-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AO52Wd8ykftd3jo0f+0IjBhe0UrZ6emBzWBQwUtmMLjs3SDLFHj27oVPV4zhV4lJ crhbm1rKpVAdoDbrGd+fYA== 0000921895-99-000419.txt : 19990607 0000921895-99-000419.hdr.sgml : 19990607 ACCESSION NUMBER: 0000921895-99-000419 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990604 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PUROFLOW INC CENTRAL INDEX KEY: 0000100591 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 131947195 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-06692 FILM NUMBER: 99640746 BUSINESS ADDRESS: STREET 1: 16559 SATICOY STREET CITY: VAN NUYS STATE: CA ZIP: 91406 BUSINESS PHONE: 8187561388 MAIL ADDRESS: STREET 1: 16559 SATICOY STREET CITY: VAN NUYS STATE: CA ZIP: 91406 FORMER COMPANY: FORMER CONFORMED NAME: ULTRA DYNAMICS CORP DATE OF NAME CHANGE: 19830522 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STEEL PARTNERS II L P CENTRAL INDEX KEY: 0000915653 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 750 LEXINGTON AVE 27TH FL CITY: NEW YORK STATE: NY ZIP: 10022 MAIL ADDRESS: STREET 1: 150 EAST 52ND STREET, 21ST FLOOR CITY: NY STATE: NY ZIP: 10022 SC 13D/A 1 SCHEDULE 13D - AMENDMENT NO. 6 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 6)(1) Puroflow Incorporated - -------------------------------------------------------------------------------- (Name of issuer) COMMON STOCK, $.01 PAR VALUE - -------------------------------------------------------------------------------- (Title of class of securities) 746 375 104 - -------------------------------------------------------------------------------- (CUSIP number) STEVEN WOLOSKY, ESQ. OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP 505 Park Avenue New York, New York 10022 (212) 753-7200 - -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) June 3, 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 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 o. 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. (Continued on following pages) (Page 1 of 13 Pages) Exhibit Index on Page 10 - ----------------------- 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 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). - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 2 of 13 Pages - ---------------------- ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS STEEL PARTNERS II, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,336,100 OWNED BY ------------------------------------------------------------ EACH 8 SHARED VOTING POWER REPORTING PERSON WITH -0- ------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 1,336,100 ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- ------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,336,100 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 3 of 13 Pages - ---------------------- ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS WARREN LICHTENSTEIN - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,336,100 OWNED BY ------------------------------------------------------------ EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 1,336,100 ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,336,100 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 4 of 13 Pages - ---------------------- ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS ROBERT FRANKFURT - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED 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 BOX 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 ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 5 of 13 Pages - ---------------------- ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS JAMES BENENSON, JR. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED 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 BOX 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 ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 6 of 13 Pages - ---------------------- ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS STEVEN WOLOSKY - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED 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 BOX 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 ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 7 of 13 Pages - ---------------------- ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS THE FULL VALUE COMMITTEE - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,336,100 OWNED BY ------------------------------------------------------------ EACH REPORTING PERSON WITH 8 SHARED VOTING POWER -0- - -------------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,336,100 - -------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,336,100 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 8 of 13 Pages - ---------------------- ----------------------------- The following constitutes Amendment No. 6 ("Amendment No. 6") to the Schedule 13D filed by the undersigned. This Amendment No. 6 amends the Schedule 13D as specifically set forth. Item 4 is hereby amended to add the following Item 4. Purpose of Transaction. On June 3, 1999 the Reporting Persons sent a letter to the Board of Directors of the Issuer in response to the press release of the Issuer dated May 28, 1999, expressing the Reporting Persons' disappointment in the Issuer's decision to delay its annual meeting and its adoption of a poison pill without shareholder approval. The letter is filed as Exhibit 4 to this Amendment No. 6 to Schedule 13D and incorporated herein by reference. Item 7. MATERIAL TO BE FILED AS EXHIBITS. 1. Joint Filing Agreement between Steel Partners and Warren G. Lichtenstein (previously filed). 2. Joint Filing Agreement between Steel Partners, Warren Lichtenstein, Robert Frankfurt, James Benenson, Jr. and Steven Wolosky (previously filed). 3. Preliminary Proxy Statement (previously filed). 4. Letter to the Board of Directors of Puroflow, Incorporated dated June 3, 1999. - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 9 of 13 Pages - ---------------------- ----------------------------- SIGNATURES ---------- After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: June 3, 1999 STEEL PARTNERS II, L.P. By: Steel Partners, L.L.C. General Partner By: /s/ Warren G. Lichtenstein ---------------------------- Warren G. Lichtenstein Chief Executive Officer /s/ Warren G. Lichtenstein ---------------------------- WARREN G. LICHTENSTEIN /s/ Robert Frankfurt ---------------------------- ROBERT FRANKFURT /s/ James Benenson, Jr. ---------------------------- JAMES BENENSON, JR. /s/ Steven Wolosky ---------------------------- STEVEN WOLOSKY - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 10 of 13 Pages - ---------------------- ----------------------------- EXHIBIT INDEX ------------- EXHIBIT PAGE - ------- ---- 1. Joint Filing Agreement between Steel Partners and Warren G. Lichtenstein (previously filed) 2. Joint Filing Agreement between Steel Partners, Warren Lichtenstein, Robert Frankfurt, James Benenson, Jr. and Steven Wolosky. 