UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
RIDDELL SPORTS INC.
---------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
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(Title of Class of Securities)
765670104
--------------------
(CUSIP Number)
*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 disclosure
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 ("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).
Continued on following page(s)
Page 1 of 11 Pages
Exhibit Index: Page 9
<PAGE>
SCHEDULE 13G
CUSIP No. 765670104 Page 2 of 11 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ANGELO, GORDON & CO., L.P.
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [X]
3 SEC Use Only
4 Citizenship or Place of Organization
DELAWARE
5 Sole Voting Power
Number of 1,250,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,250,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,250,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*[_]
11 Percent of Class Represented By Amount in Row (9)
13.4%
12 Type of Reporting Person*
BD, IA, PN
<PAGE>
SCHEDULE 13G
CUSIP No. 765670104 Page 3 of 11 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
JOHN M. ANGELO
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [X]
3 SEC Use Only
4 Citizenship or Place of Organization
UNITED STATES
5 Sole Voting Power
Number of 0
Shares
Beneficially 6 Shared Voting Power
Owned By 1,250,000
Each
Reporting 7 Sole Dispositive Power
Person 0
With
8 Shared Dispositive Power
1,250,000
9 Aggregate Amount Beneficially Owned by Each Reporting Person
0
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*[_]
11 Percent of Class Represented By Amount in Row (9)
0.0%
12 Type of Reporting Person*
IN, HC
<PAGE>
SCHEDULE 13G
CUSIP No. 765670104 Page 4 of 11 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
MICHAEL L. GORDON
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [X]
3 SEC Use Only
4 Citizenship or Place of Organization
UNITED STATES
5 Sole Voting Power
Number of 0
Shares
Beneficially 6 Shared Voting Power
Owned By 1,250,000
Each
Reporting 7 Sole Dispositive Power
Person 0
With
8 Shared Dispositive Power
1,250,000
9 Aggregate Amount Beneficially Owned by Each Reporting Person
0
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*[_]
11 Percent of Class Represented By Amount in Row (9)
0.0%
12 Type of Reporting Person*
IN, HC
<PAGE>
Page 5
Item 1(a) Name of Issuer:
Riddell Sports Inc. (the "Issuer").
Item 1(b) Address of the Issuer's Principal Executive Offices:
900 Third Avenue, 27th Floor, New York, New York 10022.
Item 2(a) Name of Person Filing:
This statement is filed on behalf of the following reporting
persons (the "Reporting Persons"): (i) Angelo, Gordon & Co., L.P.
("Angelo, Gordon"), (ii) John M. Angelo, in his capacities as a
general partner of AG Partners, L.P., the sole general partner of
Angelo, Gordon, and the chief executive officer of Angelo, Gordon
and (iii) Michael L. Gordon, in his capacities as the other
general partner of AG Partners, L.P., the sole general partner of
Angelo, Gordon, and the chief operating officer of Angelo,
Gordon.
Item 2(b) Address of Principal Business Office or, if none, Residence:
(i) The principal business office of Angelo, Gordon is located at 245
Park Avenue, New York, NY 10167.
(ii) The address of the principal business office of Mr. Angelo is 245
Park Avenue, New York, NY 10167.
(iii) The address of the principal business office of Mr. Gordon is 245
Park Avenue, New York, NY 10167.
Item 2(c) Citizenship:
(i) Angelo, Gordon is a Delaware limited partnership.
(ii) Mr. Angelo is a citizen of the United States.
(iii) Mr. Gordon is a citizen of the United States.
Item 2(d) Title of Class of Securities:
Common Stock, $0.01 par value (the "Shares").
Item 2(e) CUSIP Number:
765670104
<PAGE>
Page 6
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
(i) Angelo, Gordon is a broker-dealer registered under Section 15 of
the Act and an investment adviser registered under Section 203 of
the Investment Advisers Act of 1940.
(ii) Mr. Angelo is a "parent holding company."
(iii) Mr. Gordon is a "parent holding company."
Item 4. Ownership:
(a) Amount Beneficially Owned:
(i) As of December 31, 1996, Angelo, Gordon may be deemed to be the
beneficial owner of 1,250,000 Shares as a result of voting and
dispositive powers that it held with respect to $1,000,000
Riddell Sports Inc. 4.10% Convertible Subordinated Note due
November 1, 2004 ("Notes"), which is convertible into 166,667
Shares it held for its own account and $6,500,000 Notes, which is
convertible into 1,083,333 Shares it held for the account of
seven private investment funds for which it acts as general
partner and/or investment adviser and one private corporation for
which it acts as investment manager.
