UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
(Amendment No. 10)
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)
March 29, 1999
(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>
<TABLE>
<CAPTION>
AMENDMENT NO. 10 TO SCHEDULE 13D
- --------------------------------------------------------- ----------------------------------------------------
CUSIP No. 589935D-10-9 Page 2 of 3 Pages
- --------------------------------------------------------- ----------------------------------------------------
<S> <C>
- --------------------------------------------------------------------------------------------------------------------------------
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 OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------------------------------------------------------
7
SOLE VOTING POWER
NUMBER OF None
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
---------------------------------------------------------------------------------------------
8
SHARED VOTING POWER
None
---------------------------------------------------------------------------------------------
9
SOLE DISPOSITIVE POWER
None
---------------------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3 Pages
<PAGE>
AMENDMENT NO. 10 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.
As of August 21, 1998, the Partnership owned a total of 313,419 shares of
the common stock of the Issuer, and such shares represented approximately 6.54%
of the 4,787,060 shares of the common stock of the Issuer reported as
outstanding.
Subsequent to August 21, 1998, the Partnership sold 41,500 shares as
follows:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Date of Sale Number of Shares Sold Sale Price
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
September 1, 1998 1,500 $ 16,951.93
- ------------------------------------------------------------------------------------------------------------------------------------
September 8, 1998 1,500 17,109.42
- ------------------------------------------------------------------------------------------------------------------------------------
September 15, 1998 4,500 49,770.83
- ------------------------------------------------------------------------------------------------------------------------------------
September 15, 1998 500 5,564.81
- ------------------------------------------------------------------------------------------------------------------------------------
September 16, 1998 4,000 44,238.51
- ------------------------------------------------------------------------------------------------------------------------------------
September 17, 1998 500 5,512.31
- ------------------------------------------------------------------------------------------------------------------------------------
October 6, 1998 6,000 62,617.90
- ------------------------------------------------------------------------------------------------------------------------------------
October 7, 1998 500 5,127.32
- ------------------------------------------------------------------------------------------------------------------------------------
October 8, 1998 500 5,262.32
- ------------------------------------------------------------------------------------------------------------------------------------
February 10, 1999 2,000 23,319.21
- ------------------------------------------------------------------------------------------------------------------------------------
March 17, 1998 9,812 115,105.61
- ------------------------------------------------------------------------------------------------------------------------------------
March 17, 1998 10,188 119,516.51
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 41,500 $470,096.68
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
On March 26, 1999, the Issuer merged into Avalon Cable of Michigan, Inc.
Pursuant to the merger, the shareholders of the Issuer, including the
Partnership, became entitled to receive $12 per share in cash for each share
owned by them. On March 29, 1999, the Partnership received $2,790,000 for the
balance of the 232,500 shares of the Issuer owned by it when the merger became
effective.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this amendment is true, complete and
correct.
March 31, 1999
(Date)
LAPPIN CAPITAL MANAGEMENT, L. P.
By: S/Lawrence B. Lappin
-----------------------------------
(Signature)
Lawrence B. Lappin, General Partner
-----------------------------------
(Name) (Title)
Page 3 of 3 Pages
