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OMB APPROVAL
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UNITED STATES OMB Number: 3235-0145
SECURITIES AND EXCHANGE COMMISSION Expires: October 31, 1997
WASHINGTON, D.C. 20549 Estimated average burden
hours per response....14.90
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(AMENDMENT NO. 2)*
BRIO INDUSTRIES, INC.
- -----------------------------------------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value per share
- -----------------------------------------------------------------------------------------------------------------
(Title of Class of Securities)
10970E104
-----------------------------------------------------------
(CUSIP Number)
David J. Schwartz, Esq., c/o Anderson Kill & Olick, P.C.
1251 Avenue of the Americas, New York, New York 10020 (212) 278-1000
- -----------------------------------------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 31, 1997
-----------------------------------------------------------
(Date of Event which Requires Filing of this Statement)(1)
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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 [ ].
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.
(Continued on following pages)
(Page 1 of 13 pages)
*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 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).
--------
1. This filing incorporates all information relevant to reportable events
effected by the Reporting Persons, who may be demed a group for purposes
of Section 13(d) (the "Group"), with respect to the referenced class of
securities, up to and including June 5, 1997. As reflected in Amendment
No. 3 to this statement, which is being filed contemporaneously with this
statement, as of June 6, 1997, one member of the Group, Andrew M. Brown,
ceased to be associated with the Group.
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 2 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ernest P. Werlin
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 147,000
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 681,500(1)
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 147,000
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
681,500(1)
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
147,000
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.29
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
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1. Ernest P. Werlin disclaims beneficial ownership of all shares owned by
other persons.
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 3 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Andrew M. Brown
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF ---
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 681,500(1)
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
681,500(1)
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
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--------
1. Andrew M. Brown disclaims beneficial ownership of all shares owned by
other persons.
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 4 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter J. Powers
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF ---
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 437,500(1)
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
437,500(1)
- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------------------------------
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--------
1. Peter J. Powers disclaims beneficial ownership of all shares owned by
other persons.
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 5 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund, L.P.
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 437,500
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 437,500
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
437,500
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------------------------------------------------------
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 6 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Capital Corporation
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF ---
SHARES ---------------------------------------------------------------------------------------------
BENFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 437,500(1)
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
437,500(1)
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -----------------------------------------------------------------------------------------------------------------
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--------
1. High View Capital Corporation disclaims beneficial ownership of all
shares owned by other persons.
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 7 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The High View Fund
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
The Cayman Islands
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 244,000
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
244,000
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
---
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
244,000
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -----------------------------------------------------------------------------------------------------------------
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SCHEDULE 13D
- -------------------------------------------- ----------------------------------------------
CUSIP NO. 10970E104 PAGE 8 OF 13 PAGES
- -------------------------------------------- ----------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
High View Asset Management Corporation
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
Not applicable
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- -----------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF ---
SHARES ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 244,000(1)
REPORTING ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
---
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
244,000(1)
- -----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
---
- -----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
---
- -----------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -----------------------------------------------------------------------------------------------------------------
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--------
1. High View Asset Management Corporation disclaims beneficial ownership of
all shares owned by other persons.
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Page 9 of 13 Pages
BRIO INDUSTRIES, INC.
(CUSIP No. 10970E104)
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 2 on Schedule 13D relates to the Statement on
Schedule 13D filed September 20, 1996, and as subsequently amended (the
"Original Schedule 13D"), by The High View Fund, L.P., The High View Fund,
Ernest P. Werlin and Andrew M. Brown relating to the common stock, no par value
per share ("Common Stock") of Brio Industries, Inc. (the "Issuer") and is being
filed on behalf of a group of seven reporting persons, as described in Item 2,
below. The address of the principal executive offices of the Issuer is 3728
North Fraser Way, Suite 110, Burnaby, B.C. V5J5G1, CANADA.
