<PAGE> 1
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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. 5)*
THE RIGHT START, INC.
........................................................................
(Name of Issuer)
COMMON STOCK
........................................................................
(Title of Class of Securities)
7665742067
........................................................................
(CUSIP Number)
DAVID J. SHLADOVSKY, C/O KAIM NON-TRADITIONAL, L.P.
1800 AVENUE OF THE STARS, SECOND FLOOR, LOS ANGELES, CA 90067 (310) 556-2721
........................................................................
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
07/13/1999
........................................................................
(Date of Event which Requires Piling 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-l(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-l(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).
PAGE 1 OF 10
<PAGE> 2
CUSIP NO. 7665742067
SCHEDULE 13D PAGE 2 OF 10 PAGES
.............................................................................
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(A) KAIM NON-TRADITIONAL, L.P. - 95-4486379
(B) RICHARD A. KAYNE - ###-##-####
.............................................................................
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
.............................................................................
3 SEC USE ONLY
.............................................................................
4 SOURCE OF FUNDS*
.............................................................................
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [ ]
.............................................................................
6 CITIZENSHIP OR PLACE OF ORGANIZATION
(A) IS A CALIFORNIA LIMITED PARTNERSHIP
(B) IS A U.S. CITIZEN
.............................................................................
7 SOLE VOTING POWER
(A) 0
NUMBER OF (B) 89,750
SHARES .........................................
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY (A) 4,143,594
EACH REPORTING (B) 4,143,594
PERSON WITH .........................................
9 SOLE DISPOSITIVE POWER
(A) 0
(B) 89,750
.........................................
10 SHARED DISPOSITIVE POWER
(A) 4,143,594
(B) 4,143,594
.............................................................................
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
(A) 4,143,594
(B) 4,233,345
.............................................................................
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
.............................................................................
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
(A) 57.95%
(B) 59.20%
.............................................................................
12 TYPE OF REPORTING PERSON*
(A) IA
(B) IN
.............................................................................
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 2 OF 10
<PAGE> 3
CUSIP NO. 726540503 SCHEDULE 13D PAGE 3 OF 10 PAGES
.............................................................................
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ARBCO Associates, L.P. - 95-3214739
.............................................................................
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
.............................................................................
3 SEC USE ONLY
.............................................................................
4 SOURCE OF FUNDS*
.............................................................................
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [ ]
.............................................................................
6 CITIZENSHIP OR PLACE OF ORGANIZATION
A CALIFORNIA LIMITED PARTNERSHIP
.............................................................................
7 SOLE VOTING POWER
NUMBER OF 0
SHARES .........................................
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH REPORTING 1,056,025
PERSON WITH .........................................
9 SOLE DISPOSITIVE POWER
0
..........................................
10 SHARED DISPOSITIVE POWER
1,056,025
.............................................................................
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
1,056,025
.............................................................................
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
.............................................................................
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.77%
.............................................................................
12 TYPE OF REPORTING PERSON*
PN
.............................................................................
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 3 OF 10
<PAGE> 4
CUSIP NO. 726540503 SCHEDULE 13D PAGE 4 OF 10 PAGES
.............................................................................
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
KAYNE, ANDERSON NON-TRADITIONAL INVESTMENTS, L.P. - 95-4198602
.............................................................................
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
.............................................................................
3 SEC USE ONLY
.............................................................................
4 SOURCE OF FUNDS*
.............................................................................
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [ ]
.............................................................................
6 CITIZENSHIP OR PLACE OF ORGANIZATION
A CALIFORNIA LIMITED PARTNERSHIP
.............................................................................
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ........................................
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH REPORTING 1,124,785
PERSON WITH ........................................
9 SOLE DISPOSITIVE POWER
0
.........................................
10 SHARED DISPOSITIVE POWER
1,124,785
.............................................................................
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
1,124,785
.............................................................................
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
.............................................................................
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
15.73%
.............................................................................
12 TYPE OF REPORTING PERSON*
PN
.............................................................................
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 4 OF 10
<PAGE> 5
CUSIP NO. 726540503 SCHEDULE 13D PAGE 5 OF 10 PAGES
.............................................................................
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OFFENSE GROUP ASSOCIATES, L.P. - 95-4111006
.............................................................................
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
.............................................................................
3 SEC USE ONLY
.............................................................................
4 SOURCE OF FUNDS*
.............................................................................
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [ ]
.............................................................................
6 CITIZENSHIP OR PLACE OF ORGANIZATION
A CALIFORNIA LIMITED PARTNERSHIP
.............................................................................
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ........................................
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH REPORTING 1,117,612
PERSON WITH ........................................
9 SOLE DISPOSITIVE POWER
0
........................................
10 SHARED DISPOSITIVE POWER
1,117,612
.............................................................................
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
1,117,612
.............................................................................
