UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
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)
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
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 17, 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
- ------------------------------
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
--------------------------------------------------------
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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
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Edelman Value Fund, Ltd.
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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 Items
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 852,300 Shares
Person --------------------------------------------------------
With 9 Sole Dispositive Power
--------------------------------------------------------
10 Shared Dispositive Power
852,300 Shares
--------------------------------------------------------
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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.
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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
New York
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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
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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. |_|
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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
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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
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
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of
Shares 35,700 Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 352,500 Shares (comprised of shares owned by Cordell
Person Consultants, Inc. (VA) Money Purchase Plan, Kamikaze
With Trading LLC and Amalgamated Sludge LLC)
--------------------------------------------------------
9 Sole Dispositive Power
35,700 Shares
--------------------------------------------------------
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)
--------------------------------------------------------
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
388,200 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)
1.49%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 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
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
--------------------------------------------------------
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
39,600 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)
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
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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
- --------------------------------------------------------------------------------
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. |_|
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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
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. 1 (the "Amendment") amends the Schedule 13D filed
on March 17, 1999 (the "Original Schedule 13D") 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 was $185,829.13. The source of funds used by Robin Rodriguez 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, borrowed with respect to the Company shares held in such
general accounts or comprising a portion of such collateral.
Page 10 of 17
<PAGE>
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
On March 17, 1999, Mr. Edelman and Scott Kasen, a partner of Mr.
Edelman, met with Shimon Eckhouse, Chairman of the Board of Directors, President
and Chief Executive Officer of the Company, and Mr. Eckhouse's legal counsel, at
Mr. Edelman's New York offices. At the meeting, Mr. Edelman generally indicated
that he believed that the Company had lost credibility in the financial
marketplace, that the various actions being considered by the Company, while
positive, would require significant time before such credibility was restored
and that a financial or strategic buyout of the company would be more
effecatious. Mr. Edelman stated that he believed that current management should
have the opportunity to participate in a financial buyout, but that absent
management's cooperation, a strategic buyout could be pursued. Mr. Edelman and
Mr. Eckhouse discussed Mr. Edelman's concept as well as financial and strategic
buyouts in general. Mr. Eckhouse indicated that he was interested in exploring
and pursuing various possible actions for the Company and that he would be
interested in meeting, and would cooperate with, potential financial buyers for
the Company.
Based on his meeting with Mr. Eckhouse, Mr. Edelman intends to begin
identifying and contacting potential financial 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.
Notwithstanding the foregoing, the Reporting Persons reserve the
right at any time and from time to time to (i) acquire additional Shares
(subject to availability at prices deemed favorable) in the open market, in
privately negotiated transactions or otherwise, (ii) dispose of Shares at prices
deemed favorable in the open market, in privately negotiated transactions or
otherwise, or (iii) act to institute other measures to maximize the value of the
Reporting Persons' Shares and, to the extent consistent therewith, shareholder
value in general, in each case, subject to applicable securities laws, as, if
and when such acquisitions, sales or other actions are determined by the
Reporting Persons, or any of them, to be in their best interests.
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 17, 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
Page 11 of 17
<PAGE>
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 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 personally owns 35,700 Shares of the
Company which constitute approximately 0.14% 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 personally) in the aggregate
constitute approximately 1.49% 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 personally owned by him.
Page 12 of 17
<PAGE>
(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.
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
(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
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 18, 1999
/s/ Scott G. Kasen
--------------------------------------------
Scott G. Kasen, as attorney-in-fact for each
of Asher B. Edelman, Edelman Value Partners,
L.P., Edelman Value Fund, Ltd., A.B. Edelman
Management Company, Inc., Robin Rodriguez,
Kamikaze Trading LLC, Amalgamated Sludge LLC
and Cordell Consultants, Inc. (VA) Money
Purchase Plan
Page 14 of 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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