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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
Styling Technology Corp.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
8639051
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(CUSIP Number)
Mr. Lance Laifer With a copy to:
Laifer Capital Management, Inc. Gerald Adler, Esq.
Hilltop Partners, L.P. Shereff, Friedman, Hoffman & Goodman, LLP
45 West 45th Street 919 Third Avenue
New York, New York 10036 New York, New York 10022
(212) 921-4139 (212) 758-9500
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 20, 1996
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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 statement because of Rule 13d-1(b) (3) or (4), check the
following: [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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SCHEDULE 13D
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CUSIP No. 8639051 Page 2 of Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hilltop Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 211,000
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 211,000
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
211,000
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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)
5.4%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO
ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE
SIGNATURE ATTESTATION.
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SCHEDULE 13D
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CUSIP No. 8639051 Page 3 of Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Laifer Capital Management, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 283,800
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 283,800
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
131,200
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
415,000
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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)
10.7%
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14 TYPE OF REPORTING PERSON*
CO, IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO
ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE
SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
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CUSIP No. 8639051 Page 4 of Pages
------- ------- -------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lance Laifer
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 283,800
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 283,800
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
131,200
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
415,000
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO
ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE
SIGNATURE ATTESTATION.
<PAGE>
Schedule 13D
Styling Technology Corp.
This Statement on Schedule 13D is filed by Hilltop Partners,
L.P., Laifer Capital Management, Inc. and Lance Laifer (collectively, the
"Reporting Persons").
Item 1. Security and Issuer.
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This Statement relates to the common stock (the "Common Stock")
of Styling Technology Corp. (the "Company"). The address of the principal
executive offices of the Company is 1146 South Cedar Ridge, Duncanville, TX
75137.
Item 2. Identity and Background.
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(a) This Schedule 13D is being filed jointly for Hilltop
Partners, L.P., a Delaware limited partnership ("Hilltop"), its general
partner, Laifer Capital Management, Inc., a Delaware corporation, and Lance
Laifer, the President, sole Director and principal stockholder of Laifer
Capital Management, Inc.
(b), (c) and (f) The address of Hilltop is 45 West 45th Street,
New York, NY 10036. Hilltop is a Delaware limited partnership. Its principal
business is investments.
The address of the principal office of Laifer Capital
Management, Inc. is 45 West 45th Street, New York, NY 10036. Laifer Capital
Management, Inc. is a Delaware corporation. Its principal business is
investment management.
Lance Laifer's principal occupation is investment management
and his business address is c/o Laifer Capital Management, Inc., 45 West 45th
Street, New York, NY 10036. Mr. Laifer is a United States citizen.
(d) and (e). During the past five years, none of the Reporting
Persons has been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors) or been 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, 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.
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The source of the funds used by Hilltop to purchase the
securities of the Company was working capital. The source of the funds used by
Laifer Capital Management, Inc. to purchase the securities of the Company was
(i) the working capital of Hilltop and (ii) the working capital or other funds
of its various investment advisory clients listed in the transaction records
attached hereto
Page 5
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as Annex A. The amount of funds used by the Reporting Persons to purchase
Common Stock is as follows:
Hilltop $2,098,943
Various Wolfson family entities ("Wolfson") $1,302,997
Hilltop Offshore Limited ("Offshore") $ 722,973
Item 4. Purpose of the Transaction.
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Each of the Reporting Persons acquired its or his shares of
Common Stock for investment purposes. Each of the Reporting Persons may
acquire or dispose of securities of the Company, including shares of Common
Stock, directly or indirectly, in open-market or privately negotiated
transactions, depending upon the evaluation of the performance and prospects
of the Company by the Reporting Persons and upon other developments and
circumstances, including, but not limited to, general economic and business
conditions and stock market conditions.
Except for the foregoing and as disclosed below, no Reporting
Person has any present plans or proposals which relate to or would result in
any of the actions or events described in paragraphs (a) through (j) of Item 4
of Schedule 13D.
Item 5. Interest in Securities of Issuer.
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(a) Hilltop is the beneficial owner of 211,000 shares (5.4%) of
Common Stock.
Laifer Capital Management, Inc. is the beneficial owner of
415,000 shares (10.7%) of Common Stock. The 415,000 shares of Common Stock
beneficially owned by Laifer Capital Management, Inc. includes:
(i) 211,000 shares of Common Stock beneficially owned by Laifer
Capital Management, Inc. in its capacity as General Partner and Investment
Advisor to Hilltop, which shares have been described in the previous
paragraph; and
(ii) 204,000 shares of Common Stock beneficially owned by
Laifer Capital Management, Inc. in its capacity as Investment Advisor to
various other clients. These clients include: (a) Wolfson, with an address at
One State Street Plaza, New York, New York 10004-1505, and (b) Offshore, a
Cayman Islands company, with an address c/o Consolidated Fund Management
Limited, P.O. Box HM 2257, Par La Ville Place, 14 Par La Ville Road, Hamilton
HMJX, Bermuda (collectively, the "Clients").
