<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
ABC RAIL PRODUCTS CORPORATION
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
000752105
(CUSIP Number)
Michael J. Halpern
1999 Avenue of the Stars, Suite 1950
Los Angeles, California 90067
(310) 201-7795
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 24, 1997
(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 13-d-1(b)(3) or (4), check the following
box [ ].
Page 1 of 11 Pages
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SCHEDULE 13D
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CUSIP No. 000752105 Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Dorchester Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
473,800
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
473,800
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
473,800
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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)
5.3%
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP No. 000752105 Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Dorchester Advisors, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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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
California
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
473,800
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
473,800
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
473,800
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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)
5.3%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
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CUSIP No. 000752105 Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Michael J. Halpern
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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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
United States
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
47,800
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8 SHARED VOTING POWER
473,800
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9 SOLE DISPOSITIVE POWER
47,800
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10 SHARED DISPOSITIVE POWER
473,800
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
521,600
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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)
5.8%
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE> Page 5 of 11 Pages
SCHEDULE 13D
Item 1. Security and Issuer
(a) Class of Securities: Common Stock, par value,
$0.01 per share ("Common Stock")
(b) Issuer: ABC Rail Products Corporation (the "Issuer")
200 South Michigan Avenue
Chicago, Illinois 60604-2402
Item 2. Identity and Background
(a) This statement is filed by (i) Dorchester Partners, L.P., a
Delaware limited partnership ("Partners"), (ii) Dorchester Advisors, Inc., a
California corporation ("Advisors"), and (iii) Michael J. Halpern, an
individual ("Halpern"), (collectively, the "Reporting Persons"). Partners is
a private investment partnership engaging in the purchase and sale of
securities for investment for its own account. Advisors is the sole general
partner of Partners. Halpern is the sole stockholder, officer and director of
Advisors. Halpern is in a position to determine the investment and voting
decisions made by Advisors and, consequently, by Partners. In addition,
Halpern is the sole stockholder, officer and director of Granamax Capital,
Inc., a California corporation, which, through an investment advisory contract
with Dorchester Offshore Fund, Inc., a Cayman Islands corporation (the
"Managed Account"), controls the investment and voting decisions with respect
to the shares of the Issuer owned by the Managed Account. Therefore, Halpern
is the beneficial owner of the shares acquired by Partners and the Managed
Account, and the Reporting Persons may be deemed to be a "group" within the
meaning of Rule 13d-3 under the Securities Exchange Act of 1934 (the "Act")
with respect to the shares acquired by Partners and the Managed Account.
(b) The business address of each of Partners, Advisors and Halpern
is:
1999 Avenue of the Stars, Suite 1950
Los Angeles, California 90067
(c) The present principal occupation or employment of each of the
Reporting Persons is as follows:
Partners: private investment Partnership
Advisors: general partner of Partners
Halpern: Chief Executive Officer, Chief Financial
Officer, and Secretary of Advisors
(d) During the last five years, none of the Reporting Persons have
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
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<PAGE> Page 6 of 11 Pages
(e) During the last five years, none of the Reporting Persons have
been a party in a civil proceeding of a judicial or administrative body of
competent jurisdiction resulting in its or his being 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.
(f) Halpern is a citizen of the United States of America.
Item 3. Source and Amount of Funds of Other Consideration
The aggregate purchase prices of the shares of the Issuer's Common
Stock ("Shares") purchased by the Reporting Persons as reported in Item 5(c)
of this Schedule 13D were as follows:
Name of Aggregate
Reporting Person Purchase Price
Partners $ 7,577,531
Managed Account $ 767,439
The Reporting Persons listed above purchased the Shares reported
herein as beneficially owned by them with working investment capital of
Partners and Managed Account.
Item 4. Purpose of Transaction
The Shares reported herein were acquired for investment purposes.
Depending upon the Reporting Persons' continuing evaluation of the Issuer's
business and prospects, alternative investment opportunities and any other
factors Reporting Persons deem relevant, the Reporting Persons may, from time
to time, purchase additional Shares on the open market or in privately
negotiated transactions or otherwise. The Reporting Persons have no present
intention of selling any Shares, but reserve the right to do so, in whole or
in part, at any time, in open market transactions, privately negotiated
transactions or otherwise. The Reporting Persons have no plans or proposals
which relate to, or could result in, any of the matters referred to in
paragraphs (b) through (j), inclusive, of Item 4 of Schedule 13D. However, as
a part of their ongoing review of investment alternatives, the Reporting
Persons have not excluded the possibility of considering such matters in the
future, and, from time to time, the Reporting Persons may seek to hold
discussions with other stockholders of the Issuer and other third parties,
including competitors or potential competitors of the Issuer, regarding
possible transactions described in paragraphs (b) through (j) of Item 4 of
Schedule 13D. The Reporting Persons may also seek to have discussions with
management of the Issuer and may make suggestions and/or recommendations to
management of the Issuer with respect to the business of the Issuer. The
Reporting Persons may, at any time and from time to time, review or reconsider
their position with respect to the Issuer, and formulate plans or proposals
with respect to any of such matters.
