SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------
AMENDMENT NO. 7
TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
TEXFI INDUSTRIES, INC.
(Name of Issuer)
Common Stock, $1.00 par value per share
(Title of Class of Securities)
882895 10 5
(CUSIP Number)
William L. Remley, President
Chadbourne Corporation
680 Fifth Avenue
8th Floor
New York, New York 10019
(212) 931-5200
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copy to:
Robert W. Ericson, Esq.
Winston & Strawn
200 Park Avenue
Suite 4200
New York, New York 10166
(212) 294-6700
May 20, 1999
(Date of Event Which Requires Filing 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 this statement. / /
<PAGE>
CUSIP No. 882895 10 5
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS: Chadbourne Corporation
SS or IRS. IDENTIFICATION NO. OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) X
(b)
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
n/a
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED 7. SOLE VOTING POWER - 0 -
BY EACH REPORTING PERSON WITH
----------------------------------------
8. SHARED VOTING POWER - 0 -
----------------------------------------
9. SOLE DISPOSITIVE POWER - 0 -
----------------------------------------
10. SHARED DISPOSITIVE POWER - 0 -
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
2
<PAGE>
CUSIP No. 882895 10 5
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS: Mentmore Holdings Corporation
SS or IRS.IDENTIFICATION NO.OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) X
(b)
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
n/a
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED 7. SOLE VOTING POWER - 0 -
BY EACH REPORTINGPERSON WITH
-------------------------------------
8. SHARED VOTING POWER - 0 -
-------------------------------------
9. SOLE DISPOSITIVE POWER - 0 -
-------------------------------------
10. SHARED DISPOSITIVE POWER - 0 -
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
3
<PAGE>
CUSIP No. 882895 10 5
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS: Halton House Ltd.
SS or IRS. IDENTIFICATION NO. OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) X
(b)
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
n/a
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED 7. SOLE VOTING POWER - 0 -
BY EACH REPORTING PERSON WITH
--------------------------------------
8. SHARED VOTING POWER - 0 -
--------------------------------------
9. SOLE DISPOSITIVE POWER - 0 -
--------------------------------------
10. SHARED DISPOSITIVE POWER - 0 -
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
4
<PAGE>
CUSIP No. 882895 10 5
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS: William L. Remley
SS or IRS. IDENTIFICATION NO. OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) X
(b)
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
n/a
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED 7. SOLE VOTING POWER - 0 -
BY EACH REPORTING PERSON WITH
----------------------------------------
8. SHARED VOTING POWER - 0 -
----------------------------------------
9. SOLE DISPOSITIVE POWER - 0 -
----------------------------------------
10. SHARED DISPOSITIVE POWER - 0 -
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
5
<PAGE>
CUSIP No. 882895 10 5
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS: The Halton Declaration of Trust
SS or IRS.IDENTIFICATION NO.OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) X
(b)
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
n/a
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED 7. SOLE VOTING POWER - 0 -
BY EACH REPORTING PERSON WITH
----------------------------------------
8. SHARED VOTING POWER - 0 -
----------------------------------------
9. SOLE DISPOSITIVE POWER - 0 -
----------------------------------------
10. SHARED DISPOSITIVE POWER - 0 -
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
6
<PAGE>
CUSIP No. 882895 10 5
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS: Bahamas Protectors, Ltd.
SS or IRS. IDENTIFICATION NO. OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) X
(b)
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
n/a
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED 7. SOLE VOTING POWER - 0 -
BY EACH REPORTING PERSON WITH
----------------------------------------
8. SHARED VOTING POWER - 0 -
----------------------------------------
9. SOLE DISPOSITIVE POWER - 0 -
----------------------------------------
10. SHARED DISPOSITIVE POWER - 0 -
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
7
<PAGE>
SCHEDULE 13D
Item 1. Security and Issuer.
This Amendment No. 7, filed jointly by Chadbourne Corporation
("Chadbourne"), Halton House Ltd. ("Halton Ltd."), The Halton Declaration of
Trust ("Halton Trust"), Bahamas Protectors, Ltd. ("Bahamas Protectors"),
Mentmore Holdings Corporation ("Mentmore") and William L. Remley ("Remley")
(collectively, the "Reporting Persons"), amends and supplements the statement on
Schedule 13D, as previously amended (this "Schedule"), filed jointly by
Chadbourne, Halton Ltd., Halton Trust and Bahamas Protectors relating to shares
of Common Stock, par value $1.00 per share (the "Common Stock"), of Texfi
Industries, Inc. (the "Issuer"). Any capitalized term used without definition
shall have the same meaning previously ascribed to it in this Schedule.
Item 5. Interest in Securities of the Issuer.
On April 22, 1999, the Reporting Persons reported that they had sold
1,470,671 shares of Common Stock, and 1,200,000 options to acquire shares of
Common Stock for an aggregate purchase price of $3,431,123. Such report was
premature. Although the Reporting Persons had concluded that the sale of the
Common Stock and Options was complete, the Purchaser wished to negotiate further
matters before it deemed the sale closed. Such matters were concluded on May 20,
1999, and the sale was completed on such date at the price set forth above. Such
dispositions were executed in a private sale. Such sales of Common Stock and
Options to acquire Common Stock by the Reporting Persons reduced the Reporting
Persons' beneficial ownership of Common Stock to zero.
Item 7. Material to Be Filed as Exhibits.
Exhibit Description
99.5 Joint filing agreement.
8
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned hereby certifies that the information set forth
in this amendment is true, complete and correct.
Dated: May 20, 1999
CHADBOURNE CORPORATION
By: /s/ William L. Remley
Name: William L. Remley
Title: President
HALTON HOUSE, LTD.
By: /s/ William L. Remley
Name: William L. Remley
Title: President
THE HALTON DECLARATION OF TRUST
By: Bahamas Protectors, Ltd.
By: /s/Gary R. Siegel
Name: Gary R. Siegel
Title: Attorney-in-Fact
BAHAMAS PROTECTORS, LTD.
By: Gary R. Siegel
Name: Gary R. Siegel
Title: Attorney-in-Fact
MENTMORE HOLDINGS CORPORATION
By: /s/ William L. Remley
Name: William L. Remley
Title: President
/s/ William L. Remley
WILLIAM L. REMLEY
9
<PAGE>
Exhibit 99.5
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of this Amendment No. 7 to Schedule 13D with respect to the Common
Stock, par value $1.00 per share, of Texfi Industries, Inc. and that this
agreement shall be included as an exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing
Agreement as of May 20, 1999.
CHADBOURNE CORPORATION
By: /s/ William L. Remley
Name: William L. Remley
Title: President
HALTON HOUSE, LTD.
By: /s/ William L. Remley
Name: William L. Remley
Title: President
THE HALTON DECLARATION OF TRUST
By: Bahamas Protectors, Ltd.
By: /s/Gary R. Siegel
Name: Gary R. Siegel
Title: Attorney-in-Fact
BAHAMAS PROTECTORS, LTD.
By: Gary R. Siegel
Name: Gary R. Siegel
Title: Attorney-in-Fact
MENTMORE HOLDINGS CORPORATION
By: /s/ William L. Remley
Name: William L. Remley
Title: President
/s/ William L. Remley
WILLIAM L. REMLEY
