<PAGE>
---------------------------------
OMB APPROVAL
---------------------------------
OMB Number: 3235-0145
Expires: October 31, 1997
Estimated average burden
hours per form..............14.90
---------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
Colorado Gaming & Entertainment Company (formerly Hemmeter Enterprises, Inc.)
-----------------------------------------------------------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
(CUSIP Number)
Jean S. Loewenberg
Keystone Investments, Inc.
200 Berkeley Street
Boston, MA 02116
(617) 338-3663
--------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 7, 1996
(Date of Event which Requires Filing of this Statement)
-------------------------------------------------------
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [X]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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).
<PAGE>
SCHEDULE 13D
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 2 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone Investment Management Company
I.R.S. #04-1504645
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
1,207,395
---------------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY 0
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,207,395
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,207,395
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
21.73%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------------------
* 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
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 3 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone Small Company Growth Fund (S-4)
I.R.S. #04-2394427
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
494,015
---------------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY 0
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 494,015
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
494,015
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
8.89%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV
- --------------------------------------------------------------------------------
* 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
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 4 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone High Income Bond Fund (B-4)
I.R.S. #04-2394421
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
477,839
---------------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY 0
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 477,839
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
477,839
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
8.60%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV
- --------------------------------------------------------------------------------
* 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
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 5 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone America Strategic Income Fund
I.R.S. #04-2946736
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
195,843
---------------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY 0
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 195,843
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
3.53%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV
- --------------------------------------------------------------------------------
* 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
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 6 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone Fixed Income Advisers, Inc.
I.R.S. #04-3133222
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
26,465
---------------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY 0
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 26,465
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,465
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
0.48%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA (for Equifax, Inc. U.S. Retirement Income Plan)
- --------------------------------------------------------------------------------
* 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
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 7 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone Fixed Income Advisers, Inc.
I.R.S. #04-3133222
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
11,780
---------------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
0
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 11,780
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
0.21%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA (for Ampex Retirement Master Trust)
- --------------------------------------------------------------------------------
* 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
- ------------------------------ ------------------------------
CUSIP NO. ____________________ PAGE 8 OF 12 PAGES
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keystone Fixed Income Advisers, Inc.
I.R.S. #04-3133222
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF 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 ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
1,453
------ --------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
0
------ --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,453
------ --------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,453
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
0.03%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA (for Buffalo Color Retirement Master Trust)
- --------------------------------------------------------------------------------
* 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>
ITEM 1. Security and Issuer.
This Statement on Schedule D relates to the Common Stock, par
value $.01 per share (the "Common Stock"), of Colorado Gaming & Entertainment
Company (formerly Hemmeter Enterprises, Inc.), a Delaware corporation (the
"Issuer").
The principal executive offices of the Issuer are located at One
Norwest Center, 1700 Lincoln Avenue, Denver, Colorado 80203.
ITEM 2. Identity and Background.
This Statement is being filed by Keystone Investment
Management Company ("Keystone"), which has discretionary authority with respect
to the investments of its clients. Clients of Keystone own an aggregate of
1,207,395 Shares of Common Stock (such clients being referred to herein,
collectively, as the "Holders").
Keystone, a Delaware corporation, is a registered investment
adviser. The principal business of Keystone is to provide discretionary
investment advisory services to its clients. The principal executive offices of
Keystone are located at 200 Berkeley Street, Boston, Massachusetts 02116-5034.
George S. Bissell is the Chairman of the Board of Directors of
Keystone Investments, Inc., which is the parent of Keystone. Albert H. Elfner,
III is the Chief Executive Officer, President and a Director of Keystone
Investments, Inc., as well as Chairman of the Board of Directors and Chief
Executive Officer of Keystone. Roger T. Wickers is a Director of Keystone
Investments, Inc. Stephen J. Arpante is a Director of Keystone Investments, Inc.
Edward F. Godfrey is a Director, Senior Vice President, Chief Financial Officer
and Treasurer of Keystone Investments, Inc., as well as Director, Senior Vice
President, Chief Financial Officer, Treasurer of Keystone. Ralph J. Spuehler,
Jr. is a Director and Senior Vice President of Keystone Investments, Inc., as
well as Director of Keystone. Philip M. Byrne is a Director and Senior Vice
President of Keystone Investments, Inc. James R. McCall is President and
Director of Keystone. Rosemary D. Van Antwerp is Senior Vice President, General
Counsel and Secretary of Keystone Investments, Inc., as well as Director, Senior
Vice President, General Counsel and Secretary of Keystone. The primary
occupation of each of Mr. Bissell, Mr. Elfner, Mr. Wickers, Mr. Arpante, Mr.
Godfrey, Mr. Spuehler, Mr. Byrne, Mr. McCall and Ms. Van Antwerp is as set forth
above in this paragraph. The business address of each of such persons is 200
Berkeley Street, Boston, Massachusetts 02116-5034. Substantially all of the
shares of Keystone Investments, Inc. are held in eight voting trusts, in the
case of seven of which Mr. Bissell, Mr. Elfner and Mr. Godfrey are the voting
trustees, and in the case of one of which Mr. Elfner, Mr. Spuehler and Ms. Van
Antwerp are the voting trustees. The business address of each such voting trust
is 200 Berkeley Street, Boston, Massachusetts 02116-5034.
During the past five years, none of Keystone, Mr. Bissell, Mr.
