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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. 7)*
STONE & WEBSTER, INC.
________________________________________________________________________________
(Name of Issuer)
COMMON STOCK, PAR VALUE $1.00
________________________________________________________________________________
(Title of Class of Securities)
86157210
_______________________________________________________________
(CUSIP Number)
Frank J. A. Cilluffo
Cilluffo Associates, L.P.
717 Fifth Avenue, 23rd Floor
New York, New York 10022
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 23, 1995
_______________________________________________________________
(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 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 ("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. 86157210 PAGE 2 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cilluffo Associates, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
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
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,484,800
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,484,800
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,484,800
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
10.30%
- ------------------------------------------------------------------------------
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>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 3 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Zenith Associates, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
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
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 105,800
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
105,800
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
105,800
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.73%
- ------------------------------------------------------------------------------
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>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 4 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank and Irja Cilluffo Foundation, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
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
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 10,000
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
10,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
10,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.07%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
- ------------------------------------------------------------------------------
*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>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 5 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank J. A. Cilluffo
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF/00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
15,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,600,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
15,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,600,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,615,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
11.21%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 6 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
General Edward C. Meyer (Ret.)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,484,800
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,484,800
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,484,800
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
10.30%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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>
AMENDMENT NO. 7 TO SCHEDULE 13D
This amended statement relates to the Common Stock, par value $1.00 per
share (the "Shares"), of Stone & Webster, Inc., a Delaware corporation (the
"Company"). Items 3, 4 and 5 of a statement on Schedule 13D (as previously
amended) filed by Cilluffo Associates, L.P. ("Cilluffo Associates"), Zenith
Associates, L.P. ("Zenith"), Frank and Irja Cilluffo Foundation, Inc. (the
"Foundation"), Frank J. A. Cilluffo and General Edward C. Meyer (Ret.)
(collectively, the "Reporting Persons") are amended as follows:
Item 4. Purpose of Transaction.
----------------------
No change except for the addition of the following:
The Reporting Persons believe that the resolution passed by the Board of
Directors ("Board") on October 18, 1995, in which the Board voted that the
Company "is not evaluating any offers for the Corporation and is not seeking a
sale or merger of the Corporation," is short-sighted. The Reporting Persons
believe the Board has a duty to diligently evaluate any offer that might be
submitted to the Company which would enhance shareholder value. While the
Reporting Persons welcome improvements in the profitability of the Company's
core business, they believe significant improvements in shareholder value are
readily achievable and believe the Board should develop a plan to achieve that
result.
In the ordinary course of their business, the Reporting Persons from time
to time review the performance of their investments and consider possible
strategies for enhancing value. As part of their ongoing review of their
investment in the Shares, the Reporting Persons may explore from time to time a
variety of alternatives, including, without limitation: (a) the acquisition of
additional securities of the Company or the disposition of securities of the
Company in the open market or in privately negotiated transactions; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Company or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the Company or any of its
subsidiaries; (d) a change in the present Board or management of the Company;
(e) any material change in the present capitalization or dividend policy of the
Company; (f) any other material change in the Company's business or corporate
structure; (g) causing a class of securities of the Company to be delisted from
a national securities exchange or to cease to be authorized to be quoted in an
interdealer quotation system of a registered national securities association;
(h) causing a class of equity securities of the Company becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934, as amended; or (i) any action similar to any of those
enumerated above.
The Reporting Persons encourage:
(a) a change in the present Board no later than the next annual meeting,
so that no member of the Board is older than 70 years old;
(b) nominations of Board members who would be willing to diligently
evaluate any offer that might be submitted to the Company which would maximize
shareholder value;
(c) sales by the Company of all its real estate and all non-engineering
businesses;
(d) evaluation by the Board of all bona fide expressions of interests for
a sale or merger of the Company; and
(e) evaluation by the Board of whether the Company's current
capitalization may exceed the needs of its engineering business and whether a
special distribution to shareholders may be warranted.
Except as previously reported in this Schedule 13D, the Reporting Persons
currently have no plans or proposals regarding any of the foregoing matters, and
there is no assurance that the Reporting Persons will develop additional plans
or proposals with respect to any of the foregoing matters. Any alternatives
which the Reporting Persons may pursue will depend upon a variety of factors,
including, without limitation, current and anticipated future trading prices for
the Shares, the availability of Shares for purchase and the demand for Shares by
potential purchasers, ongoing evaluation of the Company's business, management,
financial condition, operations and prospects, the actions of management and the
Board, the relative attractiveness of alternative investment and business
opportunities and general economic, financial market and industry conditions.
The Reporting Persons may continue to communicate with other shareholders
about independent mutual concerns with respect to their desire to have the Board
consider alternatives to maximize shareholder value.
Although the foregoing reflects activities presently contemplated by the
Reporting Persons with respect to the Company, the foregoing is subject to
change at any time, and there can be no assurance that the Reporting Persons
will take any of the actions referred to above.
Mr. Cilluffo, as a director of the Company, has communicated and intends to
continue to communicate with management and other directors in order to
influence the Board to consider all available alternatives to maximize
shareholder value. As a director of the Company, Mr. Cilluffo has the ability
to participate in and potentially influence the formulation, determination and
direction of certain business decisions and policies of the Company.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) and (b)
Page 7 of 9
<PAGE>
<TABLE>
<CAPTION>
Number of Shares Percent of
Reporting Person Beneficially Owned Class (1)
- ------------------- --------------------- ----------
<S> <C> <C>
Mr. Cilluffo 1,615,600(2)(3)(4)(5) 11.21%
Gen. Meyer 1,484,800(2)(5) 10.30%
Cilluffo Associates 1,484,800(2)(5) 10.30%
Zenith 105,800(3)(5) .73%
The Foundation 10,000(4)(5) .07%
</TABLE>
(1) Based on the 14,415,672 Shares outstanding as of July 31, 1995 as
reported in the Company's 10-Q for the fiscal quarter ended June 30,
1995.
(2) 1,484,800 Shares are directly owned by Cilluffo Associates. Mr. Cilluffo
and Gen. Meyer, as managing general partners of Cilluffo Associates, are
deemed to share voting and dispositive power over such Shares.
(3) 105,800 Shares are directly owned by Zenith. Mr. Cilluffo, as managing
general partner of Zenith, is deemed to share voting and dispositive power
over such Shares.
(4) 10,000 Shares are directly owned by the Foundation. Mr. Cilluffo, as
President of the Foundation, is deemed to share voting and dispositive
power over such Shares.
(5) Although each of Cilluffo Associates, Zenith, the Foundation and Mr.
Cilluffo could be deemed, by virtue of Rule 13d-5(b)(1) under the
Securities Exchange Act of 1934, as amended (the "Act"), to be the
beneficial owner of the Shares owned by each of the others, each such party
disclaims such beneficial ownership. To the knowledge of the Reporting
Persons, Ms. Cilluffo is not the beneficial owner of Shares.
(c) No transactions in the Shares were effected by any of the
Reporting Persons during the past 60 days.
Page 8 of 9
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
October 23, 1995
CILLUFFO ASSOCIATES, L.P.
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: Managing General Partner
ZENITH ASSOCIATES, L.P.
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: Managing General Partner
FRANK AND IRJA CILLUFFO FOUNDATION
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: President
/s/ Frank J. A. Cilluffo
----------------------------------
Frank J. A. Cilluffo
/s/ Edward C. Meyer
----------------------------------
General Edward C. Meyer (Ret.)
Page 9 of 9
