SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT OT RULE 13d-2(a)
(AMENDMENT NO. 6)
First Aviation Services Inc.
----------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 per share
---------------------------------------
(Title of Class of Securities)
31865W108
---------
(CUSIP Number of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
One Penn Plaza - Suite 4720
New York, New York 10119
(212) 760-0814
Attention: Mr. Nelson Obus
--------------------------
(Name, Address, and Telephone Number of Person Authorized to
Receive Notices and Communications)
Copy to:
Shahe Sinanian, Esq.
Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
(212) 801-9200
October 23, 2000
----------------
(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 that is the subject of this Schedule 13D and is filing this
Schedule because of Rule 13d-1(e), 13d-1(f) or 13d.1(g), check
the following box. [ ]
(continued on following pages)
(Page 1 of 10 Pages)
<PAGE>
SCHEDULE 13D/A
CUSIP No. 31865W108 Page 2 of 10 Pages
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1. NAMES 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 (SEE ITEM 3)
--------------------------------------------------------------------------------
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 728,433 shares of Common Stock
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH REPORTING None
PERSON WITH -------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
728,433 shares of Common Stock
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
728,433 shares of Common Stock
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
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(Page 2 of 10 Pages)
<PAGE>
SCHEDULE 13D/A
CUSIP No. 31865W108 Page 3 of 10 Pages
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS Wynnefield Partners Small Cap Value
Offshore Fund, Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Not Applicable
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b)
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (SEE ITEM 3)
--------------------------------------------------------------------------------
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 398,600 shares of Common Stock
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH REPORTING None
PERSON WITH -------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
398,600 shares of Common Stock
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
398,600 shares of Common Stock
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
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(Page 3 of 10 Pages)
<PAGE>
SCHEDULE 13D/A
CUSIP No. 31865W108 Page 4 of 10 Pages
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS 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 (SEE ITEM 3)
--------------------------------------------------------------------------------
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 897,159 shares of Common Stock
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH REPORTING None
PERSON WITH -------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
897,159 shares of Common Stock
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
897,159 shares of Common Stock
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.7% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(Page 4 of 10 Pages)
<PAGE>
SCHEDULE 13D/A
CUSIP No. 31865W108 Page 5 of 10 Pages
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1. NAMES OF REPORTING PERSONS: Nelson Obus
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: ###-##-####
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b)
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
PF (SEE ITEM 3)
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 100,000 shares of Common Stock
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH REPORTING None
PERSON WITH -------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
100,000 shares of Common Stock
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000 shares of Common Stock
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(Page 5 of 10 Pages)
<PAGE>
SCHEDULE 13D/A
CUSIP No. 31865W108 Page 6 of 10 Pages
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1. NAMES OF REPORTING PERSONS Channel Partnership II, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 22-3215653
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b)
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (SEE ITEM 3)
--------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: NEW YORK
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 23,000 shares of Common Stock
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH REPORTING None
PERSON WITH -------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
23,000 shares of Common Stock
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,000 shares of Common Stock
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
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(Page 6 of 10 Pages)
<PAGE>
Item 1. Security and Issuer.
This Statement relates to shares of 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"),
Wynnefield Partners Small Cap Value, L.P. I (the "Partnership-I") and Nelson
Obus ("Mr. Obus"). Although Partnership, Channel, the Fund and Partnership-I are
each separate and distinct entities with different beneficial owners (whether
designated as limited partners or stockholders), for the convenience of
reporting their holdings, in this Statement, they, along with Mr. Obus, are
sometimes referred to collectively as the "Wynnefield Group".
Wynnefield Capital Management, LLC, a New York limited liability
company ("WCM"), is the general partner of the Partnership and Partnership-I,
private investment companies organized as limited partnerships under the laws of
the State of Delaware. Mr. Obus and Joshua Landes are the managing members of
WCM and the 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 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 and Mr. Landes are citizens of the United States
of America.
The business address of Mr. Obus, Mr. Landes, WCM, 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,
WCM, 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, separately from
each other, for the consideration shown in the following table:
(Page 7 of 10 Pages)
<PAGE>
Name Date of Purchase Number of Shares Consideration Paid
---- ---------------- ---------------- ------------------
Partnership October 23, 2000 105,300 $ 394,875.00
Partnership-I October 23, 2000 53,100 $ 199,125.00
Fund October 23, 2000 21,600 $ 81,000.00
Mr. Obus April 23, 1999* 100,000 $ 579,868.00
Channel May 26, 1999* 23,000 $ 176,900.00
Such shares were paid for from the working capital of each member of
the Wynnefield Group (other than Mr. Obus, who used personal funds). Each member
of the Wynnefield Group maintains a separate 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.
