UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )(1)
SALANT CORPORATION
- - --------------------------------------------------------------------------------
(Name of issuer)
Common Stock, par value $1.00 per share
- - --------------------------------------------------------------------------------
(Title of class of securities)
79389710
------------------------------------------------------------
(CUSIP number)
Judy K. Mencher
DDJ Capital Management, LLC
141 Linden Street, Suite 4
Wellesley, MA 02181
- - --------------------------------------------------------------------------------
(Name, address and telephone number of person authorized to receive
notices and communications)
July 11, 1996
- - --------------------------------------------------------------------------------
(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. [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.)
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.
(Continued on following pages)
(Page 1 of 12 Pages)
- - ------------------
[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>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 2 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | DDJ Capital Management, LLC |
| | 04-3300754 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | COMMONWEALTH OF MASSACHUSETTS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 782,200 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 782,200 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 782,200 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 5.30% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 3 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | DDJ Overseas Corp. |
| | 98-0151108 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | CAYMAN ISLANDS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 511,788 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 511,788 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 511,788 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 3.47% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 4 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | DDJ Galileo, LLC |
| | 04-3304422 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | COMMONWEALTH OF MASSACHUSETTS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 511,788 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 511,788 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 511,788 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 3.47% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 5 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | DDJ Galileo Management, LLC |
| | 04-3304416 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | COMMONWEALTH OF MASSACHUSETTS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 511,788 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 511,788 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 511,788 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 3.47% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 6 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | The Copernicus Fund, L.P. |
| | 04-3193825 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | COMMONWEALTH OF MASSACHUSETTS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 270,412 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 270,412 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 270,412 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 1.83% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 7 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | DDJ Copernicus, LLC |
| | 04-3304417 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | COMMONWEALTH OF MASSACHUSETTS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 270,412 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 270,412 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 270,412 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 1.83% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP Nos. 79389710 | | Page 8 of 12 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| | |
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | DDJ Copernicus Management, LLC |
| | 04-3304419 |
|---------|------------------------------------------------------------------|
| | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]|
| | SEE ITEM #5 (b) [ ]|
|---------|------------------------------------------------------------------|
| | |
| 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 2(e) [ ] |
|---------|------------------------------------------------------------------|
| | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | COMMONWEALTH OF MASSACHUSETTS |
| | |
|----------------|-----|-----------------------------------------------------|
| | | |
| NUMBER OF | 7 | SOLE VOTING POWER |
| | | |
| SHARES | | 270,412 |
| |-----|-----------------------------------------------------|
| BENEFICIALLY | | |
| | 8 | SHARED VOTING POWER |
| OWNED BY EACH | | |
| |-----|-----------------------------------------------------|
| REPORTING | | |
| | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | |
| | | 270,412 |
| WITH |-----|-----------------------------------------------------|
| | | |
| | 10 | SHARED DISPOSITIVE POWER |
| | | |
|----------------------------------------------------------------------------|
| | |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 270,412 |
| | |
|---------|------------------------------------------------------------------|
| | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 1.83% |
|---------|------------------------------------------------------------------|
| | |
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | 00 |
|----------------------------------------------------------------------------|
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 79389710 Page 9 of 12 Pages
- - ------------------ ------------------
Item 1. Security and Issuer.
This statement relates to shares of the common stock, par value $1.00
per share (the "Shares") of Salant Corporation, a Delaware Corporation (the
"Company"). The principal executive offices of the Company are located at 1114
Avenue of The Americas, New York, New York 10036.
Item 2. Identity and Background.
This statement is being filed jointly by DDJ Capital Management, LLC
("DDJ"), a Massachusetts limited liability company, DDJ Overseas Corp., a Cayman
Islands corporation, DDJ Galileo, LLC, a Massachusetts limited liability
company, DDJ Galileo Management, LLC, a Massachusetts limited liability company,
The Copernicus Fund, L.P., a Massachusetts limited partnership, DDJ Copernicus,
LLC, a Massachusetts limited liability company, and DDJ Copernicus Management,
LLC, a Massachusetts limited liability company. Each of the aforementioned
entities shall be collectively referred to as the "DDJ Affiliates." DDJ
Copernicus, LLC is the general partner of, and DDJ Copernicus Management, LLC is
the investment manager for, The Copernicus Fund, L.P. DDJ Galileo, LLC owns all
of the voting securities of DDJ Overseas Corp., and DDJ Galileo Management, LLC
is the investment manager for DDJ Overseas Corp. DDJ provides administrative
services to the DDJ Affiliates.
