UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
ESC MEDICAL SYSTEMS LTD.
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(Name of Issuer)
Ordinary Shares, NIS 0.10 par value per Share
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(Title of Class of Securities)
M40868107
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(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
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
March 23, 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.
*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 (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).
<PAGE>
SCHEDULE 13D
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CUSIP No. M40868107
- --------------------------
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Edelman Value Partners, L.P.
- --------------------------------------------------------------------------------
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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7 Sole Voting Power
Number of
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 621,100 Shares
Person --------------------------------------------------------
With 9 Sole Dispositive Power
--------------------------------------------------------
10 Shared Dispositive Power
621,100 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
621,100 Shares
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12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
2.39%
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14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 17
<PAGE>
SCHEDULE 13D
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CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
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
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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
British Virgin Islands
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 852,300 Shares
Person --------------------------------------------------------
With 9 Sole Dispositive Power
--------------------------------------------------------
10 Shared Dispositive Power
852,300 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
852,300 Shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
3.27%
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14 Type of Reporting Person*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 17
<PAGE>
SCHEDULE 13D
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CUSIP No. M40868107
- --------------------------
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
A.B. Edelman Management Company, Inc
- --------------------------------------------------------------------------------
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*
Not applicable
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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
New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 621,100 Shares (comprised of shares owned by Edelman
Person Value Partners, L.P.)
With --------------------------------------------------------
9 Sole Dispositive Power
--------------------------------------------------------
10 Shared Dispositive Power
621,100 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
621,100 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)
2.39%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 17
<PAGE>
SCHEDULE 13D
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CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Asher B. Edelman
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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*
Not Applicable
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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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7 Sole Voting Power
Number of
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 1,473,400 Shares (comprised of shares owned by Edelman
Person Value Partners, L.P. and shares owned by Edelman Value
With Fund, Ltd.)
--------------------------------------------------------
9 Sole Dispositive Power
--------------------------------------------------------
10 Shared Dispositive Power
1,473,400 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
1,473,400 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)
5.66%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 17
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Robin Rodriguez
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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*
PF
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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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7 Sole Voting Power
Number of
Shares 44,700 Shares (includes 9,000 shares owned by
Beneficially Mr. 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
44,700 Shares (includes 9,000 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
397,200 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)
1.53%
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14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 17
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Cordell Consultants, Inc. (VA) Money Purchase Plan
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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%
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14 Type of Reporting Person*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 17
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Kamikaze Trading LLC
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |X|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
Source of Funds*
WC
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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%
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14 Type of Reporting Person*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 17
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
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 Items
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 9 of 17
<PAGE>
This Amendment No. 2 (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, 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 and restated to read as follows:
The aggregate amount of funds used to purchase the Shares held by
Edelman Value Fund was $4,434,806.50. The source of funds used by Edelman Value
Fund to purchase such Shares was working capital.
The aggregate amount of funds used to purchase the Shares held by
Edelman Value Partners was $3,220,236.13. The source of funds used by Edelman
Value Partners to purchase such Shares was working capital.
The aggregate amount of funds used to purchase the Shares held by
Cordell was $201,771.50. The source of funds used by Cordell to purchase such
Shares was working capital.
The aggregate amount of funds used to purchase the Shares held by
Kamikaze was $818,762.13. The source of funds used by Kamikaze to purchase such
Shares was working capital.
The aggregate amount of funds used to purchase the Shares held by
Amalgamated was $794,635.38. The source of funds used by Amalgamated to purchase
such shares was working capital.
The aggregate amount of funds used to purchase the Shares held by
Robin Rodriguez (and his wife) was $249,589.64. The source of funds used by
Robin Rodriguez (and his wife) to purchase such Shares was personal funds.
Each such entity and individual possesses a portfolio containing
securities other than those of the Company which portfolio may, from time to
time, be held in margin accounts at major domestic brokerage firms which may
have debit balances, and which may, from time to time, be subject to security
interests in favor of major domestic or international lending institutions to
secure working capital advances. Since the portfolio securities are comprised of
shares other than those of the Company, it is highly impractical to determine
the amount, if any,
Page 10 of 17
<PAGE>
borrowed with respect to the Company shares held in such general accounts or
comprising a portion of such collateral.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
At a March 17, 1999 meeting between Mr. Edelman and Arie Genger, Mr.
