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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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SCHEDULE 13D
(AMENDMENT NO. 5)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
MERCOM, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $1.00 PER SHARE
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(Title of Class of Securities)
589935D-10-9
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(CUSIP Number)
LAWRENCE B. LAPPIN, LAPPIN CAPITAL MANAGEMENT, INC.,
767 Third Avenue, 16th Floor, New York, New York 10017, (212) 755-5694
and
JESSE R. MEER, ESQ.
BERLACK, ISRAELS & LIBERMAN, LLP,
120 West 45th Street, New York, N.Y. 10036, (212) 704-0100
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(Name, Address and Telephone Number of Persons Authorized
to Receive Notices and Communications)
JANUARY 30, 1997
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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-I(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [X]. (A fee is
not required only if the reporting person (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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Page 1 of 6 Pages
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AMENDMENT NO. 5 TO SCHEDULE 13D
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CUSIP No. 58935D-10-9
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1 NAME OF REPORTING PERSON: LAPPIN CAPITAL MANAGEMENT, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3641120
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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
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS (2)(d) or (e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF 578,951
SHARES ----------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
EACH ----------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 578,951
WITH ----------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
578,951 shares
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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)
12.09
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14 TYPE OF REPORTING PERSON
PN
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Page 2 of 6 Pages
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AMENDMENT NO. 5 TO SCHEDULE 13D
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CUSIP No. 58935D-10-9
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1 NAME OF REPORTING PERSON: LAWRENCE B. LAPPIN
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: ###-##-####
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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
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS (2)(d) or (e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF 2,468
SHARES ----------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
EACH ----------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 2,468
WITH ----------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
468 shares are beneficially owned by minor children
of the reporting person
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not significant
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14 TYPE OF REPORTING PERSON
IN
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Page 3 of 6 Pages
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AMENDMENT NO. 5 TO SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of the common stock, par value $1.00 per
share, of Mercom, Inc. (the "Issuer"). The Issuer's principal executive offices
are located at 105 Carnegie Center, Princeton, New Jersey 08540.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Lappin Capital Management, L. P., a
limited partnership formed under the laws of the State of Delaware (the
"Partnership"). The principal business of the Partnership is investments, and
the address of its principal office is 767 Third Avenue, 16th Floor, New York,
New York 10017.
Lappin Capital Management, Inc., a Delaware corporation ("LCMI"), and
Lawrence B. Lappin are the general partners of the Partnership, and their
principal business address is 767 Third Avenue, 16th Floor, New York, New York
10017. The principal occupations of LCMI and Mr. Lappin are acting as the
general partners of the Partnership.
On June 27, 1996, as of June 30, 1996, LBL Group, L.P., another limited
partnership of which LCMI and Mr. Lappin were general partners, was merged into
the Partnership, and as a result of the merger the Issuer's Securities (as
defined in Item 5 below) that were owned by LBL Group, L.P. became the property
of the Partnership. Accordingly, the Securities reported in this Schedule
include the Securities formerly owned by LBL Group, L.P.
During the past five years, neither the Partnership, LCMI nor Mr. Lappin
(a) has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (b) has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction, as a result of which
it or he was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
LCMI is a Delaware corporation. Mr. Lappin is a citizen of the United
States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Securities (as defined in Item 5 below) that were acquired by the
Partnership subsequent to August 30, 1996, the date of the event reported in
amendment No. 4 to this Schedule, were purchased for cash aggregating
$587,909.20 including commissions. The cash was provided from the working
capital of the Partnership. The Securities that were acquired by Mr. Lappin were
purchased for cash of $2,870 from his own personal funds.
ITEM 4. PURPOSE OF TRANSACTION.
The Partnership purchased the Securities (as defined in Item 5 below) for
the purpose of investment. The Partnership reserves the right to exercise the
voting power applicable to the Securities to approve or oppose, as the case may
be, any extraordinary corporate transaction involving the Issuer, a sale or
transfer of a material amount of
Page 4 of 6 Pages
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assets of the Issuer, a change in the Issuer's board of directors, changes in
the Issuer's charter or by-laws or any transaction involving corporate insiders
of the Issuer.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The Partnership and Mr. Lappin own a total of 581,419 shares of the common
stock of the Issuer (the "Securities"). The Securities represent approximately
12.15% of the 4,787,060 shares of common stock of the Issuer outstanding as of
June 30, 1996 as reported in the Issuer's quarterly report on Form 10-Q for the
quarter ended June 30, 1996.
LCMI and Mr. Lappin, the general partners of the Partnership, have the sole
power to vote, or to direct the vote, or to direct the sale or other disposition
of the Securities. LCMI and Mr. Lappin, as the general partners of the
Partnership, have the sole power to receive or to direct the receipt of the
proceeds from the sale of the Securities, or any dividends paid with respect to
the Securities.
The Partnership purchased certain of the Securities during the period from
August 30, 1996 to January 31, 1997 as set forth in the following table:
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DATE OF PURCHASE NUMBER OF SHARES PURCHASED PURCHASE PRICE
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September 13, 1996 6,000 $ 39,690.20
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September 13, 1996 5,000 33,645.00
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September 27, 1996 2,000 14,640.00
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October 1, 1996 10,000 72,833.00
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December 31, 1996 10,000 74,495.00
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January 28, 1997 4,000 24,840.00
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January 30, 1997 45,000(1) 239,870.00
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January 30, 1997 15,000 87,170.00
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January 31, 1997 100 726.00
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TOTAL 97,100 $587,909.20
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Neither LCMI nor Mr. Lappin effected any transactions in the Issuer's
common stock, for their own individual accounts, during the past 60 days.
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1 Purchase transaction which (when added to the Securities purchased by the
Partnership from September 1996 through January 28, 1997) increased the
Partnership's ownership of the Securities by more than 1%.
Page 5 of 6 Pages
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Neither the Partnership, LCMI nor Mr. Lappin has any contracts,
arrangements, understandings or relationships (legal or otherwise) with respect
to the Securities. None of the Securities is pledged or otherwise subject to a
contingency, the occurrence of which would give another person voting or
investment power over the Securities.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 5, 1997
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(Date)
LAPPIN CAPITAL MANAGEMENT, L. P.
By: _______________________________________
(Signature)
/s/ Lawrence B. Lappin, General Partner
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(Name) (Title)
/s/ Lawrence B. Lappin
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Lawrence B. Lappin, Individually
and as Custodian for his minor children
Page 6 of 6 Pages
