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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
----------
SUNGLASS HUT INTERNATIONAL, INC.
(Name of Issuer)
Common Stock, $.01 par value per share 86736F106
(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
277 Park Avenue, 27th Floor
New York, New York 10172
(212) 350-5100
(Name, address and telephone number of person authorized
to receive notices and communications)
September 7, 1999
(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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 16 pages)
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NY2:\809540\01\HCN801!.DOC\56392.0003
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 2 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3714238
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: WC, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,300,000
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,300,000
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.8%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 3 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3752875
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: WC, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 228,000
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 228,000
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 228,000
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.5%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 4 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793447
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: WC, AF, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,300,000
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.8%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 5 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793450
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: WC, AF, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 228,000
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 228,000
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 228,000
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.5%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 6 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3791931
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: OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 2,360,600
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,360,600
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,360,600
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.1%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 7 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P.
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: WC, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,300,000
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,300,000
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.8%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 8 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3868906
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: WC, AF, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,300,000
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.8%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 9 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY
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, AF, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 20,000
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 5,188,600
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 20,000
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 5,188,600
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 5,208,600
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 11.2%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------- -------------------------------------------------
CUSIP No. 86736F106 13D Page 10 of 16 Pages
- ---------------------------------------------------- -------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN
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, AF, OO
- ----------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
---------- -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 5,188,600
OWNED BY
---------- -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
---------- -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 5,188,600
- ----------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 5,188,600
- ----------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ----------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 11.1%
- ----------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
This Amendment No. 2 ("Amendment No. 2") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on July 31, 1998, as amended by
Amendment No. 1 filed on October 9, 1998, filed by and on behalf of Greenway
Partners, L.P. ("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse
Partners, L.P. ("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt Corp.
("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas, L.L.C.
("Greenhut Overseas"), Alfred D. Kingsley ("Kingsley") and Gary K. Duberstein
("Duberstein")(collectively, the "Reporting Persons"). Capitalized terms used
herein and not defined herein have the meanings ascribed thereto in the Schedule
13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Since the filing of Amendment No. 1 to the Schedule 13D, Greenway
purchased an aggregate of 435,000 Shares for total consideration (including
brokerage commissions) of $3,685,003 derived from capital of Greenway and margin
indebtedness from Bear Stearns & Co. Inc. and Salomon Smith Barney.
Since the filing of Amendment No. 1 to the Schedule 13D, Greentree
purchased an aggregate of 65,500 Shares for total consideration (including
brokerage commissions) of $695,281 derived from capital of Greentree and margin
indebtedness from Bear Stearns & Co. Inc.
Since the filing of Amendment No. 1 to the Schedule 13D, Greensea
purchased an aggregate of 240,500 Shares for total consideration (including
brokerage commissions) of $2,423,219 derived from capital of Greensea and margin
indebtedness from Bear Stearns & Co. Inc.
Since the filing of Amendment No. 1 to the Schedule 13D, accounts
managed by Greenbelt purchased an aggregate of 439,000 Shares for total
consideration (including brokerage commissions) of $4,385,500 derived from
capital in the managed accounts and margin indebtedness from Bear Stearns & Co.
Inc.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 5,208,600 Shares constituting 11.2% of the
outstanding Shares (the percentage of Shares owned being based upon 46,557,297
Shares outstanding on June 14, 1999, as set forth in the Company's quarterly
report on Form 10-Q for the quarterly period ended May 1, 1999). The Reporting
Persons may be deemed to have direct beneficial ownership of Shares as follows:
Approximate
Number of Percentage of
Name Shares Outstanding Shares
---- ------ ------------------
Greenway 1,300,000 2.8%
Greentree 228,000 0.5%
Greensea 1,300,000 2.8%
Greenbelt 2,360,600 5.1%
Kingsley 20,000 0.0%
Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greenway may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as general
partners of Greenhouse, may be deemed to beneficially own Shares which
Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein disclaims beneficial ownership of such Shares for all other purposes.
Greenhut, as the general partner of Greentree, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greentree may be deemed to possess direct
11
<PAGE>
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of
Greenhut, may be deemed to beneficially own Shares which Greenhut may be deemed
to beneficially own. Each of Messrs. Kingsley and Duberstein disclaims
beneficial ownership of such Shares for all other purposes.
Greenhut Overseas, as the investment general partner of Greensea, may
be deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) Shares which Greensea may be deemed to possess
direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members
of Greenhut Overseas, may be deemed to beneficially own Shares which Greenhut
Overseas may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein disclaims beneficial ownership of such Shares for all other purposes.
