SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
Belcor Inc.
(Name of Issuer)
Common Stock, $.10 par value
(Title of Class of Securities)
0774430 20 8
(CUSIP Number)
Theresa C. Morris, Secretary,
Coastal Capital Partners, L.P.,
101 Morgan Lane, Suite 180,
Plainsboro, NJ 08536
Christian S. Herzeca, Esq.,
Kramer, Levin, Naftalis & Frankel
919 Third Avenue
New York, NY 10022
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
October 4, 1996
(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 this statement: |_|
Page 1 of 18 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Coastal Capital Partners, L.P. 22-3348638
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
866,668 shares of Common Stock
NUMBER OF Warrants to acquire 1,063,332 shares of Common Stock
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 51,030 shares of Common Stock
EACH REPORTING Warrants to acquire 925,000 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
866,668 shares of Common Stock
Warrants to acquire 1,063,332 shares of Common Stock
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 917,698
shares of Common Stock Warrants to acquire 1,988,332 shares of Common
Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.9%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
Page 2 of 18 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Coastal Capital Partners, Inc. 22-3291782
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 917,698 shares of Common Stock
EACH REPORTING Warrants to acquire 1,988,332 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
866,668 shares of Common Stock
Warrants to acquire 1,063,332 shares of Common Stock
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 917,698
shares of Common Stock Warrants to acquire 1,988,332 shares of Common
Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.9% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
Page 3 of 18 Pages
<PAGE>
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Philip L. Yang, Jr. ###-##-####
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Philippines
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 917,698 shares of Common Stock
EACH REPORTING Warrants to acquire 1,988,332 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
866,668 shares of Common Stock
Warrants to acquire 1,063,332 shares of Common Stock
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 917,698
shares of Common Stock Warrants to acquire 1,988,332 shares of Common
Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.9% (See Item 5)
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 4 of 18 Pages
<PAGE>
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael Y. Gan ###-##-####
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Philippines
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY
EACH REPORTING Warrants to acquire 150,000 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Warrants to acquire 150,000 shares of Common Stock
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Warrants to acquire 150,000 shares of Common Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7% See Item 5
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 5 of 18 Pages
<PAGE>
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Theresa C. Morris ###-##-####
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY
EACH REPORTING Warrants to acquire 150,000 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Warrants to acquire 150,000 shares of Common Stock
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Warrants to acquire 150,000 shares of Common Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7% See Item 5
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 6 of 18 Pages
<PAGE>
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald M. Leibsker ###-##-####
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 51,030 shares of Common Stock
EACH REPORTING Warrants to acquire 475,000 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
51,030 shares of Common Stock
Warrants to acquire 475,000 shares of Common Stock
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
51,030 shares of Common Stock
Warrants to acquire 475,000 shares of Common Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.8% See Item 5
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 7 of 18 Pages
<PAGE>
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
M. Douglas Caffey ###-##-####
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY
EACH REPORTING Warrants to acquire 50,000 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Warrants to acquire 50,000 shares of Common Stock
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Warrants to acquire 50,000 shares of Common Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9% See Item 5
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 8 of 18 Pages
<PAGE>
CUSIP No. 0774430 20 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
K. Glenn Cole
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF - 0 -
SHARES --------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY
EACH REPORTING Warrants to acquire 100,000 shares of Common Stock
PERSON --------------------------------------------------------------
WITH 9) SOLE DISPOSITIVE POWER
Warrants to acquire 100,000 shares of Common Stock
--------------------------------------------------------------
10) SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Warrants to acquire 100,000 shares of Common Stock
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8% See Item 5
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
Page 9 of 18 Pages
<PAGE>
Amendment No. 7 to Schedule 13D
This statement amends the Statement on Schedule 13D, dated October 27,
1994, Amendment No. 1 thereto, dated October 3, 1995, Amendment No. 2 thereto,
dated October 10, 1995, Amendment No. 3 thereto, dated November 20, 1995,
Amendment No. 4 thereto, dated May 29, 1996, Amendment No. 5 thereto, dated July
2, 1996 and Amendment No. 6 thereto, dated August 29, 1996 (together, the
"Schedule 13D"), filed by Coastal Capital Partners, L.P., a Delaware limited
partnership ("Coastal LP"), Coastal Capital Partners, Inc. a Delaware
corporation ("Coastal GP"), the sole general partner of Coastal LP, Philip L.
