SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 11
TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Ampex Corporation
(Name of Issuer)
Class A Common Stock, Par Value $.01 Per Share
(Title of Class of Securities)
032092108
(CUSIP Number)
Craig L. McKibben
590 Madison Avenue
New York, New York 10022
(212) 759-6301
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 31, 1998
(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 this Statement: / /
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 2 of 15 Pages
---------- --- ------
- -------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SH Securities Co., LLC
13-3912827
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
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
400,000
----------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
400,000
---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ------------------------------------------------------------------------------------------------------------------------------------
*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.
</TABLE>
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 3 of 15 Pages
--------- --- ------
- -------------------------------------------- -----------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sherborne Investments Corporation
51-0364504
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,450,000
---------------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
---------------------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,450,000
---------------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
---------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,450,000
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- ------------------------------------------------------------------------------------------------------------------------------------
*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.
</TABLE>
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 4 of 15 Pages
--------- --- ------
- -------------------------------------------- ----------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sherborne Holdings Incorporated
13-3513642
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
693,566
----------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
219,656
----------------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
693,566
----------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
913,222
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- ------------------------------------------------------------------------------------------------------------------------------------
*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.
</TABLE>
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 5 of 15 Pages
--------- --- ------
- -------------------------------------------- -----------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Newhill Partners, L.P.
13-3389798
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
693,566
------------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
------------------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
219,656
------------------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
693,566
------------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
913,222
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
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.
</TABLE>
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 6 of 15 Pages
--------- --- ------
- -------------------------------------------- -----------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sherborne & Company Incorporated
22-2569328
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,070,545
-----------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
219,656
-----------------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,070,545
-----------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,290,201
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
- ------------------------------------------------------------------------------------------------------------------------------------
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.
</TABLE>
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 7 of 15
--------- --- ---
- -------------------------------------------- -----------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Craig L. McKibben
###-##-####
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
423,000
---------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
219,656
---------------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
642,656
---------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,407,480
---------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,050,136
---------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
---------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
---------------------------------------------------------------------------------------------------------
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.
</TABLE>
414618.9
<PAGE>
SCHEDULE 13D
<TABLE>
<S> <C>
CUSIP No. 032092108 Page 8 of 15 Pages
---------- --- ------
- -------------------------------------------- -----------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edward J. Bramson
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / / (b) / /
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF/SC
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
5,682,955
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ------------------------------------------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
219,656
- ------------------------------------------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
5,682,955
- ------------------------------------------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,407,480
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,310,091
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18%
- ------------------------------------------------------------------------------------------------------------------------------------
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.
</TABLE>
414618.9
<PAGE>
AMENDMENT NO. 11
TO
SCHEDULE 13D
This Amendment No. 11 amends certain of the information contained in
the Statement on Schedule 13D, as previously amended (the "Schedule 13D"), filed
by the parties named below and certain other parties (collectively, "Filing
Parties") relating to the Class A Common Stock ("Class A Stock") of Ampex
Corporation (the "Company"). Certain information in the Schedule 13D which has
not changed since the filing of the most recent amendment thereto is not
restated herein. Capitalized terms used but not defined herein have the meanings
ascribed to them in the Schedule 13D.
Item 1. Security and Issuer.
No change.
Item 2. Identity and Background.
This Amendment No. 11 is being filed pursuant to Section 13d(1) of the
Securities Act of 1934, as amended (the "Exchange Act") and Rule 13d-2
thereunder by the Filing Parties named below, each of whom has a business
address at 590 Madison Avenue, 21st Floor, New York, NY 10022.
1. SH Securities Co. LLC, a New York limited liability company
("SHS"), of which Edward J. Bramson, one of the Filing
Parties, is the sole managing member. SHS's principal business
is the ownership of Class A Stock of the Company. SHS has no
other executive officers or directors.
2. Sherborne Investments Corporation, a Delaware corporation
("SIC"), of which Edward J. Bramson, one of the Filing
Parties, is the sole stockholder. SIC's principal business is
the ownership of Class A Stock of the Company.
3. Sherborne Holdings Incorporated, a Delaware corporation
("SHI"). SHI is a holding company whose principal business is
the ownership of shares of the Company.
4. Newhill Partners, L.P. ("NLP"), a Delaware limited
partnership, which owns all of the outstanding stock of SHI.
NLP's principal business is to acquire, hold and dispose of
business entities, directly or through subsidiaries and
holding companies. The General Partner of NLP is SCI (defined
below).
5. Sherborne & Company Incorporated, a Delaware corporation
("SCI"), the General Partner of NLP. SCI is owned by Edward J.
Bramson, who is its sole stockholder. SCI's principal business
is to act as General Partner of NLP.
Page 9 of 15 Pages
414618.9
<PAGE>
6. Craig L. McKibben, Vice President, Treasurer, Chief Financial
Officer, and a director of the Company. Mr. McKibben is also
an officer and director of each other corporation that is a
Filing Party herein (other than SIC) and a limited partner of
NLP.
