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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.____)*
Special Devices, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
1 84740910
---------------------------------------------
(CUSIP Number)
Christopher R. Stone, Esq. c/o Testa, Hurwitz & Thibeault, LLP, 125 High Street,
Boston, MA 02110
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 23, 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 [ ].
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 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).
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CUSIP NO. 1 84740910 2 OF 11 PAGES
----------- ------- -------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mt. Everest Fund, L.P.
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ------ -------------------------------------------------------------------------
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
- ----------------------- ----- --------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 446,500 shares
----- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
446,500 shares
- ------ -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,500 shares
- ------ -------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81%
- ------ -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUSIP NO. 1 84740910 3 OF 11 PAGES
----------- ------- -------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mt. Everest QP Fund, L.P.
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ------ -------------------------------------------------------------------------
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
- ----------------------- ----- --------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 446,500 shares
----- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
446,500 shares
- ------ -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,500 shares
- ------ -------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81%
- ------ -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUSIP NO. 1 84740910 4 OF 11 PAGES
----------- ------- -------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mt. Everest Fund Limited
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ------ -------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- ------ -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- ----------------------- ----- --------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 446,500 shares
----- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
446,500 shares
- ------ -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,500 shares
- ------ -------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81%
- ------ -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
CO
- ------ -------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUSIP NO. 1 84740910 5 OF 11 PAGES
----------- ------- -------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Greenberg - Summit Partners, L.L.C.
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ------ -------------------------------------------------------------------------
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
- ----------------------- ----- --------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 446,500 shares
----- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
446,500 shares
- ------ -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,500 shares
- ------ -------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81%
- ------ -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUSIP NO. 1 84740910 6 OF 11 PAGES
----------- ------- -------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lawrence D. Greenberg
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ------ -------------------------------------------------------------------------
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
- ----------------------- ----- --------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 446,500 shares
----- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
446,500 shares
- ------ -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,500 shares
- ------ -------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81%
- ------ -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
7 OF 11 PAGES
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ITEM 1. SECURITY AND ISSUER:
This statement relates to the Common Stock, $.01 par value per share
(the "Shares"), of Special Devices, Inc., a Delaware corporation (the "Issuer").
The address of the Issuer's principal executive offices is 16830 W. Placerita
Canyon Rd., Newhall, CA 91321.
ITEM 2. IDENTITY AND BACKGROUND:
(a) This statement is being filed by the following Reporting Persons :
Mt. Everest Fund, L.P., Mt. Everest QP Fund, L.P, Mt. Everest Fund Limited,
Greenberg-Summit Partners, L.L.C., and Lawrence D. Greenberg.
(b) The address of the principal business office of Mt. Everest Fund,
L.P., Mt. Everest QP Fund, L.P., Greenberg-Summit Partners, L.L.C. and Lawrence
D. Greenberg is 600 Atlantic Avenue, Suite 2800, Boston MA 02210. The address of
the principal business office of Mt. Everest Fund Limited is Hemisphere House, 9
Church Street, P.O. Box HM951, Hamilton HMDX, Bermuda.
(c) The jurisdiction of organization for Mt. Everest Fund, L.P., Mt.
Everest QP Fund, L.P., and Greenberg-Summit Partners, L.L.C. is Delaware. The
jurisdiction of organization for Mt. Everest Fund Limited is Bermuda. Lawrence
D. Greenberg is a citizen of the United States of America.
(d) The principal business of Mt. Everest Fund, L.P., Mt. Everest QP
Fund, L.P., and Mt. Everest Fund Limited is to make equity investments. The
principal business of Greenberg-Summit Partners, L.L.C. is to act as general
partners of Mt. Everest Fund, L.P. and Mt. Everest QP Fund, L.P. and as the
investment manager for Mt. Everest Fund Limited. The principal occupation of
Lawrence D. Greenberg is his activities on behalf of the above-described
entities.
