SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
MARINE MANAGEMENT SYSTEMS, INC.
(Name of Issuer)
COMMON STOCK, $0.002 par value
(Title of Class of Securities)
568278105
(CUSIP Number)
April 8, 1998
(Date of Event Which Requires Filing of This Schedule)
Check the following box to designate the rule pursuant to which this Schedule is
filed:
|X| RULE 13d-1(b)
|_| RULE 13d-1(c)
|_| RULE 13d-1(d)
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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).
Page 1 of 7 Pages
<PAGE>
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CUSIP No. 568278105 13G Page 2 of 7 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WECHSLER & CO., 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. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 5. SOLE VOTING POWER
SHARES 700,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH Not Applicable
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 700,000
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
Not Applicable
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
700,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.83%
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12. TYPE OF REPORTING PERSON*
BD
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 7 Pages
<PAGE>
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CUSIP No. 568278105 13G Page 3 of 7 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NORMAN J. WECHSLER
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 700,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH Not Applicable
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 700,000
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
Not Applicable
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
700,000
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.83%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 7 Pages
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Item 1(a). Name of Issuer:
MARINE MANAGEMENT SYSTEMS, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
470 West Avenue
Stamford, CT 06902
Item 2(a). Name of Person Filing:
This Schedule 13G is filed on behalf of (i) Wechsler & Co.,
Inc. and (ii) Norman J. Wechsler (each a "Reporting Person"
and collectively, the "Reporting Persons").
Item 2(b). Address of Principal Business Office, or if None, Residence:
1520 South Bedford Road
Suite 310
Mount Kisco, NY 10549
Item 2(c). Citizenship:
Wechsler & Co., Inc. is a New York corporation and Norman J.
Wechsler is a United States citizen.
Item 2(d). Title of Class of Securities:
Senior Convertible Note (with voting rights) convertible
into Common Stock of Issuer
Item 2(e). CUSIP Number:
568278105
Item 3. Type of Reporting Person:
(a) Wechsler & Co., Inc. is a Broker-Dealer registered under
Section 15 of the Securities Exchange Act of 1934, Norman J.
Wechsler is the majority stockholder, Chairman of the Board
and President of Wechsler & Co., Inc. and, accordingly, is
considered the beneficial owner of securities beneficially
owned by Wechsler & Co., Inc. Mr. Wechsler's beneficial
ownership of the Issuer's Common Stock does not exceed 1% of
such class of securities, exclusive of the Common Stock of
the Issuer beneficially owned by Wechsler & Co., Inc. All of
the equity securities of the Issuer beneficially owned by
the Reporting Persons were acquired in the ordinary course
of business and
Page 4 of 7 Pages
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not with the purpose nor with the effect of changing or
influencing the control of the Issuer, nor in connection
with or as a participant in any transaction having such
effect (including any transaction subject to Rule 13d-3(b)
promulgated under the Securities Exchange Act of 1934.)
(b) - (h): Not Applicable
Item 4. Ownership.
(a) Amount Beneficially Owned:
Wechsler & Co., Inc. is the beneficial holder of a Senior
Convertible Note, dated April 8, 1998, in the aggregate
principal amount of $700,000 and bearing simple interest
payable at maturity (the "Note"), which Note is convertible
into shares of Common Stock at a conversion price of $1.00
per share, subject to adjustment in certain circumstances.
Mr. Wechsler is deemed the beneficial owner of such shares
by reason of his relationship with Wechsler & Co., Inc.
(b) Percent of class:
15.83%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
700,000
(ii) Shared power to vote or to direct the vote:
Not Applicable
(iii) Sole power to dispose or to direct the disposition of:
700,000
(iv) Shared power to dispose or to direct the disposition
of:
Not Applicable
Page 5 of 7 Pages
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Items 5-9. Not Applicable
Item 10. By signing below each of the undersigned certifies that, to the best
of its knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not acquired for
the purpose and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the
information set forth in this statement is true, complete and correct.
Date: April 21, 1998
WECHSLER & CO., INC.
/s/ Norman J. Wechsler
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Norman J. Wechsler, President
/s/ Norman J. Wechsler
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NORMAN J. WECHSLER
Page 6 of 7 Pages
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The undersigned hereby agree, pursuant to Rule 13-d-1(k)(1) to file a joint
statement on Schedule 13G and amendments thereto pertaining to their shares of
Common Stock of Marine Management Systems, Inc.
This agreement may be terminated for any reason by any party hereto
immediately upon the personal delivery or facsimile transmission of notice to
that effect to the other party hereto.
Date: April 21, 1998
/s/ Norman J. Wechsler
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Norman J. Wechsler
WECHSLER & CO., INC.
/s/ Norman J. Wechsler
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Norman J. Wechsler,
President
Page 7 of 7 Pages
