SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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(a)
(Amendment No. 4)(1)
ESC MEDICAL SYSTEMS LTD.
- --------------------------------------------------------------------------------
(Name of Issuer)
Ordinary Shares, NIS 0.10 par value per Share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
M40868107
- --------------------------------------------------------------------------------
(CUSIP Number)
Todd J. Emmerman, Esq.
Asher B. Edelman c/o Rosenman & Colin LLP
717 Fifth Avenue 575 Madison Avenue
New York, New York 10022 New York, New York 10022
(212) 371-7711 (212) 940-8873
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 18, 1999
- --------------------------------------------------------------------------------
(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 that 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 |_|.
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
- ----------
(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>
CUSIP No. M40868107 SCHEDULE 13D Page 2 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 606,500 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
606,500 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
606,500 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.33%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 3 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Fund, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 848,900 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
848,900 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
848,900 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.26%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 4 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
A.B. Edelman Management Company, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 606,500 Shares (comprised of shares owned by Edelman
PERSON Value Partners, L.P.)
WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
606,500 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
606,500 Shares (comprised of shares owned by Edelman Value Partners, L.P.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.33%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 5 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,438,600 Shares (comprised of shares owned by Edelman
PERSON Value Partners, L.P. and shares owned
WITH by Edelman Value Fund, Ltd.)
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,438,600 Shares (comprised of shares owned by Edelman
Value Partners, L.P. and shares owned
by Edelman Value Fund, Ltd.)
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,438,600 Shares (comprised of shares owned by Edelman Value Partners,
L.P. and shares owned by Edelman Value Fund, Ltd.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.53%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 6 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robin Rodriguez
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 53,000 Shares (includes 17,300 shares owned by Mr.
BENEFICIALLY Rodriguez's wife)
OWNED BY --------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 352,500 Shares (comprised of shares owned by Cordell
WITH Consultants, Inc. (VA) Money Purchase
Plan, Kamikaze Trading LLC and
Amalgamated Sludge LLC)
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
53,000 Shares (includes 17,300 shares owned by Mr.
Rodriguez's wife)
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
352,500 Shares (comprised of shares owned by Cordell
Consultants, Inc. (VA) Money Purchase
Plan, Kamikaze Trading LLC and
Amalgamated Sludge LLC)
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
405,200 Shares (including shares owned by Cordell Consultants, Inc. (VA)
Money Purchase Plan, Kamikaze Trading LLC and Amalgamated
Sludge LLC)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 7 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Cordell Consultants, Inc. (VA) Money Purchase Plan
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 39,600 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
39,600 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,600 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 8 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Kamikaze Trading LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 157,950 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
157,950 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
157,950 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.61%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. M40868107 SCHEDULE 13D Page 9 of 18 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Amalgamated Sludge LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Nevada
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 154,950 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
154,950 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
154,950 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.59%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 4 (the "Amendment") amends the Schedule 13D filed
on March 17, 1999 (the "Original Schedule 13D") which was amended by Amendment
No. 1 to the Original Schedule 13D filed on March 18, 1999, Amendment No. 2 to
the Original Schedule 13D filed on March 23, 1999 and Amendment No. 3 to the
Original Schedule 13D filed on April 16, 1999, on behalf of (i) Edelman Value
Partners, L.P., a Delaware limited partnership ("Edelman Value Partners"), (ii)
Edelman Value Fund, Ltd., a British Virgin Islands corporation ("Edelman Value
Fund"), (iii) A.B. Edelman Management Company, Inc., a New York corporation
("Edelman Management"), (iv) Asher B. Edelman, (v) Kamikaze Trading LLC, a
Virginia limited liability company ("Kamikaze"), (vi) Amalgamated Sludge LLC, a
Nevada limited liability company ("Amalgamated"), (vii) Cordell Consultants,
Inc. (VA) Money Purchase Plan, a Virginia corporation ("Cordell"), and (viii)
Robin Rodriguez (such entities and individuals are collectively referred to
herein as the "Reporting Persons"), with respect to the Ordinary Shares, par
value NIS 0.10 per share (the "Shares") of ESC Medical Systems Ltd., a company
incorporated in the State of Israel (the "Company"). Capitalized terms herein
which are not otherwise defined herein shall have the meanings ascribed to such
terms in the Original Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended as follows:
On April 30,1999, Edelman Value Fund purchased 10,000 Shares for an
aggregate amount (including commissions) of $64,675. The source of funds used to
by Edelman Value Fund to purchase such Shares was working capital.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
On May 18, 1999, Mr. Edelman sent a letter to Dr. Shimon Eckhouse,
Chairman of the Board of Directors, President and Chief Executive Officer of the
Company, a copy of which is attached hereto as Exhibit 4, notifying Mr.