3. Preliminary Proxy Statement 4. Letter to the Board of Directors of 11 Puroflow, Incorporated dated June 3, 1999. - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 11 of 13 Pages - ---------------------- ----------------------------- STEEL PARTNERS II, L.P. 150 East 52nd Street, 21st Floor New York, NY 10022 June 3, 1999 BY FACSIMILE AND FEDERAL EXPRESS - -------------------------------- Board of Directors Puroflow Incorporated 16559 Saticoy Street Van Nuys, California 91004 Dear Gentlemen: Steel Partners II, L.P. ("Steel Partners" or "Steel") currently owns 1,336,100 shares of common stock or 16.7% of the primary shares outstanding of Puroflow Incorporated ("Puroflow" or the "Company"). We are writing this letter in response to the press release of the Company dated May 28, 1999. Although we are encouraged by Puroflow's decision to consult with an investment banking firm in order to assist the Board in evaluating strategic alternatives, we were severely disappointed by the Company's adoption of a poison pill and decision to delay the annual meeting. Although the Company states in its press release that these moves were made in the best interests of the Company's shareholders, we find them to be at the least self-serving and at the most a blatant disregard of the Board's fiduciary duty towards its shareholders. We believe the Company's assertions that Steel Partner's is a "corporate raider" and that we utilize "abusive tactics" in our business to be completely without merit. Our primary goal in all of our investments is to increase the value of the shares held by all shareholders. In that regard, we consistently follow Federal securities regulations, including the filing of Reports on Schedule 13D and Forms 3 and 4, in order to apprise the Company's in which we invest, and the investing public in general, of our plans. Our aim is simple and direct, as you well know. We believe that the best way to deal with underperforming Company's is to acquire a large enough stake as to give Steel a platform with which to best express its views and bring forth positive change. Our recent track record, which has been well-documented, has shown this formula to have met with great success. For example, Steel's involvement with Aydin Corporation from October 5, 1998 until April 1999 - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 12 of 13 Pages - ---------------------- ----------------------------- concluded with a sale of the Company at a price of $13.50 per share, which represented a premium of approximately 39% over the reported closing price of $9.69 per share the day preceding the announced sale. In addition, Steel's involvement with Medical Imaging Centers of America ultimately concluded in the sale of that company for $11.75 per share, as contrasted with the price of $8.25 per share, representing the closing price on the day prior to the initiation of Steel's proxy solicitation. Steel Partners has never viewed, nor can it understand how a third party such as the Company could view, its actions as involving a "creeping tender". Steel Partners buys its shares primarily on the open market, at current prices, and promptly discloses such purposes in accordance with Federal securities laws. Any other characterization is false and misleading to shareholders and investors. It would be a shame to waste the Company's time and money in a futile effort to prove otherwise, when the Company should be focusing all of its energies on maximizing the value of its shares. On the other hand, it would seem that the Board's current tactics ARE "abusive" to the Company's shareholders. A poison pill without onerous provisions, if voted on and approved by the shareholders of the Company and instituted for a valid purpose, can be an efficient procedure to assure shareholders of a fair price in the event of an attempted takeover or other hostile transaction. However, a poison pill put in place without the consent of shareholders, and with a sole view towards entrenching the current management and making it impossible for the Company to be sold, is nothing but detrimental to shareholders. In this light, we hereby request that the Company put the issue of a poison pill up for a vote of shareholders at the annual meeting, whenever it may be held. Shareholders should be able to decide for themselves such an important issue. In that regard, we reiterate our disappointment with the Company's postponement of the annual meeting. For most shareholders, the annual meeting is their only opportunity to speak their mind and take a part in the governance of the Company. A postponement of the annual meeting takes away the shareholders right to exercise such actions. Since the Company has had a full year in which to evaluate its alternatives and plans for the future, it makes us quite wary that the Company would choose to postpone the annual meeting at such a late date. We would hope that the Company is sincere in its assertion that the postponement is for the good of shareholders and not a way for the Company to issue more "cheap stock" to its officers and directors. Once again, we would like to offer our assistance in helping the Company to maximize its value on a friendly, negotiated basis. In that regard, we would ask that you disclose the name of the investment banking firm with which you have consulted and the terms, if any, of such consultation. In addition, we invite the Board to meet with us face to face in order to discuss our alternatives for the Company, and assist you in your stated goal to enhance shareholder value. Sincerely, - ---------------------- ----------------------------- CUSIP No. 746 375 104 13D Page 13 of 13 Pages - ---------------------- ----------------------------- /s/ Warren G. Lichtenstein Warren G. Lichtenstein Managing Partner -----END PRIVACY-ENHANCED MESSAGE-----