UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
(Amendment No. 6)
Under the Securities Exchange Act of 1934
Mercom, Inc.
(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
(Title of Class of Securities)
589935D-10-9
(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
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
May 26, 1998
(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.)
Page 1 of 4 Pages
<PAGE>
AMENDMENT NO. 6 TO SCHEDULE 13D
CUSIP No. 58935D-10-9 Page 2 of 4 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON LAPPIN CAPITAL MANAGEMENT, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 13-3641120
- --------------------------------------------------------------------------------
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) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 592,251
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 592,251
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
592,251 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
<PAGE>
AMENDMENT NO. 6 TO SCHEDULE 13D
CUSIP No. 58935D-10-9 Page 3 of 4 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON LAWRENCE B. LAPPIN
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
- --------------------------------------------------------------------------------
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) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,468
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,468
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000 shares
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not significant
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE>
AMENDMENT NO. 6 TO SCHEDULE 13D
The purpose of this Amendment is to set forth a material change in Item 4
of the Statement on Schedule 13D as previously amended. No other changes in the
Statement are being made at this time, and so none of the other items of
Schedule 13D as heretofore amended is restated herein.
Item 4. Purpose of Transaction.
In Item 4 of its Statement on Schedule 13D, as heretofore amended, the
Partnership stated that it purchased the Securities (as defined in Item 5
thereof) for the purpose of investment, and that it reserved 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 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.
Prior to September 30, 1997, C-TEC Corporation ("C-TEC") owned 62% of the
outstanding common stock of the Issuer. As of September 30, 1997, C-TEC
distributed to its stockholders all of its shares of Cable Michigan, Inc.
("CABL"). Immediately before the distribution, C-TEC transferred to CABL all of
its holdings of the Issuer. On May 21, 1998, CABL, which now owns 62% of the
Issuer, announced that its Board of Directors is considering various strategic
alternatives to enhance shareholder value. CABL stated that these alternatives
include a possible merger or disposition of all or part of CABL.
Given these circumstances and the fact that CABL manages and controls the
Issuer, the Partnership now strongly believes that it is in the best interest of
the minority shareholders of the Issuer, including the Partnership, to have
their minority interest (38%) included, at a fair price, in any sale or other
disposition of CABL's 62% interest in the Issuer. Accordingly, the Partnership
intends to assert all of its rights and exercise all available remedies
available to it if CABL sells or otherwise disposes of its stake in the Issuer
without including the minority shareholders, on fair terms and conditions, in
any such transaction.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, we
certify that the information set forth in this amendment is true, complete and
correct.
May 26, 1998
(Date)
LAPPIN CAPITAL MANAGEMENT, L. P.
By: S/Lawrence B. Lappin
------------------------
(Signature)
Lawrence B. Lappin, General Partner
--------------------------------------
(Name) (Title)
S/Lawrence B. Lappin
--------------------
Lawrence B. Lappin, Individually
and as Custodian for his minor children
Page 4 of 4 Pages
