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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. 1)*
Elantec Semiconductor, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
284155 10 8
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(CUSIP Number)
Andrew Kessler
c/o Velocity Capital Management LLC
261 Hamilton Avenue, Suite 212
Palo Alto, CA 94301
(650) 321-0880
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
May 1, 2000 - June 12, 2000
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(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 (S)240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See (S)240.13d-7(b) 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 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).
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PAGE 2 OF 8 PAGES
SCHEDULE 13D
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CUSIP NO. 284155 10 8
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NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Velocity Capital Management LLC
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS (See Instructions)
4
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
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SOLE VOTING POWER
7
NUMBER OF
900,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY -0-
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EACH SOLE DISPOSITIVE POWER
9
REPORTING
900,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
900,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.6%
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TYPE OF REPORTING PERSON (See Instructions)
14
IA
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PAGE 3 OF 8 PAGES
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CUSIP NO. 284155 10 8
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NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Velocity Technology and Communications Fund Trust A
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS (See Instructions)
4
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY -0-
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
-0- (A)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
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TYPE OF REPORTING PERSON (See Instructions)
14
OO
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(A) Excludes an aggregate of 900,000 shares owned beneficially by the other
reporting person indicated in this Schedule 13D, as to which this reporting
person disclaims beneficial ownership.
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PAGE 4 OF 8 PAGES
Item 1. Security and Issuer.
Title and class of equity securities: Common Stock of Elantec
Semiconductor, Inc. (the "Issuer").
Name and address of principal executive offices of the Issuer are as
follows:
Elantec Semiconductor, Inc.
675 Trade Zone Boulevard
Milpitas, CA 95035
Item 2. Identity and Background.
Set forth below is the following information with respect to each of the
persons filing this Schedule 13D (together, the "Filing Persons") and, in
addition, each of such person's members or investment advisors, as the case may
be, and, if applicable, the persons controlling such members or directors (such
additional persons, together with the Filing Persons, the "Item 2 Persons"): (a)
name; (b) address of principal offices (if entity) or residence or business
address (if individual); (c) principal business (if entity) or principal
occupation and name, business and address of employer (if individual); (d)
information concerning criminal convictions during the last five years; (e)
information concerning civil or administrative proceedings under state or
federal securities laws during the past five years with respect to any state or
federal securities laws and (f) citizenship (if individual) or jurisdiction of
organization (if entity).
I.
(a) Velocity Capital Management LLC, a California limited liability company
("VCM LLC"). The members of VCM LLC are Andrew Kessler and Fred Kittler.
(b) 261 Hamilton Avenue, Suite 212, Palo Alto, CA 94301.
(c) VCM LLC is an investment advisor.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities laws (1).
(f) California.
II.
(a) Velocity Technology and Communications Fund Trust A ("VTCFA"). VCM LLC is
the investment advisor of VTCFA. Andrew Kessler and Fred Kittler are
members of VCM LLC.
(b) c/o International Fund Services (Ireland), Harcourt Centre, Harcourt
Street, Dublin 2, Ireland.
(c) VTCFA is an investment trust.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities laws (1).
(f) Delaware.
III.
(a) Andrew Kessler ("Kessler").
(b) 261 Hamilton Avenue, Suite 212, Palo Alto, CA 94301.
(c) Andrew Kessler is a member of VCM LLC.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities laws (1).
(f) Citizen of the United States of America.
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PAGE 5 OF 8 PAGES
IV.
(a) Fred Kittler ("Kittler").
(b) 261 Hamilton Avenue, Suite 212, Palo Alto, CA 94301
(c) Fred Kittler is a member of VCM LLC.
(d) No criminal violations (1).
(e) No adverse civil judgments for violations of securities laws (1).
(f) Citizen of the United States of America.
_________
(1) During the last five years, no person listed above has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors), nor
has any such person been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction that resulted in such person
becoming subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Not applicable.
Item 4. Purpose of Transaction.
The purpose of the transaction disclosed herein was to reduce the ownership
by VCM LLC of the Issuer's securities. Before the transactions listed below in
Item 5, VCM LLC owned 1,430,000 shares of common stock of the Issuer, or
approximately 7.3% of the outstanding shares of common stock. After the
transactions listed below in Item 5, VCM LLC owned less than 5% of the common
stock of the Issuer.