Eckhouse, among other things, of Mr. Edelman's intentions to vote in favor of
the proposal of Mr. Arie Genger and Mr. Barnard Gottstein to reconstitute the
Board of Directors of the Company at an Extraordinary Meeting of Shareholders
scheduled to be convened on June 2, 1999.
The Reporting Persons continue to reserve the right to take any of the
other actions with respect to their Shares or the Company set forth in the
Original Schedule 13D and any amendments thereto.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated to read as follows:
(a) The aggregate percentage of the outstanding Shares of the
Company reported owned by each Reporting Person is based upon 26,027,000 Shares
of the Company outstanding, based on the weighted average number of Shares
outstanding during the period ended December
Page 10 of 18
<PAGE>
31, 1998, as reported in the Company's financial report press release for the
period ended December 31, 1998.
As of the close of business on May 17, 1999:
(i) Edelman Value Partners owns 606,500 Shares which
constitute approximately 2.33% of the Shares of the Company outstanding;
(ii) Edelman Management owns no Shares of the Company. As sole
General Partner of Edelman Value Partners, Edelman Management may be
deemed, by the provisions of Rule 13d-3 of the Exchange Act Rules, to be
the beneficial owner of the 606,500 Shares owned by Edelman Value
Partners. Such Shares constitute approximately 2.33% of the Shares of the
Company outstanding;
(iii) Edelman Value Fund owns 848,900 Shares which constitute
approximately 3.26% of the Shares of the Company outstanding;
(iv) Asher B. Edelman owns no Shares of the Company. As the
President and sole Director of Edelman Management, which is the sole
General Partner of Edelman Value Partners, and as the Investment Manager
of Edelman Value Fund, Asher B. Edelman may be deemed under the provisions
of Rule 13d-3 of the Exchange Act Rules, to be the beneficial owner of
606,500 Shares of the Company owned by Edelman Value Partners and the
848,900 Shares of the Company owned by Edelman Value Fund. Such Shares, in
the aggregate, constitute approximately 5.53% of the Shares of the Company
outstanding;
(v) Cordell owns 39,600 Shares of the Company which constitute
approximately 0.15% of the Shares of the Company outstanding;
(vi) Kamikaze owns 157,950 Shares of the Company which
constitute approximately 0.61% of the Shares of the Company outstanding;
(vii) Amalgamated owns 154,950 Shares of the Company which
constitute approximately 0.59% of the Shares of the Company outstanding;
(viii) Robin Rodriguez owns 53,000 Shares of the Company
(including 17,300 Shares held by Mr. Rodriguez's wife) which constitute
approximately 0.20% of the Shares of the Company outstanding. In addition,
as the Managing Member of Kamikaze, the Managing Member of Amalgamated and
the President and sole director of Cordell, Robin Rodriguez may be deemed,
by the provisions of Rule 13d-3 of the Exchange Act Rules to be the
beneficial owner of the 157,950 Shares of the Company owned by Kamikaze,
the 154,950 Shares of the Company owned by Amalgamated and the 39,600
Shares of the Company owned by Cordell. Such Shares (including those held
by Mr. Rodriguez) in the aggregate constitute approximately 1.57% of the
Shares of the Company outstanding.
(b) Edelman Value Partners has the sole power to vote and dispose of
the Shares of the Company owned by it, which power is exercisable by Mr.
Edelman, as President and sole Director of Edelman Management, which is the sole
General Partner of Edelman Value Partners.
Edelman Value Fund has the sole power to vote and dispose of the
Shares of the Company owned by it, which power is exercisable by Mr. Edelman, as
Investment Manager.
Page 11 of 18
<PAGE>
Cordell has the sole power to vote and dispose of the Shares of the
Company owned by it, which power is exercisable by Mr. Rodriguez as President.
Kamikaze has the sole power to vote and dispose of the Shares of the
Company owned by it, which power is exercisable by Mr. Rodriguez as Managing
Member.
Amalgamated has the sole power to vote and dispose of the Shares of
the Company owned by it, which power is exercisable by Mr. Rodriguez as Managing
Member.
Mr. Rodriguez has the sole power to vote and dispose of the Shares
of the Company which are owned by him and which are owned by his wife.
(c) Set forth below is a description of all transactions in Shares
of the Company that were effected during the past sixty days by any of the
Reporting Persons. All such transactions were effected on the open market.