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 of the Original Schedule 13D is amended by replacing Item 2 therein with
the following:
(a) - (f)
This statement is being filed on behalf of a group consisting of
the following seven reporting persons (each, a "Reporting Person" and,
collectively, the "Reporting Persons"):
(I) This statement is being filed on behalf of The High View Fund, L.P.,
a Delaware limited partnership (the "Delaware Fund"). The Delaware Fund's
principal business is to make and hold investments. The business address for the
Delaware Fund is c/o High View Capital Corporation, 805 Third Avenue, Floor 17,
New York, New York 10022. The general partner of the Delaware Fund is High View
Capital Corporation, which is described more fully in (II), below.
(II) This statement also is being filed on behalf of High View Capital
Corporation ("HVCC"), a Delaware corporation. HVCC's principal business is to
act as general partner to the Delaware Fund and to provide investment advisory
services to other clients. The business address for HVCC is 805 Third Avenue,
Floor 17, New York, New York 10022.
The sole stockholder of voting stock of HVCC is Ernest P. Werlin.
Mr. Werlin is a director, the President and Treasurer of HVCC. As of the date of
the event which requires the filing of this statement, Peter J. Powers was a
director and the Senior Vice President of HVCC. As of the date of the event
which requires the filing of this statement, Andrew M. Brown was the Secretary
of HVCC. As of June 6, 1997, Mr. Brown ceased to be associated with HVCC.
(III) This statement also is being filed on behalf of The High View
Fund, a Cayman Islands company (the "Cayman Fund"). The Cayman Fund is listed on
the Irish Stock Exchange and its principal business is to make and hold
investments. The Cayman Fund's directors are Rhonda D. McDeigan-Eldridge and
Cedric L. Carroll. Ms. McDeigan-Eldridge and Mr. Carroll are citizens of the
Commonwealth of The Bahamas, their principal business is to act as investment
fund administrators and their business address is c/o Mees Pierson Fund Services
(Bahamas) Limited, Windermere House, 404 East Bay Street, P.O. Box SS-6238,
Nassau, The Bahamas. The investment manager of the Cayman Fund is High View
Asset Management Corporation, which is described more fully in (IV), below.
(IV) This statement also is being filed on behalf of High View Asset
Management Corporation, a Delaware corporation ("HVAM"). HVAM's principal
business is to act as investment manager to the Cayman Fund and its business
address is 805 Third Avenue, Floor 17, New York, New York 10022.
The sole stockholder of voting stock and the sole director of
HVAM is Mr. Werlin. Mr. Werlin is also the President of HVAM. As of the date of
the event which requires the filing of this statement, Andrew M. Brown was the
Treasurer, Secretary and Vice President of HVAM. As of June 6, 1997, Mr. Brown
ceased to be associated with HVAM.
(V) This statement also is being filed on behalf of Mr. Werlin. Mr.
Werlin's present principal occupation is as a director, President and Treasurer
of HVCC and as the director and President of HVAM. Mr. Werlin is a United States
citizen whose business address is c/o HVCC, 805 Third Avenue, Floor 17, New
York, New York 10022.
(VI) This statement also is being filed on behalf of Mr. Brown. As of
the date of the event which requires the filing of this statement, Mr. Brown's
principal occupation was as Secretary of HVCC and as Treasurer, Secretary and
Vice President of HVAM. Mr. Brown is a United States citizen whose business
address as of the date of the event requiring the filing of this statement was
c/o HVCC, 805 Third Avenue, Floor 17, New York, New York 10022. As of June 6,
1997, Mr. Brown ceased to be associated with both HVCC and HVAM.
(VII) This statement also is being filed on behalf of Mr. Powers. As of
the date of the event which requires the filing of this statement, Mr. Powers's
principal occupation was as a director and the Senior Vice President of HVCC.
Mr. Powers is a United States citizen whose business address is c/o HVCC, 805
Third Avenue, Floor 17, New York, New York 10022.
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Page 10 of 13 Pages
No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). Further, no Reporting Person has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction, nor
has any Reporting Person been subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or maintaining activities subject
to, Federal or State securities laws or finding any violation with respect to
such laws.
