0000892917-05-000008.txt : 20120628
0000892917-05-000008.hdr.sgml : 20120628
20050113194958
ACCESSION NUMBER: 0000892917-05-000008
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20050114
DATE AS OF CHANGE: 20050113
GROUP MEMBERS: JOSHUA H. LANDES
GROUP MEMBERS: NELSON OBUS
GROUP MEMBERS: WYNNEFIELD CAPITAL MANAGEMENT, LLC
GROUP MEMBERS: WYNNEFIELD CAPITAL, INC.
GROUP MEMBERS: WYNNEFIELD CAPITAL, INC. PROFIT SHARING PLAN
GROUP MEMBERS: WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
GROUP MEMBERS: WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
GROUP MEMBERS: WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD.
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: FIRST AVIATION SERVICES INC
CENTRAL INDEX KEY: 0001025743
STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT ENGINES & ENGINE PARTS [3724]
IRS NUMBER: 061419064
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0131
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-51583
FILM NUMBER: 05529107
BUSINESS ADDRESS:
STREET 1: 15 RIVERSIDE AVE
CITY: WESTPORT
STATE: CT
ZIP: 06880-4214
BUSINESS PHONE: 2032913303
MAIL ADDRESS:
STREET 1: 15 RIVERSIDE AVE
CITY: WESTPORT
STATE: CT
ZIP: 06880-4214
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: WYNNEFIELD PARTNERS SMALL CAP VALUE LP
CENTRAL INDEX KEY: 0000899083
IRS NUMBER: 133688497
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: ONE PENN PLAZA
STREET 2: SUITE 4720
CITY: NEW YORK
STATE: NY
ZIP: 10119
BUSINESS PHONE: 2127600814
MAIL ADDRESS:
STREET 1: ONE PENN PLAZA
STREET 2: SUITE 4720
CITY: NEW YORK
STATE: NY
ZIP: 10119
SC 13D/A
1
wc13da.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 13)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
First Aviation Services Inc.
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
(Title of Class of Securities)
31865W108
(CUSIP Number of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
450 Seventh Avenue, Suite 509
New York, New York 10123
Attention: Mr. Nelson Obus
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Erich W. Merrill, Jr.
Miller Nash LLP
111 S.W. Fifth Avenue
Suite 3400
Portland, Oregon 97204
(503) 224-5858
January 12, 2005
(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
[ ]
(continued on following pages)
(Page 1 of 14 Pages)
--------------------------------------------------------------------------------
CUSIP No. 31865W108 13D/A Page 2 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
13-3688497
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (See Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(Page 2 of 14 Pages)
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 13D/A Page 3 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Small Cap Value Offshore Fund,
Ltd.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only): (No
I.R.S. Identification Number)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (See Item 3)
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2 (d) OR 2 (e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(Page 3 of 14 Pages)
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 13D/A Page 4 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L.P.
I
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
13-3953291
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (See Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(Page 4 of 14 Pages)
--------------------------------------------------------------------------------
CUSIP No. 31865W108 13D/A Page 5 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Nelson Obus
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
PF (See Item 3)
--------------------------------------------------------------------------------
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 of America
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(Page 5 of 14 Pages)
--------------------------------------------------------------------------------
CUSIP No. 31865W108 13D/A Page 6 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Joshua H. Landes
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
AF (See Item 3)
--------------------------------------------------------------------------------
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 of America
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(Page 6 of 14 Pages)7
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 13D/A Page 7 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Capital Management LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
13-4018186
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
AF (See Item 3)
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO (Limited Liability Company)
--------------------------------------------------------------------------------
(Page 7 of 14 Pages)
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 13D/A Page 8 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Capital, Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
13-3688495
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
AF (See Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(Page 8 of 14)
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 13D/A Page 9 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Capital, Inc. Profit Sharing
Plan
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
(No. I.R.S. Identification Number)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
` (b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC (See Item 3)
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Not Applicable
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES -0- shares (See Item 5)
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 2,174,144 (See Item 5)
-----------------------------------------------------
EACH REPORTING 9. SOLE DISPOSITIVE POWER
PERSON -0- shares (See Item 5)
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
2,174,144 (See Item 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,174,144 shares (See Item 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (See Item 5)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
EP
--------------------------------------------------------------------------------
(Page 9 of 14 Pages)
Item 1. Security and Issuer.
This Amendment No. 13 (this "Amendment") to Statement of Beneficial
Ownership on Schedule 13D relates to the common stock, par value $0.01 per share
(the "Common Stock"), of First Aviation Services Inc., a Delaware corporation
with its principal executive offices located at 15 Riverside Avenue, Westport,
Connecticut 06880-4214 (the "Issuer"). This Amendment is being filed to disclose
that the reporting persons have submitted a shareholder proposal for cumulative
voting in director elections for inclusion in the Issuer's proxy statement for
Issuer's 2005 annual shareholders meeting pursuant to Rule 14a-8 under the
Securities Exchange Act of 1934 (the "Exchange Act").
