<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
ASCHE TRANSPORTATION SERVICES, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $ .0001
(Title of Class of Securities)
04362T100
(CUSIP Number)
KEVIN C. DOOLEY, ESQ.
SENIOR VICE PRESIDENT AND LEGAL COUNSEL
CHURCHILL CAPITAL, INC.
3100 METROPOLITAN CENTRE
333 SOUTH 7TH STREET
MINNEAPOLIS, MINNESOTA 55402
(612) 673-6708
________________________________________________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 12, 2000
(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. [_]
<PAGE>
13D
CUSIP No. 04362T00 Page 2 of ___ Pages
----------------- ---
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
CHURCHILL ENVIRONMENTAL & INDUSTRIAL EQUITY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) or 2(E) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
6,727,778
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
6,727,778
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
6,727,778
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
53%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13D
CUSIP No. 04362T00 Page 3 of ___ Pages
----------------- ---
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
CHURCHILL CAPITAL ENVIRONMENTAL L.L.C.
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
------------------------------------------------------------------------------
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
DELAWARE
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
6,727,778
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
6,727,778
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
6,727,778
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
53%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13D
CUSIP No. 04362T00 Page 4 of ___ Pages
----------------- ---
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
CHURCHILL CAPITAL, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
------------------------------------------------------------------------------
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
MINNESOTA
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
6,727,778
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
6,727,778
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
6,727,778
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
53%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
------------
This Amendment No. 5 relates to shares of Common Stock, $0.0001 par value
per share ("Common Stock"), of Asche Transportation Services, Inc., a Delaware
------------
corporation (the "Issuer") with principal offices located at 10214 North Mount
------
Vernon Road, Shannon, Illinois 61078, and is being filed jointly by Churchill
Environmental & Industrial Equity Partners, L.P., a Delaware limited partnership
("CEIP"), Churchill Capital Environmental, L.L.C., a Delaware limited liability
----
company ("CCE"), and Churchill Capital, Inc., a Minnesota corporation ("CCI",
--- ---
and together with CEIP and CCE, the "Reporting Persons"). This Amendment No. 5
-----------------
supplements and amends the statement on Schedule 13D originally filed with the
Commission on September 17, 1999, as amended by Amendment No. 1 filed with the
Commission on or about October 6, 1999, Amendment No. 2 filed with the
Commission on May 24, 2000, Amendment No. 3 filed with the Commission on June
20, 2000, and Amendment No. 4 filed with the Commission on July 19, 2000
("Amendment No. 4") (as amended, the "Statement").
--------------- ---------
Item 3. Source and Amount of Funds or Other Consideration
------- -------------------------------------------------
As part of a series of transactions consummated on July 7, 2000, the Issuer
issued the Warrant (as defined below) to CEIP in consideration of a $7,000,000
investment by CEIP in Specialty Transportation Services, Inc. ("STS"), a wholly
---
owned subsidiary of the Issuer. The proceeds of such investment were used as
working capital by STS and to fund an intercompany loan in the amount of
$2,250,000 by STS to the Issuer. The source of the funds invested in STS by
CEIP, a private investment fund, was investment funds provided to CEIP by its
limited partners.
Item 4. Purpose of Transaction
------- ----------------------
As more fully described in Amendment No. 4, on July 7, 2000, CEIP, STS and
the Issuer entered into a Note and Warrant Purchase Agreement (the "Purchase
--------
Agreement") and related documents and agreements, and the transactions
---------
contemplated thereunder were consummated as of such date. Such transactions
included an investment by CEIP in STS in the amount of $7,000,000 in exchange
for (a) a senior subordinated convertible promissory note (the "Note")
----
convertible at any time into at least 70% but no more than 85% of the common
stock of STS and (b) the issuance by the Issuer of a stock purchase warrant (the
"Warrant") to acquire 950,000 shares of Common Stock. The Purchase Agreement,
-------
the Note, the Warrant and other documents relating to the July 7, 2000
transaction were discussed in further detail in and attached as Exhibits to
Amendment No. 4.
<PAGE>
On December 12, 2000, CEIP exercised the Warrant and purchased 950,000
shares of Common Stock from the Issuer for $0.01 per share, for an aggregate
purchase price of $9,500. As a result of its exercise of the Warrant, CEIP now
holds approximately 53% of the issued and outstanding Common Stock.
On December 20, 2000, CEIP converted the Note into STS equity pursuant to
the terms thereof and consequently 14,164,454 shares of common stock were issued
by STS to CEIP. Such shares represent approximately 75.89% of the issued and
outstanding shares of common stock of STS.
Item 5. Interest in Securities of the Issuer
------- ------------------------------------
As of the date of filing of this Amendment No. 5, the Reporting Persons
directly own 6,727,778 shares of Common Stock, representing approximately 53% of
the outstanding shares of Common Stock on a fully diluted basis.
Neither the filing of this Statement nor any of its contents shall be
deemed to constitute an admission that the Reporting Persons (or any of them)
are the beneficial owners of any shares of Common Stock referred to herein for
purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or
for any other purpose, and such beneficial ownership is expressly disclaimed.
2
<PAGE>
EXHIBIT INDEX
-------------
Exhibit 7.1. Exercise Agreement dated December 12, 2000, effecting CEIP's
------------
exercise of the Warrant.
3
<PAGE>
PAGE 4
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.
Dated: December 21, 2000
CHURCHILL ENVIRONMENTAL & INDUSTRIAL
EQUITY PARTNERS, L.P., a Delaware
limited partnership
By Churchill Capital Environmental, L.L.C.,
a Delaware limited liability company
Its General Partner
By Churchill Capital, Inc.
Its Managing Agent
By: /s/ Kevin C. Dooley
------------------------------------
Name: Kevin C. Dooley
Title: Senior Vice President
and Legal Counsel
<PAGE>
PAGE 5
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.
Dated: December 21, 2000
CHURCHILL CAPITAL ENVIRONMENTAL, L.L.C.
By Churchill Capital, Inc.
Its Managing Agent
By: /s/ Kevin C. Dooley
------------------------------------
Name: Kevin C. Dooley
Title: Senior Vice President
and Legal Counsel
<PAGE>
PAGE 6
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.
Dated: December 21, 2000
CHURCHILL CAPITAL, INC.
By: /s/ Kevin C. Dooley
----------------------------------
Name: Kevin C. Dooley
Title: Senior Vice President
and Legal Counsel