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
.............................................................................
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
15.63%
.............................................................................
12 TYPE OF REPORTING PERSON*
PN
.............................................................................
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 5 OF 10
<PAGE> 6
CUSIP NO. 726540503 SCHEDULE 13D PAGE 6 OF 10 PAGES
.............................................................................
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OPPORTUNITY ASSOCIATES, L.P. - 95-4276878
.............................................................................
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
.............................................................................
3 SEC USE ONLY
.............................................................................
4 SOURCE OF FUNDS*
.............................................................................
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [ ]
.............................................................................
6 CITIZENSHIP OR PLACE OF ORGANIZATION
A CALIFORNIA LIMITED PARTNERSHIP
.............................................................................
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ........................................
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH REPORTING 478,822
PERSON WITH ........................................
9 SOLE DISPOSITIVE POWER
0
.........................................
10 SHARED DISPOSITIVE POWER
478,822
.............................................................................
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
478,822
.............................................................................
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
.............................................................................
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.70%
.............................................................................
12 TYPE OF REPORTING PERSON*
PN
.............................................................................
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 6 OF 10
<PAGE> 7
United States
Securities and Exchange Commission
SCHEDULE 13D
AMENDMENT NO. 5
*********************
ITEM 1. SECURITY AND ISSUER
Common Stock, with $0.01 Par Value.
The Right Start, Inc.
5334 Sterling Center Drive
Westlake Village, CA 91361
ITEM 2. IDENTITY AND BACKGROUND
a. KAYNE ANDERSON INVESTMENT MANAGEMENT, INC.
Kayne Anderson Investment Management, Inc. (KAIM, Inc.), a Nevada
corporation, serves as general partner of KAIM Non-Traditional, L.P.
(KAIM N-T, LP), a California limited partnership. KAIM N-T, LP is an
investment adviser registered under the Investment Advisers Act. It
serves as general partner of and investment adviser to various
investment funds, including the following holders of the issuer's
Common Stock and Preferred Stock: ARBCO Associates, L.P., Kayne,
Anderson Non-Traditional Investments, L.P., Offense Group Associates,
L.P. and Opportunity Associates, L.P., each of which is a California
limited partnership. KAIM N-T, LP also serves as investment adviser to
other clients, some of which hold the issuer's Common Stock and
Preferred Stock. The principal business address of KAIM, Inc., KAIM
N-T, LP and the investment limited partnerships is 1800 Avenue of the
Stars, Second Floor, Los Angeles, California 90067.
During the past five years, none of KAIM, Inc., KAIM N-T, LP, or the
four investment limited partnerships has been convicted in a criminal
proceeding nor has any of them been a party to a civil proceeding of a
judicial or administrative body or the subject of any judgments,
decrees or final orders from the regulatory bodies.
b. RICHARD A. KAYNE
Mr. Kayne, a U.S. citizen, is President, Chief Executive Officer and
Director of KAIM, Inc. He also serves as Manager of Kayne Anderson
Investment Management, LLC, a California limited liability company
(KAIM, LLC), and President and Director of KA Associates, Inc., a
Nevada corporation (KA). KAIM, LLC is a registered investment adviser.
KA is a registered broker/dealer and registered investment adviser.
The principal business address of KAIM, LLC and KA is 1800 Avenue of
the Stars, Second Floor, Los Angeles, CA 90067.
Mr. Kayne is the controlling shareholder (or member) of KAIM, Inc.,
KAIM, LLC and KA.
Mr. Kayne is a Director of The Right Start, Inc.
During the past five years, none of Mr. Kayne, KAIM, LLC, KA or KAIM,
LP has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), nor has any of them been a party
to a civil proceeding of a judicial or administrative body or the
subject of any judgments, decrees or final orders from the regulatory
bodies.
PAGE 7 OF 10
<PAGE> 8
c. The following persons (in addition to Mr. Kayne) are officers and/or
directors of one or more of KAIM, Inc., KAIM, LLC and KAIM, LP. Each
such person is a U.S. citizen whose address is 1800 Avenue of the
Stars, 2nd Floor, Los Angeles, California 90067. During the past five
years, none of such persons has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors), nor
has any of them been a party to a civil proceeding of a judicial or
administrative body or the subject of any judgments, decrees or final
orders from the regulatory bodies.
JOHN E. ANDERSON. Chairman of Topa Equities, Ltd., a diversified
investment company located at 1800 Avenue of the Stars, Suite 1400,
Los Angeles, California 90067. Mr. Anderson is also Director of KAIM,
Inc. and KA.
<TABLE>
<S> <C>
WILLIAM T. MILLER. Chief Financial Officer of KAIM, Inc. and KA.
ALLAN M. RUDNICK. Manager of KAIM, LLC.
