UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
ESC MEDICAL SYSTEMS LTD.
- --------------------------------------------------------------------------------
(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)
July 9, 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 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.
- ----------
(*) 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>
SCHEDULE 13D
CUSIP No. M40868107
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 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 689,000 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
689,000 Shares
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
689,000 Shares
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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)
2.65%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
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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) |_|
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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 OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 870,600 Shares
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
870,600 Shares
--------------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
870,600 Shares
- --------------------------------------------------------------------------------
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)
3.3%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman & Associates LLC
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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*
N/A
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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 OF ORGANIZATION
Turks and Caicos
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7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 870,600 Shares (comprised of shares owned by Edelman
PERSON Value Fund, Ltd.)
WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
870,600 Shares (comprised of shares owned by Edelman
Value Fund, Ltd.)
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
870,600 Shares (comprised of shares owned by Edelman Value Fund, Ltd.)
- --------------------------------------------------------------------------------
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)
3.3%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
A.B. Edelman Mangement Company, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not applicable
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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 OF ORGANIZATION
New York
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7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 689,000 Shares (comprised of shares owned by Edelman
PERSON Value Partners, L.P.)
WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
689,000 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
--------------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
689,000 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)
2.65%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
- --------------------------------------------------------------------------------
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) |_|
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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 ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY --------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 1,559,600 Shares (comprised of shares owned by Edelman
WITH Value Partners, L.P. and shares owned
by Edelman Value Fund, Ltd.)
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,559,600 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
1,559,600 Shares (comprised of shares owned by Edelman Value Partners,
L.P. and shares owned by Edelman Value Fund, Ltd.)
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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)
6.0%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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 ITEM 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 50,000 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
50,000 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
402,200 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)
1.55%
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14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
- --------------------------------------------------------------------------------
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) |_|
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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) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
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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 8 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
- --------------------------------------------------------------------------------
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 9 of 20
<PAGE>
SCHEDULE 13D
CUSIP No. M40868107
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
Page 10 of 20
<PAGE>
This Amendment No. 5 (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, Amendment No. 3 to the
Original Schedule 13D filed on April 16, 1999, and Amendment No. 4 to the
Original Schedule 13D filed on May 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, 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"). In addition to the other amendments contained
herein, this Amendment No. 5 is being filed to add Asher B. Edelman & Associates
LLC as a Reporting Person by virtue of its position as Investment Manager of
Edelman Value Fund, Ltd. Capitalized terms herein which are not otherwise
defined herein shall have the meanings ascribed to such terms in the Original
Schedule 13D.
Item 2. Identity and Background
Item 2 is hereby amended and restated to read as follows:
(a) This Statement is filed as a joint statement pursuant to Rule
13d-1(k) promulgated under the Securities Exchange Act of 1934 (the "Exchange
Act") by (i) Edelman Value Partners, L.P., a Delaware limited partnership
("Edelman Value Partners"), with respect to the shares owned by it, (ii) Edelman
Value Fund, Ltd., a British Virgin Islands corporation ("Edelman Value Fund"),
with respect to the shares owned by it, (iii) A.B. Edelman Management Company,
Inc., a New York corporation ("Edelman Management"), as the sole general partner
of Edelman Value Partners, with respect to the shares owned by Edelman Value
Partners, (iv) Asher B. Edelman & Associates LLC, a Turks and Caicos limited
liability company ("Edelman Associates"), as Investment Manager for Edelman
Value Fund, with respect to the Shares owned by Edelman Value Fund, (v) Asher B.
