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UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION OMB Number: 3235-0145
WASHINGTON, D.C. 20549 Expires: October 31, 1997
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. 3)*
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)
June 6, 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 [ ].
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 12 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 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 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>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 2 OF 12 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 OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
149,000
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 766,500(1)
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 149,000
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
766,500(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
149,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.31
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
- --------
1. Ernest P. Werlin disclaims beneficial ownership of all shares owned by
other persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 3 OF 12 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) [ ]
This Amendment No. 3 is being filed to reflect, (b) [ ]
among other things, the fact that as of June 6,
1997, Andrew M. Brown may not be deemed to be a
member of the group making this filing with
respect to, and may not be considered to be a
Reporting Person for purposes of, Section 13 or
for any other purpose.
- --------------------------------------------------------------------------------
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 OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY --
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON --
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
--
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
--
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 4 OF 12 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 OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 766,500(1)
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON --
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
766,500(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
- --------------------------------------------------------------------------------
- --------
1. Peter J. Powers disclaims beneficial ownership of all shares owned by other
persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 5 OF 12 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 OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
546,130
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY --
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 546,130
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
546,130
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.49
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 6 OF 12 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 OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 546,130(1)
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON --
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
546,130(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
- --------------------------------------------------------------------------------
- ---------
1. High View Capital Corporation disclaims beneficial ownership of all shares
owned by other persons.
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 7 OF 12 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 OF ORGANIZATION
The Cayman Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
220,370
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY --
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 220,370
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
220,370
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.43
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP NO. 10970E104 PAGE 8 OF 12 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 OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--
---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 220,370(1)
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON --
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
220,370(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
- --------------------------------------------------------------------------------
- --------
1. High View Asset Management Corporation disclaims beneficial ownership of
all shares owned by other persons.
<PAGE>
<PAGE>
Page 9 of 12 Pages
BRIO INDUSTRIES, INC.
(CUSIP NO. 10970E104)
This Amendment No. 3 on Schedule 13D relates to the Statement on
Schedule 13D filed on September 20, 1996 and as subsequently amended (the
"Original Schedule 13D"). This Amendment No. 3 is being filed to reflect, among
other things, the fact that as of June 6, 1997, Andrew M. Brown may not be
deemed to be a member of the group of reporting persons consisting of The High
View Fund, L.P., High View Capital Corporation, The High View Fund, High View
Asset Management Corporation, Ernest P. Werlin, Peter J. Powers and Andrew
M. Brown (the "Group" or the "Reporting Persons"), each member of which
disclaims beneficial ownership in the shares of Common Stock held by other
persons and disclaims membership in a group. Amendment No. 2 to the Original
Schedule 13D was filed on September 23, 1997 regarding certain reportable events
effected by the Group as of June 5, 1997, with respect to securities issued by
Brio Industries, Inc. (the "Issuer").
ITEM 2. IDENTITY AND BACKGROUND.
(a) - (f)
Item 2 of the Original Schedule 13D is amended by replacing
the second paragraph of sub-part (II) with the following paragraph:
The sole stockholder of voting stock of HVCC is Ernest P.
Werlin. Mr. Werlin is a director, President and Treasurer of HVCC. Peter J.
Powers is a director, Senior Vice President and Secretary of HVCC.
Item 2 of the Original Schedule 13D is amended further by
replacing the second paragraph of sub-part (IV) with the following paragraph:
The sole stockholder of voting stock and the sole director of
HVAM is Mr. Werlin. Mr. Werlin is President of HVAM. Peter J. Powers is
Secretary, Treasurer and Vice President of HVAM.
Item 2 of the Original Schedule 13D is amended further by
replacing sub-part (VI) with the following paragraph:
(VI) This statement also is being filed on behalf of Mr. Brown to
reflect the fact that as of June 6, 1997, Mr. Brown ceased to be an officer of
both HVCC and HVAM, and Mr. Brown may no longer be deemed to be a part of the
group which filed the Original Schedule 13D. Mr. Brown is a United States
citizen whose present principal occupation is as an independent consultant. His
address as of June 6, 1997 is 58 West 58th Street, No. 9D, New York, New York
10019.
Item 2 of the Original Schedule 13D is amended further by
replacing sub-part (VII) with the following paragraph:
(VII) This statement also is being filed on behalf of Mr. Powers.
