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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(A)
(AMENDMENT NO. __)(1)
SEQUA CORPORATION
(Name of Issuer)
$5 CUMULATIVE CONVERTIBLE PREFERRED STOCK
(Title of Class of Securities)
817320302
(CUSIP Number)
JAY R. SCHIFFERLI, ESQ.
KELLEY DRYE & WARREN LLP
TWO STAMFORD PLAZA
281 TRESSER BOULEVARD
STAMFORD, CT 06901-3229
(203) 324-1400
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
JULY 8, 1999
(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |X|
Note. Schedules filed in paper format shall include a signed original
and five copies of the Schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
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(1) 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 (the "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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CUSIP No. 817320302 13D Page 2 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Forest Investment Management LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 116,800
EACH
REPORTING
PERSON
WITH
----------- --------------------------------------
8 SHARED VOTING POWER
Zero
----------- --------------------------------------
9 SOLE DISPOSITIVE POWER
116,800
----------- --------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.29%
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14 TYPE OF REPORTING PERSON*
IA
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CUSIP No. 817320302 13D Page 3 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Founders Financial Group, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------- ----------- --------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 116,800
EACH
REPORTING
PERSON
WITH
----------- --------------------------------------
8 SHARED VOTING POWER
Zero
----------- --------------------------------------
9 SOLE DISPOSITIVE POWER
116,800
----------- --------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.29%
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP No. 817320302 13D Page 4 of 8 Pages
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
1 Michael A. Boyd, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 116,800
EACH
REPORTING
PERSON
WITH
----------- --------------------------------------
8 SHARED VOTING POWER
Zero
----------- --------------------------------------
9 SOLE DISPOSITIVE POWER
116,800
----------- --------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,800
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.29%
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14 TYPE OF REPORTING PERSON*
CO
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CUSIP No. 817320302 13D Page 5 of 8 Pages
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
1 Michael A. Boyd
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- -------------
------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
- ------------- ------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 116,800
EACH
REPORTING
PERSON
WITH
----------- --------------------------------------
8 SHARED VOTING POWER
Zero
----------- --------------------------------------
9 SOLE DISPOSITIVE POWER
116,800
----------- --------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,800
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.29%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 817320302 13D Page 6 of 8 Pages
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ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the $5 Cumulative Convertible
Preferred Stock (the "Preferred Stock") of Sequa Corporation ("Sequa"). Sequa's
principal executive office is located at 200 Park Avenue, New York, New York
10166.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by the following persons: (i) Forest
Investment Management LLC, an Investment Advisor registered under the Investment
Advisors Act of 1940, as amended, and a Delaware limited liability company
("Forest"), (ii) Founders Financial Group L.P., a Delaware limited partnership
("Founders"), in its capacity as the owner of a controlling interest in Forest,
(iii) Michael A. Boyd, Inc., a Connecticut corporation ("MAB, Inc."), in its
capacity as the general partner of Founders and (iv) Michael A. Boyd ("Mr.
Boyd"), in his capacity as the sole director and shareholder of MAB, Inc.
(collectively, the "Filing Parties").
(b) The address of the principal business and principal office of each
of the Filing Parties is 53 Forest Avenue, Old Greenwich, Connecticut 06870.
(c) The principal business of Forest is that of an investment manager.
The principal business of Founders is acting as general partner of Forest and
other financial services businesses. The principal business of MAB, Inc. is
acting as general partner of Founders.
(d) None of the Filing Parties has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Filing Parties 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, federal or state securities laws or finding any
violation with respect to such laws.
(f) Mr. Boyd is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of funds used to purchase the shares of Preferred Stock set
forth in the response to Item 5(c) below (the "Shares") was working capital. The
amount of such funds was $645,733.
ITEM 4. PURPOSE OF TRANSACTION.
The Shares were acquired in the ordinary course of business and will be
held for investment purposes. The Filing Parties intend to review their
investment in Sequa on a continuing basis and, depending upon price and
availability of securities of Sequa, subsequent developments affecting Sequa,
Sequa's business and prospects, general stock market and economic conditions,
tax considerations and other factors deemed relevant, may decide to increase or
decrease the size of their investment in Sequa.
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CUSIP No. 817320302 13D Page 7 of 8 Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of July 8, 1999, the Filing Parties beneficially owned an
aggregate amount of 113,600 shares of Preferred Stock. Based upon the most
recently available information provided by Sequa, an aggregate of 412,815 shares
of Preferred Stock are outstanding. Accordingly, as of July 8, 1999, the Filing
Parties beneficially own approximately 27.52% of the outstanding Preferred
Stock. Since July 8, 1999, the Filing Parties have acquired an additional 3,200
shares of Preferred Stock. As of the date of this filing, the Filing Parties
beneficially own approximately 28.29% of the outstanding Preferred Stock.
(b) Forest has the power to vote and the power to dispose of the shares
of Preferred Stock it owns and due to Forest's relationship with Founders, MAB,
Inc. and Mr. Boyd, Founders, MAB, Inc. and Mr. Boyd have the power to cause
Forest to exercise or refrain from exercising such powers.
(c) Transactions by the Filing Parties, consisting solely of
transactions of Forest effected through broker transactions, in the Preferred
Stock during the 60 days prior to the date of this Schedule 13D were as follows:
<TABLE>
<CAPTION>
TRANSACTION TYPE DATE AMOUNT OF SECURITIES PRICE PER SHARE
<S> <C> <C> <C>
Purchase 05/13/99 400 $92.05
Purchase 05/13/99 400 $92.05
Purchase 06/08/99 100 $91.05
Purchase 06/15/99 200 $92.55
Purchase 06/15/99 300 $92.55
Purchase 06/30/99 600 $94.55
Purchase 06/30/99 800 $94.55
Purchase 06/30/99 100 $94.55
Purchase 07/07/99 1,000 $96.05
Purchase 07/08/99 100 $95.55
Purchase 07/08/99 100 $95.55
Purchase 07/09/99 1,000 $97.05
Purchase 07/13/99 500 $99.98
Purchase 07/13/99 1,200 $99.98
Purchase 07/13/99 400 $99.98
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
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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: July 19, 1999 FOREST INVESTMENT MANAGEMENT LLC
By: /s/ Michael A. Boyd
Name: Michael A. Boyd
Title: Chairman
Dated: July 19, 1999 FOUNDERS FINANCIAL GROUP, L.P.
By: /s/ Michael A. Boyd
Name: Michael A. Boyd
Title: Chairman
Dated: July 19, 1999 MICHAEL A. BOYD, INC.
By: /s/ Michael A. Boyd
Name: Michael A. Boyd
Title: President
Dated: July 19, 1999 MICHAEL A. BOYD
By: /s/ Michael A. Boyd
Name:Michael A. Boyd