7. Edward J. Bramson, Chairman of the Board, President and Chief
Executive Officer of the Company. Mr. Bramson is also the
chief executive officer and a director of each other
corporation that is a Filing Party herein.
Additional information regarding the Filing Parties named above is
contained in Item 2 and Schedule 1 of the Schedule 13D and is incorporated
herein by reference.
Item 3. Source and Amount of Funds or Other Consideration.
Since the date of filing of Amendment No. 10 to the Schedule 13D, the
Filing Parties named herein have entered into the following transactions in the
Company's Class A Stock, using the funds indicated below:
(a) On or about October 29, 1997, Mr. Bramson purchased from the
Company 150,000 shares of Class A Stock at a purchase price of $3.125 per share.
(b) On or about November 7, 1997, Mr. Bramson purchased from the
Company 175,000 shares of Class A Stock at a purchase price of $3.3125 per
share.
(c) On or about February 18, 1998, Mr. Bramson purchased from the
Company 75,000 shares of Class A Stock at a purchase price of $2.9375 per share.
The purchase price for the shares sold to Mr. Bramson was based on the
reported closing price for the Company's Class A Stock on the American Stock
Exchange on the dates immediately preceding the dates the Company's Board of
Directors approved each such purchase. In each case, the purchase price was paid
20% in cash by Mr. Bramson, using personal funds, and the balance by Mr.
Bramson's promissory note secured by a pledge of the purchased shares.
(d) On July 18, 1997, the Board of Directors granted to Mr. McKibben
40,000 options to purchase shares of Class A Stock under the Company's 1992
Stock Incentive Plan, at an exercise price of $4.875 per share. In October,
1997, the Board of Directors approved the exchange of these options, plus 25,000
other options then held by Mr. McKibben, for new options with an exercise price
of $3.125 per share.
Item 4. Purpose of the Transaction.
(a) Mr. Bramson acquired the shares reported in Item 3(a) and (b) for
the purpose of increasing his equity investment in the Company. As set forth in
Item 5(a)(vii), Mr. Bramson is deemed to hold beneficial ownership of
approximately 18% of the outstanding Class A Stock. Accordingly, Mr. Bramson may
be in a position to exercise significant influence on the management and affairs
of the Company.
Page 10 of 15 Pages
414618.9
<PAGE>
(b) The Board of Directors of the Company granted to Mr. McKibben the
options reported in Item 3(d) as incentive compensation in accordance with the
purposes of the Stock Incentive Plan.
(c) One or more of the Filing Parties named in the Schedule 13D,
including Mr. Bramson, may from time to time in the future acquire additional
shares of Class A Stock, or dispose of Class A Stock owned by such Party, in
open market or privately negotiated transactions, depending upon market
conditions, personal investment considerations, or other factors.
Item 5. Interest in Securities of the Issuer.
(a) As of the close of business on March 31, 1998:
(i) SHS owned 400,000 shares of Class A Stock of the Company,
representing approximately 0.9% of the outstanding shares of Class A Stock of
the Company.
(ii) SIC owned 1,450,000 shares of Class A Stock of the
Company, representing approximately 3.1% of the outstanding shares of Class A
Stock of the Company.
(iii) SHI owned directly or through a wholly-owned subsidiary
693,566 shares of Class A Stock. In addition, SHI holds the right to vote
219,656 shares of Class A Stock as holder of a voting proxy with respect to such
shares granted by Craig L. McKibben. Accordingly, SHI is deemed to be the
beneficial owner of an aggregate of 913,222 shares of Class A Stock,
representing approximately 2.0% the outstanding Class A Stock of the Company.
(iv) NLP owned all the outstanding shares of SHI, and is
deemed to be the beneficial owner of all shares beneficially owned or controlled
by SHI. Accordingly, NLP is deemed to be the beneficial owner of an aggregate of
913,222 shares, representing approximately 2.0%, of the outstanding Class A
Stock of the Company.
(v) SCI owned directly 376,979 shares of Class A Stock, and
SCI is deemed to be the beneficial owner of all shares beneficially owned by
NLP, as SCI is the general partner of NLP, the sole stockholder of SHI.
Accordingly, SCI is deemed to be the beneficial owner of an aggregate of
1,290,201 shares, representing approximately 2.8% of the outstanding Class A
Stock of the Company.
