SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 9)1
Bell Industries, Inc.
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(Name of issuer)
COMMON STOCK
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(Title of class of securities)
078 107 109
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
December 20, 1999
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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
/ /.
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.
(Continued on following pages)
(Page 1 of 9 Pages)
Exhibit Index on Page 8
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1 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 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>
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CUSIP No. 078 107 109 13D Page 2 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
STEEL PARTNERS II, L.P.
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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*
WC
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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 OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 529,230
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
-0-
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
529,230
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
529,230
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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)
5.5%
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14 TYPE OF REPORTING PERSON*
PN
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<PAGE>
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CUSIP No. 078 107 109 13D Page 3 of 9 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
WARREN LICHTENSTEIN
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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 OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 529,230
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
- 0 -
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
529,230
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
529,230
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 4 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
NEWCASTLE PARTNERS, L.P.
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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*
WC
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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 OR ORGANIZATION
TEXAS
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,900
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
-0-
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,900
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,900
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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)
.15%
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14 TYPE OF REPORTING PERSON*
PN
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<PAGE>
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CUSIP No. 078 107 109 13D Page 5 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
MARK E. SCHWARZ
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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 OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,900
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
- 0 -
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,900
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,900
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.15%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 6 of 9 Pages
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The following constitutes the Amendment No. 9 to the Schedule 13D filed
by the undersigned (the "Amendment No. 9"). Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to such terms in the
Schedule 13D, as previously amended. This Amendment No. 9 amends and supplements
the Schedule 13D as follows:
Item 4. Purpose of Transaction.
Item 4 is hereby amended and supplemented by adding the
following thereto:
As previously reported, the Reporting Persons acquired the
Shares based on the Reporting Persons' belief that the Shares at the
then-current market prices were undervalued and represented an attractive
investment opportunity. In light of the recent dramatic rise in the per share
trading price of the Issuer's common stock, Steel Partners II has decided to
dispose of a portion of its Shares. Depending on market conditions, the
Reporting Persons may dispose of additional Shares.
The Reporting Persons are currently evaluating whether to
continue their efforts with respect to their previously disclosed intention to
commence a proxy solicitation of the shareholders of the Issuer.
Item 5. Interest in Securities of the Issuer.
Item 5 (a) and (c) are hereby amended and restated in its
entirety as follows:
(a) The aggregate percentage of Shares reported owned by each
person named herein is based upon 9,608,315 Shares outstanding, which is the
total number of Shares outstanding as reported in the Issuer's Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 1999.
As of the close of business on December 22, 1999, Steel
Partners II beneficially owns 529,230 Shares, constituting approximately 9.0% of
the Shares outstanding. Mr. Lichtenstein beneficially owns 529,230 shares of
Common Stock, representing approximately 5.5% of the Shares outstanding. Mr.
Lichtenstein has sole voting and dispositive power with respect to the 529,230
Shares owned by Steel Partners II by virtue of his authority to vote and dispose
of such Shares.
As of the close of business on December 22, 1999, Newcastle
beneficially owns 13,900 Shares of Common Stock, constituting approximately .15%
of the shares outstanding. Mr. Schwarz has sole voting and dispositive power
with respect to the 13,900 Shares owned by Newcastle by virtue of his authority
to vote and dispose of such Shares.
(c) Schedule A annexed hereto lists all transactions in the
Issuer's Common Stock in the last sixty days by the Reporting Persons unless
otherwise reported on a prior Schedule 13D.
<PAGE>
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CUSIP No. 078 107 109 13D Page 7 of 9 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 23, 1999 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C. General
Partner
By: /s/ Warren G. Lichtenstein
---------------------------------
Warren G. Lichtenstein
Chief Executive Officer
/s/ Warren G. Lichtenstein
-------------------------------------
WARREN G. LICHTENSTEIN
NEWCASTLE PARTNERS, L.P.
By: /s/ Mark E. Schwarz
---------------------------------
Mark E. Schwarz
General Partner
/s/ Mark E. Schwarz
-------------------------------------
Mark E. Schwarz
<PAGE>
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CUSIP No. 078 107 109 13D Page 8 of 9 Pages
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EXHIBIT INDEX
Exhibit Page
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1. Joint Filing Agreement between Steel Partners II and Warren G.
Lichtenstein (previously filed).
2. Joint Filing Agreement between Steel Partners II, L.P., Warren
Lichtenstein, Sandera Partners, L.P., Newcastle Partners, L.P.
and Mark E. Schwarz (previously filed).
3. Director Nomination Letter from Steel Partners II, L.P.
to Bell Industries, Inc. dated January 8, 1999 (previously filed).
4. Letter to Tracy Edwards, President and Chief Executive Officer
of Bell Industries, Inc. dated October 7, 1999 (previously filed).
5. Preliminary Proxy Statement of Steel Partners II, L.P.
(previously filed).
<PAGE>
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CUSIP No. 078 107 109 13D Page 9 of 9 Pages
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SCHEDULE A
Transactions in the Shares During the Last 60 Days
(Unless Otherwise Reported on a Prior Schedule 13D)
Shares of Common Price Per Date of
Stock (Sold) Share Sale
STEEL PARTNERS, L.P.
(547,200) 6.37 12/20/99
(256,880) 5.76 12/21/99
(338,400) 6.19 12/22/99
