HVCC. As of the date of the event
which requires the filing of this statement, Andrew M. Brown was the Secretary
of HVCC. As of June 6, 1997, Mr. Brown ceased to be associated with HVCC.
(III) This statement also is being filed on behalf of The High View
Fund, a Cayman Islands company (the "Cayman Fund"). The Cayman Fund is listed on
the Irish Stock Exchange and its principal business is to make and hold
investments. The Cayman Fund's directors are Rhonda D. McDeigan-Eldridge and
Cedric L. Carroll. Ms. McDeigan-Eldridge and Mr. Carroll are citizens of the
Commonwealth of The Bahamas, their principal business is to act as investment
fund administrators and their business address is c/o Mees Pierson Fund Services
(Bahamas) Limited, Windermere House, 404 East Bay Street, P.O. Box SS-6238,
Nassau, The Bahamas. The investment manager of the Cayman Fund is High View
Asset Management Corporation, which is described more fully in (IV), below.
(IV) This statement also is being filed on behalf of High View Asset
Management Corporation, a Delaware corporation ("HVAM"). HVAM's principal
business is to act as investment manager to the Cayman Fund and its business
address is 805 Third Avenue, Floor 17, New York, New York 10022.
The sole stockholder of voting stock and the sole director of
HVAM is Mr. Werlin. Mr. Werlin is also the President of HVAM. As of the
date of the event which requires the filing of this statement, Andrew M. Brown
was the Treasurer, Secretary and Vice President of HVAM. As of June 6, 1997,
Mr. Brown ceased to be associated with HVAM.
(V) This statement also is being filed on behalf of Mr. Werlin. Mr.
Werlin's present principal occupation is as a director, President and Treasurer
of HVCC and as the director and President of HVAM. Mr. Werlin is a
United States citizen whose business address is c/o HVCC, 805 Third Avenue,
Floor 17, New York, New York 10022.
(VI) This statement also is being filed on behalf of Mr. Brown. As of
the date of the event which requires the filing of this statement, Mr. Brown's
principal occupation was as Secretary of HVCC and as Treasurer, Secretary and
Vice President of HVAM. Mr. Brown is a United States citizen whose business
address as of the date of the event requiring the filing of this statement was
c/o HVCC, 805 Third Avenue, Floor 17, New York, New York 10022. As of June 6,
1997, Mr. Brown ceased to be associated with both HVCC and HVAM.
(VII) This statement also is being filed on behalf of Mr. Powers. As of
the date of the event which requires the filing of this statement, Mr. Powers's
principal occupation was as a director and the Senior Vice President of HVCC.
Mr. Powers is a United States citizen whose business address is c/o HVCC, 805
Third Avenue, Floor 17, New York, New York 10022.
<PAGE>
<PAGE>
Page 10 of 13 Pages
No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). Further, no Reporting Person has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction, nor
has any Reporting Person been subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or maintaining activities subject
to, Federal or State securities laws or finding any violation with respect to
such laws.
Each of the Delaware Fund, the Cayman Fund and Ernest P. Werlin
is making this filing because each of them has acquired shares of Common Stock
of the Issuer for which each has sole voting power. In addition, because of the
relationships described above, Mr. Werlin could be deemed to have beneficial
ownership for purposes of Section 13(d) of the Securities Exchange Act of 1934
(the "Act") of the shares of Common Stock which are held by each of the Delaware
Fund and the Cayman Fund. Mr. Werlin disclaims beneficial ownership of all
shares of Common Stock held by other persons.
Mr. Brown is making this filing because, as of the date of the
event requiring the filing of this statement, due to the relationships between
Mr. Brown and each of the Delaware Fund and the Cayman Fund, as described above,
Mr. Brown could be deemed to have beneficial ownership for purposes of Section
13(d) of the Act of the shares of Common Stock held by each of the Delaware Fund
and the Cayman Fund. Mr. Brown disclaims beneficial ownership of all shares of
Common Stock held by other persons. As of June 6, 1997, Mr. Brown ceased to be
associated with each of the Delaware Fund and the Cayman Fund.
Each of Mr. Powers and HVCC is making this filing because, due to
the relationship between each of Mr. Powers and HVCC and the Delaware Fund, as
described above, each could be deemed to have beneficial ownership for purposes
of Section 13(d) of the Act of the shares of Common Stock held by the Delaware
Fund. Each of Mr. Powers and HVCC disclaims beneficial ownership of all shares
of Common Stock held by other persons.
HVAM is making this filing because, due to its relationship to
the Cayman Fund, as described above, HVAM could be deemed to have beneficial
ownership for purposes of Section 13(d) of the Act of the shares of Common Stock
held by the Cayman Fund. HVAM disclaims beneficial ownership of all shares of
Common Stock which are held by other persons.
The Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin, Mr.