None of the Item 2 Persons has any current plans or proposals that relate
to or would result in:
(a) The acquisition by any person of additional securities of the Issuer, or
the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or any of
its subsidiaries;
(d) Any change in the present board of directors or management of the Issuer,
including any plans or proposals to change the number or term of directors
or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend policy of the
Issuer;
(f) Any other material change in the Issuer's business or corporate structure;
(g) Changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-
dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) Any action similar to any of those enumerated above.
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PAGE 6 OF 8 PAGES
Item 5. Interest in Securities of the Issuer.
(a) and (b) This Schedule 13D shall not be construed as an admission that any
Item 2 Person is, either for purposes of Section 13(d) or 13(g) of the Act or
for other purposes, the beneficial owner of any common stock disclosed in this
Schedule 13D. The aggregate number and percentage of the class of securities
identified pursuant to Item 1 of this Schedule 13D that are beneficially owned
by each Item 2 Person are as follows:
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Common Stock Dispositive
Item 2 Person Beneficially Owned % of Class (1) Voting Power Power
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VTCFA (2) -0- 0% None None
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VCM LLC (2) 900,000 4.6% Sole Sole
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Kessler (3) 900,000 4.6% Shared Share
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Kittler (3) 900,000 4.6% Shared Shared
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(1) All percentages in this table are based, pursuant to Rule 13d-1(j) of
the Act, on the 19,545,106 shares of common stock of the Issuer
outstanding as of April 30, 2000, as reported in the Issuer's
Quarterly Report on Form 10-Q for the period ended March 31, 2000.
(2) Although VTCFA is the holder of record of the securities set forth
opposite the name of VCM LLC, VCM LLC, as the investment advisor of
VTCFA, has sole voting and investment power with respect to such
securities. VCM LLC disclaims beneficial ownership of such securities
except to the extent of its pecuniary interest therein.
(3) Under the operating agreement of VCM LLC, Kessler and Kittler have
the power, acting together but not independently, to cause the
entities managed by VCM LLC to buy and sell securities and to direct
the voting of such securities. As a result, Kessler and Kittler may
also be deemed to have shared dispositive power and shared voting
power with respect to the securities held by VTCFA. Kessler and
Kittler disclaim beneficial ownership of such securities except to
the extent of their respective pecuniary interests therein.
(c) The following is a list of all transactions in the Issuer's securities by
the Item 2 Persons effected after April 30, 2000, all of which were open market
sales:
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Seller (1) Trade Date Shares Sold Sale Price per Share
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VTCFA 05/01/00 185,000 $43.355
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VTCFA 05/01/00 30,000 $43.620
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VTCFA 05/01/00 50,000 $43.625
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VTCFA 05/02/00 30,000 $45.583
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VTCFA 05/05/00 35,000 $42.000
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VTCFA 06/05/00 30,000 $44.792
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VTCFA 06/05/00 50,000 $44.164
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VTCFA 06/06/00 20,000 $48.391
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VTCFA 06/08/00 60,000 $58.406
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VTCFA 06/09/00 30,000 $62.479
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VTCFA 06/12/00 10,000 $62.208
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(1) VCM LLC directed the sale of the shares on behalf of VTCFA.
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PAGE 7 OF 8 PAGES
(d) Not applicable.
(e) On June 8, 2000, VCM LLC, Kessler and Kittler each ceased to be the
beneficial owner of more than 5% of the Issuer's common stock.
Item 6. Contract, Arrangements, Etc.
There are no contracts, arrangements, understandings, or relationships
among or between the Item 2 Persons with respect to securities of the Issuer.
Under the terms of the Agreement and Declaration of Trust of VTCFA, VCM
LLC possesses the sole power to manage the investment activities of VTCFA,
including the power to direct the voting and direct the disposition of the
common stock of the Issuer. Under the Operating Agreement of VCM LLC, Kessler
and Kittler (the members of such entity) possess the power to cause VCM LLC to
exercise such voting and dispositive power with respect to the securities of the
Issuer held by VCTFA.
Item 7. Exhibits.
Not applicable.
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PAGE 8 OF 8 PAGES
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: June 29, 2000
VELOCITY CAPITAL MANAGEMENT LLC,
a California Limited Liability Company
By: /s/ Andrew Kessler
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Andrew Kessler, Authorized Signatory
VELOCITY TECHNOLOGY AND
COMMUNICATIONS FUND TRUST A
By: /s/ Andrew Kessler
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Andrew Kessler, Authorized Signatory