Each member of the Wynnefield Group originally acquired the Shares
reported in Item 5 below for their own account, and for investment purposes.
Subsequently, they determined that they could play a useful role in recommending
to the Issuer's management various strategies for maintaining shareholders'
value and through their representatives, they have suggested certain programs
for this purpose. The Wynnefield Group and the Issuer's management have
continued their dialogue on this and related subjects.
Except as set forth above, no member of the Wynnefield Group has any
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. Interests in Securities of the Issuer.
(a) As of the close of business on the date hereof, the Wynnefield
Group beneficially owned a total of 2,147,192 Shares after giving effect to the
transactions set forth in Item 3 of this Statement. Mr. Obus and Mr. Landes, by
virtue of their status as managing members of WCM, the general partner of the
Partnership and Partnership-I, as officers of the Fund's investment manager, Mr.
Obus as a general partner of Channel, and Mr. Obus personally, may be deemed to
have indirect beneficial ownership of the Shares owned by the entities referred
to as the Wynnefield Group.
[FN]
* These dates represent the last date of purchase of any securities of
the Issuer by Channel and Mr. Obus. The Number of Shares reflect the total
number of shares held by Channel and Mr. Obus on those dates. Channel and Mr.
Obus hold the same total Number of Shares on the date of the filing of this
Schedule 13D/A.
</FN>
(Page 8 of 10 Pages)
<PAGE>
However, Mr. Obus and Mr. Landes, as stated below, disclaim any
beneficial ownership of such Shares. The Shares owned by the Wynnefield Group
represent approximately 27.94% of the outstanding Shares of Common Stock of the
Issuer, based on the 7,686,210 Shares of Common Stock reported as outstanding on
July 31, 2000 in the Issuer's latest Quarterly Report on Form 10-Q.
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
and Mr. Landes disclaim beneficial ownership of any Shares (except those owned
by Mr. Obus individually), owned by the Wynnefield Group, by virtue of their
status as managing members of WCM, the general partner of the Partnership and
Partnership-I, as officers of the Fund's investment manager, and by Mr. Obus'
position as a general partner of Channel, and disclaim membership in the
Wynnefield Group with respect to the Shares (except those owned by Mr. Obus
individually) for purposes of Sections 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 and Mr. Landes, by virtue of their status as the managing
members of WCM, the general partner of the Partnership and Partnership-I, Mr.
Obus as general partner of Channel, and 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 Shares owned by each of the entities
comprising the Wynnefield Group.
(c) The Wynnefield Group has made purchases and sales in the shares
since their most recent filing on Schedule 13D as follows:
Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
Partnership Purchase October 16, 2000 1,100 $ 4.75
Partnership Sell October 23, 2000 15,000 $ 3.80
Partnership Purchase October 23, 2000 105,300 $ 3.75
Partnership - I Purchase October 16, 2000 1,200 $ 4.75
Partnership - I Purchase October 23, 2000 53,100 $ 3.75
Fund Purchase October 16, 2000 500 $ 4.75
Fund Purchase October 23, 2000 21,600 $ 3.75
(d) The entities comprising the Wynnefield Group, as owners of an
aggregate of 2,147,192 Shares (representing 27.94% of the outstanding Shares),
have the right to receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of the Shares, but only from such Shares.
(Page 9 of 10 Pages)
<PAGE>
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Neither Mr. Obus, Mr. Landes, WCM, 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
securities 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.
Item 7. Material to be Filed as Exhibits.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this Statement
is true, complete and correct.
Dated: October 31, 2000
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC
General Partner
By: /s/ Nelson Obus
----------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE
FUND, LTD.
By: Wynnefield Capital, Inc.
By: /s/ Nelson Obus
---------------------------------------
Nelson Obus, President
CHANNEL PARTNERSHIP II, L.P.
By: /s/ Nelson Obus
---------------------------------------
Nelson Obus, General Partner
/s/ Nelson Obus
-------------------------------------------
Nelson Obus, Individually
(Page 10 of 10 Pages)