Page 12 of 18
<PAGE>
<TABLE>
<CAPTION>
Number Price
Entity Purchase/Sale Date Of Shares per Share
------ ------------- ---- --------- ---------
<S> <C> <C> <C> <C>
Edelman Value Fund P 3/1/99 42,000 $5.0938
Edelman Value Partners P 3/1/99 29,000 $5.0938
Cordell P 3/1/99 29,000 $5.0938
Edelman Value Fund P 3/2/99 35,700 $5.0938
Edelman Value Partners P 3/2/99 24,700 $5.0938
Cordell P 3/2/99 10,600 $5.0938
Robin Rodriguez P 3/2/99 14,000 $5.0938
Edelman Value Fund P 3/3/99 10,000 $5.1250
Edelman Value Partners P 3/3/99 7,000 $5.1250
Robin Rodriguez P 3/3/99 7,000 $5.1250
Edelman Value Fund P 3/4/99 82,300 $5.3438
Edelman Value Partners P 3/4/99 56,900 $5.3438
Robin Rodriguez P 3/4/99 14,700 $5.3438
Kamikaze P 3/4/99 42,100 $5.3438
Edelman Value Fund P 3/9/99 204,300 $5.1250
Edelman Value Partners P 3/9/99 141,200 $5.1250
Kamikaze P 3/9/99 115,850 $5.1250
Amalgamated P 3/9/99 25,250 $5.1250
Edelman Value Fund P 3/10/99 168,000 $5.1250
Edelman Value Partners P 3/10/99 116,000 $5.1250
Amalgamated P 3/10/99 116,000 $5.1250
Edelman Value Fund P 3/11/99 300,000 $5.1563
Edelman Value Partners P 3/11/99 246,300 $5.1563
Amalgamated P 3/11/99 13,700 $5.1563
Edelman Value Fund P 3/17/99 10,000 $6.75
Robin Rodriguez P 3/19/99 1,100 $7.03125
Robin Rodriguez P 3/19/99 5,000 $7.125
Robin Rodriguez P 3/19/99 900 $7.03125
Robin Rodriguez P 3/19/99 2,000 $6.99
Robin Rodriguez P 3/22/99 8,300 $6.75
Edelman Value Fund P 3/31/99 10,000 $6.8125
Edelman Value Partners P 3/31/99 2,000 $6.875
Edelman Value Fund P 4/30/99 10,000 $6.4375
Edelman Value Fund S 5/17/99 23,400 $6.1875
Edelman Value Partners S 5/17/99 16,600 $6.1875
</TABLE>
(d) Not applicable.
(e) Not applicable.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and restated to read as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Exhibit 2: Power of Attorney by the Reporting Persons in favor of
Scott G. Kasen
Exhibit 4: Letter, dated May 18, 1999, from Asher B. Edelman to Dr.
Shimon Eckhouse.
Page 13 of 18
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: May 18, 1999
/s/ Scott G. Kasen
----------------------------------------
Scott G. Kasen, as attorney-in-fact for
each of Asher B. Edelman, Edelman Value
Partners, L.P., Edelman Value Fund,
Ltd., A.B. Edelman Management Company,
Inc., Robin Rodriguez, Kamikaze Trading
LLC, Amalgamated Sludge LLC and Cordell
Consultants, Inc. (VA) Money Purchase
Plan
Page 14 of 18
EXHIBIT 1
AGREEMENT REGARDING JOINT FILING UNDER
SECTION 13(d) OF THE EXCHANGE ACT
FOR VALUE RECEIVED, the undersigned, effective as of March 17, 1999,
hereby agree as follows:
1. Joint Filing Authorization. Each party hereto authorizes ASHER B.
EDELMAN to file on their behalf with the Securities & Exchange Commission (the
"SEC"), all appropriate exchanges and other appropriate parties, as a joint
filing for all of the undersigned parties pursuant to Rule 13d-1(k), a statement
of their beneficial ownership of the Ordinary Shares, par value NIS 0.10 per
share of ESC MEDICAL SYSTEMS, LTD. (the "Company") on Schedule 13D as
promulgated by the SEC, including any pertinent amendments thereto, and
including, where applicable, additions or deletions to the group represented by
the undersigned.
2. Power of Attorney.
(a) Each of Edelman Value Partners, L.P., Edelman Value Fund, Ltd.,
and A.B. Edelman Company, Inc., individually and in its capacity as General
Partner of Edelman Value Partners, L.P., hereby designates and appoints ASHER B.
EDELMAN as their attorney-in-fact, to take all actions and to execute all
documentation in their stead and on their behalf necessary or prudent to
effectuate the joint filings relating to the Company contemplated by this
Agreement, until revoked in writing by the party.