Edelman, as Investment Manager for Edelman Value Fund and as president and sole
Director of Edelman Management (Asher B. Edelman, Edelman Value Partners,
Edelman Value Fund, Edelman Associates and Edelman Management are hereinafter
collectively referred to as the "Edelman Entities"), (vi) Kamikaze Trading LLC,
a Virginia limited liability company ("Kamikaze"), with respect to the shares
owned by it, (vii) Amalgamated Sludge LLC, a Nevada limited liability company
("Amalgamated"), with respect to the shares owned by it, (viii) Cordell
Consultants, Inc. (VA) Money Purchase Plan, a Virginia corporation ("Cordell"),
with respect to the shares owned by it and (ix) Robin Rodriguez with respect to
the shares owned by him and as Managing Member of Kamikaze, Managing Member of
Amalgamated and President of Cordell (Robin Rodriguez, Kamikaze, Amalgamated and
Cordell are hereinafter collectively referred to as the "Rodriguez Entities";
the Edelman Entities and the Rodriguez Entities are hereinafter collectively
referred to as the "Reporting Persons").
The Edelman Entities and the Rodriguez Entities are making this
joint filing as a "group" under Section 13(d)(3) of the Exchange Act, in light
of their oral agreement with respect to their respective investments in the
Company described in Item 4 to the Original Schedule 13D.
Page 11 of 20
<PAGE>
The sole general partner of Edelman Value Partners is Edelman
Management. The directors of Edelman Value Fund are Didier M.M. Ruffat and Jean
de Menton. The Investment Manager of Edelman Value Fund is Edelman Associates.
The members of Edelman Associates are Asher B. Edelman, Irving Garfinkel, Gerald
N. Agranoff, Scott G. Kasen and Stephen McAllister. Mr. Edelman is the sole
director and President of Edelman Management. Mr. Garfinkel is the Secretary and
Treasurer of Edelman Management; Mr. Agranoff is the Vice-President of Edelman
Management.
The Managing Member of Kamikaze is Robin Rodriguez. The Managing
Member of Amalgamated is Robin Rodriguez. The President and sole director of
Cordell is Robin Rodriguez.
(b) The address of the principal business and principal office of
each of Edelman Management, Edelman Value Partners, Scott G. Kasen, Irving
Garfinkel and Gerald N. Agranoff is 717 Fifth Avenue, New York, New York 10022.
The principal business address of Edelman Associates is c/o AMS Trust
(Luxembourg) S.A., 595 Rue du Neudorf, L-2220, Luxembourg, Luxembourg. The
principal business address of Edelman Value Fund is the Creque Building, P.O.
Box 116, Road Town, Tortola, B.V.I. Asher B. Edelman maintains business offices
in conjunction with the foregoing entities. The principal business address of
Stephen McAllister is 19 Rue da la Croix d'Or - 1204, Geneva, Switzerland.
The address of the principal business and principal office of each
of Kamikaze, Amalgamated and Cordell is 5540 Laurel Ridge Road, Ruckersville,
Virginia 22968. The address of the principal business and principal office of
Robin Rodriguez is 675 Berkmar Court, Charlottesville, Virginia 22901.
(c) The principal business of Edelman Value Partners is that of an
investment partnership. The principal business of Edelman Value Fund is that of
an investment fund. The principal business of Edelman Management is that of an
investment manager. The principal business of Edelman Associates is that of an
investment manager. Mr. Edelman is principally in the business of investing for
profit in securities and various other assets, including through various
investment partnerships and other entities. Mr. Edelman also serves on the Board
of Directors of several corporations and acts as the indirect General Partner of
Edelman Securities, a registered broker-dealer.
Mr. Garfinkel is principally employed as a member of Edelman
Associates.
Mr. Agranoff is principally employed as a member of Edelman
Associates.
Mr. Kasen is principally employed as a member of Edelman Associates.
Mr. McAllister is principally employed as a member of Edelman
Associates.
The principal business of Kamikaze, Amalgamated and Cordell is
investing for profit in securities and various other assets. Mr. Rodriguez is
principally in the business of investing for profit, including as an executive
officer, director or member of Kamikaze, Amalgamated and Cordell.
(d) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
Page 12 of 20
<PAGE>
(e) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was or is subject to a
judgment, decrees 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 thereto.