Brown, and Mr. Powers are making a group filing because, as of the date of the
event requiring the filing of this statement, such persons may be deemed to
constitute a "group" for purposes of Section 13(d)(3) of the Act due to the
relationships between and among the Reporting Persons, as described in this Item
2. Each of such persons disclaims beneficial ownership of the shares of Common
Stock held by any other person and disclaims membership in a group.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Delaware Fund acquired 631,866 shares of Common Stock in a
series of open market transactions over the period from October 22, 1996 to May
15, 1997 for a total purchase price of $585,185.22. The $585,185.22 used by the
Delaware Fund to purchase the 631,866 shares of Common Stock was obtained from
the working capital of the Delaware Fund.
The Cayman Fund acquired 468,050 shares of Common Stock in a
series of open market transactions over the period from October 22, 1996 to
March 31, 1997 for a total purchase price of $428,056.78 and sold 100,000 of
those shares of Common Stock in an open market transaction on May 15, 1997 for
the total price of $75,000. The $428,056.78 used by the Cayman Fund to purchase
the 468,050 shares of Common Stock was obtained from the working capital of the
Cayman Fund.
Mr. Werlin acquired 44,000 shares of Common Stock in two open
market transactions on February 21, 1997, for a total purchase price of $46,640.
The $46,640 used by Mr. Werlin to purchase the 44,000 shares of Common Stock was
obtained from Mr. Werlin's personal funds.
ITEM 4. PURPOSE OF TRANSACTION.
Each of the Delaware Fund, the Cayman Fund and Mr. Werlin holds
its or his respective shares of Common Stock to which this statement on Schedule
13D relates for purposes of investment. At present, neither the Delaware Fund,
the Cayman Fund, nor Mr. Werlin has any plans to purchase additional shares of
Common Stock or to transfer shares of Common Stock. Except as disclosed in this
Item 4, neither the Delaware Fund, the Cayman Fund, nor Mr. Werlin has current
plans or proposals which relate to or would result in any of the events
described in Items (a) through (j) of the instructions to Item 4 of Schedule
13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b)
<PAGE>
<PAGE>
Page 11 of 13 Pages
(I) The Delaware Fund beneficially holds 631,866 shares of Common Stock,
for an aggregate beneficial ownership of 631,866 shares of Common Stock, which
would constitute 5.24% of the outstanding class of Common Stock.
(II) For purposes of Rule 13(d) under the Act, because HVCC is the sole
general partner of the Delaware Fund, and because it could be deemed to share
voting and dispositive power with the Delaware Fund over the shares of Common
Stock held by the Delaware Fund, HVCC may be deemed to be the beneficial owner
of the 631,866 shares of Common Stock held by the Delaware Fund. Therefore, HVCC
may be deemed to be the aggregate beneficial owner of 631,866 shares of Common
Stock, which would constitute 5.24% of the outstanding class of Common Stock.
HVCC disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(III) The Cayman Fund beneficially holds 368,050 shares of Common Stock,
for an aggregate beneficial ownership of 368,050 shares of Common Stock, which
would constitute 3.05% of the outstanding class of Common Stock.
(IV) For Purposes of Rule 13(d) under the Act, because HVAM is the
investment manager to the Cayman Fund, and because it could be deemed to share
voting and dispositive power with the Cayman Fund over the shares of Common
Stock held by the Cayman Fund, HVAM may be deemed to be the beneficial owner of
the 368,050 shares of Common Stock held by the Cayman Fund. Therefore, HVAM may
be deemed to be the aggregate beneficial owner of 368,050 shares of Common
Stock, which would constitute 3.05% of the oustanding class of Common Stock.
HVAM disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(V) Peter J. Powers is a director and the Senior Vice President of HVCC.
Because Mr. Powers is an officer and a director of the general partner of the
Delaware Fund, and because he could be deemed to share with HVCC and the other
director and officers of HVCC voting and dispositive power over the shares of
Common Stock held by the Delaware Fund, for purposes of Rule 13(d) under the
Act, Mr. Powers may be deemed to be the beneficial owner of the 631,866 shares
of Common Stock held by the Delaware Fund. Therefore, Mr. Powers may be deemed
to be the aggregate beneficial owner of 631,866 shares of Common Stock, which
would constitute 5.24% of the outstanding class of Common Stock. Mr. Powers
disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(VI) (The following is as of the date of the event requiring, and for
purposes of, this filing:) Andrew M. Brown is the Secretary of HVCC, the general
partner of the Delaware Fund. Mr. Brown is also the Treasurer, Secretary and
Vice President of HVAM, the investment manager for the Cayman Fund. Because of
Mr. Brown's relationship to the Delaware Fund, and because he could be deemed to
share with HVCC and the directors and other officers of HVCC voting and
dispositive power over the shares of Common Stock held by the Delaware Fund, for
purposes of Rule 13(d) under the Act, Mr. Brown may be deemed to be the
beneficial owner of the 631,866 shares of Common Stock held by the Delaware
Fund. Further, as Mr. Brown is also an officer of HVAM, because of Mr. Brown's
relationship to the Cayman Fund through his position at HVAM, and because he
could be deemed to share with HVAM, and with the director and other officer of
HVAM voting and dispositive power over the shares of Common Stock held by the
Cayman Fund, for purposes of Rule 13(d) under the Act, Mr. Brown may be deemed
to be the beneficial owner of the 368,050 shares of Common Stock held by the
Cayman Fund. Therefore, Mr. Brown may be deemed to be the aggregate beneficial
owner of 999,916 shares of Common Stock, which would constitute 8.3% of the
outstanding class of Common Stock. Mr. Brown disclaims beneficial ownership of
all shares of Common Stock held by other persons. (As of June 6, 1997, Mr. Brown
ceased to be associated with each of the Delaware Fund, HVCC, the Cayman Fund
and HVAM.)