Each of the Delaware Fund, the Cayman Fund and Ernest P. Werlin
is making this filing because each of them has acquired shares of Common Stock
of the Issuer for which each has sole voting power. In addition, because of the
relationships described above, Mr. Werlin could be deemed to have beneficial
ownership for purposes of Section 13(d) of the Securities Exchange Act of 1934
(the "Act") of the shares of Common Stock which are held by each of the Delaware
Fund and the Cayman Fund. Mr. Werlin disclaims beneficial ownership of all
shares of Common Stock held by other persons.
Mr. Brown is making this filing because, as of the date of the
event requiring the filing of this statement, due to the relationships between
Mr. Brown and each of the Delaware Fund and the Cayman Fund, as described above,
Mr. Brown could be deemed to have beneficial ownership for purposes of Section
13(d) of the Act of the shares of Common Stock held by each of the Delaware Fund
and the Cayman Fund. Mr. Brown disclaims beneficial ownership of all shares of
Common Stock held by other persons. As of June 6, 1997, Mr. Brown ceased to be
associated with each of the Delaware Fund and the Cayman Fund.
Each of Mr. Powers and HVCC is making this filing because, due to
the relationship between each of Mr. Powers and HVCC and the Delaware Fund, as
described above, each could be deemed to have beneficial ownership for purposes
of Section 13(d) of the Act of the shares of Common Stock held by the Delaware
Fund. Each of Mr. Powers and HVCC disclaims beneficial ownership of all shares
of Common Stock held by other persons.
HVAM is making this filing because, due to its relationship to
the Cayman Fund, as described above, HVAM could be deemed to have beneficial
ownership for purposes of Section 13(d) of the Act of the shares of Common Stock
held by the Cayman Fund. HVAM disclaims beneficial ownership of all shares of
Common Stock which are held by other persons.
The Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin, Mr.
Brown, and Mr. Powers are making a group filing because, as of the date of the
event requiring the filing of this statement, such persons may be deemed to
constitute a "group" for purposes of Section 13(d)(3) of the Act due to the
relationships between and among the Reporting Persons, as described in this Item
2. Each of such persons disclaims beneficial ownership of the shares of Common
Stock held by any other person and disclaims membership in a group.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Original Schedule 13D is amended by replacing Item 3 therein with
the following:
The Delaware Fund acquired 464,000 shares of Common Stock in a
series of open market transactions over the period from August 30, 1996 to May
15, 1997 for a total purchase price of $1,276,950.25 and sold 26,500 of those
shares in open market transactions on September 18, December 18, and December
23, 1996 for a total price of $71,875. The $1,276,950.25 used by the Delaware
Fund to purchase the 464,000 shares of Common Stock was obtained from the
working capital of the Delaware Fund.
The Cayman Fund acquired 364,000 shares of Common Stock in a
series of open market transactions over the period from August 30, 1996 to March
31, 1997 for a total purchase price of $1,048,820.25 and sold 120,000 of those
shares in open market transactions on September 18, 1996, December 18, 1996 and
May 15, 1997 for the total price of $283,755. The $1,048,820.25 used by the
Cayman Fund to purchase the 364,000 shares of Common Stock was obtained from the
working capital of the Cayman Fund.
Mr. Werlin acquired 147,000 shares of Common Stock in a series of
open market transactions over the period from August 30, 1996 to February 20,
1997 for a total purchase price of $408,150. The $408,150 used by Mr. Werlin to
purchase the 147,000 shares of Common Stock was obtained from Mr. Werlin's
personal funds.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Original Schedule 13D is amended by replacing Item 4 therein with
the following:
Each of the Delaware Fund, the Cayman Fund and Mr. Werlin holds
its or his respective shares of Common Stock to which this statement on Schedule
13D relates for purposes of investment. At present, neither the Delaware Fund,
the Cayman Fund, nor Mr. Werlin has any plans to purchase additional shares of
Common Stock or to transfer shares of Common Stock. Except as disclosed in this
Item 4, neither the Delaware Fund, the Cayman Fund, nor Mr. Werlin has current
plans or
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Page 11 of 13 Pages
proposals which relate to or would result in any of the events described in
Items (a) through (j) of the instructions to Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Original Schedule 13D is amended by replacing Item 5 therein with
the following:
(I) The Delaware Fund beneficially holds 437,500 shares of Common Stock,
for an aggregate beneficial ownership of 437,500 shares of Common Stock, which
would constitute 6.8% of the outstanding class of Common Stock.