Yang, Jr. ("Yang"), the chairman of the Board of Directors and sole shareholder
of Coastal GP, Michael Y. Gan ("Gan") and Theresa C. Morris ("Morris")
(collectively, the "Filing Persons"),with respect to the Common Stock, $0.10 par
value (the "Common Stock") of Belcor Inc.,a California corporation (the
"Company"). Notwithstanding this amendment No. 7, the Schedule 13D speaks as of
its date. Capitalized terms used herein without definition have the meanings
ascribed to them in the Schedule 13D.
Item 1. Security and Issuer.
The information set forth in Item 1 of Amendment No. 4 is incorporated
herein by reference.
Item 2. Identity and Background.
The information set forth in Item 2 of Amendment No. 6 is incorporated
herein by reference.
Item 3. Source and Amount of Funds or Other Consideration.
The information set forth in Item 3 of Amendment No. 6 is incorporated
herein by reference.
Item 4. Purpose of Transaction.
Except as set forth below, the information set forth in Item 4 of
Amendment No. 6 is incorporated herein by reference.
"(a) The management of Coastal LP believes that the intrinsic
value of the shares of the Common Stock of the Company (the "Shares") may be
higher than the level at which they have recently been trading. Consequently,
Coastal LP may commence the purchase of Shares in an amount up to 500,000 of the
5,500,000 outstanding shares of the Common Stock of the Company at a price not
to exceed $0.125 per share and intends to enter the market in the near future to
attempt to execute such transactions. The acquisition of such shares by Coastal
LP is for investment purposes only."
Item 5. Interest in Securities of Issuer.
The information set forth in Item 5 of Amendment No. 6 is incorporated
herein by reference.
Item 6. Contracts, Arrangements, Understandings or Relationship with Respect to
Securities of the Issuer.
The information set forth in Item 6 of Amendment No. 6 is incorporated
herein by reference.
Item 7. Material to be filed as Exhibits.
The information set forth in Item 7 of Amendment No. 6 is incorporated
herein by reference.
Page 10 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
COASTAL CAPITAL PARTNERS, L.P.
By: Coastal Capital Partners, Inc.
as General Partner
By: /S/ Andrew K. Simpson
Andrew K. Simpson
Chief Executive Officer
Page 11 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
COASTAL CAPITAL PARTNERS, INC.
By: /S/ Andrew K. Simpson
Andrew K. Simpson
Chief Executive Officer
Page 12 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
By: /S/ Andrew K. Simpson
Andrew K. Simpson, as
Attorney-in-fact for
Philip L. Yang, Jr.
Chairman of the Board and
sole shareholder Coastal
Capital Partners, Inc.
Page 13 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
By: /S/ Andrew K. Simpson
Andrew K. Simpson, as
Attorney-in-fact for
Michael Y. Gan
Page 14 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
By: /S/ Andrew K. Simpson
Andrew K. Simpson, as
Attorney-in-fact for
Theresa C. Morris
Page 15 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
By: /S/ Andrew K. Simpson
Andrew K. Simpson, as
Attorney-in-fact for
Donald M. Leibsker
Page 16 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
By: /S/ Andrew K. Simpson
Andrew K. Simpson, as
Attorney-in-fact for
M. Douglas Caffey
Page 17 of 18 Pages
<PAGE>
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.
Date: October 4, 1996
By: /S/ Andrew K. Simpson
Andrew K. Simpson, as
Attorney-in-fact for
K. Glenn Cole
Page 18 of 18 Pages