HOWARD M. ZELIKOW. Vice President and Director of KAIM, Inc.
Director of The Right Start, Inc.
ROBERT V. SINNOTT. Vice President of KAIM, Inc.
JERRY R. WELCH. Vice President of KAIM, Inc.
Chairman and CEO of The Right Start, Inc.
DAVID J. SHLADOVSKY. General Counsel and Secretary of KAIM, Inc. and KA.
</TABLE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Investment partnership funds were derived by a combination of cash contributions
to the partnerships by the limited partners and, additionally, from the use of
margin by certain of the partnerships.
ITEM 4. PURPOSE OF TRANSACTION
The shares of the issuer were purchased for investment purposes. Richard A.
Kayne, KAIM N-T, LP, and KAIM, LP, on behalf of themselves and their managed
accounts, will consider making further sales or purchases of the shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
a. KAIM N-T, LP and Richard A. Kayne report beneficial ownership of 4,143,594
and 4,233,345 shares, representing 57.95% and 59.20% of the shares outstanding,
respectively.
b. KAIM N-T, LP and Richard A. Kayne have shared voting and dispositive power
over 4,143,594 shares. Richard A. Kayne has sole voting and dispositive power
over 89,750 shares.
The shares over which Mr. Kayne has sole voting and dispositive power are
held by him directly or by accounts for which he serves as trustee or custodian.
The shares over which Mr. Kayne and KAIM N-T, LP have shared voting and
dispositive power are held by accounts for which KAIM N-T, LP serves as
investment adviser (and, in some cases, as general partner), including Arbco
Associates, L.P., Kayne, Anderson Non-Traditional Investments, L.P. and Offense
Group Associates, L.P. The shares over which Mr. Kayne and KAIM, LLC have shared
voting and dispositive power are held by accounts for which KAIM, LLC serves as
investment adviser.
KAIM N-T, LP disclaims beneficial ownership of the shares reported, except
those shares attributable to it by virtue of its general partner interests in
certain limited partnerships holding such shares. Mr. Kayne disclaims beneficial
ownership of the shares reported, except those shares held by him or
attributable to him by virtue of his limited and general partner interests in
such limited partnerships and by virtue of his indirect interest in the interest
of KAIM N-T, LP in such limited partnerships.
PAGE 8 OF 10
<PAGE> 9
c. All transactions for the reporting parties were effected by KAIM N-T,
LP. Purchases of the shares were made as follows:
<TABLE>
<CAPTION>
Common Stock Stock
Date Type # of shares Price Where/how transaction effected
---- ---- ----------- ----- ------------------------------
<S> <C> <C> <C> <C>
07/02/99 * 61,300 $7.63 *Distribution to limited partners
07/07/99 * 7,900 $7.63 private transaction
07/12/99 * 8,800 $7.63
07/13/99 * 53,266 $7.63
</TABLE>
d. Not applicable
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 I Joint Filing Agreement among Richard A. Kayne and KAIM N-T, L.P.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
July 23, 1999
- -------------------------------------------------------------
Date
/s/ Richard A. Kayne
- -------------------------------------------------------------
Richard A. Kayne
KAIM NON-TRADITIONAL, L.P.
By: Kayne Anderson Investment Management, Inc.
By: /s/ David J. Shladovsky
- -------------------------------------------------------------
David J. Shladovsky, Secretary
PAGE 9 OF 10
<PAGE> 10
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(f)(1)
This agreement is made pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934 (the "Act") by and between the parties listed below, each
referred to herein as a "Joint Filer." The Joint Filers agree that a statement
of beneficial ownership as required by Section 13(d) of the Act and the Rules
thereunder may be filed on each of their behalf on Schedule 13D or Schedule 13G,
as appropriate, and that said joint filing may thereafter be amended by further
joint filings. The Joint Filers state that they each satisfy the requirements
for making a joint filing under Rule 13d-1.
/s/ Richard A. Kayne
- -------------------------------------------------------------
Richard A. Kayne
/s/ David J. Shladovsky
- -------------------------------------------------------------
KAIM Non-Traditional, L.P., by
David J. Shladovsky, Secretary of
Kayne Anderson Investment Management, Inc.,
general partner
PAGE 10 OF 10
<PAGE> 11
EXHIBIT I
TO SCHEDULE 13D, AMENDMENT NO. 5 OF FILING CONCERNING
THE RIGHT START, INC.
<TABLE>
<CAPTION>
Filing Parties Shares
- -------------- ------
<S> <C>
KAIM Non-Traditional, L.P.
o Managed Investment Limited Partnerships 3,777,244
o Other Managed Accounts 358,850
Richard A. Kayne
o Direct ownership 89,750
o Kayne Anderson Investment Management, LLC
Managed Accounts 7,500
---------
Total 4,233,345
</TABLE>
07/23/1999
