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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 6 )*
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SUBSTANCE ABUSE TECHNOLOGIES, INC. (FKA U.S. Alcohol Testing of America, Inc.)
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(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
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(Title of Class of Securities)
91154J101
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(CUSIP Number)
<TABLE>
<S> <C>
Scott J. Lederman, Esq. 777 Long Ridge Road, Stamford, Connecticut 06902 (203) 614-2000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
</TABLE>
December 31, 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-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (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.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
*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 ("Act") 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).
SEC 1746 (12-91)
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SCHEDULE 13D
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CUSIP No. 91154J101 Page 2 of 7 Pages
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<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a [x]
(b [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
None
NUMBER OF --------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [x]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
N/A
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
<PAGE> 3
SCHEDULE 13D
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CUSIP No. 91154J101 Page 3 of 7 Pages
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<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
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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
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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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)
N/A
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
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CUSIP No. 91154J101 Page 4 of 7 Pages
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This Amendment Number 6 to Schedule 13D is filed by Steven A. Cohen ("Cohen")
and S.A.C. Capital Advisors, LLC, a Delaware limited liability company ("SAC
Advisors" and, together with Cohen, the "Reporting Persons"), relating to the
shares of common stock, $0.01 par value per share ("Shares") of Substance Abuse
Technologies, Inc. (formerly known as U.S. Alcohol Testing Centers of America,
Inc.), a Delaware corporation (the "Company"), previously held by Cohen and
S.A.C. Capital Associates, LLC, an Anguillan limited liability company ("SAC
Associates"), respectively. SAC Associates is not listed as a Reporting Person
on this Schedule 13D because all voting and investment power (as defined in
Rule 13d-3) has been vested with SAC Advisors pursuant to an Investment
Management Agreement.
This Amendment is filed to report the sale by the Reporting Persons of their
entire investment in the common stock of the Company.
ITEM 1. SECURITY AND ISSUER
No amendment.
ITEM 2. IDENTITY AND BACKGROUND
No amendment.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No amendment.
ITEM 4. PURPOSE OF TRANSACTION
On September 10, 1997, the Company filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy
Court for the Southern District of Florida ("Bankruptcy Court"), thereby
initiating a Chapter 11 bankruptcy proceeding assigned case number
97-25669-BKC-RBR ("Bankruptcy Case"). The Company and Cohen and SAC Associates
filed a proposed Joint Plan of Reorganization on November 18, 1997, and,
subsequently, a First Amended Joint Plan of Reorganization (the "Plan of
Reorganization") on December 23, 1997. The Plan of Reorganization would, if
confirmed by the Bankruptcy Court, entail, among other things, the conversion
of all of the Reporting Persons' Convertible Notes (as defined in Amendment
Number 2 to Schedule 13D) to equity in a reorganized company. Additionally, if
confirmed the Plan of Reorganization would cancel and extinguish the Shares,
along with all other equity interests in the existing Company. The Plan of
Reorganization remains subject to Bankruptcy Court approval subsequent to
Bankruptcy Court approval of a related disclosure statement which is presently
pending before the Bankruptcy Court. As discussed in Item Six, as of January
5, 1998, the Reporting Persons have extended certain loans and made certain
payments to the Company.
On December 31, 1997, each of the Reporting Persons sold all of such
Reporting Person's holdings of common stock of the Company for an aggregate
price of $1.00 in a private transaction to an unrelated third party. Although
the Reporting Persons do not now own any equity interest in the Company, they
may, subject to the outcome of the bankruptcy proceeding described above, from
time to time in the future depending on their evaluation of various factors
acquire equity interest in the Company through conversion of their Convertible
Notes, as described above, or through open market transactions or
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SCHEDULE 13D
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CUSIP No. 91154J101 Page 5 of 7 Pages
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otherwise. Depending on various factors, including the outcome of the
bankruptcy proceedings, the evaluation of the investment potential of the
Company, the Company's business prospects and financial position, other
developments concerning the Company, the price level of equity interests,
conditions in the securities markets and general economic and industry
conditions, and reinvestment opportunities and developments relating to its
business, the Reporting Persons may in the future take such other actions with
respect to equity holdings in the Company as they deem appropriate in light of
circumstances existing from time to time. Such actions may include the
purchase of additional Shares in the open market, through privately negotiated
transactions with third parties or otherwise, or the sale at any time, in the
open market, through privately negotiated transactions with third parties or
otherwise, of all or a portion of the equity interest hereafter acquired.
Except as set forth above, as of the date of this Schedule, neither of the
Reporting Persons nor the entities and individuals described in Item 2 of
Schedule 13D has any plans or proposals which would result in or relate to any
of the transactions described in paragraphs (a) through (j) of Item 4 of
Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
On December 31, 1997, each of the Reporting Persons sold its entire investment
in the common stock of the Company for the aggregate price of $1.00.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Prior to the initiation of the Bankruptcy Case on September 10, 1997, Cohen and
SAC Associates agreed to provide certain financing to the Company during the
Bankruptcy Case in amounts up to $2,900,000 for operating costs, professional
expenses, and certain acquisition expenses, as well as a $75,000 pre-bankruptcy
loan to be used to pay professional expenses related to the bankruptcy.
On September 11 and 26, 1997, the Bankruptcy Court entered two preliminary
orders that together authorized the Company to borrow up to $425,000 from Cohen
and SAC Associates through October 24, 1997. On October 27, 1997, the
Bankruptcy Court entered a final order, subsequently modified on November 20,
1997 by an order of the Bankruptcy Court (the final order, as subsequently
modified, is referred to hereinafter as the "Final Order"), which authorized
the Company to borrow up to $3,098,000, inclusive of the previously authorized
$425,000, from Cohen and SAC Associates. As of January 5, 1998, approximately
$2,300,000 has been loaned to the Company by Cohen and SAC Associates.
If confirmed by the Bankruptcy Court, the Plan of Reorganization filed by the
Company and Cohen and SAC Associates would, among other things, convert a
substantial portion of the Company's liabilities, including the Convertible
Notes, to equity in a reorganized company. Under the Plan of Reorganization,
Cohen and SAC Associates would own stock of the reorganized company. The
reorganization contemplated by the Plan of Reorganization, if confirmed by the
Bankruptcy Court, would be funded primarily from loans extended by Cohen and
SAC Associates to the Company pursuant to (a) the Final Order and (b) an exit
financing agreement to be entered into in connection with the implementation of
the Plan of Reorganization. On November 18, 1997, SAC Associates and Cohen
delivered a Commitment Letter to the Company pursuant to which SAC Associates
and Cohen agreed, subject to certain conditions contained therein (including
confirmation
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SCHEDULE 13D
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CUSIP No. 91154J101 Page 6 of 7 Pages
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of the Plan of Reorganization), to provide exit financing funds in an amount of
up to $6,800,000 inclusive of the $3,098,000 contemplated by the Final Order.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
After reasonable inquiry and to the best knowledge and belief of each, the
undersigned hereby certify that the information set forth in this statement is
true, complete, and correct.
Dated this ___ day of January, 1998.
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ SCOTT J. LEDERMAN /s/ STEVEN A. COHEN
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Scott J. Lederman, Esq. Steven A. Cohen
