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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. 1 )*
(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)
June 6, 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 [ ].
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 12 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).
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP NO. 001077106 PAGE 2 OF 12 PAGES
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<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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
NUMBER OF 44,000
SHARES -----------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,049,916(1)
EACH -----------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 44,000
WITH -----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,049,916(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)
.37
- -------------------------------------------------------------------------------------------------------------------
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
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CUSIP NO. 001077106 PAGE 3 OF 12 PAGES
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<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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) [ ]
This Amendment No. 1 is being filed to reflect, among other things, the (b) [ ]
fact that as of June 6, 1997, Andrew M. Brown may not be deemed to
be a member of the group making this filing with respect to, and may
not be considered to be a Reporting Person for purposes of, Section 13
or for any other purpose.
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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 -----------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --
EACH -----------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON --
WITH -----------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
--
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
--
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP NO. 001077106 PAGE 4 OF 12 PAGES
- ------------------- ------------------
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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 ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,049,916(1)
EACH ---------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON --
WITH ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,049,916(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) Peter J. Powers disclaims beneficial ownership of all shares owned by other
persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 001077106 PAGE 5 OF 12 PAGES
- ------------------- ------------------
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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
NUMBER OF 681,866
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --
EACH ---------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 681,866
WITH ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
681,866
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.66
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP NO. 001077106 PAGE 6 OF 12 PAGES
- ------------------- ------------------
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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 ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 681,866(1)
EACH ---------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON --
WITH ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
681,866(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 12 PAGES
- ------------------- ------------------
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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
NUMBER OF 368,050
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --
EACH ---------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 368,050
WITH ---------------------------------------------------------------------------------------------
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 12 PAGES
- ------------------- ------------------
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <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 ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 368,050(1)
EACH ---------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON --
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 12 Pages
AG-BAG INTERNATIONAL LIMITED
(CUSIP NO. 001077106)
This Amendment No. 1 on Schedule 13D relates to the statement on
Schedule 13D filed on August 20, 1997 (the "Original Schedule 13D") and is being
filed to reflect, among other things, the fact that as of June 6, 1997, Andrew
M. Brown may not be deemed to be a member of the group of reporting persons
consisting of The High View Fund, L.P., High View Capital Corporation, The High
View Fund, High View Asset Management Corporation, Ernest P. Werlin, Peter J.
Powers and Andrew M. Brown (the "Group"), each member of which disclaims
beneficial ownership in the shares of Common Stock held by other persons, and
which filed the Original Schedule 13D regarding certain reportable events
effected by the Group as of June 5, 1997, with respect to securities issued by
Ag-Bag International Limited.
ITEM 2. IDENTITY AND BACKGROUND.
(a) - (f)
Item 2 of the Original Schedule 13D is amended by replacing the
second paragraph of sub-part (II) with the following paragraph:
The sole stockholder of voting stock of HVCC is Ernest P. Werlin.
Mr. Werlin is a director, President and Treasurer of HVCC. Peter J. Powers is a
director, Senior Vice President and Secretary of HVCC.
Item 2 of the Original Schedule 13D is amended further by
replacing the second paragraph of sub-part (IV) with the following paragraph:
The sole stockholder of voting stock and the sole director of
HVAM is Mr. Werlin. Mr. Werlin is President of HVAM. Peter J. Powers is
Secretary, Treasurer and Vice President of HVAM.
Item 2 of the Original Schedule 13D is amended further by
replacing sub-part (VI) with the following paragraph:
(VI) This statement also is being filed on behalf of Mr. Brown to
reflect the fact that as of June 6, 1997, Mr. Brown ceased to be an officer of
both HVCC and HVAM and Mr. Brown may no longer be deemed to be a part of the
group which filed the Original Schedule 13D. Mr. Brown is a United States
citizen whose present principal occupation is as an independent consultant. His
address as of June 6, 1997 is 58 West 58th Street, No. 9D, New York, New York
10019.
Item 2 of the Original Schedule 13D is amended further by
replacing sub-part (VII) with the following paragraph:
(VII) This statement also is being filed on behalf of Mr. Powers.
Mr. Powers's present principal occupation is as a director, Senior Vice
President and Secretary of HVCC and as Secretary, Treasurer and Vice President
of HVAM. Mr. Powers is a United States citizen whose business address is c/o
HVCC, 805 Third Avenue, Floor 17, New York, New York 10022.
Item 2 of the Original Schedule 13D is amended further by
replacing the third paragraph on Page 10 with the following paragraph:
Mr. Brown is making this filing to reflect the fact that as of
June 6, 1997, Mr. Brown ceased to be associated in any capacity with the
Delaware Fund, the Cayman Fund, HVCC and HVAM, and he may not be deemed to have
beneficial ownership for purposes of Section 13 or any other purpose of the
shares of Common Stock held by any of the Reporting Persons.
Item 2 of the Original Schedule 13D is amended further by
replacing the fourth paragraph on Page 10 with the following two paragraphs:
HVCC is making this filing because, due to the relationship
between HVCC and the Delaware Fund, as described above, HVCC 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. HVCC disclaims beneficial ownership
of all shares of Common Stock held by other persons.
Peter J. Powers is making this filing because, due to the
relationship between Mr. Powers and each of the Delaware Fund and the Cayman
Fund, as described above, Mr. Powers may 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. Powers disclaims beneficial
ownership of all shares of Common Stock held by other persons.