On the various dates set forth on the attached Schedule B, two funds,
DDJ Overseas Corp. and The Copernicus Fund, L.P. (jointly, the "Funds")
purchased Shares. The principal offices of each of DDJ and the DDJ Affiliates
are located at 141 Linden Street, Suite 4, Wellesley, Massachusetts 02181.
The name, residence or business address, principal occupation or
employment and citizenship of each of the executive officers and members of DDJ
and each of the DDJ Affiliates are set forth on Schedule A hereto.
Within the past five years, none of the persons named in this Item 2 or
listed on Schedule A has been convicted in any criminal proceeding (excluding
traffic violations or similar misdemeanors) or has been a party to any civil
proceeding and as a result thereof was or is subject to any judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to federal or state securities laws or finding any violations
with respect to such laws.
The Shares to which this statement relates are owned directly by one or
both of the Funds.
<PAGE>
SCHEDULE 13D
CUSIP No. 79389710 Page 10 of 12 Pages
- - ------------------ -------------------
Item 3. Source and Amount of Funds or Other Consideration.
The Funds purchased an aggregate of 782,200 Shares for cash in the
amount of approximately $3,493,522.51. A description of any transactions
effected within the past 60 days is provided on Schedule B hereto. The Shares
were acquired with working capital of the Funds.
Item 4. Purpose of Transaction.
The Shares were purchased in order to acquire an equity interest in the
Company in pursuit of specified investment objectives established by the
investors in the Funds. The DDJ Affiliates may continue to have the Funds
purchase Shares subject to a number of factors, including, among others, the
availability of Shares for sale at what they consider to be reasonable prices
and other investment opportunities that may be available to the Funds.
The DDJ Affiliates intend to review continuously the equity position of
the Funds in the Company. Depending upon future evaluations of the business
prospects of the Company and upon other developments, including, but not limited
to, general economic and business conditions and money market and stock market
conditions, the DDJ Affiliates may determine to cease making additional
purchases of Shares or to increase or decrease the equity interest in the
Company by acquiring additional Shares, or by disposing of all or a portion of
the Shares.
None of the DDJ Affiliates has any present plan or proposal which
relates to or would result in (i) an extraordinary corporate transaction, such
as a merger, reorganization, liquidation, or sale of transfer of a material
amount of assets of or involving the Company or any of its subsidiaries, (ii)
any change in the Company's present Board of Directors or management, (iii) any
material changes in the Company's present capitalization or dividend policy or
any other material change in the Company's business or corporate structure, (iv)
any change in the Company's charter or bylaws, (v) the Company's Shares becoming
eligible for termination of their registration pursuant to Section 12(g)(4) of
the 1934 Act, or (vi) any similar action.
Item 5. Interest in Securities of Issuer.
(a) DDJ Overseas Corp. owns, and DDJ Galileo, LLC and DDJ Galileo
Management, LLC beneficially own, as majority shareholder and investment
manager, respectively, of DDJ Overseas Corp., 511,788 Shares, or approximately
3.47% of the outstanding Shares of the Company. The Copernicus Fund, L.P. owns,
and DDJ Copernicus, LLC and DDJ Copernicus Management, LLC beneficially own, as
general partner and investment manager, respectively, of The Copernicus Fund,
L.P., 270,412 Shares, or approximately 1.83% of the outstanding Shares of the
Company. DDJ, as administrator to the other DDJ Affiliates, may be deemed to
beneficially own 782,200 Shares, or approximately 5.30% of the outstanding
Shares of the Company. DDJ disclaims any such beneficial ownership.
Judy K. Mencher, principal of DDJ Capital Management, LLC, DDJ Galileo, LLC,
DDJ Galileo Management, LLC, DDJ Copernicus Management, LLC, and Vice President
of DDJ Overseas Corp., beneficially owns 1,500 Shares for which she retains sole
voting and dispositive power. None of the DDJ Affiliates and, to the
<PAGE>
SCHEDULE 13D
CUSIP No. 79389710 Page 11 of 12 Pages
- - ------------------ -------------------
best knowledge of the DDJ Affiliates, none of the persons named on Schedule A,
beneficially own any other Shares.