(vi) Mr. McKibben owned directly 219,656 shares of Class A
Stock, held options to acquire 273,000 shares of Class A Stock under the
Company's 1992 Stock Incentive Plan, and held options to acquire 150,000 shares
of Class A Stock granted to him by SHI. (Mr. McKibben has granted a proxy to SHI
to vote all shares of Class A Stock owned by him on any matter submitted to
stockholders of the Company in 1998. If he acquires any shares upon exercise of
outstanding stock options or otherwise during 1998, such shares would be subject
to such proxy.) In addition, Mr. McKibben serves as co-administrator of the
Ampex Retirement Master Trust (the "Ampex Trust"), which holds 2,407,480 shares
of Class A Stock, respectively, as to which Mr. McKibben may be deemed to share
investment power. Accordingly, Mr. McKibben is deemed to be the beneficial owner
of 3,050,136 shares of Class A Stock, representing approximately 6.6% of the
Class A Stock of the Company.
(vii) Mr. Bramson owned directly 2,759,910 shares of Class A
Stock, and held vested options to acquire an aggregate of 2,500 shares of Class
A Stock under the Company's 1992 Stock
Page 11 of 15 Pages
414618.9
<PAGE>
Incentive Plan. Mr. Bramson is also deemed beneficially to own 2,920,545 shares
of Class A Stock owned or controlled by the other Filing Parties named herein,
and 219,656 shares covered by the above-mentioned proxy. In addition, Mr.
Bramson serves as co-administrator of the Ampex Trust, which holds 2,407,480
Class A Stock, as to which Mr. Bramson may be deemed to share investment power.
Accordingly, Mr. Bramson is deemed to be the beneficial owner of an aggregate of
8,310,091 shares, representing approximately 18% of the outstanding Class A
Stock of the Company.
(viii) The Filing Parties named herein, collectively, may
comprise a "group" within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, and as a group beneficially own all of the shares owned or
controlled by each of the Filing Parties, representing an aggregate of 8,583,091
shares, or approximately 18.5%, of the outstanding Class A Stock of the Company.
(b) No change.
(c) Except as disclosed in Annex A hereto, none of the Filing Parties
has effected any transactions in shares of Class A Stock since the filing of the
most recent amendment to the Schedule 13D, dated May 31, 1997.
(d) No change.
(e) Not Applicable.
(f) The filing of this Statement shall not be construed as an admission
by any Filing Party that it is, for purposes of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934 or for any other purpose, the beneficial owner
of any securities covered by this statement.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
The pledge agreements that secure the promissory notes given
by Mr. Bramson in partial payment of the purchase price for the shares of Class
A Stock reported herein contain customary provisions giving the Company voting
and other remedial rights with respect to the shares in the event of a default.
In addition, in the event Mr. Bramson fails to continue to serve as an officer
or director of the Company for certain 24 and 36 month periods specified in the
agreements, the Company has the option to repurchase at cost up to one-half the
shares.
Item 7. Material Filed as Exhibits.
The exhibits filed with this Amendment No. 11 are listed in the Exhibit
Index which appears elsewhere herein and is incorporated herein by reference.
Page 12 of 15 Pages
414618.9
<PAGE>
After reasonable inquiry and to the best of its knowledge, each of the
undersigned certifies that the information set forth in this Statement is true,
complete and correct.
Dated: March 31, 1998
SH SECURITIES CO., LLC
By: /s/Edward J. Bramson
---------------------------
Name: Edward J. Bramson
Title: Managing Member
SHERBORNE INVESTMENTS CORPORATION
By: /s/Edward J. Bramson
---------------------------
Name: Edward J. Bramson
Title: President
SHERBORNE HOLDINGS INCORPORATED
By: /s/Craig L. McKibben
---------------------------
Name: Craig L. McKibben
Title: Vice President
NEWHILL PARTNERS, L.P., by its
general partner, Sherborne &
Company Incorporated
By: /s/Edward J. Bramson
---------------------------
Name: Edward J. Bramson
Title: President
Page 13 of 15 Pages
414618.9
<PAGE>
SHERBORNE & COMPANY INCORPORATED
By: /s/Craig L. McKibben
---------------------------
Name: Craig L. McKibben
Title: Vice President
/s/Craig L. McKibben
---------------------------
Craig L. McKibben
/s/ Edward J. Bramson
---------------------------
Edward J. Bramson
Page 14 of 15 Pages
414618.9
<PAGE>
EXHIBIT INDEX
Exhibit A- Stock Purchase Agreement, dated as of October 29,
1997, between the Company and Edward J. Bramson,
including forms of promissory note and pledge
agreement (filed as Exhibit 10.20 of the Company Form
10-K for the fiscal year ended December 31, 1997 (the
"1997 10-K") and incorporated herein by reference).
Exhibit B- Stock Purchase Agreement, dated as of November 7,
1997, between the Company and Edward J. Bramson,
including forms of promissory note and pledge
agreement (filed as Exhibit 10.21 to the Company's
1997 10-K and incorporated herein by reference).
Exhibit C- Stock Purchase Agreement, dated as of February 18,
1998, between the Company and Edward J. Bramson,
including forms of promissory note and pledge
agreement (filed as Exhibit 10.22 to the Company,
1997 10-K and incorporated herein by reference).
Page 15 of 15 Pages
414618.9
