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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
----------
PRIMESOURCE CORPORATION
(Name of Issuer)
Common Stock, $.01 par value per share 0007415931
(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)
January 3, 2001
(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 14 pages)
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56392.0003
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------- -------------------------------------------------------
CUSIP No. 0007415931 13D Page 2 of 14 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: 83,000
SHARES
---------------------- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 83,000
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 83,000
--------------------- -----------------------------------------------------------------------------------------------------------
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%
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
--------------------- -----------------------------------------------------------------------------------------------------------
2
<PAGE>
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CUSIP No. 0007415931 13D Page 3 of 14 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: 83,000
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 83,000
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 83,000
--------------------- -----------------------------------------------------------------------------------------------------------
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%
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
--------------------- -----------------------------------------------------------------------------------------------------------
3
<PAGE>
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CUSIP No. 0007415931 13D Page 4 of 14 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: 297,800
SHARES
---------------------- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 297,800
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 297,800
--------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
--------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.7%
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
--------------------- -----------------------------------------------------------------------------------------------------------
4
<PAGE>
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CUSIP No. 0007415931 13D Page 5 of 14 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: 75,000
SHARES
---------------------- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 75,000
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 75,000
--------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
--------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.2%
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
--------------------- -----------------------------------------------------------------------------------------------------------
5
<PAGE>
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CUSIP No. 0007415931 13D Page 6 of 14 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: 75,000
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 75,000
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 75,000
--------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
--------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.2 %
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
--------------------- -----------------------------------------------------------------------------------------------------------
6
<PAGE>
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CUSIP No. 0007415931 13D Page 7 of 14 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: 63,646
SHARES
---------------------- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 455,800
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 63,646
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 455,800
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 519,446
--------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
--------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.2%
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
--------------------- -----------------------------------------------------------------------------------------------------------
7
<PAGE>
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CUSIP No. 0007415931 13D Page 8 of 14 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: 455,800
OWNED BY
---------------------- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 455,800
--------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 455,800
--------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
--------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.2%
--------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
--------------------- -----------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (the "Statement") relates to
the common stock, par value $.01 per share (the "Shares"), of PrimeSource
Corporation, a Pennsylvania corporation (the "Company"). The principal executive
offices of the Company are located at 4350 Haddonfield Road, Suite 222,
Pennsauken, New Jersey 08109.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed by and on behalf of Greenway
Partners, L.P. ("Greenway"), Greenhouse Partners, L.P. ("Greenhouse"), Greenbelt
Corp. ("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas,
L.L.C. ("Greenhut Overseas"), Alfred D. Kingsley and Gary K. Duberstein
(collectively, the "Reporting Persons"). Each of Greenway and Greenhouse is a
Delaware limited partnership. Greenhut Overseas is a Delaware limited liability
company. Greenbelt is a Delaware corporation. Greensea is an exempted limited
partnership formed under the laws of the Cayman Islands. The principal business
of Greenway and Greensea is investing in securities. The principal business of
Greenhouse is being the general partner of Greenway. The principal business of
Greenhut Overseas is being the investment general partner of Greensea. The
principal business of Greenbelt is managing a small number of accounts
containing securities for which Greenbelt has voting and dispositive power, and,
consequently, is the beneficial owner. The present principal occupation of each
of Messrs. Kingsley and Duberstein is serving as the general partners of
Greenhouse and members of Greenhut Overseas. In addition, Mr. Kingsley is senior
managing director, and Mr. Duberstein is managing director, of Greenway. Also,
Mr. Kingsley is president, and Mr. Duberstein is vice president, secretary and
treasurer of Greenbelt. During the last five years, none of the Reporting
Persons has (i) been convicted in a criminal proceeding or (ii) 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, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws. The business address of each of the
Reporting Persons (other than Greensea) is 277 Park Avenue, 27th Floor, New
York, New York 10172. The business address of Greensea is P.O. Box 1561, Mary
Street, Grand Cayman, Cayman Islands, British West Indies.
