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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. _2 )*
ROYAL APPLIANCE
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(Name of Issuer)
COMMON SHARES
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(Title of Class of Securities)
780-076-105
-----------------
(CUSIP Number)
Richard A. Barone
MAXUS INVESTMENT GROUP
1301 EAST NINTH STREET, SUITE 3600
CLEVELAND, OHIO 44114-1800
(216) 687-1000
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(Name, Address and Telephone Number of Person Authorized to
Receive Notice and Communications)
December 31, 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-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).
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 780-076-105
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Maxus Investment Group / ID # 34-1049596
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 12,000
SHARES
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 620,400
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 12,000
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
620,400
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
632,400
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.16 %
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 780-076-105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gelfand Maxus Asset Management Inc. / ID # 34-1654250
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 620,400
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
620,400
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
620,400
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.10 %
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 780-076-105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard A. Barone / SS # ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 12,000
SHARES
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 620,400
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 12,000
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
620,400
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
632,400
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.16 %
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
Amendment to Schedule 13D
<PAGE>
Item 1. Security and Issuer
This Statement relates to the shares of Common Stock (the "Shares") of
Royal Appliance. The address of Issuer's principal officers is 650 Alpha Drive,
Cleveland, Ohio 44143-2172.
Item 2. Identity and Background
This Amendment Statement is filed on behalf of all persons and entities
and participants of Resource Management, Inc., an entity incorporated under the
laws of the State of Ohio and commonly known as the Maxus Investment Group
(hereinafter "MIG"), Richard A. Barone, an individual (hereinafter "Mr.
Barone"), Gelfand Maxus Asset Management Inc, an entity incorporated under the
laws of the State of Ohio (hereinafter "GMAM") and Maxus Securities Corp, an
entity incorporated under the laws of the State of Ohio (hereinafter "MSC").
The aforementioned person and entities are collectively referred to herein as
the "Filing Persons". The business address of the aforementioned person and
entities is 1301 East Ninth Street, 36th Floor, Cleveland, Ohio 44114-1800.
The Filing Persons each disclaim membership in a Group as such term is
defined in Section 13(d)(3) of the Securities Exchange Act of 1934 and the Rules
and Regulations promulgated thereunder. However, because of the relationships
between and among the Filing Persons described herein, they determined to make
this filing.
GMAM and MAM are registered investment advisors having the power to
dispose of the Shares owned by the investment clients for which they act as
advisors. MSC is a broker-dealer. MIG is a financial services corporation which
owns all of the outstanding shares of GMAM, MAM and MSC. Mr. Barone is a
director of GMAM; the controlling shareholder of MIG; principally employed as
CEO and President of MIG, MAM and MSC; Chairman of Maxus Income Fund, Maxus
Equity Fund, Maxus Laureate Fund, Maxus Ohio Heartland Fund, and Maxus
Aggressive Value Fund, all of which are registered under the Investment Company
Act of 1940. See Amended Exhibit A attached to this amended Schedule 13D for
additional information on executive officers.
Item 3. Source and Amount of Funds or Other Consideration
GMAM owns no Shares directly but GMAM may be deemed to own (within the
meaning of Rule 13(d)(3) of the Securities Exchange Act of 1934) 620,400 Shares
purchased by GMAM for the account of its investment clients. GMAM disclaims
beneficial ownership of such Shares.
<PAGE>
Item 4. Purpose of Transaction
The Filing Persons acquired Shares to establish investment positions in
the Issuer. Subject to market and business conditions and other factors, the
Filing Persons may intend to purchase additional Shares. However, depending upon
such factors, the Filing Persons may also maintain their present ownership of
Shares or sell some or all of the Shares.
Item 5. Interest in Securities of the Issuer
Set forth below for the Filing Persons, in the aggregate, is the number
of Shares which may be deemed to be beneficially owned as of December 31, 1998,
and the percentage of the Shares outstanding represented by such ownership
(based on 19,988,524 shares outstanding):
Name: No. of Shares Percent of Class
Gelfand Maxus Asset 620,400 3.10 %
Management, Inc.(1)
Maxus Asset Management(2) 12,000 0.06%
Total(3) 632,400 3.16 %
(1) These Shares are owned by investment clients of GMAM and MAM who
may be deemed to beneficially own these Shares by reason of their power to
dispose of such Shares under its Investment Management Agreement with
such clients. GMAM disclaims beneficial ownership of all such Shares.
