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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------------
Amendment No. 3
to
SCHEDULE 13D
Under the Securities Exchange Act of 1934
ARIEL CORPORATION
(Name of Issuer)
Common Stock, $.001 par value
(Title Class of Securities)
04033M 10 4
(CUSIP Number)
Copy to:
Applewood Associates, L.P. David Alan Miller, Esq.
68 Wheatley Road Graubard Mollen & Miller
Brookville, New York 11545 600 Third Avenue
Telephone: (516) 626-3070 New York, New York 10016-2097
Telephone: (212) 818-8800
(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
See Item 1
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Check the following box if a fee is being paid with the statement |_|. (A fee is
not required only if the Reporting Person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.).
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
The 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 13 Pages
SEC 1746 (12-91)
12/95
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 2 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APPLEWOOD ASSOCIATES, 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) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
185,000 Shares
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
0
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
185,000 Shares
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,000 Shares
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- ------------------------------------------------------------------------------
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 3 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BARRY RUBENSTEIN
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|X|
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, PF
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
130,000 Shares
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
210,000 Shares
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
130,000 Shares
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
210,000 Shares
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
340,000 Shares
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 4 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
IRWIN LIEBER
- ------------------------------------------------------------------------------
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) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
100,000 Shares
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
---------------------------------------------------------------
8 SHARED VOTING POWER
185,000 Shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
100,000 Shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
185,000 Shares
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
285,000 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 5 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BARRY FINGERHUT
- ------------------------------------------------------------------------------
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) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
185,000 Shares
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
185,000 Shares
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,000 Shares
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 6 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APPLEWOOD CAPITAL CORP.
- ------------------------------------------------------------------------------
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) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
185,000 Shares
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
185,000 Shares
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,000 Shares
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 7 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JONATHAN LIEBER
- ------------------------------------------------------------------------------
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) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
185,000 Shares
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
185,000 Shares
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,000 Shares
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 8 of 13 Pages
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SETH LIEBER
- ------------------------------------------------------------------------------
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) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------------
8 SHARED VOTING POWER
185,000 Shares
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
185,000 Shares
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,000 Shares
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
- -----------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 9 of 13 Pages
- -----------------------------------------------------------------------------
Item 1. Security and Issuer
This Amendment No. 3 to the statement on Schedule 13D, dated
February 1, 1995, as amended on November 26, 1995, and on May 2, 1996, relates
to the common stock, par value $.001 per share ("Common Stock"), of Ariel
Corporation ("Issuer"), a Delaware corporation, whose principal executive
offices are located at 2540 Route 130, Cranbury, New Jersey 08512.
According to the Issuer's Report on Form 10-QSB for the fiscal
quarter ended March 31, 1996, there are 6,912,690 shares of Common Stock
outstanding.
Item 2. Identity and Background
No change from initial filing.
Item 3. Source and Amounts of Funds or Other Consideration
No change from initial filing.
Item 4. Purpose of Transactions
No change from initial filing.
Item 5. Interest in Securities of the Issuer
(i) Ownership.
The following table sets forth the aggregate number and
percentage (based on 6,912,690 shares of Common Stock outstanding) owned
beneficially by each Reporting Person as of the date of this Amendment No. 3:
Shares of Percentage of Outstanding
Common Stock Shares of Common Stock
Name Beneficially Owned Beneficially Owned
Applewood Associates, L.P.
("Applewood") 185,000 2.7%
Barry Rubenstein 340,000(1) 4.8%
Irwin Lieber 285,000(2) 4.1%
Barry Fingerhut 185,000(3) 2.7%
Applewood Capital Corporation
("ACC") 185,000(4) 2.7%
Jonathan Lieber 185,000(5) 2.7%
Seth Lieber 185,000(6) 2.7%
<PAGE>
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 10 of 13 Pages
- ------------------------------------------------------------------------------
(1) Includes the 185,000 shares of Common Stock owned by Applewood, a
limited partnership of which Mr. Rubenstein is a co-general partner,
and over which he shares investment and voting power with his
co-general partners, Irwin Lieber, Barry Fingerhut and ACC. Mr.
