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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(AMENDMENT NO. 4)*
AG-BAG INTERNATIONAL LIMITED
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(Name of Issuer)
Common Stock, $.01 par value per share
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(Title of Class of Securities)
001077106
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(CUSIP Number)
Sandra L. Mallenbaum, Esq., c/o Anderson Kill & Olick, P.C.
1251 Avenue of the Americas, New York, New York 10020 (212) 278-1000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 6, 1998
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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 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 11 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).
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SCHEDULE 13D
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CUSIP NO. 001077106 PAGE 2 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP NO. 001077106 PAGE 3 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP NO. 001077106 PAGE 4 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Capital Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
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* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0
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14 TYPE OF REPORTING PERSON*
CO
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CUSIP NO. 001077106 PAGE 5 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
The Cayman Islands
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0
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14 TYPE OF REPORTING PERSON*
OO
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CUSIP NO. 001077106 PAGE 6 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Asset Management Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
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* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0
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14 TYPE OF REPORTING PERSON*
CO
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CUSIP NO. 001077106 PAGE 7 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ernest P. Werlin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE>
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CUSIP NO. 001077106 PAGE 8 OF 11 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter J. Powers
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
Not Applicable
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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7 SOLE VOTING POWER
---
NUMBER OF
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
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)
0.0
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14 TYPE OF REPORTING PERSON*
IN
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Page 9 of 11 Pages
AG-BAG INTERNATIONAL LIMITED
(CUSIP NO. 001077106)
This Amendment No. 4 on Schedule 13D ("Amendment No. 4") relates to the
statement on Schedule 13D filed on August 20, 1997 and amended on August 25,
1997, October 20, 1997 and February 6, 1998 ("Amended Schedule 13D") and filed
on behalf of the following reporting persons (each a "Reporting Person" and,
collectively, the "Reporting Persons"): The High View Fund, L.P., The High View
Fund II, L.P., High View Capital Corporation, The High View Fund, High View
Asset Management Corporation, Ernest P. Werlin and Peter J. Powers. Amendment
No. 4 is being filed to reflect (i) certain dispositions in securities of the
Issuer by certain of the Reporting Persons and (ii) that as a result of (i),
as of April 6, 1998, none of the Reporting Persons holds any beneficial shares
or any percentage whatsoever of Common Stock and none of the Reporting Persons
may be deemed to be subject to the reporting requirements of Section 13 in
connection with the Issuer. Any capitalized term used herein and not otherwise
defined, shall have the meaning ascribed to it in Amended Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND.
(a) - (f)
Item 2 of Amended Schedule 13D is amended by replacing the second paragraph on
page 10 with the following:
Each of the Delaware Fund, the Cayman Fund, Ernest P. Werlin and
Fund II is making this filing because each of them has disposed of shares of
Common Stock for which each had sole voting power. In addition, because of the
relationships described above, Mr. Werlin could be deemed to have beneficial
ownership for purpose of Section 13(d) of the Securities Exchange Act of 1934
(the "Act") of the shares of Common Stock, if any, that are held by each of the
Delaware Fund, the Cayman Fund and Fund II. Mr. Werlin disclaims beneficial
ownership of all shares of Common Stock held by other persons.
Item 2 of Amended Schedule 13D is amended further by replacing the paragraph
beginning "Each of Mr. Powers and HVCC" with the following:
Each of Mr. Powers and HVCC is making this filing because, due to
the relationship between each of Mr. Powers and HVCC and (i) the Delaware Fund
and (ii) Fund II, 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, if any, held by the Delaware Fund and Fund II. Each of Mr. Powers and
HVCC disclaims beneficial ownership of all shares of Common Stock held by other
persons.
Item 2 of Amended Schedule 13D is amended further by replacing the paragraph
beginning "HVAM is making" with the following:
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, if any, held by the Cayman Fund. HVAM disclaims beneficial ownership of
all shares of Common Stock held by other persons.