(f) Each of Asher B. Edelman, Robin Rodriguez, Scott G. Kasen,
Stephen McAllister, Irving Garfinkel, and Gerald B. Agranoff is a citizen of the
United States. Each of Didier M.M. Ruffat and Jean de Menton are French
citizens.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended as follows:
The aggregate amount of funds used by Edelman Value Partners to purchase
Shares since the date of Amendment No. 4 to the Original Schedule 13D was
$528,875. The source of funds used by Edelman Value Partners to purchase such
Shares was working capital.
On April 30, 1999, Edelman Value Fund purchased 10,000 Shares for an aggregate
amount of $64,675.(1) On May 31,1999, Edelman Value Fund purchased 1,000 Shares
for an aggregate amount of $6,290. On June 30, 1999, Edelman Value Fund
purchased 12,700 Shares for an aggregate amount of $80,035. The source of funds
used by Edelman Value Fund to purchase such Shares was working capital.
On May 25, 1999, Cordell purchased 5,000 Shares for an aggregate amount of
$29,092. The source of funds used by Cordell to purchase such Shares was working
capital.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
On June 23, 1999, Arie Genger and Barnard Gottstein and the Company
reached a compromise with respect to the election of directors of the Company
pursuant to which, among other things, six new nominees identified by Messrs.
Genger and Gottstein were elected to the Company's Board. The Reporting Persons
favored the reconstitution of the Board in such a manner.
The Reporting Persons intend to continue to closely monitor developments
at the Company and may at any time and from time to time, acquire additional
Shares and/or dispose of Shares (in each case, subject to availability at prices
deemed favorable) in the open market, in privately negotiated transactions or
otherwise. The Reporting Persons further intend to periodically evaluate various
fators which the Reporting Persons deem relevant to their
- ----------
(1) This information corrects information contained in Item 3 to Amendment No. 4
which reported that Edelman Value Fund had purchased an aggregate of 10,000
Shares on April 30, 1999 when in fact it had purchased an aggregate of 20,000
Shares on such date.
Page 13 of 20
<PAGE>
investment in the Company, and, in connection therewith, the Reporting Persons
reserve the right to take any actions which could relate to, or result in, any
of the matters referred to in paragraphs (b) through (j) of Item 4 of Schedule
13D. Furthermore, the Reporting Persons intend to continue to identify and
contact potential future buyers for the Company (with whom the Reporting Persons
may or may not join) and to bring interested parties to the attention of the
Company. Any change in the plans or proposals of the Reporting Persons would be
reported promptly in accordance with the provisions of the Exchange Act and the
rules promulgated thereunder.
Item 5. Interest in Securities of the Issuer.
(a) Item 5(a) is hereby amended and restated to read as follows:
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 July 12, 1999:
(i) Edelman Value Partners owns 689,000 Shares which
constitute approximately 2.65% 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 689,000 Shares owned by Edelman Value
Partners. Such Shares constitute approximately 2.65% of the Shares of the
Company outstanding;
(iii) Edelman Value Fund owns 870,600 Shares which constitute
approximately 3.3% of the Shares of the Company outstanding;
(iv) Edelman Associates owns no Shares of the Company. As the
Investment Manager of Edelman Value Fund, Edelman Associates may be
deemed, by the provisions of Rule 13d-3 of the Exchange Act Rules, to be
the beneficial owner of the 870,600 Shares owned by Edelman Value Fund.
Such Shares constitute approximately 3.3% of the Shares of the Company
outstanding.
(v) 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 Member of Edelman
Associates, which is 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 689,000 Shares of the
Company owned by Edelman Value Partners and the 870,600 Shares of the
Company owned by Edelman Value Fund. Such Shares, in the aggregate,
constitute approximately 6.0% of the Shares of the Company outstanding;
(vi) Cordell owns 39,600 Shares of the Company which
constitute approximately 0.15% of the Shares of the Company outstanding;
Page 14 of 20
<PAGE>
(vii) Kamikaze owns 157,950 Shares of the Company which
constitute approximately 0.61% of the Shares of the Company outstanding;
(viii) Amalgamated owns 154,950 Shares of the Company which
constitute approximately 0.59% of the Shares of the Company outstanding;
(ix) Robin Rodriguez owns 50,000 Shares of the Company
(including 17,300 Shares held by Mr. Rodriguez's wife) which constitute
approximately 0.19% 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 1.55% of the
Shares of the Company outstanding.