Mr. Powers's present principal occupation is as a director, Senior Vice
President and Secretary of HVCC and as Secretary, Treasurer and Vice President
of HVAM. Mr. Powers is a United States citizen whose business address is c/o
HVCC, 805 Third Avenue, Floor 17, New York, New York 10022.
Item 2 of the Original Schedule 13D is amended further by
replacing the third paragraph on Page 10 with the following paragraph:
Mr. Brown is making this filing to reflect the fact that as of
June 6, 1997, Mr. Brown ceased to be associated in any capacity with the
Delaware Fund, the Cayman Fund, HVCC and HVAM, and he may not be deemed to have
beneficial ownership for purposes of Section 13 or any other purpose of the
shares of Common Stock held by any of the Reporting Persons.
Item 2 of the Original Schedule 13D is amended further by
replacing the fourth paragraph on Page 10 with the following two paragraphs:
HVCC is making this filing because, due to the relationship
between HVCC and the Delaware Fund, as described above, HVCC 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. HVCC disclaims beneficial ownership
of all shares of Common Stock held by other persons.
Peter J. Powers is making this filing because, due to the
relationship between Mr. Powers and each of the Delaware Fund and the Cayman
Fund, as described above, Mr. Powers may be deemed to have beneficial ownership
for
<PAGE>
<PAGE>
Page 10 of 12 Pages
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. Powers disclaims beneficial
ownership of all shares of Common Stock held by other persons.
Item 2 of the Original Schedule 13D is amended further by
replacing the last paragraph with the following paragraph:
The Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr. Werlin,
Mr. Brown and Mr. Powers are making this group filing because up through June 5,
1997, such persons may have been 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 Item 2 in the Original Schedule 13D and as
amended herein. Each of such persons disclaims beneficial ownership of the
shares of Common Stock held by any other person and disclaims membership in a
group. Further, this filing is being made to reflect, among other things, the
fact that as of June 6, 1997, Mr. Brown was no longer associated or affiliated
in any way with any of the Delaware Fund, HVCC, the Cayman Fund, HVAM, Mr.
Werlin, or Mr. Powers and that, as of June 6, 1997, Mr. Brown may not be deemed
to be a member of the Group or to have beneficial ownership of the shares of
Common Stock held by any of the Reporting Persons for purposes of Section 13 or
any other purpose.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Original Schedule 13D is amended by adding the
following sentence to the first paragraph:
The Delaware Fund acquired 108,630 shares of Common Stock in a series
of open market transactions over the period from July 16 to September 5, 1997
for a total purchase price of $275,965.93, which amount was obtained from the
working capital of the Delaware Fund.
Item 3 of the Original Schedule 13D is amended by adding the
following sentence to the second paragraph:
The Cayman Fund acquired 14,300 shares of Common Stock in a series of
open market transactions over the period from September 4 to September 5, 1997
for a total purchase price of $39,087.33 and sold 37,930 shares of Common Stock
in an open market transaction on August 29, 1997 for the total price of
$90,083.75. The $39,087.33 used by the Cayman Fund to purchase the 14,300 shares
of Common Stock was obtained from the working capital of the Cayman Fund.
Item 3 of the Original Schedule 13D is amended by adding the
following sentence to the third paragraph:
In an open market transaction on September 8, 1997, Mr. Werlin acquired
2,000 shares of Common Stock for the total price of $5,125, which amount was
obtained from Mr. Werlin's personal funds.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Original Schedule 13D is amended by replacing
parts (a), (b) and (c) therein with the following:
(a) and (b)
(I) The Delaware Fund beneficially holds an aggregate of 546,130
shares of Common Stock, which constitutes 8.49% of the outstanding shares 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 shares of Common Stock held by the Delaware Fund. Therefore, HVCC
may be deemed to be the aggregate beneficial owner of 546,130 shares of Common
Stock, which constitutes 8.49% of the outstanding shares of Common Stock. HVCC
disclaims beneficial ownership of all shares of Common Stock held by other
persons.
(III) The Cayman Fund beneficially holds an aggregate of 220,370 shares
of Common Stock, which constitutes 3.43% of the outstanding shares 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 shares of Common Stock held by the Cayman Fund. Therefore, HVAM may be
deemed to be the aggregate beneficial owner of 220,370 shares of Common
<PAGE>
<PAGE>
Page 11 of 12 Pages
Stock, which constitutes 3.43% of the outstanding shares of Common Stock.
