<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.1)
ESCO ELECTRONICS CORPORATION
(Name of Issuer)
Common Stock Trust Receipts
(Title of Class of Securities)
269030201000
(CUSIP Number)
Stephen M. Davis, Esq.
Werbel McMillin & Carnelutti
A Professional Corporation
711 Fifth Avenue, New York, New York 10022, (212) 832-8300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 23, 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 13-d-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 purposes 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 1 of 9
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 269030201000 Page 2 of 9 Pages
- ------------------- ------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
The SC Fundamental Value Fund, L.P.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
376,650
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
376,650
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
376,650
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 269030201000 Page 3 of 9 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Value BVI, Inc.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
165,850
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
165,850
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
165,850
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 269030201000 Page 4 of 9 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Inc.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
376,650
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
376,650
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
376,650
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 269030201000 Page 5 of 9 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Gary N. Siegler
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -----------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
542,500
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
542,500
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
542,500
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 269030201000 Page 6 of 9 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Peter M. Collery
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -----------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
542,500
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
542,500
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
542,500
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
<PAGE>
<PAGE> Page 7 of 9 Pages
AMENDMENT NO. 1
TO THE
SCHEDULE 13D
The Reporting Persons, consisting of SC Fundamental Value Fund,
L.P., SC Fundamental Inc., SC Fundamental Value BVI, Inc., Gary N. Siegler and
Peter M. Collery, hereby amend their Schedule 13D relating to the Common Stock
Trust Receipts of ESCO Electronics Corporation as set forth below.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on May 24, 1996, the Reporting
Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to
own beneficially in the aggregate the numbers and percentages of the Issuer's
Common Stock Trust Receipts set forth opposite their names below (based upon
the number of Trust Receipts that were reported to be outstanding in the
Issuer's Form 10-Q for the quarter ended April 30, 1996).
<TABLE>
<CAPTION>
==============================================================================
Name Common Stock Trust Receipts Percentage
- -----------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 376,650 3.3%
- -----------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 376,650 3.3%
- -----------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 165,850 1.5%
- -----------------------------------------------------------------------------
Gary N. Siegler 542,500 4.8%
- -----------------------------------------------------------------------------
Peter M. Collery 542,500 4.8%
==============================================================================
</TABLE>
(b) Each of SC Fund and BVI Inc. has the sole or shared power to
vote or to direct the vote and to dispose or to direct the disposition of the
Trust Receipts of which it is deemed the beneficial owner. Siegler and
Collery may be deemed to share with SC, Fund and BVI, Inc. such powers with
respect to the Trust Receipts of which SC, Fund and BVI, Inc. beneficially
own.
<PAGE>
<PAGE> Page 8 of 9 Pages
(c) The following table sets forth the transactions effected by each
of the Reporting Persons listed in Item 5(a) during the past sixty days.
Unless otherwise noted, each of the transactions set forth below reflects a
sale effected on the New York Stock Exchange.
<TABLE>
<CAPTION>
BVI, Inc. BVI, Inc.
Price Per on behalf
Trade Date Trust Fund of BVI Ltd.
Receipts($)
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
04/01/96 13.500 40,500* 40,500
- ------------------------------------------------------------------------------
04/17/96 14.345 37,000 16,500
- -----------------------------------------------------------------------------
05/10/96 13.629 20,300 9,100
- -----------------------------------------------------------------------------
05/13/96 13.500 16,600 7,500
- ------------------------------------------------------------------------------
05/20/96 13.224 34,500 15,500
- -----------------------------------------------------------------------------
05/21/96 13.375 184,200 82,800
- -----------------------------------------------------------------------------
05/22/96 13.625 3,100 1,400
- -----------------------------------------------------------------------------
05/23/96 13.312 69,000 31,000
- -----------------------------------------------------------------------------
<FN>
- ------------
* Reflects a purchase.
</TABLE>
(e) On May 23, 1996, the Reporting Persons, in the aggregate, ceased
to be the beneficial owner of five percent or more of the Issuer's Common
Stock Trust Receipts. This Amendment No. 1 is, therefore, a final filing.
<PAGE>
<PAGE> Page 9 of 9 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: May 24, 1996
SC FUNDAMENTAL INC.
By: ___________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery,
Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By: ___________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery,
Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By: ___________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery,
Vice President*
__________________________
Neil H. Koffler as
Attorney-in-Fact for
Gary N. Siegler*
__________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery*
*Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and Gary
N. Siegler. The Powers of Attorney for Gary N. Siegler and Peter M. Collery
appointing Neil H. Koffler as Attorney-in-Fact was filed by the Reporting
Person as Exhibit A to Amendment No. 5 of Schedule 13D relating to US
Facilities Corporation on August 4, 1995 and is hereby incorporated herein by
reference.
75078<PAGE>
<PAGE> Page 9 of 9 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: May 8, 1996
SC FUNDAMENTAL INC.
By: /s/Peter M. Collery
___________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery,
Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
___________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery,
Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Peter M. Collery
___________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery,
Vice President*
/s/ Gary N. Siegler
__________________________
Neil H. Koffler as
Attorney-in-Fact for
Gary N. Siegler*
/s/ Peter M. Collery
__________________________
Neil H. Koffler as
Attorney-in-Fact for
Peter M. Collery*
*Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and Gary
N. Siegler. The Powers of Attorney for Gary N. Siegler and Peter M. Collery
appointing Neil H. Koffler as Attorney-in-Fact was filed by the Reporting
Person as Exhibit A to Amendment No. 5 of Schedule 13D relating to US
Facilities Corporation on August 4, 1995 and is hereby incorporated herein by
reference.
75078
