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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
SCAN-OPTICS, INC.
-------------------------------------
(Name of Issuer)
Common Stock, par value $.02
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(Title of Class of Securities)
805894102
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(CUSIP Number)
Walter J. Schloss
Walter & Edwin Schloss Associates, L.P.*
52 Vanderbilt Avenue
New York, New York 10017
(212) 370-1844
-------------------------------------
(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
August 5, 1997
-------------------------------------
(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 [ ].
- -------------------
* formerly known as Walter J. Schloss Associates
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CUSIP NO. 805904102
---------
- ---------------------------------------------------------------------------
1) Name of Reporting Person Walter & Edwin Schloss
S.S. or I.R.S. Identifica- Associates, L.P.
tion No. of Above Person Employer I.D. No. 13-6065556
- ---------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------
(See Instructions) (b) X
---------------------------------
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3) SEC Use Only
- ---------------------------------------------------------------------------
4) Source of Funds (See
Instructions) WC
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5) Check if Disclosure of Legal
Proceedings is Required Pur-
suant to Items 2(d) or 2(e)
- ---------------------------------------------------------------------------
6) Citizenship or Place of Delaware
Organization
- ---------------------------------------------------------------------------
Number of (7) Sole Voting Power 652,000 shares
Shares Bene- -------------------------------------------------
ficially (8) Shared Voting
Owned by Power -0-
Each Report- -------------------------------------------------
ing Person (9) Sole Dispositive
With Power 652,000 shares
-------------------------------------------------
(10) Shared Dispositive
Power -0-
-------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 652,000 shares
- ---------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions)
- ---------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 9.3%(1)
- ---------------------------------------------------------------------------
14) Type of Reporting Person (See
Instructions) PN
- ---------------------------------------------------------------------------
- ---------------------------
(1) Based on total outstanding shares of 6,988,218 of Common Stock, $.02 par
value ("Common Stock") as reported in the Company's Proxy Statement,
dated April 14, 1997.
Page 2 of 8 Pages
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CUSIP NO. 805894102
---------
- ---------------------------------------------------------------------------
1) Name of Reporting Person Walter J. Schloss
S.S. or I.R.S. Identifica- Soc. Sec. No. ###-##-####
tion No. of Above Person
- ---------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------
(See Instructions) (b) X
---------------------------------
- ---------------------------------------------------------------------------
3) SEC Use Only
- ---------------------------------------------------------------------------
4) Source of Funds (See
Instructions) PF
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5) Check if Disclosure of Legal
Proceedings is Required Pur-
suant to Items 2(d) or 2(e)
- ---------------------------------------------------------------------------
6) Citizenship or Place of
Organization United States
- ---------------------------------------------------------------------------
Number of (7) Sole Voting Power 17,000 shares
Shares Bene- -------------------------------------------------
ficially (8) Shared Voting
Owned by Power 652,000 shares(1)
Each Report- -------------------------------------------------
ing Person (9) Sole Dispositive
With Power 17,000 shares
-------------------------------------------------
(10) Shared Dispositive
Power 689,000 shares(1),(2)
- ---------------------------------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 669,000 shares(1)
- ---------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions) X
- ---------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 9.6%
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14) Type of Reporting Person (See
Instructions) IN
- ---------------------------------------------------------------------------
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(1) Includes 652,000 shares owned by Walter & Edwin Schloss Associates,
L.P. ("Associates"), of which Schloss Management Company
("Management") is the general partner. Walter J. Schloss is one of the
general partners of Management. By reason of his capacity as general
partner of Management, Walter J. Schloss may be deemed to have shared
dipositive power and shared voting power of such shares.
(2) Includes 20,000 shares held in accounts of clients of Walter Schloss,
with respect to which he may from time to time possess certain indicia
of investment discretion, but as to which he has no voting power and
he disclaims beneficial ownership.
Page 3 of 8 Pages
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CUSIP NO. 805894102
---------
- ---------------------------------------------------------------------------
1) Name of Reporting Person Edwin W. Schloss
S.S. or I.R.S. Identifica- Soc. Sec. No. ###-##-####
tion No. of Above Person
- ---------------------------------------------------------------------------
2) Check the Appropriate Box (a)
if a Member of a Group ---------------------------------
(See Instructions) (b) X
---------------------------------
- ---------------------------------------------------------------------------
3) SEC Use Only
- ---------------------------------------------------------------------------
4) Source of Funds (See
Instructions) PF
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5) Check if Disclosure of Legal
Proceedings is Required Pur-
suant to Items 2(d) or 2(e)
- ---------------------------------------------------------------------------
6) Citizenship or Place of United States
Organization
- ---------------------------------------------------------------------------
Number of (7) Sole Voting Power 44,200 shares
Shares Bene- -------------------------------------------------
ficially (8) Shared Voting
Owned by Power 696,200 shares(1)
Each Report- -------------------------------------------------
ing Person (9) Sole Dispositive
With Power 44,200 shares
-------------------------------------------------
(10) Shared Dispositive
Power 696,200 shares(1)
- ---------------------------------------------------------------------------
11) Aggregate Amount Beneficially
Owned by Each Reporting Person 696,200 shares(1)
- ----------------------------------------------------------------------------
12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions) X
- ---------------------------------------------------------------------------
13) Percent of Class Represented
by Amount in Row (11) 9.96%
- ---------------------------------------------------------------------------
14) Type of Reporting Person (See
Instructions) IN
- ---------------------------------------------------------------------------
- ---------------------------
(1) Includes 652,000 shares owned by Associates of which Management is the
general partner. Edwin W. Schloss is one of the general partners of
Management. By reason of his capacity as general partner of
Management, Edwin W. Schloss may be deemed to have shared dispositive
power and shared voting power of such shares.