HVAM disclaims beneficial ownership of all shares of Common Stock held by
other persons.
(V) Peter J. Powers is a director, Senior Vice President and
Secretary of HVCC, the general partner of the Delaware Fund. Mr. Powers is also
Secretary, Treasurer and Vice President of HVAM, the investment manager for the
Cayman Fund. Because of Mr. Powers's relationship to the Delaware Fund, and
because he could be deemed to share with HVCC and the other director and officer
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 546,130 shares of Common Stock held by
the Delaware Fund. Further, as Mr. Powers is also an officer of HVAM, because of
Mr. Powers's relationship to the Cayman Fund through his position at HVAM, and
because he may be deemed to share with HVAM and with the director and the 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. Powers
may be deemed to be the beneficial owner of the 220,370 shares of Common Stock
held by the Cayman Fund. Therefore, Mr. Powers may be deemed to be the aggregate
beneficial owner of 766,500 shares of Common Stock, which constitutes 11.91% of
the outstanding shares of Common Stock. Mr. Powers disclaims beneficial
ownership of all shares of Common Stock held by other persons.
(VI) As of June 6, 1997, Andrew M. Brown was no longer affiliated
with any of the Delaware Fund, HVCC, the Cayman Fund, HVAM, Ernest P. Werlin or
Peter J. Powers. He may not be deemed to be the beneficial owner of any shares
of Common Stock held by any of the Reporting Persons for purposes of Section 13
or any other purpose.
(VII) Ernest P. Werlin beneficially holds an aggregate of 149,000
shares of Common Stock, which constitutes 2.31% of the outstanding shares 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 546,130 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 220,370 shares of Common Stock held by the Cayman Fund.
Therefore, Mr. Werlin may be deemed to be the aggregate beneficial owner of
915,500 shares of Common Stock, which constitutes 14.23% of the outstanding
shares 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, as of June 6, 1997, the Delaware Fund, HVCC, the Cayman Fund,
HVAM, Mr. Werlin 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, each of the persons named herein disclaims membership in a group.
Finally,as of June 6, 1997, Andrew M. Brown, who was included as a Reporting
Person on the Original Schedule 13D as a member of the Group, ceased to be
associated with the Group and with each of the Delaware Fund, HVCC, the Cayman
Fund, HVAM, Mr. Werlin and Mr. Powers and may not be deemed to be the
beneficial owner of any shares of Common Stock held by any other person for
purposes of Section 13 or for any other purpose.
(c)
In an open market transaction on July 16, 1997, the Delaware
Fund purchased 25,000 shares of Common Stock for $2.5325 per share. In open
market transactions on August 29, 1997, the Delaware Fund purchased and the
Cayman Fund disposed of 37,930 shares of Common Stock for $2.375 per share.
In an open market transaction on September 3, 1997, the Delaware Fund purchased
10,000 shares of Common Stock for $2.50 per share. In open market transactions
on September 4, 1997, the Delaware Fund purchased 14,250 shares of Common Stock
for $2.75 per share and 14,250 shares of Common Stock for $2.7391 per share.
In an open market transaction on September 5, 1997, the Delaware Fund purchased
7,200 shares of Common Stock for $2.6875 per share. In open market transactions
on September 4, 1997, the Cayman Fund purchased 5,750 shares of Common Stock
for $2.75 per share and 5,750 shares of Common Stock for $2.7391 per share.
In an open market transaction on September 5, 1997, the Cayman Fund purchased
2,800 shares of Common Stock for $2.6875 per share. In an open market
transaction on September 8, 1997, Ernest P. Werlin purchased 2,0000 shares of
Common Stock for $2.5625 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.
<PAGE>
<PAGE>
Page 12 of 12 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 30, 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
* This Amendment No. 3 is being filed to reflect, among other things, the fact
that as of June 6, 1997, Mr. Brown ceased to be associated or affiliated in any
way with any other Reporting Person and may not be deemed to be a member of the
Group making this filing for purposes of Section 13 or for any other purpose.
Each of the Reporting Persons disclaims beneficial ownership of the shares of
Common Stock held by other persons.
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