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)
CLASS A COMMON STOCK, PAR VALUE $.01 PER SHARE
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(TITLE OF CLASS OF SECURITIES)
89589P106
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(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)
January 9, 1997
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(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 [ ].
(Page 1 of 6 Pages)
<PAGE>
SCHEDULE 13D
- -------------------- ------------------------------
CUSIP NO. 89589P106 PAGE 2 OF 6 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 (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 140,500
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------
8 SHARED VOTING POWER
NONE
--------------------------------------
9 SOLE DISPOSITIVE POWER
140,500
--------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,500 SHARES
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(Page 2 of 6 Pages)
<PAGE>
SCHEDULE 13D
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CUSIP NO. 89589P106 PAGE 3 OF 6 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 (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
CAYMAN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 15,000
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------
8 SHARED VOTING POWER
NONE
--------------------------------------
9 SOLE DISPOSITIVE POWER
15,000
--------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,000 SHARES
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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(Page 3 of 6 Pages)
<PAGE>
SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Class A Common Stock, par value $.01
per share (the "Class A Common Stock"), 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., a limited partnership formed under the laws of the State of Delaware (the
"Partnership") 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 Partnership and the Offshore Fund is investments. The
address of the principal offices of the Partnership 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 and Joshua Landes are the general partners of the Partnership
and their principal business address is the same as the Partnership's. The
principal occupations of Messrs. Obus and Landes are acting as the general
partners and managing investments of the Partnership.
Messrs. Obus and Landes are also the President and Executive Vice
President, respectively, 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 Partnership, the Offshore Fund,
Wynnefield, Mr. Obus nor Mr. Landes (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 and Landes are citizens of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
140,500 shares of the Class A Common Stock were purchased by the
Partnership for cash aggregating $1,223,305.18 including commissions. The cash
was provided from the working capital of the Partnership. 15,000 shares of the
Class A Common Stock were purchased by the Offshore Fund for cash aggregating
$124,597 which was provided from its working capital.
ITEM 4. PURPOSE OF TRANSACTION.
The Partnership 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 shares of Class A Common Stock purchased by
the Partnershp and the Offshore Fund were purchased for investment and to
enhance the ability of the Partnership and the Offshore Fund to monitor and
evaluate any proposed transactions involving the Issuer.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The Partnership owns 140,500 shares of Class A Common Stock and the
Offshore Fund owns 15,000 shares of Class A common stock (together, the
"Securities"). The Securities represent approximately 5.0% of the Class A common
stock of the Issuer outstanding as of November 14, 1996, based on the Issuer's
most recent quarterly report on Form 10-QSB.
(Page 4 of 6 Pages)
<PAGE>
Messrs. Obus and Landes, as the general partners of the Partnership 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 Partnership purchased the Securities as set forth in the following
table:
=====================================================
Price per
Number Share
of Shares (including
Date of Purchase Purchased commissions)
-----------------------------------------------------
November 13, 1996 6,000 $9.18
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November 14, 1996 14,700 $9.14
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November 15, 1996 40,500 $9.09
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December 18, 1996 19,000 $8.72
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December 20, 1996 5,000 $8.95
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December 23, 1996 5,000 $8.57
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December 26, 1996 17,800 $8.34
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December 27, 1996 2,000 $8.45
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December 31, 1996 6,500 $8.32
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January 6, 1997 3,000 $8.30
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January 8, 1997 5,000 $8.31
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January 9, 1997 11,500 $8.31
=====================================================
The Offshore Fund purchased 15,000 shares of Class A Common Stock on
January 6, 1997 for a price per share (including commissions) of $8.31.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Neither the Partnership, the Offshore Fund, Wynnefield, Mr. Obus nor Mr.
Landes 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 5 of 6 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.
January 16, 1997
- ----------------------
(Date)
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
By: /s/ NELSON OBUS
--------------------------------
Nelson Obus, General Partner
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD.
By: /s/ JOSHUA LANDES
--------------------------------
Joshua Landes, Director
(Page 6 of 6 Pages)
