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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Thermo Tech Technologies, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
88360H101
- --------------------------------------------------------------------------------
(CUSIP Number)
Charles H. Winkler
Citadel Limited Partnership
225 West Washington Street
Suite 900
Chicago, IL 60606
(312) 696-2102
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 18, 1996
- --------------------------------------------------------------------------------
(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.)
*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).
Page 1 of 5 Pages
<PAGE>
SCHEDULE 13D
- -----------------------
CUSIP NO. 88360H101
- -----------------------
- --------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Limited Partnership
FEIN No.: 36-3754834
- --------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
SEC USE ONLY
3
- --------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
AF
- --------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(E) [_]
5
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.
- --------------------------------------------------------------------------------
SOLE VOTING POWER
7 Reporting person has voting and dispositive power
over (i) 8% Convertible Debentures which are
NUMBER OF convertible into 1,119,124 shares of Common Stock,
no par value, as of the date of the filing of this
SHARES statement and (ii) 7,042 shares of Common Stock.
-------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
8
OWNED BY -0-
EACH -------------------------------------------------------------
SOLE DISPOSITIVE POWER
REPORTING 9
See item 7 above.
PERSON
-------------------------------------------------------------
WITH SHARED DISPOSITIVE POWER
10
-0-
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
See item 7 above.
- --------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.80% as of the date of the filing of this statement. (Based on
13 18,282,019 shares of Common Stock issued and outstanding as of
September 4, 1996 plus the shares of Common Stock issuable upon
the conversion of the securities referred to in item 7 above.)
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- --------------------------------------------------------------------------------
*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 2 of 5 Pages
<PAGE>
This is the second amendment to the Schedule 13D previously filed by the
reporting person with respect to the securities of the issuer set forth on the
cover page hereto (such initial filing, together with any prior amendments
thereto, the "Prior Filing"). This amendment is being filed in order to amend
and restate Item 5 in its entirety in connection with sales of the issuer's
common stock by affiliates of the reporting person.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) By reason of its serving as managing general partner of Nelson and
trading manager of Olympus, Citadel may be deemed to be the indirect
beneficial owner of the Convertible Securities, including the shares
of Common Stock into which the Convertible Securities are convertible
and shares of Common Stock held by Nelson and Olympus. As of the date
of the filing of this statement, Nelson and Olympus collectively own
Convertible Securities for which they originally paid $480,000
("Stated Value") and 7,042 shares of Common Stock.
As of any date ("Conversion Date") all or a portion of the Convertible
Securities may be converted into the number of shares of Common Stock
determined by dividing the Stated Value of such securities (plus an
amount equal to 8% interest on the Stated Value of such securities
from the Closing Date) by a conversion price ("Conversion Price"). The
Conversion Price is equal to the lesser of (i) $2.2125 ("Fixed
Conversion Price") and (ii) 85% of the average closing bid price (as
reported by NASDAQ or such other market or exchange as the Common
Stock is then traded) of the Issuer's Common Stock for the five
trading days immediately preceding the Conversion Date ("Floating
Conversion Price").
If the Company's Common Stock is trading at a price less than $2.60,
the Conversion Price will fluctuate depending upon the closing bid
price of the Issuer's Common Stock. As a consequence, the number of
shares of Common Stock into which the Convertible Securities may be
converted, and consequently the number of shares of such securities
which Citadel may be deemed to beneficially own, may fluctuate on a
daily basis based solely on the Common Stock's market price and
without any action taken by Citadel, Nelson or Olympus.
As of the date of the filing of this statement, by virtue of its
status as the managing general partner of Nelson and the trading
manager for Olympus, Citadel may be deemed to be the beneficial owner
of 1,126,166 shares of Common Stock representing 5.80% of the Issuer's
Common Stock (based on (i) 18,282,019 shares of Common Stock issued
and outstanding as set forth in the Issuer's most recently filed 6-K
and (ii) a Conversion Price equal to $.4516).
(b) Citadel has the sole power to vote and the sole power to dispose of
the Convertible Securities, the Common Stock into which the
Convertible Securities are convertible and the Common Stock held by
Nelson and Olympus on behalf of each of Nelson and Olympus.
(c) The following transactions with respect to the Issuer's common stock
have been effected during the 61-day period ending October 18, 1996:
<TABLE>
<CAPTION>
Transaction Date Transacting Party Transaction Quantity Price
- ---------------- ----------------- ----------- -------- -----
<S> <C> <C> <C> <C>
October 18, 1996 Nelson Sell 55,000 $ .47
October 18, 1996 Olympus Sell 45,000 $ .47
October 16, 1996 Nelson Sell 49,000 $ .48
October 16, 1996 Nelson Sell 35,000 $ .48
October 15, 1996 Nelson Sell 37,200 $ .56
October 15, 1996 Olympus Sell 26,600 $ .56
October 14, 1996 Nelson Sell 156,600 $ .63
October 14, 1996 Olympus Sell 76,400 $ .63
October 11, 1996 Nelson Sell 50,000 $ .60
October 11, 1996 Olympus Sell 25,000 $ .60
October 10, 1996 Nelson Sell 178,000 $ .66
October 10, 1996 Olympus Sell 89,000 $ .66
October 9, 1996 Nelson Sell 175,400 $ .50
</TABLE>
Page 3 of 5 Pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
October 9, 1996 Olympus Sell 81,600 $ .50
October 8, 1996 Nelson Sell 60,000 $ .47
October 7, 1996 Nelson Sell 58,500 $ .63
October 7, 1996 Olympus Sell 58,500 $ .63
September 24, 1996 Nelson Sell 50,000 $1.10
</TABLE>
Nelson and Olympus, as the direct beneficial and legal owners of the Convertible
Securities, have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of the Convertible Securities, the
Common Stock into which the Convertible Securities are convertible and the
Common Stock held by them. However, Citadel, as managing general partner of
Nelson and trading manager for Olympus, ultimately has the right to direct such
activities.
Page 4 of 5 Pages
<PAGE>
SIGNATURE
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.
Date: October 28, 1996 Citadel Limited Partnership
By: GLB Partners, L.P.,
its general partner
By: Citadel Investment Group, L.L.C.,
its general partner
By: /s/ Kenneth C. Griffin,
------------------------
its manager
Page 5 of 5 Pages