(2) MAM disclaims beneficial ownership of all such Shares. (3) Mr. Barone
owns no Shares directly but, by virtue of his positions as CEO and President
of MAM and MIG he may be deemed to beneficially own the 632,400
Shares. Mr. Barone disclaims beneficial ownership of all such Shares.
The Shares were traded on the American Stock Exchange.
<PAGE>
Item 6. Contracts, Arrangements, Understanding or
Relationships with Respect to Securities of the Issuer.
Except as set forth in this Statement, there are no contracts,
arrangements, understanding or relationships (legal or otherwise) among the
Filing Persons or between any of the Filing Persons and any other person, with
respect to any Shares.
Item 7. Material to be Filed as Exhibits
Exhibit A Description of Directors and Executive officers of GMAM, MAM and MIG,
and MSC.
Exhibit B Relevant Transactions in Shares between $4 and $5 from June 17, 1998
to December 31, 1998.
Exhibit C Conforming Copy
<PAGE>
Signatures
After reasonable inquiry, and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, compete and
correct.
Gelfand Maxus Asset Management
Date: ___________ by: /s/ Denis J. Amato
Denis J. Amato, President
Maxus Asset Management
Date: ___________ by: /s/ Richard A. Barone
Richard A. Barone
Maxus Investment Group
Date: ___________ by:/s/ Richard A. Barone
Richard A. Barone, President
Maxus Securities Corp
Date: ___________ by: /s/ Richard A. Barone
Richard A. Barone, President
<PAGE>
Exhibit A
Entity Directors 1, 2 Executive Officers
- ---------------------- ------------------ -------------------------
Gelfand Maxus Asset Denis Amato Denis Amato,
Management, Inc. President
Robert W. Curtin,
Secretary
Richard A. Barone
Fred D. DiSanto
Ivan Gelfand
Umberto Fedeli
Maxus Asset Management Richard A. Barone Richard A. Barone,
President
Robert W. Curtin,
Secretary
N. Lee Dietrich
Sanford Fox
Maxus Investment Group Richard A. Barone Richard A. Barone,
Chief Executive Officer
Robert W. Curtin,
Secretary & Sr. Vice-
President
Ivan Gelfand Ivan Gelfand, Chairman
Fred D. DiSanto Fred D. DiSanto, Chief
Operating Officer
Denis J. Amato Denis J. Amato, Chief
Investment Officer
Alan R. Schwartz
Maxus Securities Corp. Richard A. Barone Richard A. Barone,
CEO & President
Robert W. Curtin Robert W. Curtin,
Secretary
Robert F. Pincus Robert F. Pincus,
Vice President
1 Each of the Directors and Executive Officers listed above is a United States
citizen.
2 The business address of the Filing Persons are as follows: Denis J. Amato;
Richard A. Barone; Robert W. Curtin; N. Lee Dietrich; Fred D. DiSanto; Umberto
Fedeli; Sanford Fox; Ivan Gelfand; Robert F. Pincus; Alan R. Schwartz; Gelfand
Maxus Asset Management, Inc.; Maxus Asset Management, Inc.; Maxus Investment
Group; and Maxus Securities Corp.: 1301 East Ninth Street, 36th Floor Cleveland,
Ohio 44114-1800.
