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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)*
MILESTONE SCIENTIFIC, INC.
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(Name of Issuer)
Common Stock, 0.001 Par Value
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(Title of Class of Securities)
91232910
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(CUSIP Number)
Eric R. Roper, Esq., c/o Roper, Barandes & Fertel LLP
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 30, 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 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).
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SCHEDULE 13D
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CUSIP NO. PAGE OF PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Little Wing L.P. 13-3778596
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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*
WC
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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
NUMBER OF
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 403,726
REPORTING -------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
403,726
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,726
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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)
5.40%
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14 TYPE OF REPORTING PERSON*
PN
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*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. PAGE OF PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Quilcap Corp. 13-3780878
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [XX]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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
NUMBER OF
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 403,726
REPORTING -------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
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10 SHARED DISPOSITIVE POWER
403,726
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,726
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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)
5.40%
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14 TYPE OF REPORTING PERSON*
CO
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*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. PAGE OF PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tradewinds Fund Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [XX]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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
British Virgin Islands
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7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 87,510
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9 SOLE DISPOSITIVE POWER
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10 SHARED DISPOSITIVE POWER
87,510
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
87,510
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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)
1.20
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14 TYPE OF REPORTING PERSON*
CO
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*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. PAGE OF PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Contrary Fund Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [XX]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 OR ORGANIZATION
Republic of Ireland
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7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 85,730
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9 SOLE DISPOSITIVE POWER
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10 SHARED DISPOSITIVE POWER
85,730
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
85,730
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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)
1.17%
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14 TYPE OF REPORTING PERSON*
CO
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*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. PAGE OF PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Quilcap International Corp. 13-3868725
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [XX]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 173,240
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9 SOLE DISPOSITIVE POWER
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10 SHARED DISPOSITIVE POWER
173,240
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
173,240
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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)
2.37%
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14 TYPE OF REPORTING PERSON*
CO
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*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. PAGE OF PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Parker Quillen ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [XX]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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
United States Of America
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7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 576,966
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9 SOLE DISPOSITIVE POWER
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10 SHARED DISPOSITIVE POWER
576,966
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
576,966
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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)
7.77%
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14 TYPE OF REPORTING PERSON*
IN
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*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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Item 5. Interest in Securities of the Issuer.
Item 5 of Schedule 13D is hereby amended as follows:
(a) On September 26, 1997 Little Wing sold 30,000 shares at an average
price of $21.76 per share. On September 30, 1997 Little Wing sold 36,380 shares
at an average price of $27.16 per share. On October 6, 1997 Little Wing sold
13,300 shares at an average price of $21.79 per share. On October 7, 1997 Little
Wing sold 6,900 shares at an average price of $22.19 per share. On October 8,
1997 Little Wing sold 18,300 shares at an average price of $22.89 per share, and
500 shares at an average price of $25.25 per share. On October 9, 1997 Little
Wing sold 23,940 shares at an average price of $26.37 per share.
(b) As of the date hereof, Little Wing beneficially owns 170,393 shares
of Common Stock and a Warrant to purchase 233,333 shares of Common Stock at
$9.00 per share. Such shares, inclusive of the shares issuable upon exercise of
the Warrant, total 403,726 and constitute approximately 5.40% of the shares
outstanding. Little Wing's percentage of beneficial ownership in the Company is
calculated based upon the aggregate of (i) the 5,568,152 shares of Common Stock
stated to be issued and outstanding as of July 31, 1997 as reflected in the
Company's proxy statement dated August 20, 1997; (ii) the 1,666,666 shares
issued between September 9, 1997 and September 11, 1997 and (iii) the 233,333
shares issuable to Little Wing upon exercise of its Warrant. The calculation
excludes any shares of Common Stock issuable to Tradewinds and Contrary under
their respective Warrants.
(c) On September 23, 1997 Tradewinds sold 8,050 shares at an average
price of $16.86 per share. On that date Tradewinds also sold 1,190 shares at
$16.86 per share. Tradewinds purchased 1,190 shares on September 24, 1997. On
October 6, 1997 Tradewinds sold 2,660 shares at an average price of $21.79 per
share. On October 7, 1997 Tradewinds sold 1,380 shares at an average price of
$22.19 per share. On October 8, 1997 Tradewinds sold 3,660 shares at an average
price of $22.89 per share. On October 9, 1997 Tradewinds sold 4,790 shares at an
average price of $26.37 per share.
