UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
(Amendment No. 7)
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)
June 5, 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>
AMENDMENT NO. 7 TO SCHEDULE 13D
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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 (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 477,951
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 477,951
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
477,951 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.98
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
<PAGE>
AMENDMENT NO. 7 TO SCHEDULE 13D
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CUSIP No. 58935D-10-9 Page 3 of 4 Pages
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- --------------------------------------------------------------------------------
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 (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 468
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 468
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
468 shares reported in rows 7 and 9 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. 7 TO SCHEDULE 13D
The purpose of this Amendment is to set forth a material change in Item 5
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 5. Interest in Securities of the Issuer.
Prior to June 1998, the Partnership and Mr. Lappin (for his own account and
as custodian for his minor children) owned a total of 603,409 shares of the
common stock of the Issuer, and such shares represented approximately 12.6 % of
the 4,787,060 shares of the common stock of the Issuer reported as outstanding.
During June 1998, the Partnership sold the following shares:
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Date of Sale Number of Shares Sold Sale Price
- --------------------------------------------------------------------------------
June 4, 1998 10,000 $108,551.35
- --------------------------------------------------------------------------------
June 4, 1998 70,000 758,159.53
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June 5, 1998 42,000 455,979.68
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June 8, 1998 1,000 10,794.63
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TOTALS 123,000 $1,333,485.19
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In addition, on June 4, 1998, Mr. Lappin sold 2,000 shares (for his own
acount) for $21,797.27.
As a result of such sales, the Partnership and Mr. Lappin's minor children
beneficially own 478,419 shares (representing 9.994%) of the common stock of the
Issuer currently outstanding. As previously reported, Lappin Capital Management,
Inc. ("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 shares owned by the Partnership. 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 such shares, or any dividends paid
with respect to such shares.
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.
June 11, 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
