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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Global Industrial Technologies, Inc.
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Name of Issuer
Common Stock, $0.25 Par Value
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(Title of Class of Securities)
37933510
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(CUSIP Number)
June 4, 1999
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(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-(c) [ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 2 OF 10 PAGES
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SENECA CAPITAL, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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5. SOLE VOTING POWER
403,200
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 403,200
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,200
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.81%
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12. TYPE OF REPORTING PERSON*
PN
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 3 OF 10 PAGES
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SENECA CAPITAL ADVISORS, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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5. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 403,200
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
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8. SHARED DISPOSITIVE POWER
403,200
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,200
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.81%
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12. TYPE OF REPORTING PERSON*
00 - LIMITED LIABILITY COMPANY
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 4 OF 10 PAGES
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SENECA CAPITAL INTERNATIONAL, LTD.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS, BRITISH WEST INDIES
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5. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 680,200
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
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8. SHARED DISPOSITIVE POWER
680,200
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
680,200
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.05%
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12. TYPE OF REPORTING PERSON
CO
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 5 OF 10 PAGES
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
SENECA CAPITAL INVESTMENTS, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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5. SOLE VOTING POWER
48,500
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 680,200
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 48,500
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8. SHARED DISPOSITIVE POWER
680,200
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
728,700
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.27%
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12. TYPE OF REPORTING PERSON
00 - LIMITED LIABILITY COMPANY
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 6 OF 10 PAGES
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON
DOUGLAS A. HIRSCH
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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5. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,131,900
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0
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8. SHARED DISPOSITIVE POWER
1,131,900
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,131,900
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.08%
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12. TYPE OF REPORTING PERSON
IN
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 7 OF 10 PAGES
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ITEM 1.
(a) Name of Issuer: Global Industrial Technologies, Inc.
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(b) Address of Issuer's Principal Executive Offices:
2121 San Jacinto Street, Suite 2500 Dallas, Texas 75201
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ITEM 2.
(a) Name of Persons Filing:
(b) Address of Principal Business Office or, if none, Residence:
(c) Citizenship:
Seneca Capital, L.P.
830 Third Avenue, 14th Floor
New York, NY 10022
(Delaware limited partnership)
Seneca Capital Advisors, LLC
830 Third Avenue, 14th Floor
New York, NY 10022
(Delaware limited liability company)
Seneca Capital International, Ltd.
c/o Consolidated Fund Management (BVI) Limited
P. O. Box HM 2257
Par La Ville Place
14 Par La Ville Road
Hamilton HMJX, Bermuda
(Cayman Islands (BWI) Company)
Seneca Capital Investments, LLC
830 Third Avenue, 14th Floor
New York, NY 10022
(Delaware limited liability company)
Douglas A. Hirsch
c/o Seneca Capital
830 Third Avenue, 14th Floor
New York, NY 10022
(United States Citizen)
(d) Title of Class of Securities: common stock, $0.25 par value
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(e) CUSIP Number: 37933 51 0
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK
WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of the Act
(d) [ ] Investment Company registered under section 8 of the Investment
Company Act of 1940
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 8 OF 10 PAGES
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(e) [ ] Investment Adviser registered under section 203 of the Investment
Advisers Act or under the laws of any State
(f) [ ] Employee Benefit Plan, Pension fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with ss.240.13d-1(b)(ii)(G)
(Note: See Item 7)
(h) [ ] A Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act
(i) [ ] A Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940
(j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J)
If this statement is filed pursuant to ss.240.13d-1(c), check this box [ ].
ITEM 4. OWNERSHIP
Provide the following information as of that date and identify those
shares which there is a right to acquire.
DOUGLAS A. HIRSCH*
(a) Amount Beneficially Owned: 1,131,900
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(b) Percent of Class: 5.08%
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(c) Number of shares as to which such person has:
(i)sole power to vote or to direct the vote: 0
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(ii)shared power to vote or to direct the vote: 1,131,900
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(iii)sole power to dispose or to direct the disposition of: 0
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(iv) shared power to dispose or to direct the disposition of:1,131,900
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SENECA CAPITAL, L.P.