Item 2. Identity and Background.
(a), (b), (c) and (f). This Amendment is being filed by Wynnefield
Partners Small Cap Value, L.P. ("Partnership"), Wynnefield Partners Small Cap
Value, L.P. I ("Partnership-I"), Wynnefield Small Cap Value Offshore Fund, Ltd.
(the "Fund"), Nelson Obus ("Mr. Obus"), Joshua H. Landes ("Mr. Landes"),
Wynnefield Capital Management, LLC ("WCM"), Wynnefield Capital, Inc. ("WCI"),
and the Wynnefield Capital, Inc. Profit Sharing Plan (the "Plan", and
collectively with Partnership, Partnership-I, the Fund, Mr. Obus, Mr. Landes,
WCM, and WCI, the "Wynnefield Group"). Each of the listed entities is separate
and distinct with different beneficial owners (whether designated as limited
partners or stockholders). Mr. Obus and Mr. Landes are individuals.
WCM, a New York limited liability company, is the general partner of
Partnership and Partnership-I, private investment companies organized as limited
partnerships under the laws of the State of Delaware. Mr. Obus and Mr. Landes
are the managing members of WCM and the principal executive officers of WCI, the
investment manager of the Fund, a private investment company organized under the
laws of the Cayman Islands. Mr. Obus and Mr. Landes are citizens of the United
States of America. The Plan is an employee profit-sharing plan of WCI. Mr. Obus
and Mr. Landes share the power to vote and dispose of the Plan's investments in
securities.
The business address of Mr. Obus, Mr. Landes, and each of the entities in
the Wynnefield Group is 450 Seventh Avenue, Suite 509, New York, New York 10123.
(d) and (e). During the last five years, neither Mr. Obus, Mr. Landes, nor
any of the entities comprising the Wynnefield Group has been (i) convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors), or
(ii) 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.
Item 3. Source and Amount of Funds or Other Consideration.
The source and amount of funds expended by members of the Wynnefield Group
to acquire the Common Stock held directly by them was previously reported in the
original Schedule 13D and in subsequent amendments to the 13D.
(Page 10 of 14 Pages)
Since November 22, 2004, the date of filing of Amendment No. 12 to the
Schedule 13D (the "Schedule 13D, Amendment No. 12") with the Securities and
Exchange Commission (the "Commission"), no member of the Wynnefield Group has
purchased any shares of Common Stock.
Item 4. Purposes of Transaction.
On January 12, 2005, the Wynnefield Group submitted a shareholder proposal
and supporting statement for inclusion in the Issuer's proxy statement for the
Issuer's 2005 annual shareholders meeting pursuant to Rule 14a-8 of the Exchange
Act. The shareholder proposal recommends that the Issuer's board take the steps
necessary to implement cumulative voting in director elections.
Each member of the Wynnefield Group originally acquired the shares of
Common Stock it owns for its own account, and for investment purposes, with no
intention of changing or influencing control of the Issuer or as a participant
in any transaction having that purpose or effect. However, the Wynnefield Group
has from time to time recommended to the Issuer's management various strategies
for increasing shareholder value, including pursuing sale of the company or a
going-private transaction, and will continue to make such recommendations in the
future. The Wynnefield Group nominated Mr. Obus for election to the Board at the
Issuer's 2003 and 2004 annual meetings of shareholders and solicited proxies on
his behalf. The Wynnefield Group also submitted and solicited proxies on behalf
of a shareholder proposal considered at the 2004 annual meeting of shareholders
for cumulative voting in director elections. The Wynnefield Group continues to
pursue Board representation and may recommend other corporate governance changes
designed to improve representation of minority shareholders.
The Wynnefield Group expects to evaluate on an ongoing basis the Issuer's
financial condition, business, operations and prospects, the market price for
the shares of Common Stock, conditions in the securities markets generally,
general economic conditions, conditions affecting the Issuer's operations, and
other factors. The Wynnefield Group reserves the right to change its plans and
intentions at any time as it deems appropriate. In particular, the Wynnefield
Group may purchase shares of Common Stock, or may sell or otherwise dispose of
all or a portion of the shares of Common Stock, in public and private
transactions and/or may enter into negotiated derivative transactions to hedge
the market risk of some or all positions in, or to obtain greater exposure to,
the shares of the Common Stock. Any such transactions may be effected at any
time or from time to time, subject to any applicable limitations imposed on the
sale of shares of the Common Stock by the Securities Act of 1933, as amended,
the Exchange Act and applicable state securities or "blue sky" laws.
Except as set forth above, no member of the Wynnefield Group has any
present plans or intentions that would result in or relate to any of the
transactions described in subparagraphs (a) through (j) of Item 4 of Schedule
13D.
Item 5. Interests in Securities of the Issuer.
(a) - (c). As of January 12, 2005, the Wynnefield Group beneficially owned
in the aggregate 2,174,144 shares of Common Stock, constituting approximately
29.7% of the outstanding shares of Common Stock (the percentage of shares owned
being based upon 7,310,789 shares outstanding on December 1, 2004, as set forth
in the Issuer's report on Form 10-Q for the quarter ended October 31, 2004).