Greenbelt has direct beneficial ownership of the Shares in the accounts
that it manages. In addition, Greenbelt is the investment advisor for Greenland
Investment Company Limited, a Cayman Islands company ("Greenland"). In such
capacity, Greenbelt has the right to vote and direct the disposition of the
600,000 Shares held by Greenland and, consequently, has direct beneficial
ownership of such Shares. Each of Messrs. Kingsley and Duberstein, as executive
officers and directors of Greenbelt, may be deemed to beneficially own Shares
which Greenbelt beneficially owns. Each of Messrs. Kingsley and Duberstein
disclaims beneficial ownership of such Shares for all other purposes.
(b) Greenway has the sole power to vote or direct the vote of 1,300,000
Shares and the sole power to dispose or to direct the disposition of such
Shares. Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share
with Greenway the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greentree has the sole power to vote or direct the vote of 228,000
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhut and Messrs. Kingsley and Duberstein may be deemed to share with
Greentree the power to vote or to direct the vote and to dispose or to direct
the disposition of such Shares.
Greensea has the sole power to vote or direct the vote of 1,300,000
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhut Overseas and Messrs. Kingsley and Duberstein may be deemed to share
with Greensea the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greenbelt has the sole power to vote or direct the vote of 2,360,600
Shares held in managed accounts and by Greenland and the sole power to dispose
or direct the disposition of all such Shares. Messrs. Kingsley and Duberstein
may be deemed to share with Greenbelt the power to vote or to direct the vote
and to dispose or to direct the disposition of such Shares.
Kingsley has the sole power to vote or direct the vote of 20,000 Shares
and the sole power to dispose or direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the Reporting
Persons during the past sixty days is set forth in Exhibit 5 attached hereto,
which is incorporated herein by reference.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of, the
Shares, except the dividends from, or proceeds from the sale of Shares in each
respective account managed by Greenbelt or held by Greenland will be delivered
into each such respective account or Greenland, as the case may be. Neither any
such individual account nor Greenland has an interest in more than five percent
of the class of outstanding Shares.
(e) Not applicable.
12
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibit is filed herewith:
5. Information concerning transactions in the Shares effected by the
Reporting Persons in the last sixty days or since the filing of Amendment No. 1
to the Schedule 13D, whichever is less.
[The remainder of this page intentionally left blank.]
13
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information contained in this Statement is
true, complete and correct.
Dated: September 9, 1999
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
general partner
By: /s/ Gary K. Duberstein
----------------------------------
Gary K. Duberstein, general By: /s/ Gary K. Duberstein
Partner -----------------------------------
Gary K. Duberstein, general
partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general
partner
By: /s/ Gary K. Duberstein
----------------------------------
Gary K. Duberstein, Member By: /s/ Gary K. Duberstein
-----------------------------------
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its
investment general partner
By: /s/ Gary K. Duberstein
----------------------------------
Gary K. Duberstein, Member
By: /s/ Gary K. Duberstein
-----------------------------------
Gary K. Duberstein, Member
GREENBELT CORP.
By: /s/ Alfred D. Kingsley
-----------------------------------
Alfred D. Kingsley, President
/s/ Alfred D. Kingsley
--------------------------------------
Alfred D. Kingsley
/s/ Gary K. Duberstein
--------------------------------------
Gary K. Duberstein
14
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
----------- -----------
5. Information concerning transactions in the Shares
effected by the Reporting Persons in the last sixty
days or since the filing of Amendment No. 1 to the
Schedule 13D, whichever is less.
15
Exhibit 5
TRANSACTION IN SHARES OF THE COMPANY
The Reporting Persons engaged in the following transactions in Shares
of the Company during the past 60 days or since the filing of Amendment No. 1 to
the Schedule 13D, whichever is less. All transactions involved purchases of
Shares on the NASDAQ National Market.
<TABLE>
<CAPTION>
Reporting Person
With Direct
Beneficial Date of Number of Price Per
Ownership Transaction Shares Share
- ---------------- ----------- -------- -----
<S> <C> <C> <C>
Greenway 8/9/99 95,000 11.4375
Greenway 8/10/99 40,000 11.0000
Greenway 9/7/99 160,000* 9.5000
Greentree 8/9/99 31,500 11.4375
Greentree 8/10/99 8,000 11.0000
Greentree 9/7/99 26,000* 9.5000
Greensea 8/9/99 40,500 11.4375
Greensea 8/10/99 40,000 11.0000
Greensea 9/7/99 160,000* 9.5000
Greenbelt 8/9/99 80,000 11.4375
Greenbelt 8/10/99 40,000 11.0000
Greenbelt 9/7/99 319,000* 9.5000
</TABLE>
* Represents a portion of 665,000 Shares purchased by the Reporting
Persons in a block transaction on September 7, 1999.
16
