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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. _______)*
KRUG INTERNATIONAL CORP.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock (no par value)
- -------------------------------------------------------------------------------
(Title of Class of Securities)
501067102
-----------------------------------
(CUSIP Number)
Ronald Vannuki, 100 Wilshire Blvd., Santa Monica, CA (310) 917-6600
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
09/01/95
-----------------------------------
(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 or 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).
AMENDMENT TO SCHEDULE 13D FILED AUGUST 24, 1995
SEC 1746 (12-91)
<PAGE> 2
SCHEDULE 13D
CUSIP No. 501067102 Page 2 of 13 Pages
----------- --- ----
- -------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
KAREN BETH BRENNER
SSN: ###-##-####
- -------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a)/ /
(b)/ /
- -------------------------------------------------------------------------------
SEC USE ONLY
3
- -------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PERSONAL FUNDS; OTHER
- -------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL / /
5 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
USA
- -------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER 7
6,720
OF --------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY -0-
--------------------------------------------------
OWNED BY
SOLE DISPOSITIVE POWER
EACH 9
109,120
REPORTING --------------------------------------------------
PERSON SHARED DISPOSITIVE POWER
10
WITH -0-
- -------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
11
115,840
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
N/A
- -------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.3%
- -------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
INDIVIDUAL
- -------------------------------------------------------------------------------
* 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> 3
SCHEDULE 13D
CUSIP No. 501067102 Page 3 of 13 Pages
----------- --- ----
- -------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
RICHARD FECHTOR
SSN: ###-##-####
- -------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a)/ /
(b)/ /
- -------------------------------------------------------------------------------
SEC USE ONLY
3
- -------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PERSONAL FUNDS
- -------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL / /
5 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
USA
- -------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER 7
6,906
OF --------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY 156,507
--------------------------------------------------
OWNED BY
SOLE DISPOSITIVE POWER
EACH 9
6,906
REPORTING --------------------------------------------------
PERSON SHARED DISPOSITIVE POWER
10
WITH 156,507
- -------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
11
163,413
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
N/A
- -------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.2%
- -------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
INDIVIDUAL
- -------------------------------------------------------------------------------
* 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> 4
SCHEDULE 13D
CUSIP No. 501067102 Page 4 of 13 Pages
----------- --- ----
- -------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
FORTUNA INVESTMENT PARTNERS, LTD.
TIN: 95-4419444
- -------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a)/ /
(b)/ /
- -------------------------------------------------------------------------------
SEC USE ONLY
3
- -------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WORKING CAPITAL
- -------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL / /
5 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
CALIFORNIA
- -------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER 7
322,790
OF --------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY -0-
--------------------------------------------------
OWNED BY
SOLE DISPOSITIVE POWER
EACH 9
322,790
REPORTING --------------------------------------------------
PERSON SHARED DISPOSITIVE POWER
10
WITH -0-
- -------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
11
322,790
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
N/A
- -------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.4%
- -------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PARTNERSHIP
- -------------------------------------------------------------------------------
* 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> 5
SCHEDULE 13D
CUSIP No. 501067102 Page 5 of 13 Pages
----------- --- ----
- -------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
RONALD J. VANNUKI
SSN: ###-##-####
- -------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a)/ /
(b)/ /
- -------------------------------------------------------------------------------
SEC USE ONLY
3
- -------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OTHER
- -------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL / /
5 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
USA
- -------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER 7
322,790
OF --------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY -0-
--------------------------------------------------
OWNED BY
SOLE DISPOSITIVE POWER
EACH 9
322,790
REPORTING --------------------------------------------------
PERSON SHARED DISPOSITIVE POWER
10
WITH -0-
- -------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
11
322,790
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
N/A
- -------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.4%
- -------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
INDIVIDUAL
- -------------------------------------------------------------------------------
* 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> 6
Krug International Corporation Page 6 of 13
CUSIP No. 501067102
February 12, 1996
AMENDMENT TO FORM 13D FILED AUGUST 24, 1995
Item 1. Security and Issuer.
This amendment relates to the Common Stock, without par value (the
"Krug Common Stock"), of Krug International Corporation (the "Company"). The
Krug Common Stock trades on the NASDAQ maintained by the National Association
of Securities Dealers. The Company's principal executive offices are located at
6 North Main Street, Suite 500, Dayton, Ohio 45402-1900; the Company's
telephone number at that location is (513) 224-9066. The number of issued and
outstanding shares of Krug Common Stock as of October 25, 1995, as reported on
the Company's 10-Q filed November 13, 1995, is 5,051,950.
