SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 7)1
WEBFINANCIAL CORPORATION
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(Name of Issuer)
COMMON STOCK, NO PAR VALUE
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(Title of Class of Securities)
777764309
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(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 19, 2000
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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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 6 Pages)
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1 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).
<PAGE>
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CUSIP No. 777764309 13D Page 2 of 6 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,407,339**
OWNED BY
EACH
REPORTING -----------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
- 0 -
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9 SOLE DISPOSITIVE POWER
1,407,339**
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10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,407,339**
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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)
32.3%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Includes 78,369 shares of Common Stock issuable upon exercise of warrants.
<PAGE>
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CUSIP No. 777764309 13D Page 3 of 6 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WARREN LICHTENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,634,797**
OWNED BY
EACH
REPORTING -----------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
- 0 -
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9 SOLE DISPOSITIVE POWER
1,634,797**
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10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,634,797**
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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)
37.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Includes (i) 227,458 shares of Common Stock issuable upon exercise of
options and (ii) 78,369 shares of Common Stock issuable upon exercise of
warrants.
<PAGE>
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CUSIP No. 777764309 13D Page 4 of 6 Pages
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The following constitutes Amendment No. 7 ("Amendment No. 7") to the
Schedule 13D filed by the undersigned. This Amendment No. 7 amends the Schedule
13D as specifically set forth.
Item 3 is amended to read as follows:
Item 3. Source and Amount of Funds or Other Consideration.
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The aggregate purchase price of the 1,407,339 Shares of Common
Stock owned by Steel Partners II is $3,569,602. The Shares of Common Stock owned
by Steel Partners II were acquired with partnership funds. The aggregate
purchase price of the 2,500 Shares of Common Stock purchased by Mr. Lichtenstein
is $8,281 and came from his personal funds.
Item 5(a) is amended to read as follows:
(a) The aggregate percentage of Shares of Common Stock
reported owned by each person named herein is based upon 4,354,280 Shares
outstanding, which is the total number of Shares of Common Stock outstanding as
reported in the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2000.
As of the close of business on December 19, 2000, Steel
Partners II beneficially owned 1,407,339 Shares of Common Stock, constituting
approximately 32.3% of the Shares outstanding. Included therein is 78,369 shares
of Common Stock issuable upon the exercise of warrants. Mr. Lichtenstein
beneficially owns 1,634,797 Shares, representing approximately 37.5% of the
Shares outstanding. Mr. Lichtenstein has sole voting and dispositive power with
respect to the 2,500 Shares owned by him and the 1,407,339 Shares owned by Steel
Partners II by virtue of his authority to vote and dispose of such Shares. All
of such Shares (other than Shares issuable upon exercise of the Warrants) were
acquired in open-market transactions. In addition, Mr. Lichtenstein is deemed to
be the beneficial owner of 227,458 shares of Common Stock issuable upon the
exercise of options.
Item 5(c) is amended to add the following:
(c) Schedule A annexed hereto lists all transactions in the
Issuer's Common Stock in the last sixty (60) days.
<PAGE>
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CUSIP No. 777764309 13D Page 6 of 6 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 19, 2000 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
General Partner
By: /s/ Warren G. Lichtenstein
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Warren G. Lichtenstein,
Chief Executive Officer
/s/ Warren G. Lichtenstein
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WARREN G. LICHTENSTEIN
<PAGE>
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CUSIP No. 777764309 13D Page 6 of 6 Pages
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SCHEDULE A
Transactions in the Shares in the Last Sixty (60) Days
Shares of
Common Price Per Date of
Stock Purchased Share($) Purchase
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STEEL PARTNERS II, L.P.
6,000 3.0500 10/31/00
137,200 2.4307 12/19/00
WARREN LICHTENSTEIN
None