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<PAGE> Page 7 of 11 Pages
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on October 1, 1997, the Reporting
Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to
own beneficially in the aggregate the number and percentage of the Issuer's
Common Stock set forth opposite their names below (based upon the number of
Shares that were reported to be outstanding in the Issuer's Form 10-Q as of
May 30, 1997).
<TABLE>
<CAPTION>
==============================================================================
Name Shares of Common Stock Percentage
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<S> <C> <C>
Partners 473,800 5.3%
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Advisors(1) 473,800 5.3%
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Halpern(2) 521,600 5.8%
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</TABLE>
(1) By virtue of its position as the general partner of Partners, Advisors
may be deemed to beneficially own the shares of Common Stock held by Partners.
(2) The Managed Account is the direct, beneficial owner of 47,800 shares of
Common Stock, which constitutes .5% of the outstanding shares of Common Stock.
Halpern does not directly own any Common Stock, but, by virtue of his control
over the investment and voting decisions of Advisors (and therefore, Partners)
and the Managed Account, Halpern may be deemed to own beneficially the Shares
held by Partners and the Managed Account.
(b) Partners, Advisors and Halpern may be deemed to share the power
to vote or to direct the vote and to dispose or to direct the disposition of
the Shares held by Partners. Halpern may be deemed to have sole power to vote
or to direct the vote and to dispose or to direct the disposition of the
Shares held by the Managed Account.
(c) The following table sets forth the transactions effected by each
of the Reporting Persons listed in Item 5(a) during the past sixty days.
Except as otherwise indicated below, each of the transactions set forth below
reflects a purchase effected by means of over-the-counter trading. (* reflects
a sale).
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<PAGE> Page 8 of 11 Pages
<TABLE>
<CAPTION>
Price Per Managed
Trade Date Share ($) Partners Account
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<S> <C> <C> <C>
7/24/97 18.8750 900 100
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7/29/97 18.7500 1,900 200
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7/30/97 18.5000 4,500 500
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8/20/97 18.0000 2,300 200
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8/27/97 17.8750 900 100
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9/02/97 17.5000 900* 100*
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9/04/97 17.7500 900 100
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9/05/97 17.5000 7,800* 700*
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9/08/97 18.2500 1,000 ----
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9/12/97 18.1250 2,300 200
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9/15/97 19.7500 1,800 200
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9/16/97 19.6250 2,700 300
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9/16/97 19.8214 6,400 600
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9/17/97 19.4688 1,800 200
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9/22/97 19.0000 1,800 200
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9/23/97 19.6667 2,800 200
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9/24/97 18.0000 800 200
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9/24/97 19.0000 9,100 900
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9/24/97 17.2500 29,500 3,000
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9/25/97 17.5000 4,600 400
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9/29/97 17.0000 900 100
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<FN>
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</TABLE>
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<PAGE> Page 9 of 11 Pages
<TABLE>
<CAPTION>
Price Per Managed
Trade Date Share ($) Partners Account
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<S> <C> <C> <C>
9/30/97 18.250 7,500 700
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9/30/97 18.375 9,100 900
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9/30/97 17.625 27,300 2,700
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10/01/97 18.625 1,800 200
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<FN>
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</TABLE>
(d) The Managed Account has the right to receive and the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
Shares of the Issuer owned by the Managed Account. To the best of Reporting
Person's knowledge, no other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, any
Shares of the Issuer which the Reporting Persons may be deemed to own
beneficially.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of Issuer
None.
Item 7. Material to be filed as Exhibits
Exhibit A -- Joint Acquisition Statement dated October 3, 1997.
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<PAGE> Page 10 of 11 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: October 3, 1997
DORCHESTER ADVISORS, INC.
By: /s/ Michael J. Halpern
----------------------------------
Michael J. Halpern
President
DORCHESTER PARTNERS, L.P.
By: DORCHESTER ADVISORS, INC.
as General Partner
By: /s/ Michael J. Halpern
-----------------------------------
Michael J. Halpern
President
/s/ Michael J. Halpern
- -------------------------------
Michael J. Halpern
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<PAGE> Page 11 of 11 Pages
EXHIBIT A
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(f)(1)
The undersigned acknowledges and agrees that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledges that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained herein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other, except to the extent that he or it knows or has reason
to believe that such information is inaccurate.
Dated: October 3, 1997
DORCHESTER ADVISORS, INC.
By: /s/ Michael J. Halpern
Michael J. Halpern
President
DORCHESTER PARTNERS, L.P.
By: Dorchester Advisors, Inc.
General Partner
By: /s/ Michael J. Halpern
Michael J. Halpern
President
By: /s/ Michael J. Halpern
MICHAEL J. HALPERN
104794
