UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Triathlon Broadcasting Company
(Name of Issuer)
Depositary Shares, each representing a 1/10 interest in a share of
9% Mandatory Convertible
Preferred Stock, Par Value $.01 Per Share
(Title of Class of Securities)
89589P304
(CUSIP Number)
Nelson Obus, Wynnefield Partners Small Cap Value, L.P.
One Penn Plaza, Suite 4720, New York, New York 10119, (212) 760-0814
and
Jesse R. Meer, Esq.
Berlack, Israels & Liberman, LLP,
120 West 45th Street,
New York, N.Y. 10036,
(212) 704-0100
(Name, Address and Telephone Number of Persons Authorized
to Receive Notices and Communications)
October 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-I(b)(3) or (4), check the following box |_|.
(Page 1 of 7 Pages)
<PAGE>
SCHEDULE 13D
CUSIP No. 89589P304 Page 2 of 7 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L. P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3688497
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 159,746
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 159,746
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
159,746 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.74
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(Page 2 of 7 Pages)
<PAGE>
SCHEDULE 13D
CUSIP No. 89589P304 Page 3 of 7 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L. P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3953291
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 85,254
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 85,254
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
85,254
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.46
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(Page 3 of 7 Pages)
<PAGE>
SCHEDULE 13D
CUSIP No. 89589P304 Page 4 of 7 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Wynnefield Small Cap Value Offshore Fund Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
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
Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 55,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 55,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
55,000 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.94
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
(Page 4 of 7 Pages)
<PAGE>
SCHEDULE 13D
Item 1. Security and Issuer.
This statement relates to the Depositary Shares, each representing a 1/10
interest in a share of 9% Mandatory Convertible Preferred Stock, par value $.01
per share (the "Depositary Shares"), of Triathlon Broadcasting Company (the
"Issuer"). The Issuer's principal executive offices are located at Symphony
Towers, 750 B Street - Suite 1920, San Diego, CA 92101.
Item 2. Identity and Background.
This statement is being filed by Wynnefield Partners Small Cap Value, L.
P., and Wynnefield Partners Small Cap Value, L.P. I, each a limited partnership
formed under the laws of the State of Delaware (together the "Partnerships") and
Wynnefield Small Cap Value Offshore Fund Ltd., an Exempted Company formed under
the laws of the Cayman Islands (the "Offshore Fund"). The principal business of
the Partnerships and the Offshore Fund is investments. The address of the
principal offices of the Partnerships is One Penn Plaza, Suite 4720, New York,
New York 10119 and the address of the principal offices of the Offshore Fund is
c/o Olympia Capital (Cayman) Ltd., Williams House, 20 Reid Street, Hamilton HM
11, Bermuda.
Nelson Obus, Joshua Landes and Robert Melnick are the general partners of
the Partnerships and their principal business address is the same as the
Partnerships'. The principal occupations of Messrs. Obus, Landes and Melnick are
acting as the general partners and managing investments of the Partnerships.
Messrs. Obus, Landes and Melnick are also executive officers of Wynnefield
Capital Inc. ("Wynnefield") a corporation organized under the laws of Delaware.
Wynnefield is the investment manager of the Offshore Fund.
During the past five years, neither the Partnerships, the Offshore Fund,
Wynnefield, Mr. Obus, Mr. Landes nor Mr. Melnick (a) has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(b) has been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction, as a result of which it or he was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Messrs. Obus, Landes and Melnick are citizens of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
245,000 Depositary Shares were purchased by the Partnerships for cash
aggregating $2,010,000. The cash was provided from the working capital of the
Partnerships. 55,000 Depositary Shares were purchased by the Offshore Fund for
cash aggregating $477,375 which was provided from its working capital.
Item 4. Purpose of Transaction.
