SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934*
(Amendment No. 1)
Bank Plus Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
064446107
(CUSIP Number)
Jeffrey L. Gendell
200 Park Avenue, Suite 3900, New York, New York 10166 (212) 692-3695
Name, address and telephone number of person
authorized to receive notices and communications)
November 3, 1997
(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 [ ]
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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be filed for purposes 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 13]
<PAGE>
13D
CUSIP No. 064446107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
194,000
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
194,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
194,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.0%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 13]
<PAGE>
13D
CUSIP No. 064446107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Financial Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
878,800
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
878,800
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
878,800
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
4.6%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 13]
<PAGE>
13D
CUSIP No. 064446107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Management, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,072,800
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,072,800
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,072,800
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.6%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
00
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 13]
<PAGE>
13D
CUSIP No. 064446107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Overseas Associates, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
611,600
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
611,600
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
611,600
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
3.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 5 of 13]
<PAGE>
13D
CUSIP No. 064446107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Jeffrey L. Gendell
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,684,400
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,684,400
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,684,400
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
8.7%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 6 of 13]
<PAGE>
The Schedule 13D, initially filed on September 12, 1997 (the "Schedule
13D") by Tontine Partners, L.P., Tontine Financial Partners, L.P., Tontine
Management, L.L.C., Tontine Overseas Associates, L.L.C., and Jeffrey L.
Gendell, relating to the common stock, $.01 par value (the "Common Stock"), of
Bank Plus Corporation (the "Company"), whose principal executive offices are
located at 4565 Colorado Boulevard, Los Angeles, California 90039, is hereby
amended by this Amendment No. 1 to the Schedule 13D as follows.
Item 2. Identity and Background.
Item 2 is hereby amended and restated as follows:
(a) This statement is filed by: (i) Tontine Partners, L.P., a
Delaware limited partnership ("TP")with respect to shares of Common Stock
beneficially owned by it,(ii) Tontine Financial Partners, L.P., a Delaware
limited partnership ("TFP") with respect to shares of Common Stock beneficially
owned by it, (iii) Tontine Management, L.L.C., a limited liability company
organized under the laws of the State of Delaware ("TM"), with respect to the
shares of Common Stock directly owned by TP and TFP, (iv) Tontine Overseas
Associates, Ltd., a limited liability company organized under the laws of the
State of Delaware ("TOA"), which serves as investment manager to Tontine
Overseas Fund, Ltd. ("TOF") and to TFP Overseas Fund, Ltd. ("TFPO"), companies
organized under the laws of the Cayman Islands, with respect to the shares of
Common Stock directly owned by TOF and TFPO, and (v) Jeffrey L. Gendell, with
respect to the shares of Common Stock directly owned by each of TP, TFP, TOF
and TFPO. The foregoing persons are hereinafter sometimes referred to as the
"Reporting Persons." Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making inquiry
to the appropriate party.
(b) The address of the principal business and principal office of TP,
TFP, TM and TOA is 200 Park Avenue, Suite 3900, New York, New York 10166. The
business address of Mr. Gendell is 200 Park Avenue, Suite 3900, New York, New
York 10166.
(c) The principal business of TP is serving as a private investment
limited partnership investing in various industries. The principal business of
TFP is serving as a private investment limited partnership investing primarily
in financial institutions. The principal business of TM is serving as general
partner to TP and TFP. The principal business of TOA is that of an investment
adviser engaging in the purchase and sale of securities on behalf of clients.
Mr. Gendell serves as the Managing Member of TM. Mr. Gendell also serves as
the Managing Member of TOA.
(d) None of the persons referred to in paragraph (a) has, during the
last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the persons referred to in paragraph (a) has, during the
last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and, as a result of such
proceeding, was, or is subject to, a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
[page 7 of 13]
Federal or State securities laws or finding any violation with respect to such
laws.
(f) TP and TFP are limited partnerships organized under the laws
of the State of Delaware. TM and TOA are a limited liability companies
organized under the laws of the State of Delaware. Mr. Gendell is a United
States citizen.
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 is hereby amended and restated as follows:
The net investment cost (including commissions, if any) of the shares of
Common Stock held by TP, TFP, TOF and TFPO is $2,203,287, $10,001,008,
$5,513,898, and $1,609,238, respectively. Mr. Gendell does not own directly
any shares of Common Stock.
The shares of Common Stock held by TP, TFP, TOF and TFPO were purchased
with working capital and on margin.