(b) Each of the aforementioned entities has sole power to vote and to
dispose of the Shares so indicated.
(c) Except as set forth in Item 3, none of the DDJ Affiliates, and, to
the best knowledge of the DDJ Affiliates, none of the persons named in Schedule
A hereto have effected any transaction in the Shares during the past sixty days.
Item 6. Contracts, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
None of the DDJ Affiliates and, to the best knowledge of the DDJ
Affiliates, none of the persons named in Schedule A hereto have any contract,
arrangement, understanding or relationship with any person with respect to any
securities of the Company, including respecting voting or transfer of Company
securities or joint venture, finder's fee or the like.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
<PAGE>
SCHEDULE 13D
CUSIP No. 79389710 Page 12 of 12 Pages
- - ------------------ -------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
DDJ CAPITAL MANAGEMENT, LLC
BY: /s/ Bonnie G. George*
Bonnie G. George
Chief Financial Officer
Date: July 22, 1996
<PAGE>
SCHEDULE A
The name and present principal occupation or employment of each
executive officer and member of DDJ Capital Management, LLC and each of the DDJ
Affiliates are set forth below. The business address of each person is 141
Linden Street, Suite 4, Wellesley, MA 02181 and the address of the corporation
or organization in which such employment is conducted is the same as each
person's business address. All of the persons listed below are U.S. citizens.
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
Daniel G.Harmetz Principal of DDJ Capital
Management, LLC, DDJ Galileo, LLC, DDJ
Galileo Management, LLC, and DDJ
Copernicus Management, LLC
David J. Breazzano Principal of DDJ Capital
Management, LLC, DDJ Galileo, LLC, DDJ
Galileo Management, LLC, and DDJ
Copernicus Management, LLC
Judy K. Mencher Principal of DDJ Capital
Management, LLC, DDJ Galileo, LLC, DDJ
Galileo Management, LLC, DDJ
Copernicus Management, LLC and Vice
President of DDJ Overseas Corp.
<PAGE>
SCHEDULE B
Salant Corporation
Set forth below is an itemization of all purchases and sales of Shares
since May 11, 1996. The transactions were made for cash in open market
transactions.
<TABLE>
<CAPTION>
TYPE
(Purchase AGGREGATE
DATE Purchaser or Sale ) SHARES PRICE
- - ---- --------- ---------- ------ -----------
<S> <C> <C> <C> <C>
05/13/96 DDJ Overseas Corp. Purchase 20,000 $ 78,100.00
05/14/96 DDJ Overseas Corp. Purchase 16,500 66,495.00
05/16/96 DDJ Overseas Corp. Purchase 3,200 12,896.00
05/22/96 DDJ Overseas Corp. Purchase 6,700 27,135.00
05/22/96 The Copernicus Fund, L.P. Purchase 3,300 13,365.00
05/24/96 DDJ Overseas Corp. Purchase 4,300 16,791.50
06/05/96 DDJ Overseas Corp. Purchase 5,000 19,625.00
06/07/96 DDJ Overseas Corp. Purchase 1,000 3,800.00
06/11/96 DDJ Overseas Corp. Purchase 20,000 73,100.00
06/14/96 DDJ Overseas Corp. Purchase 5,000 19,525.00
06/20/96 DDJ Overseas Corp. Purchase 7,000 25,725.00
07/01/96 The Copernicus Fund, L.P. Purchase 2,500 9,450.00
07/01/96 DDJ Overseas Corp. Purchase 7,500 28,350.00
07/08/96 DDJ Overseas Corp. Purchase 14,000 47,170.20
07/10/96 DDJ Overseas Corp. Purchase 5,000 16,500.00
07/11/96 DDJ Overseas Corp. Purchase 10,000 30,300.00
07/15/96 DDJ Overseas Corp. Purchase 10,000 31,550.00
07/16/96 DDJ Overseas Corp. Purchase 10,000 31,550.00
07/17/96 DDJ Overseas Corp. Purchase 4,800 15,281.28
07/18/96 DDJ Overseas Corp. Purchase 3,300 11,736.45
07/19/96 DDJ Overseas Corp. Purchase 5,000 18,275.00
07/19/96 DDJ Overseas Corp. Purchase 5,000 18,275.00
</TABLE>
300093.c1