<PAGE>
EXHIBIT B
Royal Appliance (RAM)
SECURITY CROSS REFERENCE
June 17, 1998 to December 31, 1998
Date Unit
Purchased Quantity Cost
- --------- ---------- ------
06-18-98 200 4.99
06-18-98 400 4.99
06-18-98 1,000 4.99
06-18-98 4,900 4.99
06-22-98 3,000 5.00
06-22-98 1,000 5.00
08-25-98 10,000 4.92
08-26-98 10,000 4.69
08-26-98 10,000 4.61
08-27-98 10,000 4.19
09-21-98 2,300 4.00
EXHIBIT B
Continued
Royal Appliance (RAM)
SECURITY CROSS REFERENCE
Date Price
Sold Quantity Sold
- --------- ---------- -------
08-25-98 2,000 4.83
08-25-98 1,900 4.83
08-25-98 100 4.83
08-25-98 1,000 4.83
09-02-98 1,800 4.22
09-02-98 4,800 4.22
09-02-98 200 4.07
09-02-98 1,800 4.03
09-02-98 1,000 4.03
09-02-98 3,400 4.16
09-03-98 6,500 4.16
09-03-98 10,000 4.16
09-09-98 2,000 4.21
09-09-98 200 4.21
09-09-98 600 4.21
09-09-98 10,000 4.13
09-09-98 5,000 4.13
09-10-98 2,200 4.01
09-11-98 500 4.28
10-22-98 1,200 4.14
10-22-98 100 4.14
10-22-98 200 4.14
10-22-98 3,300 4.14
10-22-98 400 4.14
10-22-98 800 4.14
10-22-98 11,000 4.02
10-22-98 6,500 4.02
10-22-98 20,000 4.02
10-22-98 5,000 4.02
10-22-98 10,000 4.02
10-22-98 18,400 4.02
10-22-98 1,000 4.16
10-22-98 4,000 4.16
10-22-98 5,000 4.16
10-22-98 5,000 4.16
10-22-98 3,500 4.16
10-22-98 200 4.16
10-22-98 400 4.16
10-22-98 1,000 4.16
10-22-98 4,900 4.16
10-22-98 5,000 4.16
10-22-98 5,000 4.16
10-22-98 3,000 4.14
10-23-98 2,000 4.21
10-23-98 2,000 4.21
10-23-98 6,000 4.21
10-23-98 10,000 4.21
10-23-98 2,000 4.20
10-23-98 3,000 4.20
10-23-98 1,300 4.08
10-23-98 1,700 4.08
10-23-98 500 4.21
10-23-98 4,500 4.21
10-23-98 1,000 4.15
10-23-98 300 4.15
10-23-98 200 4.15
10-23-98 600 4.15
10-23-98 3,000 4.15
10-23-98 800 4.21
10-23-98 200 4.21
10-23-98 1,000 4.21
10-23-98 500 4.21
10-23-98 500 4.21
10-23-98 100 4.21
10-23-98 100 4.21
10-23-98 300 4.21
10-23-98 1,000 4.21
10-23-98 500 4.21
10-23-98 2,600 4.21
10-23-98 100 4.21
10-23-98 2,300 4.21
10-26-98 2,900 4.02
10-26-98 1,300 4.02
10-26-98 800 4.02
10-26-98 3,800 4.02
10-26-98 1,200 4.02
10-26-98 2,000 4.02
10-26-98 500 4.02
10-26-98 2,500 4.02
10-26-98 10,000 4.02
10-26-98 2,000 4.02
10-26-98 3,000 4.02
10-26-98 1,300 4.02
10-26-98 900 4.08
10-26-98 100 4.08
10-26-98 2,000 4.06
10-26-98 3,000 4.06
10-26-98 5,000 4.05
10-27-98 4,400 4.00
10-27-98 600 4.00
10-27-98 5,000 4.00
10-27-98 3,700 4.08
10-27-98 3,900 4.02
10-29-98 500 4.08
10-29-98 4,500 4.08
10-29-98 2,000 4.08
10-29-98 2,000 4.02
10-29-98 600 4.02
10-29-98 1,400 4.02
10-29-98 1,000 4.02
10-29-98 2,300 4.06
10-29-98 700 4.06
11-03-98 1,900 4.01
11-11-98 3,400 4.07
11-11-98 1,600 4.07
11-11-98 5,000 4.07
11-12-98 5,000 4.21
11-12-98 1,760 4.20
11-12-98 1,856 4.20
11-12-98 2,000 4.20
11-12-98 3,212 4.26
11-12-98 900 4.20
11-12-98 300 4.20
11-12-98 2,330 4.20
11-12-98 4,000 4.22
12-12-98 2,000 4.22
11-13-98 7,200 4.07
11-13-98 900 4.02
11-13-98 1,900 4.09
11-13-98 4,000 4.15
11-13-98 1,000 4.15
11-16-98 1,000 4.06
11-19-98 3,000 4.11
11-19-98 3,000 4.11
11-19-98 1,000 4.11
11-19-98 10,000 4.11
11-19-98 5,000 4.11
11-19-98 5,000 4.11
11-19-98 3,000 4.11
11-24-98 5,000 4.40
12-08-98 500 4.94
12-09-98 11,500 4.89
<PAGE>