TP's margin transactions are with Furman Selz LLC, on such firm's
usual terms and conditions. TFP's margin transactions are with Bear Stearns
Securities Corp., on such firm's usual terms and conditions. TOF's margin
transactions are with Furman Selz LLC, on such firm's usual terms and
conditions. TFPO's margin transactions are with Furman Selz, L.L.C., on such
firm's usual terms and conditions. All or part of the shares of Common Stock
held by TP, TFP, TOF or TFPO may from time to time be pledged with one or more
banking institutions or brokerage firms as collateral for loans made by such
bank(s) or brokerage firm(s) to TP, TFP, TOF or TFPO. Such loans bear interest
at a rate based upon the broker's call rate from time to time in effect. Such
indebtedness may be refinanced with other banks or broker-dealers.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated as follows:
A. Tontine Partners, L.P.
(a) Aggregate number of shares beneficially owned: 194,000
Percentage: 1.0% The percentages used herein and in
the rest of Item 5 are calculated based upon the 19,308,340 shares of Common
Stock issued and outstanding as of July 31, 1997, as reflected in the
Company's Form 10Q for the period ending June 30, 1997.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 194,000
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 194,000
(c) Tontine Partners, L.P. did not enter into any transactions in
the Common Stock of the Company since the filing of the Schedule 13D.
(d) Tontine Management, L.L.C., the general partner of TP, has
the power to direct the affairs of TP, including decisions respecting the
disposition of the proceeds from the sale of the shares. Mr. Gendell is the
Managing Member of Tontine Management, L.L.C. and in that capacity directs its
operations.
[page 8 of 13]
(e) Not Applicable.
B. Tontine Financial Partners, L.P.
(a) Aggregate number of shares beneficially owned: 878,800
Percentage: 4.6%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 878,800
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 878,800
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions in the Common Stock since
the filing of the Schedule 13D, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
(d) Tontine Management, L.L.C., the general partner of TFP, has
the power to direct the affairs of TFP, including decisions respecting the
disposition of the proceeds from the sale of the shares. Mr. Gendell is the
Managing Member of Tontine Management, L.L.C. and in that capacity directs its
operations.
(e) Not Applicable.
C. Tontine Management, L.L.C.
(a) Aggregate number of shares beneficially owned: 1,072,800
Percentage: 5.6%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,072,800
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
1,072,800
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions on behalf of TFP in the
Common Stock since the filing of the Schedule 13D, which were all in the open
market, are set forth in Schedule A and are incorporated by reference.
(d) Mr. Gendell is the Managing Member of Tontine Management,
L.L.C., and has the power to direct the affairs of TP and TFP, including
decisions respecting the disposition of the proceeds from the sale of the
shares with respect to TP and TFP.
(e) Not Applicable.
D. Tontine Overseas Associates, L.L.C.
(a) Aggregate number of shares beneficially owned: 611,600
Percentage: 3.2%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 611,600
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 611,600
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions in the Common Stock on
behalf of clients (including TOF and TFPO) since the filing of the Schedule
13D, which were all in the open market, are set forth in Schedule B and are
incorporated by reference.
(d) Each of the clients of TOA has the power to direct the
receipt of dividends from or the proceeds of sale of such shares.
(e) Not Applicable.
[page 9 of 13]
E. Jeffrey L. Gendell.
(a) Aggregate number of shares beneficially owned: 1,684,400
Percentage: 8.7%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,684,400
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition:
1,684,400
(c) Mr. Gendell did not enter into any transactions in the Common
Stock of the Company since the filing of the Schedule 13D. The trading dates,
number of shares of Common Stock purchased or sold and the price per share for
all transactions in the Common Stock on behalf of TFP, and of TOF and TFPO,
since the filing of the Schedule 13D, which were all in the open market, are
set forth in Schedules A and B, respectively, and are incorporated by
reference.
(d) Not applicable.
(e) Not applicable.
* * * * *
[page 10 of 13]
<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.
DATED: November 6, 1997 /s/ JEFFREY L. GENDELL
Jeffrey L. Gendell, individually, and as
managing member of
Tontine Management, L.L.C.,
general partner of
Tontine Partners, L.P.
& Tontine Financial Partners, L.P.,
and as managing member of
Tontine Overseas Associates, L.L.C.
[page 11 of 13]
<PAGE>
Schedule A
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
9/16/97 2,900 11.16
9/16/97 40,000 11.56
9/18/97 25,000 11.38
9/22/97 15,000 12.13
10/09/97 5,000 13.16
[page 12 of 13]
Schedule B
TONTINE OVERSEAS ASSOCIATES, L.L.C. - MANAGED ACCOUNTS
Price Per Share
Date of Number of Shares (including commissions,
Transaction Client Purchased/(Sold) if any)
09/16/97 TOF 15,000 11.50
09/18/97 TOF 25,000 11.38
10/06/97 TOF 10,000 13.75
10/06/97 TOF 29,100 13.64
10/13/97 TFPO 2,000 13.28
10/16/97 TFPO 3,500 13.81
10/16/97 TFPO 10,000 13.56
10/24/97 TFPO 10,500 13.21
11/03/97 TFPO 75,000 11.98
11/05/97 TFPO 30,000 12.05
[page 13 of 13]