(b) Each of Kamikaze Trading LLC, Amalgamated Sludge LLC and Cordell
Consultants, Inc. (VA) Money Purchase Plan hereby designates and appoints ROBIN
RODRIGUEZ as their attorney-in-fact, to take all actions and to execute all
documentation in their stead and on their behalf necessary or prudent to
effectuate the joint filings relating to the Company contemplated by this
Agreement, until revoked in writing by the party.
3. Binding on Heirs, Representatives, Successors and Assigns. This
Agreement shall be binding upon the undersigned and their respective heirs,
representatives, successors and assigns.
/s/ Asher B. Edelman
---------------------------------------------------
Asher B. Edelman
EDELMAN VALUE PARTNERS, L.P.,
a Delaware limited partnership
By: A.B. Edelman Management Company, Inc., a
New York corporation, General Partner
By: /s/ Asher B. Edelman
-----------------------------------------------
Asher B. Edelman, President
Page 15 of 18
<PAGE>
EDELMAN VALUE FUND, LTD.,
a British Virgin Islands corporation
By: /s/ Asher B. Edelman
-----------------------------------------------
Asher B. Edelman, Investment Manager
A.B. EDELMAN MANAGEMENT COMPANY, INC.,
a New York corporation
By: /s/ Asher B. Edelman
-----------------------------------------------
Asher B. Edelman, President
/s/ Robin Rodriguez
---------------------------------------------------
Robin Rodriguez
KAMIKAZE TRADING LLC,
a Virginia limited liability company
By: /s/ Robin Rodriguez
-----------------------------------------------
Robin Rodriguez, Managing Member
AMALGAMATED SLUDGE LLC ,
a Nevada limited liability company
By: /s/ Robin Rodriguez
-----------------------------------------------
Robin Rodriguez, Managing Member
CORDELL CONSULTANTS, INC. (VA) MONEY
PURCHASE PLAN, a Virginia corporation
By: /s/ Robin Rodriguez
-----------------------------------------------
Robin Rodriguez, President
Page 16 of 18
EXHIBIT 2
POWER OF ATTORNEY
Each of Edelman Value Partners, L.P., Edelman Value Fund, Ltd., A.B.
Edelman Company, Inc., individually and in its capacity as General Partner of
Edelman Value Partners, L.P., Asher B. Edelman, Kamikaze Trading LLC,
Amalgamated Sludge LLC, Cordell Consultants, Inc. (VA) Money Purchase Plan and
Robin Rodriguez hereby designates and appoints SCOTT B. KASEN as their
attorney-in-fact, to take all actions and to execute all documentation in their
stead and on their behalf necessary or prudent to effectuate any amendments to
the Schedule 13D with respect to ESC Medical Systems, Ltd. filed by such
entities and individuals, until revoked in writing by such entity or individual.
This Agreement shall be binding upon the undersigned and their
respective heirs, representatives, successors and assigns.
/s/ Asher B. Edelman /s/ Robin Rodriguez
- ----------------------------------------- ------------------------------------
Asher B. Edelman Robin Rodriguez
EDELMAN VALUE FUND, LTD., a British KAMIKAZE TRADING LLC, a Virginia
Virgin Islands corporation limited liability company
By: /s/ Asher B. Edelman By: /s/ Robin Rodriguez
------------------------------------- --------------------------------
Asher B. Edelman, Investment Manager Robin Rodriguez, Managing Member
A.B. EDELMAN MANAGEMENT AMALGAMATED SLUDGE LLC , a Nevada
COMPANY, INC., a New York corporation limited liability company
By: /s/ Asher B. Edelman By: /s/ Robin Rodriguez
------------------------------------- --------------------------------
Asher B. Edelman, President Robin Rodriguez, Managing Member
CORDELL CONSULTANTS, INC. (VA)
MONEY PURCHASE PLAN, a Virginia
corporation
By: /s/ Robin Rodriguez
--------------------------------
Robin Rodriguez, President
Page 17 of 18
EXHIBIT 4
ASHER B. EDELMAN & ASSOCIATES, LLC
717 FIFTH AVENUE
NEW YORK, NEW YORK 1022
May 18th, 1999
Dr. Shimon Eckhouse
ESC Medical Systems Ltd.
P.O. Box 240
Yokneam 20692, Israel
Via Fax: 011-972-4-959-9070
Dear Dr. Eckhouse:
Having read the results released yesterday, your so called restructuring plan,
and your excuses for failure and deceit, I have voted all of our shares in favor
of the Genger/Gottstein slate.
I sincerely hope that the court grants the shareholders justice and the right to
replace you before you drag the company into disaster.
Sincerely,
/s/ Asher B. Edelman
Asher B. Edelman
cc: Arie Genger
Page 18 of 18