(e) During the five years prior to the date hereof, none of the
Reporting Persons has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or has been a party to a civil proceeding
ending in a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding a violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION:
In a series of purchases beginning July 15, 1997 and ending September
23, 1997, Mt. Everest Fund, L.P. acquired an aggregate of 84,650 shares of
Common Stock of the Issuer for an aggregate purchase price of approximately
$2,266,012.78 and an implied average purchase price of $26.7692 per share. The
working capital of Mt. Everest Fund, L.P. was the source of funds for this
purchase. No part of the purchase price was or will be represented by funds or
other consideration borrowed or otherwise obtained for the purpose of acquiring,
holding, trading or voting the securities.
In a series of purchases beginning July 15, 1997 and ending September
23, 1997, Mt. Everest QP Fund, L.P. acquired an aggregate of 264,350 shares of
Common Stock of the Issuer for an aggregate purchase price of approximately
$7,076,438.02 and an implied average purchase price of $26.7692 per share. The
working capital of Mt. Everest QP Fund, L.P. was the source of funds for this
purchase. No part of the purchase price was or will be represented by funds or
other consideration borrowed or otherwise obtained for the purpose of acquiring,
holding, trading or voting the securities.
In a series of purchases beginning July 15, 1997 and ending September
23, 1997, Mt. Everest Fund Limited acquired an aggregate of 37,500 shares of
Common Stock of the Issuer for an aggregate purchase price of approximately
$1,003,845 and an implied average purchase price of $26.7692 per share. The
working capital of Mt. Everest Fund Limited was the source of funds for this
purchase. No part of the purchase price was or will be represented by funds or
other consideration borrowed or otherwise obtained for the purpose of acquiring,
holding, trading or voting the securities.
8 OF 11 PAGES
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ITEM 4. PURPOSE OF TRANSACTION:
Mt. Everest Fund, L.P., Mt. Everest QP Fund, L.P., and Mt. Everest Fund
Limited acquired the Issuer's securities for investment purposes. Depending on
market conditions, their continuing evaluation of the business and prospects of
the Issuer and other factors, Mt. Everest Fund, L.P., Mt. Everest QP Fund, L.P.
and Mt. Everest Fund Limited may dispose of or acquire additional securities of
the Issuer. None of the Reporting Persons has any present plans 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 of 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
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;
(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 12(g)(4)
of the Securities Exchange Act of 1934; or
(j) Any action similar to any of those enumerated above.
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER:
(a) As of September 23, 1997, Mt. Everest Fund, L.P. was the record
owner of 84,650 shares of Common Stock of the Issuer. As of September 23, 1997
Mt. Everest QP Fund, L.P. was the record owner of 264,350 shares of Common Stock
of the Issuer. As of September 23, 1997, Mt. Everest Fund Limited was the record
owner of 37,500 shares of Common Stock of the Issuer. As of October 1, 1997, Mt.
Everest Fund, L.P. was the record owner of 86,750 shares of Common Stock of the
Issuer. As of October 1, 1997 Mt. Everest QP Fund, L.P. was the record owner of
310,250 shares of Common Stock of the Issuer. As of October 1, 1997, Mt. Everest
Fund Limited was the record owner of 49,500 shares of Common Stock of the
Issuer. The shares held of record by Mt. Everest Fund, L.P., Mt. Everest QP
Fund, L.P. and Mt. Everest Fund Limited are referred to herein collectively as
the "Record Shares." By virtue of the affiliate relationships among the
entities, each Entity may be deemed to own beneficially all the Record Shares.
Hence, each Entity may be deemed to own 446,500 shares of Common Stock. In its
capacity as sole General Partner of each of Mt. Everest Fund, L.P. and Mt.
Everest QP Fund, L.P., and as investment manager of Mt. Everest Fund Limited,
Greenberg-Summit Partners, L.L.C. may be deemed to own beneficially 446,500
shares of Common Stock. In his capacity as managing member of
9 OF 11 PAGES
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Greenberg-Summit Partners, L.L.C., Lawrence D. Greenberg may be deemed to own
beneficially 446,500 shares of Common Stock.