Lance Laifer, as president, sole director and principal
stockholder of Laifer Capital Management, Inc., is deemed to have the same
beneficial ownership as Laifer Capital Management, Inc.
Page 6
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The number of shares beneficially owned by the Reporting
Persons and the percentage of outstanding shares represented thereby have been
computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. There were 3,894,422 shares of Common Stock of the Company
outstanding as of November 21, 1996.
(b) Hilltop has the sole power (i) to vote or to direct the
voting of and (ii) to dispose and to direct the disposition of the 211,000
shares of Common Stock beneficially owned by it. Hilltop's power to vote and
dispose of its shares rests with Laifer Capital Management, Inc., in its
capacity as the General Partner of Hilltop.
Laifer Capital Management, Inc. has the sole power (i) to vote
and to direct the voting of and (ii) to dispose and direct the disposition of
the 211,000 shares of Common Stock beneficially owned by it in its capacity as
the General Partner of Hilltop. Laifer Capital Management, Inc. (i) has sole
power to vote and to direct the voting of and sole power to dispose and direct
the disposition of 72,800 shares of Common Stock owned by Offshore and (ii)
shares with Wolfson the power to dispose and direct the disposition of 131,200
shares of Common Stock owned by Laifer Capital Management, Inc. in its
capacity as Investment Advisor to Wolfson.
(c) All transactions in the Common Stock effected by the
Reporting Persons during the past sixty days are set forth in Annex A hereto
and are incorporated herein by reference. All such transactions were effected
in the open market.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
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with Respect to Securities of the Issuer
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None.
Item 7. Material to be Filed as Exhibits.
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Exhibit A. Agreement of Joint Filing.
Page 7
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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.
Dated: December 27, 1996 HILLTOP PARTNERS, L.P.
By: LAIFER CAPITAL MANAGEMENT, INC.,
as General Partner
By: /s/ Lance Laifer
-----------------
Lance Laifer
President
LAIFER CAPITAL MANAGEMENT, INC.
By: /s/ Lance Laifer
-----------------
Lance Laifer
President
/s/ Lance Laifer
-----------------
Lance Laifer
Page 8
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EXHIBIT A
AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(f) under the Securities Exchange
Act of 1934, as amended, the undersigned hereby agree to the joint filing with
all other Reporting Persons (as such term is defined in the Schedule 13D
referred to below) of a statement on Schedule 13D or any amendments thereto,
with respect to the Common Stock of Styling Technology Corp. and that this
Agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts
each of which shall be deemed to be an original and all of which together
shall be deemed to constitute one and the same Agreement.
IN WITNESS WHEREOF, the undersigned hereby execute this
Agreement as of the 27th day of December, 1996.
HILLTOP PARTNERS, L.P.
By: LAIFER CAPITAL MANAGEMENT, INC,
as General Partner
By: /s/ Lance Laifer
--------------------------------
Lance Laifer, President
LAIFER CAPITAL MANAGEMENT, INC.
By: /s/ Lance Laifer
--------------------------------
Lance Laifer, President
/s/ Lance Laifer
--------------------------------
LANCE LAIFER
Page 9
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ANNEX A
<TABLE>
<CAPTION>
LAIFER HILLTOP WOLFSON OFFSHORE
DATE PRICE COMM. NET PRICE # SHARES # SHARES # SHARES # SHARES TYPE*
---- ----- ----- --------- -------- -------- -------- -------- -----
<C> <C> <C> <C> <C> <C> <C> <C> <C>
11/21/96 $ 9.4063 $0.00 $ 9.4063 20,000 11,600 5,700 2,700 B
11/25/96 10.0000 0.00 10.0000 140,000 81,600 39,700 18,700 B
11/27/96 9.8750 0.00 9.8750 45,000 12,500 22,200 10,300 B
12/16/96 10.0000 0.06 10.0600 11,800 7,800 2,200 1,800 B
12/16/96 10.0000 0.06 9.9400 11,800 0 11,800 0 S
12/18/96 10.0000 0.00 10.0000 60,000 48,300 8,300 3,400 B
12/20/96 9.9375 0.00 9.9375 150,000 49,200 64,900 35,900 B
</TABLE>
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*B - open market purchase
S - open market sale
Page 10