Item 2 of Amended Schedule 13D is amended further by replacing the last
paragraph of that item with the following paragraph:
The Delaware Fund, Fund II, HVCC, the Cayman Fund, HVAM, Mr. Werlin and
Mr. Powers are making a group filing because, due to the relationships between
and among the Reporting Persons as described in Item 2 of Amended Schedule 13D
and as amended herein, such persons may be deemed to constitute a "group" for
purposes of Section 13(d)(3) of the Act. Each of such persons disclaims
beneficial ownership of the shares of Common Stock, if any, held by any other
person and disclaims membership in a group.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of Amended Schedule 13D is amended by adding the following sentence to
the first paragraph:
In open market transactions over the period from April 1 - April 6,
1998, the Delaware Fund disposed of 679,086 shares of Common Stock for a total
price of $310,283.70, and Fund II disposed of 104,880 shares of Common Stock for
a total price of $47,911.
Item 3 of Amended Schedule 13D is amended further by adding the following
sentence to the second paragraph:
In open market transactions over the period from April 1 - April 6,
1998, the Cayman Fund disposed of 413,200 shares of Common Stock for a total
price of $188,800.
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Page 10 of 11 Pages
Item 3 of Amended Schedule 13D is amended further by adding the following
sentence to the third paragraph:
In an open market transaction on April 6, 1998, Ernest P. Werlin
disposed of 245,250 shares of Common Stock for a total price of $110,362.50.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of Amended Schedule 13D is amended by replacing the entire paragraph
therein with the following paragraph:
Each of the Delaware Fund, Fund II, the Cayman Fund, and Mr. Werlin no
longer holds any shares of Common Stock to which this statement on Schedule 13D
relates. Each of the Delaware Fund, Fund II, the Cayman Fund and Mr. Werlin
disposed of its or his respective shares of Common Stock, as described in Item 3
and to which this statement on Schedule 13D relates, for purposes of its or his
investment objectives. At present, neither the Delaware Fund, Fund II, the
Cayman Fund, nor Mr. Werlin has any plans to purchase shares of Common Stock.
Except as disclosed in this Item 4, neither the Delaware Fund, Fund II, 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 the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of Amended Schedule 13D is amended by replacing parts (a) - (b) with the
following:
As of April 6, 1998, Neither the Delaware Fund, Fund II, the
Cayman Fund, nor Mr. Werlin beneficially holds any shares of Common Stock, and
none of the Reporting Persons may be deemed to the beneficial owner of any
shares of Common Stock for purposes of Section 13 or for any other purpose.
Item 5 of Amended Schedule 13 is amended further by adding the following
paragraph to part (c):
In open market transactions on April 1, 1998, the Delaware Fund
disposed of 85,000 shares of Common Stock, Fund II disposed of 13,000 shares of
Common Stock, and the Cayman Fund disposed of 52,000 shares of Common Stock for
$0.50 per share. In open market transactions on April 6, 1998, the Delaware Fund
disposed of 585,586 shares of Common Stock, Fund II disposed of 90,580 shares of
Common Stock, the Cayman Fund disposed of 356,000 shares of Common Stock, and
Mr. Werlin disposed of 245,250 shares of Common Stock for $0.45 per share. In
additional open market transactions on April 6, 1998, the Delaware Fund disposed
of 8,500 shares of Common Stock, Fund II disposed of 1,300 shares of Common
Stock, and the Cayman Fund disposed of 5,200 shares of Common Stock for $0.50
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.
Item 5 of Amended Schedule 13d is amended further by replacing part (e)
thereunder as follows:
As of April 6, 1998, neither any of the Reporting Persons nor the
Group could be deemed to be the beneficial owner of more than five percent of
the shares of Common Stock.
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Page 11 of 11 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: April 16, 1998
/s/ ERNEST P. WERLIN
---------------------------------------
Ernest P. Werlin
/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
THE HIGH VIEW FUND II, 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/ RHONDA D. McDEIGAN-ELDRIDGE
-----------------------------------
Rhonda D. McDeigan-Eldridge
Director
HIGH VIEW ASSET MANAGEMENT CORPORATION
By: /s/ ERNEST P. WERLIN
-----------------------------------
Ernest P. Werlin
President
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