SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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. 1)*
Modtech, Inc.
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(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
607914108
-----------------------------------------------------
(CUSIP NUMBER)
Calvin Hori, Hori Capital Management, Inc.,
One Washington Mall, Boston, MA 02108
(617) 367-3800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
September 16, 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(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(b) 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 and 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>
|-----------------------| |--------------------------|
|CUSIP No. 607914108 | | Page 2 of 9 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Hori Capital Management, Inc. |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] |
| | (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 |
| | |
| | Massachusetts |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 80,000 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 20,200 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 80,000 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 20,200 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 100,200 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 1.0% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | CO |
|----------------------------------------------------------------------------|
2
<PAGE>
|-----------------------| |--------------------------|
|CUSIP No. 607914108 | | Page 3 of 9 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Platinum Partners, L.P. |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] |
| | (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 |
| | |
| | Massachusetts |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 80,000 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 80,000 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 80,000 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | .8% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | PN |
|----------------------------------------------------------------------------|
3
<PAGE>
|-----------------------| |--------------------------|
|CUSIP No. 607914108 | | Page 4 of 9 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Calvin G. Hori, Sole Shareholder |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] |
| | (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 |
| | |
| | United States Citizen |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 100,200 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 100,200 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 100,200 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 1.0% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON * |
| | |
| | IN |
|----------------------------------------------------------------------------|
Item 1. Security and Issuer
This Report on Schedule 13D relates to shares of common stock, no par value
(the "Common Stock"), of Modtech, Inc. (the "Company"), whose principal
executive offices are located at 2830 Barrett Ave.; Perris, CA 92572.
4
<PAGE>
Item 2. Identity and Background
This Report is filed by Platinum Partners, L.P., a Massachusetts limited
partnership (the "Partnership"), having its principal place of business and
executive offices at c/o Hori Capital Management, Inc., One Washington Mall, 7th
Floor, Boston, MA 02108; and Hori Capital Management, Inc., a Massachusetts
corporation and the sole General Partner of the Partnership (the "General
Partner") having its principal place of business and executive offices at One
Washington Mall, 7th Floor, Boston, MA 02108; and Mr. Calvin G. Hori, the sole
shareholder, director and President of the General Partner ("Mr. Hori"), having
his business address at c/o Hori Capital Management, Inc., One Washington Mall,
7th Floor, Boston, MA 02108 (collectively, the "Reporting Persons"). The
principal business of each Reporting Person is to make, manage, supervise, and
dispose of investments in a variety of businesses. Hori Capital Management is
the sole General Partner of the Partnership and one of several investment
advisers to Micro Cap Partners, Ltd. ("Micro Cap").
During the last five years, the Reporting Persons have not been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors),
and have not been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and are not, as a result of any such proceeding,
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Mr. Hori is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration
The source of funds for the transactions described in Item 5(c) were assets
of the Partnership and Micro Cap.
Item 4. Purpose of Transaction
The Partnership and Micro Cap acquired the Common Stock described in Item
5(c) for investment purposes. None of the Reporting Persons have any plans or
proposals which relate to or would result in:
a. The acquisition by any person of additional securities of the issuer,
or the disposition of securities of the issuer;
b. An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the issuer or any of its
subsidiaries;
c. A sale or transfer of a material amount of assets of the issuer or any
of its subsidiaries;
d. Any change in the present board of directors or management of the
issuer, including any plans or proposals to change the
5
<PAGE>
number or term of directors or to fill any existing vacancies on the
board;
e. Any material change in the present capitalization or dividend policy of
the issuer;
f. Any other material change in the issuer's business or corporate
structure including but not limited to, if the issuer is a registered
closed-end investment company, any plans or proposals to make any
change in its investment policy for which a vote is required by
Section 13 of the Investment Company Act of 1940;
g. Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of
the issuer by any person;
h. Causing a class of securities of the issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted
in an inter-dealer quotation system of a registered national securities
association;
i. A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 1(g)(4) of the
Securities Exchange Act of 1934; or
j. Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
a. As of November 2, 1998, the Partnership may be deemed to beneficially
own 80,000 shares of Common Stock of the Company. Based upon their
being 9,856,000 shares of Common Stock outstanding, the shares of
Common Stock which the Partnership may be deemed to beneficially own
represents approximately .8% of the outstanding shares of Common
Stock of the Company. As of November 2, 1998, the General Partner may
be deemed to beneficially own 80,000 shares of Common Stock of the
Company by virtue of it being the General Partner of the Partnership.