(II) For purposes of Rule 13(d) under the Act, because HVCC is the sole
general partner of the Delaware Fund, and because it could be deemed to share
voting and dispositive power with the Delaware Fund over the shares of Common
Stock held by the Delaware Fund, HVCC may be deemed to be the beneficial owner
of the 437,500 shares of Common Stock held by the Delaware Fund. Therefore, HVCC
may be deemed to be the aggregate beneficial owner of 437,500 shares of Common
Stock, which would constitute 6.8% of the outstanding class of Common Stock.
HVCC disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(III) The Cayman Fund beneficially holds 244,000 shares of Common Stock,
for an aggregate beneficial ownership of 244,000 shares of Common Stock, which
would constitute 3.8% of the outstanding class of Common Stock.
(IV) For Purposes of Rule 13(d) under the Act, because HVAM is the
investment manager to the Cayman Fund, and because it could be deemed to share
voting and dispositive power with the Cayman Fund over the shares of Common
Stock held by the Cayman Fund, HVAM may be deemed to be the beneficial owner of
the 244,000 shares of Common Stock held by the Cayman Fund. Therefore, HVAM may
be deemed to be the aggregate beneficial owner of 244,000 shares of Common
Stock, which would constitute 3.8% of the oustanding class of Common Stock. HVAM
disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(V) Peter J. Powers is a director and the Senior Vice President of HVCC.
Because Mr. Powers is an officer and a director of the general partner of the
Delaware Fund, and because he could be deemed to share with HVCC and the other
director and officers of HVCC voting and dispositive power over the shares of
Common Stock held by the Delaware Fund, for purposes of Rule 13(d) under the
Act, Mr. Powers may be deemed to be the beneficial owner of the 437,500 shares
of Common Stock held by the Delaware Fund. Therefore, Mr. Powers may be deemed
to be the aggregate beneficial owner of 437,500 shares of Common Stock, which
would constitute 6.8% of the outstanding class of Common Stock. Mr. Powers
disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(VI) (The following is as of the date of the event requiring, and for
purposes of, this filing:) Andrew M. Brown is the Secretary of HVCC, the general
partner of the Delaware Fund. Mr. Brown is also the Treasurer, Secretary and
Vice President of HVAM, the investment manager for the Cayman Fund. Because of
Mr. Brown's relationship to the Delaware Fund, and because he could be deemed to
share with HVCC and the directors and other officers of HVCC voting and
dispositive power over the shares of Common Stock held by the Delaware Fund, for
purposes of Rule 13(d) under the Act, Mr. Brown may be deemed to be the
beneficial owner of the 437,500 shares of Common Stock held by the Delaware
Fund. Further, as Mr. Brown is also an officer of HVAM, because of Mr. Brown's
relationship to the Cayman Fund through his position at HVAM, and because he
could be deemed to share with HVAM, and with the director and other officer of
HVAM voting and dispositive power over the shares of Common Stock held by the
Cayman Fund, for purposes of Rule 13(d) under the Act, Mr. Brown may be deemed
to be the beneficial owner of the 244,000 shares of Common Stock held by the
Cayman Fund. Therefore, Mr. Brown may be deemed to be the aggregate beneficial
owner of 681,500 shares of Common Stock, which would constitute 10.6% of the
outstanding class of Common Stock. Mr. Brown disclaims beneficial ownership of
all shares of Common Stock held by other persons. (As of June 6, 1997, Mr. Brown
ceased to be associated with each of the Delaware Fund, HVCC, the Cayman Fund
and HVAM.)