(a) Amount Beneficially Owned: 403,200
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(b) Percent of Class: 1.81%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 403,200
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(ii) shared power to vote or to direct the vote: 0
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(iii)sole power to dispose or to direct the disposition of: 403,200
----------
(iv) shared power to dispose or to direct the disposition of: 0
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SENECA CAPITAL ADVISORS, LLC**
(a) Amount Beneficially Owned: 403,200
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(b) Percent of Class: 1.81%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
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(ii) shared power to vote or to direct the vote: 403,200
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(iii)sole power to dispose or to direct the disposition of: 0
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(iv) shared power to dispose or to direct the disposition of: 403,200
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* SHARES REPORTED FOR DOUGLAS A. HIRSCH INCLUDE SHARES BENEFICIALLY OWNED BY
SENECA CAPITAL, L.P. AND SENECA CAPITAL INTERNATIONAL, LTD., WHICH ENTITIES MAY
BE DEEMED TO BE CONTROLLED BY MR. HIRSCH BECAUSE HE IS THE MANAGING MEMBER OF
SENECA CAPITAL ADVISORS, LLC (THE SOLE GENERAL PARTNER OF SENECA CAPITAL, L.P.)
AND THE MANAGING MEMBER OF SENECA CAPITAL INVESTMENTS, LLC (THE INVESTMENT
ADVISOR OF SENECA CAPITAL INTERNATIONAL, LTD.).
**SHARES REPORTED FOR SENECA CAPITAL ADVISORS, LLC INCLUDE SHARES BENEFICIALLY
OWNED BY SENECA CAPITAL, L.P. OF WHICH SENECA CAPITAL ADVISORS, LLC IS THE SOLE
GENERAL PARTNER.
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CUSIP NO. 37933 51 0 SCHEDULE 13G PAGE 9 OF 10 PAGES
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SENECA CAPITAL INTERNATIONAL, LTD.
(a) Amount Beneficially Owned: 680,200
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(b) Percent of Class: 3.05%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 680,200
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(ii) shared power to vote or to direct the vote: 0
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(iii)sole power to dispose or to direct the disposition of: 680,200
----------
(iv) shared power to dispose or to direct the disposition of: 0
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SENECA CAPITAL INVESTMENTS, LLC***
(a) Amount Beneficially Owned: 728,700
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(b) Percent of Class: 3.27%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 48,500
-----------------------
(ii) shared power to vote or to direct the vote: 680,200
---------------------
(iii)sole power to dispose or to direct the disposition of: 48,500
----------
(iv) shared power to dispose or to direct the disposition of: 680,200
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***SHARES REPORTED FOR SENECA CAPITAL INVESTMENTS, LLC INCLUDE SHARES
BENEFICIALLY OWNED BY SENECA CAPITAL INTERNATIONAL, LTD. TO WHICH SENECA CAPITAL
INVESTMENTS, LLC IS INVESTMENT ADVISOR,, AS WELL AS SHARES WHICH SENECA CAPITAL
INVESTMENTS, LLC ACQUIRED ON BEHALF OF AND AS INVESTMENT ADVISOR TO CERTAIN
MANAGED BROKERAGE ACCOUNTS OWNED BY PARTIES WHICH ARE INDEPENDENT OF THE SENECA
ENTITIES.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not Applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable
ITEM 10. CERTIFICATION
By signing below, I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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PAGE 10 OF 10 PAGES
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I hereby
certify that the information set forth in this statement is true, complete and
correct.
Date: June 16, 1999
SENECA CAPITAL, L.P.
By Seneca Capital Advisors, LLC, its
General Partner
By: /s/ Douglas A. Hirsch
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Douglas A. Hirsch, Its Managing Member
SENECA CAPITAL INTERNATIONAL, LTD.
By Seneca Capital Investments, LLC
By: /s/ Douglas A. Hirsch
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Douglas A. Hirsch, Its Managing Member
By: /s/ Douglas A. Hirsch
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Douglas A. Hirsch, Individually