(d) Tradewinds beneficially owns 37,510 shares of Common Stock and a
Warrant to purchase 50,000 more shares of Common Stock at $9.00 per share. Such
shares total 87,510 and constitute approximately 1.20% of the shares
outstanding. The percentage of shares outstanding owned by Tradewinds is
calculated based upon the aggregate of (i) and (ii) of paragraph 5 (b) plus the
50,000 shares issuable to Tradewinds upon exercise of its Warrant. The
calculation excludes any shares of Common Stock issuable to Little Wing and
Contrary under their respective Warrants.
(e) On September 23, 1997 Contrary sold 9,750 shares of Common Stock on
the open market at an average price of $16.86 per share. On that date Contrary
also sold 1,190 shares at $16.86 per share. Contrary purchased 1,190 shares on
September 24, 1997 at
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$19.26 per share. On October 6, 1997 Contrary sold 3,040 shares at an average
price of $21.79 per share. On October 7, 1997 Contrary sold 1,570 shares at an
average price of $22.19 per share. On October 8, 1997 Contrary sold 4,190 shares
at an average price of $22.89 per share. On October 9, 1997 Contrary sold 5,470
shares at an average price of $26.37 per share.
(f) Contrary beneficially owns 35,730 shares of Common Stock and a
Warrant to purchase 50,000 more shares of Common Stock at $9.00 per share. Such
shares total 85,730 and constitute approximately 1.17% of the shares
outstanding. The percentage of shares outstanding owned by Contrary is based on
the aggregate of (i) and (ii) of Paragraph 5(b) plus the shares issuable to
Contrary upon exercise of the Warrant. The calculation excludes any shares of
Common Stock issuable to Little Wing and Tradewinds under their respective
Warrants.
(g) The shares sold by Little Wing, Tradewinds and Contrary total
176,080 which is 2.32% of the 7,568,151 shares of outstanding Common Stock of
Company, including the Warrants for shares held by Little Wing, Tradewinds and
Contrary.
(h) The trading dates, number of shares sold and price per share for
the transactions by Little Wing, Tradewinds and Contrary are set forth in
Schedules A, B and C respectively. All purchases and sales were of Common Stock,
on the open market.
Dated: October 10, 1997
TRADEWINDS FUND LTD. LITTLE WING, L.P.
By: Quilcap International Corp. By: Quilcap Corp.
By: /s/ Parker Quillen By: /s/ Parker Quillen
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Parker Quillen Parker Quillen-President
CONTRARY FUND LTD. QUILCAP CORP.
By: Quilcap International Corp.
By: /s/ Parker Quillen By: /s/ Parker Quillen
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Parker Quillen-President Parker Quillen-President
By: /s/ Parker Quillen QUILCAP INTERNATIONAL CORP.
-------------------------
Parker Quillen
By: /s/ Parker Quillen
--------------------------
Parker Quillen-President
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<TABLE>
<CAPTION>
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Schedule A
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Little Wing, L.P.
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Trade Date No. of Shares Purchased Price Per Share
(sold)
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<S> <C> <C>
9/26/97 (30,000) ($21.76)
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9/30/97 (36,380) ($27.16)
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10/6/97 (13,300) ($21.79)
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10/7/97 ( 6,900) ($22.19)
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10/8/97 (18,300) ($22.89)
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10/8/97 ( 500) ($25.25)
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10/9/97 (23,940) ($26.37)
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<CAPTION>
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Schedule B
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Tradewinds Fund Ltd.
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Trade Date No. of Shares Purchased Price Per Share
(sold)
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<S> <C> <C>
9/23/97 (8,050) ($16.86)
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9/23/97 (1,190) ($16.86)
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9/24/97 1,190 $19.26
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10/6/97 (2,660) ($21.79)
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10/7/97 (1,380) ($22.19)
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10/8/97 (3,660) ($22.89)
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10/9/97 (4,790) ($26.37)
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<CAPTION>
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Schedule C
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Contrary Fund Ltd.
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Trade Date No. of Shares Purchased Price Per Share
(sold)
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<S> <C> <C>
9/23/97 (9,570) ($16.86)
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9/23/97 (1,190) ($16.86)
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9/24/97 1,190 $19.26
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10/6/97 (3,040) ($21.79)
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10/7/97 (1,570) ($22.19)
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10/8/97 (4,190) ($22.89)
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10/9/97 (5,470) ($26.37)
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</TABLE>
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