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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 10 )
BLC FINANCIAL SERVICES, INC.
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(Name of Issuer)
COMMON STOCK 055 490 10 6
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(Title of class of securities) (CUSIP number)
ROBERT F. TANNENHAUSER
BUSINESS LOAN CENTER, INC.
645 MADISON AVENUE
NEW YORK, NY 10022
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(Name, address and telephone number of person authorized to receive
notices and communications)
MARCH 8, 1998
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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
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 [_].
(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: When filing this statement in paper form, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
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NYFS12...:\99\26799\0004\1898\SCH4178X.58A
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CUSIP No. 055 490 10 6 13D Page 2 of 9
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1 NAME OF REPORTING PERSON: CAROL TANNENHAUSER
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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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: 00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES OF AMERICA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 5,355,767
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 5,355,767
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 5,355,767
REPORTING PERSON:
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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): 27.0%
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14 TYPE OF REPORTING PERSON: IN
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CUSIP No. 055 490 10 6 13D Page 3 of 9
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1 NAME OF REPORTING PERSON: ROBERT F. TANNENHAUSER
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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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: 00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES OF AMERICA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 5,355,767
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 5,355,767
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 5,355,767
REPORTING PERSON:
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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): 27.0%
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14 TYPE OF REPORTING PERSON: IN
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ITEM 1. SECURITY AND ISSUER.
This Statement constitutes Amendment No. 10 to the Statement
on Schedule 13D filed with the Securities and Exchange Commission
("Schedule 13D") with respect to the common stock, $.01 par value
(the "Common Stock"), of BLC Financial Services, Inc., a Delaware
corporation (the "Company"). The principal executive office of the
Company is located at 645 Madison Avenue, New York, New York 10022.
This Amendment to Schedule 13D is filed on behalf of Carol
Tannenhauser and Robert F.
Tannenhauser (the "Reporting Persons").
ITEM 2. IDENTITY AND BACKGROUND.
Names of Reporting Persons:
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Carol Tannenhauser
Robert F. Tannenhauser
Address of Reporting Persons:
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c/o Business Loan Center, Inc.
645 Madison Avenue
New York, New York 10022
Employment Information of Reporting Persons:
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Carol Tannenhauser is a self-employed writer. Robert F. Tannenhauser
is the Chief Executive Officer of the Company.
Criminal Proceeding:
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Neither of the Reporting Persons has been convicted in a
criminal proceeding (excluding traffic violations or similar
misdemeanors) during the past five years.
Civil Proceeding:
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Neither of the Reporting Persons has been a party to a civil
proceeding of a judicial or administrative body of competent
jurisdictions 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 violations with respect to such laws
during the past five years.
Citizenship of Reporting Persons:
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United States of America
Page 4 of 9 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Emily and David Tannenhauser, children of the Reporting
Persons, issued 18-month term notes at 5% in the aggregate principal
amount of $133,334.40 to Futuronics Corporation to acquire from
Futuronics Corporation the Warrants and Convertible Debenture to
which this Statement relates. See Item 5(c).
ITEM 4. PURPOSE OF TRANSACTION.
The acquisition was made for investment purposes only.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Each of the Reporting Persons shares voting and
dispositive power and, accordingly, beneficially owns (i) 171,468
shares directly owned by Robert F. Tannenhauser, (ii) 1,325,409
shares directly owned by Carol Tannenhauser, the spouse of Robert F.
Tannenhauser, (iii) 2,609,964 shares owned by Futuronics Corporation
of which Carol Tannenhauser is an officer and director, (iv) 176,830
shares owned by Trust created under the Will of Albert Blanck under
which Carol Tannenhauser is Trustee and Beneficiary, (v) 427,500
shares underlying options owned by Carol Tannenhauser, (vi) 54,500
shares that may be acquired upon the conversion of Debentures held
by Carol Tannenhauser, (vii) 207,833 shares owned by David
Tannenhauser, the son of Robert F. Tannenhauser, (viii) 207,833
shares held in a custodial account for the benefit of Emily
Tannenhauser, the daughter of Robert F. Tannenhauser, each of Carol
Tannenhauser and Robert F. Tannenhauser share voting and dispositive
power over such shares, (ix) 4,500 shares that may be acquired upon
the conversion of Debentures held by Robert Tannenhauser, (x) 21,167
shares that may be acquired upon the conversion of Debentures held
by David Tannenhauser, (xi) 21,166 shares that may be acquired upon
the conversion of Debentures held for Emily Tannenhauser, each of
Carol Tannenhauser and Robert F. Tannenhauser share voting and
dispositive power over such shares, (xii) 41,667 shares underlying
warrants held by David Tannenhauser, (xiii) 41,666 shares underlying
warrants held for Emily Tannenhauser, each of Carol Tannenhauser and
Robert F. Tannenhauser share voting and dispositive power over such
shares, (xiv) 22,132 shares held in trust for David Tannenhauser and
(xv) 22,132 shares held in trust for Emily Tannenhauser.
Page 5 of 9 Pages
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(b) Each of the Reporting Persons has shared voting and
dispositive power with respect to 5,355,767 shares of Common Stock.
Neither of the Reporting Persons has sole voting and dispositive
power with respect to any shares of Common Stock.
(c) On March 8, 1998, Emily and David Tannenhauser, children
of the Reporting Persons, acquired, in the aggregate, from
Futuronics Corporation (i) 83,333 Warrants at $.35 per Warrant
(exercisable at $.65 per Warrant), (ii) 83,333 Warrants at $.45 per
Warrant (exercisable at $.55 per Warrant) and (iii) a $66,668
Convertible Debenture (convertible at $2.00 per share of Common
Stock).
On March 16, 1998, Emily and David Tannenhauser, children
of the Reporting Persons, exercised, in the aggregate, Warrants to
purchase 83,333 shares of Common Stock at a price of $.55 per
Warrant.
(d) Others with right to receive or power to direct the
receipt of dividends from, or proceeds from, the sale of securities:
With respect to the share of Common Stock held by the Trust created
under the Will of Albert Blanck under which Carol Tannenhauser is
Trustee and Beneficiary, the Co-Trustees of such Trust.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Not applicable.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
A copy of a written agreement relating to the filing of a
joint statement as required by Rule 13d-1(f) under the Securities
Exchange Act of 1934 is attached hereto as Exhibit 1.
Page 6 of 9 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Date: May 26, 1998
/s/ Carol Tannenhauser
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Carol Tannenhauser
/s/ Robert F. Tannenhauser
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Robert F. Tannenhauser
Page 7 of 9 Pages
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EXHIBIT INDEX
Exhibit
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1. Agreement relating to the filing of a joint statement as required by Rule
14d-1(f) under the Securities Exchange Act of 1934.
Page 8 of 9 Pages
EXHIBIT 1
AGREEMENT
The undersigned agree that the Statement on Schedule 13D dated May
26, 1998 relating to the Warrants and Convertible Debenture convertible into
shares of Common Stock, $0.01 par value per share, of BLC Financial Services,
Inc., as amended by this Amendment No.10 to which this Agreement is attached as
Exhibit A, shall be deemed filed on behalf of each of the undersigned
/s/ Carol Tannenhauser
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Carol Tannenhauser
/s/ Robert F. Tannenhauser
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Robert F. Tannenhauser
Page 9 of 9 Pages