Rubenstein disclaims beneficial ownership of the securities held by
Applewood other than 13,363 shares which represent that portion
attributable to his 7.2230% equity ownership of Applewood and 1,293
shares attributable to the Rubenstein Family, L.P., of which Mr.
Rubenstein is a general partner, which represents that portion
attributable that partnership's 0.6989% equity ownership of Applewood.
Also includes 25,000 shares of Common Stock subject to presently
exercisable options expiring in October 1997, which entitle Mr.
Rubenstein to purchase shares of Common Stock for $2.45 per share,
25,000 shares of Common Stock subject to presently exercisable options
expiring in October 1997, which entitle Mr. Rubenstein to purchase
shares of Common Stock for $6.00 per share, and 50,000 shares of Common
Stock subject to presently exercisable options expiring in October
2000, which entitle Mr. Rubenstein to purchase shares of Common Stock
for $4.00 per share (collectively, the "Rubenstein Options"). Also
includes 30,000 shares, 10,000 shares and 15,000 shares of Common Stock
included in Units purchased in the IPO by Mr. Rubenstein, Marilyn
Rubenstein (Mr. Rubenstein's spouse) and Woodland Partners
("Woodland"), a New York general partnership whose sole partners are
Barry Rubenstein and his spouse, Marilyn Rubenstein. Mr. Rubenstein has
sole investment and voting power over the shares of Common Stock owned
by him individually, by the Barry Rubenstein IRA and underlying the
Rubenstein Options. Mr. Rubenstein does not possess investment or
voting power over the shares held by Mrs. Rubenstein, although for
purposes of this Schedule 13D the beneficial ownership has been
attributed to Mr. Rubenstein. Mr. Rubenstein shares investment and
voting power over the shares of Common Stock owned by Woodland, with
his partner (and spouse), Marilyn Rubenstein. Mrs. Rubenstein's equity
ownership of Woodland is 10% and Mr. Rubenstein's equity ownership of
Woodland is 90%. Each of Mrs. Rubenstein and Mr. Rubenstein disclaim
beneficial ownership over the securities held by Woodland attributable
to the other's respective equity ownership of Woodland. Mr. Rubenstein
also disclaims beneficial ownership over all shares of Common Stock
owned by Marilyn Rubenstein individually. Does not include 50,000
shares of Common Stock subject to options, which entitle Mr. Rubenstein
to purchase shares of Common Stock for $4.00 per share, and which
become exercisable in October 1996.
(2) Includes the 185,000 shares of Common Stock owned by Applewood, a
limited partnership of which Mr. Lieber is a co-general partner, and
over which he shares investment and voting power with his co-general
partners, Barry Rubenstein, Barry Fingerhut and ACC. Mr. Lieber
disclaims beneficial ownership of the securities held by Applewood
other than the 13,363 shares which represent that portion attributable
to his 7.2330% equity ownership of Applewood. Mr. Lieber's daughter
beneficially owns 647 shares which represent that portion attributable
to his daughter's 0.3459% equity ownership of Applewood. Mr. Lieber
disclaims beneficial ownership over such shares. Also includes 25,000
shares of Common Stock subject to presently exercisable options
expiring in October 1997, which entitle Mr. Lieber to purchase shares
of Common Stock for $2.45 per share, 25,000 shares of Common Stock
subject to presently exercisable options expiring in October 1997,
which entitle Mr. Lieber to purchase shares of Common Stock for $6.00
per share, and 50,000 shares of Common Stock subject to presently
exercisable options expiring in October 2000, which entitle Mr. Lieber
to purchase shares of Common Stock for $4.00 per share. Does not
<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 11 of 13 Pages
- -------------------------------------------------------------------------------
include 50,000 shares of Common Stock subject to options, which
entitle Mr. Lieber to purchase shares of Common Stock for $4.00 pe
share, and which become exercisable in October 1996.
(3) Represents the 185,000 shares of Common Stock owned by Applewood, a
limited partnership of which Mr. Fingerhut is a co-general partner,
and over which he shares investment and voting power with his
co-general partners, Barry Rubenstein, Irwin Lieber and ACC. Mr.
Fingerhut disclaims beneficial ownership of the securities held by
Applewood other than 13,363 shares which represent that portion
attributable to his 7.2330% equity ownership of Applewood.