Each of the Reporting Persons expressly disclaims beneficial ownership
of any shares of Common Stock of Special Devices, Inc., except in the case of
Mt. Everest Fund, L.P. for the 86,750 shares which it holds of record, in the
case of Mt. Everest QP Fund, L.P. for the 310,250 shares which it holds of
record, and in the case of Mt. Everest Fund Limited for the 49,500 shares which
it holds of record.
(b) Number of Shares as to which each such person has
(i) Sole power to vote or direct the vote:
0 shares for each Reporting Person;
(ii) Shared power to vote or direct the vote:
Mt. Everest Fund, L.P.: 446,500 shares
Mt. Everest QP Fund, L.P.: 446,500 shares
Mt. Everest Fund Limited: 446,500
Greenberg-Summit Partners, L.L.C.: 446,500 shares
Lawrence D. Greenberg: 446,500 shares
(iii) Sole power to dispose or to direct the disposition:
0 shares for each Reporting Person;
(iv) Shared power to dispose or to direct the disposition:
Mt. Everest Fund, L.P.: 446,500 shares
Mt. Everest QP Fund, L.P.: 446,500 shares
Mt. Everest Fund Limited: 446,500
Greenberg-Summit Partners, L.L.C.: 446,500 shares
Lawrence D. Greenberg: 446,500 shares
(c) Except as set forth above, none of the Reporting Persons has
effected any transaction in the Shares during the last 60 days.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or any proceeds from the sale of, the
Shares beneficially owned by any of the Reporting Persons.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER:
Not Applicable
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS:
Exhibit 1 Agreement regarding filing of joint Schedule 13D.
10 OF 11 PAGES
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SCHEDULE 13D
SIGNATURE
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: October 3, 1997 MT. EVEREST FUND, L.P.
By: GREENBERG-SUMMIT PARTNERS, L.L.C.
By: LAWRENCE D. GREENBERG, its managing member
/s/ Lawrence D. Greenberg
-------------------------------------------
MT. EVEREST QP FUND, L.P.
By: GREENBERG-SUMMIT PARTNERS, L.L.C.
By: LAWRENCE D. GREENBERG, its managing member
/s/ Lawrence D. Greenberg
-------------------------------------------
MT. EVEREST FUND LIMITED
By: GREENBERG-SUMMIT PARTNERS, L.L.C.
By: LAWRENCE D. GREENBERG, its managing member
/s/ Lawrence D. Greenberg
-------------------------------------------
GREENBERG-SUMMIT PARTNERS, L.L.C.
By: Lawrence D. Greenberg, its managing member
/s/ Lawrence D. Greenberg
-------------------------------------------
/s/ Lawrence D. Greenberg
-------------------------------------------
Lawrence D. Greenberg
11 OF 11 PAGES
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Exhibit 1
---------
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934,
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 shares of stock of Special Devices, Inc.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original.
Executed this 3rd Day of October, 1997.
MT. EVEREST FUND, L.P.
By: GREENBERG-SUMMIT PARTNERS, L.L.C.
By: LAWRENCE D. GREENBERG, its managing member
/s/ Lawrence D. Greenberg
----------------------------------------
MT. EVEREST QP FUND, L.P.
By: GREENBERG-SUMMIT PARTNERS, L.L.C.
By: LAWRENCE D. GREENBERG, its managing member
/s/ Lawrence D. Greenberg
----------------------------------------
MT. EVEREST FUND LIMITED
By: GREENBERG-SUMMIT PARTNERS, L.L.C.
By: LAWRENCE D. GREENBERG, its managing member
/s/ Lawrence D. Greenberg
----------------------------------------
GREENBERG-SUMMIT PARTNERS, L.L.C.
By: Lawrence D. Greenberg, its managing member
/s/ Lawrence D. Greenberg
----------------------------------------
/s/ Lawrence D. Greenberg
----------------------------------------
Lawrence D. Greenberg
