UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
FIRST AVIATION SERVICES, INC.
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(Name of Issuer)
Common Stock, Par Value $0.01 per Share
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(Title of Class of Securities)
31865 W 108
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(CUSIP Number)
Wynnefield Partners Small Cap Value, L.P.
One Penn Plaza - Suite 4720
New York, New York 10119
Attention: Mr. Nelson Obus
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copy to:
Jesse R. Meer, Esq.
Berlack, Israels & Liberman LLP
120 West 45th Street
New York, New York 10035
(212) 704-0100
September 17, 1997
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to report
the acquisition which is the subject of the 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 [ ].
(Page 1 of 10 Pages)
<PAGE>
SCHEDULE 13D
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CUSIP No. 31865 W 108 Page 2 of 10 Pages
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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 302,193
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 302,193
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
302,193 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.39%
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14 TYPE OF REPORTING PERSON*
PN
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(Page 2 of 10 Pages)
<PAGE>
SCHEDULE 13D
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CUSIP No. 31865 W 108 Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON: Channel Partnership II, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 22-3215653
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES 13,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 13,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,000 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.15%
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14 TYPE OF REPORTING PERSON*
PN
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(Page 3 of 10 Pages)
<PAGE>
SCHEDULE 13D
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CUSIP No. 31865 W 108 Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON: Wynnefield Small Cap Value Offshore Fund, Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Not Applicable
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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NUMBER OF 7 SOLE VOTING POWER
SHARES 131,700
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 131,700
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
131,700 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.48%
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14 TYPE OF REPORTING PERSON*
CO
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(Page 4 of 10 Pages)
<PAGE>
SCHEDULE 13D
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CUSIP No. 31865 W 108 Page 5 of 10 Pages
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1 NAME OF REPORTING PERSON: Wynnefield Small Cap Value, L.P. I
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3953291
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 158,807
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 158,807
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
158,807 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.78%
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14 TYPE OF REPORTING PERSON*
PN
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(Page 5 of 10 Pages)
<PAGE>
Item 1. Security and Issuer.
This Statement relates to shares of the Common Stock, $0.01 par value per
share (the "Shares"), of First Aviation Services Inc., a Delaware corporation
(the "Issuer"). The principal executive offices of the Issuer are located at 15
Riverside Avenue, Westport, Connecticut 06880-4214.
Item 2. Identity and Background.
(a), (b), (c) and (f). This Statement is being filed by Wynnefield Partners
Small Cap Value, L.P. (the "Partnership"), Channel Partnership II L.P.
("Channel"), Wynnefield Small Cap Value Offshore Fund, Ltd. (the "Fund"), and
Wynnefield Small Cap Value, L.P. I (the "Partnership-I"). The Partnership.,
Channel, the Fund and Partnership-I are sometimes referred to collectively as
the "Wynnefield Group".
The general partners of the Partnership and the Partnership-I, private
investment companies organized as limited partnerships under the laws of the
State of Delaware, are Nelson Obus, Joshua Landes and Robert Melnick. Mr. Obus
is also the general partner of Channel, a private investment company organized
as a limited partnership under the laws of the State of New York. Mr. Obus, Mr.
Landes and Mr. Melnick are principal executive officers of Wynnefield Capital,
Inc., the investment manager of the Fund, a private investment company organized
under the laws of the Cayman Islands. Mr. Obus, Mr. Landes and Mr. Melnick are
citizens of the United States of America.
The business address of Mr. Obus, Mr. Landes, and Mr. Melnick and each of
the entities in the Wynnefield Group is One Penn Plaza, Suite 4720, New York,
New York 10119.
(d) and (e). During the last five years, neither Mr. Obus, Mr. Landes, Mr.
Melnick nor any of the entities comprising the Wynnefield Group has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
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.
Item 3. Source and Amount of Funds or Other Consideration.
The Wynnefield Group entities purchased their Shares for the consideration
shown in the following table:
(Page 6 of 10)
<PAGE>
Name Number of Shares Consideration Paid
---- ---------------- ------------------
Partnership 302,193 $2,848,458.88
Partnership-I 158,807 1,474,416.15
Channel 13,000 118,625.00
Fund 131,700 1,278,759.00
Such Shares were paid for from the working capital of each entity in the
Wynnefield Group, each of which maintains an investment fund, consisting of
capital contributions from their respective partners and investors and capital
appreciation derived therefrom for the principal purpose of buying and selling
securities (including financial and money market instruments) and interests in
domestic and foreign securities, including, without limitation, convertible
securities, stock index features contracts, options, puts and calls on stock and
warrants.
Item 4. Purposes of Transaction.
The Wynnefield Group acquired the Shares reported in Item 5 below for
investment purposes. If the Wynnefield Group determines that the ownership of
the Issuer's securities represent an attractive investment opportunity, they or
any of them reserve the right to buy additional Shares with the understanding
that neither such purchases nor the exercise of their rights as stockholders is
intended as a "control" device with respect to the Issuer.