Item 2. Identity and Background.
All information regarding the identity and background of the Reporting
Persons is unchanged from the previous filing.
Item 3. Source and Amount of Funds and Other Consideration.
(a) The net investment cost (including commissions, if any) of the
322,790 shares of Krug Common Stock beneficially owned by Fortuna Investment
Partners, L.P., is $954,228. The source of funds for this consideration was the
partnership's working capital.
(b) The net investment cost (including commissions, if any) of the
115,840 shares of Krug Common Stock beneficially owned by Karen Beth Brenner is
$361,804. The source of funds for this consideration was private funds.
(c) The net investment cost (including commissions, if any) of the
163,413 shares of Krug Common Stock beneficially owned by Richard Fechtor is
$571,671. The source of funds for this consideration was private funds.
<PAGE> 7
Krug International Corporation Page 7 of 13
CUSIP No. 501067102
February 12, 1996
Item 4. Purpose of the Transaction.
The purpose of the acquisition of the shares by the Reporting Persons
is unchanged. In view of the Company's recent public announcement of its
retention of investment bankers to review its current operations with the
intention of enhancing shareholder value, the Reporting Persons may seek
discussions with the Company's management on the same subject.
Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, Fortuna Investment Partners owns
beneficially 322,890 shares of Krug Common Stock (which includes presently
exercisable warrants to purchase 57,972 shares of Krug Common Stock at an
exercise price per share of $5.625). The number of shares shown as beneficially
owned by Fortuna Investment Partners, LLP was incorrect on the August 24, 1995,
Schedule 13D; the correct number on that date was 222,141 shares beneficially
owned (which includes presently exercisable warrants to purchase 57,972 shares
of Krug Common Stock at an exercise price of $5.625). The consideration paid
for the stock beneficially owned was correctly shown in the original filing.
By reason of the provisions of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended (the Act"), each of Fortuna Capital
Management, Inc. and Ronald J. Vannuki may be deemed to own beneficially the
shares of Krug Common Stock owned by Fortuna Investment Partners, L.P.
Fortuna Investment Partners, L.P., is the beneficial owner of 6.4% of
the Krug Common Stock.
(b) As of the date hereof, Karen Beth Brenner owns beneficially
115,840 shares of Krug Common Stock (which includes presently exercisable
warrants to purchase 9,320 shares of Krug Common Stock at an exercise price per
share of $5.625).
Included in the number of shares beneficially owned by Karen Beth
Brenner are 101,320 shares of Krug Common Stock in customers' accounts over
which Brenner has limited investment
<PAGE> 8
Krug International Corporation Page 8 of 13
CUSIP No. 501067102
February 12, 1996
authority (which includes presently exercisable warrants to purchase 6,780
shares of Krug Common Stock at an exercise price per share of $5.625).
Also included in the number of shares beneficially owned by Karen Beth
Brenner are 25,320 shares of Krug Common Stock (which includes presently
exercisable warrants to purchase 2,320 shares of Krug Common Stock at an
exercise price per share of $5.625) owned by immediate and other members of
Brenner's family, some of whom are also clients, and in retirement accounts.
Karen Beth Brenner is the beneficial owner of 2.3% of the Krug Common
Stock.
(c) As of the date hereof, Richard Fechtor owns beneficially 163,413
shares of Krug Common Stock.
Included in the number of shares beneficially owned by Richard Fechtor
are 6,300 shares held individually, 127,389 shares of Krug Common Stock held
jointly with his wife, 28,755 shares held individually by his wife, 606 shares
held in a retirement account belonging to him, and 363 shares in a retirement
account belonging to his wife.
Not included in the number of shares beneficially owned by Mr. Fechtor
are shares of Krug Common Stock owned by clients of Fechtor, Detwiler & Co.,
Inc. Mr. Fechtor has no power to vote or to dispose of any of the shares held
in the accounts of these clients and, accordingly, disclaims any beneficial
interest in these shares.
Mr. Fechtor is the beneficial owner of 3.2% of the Krug Common Stock.
By reason of the provisions of Rule 13d-3 under the Act, the Reporting
Persons may be deemed to own an aggregate of 602,043 shares of Krug Common
Stock, constituting approximately 11.9% of the Krug Common Stock.