Elfner, Mr. Wickers, Mr. Arpante, Mr. Godfrey, Mr. Spuehler, Mr. Byrne, Mr.
McCall or Ms. Van Antwerp has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors). During the past five years, none of
such entities or persons was 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 and Other Considerations.
On June 7, 1996, under a plan of reorganization of the Issuer
pursuant to provisions of Chapter 11 of the Bankruptcy Code (the "Plan"),
entities (the "Debt Holders") which held secured claims against the Issuer (the
"Secured Claims") received 12% Senior Secured PIK Notes and shares of Common
Stock from the Issuer in exchange for relinquishment of the Senior Unsecured
Claims. Pursuant to the Plan, the Holders, in the aggregate, received
$12,074,000 in 12% Senior Secured PIK Notes and 1,207,395 shares of the Common
Stock.
Prior to the reorganization described above, Grand Palais
Riverboat, Inc. ("Grand Palais"), a wholly-owned subsidiary of Hemmeter
Enterprises, Inc., filed a plan of reorganization pursuant to the provisions of
Chapter 11 of the Bankruptcy Code (the "Grand Palais Plan"). In concert with
that reorganization, Casino America, Inc. ("Casino America") acquired all of the
common stock of Grand Palais. On May 3, 1995, the Debt Holders (in their
capacity as secured creditors of Grand Palais) received 20,142,842 shares of the
Common Stock of Casino America and Senior Secured Warrants for 1,333,334 shares
of such Common Stock in relinquishment of their claims against Grand Palais
pursuant to the Grand Palais Plan. Pursuant to the Grand Palais Plan, the
Holders, in the aggregate, received 549,945 shares of such Common Stock and
Senior Secured Warrants for 122,210 shares of such Common Stock.
ITEM 4. Purpose of Transaction.
Pursuant to the Plan, the Debt Holders received $50,000,000 in
12% Senior Secured PIK Notes and 5,128,205 shares of Common Stock in exchange
for relinquishment of the Secured Claims. The issuer had owed a total of
approximately $174,238,600 to the Debt Holders. The shares received by the Debt
Holders pursuant to the Plan represent approximately 100% (subject to dilution
of up to 10%) of the total outstanding Common Stock (based on there being
5,128,205 shares of Common Stock outstanding)
Keystone High Income Bond Fund (B-4), a registered investment
company for which Keystone acts as investment adviser, was a member of the PIK
Noteholders Committee which filed a notice with the Bankruptcy Court, prior to
the hearing to consider confirmation of the Plan, identifying the initial
members of the Board of Directors. Of those named, one declined to serve, and
the remaining individuals constituted the initial Board of Directors.
Keystone Small Company Growth Fund (S-4), a registered
investment company for which Keystone is the investment adviser, was a member of
the original Creditors' Committee acting on behalf of Hemmeter Enterprises, Inc.
in connection with Hemmeter Enterprises, Inc.'s bankruptcy proceedings under
Chapter 11 of the Bankruptcy Code. Thereafter, the Creditors Committee was
reconstituted by the United States Trustee as a committee of noteholders and
Keystone High Income Bond Fund (B-4), also a registered investment company for
which Keystone is the investment adviser, was a member of such committee.
Except as described in this Item 4, Keystone has no present
plans or proposals which relate to or would result in any of the actions
enumerated in Item 4 of Schedule 13D, although they reserve the right to acquire
additional securities of the Issuer or to sell securities of the Issuer.
ITEM 5. Interest in Securities of the Issuer.
(a) The Holders, in the aggregate, own 1,207.395 shares of the
Common Stock, which represents approximately 23.54% of the total Common Stock
outstanding (based on there being 5,128,205 shares of the Common Stock
outstanding).
(b) Although Keystone does not directly own any of the Common
Stock, since Keystone has discretionary authority with respect to the
investments of its clients, Keystone has shared power to vote the 1,207,395
shares of Common Stock owned in the aggregate by the Holders. The information
required by Item 2 with respect to Keystone is set forth in Item 2 above.
(c) There have been no reportable transactions with respect to
the Common Stock within the last sixty days by any person named in Item 2 above
except for the receipt of the Common Stock pursuant to the Plan, as described in
Item 4 above.
(d) The Holders have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
Common Stock. Other than Keystone Small Company Growth Fund (S-4), a registered
investment company, which owns 9.63% of the Common Stock, and Keystone High
Income Bond Fund (B-4), a registered investment company, which owns 9.32% of the
Common Stock, no Holder beneficially owns more than 5% of the common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
Pursuant to the Plan, on June 7, 1996, the Issuer issued
shares of Common Stock and 12% Senior Secured PIK Notes to the Debt Holders in
exchange for the Debt Holders' relinquishment of the Secured Claims, as
described in Item 4 above.
Other than as set forth in this Item 6 and in Items 2, 4 and 5
above, none of the persons identified in Item 2 is a party to any contract,
arrangement, understanding or relationship with respect to any securities of the
Issuer. None of the Common Stock as to which this Statement relates is pledged
or is otherwise subject to a contingency the occurrence which would give another
person voting power or investment power over such securities.
Item 7. Material to be Filed as Exhibits.
None.
<PAGE>
SIGNATURE
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.
June 17, 1996 KEYSTONE INVESTMENT
----------------- MANAGEMENT COMPANY
Date
By: /s/ Albert H. Elfner, III
-------------------------
Title: Chairman
--------