(4) Represents the 185,000 shares of Common Stock owned by Applewood, a
limited partnership of which ACC is a co-general partner, and over
which it shares investment and voting power with its co-general
partners, Barry Rubenstein, Irwin Lieber and Barry Fingerhut.
(5) Represents the 185,000 shares of Common Stock owned by Applewood, a
limited partnership: ACC, a co-general partner of Applewood, may be
deemed to share investment and voting power with Applewood's other
co-general partners over the shares of Common Stock owned by Applewood
and accordingly, Jonathan Lieber, an officer of ACC, may be deemed to
have beneficial ownership over such shares of Common Stock. Mr. Lieber
disclaims ownership over all such shares other than 647 shares
attributable to his 0.3495% equity ownership of Applewood.
(6) Represents the 185,000 shares of Common Stock owned by Applewood, a
limited partnership: ACC, a co-general partner of Applewood, may be
deemed to share investment and voting power with Applewood's other
co-general partners over the shares of Common Stock owned by Applewood
and accordingly, Seth Lieber, an officer of ACC, may be deemed to have
beneficial ownership over such shares of Common Stock. Mr. Lieber
disclaims ownership over all such shares other than 647 shares
attributable to his 0.3495% equity ownership of Applewood.
(ii) None of the Reporting Persons has engaged in any
transactions involving the securities of the Issuer in the last 60 days, except
as follows:
On May 21, 1996, the Pennsylvania Merchant Group Ltd., the
underwriter of the Issuer's December 1995 offering of securities, released
Applewood, and on May 24, 1996, the other Reporting Persons, from certain
selling restrictions imposed by a lock-up agreement executed in connection with
a registration statement recently filed by the Issuer. On May 21, 1996, Kirlin
Securities, Inc., the co-underwriter of the Issuer's January 1995 offering of
securities, released Applewood from certain selling restrictions imposed by a
lock-up agreement executed in connection with a registration statement filed by
the Issuer. Commencing on May 23, 1996, the following shares of Common Stock
were sold in open-market transactions as follows:
<PAGE>
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 12 of 13 Pages
- ------------------------------------------------------------------------------
<TABLE>
Sale
Seller Date Number of Shares Price($)
<S> <C> <C> <C>
Applewood 5/23/96 100,000 15.75
5/23/96 50,000 16.25
5/23/96 15,000 16.75
5/24/96 20,000 16.25
5/28/96 50,000 15.25
5/30/96 50,000 14.125
5/30/96 15,000 14.25
6/3/96 40,000 15.25
6/4/96 60,000 16.00
6/7/96 55,000 14.75
Rubenstein Family Foundation 5/24/96 5,000 17.25
Barry Rubenstein Roll-over IRA 5/24/96 20,000 16.25
Brian Rubenstein 5/24/96 4,000 17.25
Marilyn Rubenstein 5/24/96 15,000 17.25
Woodland Partners 5/24/96 15,000 17.25
</TABLE>
(iii) No other person has the right to receive or the power to
direct receipt of dividends from, or proceeds from the sale of the securities
described in this Schedule 13D.
(iv) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to the Securities of the Issuer
No changes have occurred since Amendment No. 1, except that
certain selling restrictions imposed by lock-up agreements were waived as
described under Item 5(ii), above.
Item 7. Material to be Filed as Exhibits
None.
<PAGE>
- ------------------------------------------------------------------------------
CUSIP No. 04033M 10 4 Page 13 of 13 Pages
- ------------------------------------------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of their knowledge
and belief, it is certified that the information set forth in this statement is
true, complete and correct.
Dated: June 10, 1996
APPLEWOOD ASSOCIATES, L.P.
By: /s/ Barry Rubenstein
Barry Rubenstein, General Partner
/s/ Barry Rubenstein
BARRY RUBENSTEIN
/s/ Irwin Lieber
IRWIN LIEBER
/s/ Barry Fingerhut
BARRY FINGERHUT
APPLEWOOD CAPITAL CORP.
By: /s/ Barry Rubenstein
/s/ Jonathan Lieber
JONATHAN LIEBER
/s/ Seth Lieber
SETH LIEBER
<PAGE>
