<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(1)
(Amendment No.)*
GREAT LAKES AVIATION, LTD
-------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
---------------------------------------
(Title of Class of Securities)
39054k 108
(CUSIP Number)
Michael E. Tennenbaum
Managing Member
Tennenbaum & Co., LLC
11100 Santa Monica Boulevard, Suite 210
Los Angeles, CA 90025
Telephone: (310) 566-1004
-------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 2, 2000
----------------
(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 (e), 13d-1 (f) or 13d-1 (g), check the following
box [X].
*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 the
disclosures provided in a prior cover page.
The information required in 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 (the "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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1. NAME OF REPORTING PERSON: Tennenbaum & Co., LLC
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 95-4587347
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
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SOLE VOTING POWER
7
NUMBER OF
N/A
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 816,200
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
N/A
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
816,200
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
816,200
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES**
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.4%
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TYPE OF REPORTING PERSON*
14
OO
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1. NAME OF REPORTING PERSON: Michael E. Tennenbaum
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 252 50 6178
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
UNITED STATES
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SOLE VOTING POWER
7
NUMBER OF
N/A
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 816,200
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
N/A
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
816,200
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
816,200
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES**
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.4%
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TYPE OF REPORTING PERSON*
14
IN
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ITEM 1. Security and Issuer.
-------------------
(a) Name and Principal Executive Offices of Issuer:
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Great Lakes Aviation, Ltd.
1965 330th Street
Spencer, Iowa 51301
(b) Title of Class of Equity Securities:
-----------------------------------
Common Stock, par value $0.01 per share, of Great
Lakes Aviation, Ltd. (the "Company")
ITEM 2. Identity and Background.
-----------------------
(a) Name of Person Filing:
---------------------
Michael E. Tennenbaum, individually, and as Managing
Member of Tennenbaum & Co., LLC. Tennenbaum & Co.,
LLC and Mr. Tennenbaum are sometimes collectively
referred to herein as the "Reporting Persons."
(b) Address of Principal Business Office:
------------------------------------
11100 Santa Monica Boulevard, Suite 210
Los Angeles, California 90025
(c) Principal Business:
------------------
Tennenbaum & Co., LLC is a limited liability company organized
under the laws of Delaware. The principal business of Tennenbaum &
Co., LLC is managing assets and investments. Tennenbaum & Co.,
LLC's managing member is Michael E. Tennenbaum, a United States
citizen, who has the same address. Mr. Tennenbaum's principal
occupation is managing member of Tennenbaum & Co., LLC.
(d) Criminal Proceedings:
--------------------
During the last five years, neither of the Reporting
Persons has been convicted in any criminal proceeding
(excluding traffic violations and other minor
offenses).
(e) Civil Proceedings:
-----------------
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During the last five years, neither of the Reporting
Persons has been party to any civil proceeding of a
judicial or administrative body of competent
jurisdiction as a result of which such person was or
is subject to any 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 or Other Consideration.
-------------------------------------------------
As of the close of business January 31, 2000, Tennenbaum & Co., LLC
owned a total of 816,200 shares of the Company's common stock
(the "Shares"), which were purchased at a total consideration
(including brokerage commissions) of $1,772,218.93. The funds
for the purchases of the Shares were derived from Tennenbaum &
Co., LLC working capital.
ITEM 4. Purpose of the Transaction.
--------------------------
The Reporting Persons acquired the Shares as an investment. They
intend to monitor and evaluate the investment on a continuing basis,
and, based on their evaluation from time to time, they may acquire
additional Shares or dispose of all or a portion of the Shares
beneficially owned by them.
The Reporting Persons believe the market price of the Company's stock
fails to fully reflect the value of the Company and that the full
value of the Company's equity ownership may best be realized if the
Company is acquired by another company or person. As a result, the
Reporting Persons may submit one or more proposals to management of
the Company and may communicate with other shareholders of the
Company.
Except as set forth above, the Reporting Persons have no plans or
proposals that relate to or would result in any of the matters
referred to in paragraphs (a) through (j) inclusive, of Item 4 of
Schedule 13(d). The Reporting Persons, however, may at any time and
from time to time, review or reconsider their position with respect to
any of such matters.
ITEM 5. Interest in Securities of the Issuer.
------------------------------------
As of the date hereof, the Reporting Persons may be deemed to
beneficially own an aggregate of 816,200 Shares, which
constitutes approximately 9.4% of the outstanding shares of
Common Stock of the Company, based upon the Company's most
recent available filing with the Securities and Exchange
Commission. Tennenbaum & Co., LLC has shared powers of voting
and disposition with respect to the Shares. By reason of his
position as managing member of Tennenbaum & Co., LLC, Michael
E. Tennenbaum may be deemed to share such powers of voting and
disposition.
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Within the past 60 days, Tennenbaum & Co., LLC purchased shares on the
open market in the following transactions:
<TABLE>
<CAPTION>
Date Numer of Shares Price per Share
------ --------------- ----------------
(including commissions)
-----------------------
<S> <C> <C>
12/21/99 800 $1.9675
12/20/99 3000 $2.0300
12/16/99 2000 $1.9675
12/16/99 5000 $2.0300
12/16/99 5600 $2.0300
12/15/99 1000 $1.9675
12/13/99 1800 $1.9675
12/10/99 3000 $1.9675
12/09/99 33500 $1.9582
12/8/99 100 $1.8425
12/7/99 2500 $1.7800
12/7/99 3000 $1.7800
12/7/99 3000 $1.7800
12/6/99 100 $2.2175
12/6/99 100 $2.2488
12/6/99 1300 $2.2800
12/6/99 1700 $2.3113
12/6/99 1000 $1.9857
12/6/99 100 $2.1238
12/6/99 100 $2.1550
12/6/99 100 $2.1863
12/3/99 4000 $2.0300
</TABLE>
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect
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to Securities of the Issuer.
--------------------------
None
ITEM 7. Material to be Filed as Exhibits.
--------------------------------
None
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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.
Dated as of February 2, 2000.
TENNENBAUM & CO., LLC
By: /s/ Michael E. Tennenbaum
--------------------------------------
Michael E. Tennenbaum
Managing Member
