<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 3
KELLSTROM INDUSTRIES, INC.
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(Name of Issuer)
COMMON STOCK, $5.00 PAR VALUE
-----------------------------
(Title of Class of Securities)
465140-10-1
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(CUSIP Number)
Jeffrey E. Schwarz
Metropolitan Capital Advisors, Inc.
660 Madison Avenue, 20th Floor
New York, NY 10021
(212) 486-8100
-with copies to-
Joseph F. Mazzella, Esq.
Lane Altman & Owens LLP
101 Federal Street
Boston, Massachusetts 02110
(617) 345-9800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
FEBRUARY 17, 1998
-----------------
(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 [ ].
Check the following box if a fee is being paid with the statement. (A fee is not
required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.) [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13-d(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 ("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).
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SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 2 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Bedford Falls Investors, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* WC, 00
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5 Check Box if Disclosure of Legal Proceeding 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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Number of 7 Sole Voting Power 290,740
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 0
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 290,740
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 290,740
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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) 3.69%
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14 Type of Reporting Person* PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 3 OF 10 PAGES
-------------------------- ----- ------
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital Advisors, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding 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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Number of 7 Sole Voting Power 4,375
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 290,740
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 4,375
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 290,740
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 295,115
*Includes 290,740 as General Partner of Bedford Falls Investors, L.P.
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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) 3.75%
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14 Type of Reporting Person* PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 4 OF 10 PAGES
-------------------------- ----- ------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital Advisors, Inc.
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding 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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Number of 7 Sole Voting Power 0
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 295,115
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 295,115
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 295,115*
*As General Partner of Metropolitan Capital Advisors, L.P.
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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) 3.75%
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14 Type of Reporting Person* CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 5 OF 10 PAGES
-------------------------- ----- ------
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital Partners II, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* 00
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5 Check Box if Disclosure of Legal Proceeding 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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Number of 7 Sole Voting Power 28,918
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 0
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 28,918
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 28,918*
*As Investment Advisor to Managed Accounts
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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) 0.3%
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14 Type of Reporting Person* PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 6 OF 10 PAGES
-------------------------- ----- ------
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person KJ Advisors, Inc.
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding 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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Number of 7 Sole Voting Power 0
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 28,918
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 28,918
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 28,918*
*As General Partner of Metropolitan Capital Partners II, L.P.
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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) 0.3%
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14 Type of Reporting Person* CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 7
SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 7 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person Jeffrey Schwarz
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to
Items 2(d) or 2(e) |_|
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6 Citizenship or Place of Organization U.S.A.
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Number of 7 Sole Voting Power 0
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 357,283
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 357,283
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 357,283
-------------------------------------------------------------------------------
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) 4.53%
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14 Type of Reporting Person* IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 8
SCHEDULE 13D
CUSIP NO. 465140-10-1 PAGE 8 OF 10 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person Karen Finerman
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to
Items 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization U.S.A.
- --------------------------------------------------------------------------------
Number of 7 Sole Voting Power 0
Shares --------------------------------------------------
Beneficially 8 Shared Voting Power 357,283
Owned by --------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting --------------------------------------------------
Person With 10 Shared Dispositive Power 357,283
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person 357,283
-------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 4.53%
- --------------------------------------------------------------------------------
14 Type of Reporting Person* IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 9
CUSIP NO. 465140-10-1 PAGE 9 OF 10
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THIS AMENDMENT NO. 3 AMENDS THE SCHEDULE 13D ORIGINALLY FILED WITH THE
COMMISSION ON JULY 3, 1995, AS AMENDED JANUARY 10, 1996 AND JANUARY 15, 1997
JOINTLY ON BEHALF OF BEDFORD FALLS INVESTORS, L.P. AND CERTAIN OTHER REPORTING
PERSONS.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As a result of an increase in the number of outstanding shares of Common
Stock of the Issuer, the percentage of outstanding shares beneficially owned by
each Reporting Person has fallen below 5%. The percentage of outstanding shares
beneficially owned by each Reporting Person has been computed based upon
7,878,774 shares outstanding as reported in the Issuer's Form 10-Q for September
30, 1997. Unless the Reporting Persons acquire additional shares of Common Stock
of the Issuer representing beneficial ownership of 5% or more of the outstanding
shares, the Reporting Persons shall have no further reporting obligations with
respect to this Schedule 13D.
<PAGE> 10
CUSIP NO. 465140-10-1 PAGE 10 OF 10
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After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
This statement may be executed in multiple counterparts, each of which shall be
deemed an original and all of which shall constitute one (1) instrument.
BEDFORD FALLS INVESTORS, L.P.
By: Metropolitan Capital Advisors, L.P.
Its Sole General Partner
By: Metropolitan Capital Advisors, Inc.
Its Sole General Partner
By: /s/ Karen Finerman
------------------------------------------
Karen Finerman, President
METROPOLITAN CAPITAL ADVISORS, L.P.
By: Metropolitan Capital Advisors, Inc.
Its Sole General Partner
By: /s/ Karen Finerman
------------------------------------------
Karen Finerman, President
METROPOLITAN CAPITAL ADVISORS, INC.
By: /s/ Karen Finerman
------------------------------------------
Karen Finerman, President
METROPOLITAN CAPITAL PARTNERS II, L.P.
By: KJ Advisors, Inc.
Its Sole General Partner
By: /s/ Jeffrey Schwarz
------------------------------------------
Jeffrey Schwarz
Chief Executive Officer
KJ Advisors, Inc.
By: /s/ Jeffrey Schwarz
------------------------------------------
Jeffrey Schwarz, Chief Executive Officer
/s/ Jeffrey Schwarz
------------------------------------------
Jeffrey Schwarz
/s/ Karen Finerman
-----------------------------------------
Karen Finerman
Dated as of: February 24, 1998
