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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. 6)*
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)
May 16, 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 11 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
10.24%
- ------------------------------------------------------------------------------
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 11 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 11 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 11 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
11.14%
- ------------------------------------------------------------------------------
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 11 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
10.24%
- ------------------------------------------------------------------------------
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. 6 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 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
No change except for the addition of the following:
The aggregate purchase price of all Shares acquired by Cilluffo Associates
since January 3, 1995 and reported in item 5(c) of this Amendment was $2,671,645
(inclusive of brokerage commissions). The funds used by Cilluffo Associates to
purchase such Shares came from working capital funds available for investment.
The aggregate purchase price of all Shares acquired by Zenith since January
3, 1995 and reported in item 5(c) of this Amendment was $213,549 (inclusive of
brokerage commissions). The funds used by Zenith to purchase such Shares came
from working capital funds available for investment.
Item 4. Purpose of Transaction.
----------------------
No change except for the addition of the following:
At the annual meeting of the Company's stockholders on May 11, 1995, a
shareholder proposal (the "Shareholder Proposal"), which was included in the
Company's proxy statement dated March 23, 1995, was presented. The Shareholder
Proposal included a recommendation to the Company's Board of Directors that the
Board retain an independent investment banking firm to evaluate options for
divestment of any or all company assets. According to public reports,
approximately 36% of the shares represented at the stockholder meeting were
voted in favor of the Shareholder Proposal.
The Reporting Persons believe that the sale by the Company of its non-
engineering assets could be in the best interests of the Company and its
stockholders. As a result, the Reporting Persons voted their Shares in favor of
the Shareholder Proposal. The Reporting Persons encourage management to
reconsider its opposition to the Shareholder Proposal.
The Reporting Persons also believe that the Company's current
capitalization may exceed the needs of its engineering business and that, if so,
a special distribution to stockholders may be warranted. The Reporting Persons
encourage management to proceed promptly to determine whether the Company's
current capitalization may exceed such needs and whether such a special
distribution may be warranted.
The Reporting Persons also believe that the by-laws of the Company should
be amended, effective on or before the 1996 annual meeting of stockholders, to
provide for a mandatory retirement age for officers and directors of 67 years.
The Reporting Persons encourage the Company's Board of Directors to amend the
Company's by-laws accordingly. If such an amendment were made, the three
incumbent directors of the Company whose terms expire at the 1996 annual meeting
of stockholders would be required to retire as directors at or before such
meeting.
As a member of the Company's Board of Directors, Mr. Cilluffo routinely
participates in discussions, is consulted and votes on matters that are
presented to or considered by the Company's Board of Directors. These matters
may include sales of assets, extraordinary corporate transactions and changes to
the Company's capitalization, dividend policy, business, corporate structure,
management, certificate of incorporation or by-laws.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) and (b)
Page 7 of 11
<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) 11.14%
Gen. Meyer 1,484,800(2)(5) 10.24%
Cilluffo Associates 1,484,800(2)(5) 10.24%
Zenith 105,800(3)(5) .73%
The Foundation 10,000(4)(5) .07%
</TABLE>
(1) Based on the 14,502,281 Shares outstanding as of January 31, 1995 as
reported in the Company's 10-K for the fiscal year ended December 31,
1994.
(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) Certain information concerning transactions in the Shares effected by
Cilluffo Associates during the past 60 days is set forth on Schedule I hereto.
Certain information concerning transactions in the Shares effected by Zenith
during the past 60 days is set forth in Schedule II hereto. Except as set forth
on Schedules I and II, no transactions in the Shares were effected by any of the
Reporting Persons during the past 60 days.
Page 8 of 11
<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.
May 16, 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 11
<PAGE>
Schedule I
Transactions by Cilluffo Associates
Stone & Webster, Inc.
<TABLE>
<CAPTION>
Trade Date Number of Shares Price Per Share
---------- ---------------- ---------------
<S> <C> <C>
March 17, 1995 1,100 $32.875
March 20, 1995 600 $32.750
March 21, 1995 2,000 $32.750
March 22, 1995 1,500 $32.375
March 24, 1995 500 $32.000
March 24, 1995 1,500 $32.250
March 27, 1995 1,500 $31.750
March 27, 1995 300 $31.625
March 27, 1995 200 $31.750
March 28, 1995 1,500 $31.625
March 30, 1995 1,100 $31.250
March 30, 1995 2,400 $31.250
March 31, 1995 1,000 $31.250
March 31, 1995 1,500 $31.250
April 04, 1995 2,700 $31.250
April 06, 1995 400 $31.375
April 07, 1995 4,200 $31.250
April 10, 1995 5,000 $31.233
April 11, 1995 1,000 $30.875
April 11, 1995 4,000 $30.750
</TABLE>
Page 10 of 11
<PAGE>
Schedule II
Transactions by Zenith
Stone & Webster, Inc.
<TABLE>
<CAPTION>
Number of Price
Trade Date Shares Per Share
---------- --------- ---------
<S> <C> <C>
April 4, 1995 200 $31.375
April 10, 1995 1,000 $31.125
April 12, 1995 3,000 $30.000
</TABLE>
Page 11 of 11