Based upon there being 9,856,000 shares of Common Stock outstanding,
the shares of Common Stock which the General Partner may be deemed to
beneficially own represents approximately .8% of the outstanding
shares of Common Stock of the Company. As of November 2, 1998, the
General Partner may be deemed to beneficially own 20,200 shares of
Common Stock of the Company by virtue of it being one of several
investment advisors to Micro Cap. Based upon there being 9,856,000
shares of Common Stock outstanding, the shares of Common Stock which
the General Partner may be deemed to beneficially own represents
approximately .2% of the
6
<PAGE>
outstanding shares of Common Stock of the Company. As of November 2,
1998, Mr. Hori may be deemed to beneficially own 100,200 shares of
Common Stock of the Company by virtue of his being the sole shareholder
of the General Partner. Based upon there being 9,856,000 shares of
Common Stock outstanding, the shares of Common Stock which Mr. Hori may
be deemed to beneficially own represents approximately 1.0% of the
outstanding shares of Common Stock of the Company.
b. In accordance with the Agreement of Limited Partnership, the General
partner has the sole power to vote and the sole power to dispose of the
shares of Common Stock of the Company held by the Partnership and Micro
Cap.
c. The Partnership has made the following sales of shares of Common Stock:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
8/31/98 6,300 17.31 109,072
9/01/98 5,000 16.75 83,750
9/02/98 10,000 17.44 174,380
9/16/98 18.700 17.44 326,091
9/29/98 20,000 17.81 356,260
10/01/98 20,000 17.00 340,000
10/05/98 15,000 15.75 236,250
10/13/98 200,000 13.00 2,600,000
10/29/98 25,000 17.00 425,000
10/30/98 65,000 16.43 1,068,164
11/02/98 25,000 16.05 401,250
- --------------------------------------------------------------------------------
</TABLE>
Micro Cap has made the following sales of shares of Common Stock:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
09/16/98 11,300 17.44 197,049
09/29/98 5,000 17.81 89,065
10/30/98 10,000 16.43 164,333
- --------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
All transactions were made in the open market on NASDAQ.
d. The Partnership and Micro Cap are each limited partnerships. Each
Member of the Partnership is entitled to receive certain distributions
from the Partnership's assets as specified in the Partnership's
governing documents. Similarly, each Member of Micro Cap is entitled
to receive certain distributions from Micro Cap's assets as specified
in Micro Cap's governing documents. These distributions include funds
received by the Partnership or Micro Cap from dividends declared with
respect to the shares of Common Stock held by the Partnership or Micro
Cap or from the sale of such shares of Common Stock.
e. September 16, 1998.
The filing of this statement shall not be construed as an admission that
any of the Reporting Persons are, for the purposes of Sections 13(d) or 13(g) of
the Securities Exchange Act of 1934, the beneficial owners of any securities
covered by this statement.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between or among any of the Reporting Persons and any other
person with respect to any securities of the Company other than (a) the
governing documents of the Partnership and Micro Cap and (b) the investment
advisory agreement between Hori Capital Management and Micro Cap.
Item 7. Material to be Filed as Exhibits
Exhibit 1 - Agreement regarding filing of joint Schedule 13D.
8
<PAGE>
Signature
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, each of the undersigned hereby certifies that the information set
forth in this statement is true, complete and correct.
EXECUTED as a sealed instrument this 17th day of November, 1998.
PLATINUM PARTNERS, L.P.
By: /s/ Calvin G. Hori
---------------------------------
Calvin G. Hori, President of Hori
Capital Management, Inc., General
Partner
HORI CAPITAL MANAGEMENT, INC.
By: /s/ Calvin G. Hori
---------------------------------
Calvin G. Hori, President
/s/ Calvin G. Hori
----------------------------------
Calvin G. Hori
9
<PAGE>
Exhibit 1
---------
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934, as
amended, the undersigned hereby agree that only one statement containing the
information required by Schedule 13D need be filed with respect to the ownership
by each of the undersigned of the shares of Common Stock of Modtech, Inc.
EXECUTED as a sealed instrument this 17th day of November, 1998.
PLATINUM PARTNERS, L.P.
By: /s/ Calvin G. Hori
---------------------------------
Calvin G. Hori, President of Hori
Capital Management, Inc., General
Partner
HORI CAPITAL MANAGEMENT, INC.
By: /s/ Calvin G. Hori
---------------------------------
Calvin G. Hori, President
/s/ Calvin G. Hori
----------------------------------
Calvin G. Hori