Except as set forth above, the Wynnefield Group has no present plans or
intentions that would result in or relate to any of the transactions described
in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) As of the close of business on the date hereof, the Wynnefield Group
beneficially owned a total of 605,700 Shares, the separate ownership of which is
set forth in Item 3 of this Statement. Mr. Obus, Mr. Landes and Mr. Melnick, by
virtue of their status as general partners of the Partnership and Partnership-I,
and Mr. Obus, Mr. Landes and Mr. Melnick as officers of the Fund's investment
manager may be deemed to have indirect beneficial ownership of the Shares owned
by the Wynnefield Group. The Shares owned by the Wynnefield Group represent
approximately 6.8% of the outstanding Shares of the Issuer, based on the
8,915,000 Shares reported as outstanding on July 31, 1997 in the Issuer's
Quarterly Report on Form 10-Q for the three months then ended.
(Page 7 of 10)
<PAGE>
Pursuant to Rule 13d-4 of the General Rules and Regulations under the
Securities and Exchange Act of 1934, as amended (the "Exchange Act"), Mr. Obus,
Mr. Landes and Mr Melnick disclaim beneficial ownership of any Shares owned by
the entities comprising the Wynnefield Group and disclaim membership in the
Wynnefield Group with respect to the Shares for purposes of Section 13(d) and
13(g) of the Exchange Act or for any other purpose under any other provision of
the Exchange Act or the rules and regulations promulgated thereunder.
(b) Mr. Obus, Mr. Landes and Mr. Melnick, by virtue of their status as
general partners of the Partnership and Partnership-I, Mr. Obus as general
partner of Channel, and Mr. Obus, Mr. Landes and Mr. Melnick as officers of the
Fund's investment manager, have the power to vote or to direct the vote and the
power to dispose and to direct the disposition of the 605,700 Shares owned by
the entities comprising the Wynnefield Group.
(c) During the past 60 days, the entities in the Wynnefield Group made the
following purchases of shares in the over-the-counter market:
Number Price
Name Date of Shares Per Share
---- ---- --------- ---------
Partnership July 29 5,000 $9.75
Partnership July 30 40,000 10.125
Partnership July 31 6,531 10.125
Partnership August 8 6,531 10.25
Partnership August 12 13,061 10.125
Partnership August 13 13,062 10.125
Partnership September 2 9,796 10.125
Partnership September 4 9,750 9.00
Partnership September 4 32,500 9.09
Partnership September 8 93,275 9.00
Partnership September 17 38,400 9.125
Partnership-I July 31 3,469 10.125
(Page 8 of 10)
<PAGE>
Partnership-I August 8 3,469 10.25
Partnership-I August 12 6,939 10.125
Partnership-I August 13 6,938 10.125
Partnership-I September 2 5,204 10.125
Partnership-I September 4 5,250 9.00
Partnership-I September 4 17,500 9.09
Partnership-I September 8 50,225 9.00
Partnership-I September 17 41,600 9.125
Channel September 17 13,000 9.125
Fund July 29 3,700 10.07
Fund July 30 25,000 10.125
Fund August 6 7,500 10.25
Fund August 11 24,000 10.125
Fund August 13 10,000 10.125
Fund August 27 10,000 10.125
Fund September 8 31,500 9.00
Fund September 17 20,000 9.125
(d) Each of the entities comprising the Wynnefield Group as owners of the
Shares covered by this Statement has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, the Shares
covered by this Statement
(e) Not applicable
(Page 9 of 10 Pages)
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
the Securities of the Issuer.
Neither Mr. Obus, Mr. Landes, Mr. Melnick nor any of the entities
comprising the Wynnefield Group has any contracts, arrangements, understandings
or relationships (legal or otherwise) with any person with respect to any
securties of the Issuer, including but not limited to any contracts,
arrangements, understandings or relationships concerning the transfer or voting
of such securities, finder's fees, joint ventures, loan or option arrangements,
puts or calls, guarantees of profits, division of profits or losses, or the
giving or withholding of proxies.
Iten 7. Material to be filed as Exhibits.
Not applicable
SIGNATURE
After reasonable inquiry and to the best of their khowledge and belief, the
undersigned certify thay the information set forth in this statement is true,
complete and correct.
Dated: September 22, 1997
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD SMALL CAP VALUE, L.P. I
CHANNEL PARTNERSHIP II, L.P.
By: /s/ Nelson Obus
-------------------------
Nelson Obus, General Partner
Wynnefield Small Cap Value Offshore Fund, Ltd.
By: Wynnefield Capital, Inc.
/s/ Nelson Obus
-------------------------
Nelson Obus, President
(Page 10 of 10 Pages)