(VII) Ernest P. Werlin beneficially holds 147,000 shares of Common
Stock, for an aggregate beneficial ownership of 147,000 shares of Common Stock,
which would constitute 2.29% of the outstanding class of Common Stock. In
addition, because Mr. Werlin is the sole stockholder, a director, and the
President and Treasurer of HVCC, because of the relationship between HVCC and
the Delaware Fund, as discussed in this Item 5, and because therefore Mr. Werlin
may be deemed to share voting and dispositive power with HVCC, the other
director and the other officer of HVCC, over the shares of Common Stock held by
the Delaware Fund, for purposes of Rule 13(d) under the Act, Mr. Werlin may be
deemed to be the beneficial owner of the 437,500 shares of Common Stock held by
the Delaware Fund. Mr. Werlin is also the sole director, sole stockholder, and
the President of HVAM. Because of the positions he holds at HVAM, because of the
relationship between HVAM and the Cayman Fund, as discussed in this Item 5, and
because Mr. Werlin may be deemed to share voting and dispositive power over the
shares of Common Stock held by the Cayman Fund with HVAM and the director and
other officer of HVAM, for purposes of Rule 13(d) under the Act, Mr. Werlin may
be deemed to be the beneficial owner of the 244,000 shares of Common Stock held
by the Cayman Fund. Therefore, Mr. Werlin may be deemed to be the aggregate
beneficial owner of 828,500 shares of
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Page 12 of 13 Pages
Common Stock, which would constitute 12.89% of the outstanding class of Common
Stock. Mr. Werlin disclaims beneficial ownership of all shares of Common Stock
held by other persons.
By reason of the relationships described in Item 2 and this Item
5 above, the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin, Mr. Brown,
and Mr. Powers may be deemed to constitute a "group" within the meaning of Rule
13d-5 under the Act. Pursuant to Rule 13d-4 under the Act, neither the filing of
this statement nor any of its contents shall be construed as an admission that
any person named herein is, for purposes of Section 13(d) or 13(g) of the Act
(or pursuant to Rule 16a-1(a)(1) thereunder), the beneficial owner of any shares
of Common Stock held by other members of any such group. Additionally, the
persons named herein disclaim membership in a group. Further, as of June 6,
1997, Mr. Brown ceased to be associated with each of the Delaware Fund, HVCC,
the Cayman Fund, HVAM, Mr. Werlin and Mr. Powers.
(c) As included in Item 3, above, in an open market transaction
on May 15, 1997, the Delaware Fund acquired 100,000 shares of Common Stock for
$2.2813 per share, and in an open market transaction on May 15, 1997, the Cayman
Fund disposed of 100,000 shares of Common Stock for $2.2813 per share. Except as
discussed in this Item 5(c), no other transactions in shares of Common Stock
were effected in the past 60 days by any of the Reporting Persons.
(d) Not applicable.
(e) Not applicable.
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Page 13 of 13 Pages
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: September 23, 1997
/s/ ERNEST P. WERLIN
---------------------
Ernest P. Werlin
/s/ ANDREW M. BROWN
---------------------
Andrew M. Brown*
/s/ PETER J. POWERS
--------------------
Peter J. Powers
THE HIGH VIEW FUND, L.P.
By: High View Capital Corporation,
its general partner
By: /s/ ERNEST P. WERLIN
--------------------
Ernest P. Werlin
President
HIGH VIEW CAPITAL CORPORATION
By: /s/ ERNEST P. WERLIN
--------------------
Ernest P. Werlin
President
THE HIGH VIEW FUND
By: /s/ CEDRIC L. CARROLL
----------------------
Cedric L. Carroll
Director
HIGH VIEW ASSET MANAGEMENT CORPORATION
By: /s/ ERNEST P. WERLIN
--------------------
Ernest P. Werlin
President
* As of June 6, 1997, Mr. Brown ceased to be a member of the group making this
filing.
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