(b) Item 5(b) is hereby amended to delete the second paragraph
thereof in its entirety and replace it as follows:
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
Managing Member of Edelman Associates, which is the Investment Manager of
Edelman Value Fund.
(c) Item 5(c) is hereby amended as follows:
Set forth below is a description of all transactions in Shares of
the Company that were effected by any of the Reporting Persons since the date of
Amendment No. 4 to the Original Schedule 13D (and a transaction on April 30,
1999 which was inadvertently omitted from Amendment No. 4). All such
transactions were effected on the open market.
Number Price
Entity Purchase/Sale Date Of Shares per Share
------ ------------- ---- --------- ---------
Edelman Value Fund P 4/30/99 10,000 $6.4675
Cordell S 5/26/99 5,000 $5.996
Cordell P 5/26/99 5,000 $5.8175
Edelman Value Partners P 5/28/99 10,000 $6.03
Edelman Value Partners P 5/28/99 30,000 $6.206
Edelman Value Fund P 5/31/99 1,000 $6.29
Edelman Value Partners P 6/2/99 5,000 $5.805
Edelman Value Partners P 6/3/99 10,000 $5.905
Edelman Value Partners P 6/4/99 10,000 $5.8425
Edelman Value Partners P 6/9/99 10,000 $5.8425
Edelman Value Partners P 6/11/99 2,500 $5.78
Edelman Value Partners S 6/24/99 5,000 $6.77227
Edelman Value Fund S 6/24/99 2,000 $6.8973
Edelman Value Partners P 6/30/99 10,000 $6.302
(d) Not applicable.
(e) Not applicable.
Page 15 of 20
<PAGE>
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended 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 5: Agreement by Asher B. Edelman & Associates LLC to be
Bound by Provisions of Joint Filing Agreement and Power
of Attorney.
Page 16 of 20
<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: July 16, 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., Asher B. Edelman &
Associates LLC, Robin Rodriguez, Kamikaze
Trading LLC, Amalgamated Sludge LLC and
Cordell Consultants, Inc. (VA) Money
Purchase Plan
Page 17 of 20
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 18 of 20
<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 19 of 20
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
EDELMAN VALUE PARTNERS, L.P.
By: A.B. EDELMAN MANAGEMENT CORDELL CONSULTANTS, INC. (VA)
COMPANY, INC., a New York MONEY PURCHASE PLAN, a Virginia
corporation corporation
By: /s/ Asher B. Edelman By: /s/ Robin Rodriguez
----------------------------------- --------------------------------
Asher B. Edelman, President Robin Rodriguez, President
Page 20 of 20
EXHIBIT 5
AGREEMENT TO BE BOUND BY
JOINT FILING AGREEMENT
AND POWER OF ATTORNEY
The undersigned, ASHER B. EDELMAN & ASSOCIATES LLC, hereby agrees to be bound,
as though an original signatory, by the provisions of the Agreement Regarding
Joint Filing Under Section 13(d) of the Exchange Act entered into among 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
(collectively, the "Initial Reporting Persons") and the Power of Attorney in
favor of Scott G. Kasen executed by the Initial Reporting Persons, in each case
in connection with the filing of a statement of beneficial ownership (and
amendments thereto) with respect to ESC Medical Systems, Inc.
Dated: July 16, 1999
ASHER B. EDELMAN & ASSOCIATES LLC
By: /s/ Asher B. Edelman
--------------------------------------
Asher B. Edelman, Managing Member
