UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
ESC MEDICAL SYSTEMS LTD.
- --------------------------------------------------------------------------------
(Name of Issuer)
Ordinary Shares, NIS 0.10 par value per Share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
M40868107
- --------------------------------------------------------------------------------
(CUSIP Number)
Asher B. Edelman Todd J. Emmerman, Esq.
717 Fifth Avenue c/o Rosenman & Colin LLP
New York, New York 10022 575 Madison Avenue
(212) 371-7711 New York, New York 10022
(212) 940-8873
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 16, 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 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
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
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) |_|
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 623,100 Shares
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
623,100 Shares
WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
623,100 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 18
<PAGE>
SCHEDULE 13D
- --------------------------
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
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 862,300 Shares
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
862,300 Shares
WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
862,300 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.31%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 18
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
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) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ---------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
623,100 Shares (comprised of shares owned by
OWNED BY Edelman Value Partners, L.P.)
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
623,100 Shares (comprised of shares owned by
WITH Edelman Value Partners, L.P.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
623,100 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
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 18
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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 ITEMS 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
1,485,400 Shares (comprised of shares owned by Edelman Value
OWNED BY Partners, L.P. and shares owned by Edelman Value Fund, Ltd.)
-----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
1,485,400 Shares (comprised of shares owned by Edelman Value
WITH Partners, L.P. and shares owned by Edelman Value Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,485,400 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)
5.71%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 18
<PAGE>
SCHEDULE 13D
- --------------------------
CUSIP No. M40868107
- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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 ITEMS 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
53,000 Shares (includes 17,300 shares owned by
SHARES Mr. Rodriguez's wife)
-----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 352,500 Shares (comprised of shares owned by Cordell
Consultants, Inc. (VA) Money Purchase Plan, Kamikaze
EACH Trading LLC and Amalgamated Sludge LLC)
-----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 53,000 Shares (includes 17,300 shares owned by
Mr. Rodriguez's wife)
WITH -----------------------------------------------------------------
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 6 of 18
<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) |_|
- --------------------------------------------------------------------------------
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
Virginia
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 39,600 Shares
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
39,600 Shares
WITH
- --------------------------------------------------------------------------------
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 7 of 18
<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
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 157,950 Shares
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
157,950 Shares
WITH
- --------------------------------------------------------------------------------
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 8 of 18
<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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 154,950 Shares
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
154,950 Shares
WITH
- --------------------------------------------------------------------------------
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 18
<PAGE>
This Amendment No. 3 (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 and Amendment No. 2
to the Original Schedule 13D filed on March 23, 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 $4,503,231.50. 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 $2,234,046.13. 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 $305,630.63. 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 18
<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:
On April 16, 1999 Mr. Edelman sent a letter to Dr. Shimon Eckhouse,
Chairman of the Board of Directors, President and Chief Executive Officer of the
Company. In the letter, which is attached hereto as Exhibit 3, Mr. Edelman
proposed a meeting with Dr. Eckhouse to explore the purchase of the Company by
the Reporting Persons. In the letter, Mr. Edelman further stated that, subject
to a negotiated transaction, due diligence and financing arrangements, he
believed that the Reporting Persons would be able to pay a price for the Company
which would both maximize shareholder value and include a premium for
shareholders.
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 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 April 15, 1999:
(i) Edelman Value Partners owns 623,100 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 623,100 Shares
owned by Edelman Value Partners. Such Shares constitute
approximately 2.39% of the Shares of the Company outstanding;
(iii) Edelman Value Fund owns 862,300 Shares which
constitute approximately 3.31% 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 623,100 Shares of the Company owned by
Edelman Value Partners and the 862,300 Shares of the Company owned
by Edelman Value Fund. Such Shares, in the aggregate, constitute
approximately 5.71% of the Shares of the Company outstanding;
Page 11 of 18
<PAGE>
(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.
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>
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 3/19/99 1,100 $7.03125
Robin Rodriguez 3/19/99 5,000 $7.125
Robin Rodriguez 3/19/99 900 $7.03125
Robin Rodriguez 3/19/99 2,000 $6.99
Robin Rodriguez 3/22/99 8,300 $6.75
Edelman Value Fund 3/31/99 10,000 $6.8125
Edelman Value Partners 3/31/99 2,000 $6.875
(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 3: Letter, dated April 16, 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: 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 18
<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 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
<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
Page 17 of 18
<PAGE>
EXHIBIT 3
ASHER B. EDELMAN & ASSOCIATES LLC
717 Fifth Avenue
New York, New York 10022
Tel: (212) 371-7711 Fax: (212) 223-0006
Dr. Shimon Eckhouse
ESC Medical Systems
VIA FAX & EMAIL:
16 April 1999
Dear Dr. Eckhouse:
Upon my arrival in our Geneva Office this morning, I noted with interest your
press release of yesterday. I am, indeed, pleased that the company intends to
attempt to "... provide maximum shareholder value." It is also of great import
that you believe a change of control of ESC Medical should include a payment of
a premium to shareholders.
In that light, I propose that we meet to explore the purchase of ESC Medical by
my group. Subject to a negotiated transaction to include due diligence and
financing arrangements, we believe we would be able to pay a price which will
accommodate your wish to provide maximum value to shareholders and include a
premium for shareholders.
I am available to discuss this proposal with you at your earliest convenience. I
can be reached in my Geneva office today and Monday and starting from next
Tuesday in the Paris office. I hope to hear from you on this matter as soon as
possible.
Sincerely,
/s/ Asher B. Edelman
Asher B. Edelman
Geneva Office: Tel: 41-22-310-1630 Paris Office: Tel: 31-1-40073707
Fax: 41-22-310-1640 Fax: 33-1-40073702
Page 18 of 18