The Partnerships and the Offshore Fund intend to closely monitor the
Issuer's efforts to increase shareholder value through acquisitions or through a
sale or merger of the Issuer. The Depositary Shares purchased by the
Partnerships and the Offshore Fund were purchased for investment and to enhance
the ability of the Partnerships and the Offshore Fund to monitor and evaluate
any proposed transactions involving the Issuer.
(Page 5 of 7 Pages)
<PAGE>
Item 5. Interest in Securities of the Issuer.
The Partnerships own 245,000 Depositary Shares and the Offshore Fund owns
55,000 Depositary Shares (together, the "Securities"). The Securities represent
approximately 5.1% of the Depositary Shares of the Issuer outstanding as of June
30, 1997, based on the Issuer's quarterly report on Form 10-QSB for the period
ended June 30, 1997.
Messrs. Obus, Landes and Melnick, as the general partners of the
Partnerships and as the officers of Wynnefield, the investment manager of the
Offshore Fund, have the sole power to vote, or to direct the vote, or to direct
the sale or other disposition of, the Securities and have the sole power to
receive or to direct the receipt of the proceeds from the sale of the
Securities, or any dividends paid with respect to the Securities.
The Depositary Shares owned by Wynnefield Partners Small Cap Value, L.P.
("Wynnefield"), Wynnefield Partners Small Cap Value, L.P. I ("Wynnefield-I") and
the Offshore Fund were purchased in 1997 as follows:
- --------------------------------------------------------------------------------
DEPOSITARY SHARES PER SHARE
PURCHASER DATE OF PURCHASE PURCHASED PURCHASE PRICE
- --------------------------------------------------------------------------------
Wynnefield April 3 58,779 $ 8.00
- --------------------------------------------------------------------------------
Wynnefield April 11 16,327 8.00
- --------------------------------------------------------------------------------
Wynnefield April 24 3,265 7.875
- --------------------------------------------------------------------------------
Wynnefield May 22 58,779 8.125
- --------------------------------------------------------------------------------
Wynnefield July 8 9,796 9.125
- --------------------------------------------------------------------------------
Wynnefield October 6 12,800 9.125
- --------------------------------------------------------------------------------
Wynnefield-I April 3 31,221 8.00
- --------------------------------------------------------------------------------
Wynnefield-I April 11 8,673 8.00
- --------------------------------------------------------------------------------
Wynnefield-I April 24 1,735 7.875
- --------------------------------------------------------------------------------
Wynnefield-I May 22 31,221 8.125
- --------------------------------------------------------------------------------
Wynnefield-I July 8 5,204 9.125
- --------------------------------------------------------------------------------
Wynnefield-I October 6 7,200 9.125
- --------------------------------------------------------------------------------
Offshore Fund April 3 10,000 8.00
- --------------------------------------------------------------------------------
Offshore Fund May 22 10,000 8.125
- --------------------------------------------------------------------------------
Offshore Fund July 8 20,000 9.125
- --------------------------------------------------------------------------------
Offshore Fund September 3 10,000 8.80
- --------------------------------------------------------------------------------
Offshore Fund October 6 5,000 9.125
- --------------------------------------------------------------------------------
In addition to the Depositary Shares owned by the Partnerships and the
Offshore Fund, they also own 295,500 shares (representing approximately 9.4%) of
the Class A Common Stock of the Issuer which were previously reported by them on
Schedule 13D and amendments thereto.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Neither the Partnerships, the Offshore Fund, Wynnefield, Mr. Obus, Mr.
Landes nor Mr. Melnick has any contracts, arrangements, understandings or
relationships (legal or otherwise) with respect to the Securities. None of the
Securities is pledged or otherwise subject to a contingency, the occurrence of
which would give another person voting or investment power over the Securities.
Item 7. Material to be Filed as Exhibits.
None
(Page 6 of 7 Pages)
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
October 15, 1997
- ----------------
(Date)
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: s/ Nelson Obus
----------------------------
Nelson Obus, General Partner
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD.
By: s/Joshua Landes
----------------------------
Joshua Landes, Director
(Page 7 of 7 Pages)