Messrs. Kingsley and Duberstein are both citizens of the
United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Greenway purchased an aggregate of 83,000 Shares for total
consideration (including brokerage commissions) of $772,488 derived from the
capital of Greenway and indebtedness from Bear Stearns & Co. Inc. and
PaineWebber Inc.
Greensea purchased an aggregate of 75,000 Shares for total
consideration of $682,813 derived from the capital of Greensea and indebtedness
from Bear Stearns & Co. Inc.
Accounts managed by Greenbelt purchased an aggregate of
297,800 Shares for total consideration of $1,822,833 derived from capital in the
managed accounts and indebtedness from Bear, Stearns & Co. Inc., Fahnestock &
Co. Inc. and Lehman Brothers.
Kingsley purchased an aggregate of 63,646 Shares for total
consideration (including brokerage commissions) of $232,379 and indebtedness
from Bear Stearns & Co., Inc.
9
<PAGE>
ITEM 4. PURPOSE OF THE TRANSACTION
The Reporting Persons have acquired the Shares because, in
their opinion, such Shares are undervalued by the market at the present time
under the present circumstances. The Reporting Persons will monitor developments
at the Company, and may communicate with members of management of the Company
and with other shareholders and interested parties concerning the Company.
The Reporting Persons may from time-to-time (i) acquire
additional Shares (subject to availability at prices deemed favorable) in the
open market, in privately negotiated transactions or otherwise, or (ii) dispose
of Shares at prices deemed favorable in the open market, in privately negotiated
transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 519,446 Shares constituting 8.2% of the
outstanding Shares (the percentage of Shares owned being based upon 6,360,706
Shares outstanding as of November 10, 2000, as set forth in the Company's
quarterly report on Form 10-Q for the quarterly period ended September 30,
2000). The Reporting Persons may be deemed to have direct beneficial ownership
of Shares as follows:
Approximate Percentage
Name Number of Shares of Outstanding Shares
-------------- ------------------------- --------------------------
Greenway 83,000 1.3%
Greenbelt 297,800 4.7%
Greensea 75,000 1.2%
Kingsley 63,646 1.0%
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 that Greenhouse
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 that 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 which it manages 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 that
Greenbelt beneficially owns. Each of Messrs. Kingsley and Duberstein disclaims
beneficial ownership of such Shares for all other purposes.
10
<PAGE>
(b) Greenway has the sole power to vote or direct the vote
of 83,000 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.
Greensea has the sole power to vote or direct the vote of
75,000 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
297,800 Shares 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
63,646 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 1
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 will be delivered into
each such respective account. None of such individual managed accounts has an
interest in more than five percent of the class of outstanding Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
To the best of the knowledge of the Reporting Persons,
there are no contracts, arrangements, understandings or relationships (legal or
otherwise) among the Reporting Persons or between the Reporting Persons and any
other person with respect to any securities of the Company, including but not
limited to transfer or voting of any of the securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of proxies, except as
follows: the partnership agreement of Greenway contains provisions whereby its
general partner (i.e., Greenhouse) will receive annually a certain percentage of
realized and unrealized profits, if any, derived from the partnership's
investments. The agreements governing Greensea provide that Greenhut Overseas,
as investment general partner, will receive annually a certain percentage of
realized and unrealized profits, if any, derived from Greensea's investments.
Greenbelt receives annually a certain percentage of realized and unrealized
profits, if any, resulting from the investments in each of its managed accounts.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibit is filed herewith:
11
<PAGE>
1. Information concerning transactions in the Shares
effected by the Reporting Persons in the last sixty days.
2. Joint Filing Agreement.
[The remainder of this page intentionally left blank.]
12
<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: January 12, 2001
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 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
13
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
----------- -----------
1. Information concerning transactions in the Shares effected by
the Reporting persons in the last sixty days.
2. Joint Filing Agreement.
14