(ii) Mr. Angelo may be considered a beneficial owner of the 1,250,000
Shares deemed to be beneficially owned by Angelo, Gordon referred
to in paragraph (a)(i) above (assuming conversion of the
$1,000,000 Note and the $6,500,000 Note of which Angelo Gordon
may be deemed to be the beneficial owner). Mr. Angelo is the
chief executive officer of Angelo, Gordon and is a general
partner of AG Partners, L.P., the sole general partner of Angelo,
Gordon.
(iii) Mr. Gordon may be considered a beneficial owner of the 1,250,000
Shares deemed to be beneficially owned by Angelo, Gordon referred
to in paragraph (a)(i) above (assuming conversion of the
$1,000,000 Note and the $6,500,000 Note of which Angelo, Gordon
may be deemed to be the beneficial owner). Mr. Gordon is the
chief operating officer of Angelo, Gordon and is the other
general partner of AG Partners, L.P., the sole general partner of
Angelo, Gordon.
(b) Percent of Class:
The number of Shares deemed to be beneficially owned by Angelo,
Gordon constitute 13.4% of the total number of Shares which would
be outstanding assuming conversion of the $1,000,000 Note and the
$6,500,000 Note of which Angelo, Gordon may be deemed to be the
beneficial owner.
<PAGE>
Page 7
(c) Number of shares as to which such person has:
Angelo,Gordon Mr. Angelo Mr. Gordon
------------- ---------- ----------
(i) sole power to vote or to
direct the vote: 1,250,000 0 0
(ii) shared power to vote or
to direct the vote: 0 1,250,000 1,250,000
(iii) sole power to dispose or
to direct the disposition of:1,250,000 0 0
(iv) shared power to dispose or
to direct the disposition of: 0 1,250,000 1,250,000
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
The limited partners of (or investors in) each of seven funds for
which Angelo, Gordon acts as general partner and/or investment
adviser have the right to participate in the receipt of dividends
from, or proceeds from the sale of, securities held by their
respective funds (including the Shares, if and when received upon
conversion of the Note) in accordance with their respective
limited partnership interests (or investment percentages) in
their respective funds. The shareholders of one private
corporation for which Angelo, Gordon acts as investment manager
have the right to participate in the receipt of dividends from,
or proceeds from the sale of, securities held by such corporation
(including the Shares, if and when received upon conversion of
the Note).
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported On by the Parent Holding
Company:
See Exhibit B.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that, to
the best of such person's knowledge and belief, the securities
referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the issuer
of such securities and were not acquired in connection with or as
a participant in any transaction having such purposes or effect.
<PAGE>
Page 8
SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 10, 1997 ANGELO, GORDON & CO., L.P.
By: AG Partners, L.P.
General Partner
By: /S/ MICHAEL L. GORDON
------------------------
Name: Michael L. Gordon
Title:General Partner
Dated: February 10, 1997 /S/ JOHN M. ANGELO
---------------------------------------
JOHN M. ANGELO
Dated: February 10, 1997 /S/ MICHAEL L. GORDON
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MICHAEL L. GORDON
<PAGE>
Page 9
EXHIBITS
Page
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A. Joint Filing Agreement, dated February 9, 1995, by and among
Angelo, Gordon & Co., L.P., Mr. John M. Angelo and Mr.
Michael L. Gordon ..................................................10
B. Item 7 disclosure ..................................................11
Page 10
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G
with respect to the Common Stock of Riddell Sports Inc. dated December 9, 1996
is, and any amendments thereto signed by each of the undersigned shall be, filed
on behalf of each of us pursuant to and in accordance with the provisions of
Rule 13d-1(f) under the Securities Exchange Act of 1934.
Dated: December 9, 1996 ANGELO, GORDON & CO., L.P.
By: AG Partners, L.P.
General Partner
By: /S/ MICHAEL L. GORDON
------------------------
Name: Michael L. Gordon
Title:General Partner
Dated: December 9, 1996 /S/ JOHN M. ANGELO
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JOHN M. ANGELO
Dated: December 9, 1996 /S/ MICHAEL L. GORDON
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MICHAEL L. GORDON
Page 11
EXHIBIT B
ITEM 7
Angelo, Gordon is the relevant subsidiary for which Mr. Angelo
and Mr. Gordon may each be considered a "parent holding company."
Angelo, Gordon is a broker-dealer registered under Section 15 of
the Act and an investment adviser registered under the Investment Advisers Act
of 1940.