Page 4 of 8 Pages
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INTRODUCTORY STATEMENT
On September 8, 1989, there was filed with the Securities and
Exchange Commission a Statement on Schedule 13D (the " Original Statement")
relating to shares of Common Stock, par value $.02 per share (the "Common
Stock"), of Scan-Optics, Inc. (the "Company"), beneficially owned by Walter &
Edwin Schloss Associates, L.P. (formerly known as Walter J. Schloss
Associates) ("Associates"), Walter J. Schloss and Edwin W. Schloss.
Associates, Walter J. Schloss and Edwin W. Schloss filed Amendment No. 1 to
the Original Statement ("Amendment No. 1") on May 24, 1994, Amendment No. 2
to the Original Statement on December 22, 1995 ("Amendment No. 2") and
Amendment No. 3 to the Original Statement on February 4, 1997; the Original
Statement, Amendment No. 1, Amendment No. 2 and Amendment No. 3 are
collectively referred to as the "Statement"). All capitalized terms used
herein and not otherwise defined herein shall have the same respective
meanings as used in the Statement.
This Amendment No. 4 is being filed to report the disposition by
Associates of shares of Common Stock of the Company. The Statement is hereby
amended as follows:
Item 5. Interest in Securities of the Issuer.
Item 5 of the Statement is hereby amended and restated as
follows:
(a) As of the date hereof, Associates beneficially owns directly
652,000 shares of Common Stock (the "Partnership Shares"), which
constitutes approximately 9.3% of the outstanding shares of Common Stock of
the Company. Walter J. Schloss and Edwin W. Schloss are general partners
of Management, the general partner of Associates. Walter J. Schloss has a
12.5% interest in the profits of Associates due to his general partner
interest and a 12.250% interest in the profits of Associates due to his
limited partnership interests in Associates. Therefore, Walter J. Schloss
has a 24.75% pecuniary interest in such shares. Edwin Schloss has a 12.5%
interest in the profits of Associates due to his general partner interest
and a 1.777% interest in the profits of Associates due to his limited
partnership interests in Associates. Therefore, Edwin Schloss has a
14.277% pecuniary interest in such shares.
As of the date hereof, and subject to the limitations of his
pecuniary interest in such shares as described above, Walter J. Schloss
beneficially owns 669,000 shares (including the shares owned by Associates)
of Common Stock, which constitutes approximately 9.6% of the outstanding
shares of Common Stock.
Page 5 of 8 Pages
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As of the date hereof, and subject to the limitations of his
pecuniary interest in such shares as described above, Edwin W. Schloss
beneficially owns 696,200 shares (including the shares owned by Associates)
of Common Stock, which constitutes approximately 9.96% of the outstanding
shares of Common Stock.
In addition, Walter J. Schloss and Edwin Schloss provide investment
advice in the ordinary course of business to clients. Walter J. Schloss and
Edwin W. Schloss may, at any given time or from time to time, possess certain
indicia of investment discretion with respect to shares of Common Stock held
in the accounts of their respective clients, but as to which neither Walter
J. Schloss nor Edwin W. Schloss have any voting powers. The filing of this
Statement should not be deemed an admission that either Walter J. Schloss or
Edwin W. Schloss was the beneficial owner of the shares of Common Stock held
in said client accounts.
(b) Associates has sole power to vote and dispose of the
Partnership Shares, except that Walter J. Schloss and Edwin W. Schloss,
solely by reason of their positions as general partners of Management, the
general partner of Associates, may be deemed to have shared power to vote and
dispose of the Partnership Shares.
Walter J. Schloss and Edwin W. Schloss each have sole power to vote
and dispose of the shares of Common Stock beneficially owned directly by them.
(c) Information with respect to all transactions in Common Stock
effected by Associates since the date of Amendment No. 3 are as follows:
DATE SHARES SOLD PER SHARE PRICE
4/9/97 4,300 $7.375
4/17/97 2,000 $7.25
8/5/97 57,400 $8.0695
8/6/97 74,000 $8.8176
8/7/97 1,900 $8.75
All such transactions were open market transactions, and Associates paid
normal and customary brokerage commissions in connection with such
transactions..
(d) To the best knowledge of Associates, no person other than
Associates has the right to receive or the power to direct the receipt of,
dividends from, or the proceeds from the sale of, the Partnership Shares,
except that Walter J. Schloss and Edwin W. Schloss may be
Page 6 of 8 Pages
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deemed to have such rights and powers solely by reason of being general
partners of Management, the general partner of Associates.
To the best knowledge of Walter J. Schloss and Edwin W. Schloss,
respectively, each person maintaining an investment advisory account with him
has the sole right to receive or the power to direct the receipt of dividends
from, or proceeds from the sale of, the shares of Common Stock held in said
person's account.
(e) Not Applicable.
Page 7 of 8 Pages
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SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certifies that the information set
forth in this statement is true, complete and correct.
/S/ WALTER J. SCHLOSS
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Walter J. Schloss
/S/ EDWIN W. SCHLOSS
----------------------------------------
Edwin W. Schloss
WALTER & EDWIN SCHLOSS ASSOCIATES, L.P.
By: Schloss Management Company,
General Partner
By:/S/ WALTER J. SCHLOSS
-------------------------------------
Walter J. Schloss, General Partner
By:/S/ EDWIN W. SCHLOSS
-------------------------------------
Edwin W. Schloss, General Partner
Page 8 of 8 Pages
