UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
AMENDMENT NO. 3
Under the Securities Exchange Act of 1934
Triathlon Broadcasting Company
(Name of Issuer)
Class A Common Stock, Par Value $.01 Per Share
(Title of Class of Securities)
89589P106
(CUSIP Number)
Nelson Obus, Wynnefield Capital Management, LLC
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 8, 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-I(b)(3) or (4), check the following box [ ].
(Page 1 of 7 Pages)
<PAGE>
SCHEDULE 13D
AMENDMENT NO. 3
<TABLE>
<CAPTION>
- -------------------------------------------------------- ----------------------------------------------------
CUSIP No. 89589P106 Page 2 of 7 Pages
- -------------------------------------------------------- ----------------------------------------------------
<S> <C> <C>
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 OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 180,926
SHARES
BENEFICIALLY ---------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON ---------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
180,926
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
180,926 shares
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(Page 2 of 7 Pages)
<PAGE>
SCHEDULE 13D
AMENDMENT NO. 3
<TABLE>
<CAPTION>
- -------------------------------------------------------- ----------------------------------------------------
CUSIP No. 89589P106 Page 3 of 7 Pages
- -------------------------------------------------------- ----------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L. P. I
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 (e) [ ]
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 121,274
SHARES
BENEFICIALLY ---------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON ---------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
121,274
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
121,274 shares
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.82
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(Page 3 of 7 Pages)
<PAGE>
SCHEDULE 13D
AMENDMENT NO. 3
<TABLE>
<CAPTION>
- -------------------------------------------------------- ------------------------------------------------------
CUSIP No. 89589P106 Page 4 of 7 Pages
- -------------------------------------------------------- ------------------------------------------------------
<S> <C> <C>
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 OF ORGANIZATION
Cayman Islands
- ------------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 76,500
SHARES
BENEFICIALLY ---------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON ---------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
76,500
---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
76,500 shares
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(Page 4 of 7 Pages)
<PAGE>
SCHEDULE 13D
AMENDMENT NO. 3
Item I. Security and Issuer.
This statement relates to the shares of Class A Common Stock, par value
$.01 per share (the "Class A 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
do Olympia Capital (Cayman) Ltd., Williams House, 20 Reid Street, Hamilton HM
11, Bermuda.
Wynnefield Capital Management, LLC, a New York limited liability company
("WCM") is the general partner of the Partnerships. Nelson Obus, Joshua Landes
and Robert Melnick are the managing members of WCM, and their principal business
address is the same as the Partnerships'. The principal occupations of Messrs.
Obus, Landes and Melnick are acting as the managing members of WCM and managing
investments of the Partnerships. Messrs. Obus, Landes and Melnick are also
executive officers of Wynnefield Capital Inc. ("Wynnefield Capital") a
corporation organized under the laws of Delaware. Wynnefield Capital is the
investment manager of the Offshore Fund.
During the past five years, neither the Partnerships, the Offshore Fund,
WCM, Wynnefield Capital, 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.
A total of 378,700 Class A Shares were purchased by the Partnerships and by
the Offshore Fund for cash aggregating $3,148,656.68. The cash was provided from
their working capital.
Item 4. Purpose of Transaction.
The additional Class A Shares purchased by the Partnerships and the
Offshore Fund (46,300 shares) were purchased for investment following the
Issuer's decision to be sold at a satisfactory price.
(Page 5 of 7 Pages)
<PAGE>
Item 5. Interest in Securities of the Issuer.
The 378,700 Class A Shares owned by the Partnerships and the Offshore Fund
represent approximately 11.9% of the Class A Shares of the Issuer outstanding as
of August 10, 1998, based on the Issuer's quarterly report on Form 10-Q for the
period ended June 30, 1998.
Messrs. Obus, Landes and Melnick, as the managing members of WCM, the
general partner 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 Class A
Shares and have the sole power to receive or to direct the receipt of the
proceeds from the sale of the Class A Shares, or any dividends paid with respect
to the Class A Shares.
46,300 of the Class A Shares owned by the Partnerships and the Offshore
Fund were purchased after September 1, 1998 (the latest date of purchase of
Class A Shares previously reported) as follows:
- --------------------------------------------------------------------------------
CLASS A SHARES PER SHARE
PURCHASER DATE OF PURCHASE PURCHASED PURCHASE PRICE
================================================================================
Wynnefield October 8, 1998 1,000 8.5700
- --------------------------------------------------------------------------------
Wynnefield - I September 14, 1998 7,300 10.9484
- --------------------------------------------------------------------------------
Wynnefleld - I October 8, 1998 4,000 8.5763
- --------------------------------------------------------------------------------
Offshore Fund September 10, 1998 3,500 11.0075
- --------------------------------------------------------------------------------
Offshore Fund September 11, 1998 2,000 10.9450
- --------------------------------------------------------------------------------
Offshore Fund September 15, 1998 400 10.8825
- --------------------------------------------------------------------------------
Offshore Fund September 22, 1998 20,000 10.7263
- --------------------------------------------------------------------------------
Offshore Fund September 23, 1998 5,600 10.5700
- --------------------------------------------------------------------------------
Offshore Fund October 8, 1998 2,500 8.5700
- --------------------------------------------------------------------------------
In addition to the Class A Shares owned by the Partnerships and the
Offshore Fund, they also own 300,000 shares (representing approximately 5.1%) of
the Depositary Shares 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 Capital, Mr. Obus,
Mr. Landes nor Mr. Melnick has any contracts, arrangements, understandings or
relationships (legal or otherwise) with respect to the Class A Shares. None of
the Class A Shares is pledged or otherwise subject to a contingency, the
occurrence of which would give another person voting or investment power over
the Class A Shares.
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, we
certify that the information set forth in this statement is true, complete and
correct.
October 23, 1998
(Date)
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC
By: /s/ Joshua Landes
---------------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD.
By: /s/ Joshua Landes
---------------------------------------------
Joshua Landes, Director
(Page 7 of 7 Pages)