Genger indicated that he intended to propose to the Company four individuals for
appointment to the Company's Board of Directors, and solicited Mr. Edelman's
support with respect to such proposal. In that regard, on March 22, 1999, Mr.
Genger identified to Mr. Edelman Philip Friedman, Professor Zehev Tadmor, S. A.
Spencer and Aharon Dovrat as the individuals whom Mr. Genger intended to propose
for appointment to the Company's Board of Directors. After reviewing the
identity and qualifications of the individuals proposed by Mr. Genger, Mr.
Edelman indicated to Mr. Genger that he believed that the named individuals were
appropriately qualified, and that he supported their appointment to the
Company's Board of Directors.
Notwithstanding Mr. Edelman's support of Mr. Genger's proposal with
respect to the reconstitution of the Company's Board of Directors, none of the
Reporting Persons have acted, or have any intentions to act, as a "group"
pursuant to Section 13(d)(3) of the Exchange Act with Mr. Genger or with any
entity controlled by Mr. Genger, for the purpose of acquiring, holding or
disposing of the Shares of the Company.
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.
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 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 March 22, 1999:
(i) Edelman Value Partners owns 621,100 Shares which
constitute approximately 2.39% 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 621,100 Shares owned by Edelman Value
Partners. Such Shares constitute approximately 2.39% of the Shares of the
Company outstanding;
(iii) Edelman Value Fund owns 852,300 Shares which constitute
approximately 3.27% 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
Page 11 of 17
<PAGE>
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 621,100 Shares of the
Company owned by Edelman Value Partners and the 852,300 Shares of the
Company owned by Edelman Value Fund. Such Shares, in the aggregate,
constitute approximately 5.66% 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 44,700 Shares of the Company
(including 9,000 Shares held by Mr. Rodriguez's wife) which constitute
approximately 0.17% 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 1.53% 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.
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 17
<PAGE>
Number Price
Entity Date Of Shares per Share
------ ---- --------- ---------
Edelman Value Fund 3/1/99 42,000 $5.0938
Edelman Value Partners 3/1/99 29,000 $5.0938
Cordell 3/1/99 29,000 $5.0938
Edelman Value Fund 3/2/99 35,700 $5.0938
Edelman Value Partners 3/2/99 24,700 $5.0938
Cordell 3/2/99 10,600 $5.0938
Robin Rodriguez 3/2/99 14,000 $5.0938
Edelman Value Fund 3/3/99 10,000 $5.1250
Edelman Value Partners 3/3/99 7,000 $5.1250
Robin Rodriguez 3/3/99 7,000 $5.1250
Edelman Value Fund 3/4/99 82,300 $5.3438
Edelman Value Partners 3/4/99 56,900 $5.3438
Robin Rodriguez 3/4/99 14,700 $5.3438
Kamikaze 3/4/99 42,100 $5.3438
Edelman Value Fund 3/9/99 204,300 $5.1250
Edelman Value Partners 3/9/99 141,200 $5.1250
Kamikaze 3/9/99 115,850 $5.1250
Amalgamated 3/9/99 25,250 $5.1250
Edelman Value Fund 3/10/99 168,000 $5.1250
Edelman Value Partners 3/10/99 116,000 $5.1250
Amalgamated 3/10/99 116,000 $5.1250
Edelman Value Fund 3/11/99 300,000 $5.1563
Edelman Value Partners 3/11/99 246,300 $5.1563
Amalgamated 3/11/99 13,700 $5.1563
Edelman Value Fund 3/17/99 10,000 $6.75
Robin Rodriguez 3/17/99 2,000 $6.99
Robin Rodriguez 3/19/99 7,000 $7.11
(d) Not applicable.
(e) Not applicable.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby 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
Page 13 of 17
<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: March 23, 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 17
<PAGE>
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 17
<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 17
<PAGE>
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
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