<PAGE>
<PAGE>
Page 10 of 12 Pages
Item 2 of the Original Schedule 13D is amended further by
replacing the last paragraph with the following paragraph:
The Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin, Mr.
Brown and Mr. Powers are making this group filing because up through June 5,
1997, such persons may have been 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 Item 2 in the Original Schedule 13D and as
amended herein. Each of such persons disclaims beneficial ownership of the
shares of Common Stock held by any other person and disclaims membership in a
group. Further, this filing is being made to reflect, among other things, the
fact that as of June 6, 1997, Mr. Brown was no longer associated or affiliated
in any way with any of the Delaware Fund, HVCC, the Cayman Fund, HVAM,
Mr. Werlin, or Mr. Powers and that, as of June 6, 1997, Mr. Brown may not be
deemed to be a member of the Group or to have beneficial ownership of the
shares of Common Stock held by any of the Reporting Persons for purposes of
Section 13 or any other purpose.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Original Schedule 13D is amended by adding the
following sentence to the first paragraph:
On July 2, 1997, the Delaware Fund acquired 50,000 shares of
Common Stock in an open market transaction for a total purchase price of
$32,815, which amount was obtained from the working capital of the Delaware
Fund.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b)
Item 5 of the Original Schedule 13D is amended by replacing
sub-part (I) with the following paragraph:
(I) The Delaware Fund beneficially holds 681,866 shares of Common
Stock, for an aggregate beneficial ownership of 681,866 shares of Common Stock,
which would constitute 5.66% of the outstanding class of Common Stock.
Item 5 of the Original Schedule 13D is amended further by
replacing sub-part (II) with the following paragraph:
(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 681,866 shares of Common Stock held by the Delaware Fund.
Therefore, HVCC may be deemed to be the aggregate beneficial owner of 681,866
shares of Common Stock, which would constitute 5.66% of the outstanding class of
Common Stock. HVCC disclaims beneficial ownership of all shares of Common Stock
held by other persons.
Item 5 of the Original Schedule 13D is amended further by
replacing sub-part (V) with the following paragraph:
(V) Peter J. Powers is a director, Senior Vice President and Secretary
of HVCC, the general partner of the Delaware Fund. Mr. Powers is also Secretary,
Treasurer and Vice President of HVAM, the investment manager for the Cayman
Fund. Because of Mr. Powers's relationship to the Delaware Fund, and because he
could be deemed to share with HVCC and the other director and officer 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 681,866 shares of Common Stock held by
the Delaware Fund. Further, as Mr. Powers is also an officer of HVAM, because of
Mr. Powers's relationship to the Cayman Fund through his position at HVAM, and
because he may be deemed to share with HVAM and with the director and the 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. Powers
may be deemed to be the beneficial owner of the 368,050 shares of Common Stock
held by the Cayman Fund. Therefore, Mr. Powers may be deemed to be the aggregate
beneficial owner of 1,049,916 shares of Common Stock, which would constitute
8.7% of the outstanding class of Common Stock. Mr. Powers disclaims beneficial
ownership of all shares of Common Stock held by other persons.
Item 5 of the Original Schedule 13D is amended further by
replacing sub-part (VI) with the following paragraph:
(VI) As of June 6, 1997, Andrew M. Brown was no longer affiliated with
any of the Delaware Fund, HVCC, the Cayman Fund, HVAM, Ernest P. Werlin or Peter
J. Powers. He may not be deemed to be the beneficial owner of any shares of
Common Stock held by any of the Reporting Persons for purposes of Section 13 or
any other purpose.
Item 5 of the Original Schedule 13D is amended further by
replacing the first and second sentences of sub-part (VII) with the following
two sentences:
<PAGE>
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Page 11 of 12 Pages
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 .37% 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 dispositve 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 681,866 shares of Common Stock held by the Delaware
Fund.
Item 5 of the Original Schedule 13D is amended further by
replacing the fifth sentence of sub-part (VII) with the following sentence:
Therefore, Mr. Werlin may be deemed to be the aggregate
beneficial owner of 1,093,916 shares of Common Stock, which would constitute
9.1% of the outstanding class of Common Stock.
Item 5 of the Original Schedule 13D is amended further by
replacing the last paragraph under the heading "(a) and (b)" with the following
paragraph:
By reason of the relationships described in Item 2 and this Item
5 above, as of June 6, 1997, the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr.
Werlin 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 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. Finally,
as of June 6, 1997, Andrew M. Brown, who was included as a Reporting Person on
the Original Schedule 13D as a member of the Group, ceased to be associated with
the Group and with each of the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr.
Werlin and Mr. Powers and may not be deemed to be the beneficial owner of any
shares of Common Stock held by any other person for purposes of Section 13 or
for any other purpose.
(c)
Item 5 of the Original Schedule 13D is amended further by
adding the following paragraph to part (c):
In an open market transaction on July 2, 1997, the Delaware
Fund purchased 50,000 shares of Common Stock for $.6563 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.
<PAGE>
<PAGE>
Page 12 of 12 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 25, 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
* This Amendment No. 1 is being filed to reflect, among other things, the fact
that as of June 6, 1997, Mr. Brown ceased to be associated or affiliated in any
way with any other Reporting Person and may not be deemed to be a member of the
Group making this filing for purposes of Section 13 or for any other purpose.
Each of the Reporting Persons disclaims beneficial ownership of the shares of
Common Stock held by other persons.
<PAGE>