The percentages used herein are calculated based upon the
<PAGE> 9
Krug International Corporation Page 9 of 13
CUSIP No. 501067102
February 12, 1996
5,051,950 shares of Krug Common Stock stated to be issued and outstanding as of
October 25 6, 1995, as set forth in the Company's 10-Q for the period ended
September 30, 1995.
(b) Fortuna Investment Partners has the power to vote and to dispose
of the Krug Common Stock owned by it, which power may be exercised by general
partner Fortuna Capital Management, Inc. Mr. Vannuki, as Chairman of the Board
and President of Fortuna Capital Management, Inc. has the power to vote (or to
direct the vote of) and to dispose of (or to direct the disposition of) the
Krug Common Stock held by Fortuna Investment Partners.
Brenner is an investment advisor with limited power of disposition
with respect to securities held in some clients' accounts.
(c) The trading dates, number of shares purchased or sold and price
per share for all transactions by Fortuna Investment Partners, L.P., Fortuna
Capital Management, Inc., Karen Beth Brenner, Richard Fechtor, Ronald J.
Vannuki since August 24, 1995 are set forth on Schedules A hereto. All such
transactions were open market transactions and were effected on the NASDAQ. No
other transactions were effected by the Fortuna Investment Partners, Fortuna
Capital Management, Inc., Karen Beth Brenner, Richard Fechtor, or Ronald J.
Vannuki during such period.
(d) No person other than each respective owner referred to herein of
Krug Common Stock is known to have the right to receive or the power to direct
the receipt of dividends from or the proceeds of sale of such Krug Common
Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) among the persons named in Item 2 hereof or between such
persons and any other person with
<PAGE> 10
Krug International Corporation Page 10 of 13
CUSIP No. 501067102
February 12, 1996
respect to any securities of the Company or the persons named in Item 2 hereof
and any other person with respect to any securities of the Issuer, including
but not limited to transfer or voting of any other securities, finder's fees,
joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, divisions of profits or loss, or the giving or withholding of proxies.
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: February 12, 1996
Fortuna Investment Partners, L.P.
/s/ RONALD J. VANNUKI
- ----------------------------------------
By: Ronald J. Vannuki, President
Fortuna Capital Management, Inc.
General Partner
/s/ RONALD J. VANNUKI
- ----------------------------------------
By: Ronald J. Vannuki
<PAGE> 11
Krug International Corporation Page 11 of 13
CUSIP No. 501067102
February 12, 1996
/s/ KAREN BETH BRENNER
- ----------------------------------------
Karen Beth Brenner
/s/ RICHARD FECHTOR
- ----------------------------------------
Richard Fechtor
<PAGE> 12
Krug International Corporation Page 12 of 13
CUSIP No. 501067102
February 12, 1996
Appendix A
Transactions Since August 24, 1995
<TABLE>
<CAPTION>
Beneficial Owner Date Bought (Sold) Consideration
<S> <C> <C> <C>
Karen Beth Brenner: 09/28/95 1,000 $3,343
10/10/95 2,500 7,503
10/10/95 5,000 15,003
10/10/95 4,000 12,003
10/10/95 3,000 9,003
10/16/95 3,800 11,363
10/16/95 3,800 11,438
11/14/95 1,100 3,299
11/14/95 1,100 3,299
12/18/95 6,000 18,753
12/18/95 4,000 12,503
12/18/95 500 1,565
12/18/95 500 1,565
12/18/95 1,000 3,128
12/18/95 5,000 15,628
12/18/95 1,000 3,128
12/18/95 1,000 3,128
12/18/95 1,000 3,128
12/29/95 3,000 9,733
Richard Fechtor: 10/18/95 1,300 3,900
01/13/96 2,000 8,500
Fortuna Investment 09/01/95 4,500 15,180
Partners, LLP 10/24/95 6,500 20,508
11/07/95 4,000 12,410
11/10/95 4,000 12,160
11/20/95 1,500 4,748
11/21/95 5,000 15,513
11/30/95 3,000 9,120
12/01/95 4,000 12,410
</TABLE>
<PAGE> 13
Krug International Corporation Page 13 of 13
CUSIP No. 501067102
February 12, 1996
<TABLE>
<S> <C> <C>
12/04/95 5,900 18,305
12/06/95 2,500 7,756
12/13/95 19,800 60,192
12/29/95 3,469 10,979
01/05/96 5,000 15,513
01/15/96 2,300 6,992
01/17/96 5,000 15,825
01/24/96 3,000 9,370
01/26/96 6,000 19,740
02/02/96 14,700 72,398
</TABLE>