(VII) Ernest P. Werlin beneficially holds 44,000 shares of Common Stock,
for an aggregate beneficial ownership of 44,000 shares of Common Stock, which
would constitute .04% of the outstanding class of Common Stock. In addition,
because Mr. Werlin is the sole stockholder, a director, and the President and
Treasurer of HVCC, because of the relationship between HVCC and the Delaware
Fund, as discussed in this Item 5, and because therefore Mr. Werlin may be
deemed to share voting and dispositive power with HVCC, the other director and
the other officers of HVCC, over the shares of Common Stock held by the Delaware
Fund, for purposes of Rule 13(d) under the Act, Mr. Werlin may be deemed to be
the beneficial owner of the 631,866 shares of Common Stock held by the Delaware
Fund. Mr. Werlin is also the sole director, sole stockholder, and the President
of HVAM. Because of the positions he holds at HVAM, because of the relationship
between HVAM and the Cayman Fund, as discussed in this Item 5, and because Mr.
Werlin may be deemed to share voting and dispositive power over the shares of
Common Stock held by the Cayman Fund with HVAM and the director and other
officer of HVAM, for purposes of Rule 13(d) under the Act, Mr. Werlin may be
deemed to be the beneficial owner of the 368,050 shares of Common Stock held
by the Cayman Fund. Therefore, Mr. Werlin may be deemed to be the aggregate
beneficial owner of 1,043,916 shares of Common Stock, which would constitute
8.6% of the outstanding class of Common Stock. Mr. Werlin disclaims beneficial
ownership of all shares of Common Stock held by other persons.
By reason of the relationships described in Item 2 and this Item
5 above, the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin, Mr. Brown,
and Mr. Powers may be deemed to constitute a "group" within the meaning of Rule
13d-5 under the Act. Pursuant to Rule 13d-4 under the Act, neither the filing of
this statement nor any of its contents
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Page 12 of 13 Pages
shall be construed as an admission that any person named herein is, for purposes
of Section 13(d) or 13(g) of the Act (or pursuant to Rule 16a-1(a)(1)
thereunder), the beneficial owner of any shares of Common Stock held by other
members of any such group. Additionally, the persons named herein disclaim
membership in a group. Further, as of June 6, 1997, Mr. Brown ceased to be
associated with each of the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr.
Werlin and Mr. Powers.
(c) As included in Item 3, above, in an open market transaction
on May 15, 1997, the Delaware Fund acquired 100,000 shares of Common Stock for
$.75 per share, and in an open market transaction on May 15, 1997, the Cayman
Fund disposed of 100,000 shares of Common Stock for $.75 per share. Except as
discussed in this Item 5(c), no other transactions in shares of Common Stock
were effected in the past 60 days by any of the Reporting Persons.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Not applicable.
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Page 13 of 13 Pages
SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: August 20, 1997 /s/ ERNEST P. WERLIN
____________________________________
Ernest P. Werlin
/s/ ANDREW M. BROWN
____________________________________
Andrew M. Brown*
/s/ PETER J. POWERS
____________________________________
Peter J. Powers
THE HIGH VIEW FUND, L.P.
By: High View Capital Corporation,
its general partner
By: /s/ ERNEST P. WERLIN
____________________________________
Ernest P. Werlin
President
HIGH VIEW CAPITAL CORPORATION
By: /s/ ERNEST P. WERLIN
____________________________________
Ernest P. Werlin
President
THE HIGH VIEW FUND
By: /s/ CEDRIC L. CARROLL
____________________________________
Cedric L. Carroll
Director
HIGH VIEW ASSET MANAGEMENT CORPORATION
By: /s/ ERNEST P. WERLIN
____________________________________
Ernest P. Werlin
President
* As of June 6, 1997, Mr. Brown ceased to be a member of the group making this
filing.
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