Each member of the Wynnefield Group
(Page 11 of 14 Pages)
may be deemed to beneficially own the 2,174,144 shares of Common Stock
referenced in the preceding sentence because they together constitute a "group"
as that term is used in Section 13(d)(3) of the Exchange Act and thereby may
each be deemed to share voting and dispositive power with respect to the Common
Stock owned directly by any member.
Partnership owns 749,958 shares of Common Stock directly. Partnership-I
owns 910,834 shares of Common Stock directly. WCM has an indirect beneficial
ownership interest in shares of Common Stock owned by Partnership and
Partnership-I through its status as the sole general partner of Partnership and
Partnership-I. Messrs. Landes and Obus are co-managing members of WCM.
The Fund owns 405,852 shares of Common Stock directly. WCI has an indirect
beneficial ownership interest in the shares of Common Stock owned by the Fund
through its status as investment manager of the Fund. Messrs. Landes and Obus
are the principal executive officers of WCI.
The Plan owns 7,500 shares of Common Stock directly. Mr. Obus and Mr.
Landes share the power to vote and dispose of those shares.
Mr. Obus owns 100,000 shares of Common Stock directly.
The filing of this Amendment and any future amendment by the Wynnefield
Group, and the inclusion of information herein and therein with respect to
Messrs. Obus and Landes, shall not be considered an admission that any of such
persons, for the purpose of Section 16(b) of the Exchange Act, are the
beneficial owners of any shares in which such persons do not have a pecuniary
interest.
To the best knowledge of the Wynnefield Group, except as described in this
Amendment, none of the Wynnefield Group, any person in control (ultimately or
otherwise) of the Wynnefield Group, or any general partner, executive officer or
director thereof, as applicable, beneficially owns any shares of Common Stock
and there have been no transactions in shares of Common Stock effected since the
filing of the Schedule 13D, Amendment No. 12, by the Wynnefield Group, any
person in control of the Wynnefield Group (ultimately or otherwise), or any
general partner, executive officer or director thereof, as applicable; provided,
however, certain investment banking affiliates of the Wynnefield Group may
beneficially own shares of Common Stock, including shares that may be held in
discretionary or advisory accounts with the Wynnefield Group; and the Wynnefield
Group, directly or in connection with such discretionary or advisory accounts,
may acquire, hold, vote or dispose of Common Stock, including transactions that
may have occurred since the filing of the Schedule 13D, Amendment No. 12.
(d) No person, other than each member of the Wynnefield Group referred to
as the direct beneficial owner of the shares of Common Stock set forth in this
response to Item 5, has the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, such shares of Common
Stock.
(e) Not applicable.
(Page 12 of 14 Pages)
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Each of the members of the Wynnefield Group is a party to a Joint Filing
Agreement, dated as of April 15, 2004, pursuant to which the parties agreed to
jointly file any and all amendments and supplements to Schedule 13D with the
Commission.
Except for the agreement described in the preceding paragraph and the
determination by members of the Wynnefield Group to seek board representation
and pursue corporate governance changes, as described in Item 4 above, to the
best knowledge of the Wynnefield Group, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) between the Wynnefield
Group and any other person, with respect to any securities of the Issuer,
including, but not limited to, transfer or voting of any of the securities,
finder's fees, joint ventures, loan or option agreements, puts or calls,
guarantees of profits, divisions of profits or loss, or the giving or
withholding of proxies.
Item 7. Material to be Filed as Exhibits.
None.
(Page 13 of 14 Pages)
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this Amendment is
true, complete and correct.
Dated: January 13, 2005
WYNNEFIELD CAPITAL, INC. WYNNEFIELD PARTNERS SMALL CAP
PROFIT SHARING PLAN VALUE, L.P.
By: /s/ Nelson Obus By: Wynnefield Capital Management, LLC,
--------------------------------- General Partner
Nelson Obus, Authorized Signatory
By: /s/ Nelson Obus
-------------------------------
Nelson Obus, Co-Managing Member
WYNNEFIELD CAPITAL WYNNEFIELD PARTNERS SMALL CAP
MANAGEMENT, LLC VALUE, L.P. I
By: /s/ Nelson Obus By: Wynnefield Capital Management, LLC
------------------------------- General Partner
Nelson Obus, Co-Managing Member
By: /s/ Nelson Obus
-------------------------------
Nelson Obus, Co-Managing Member
WYNNEFIELD CAPITAL, INC. WYNNEFIELD SMALL CAP VALUE
OFFSHORE FUND, LTD.
By: /s/ Nelson Obus By: Wynnefield Capital, Inc.
-------------------------------
Nelson Obus, President
By: /s/ Nelson Obus
------------------------------
Nelson Obus, President
/s/ Joshua H. Landes
------------------------------
Joshua H. Landes, Individually
/s/ Nelson Obus
------------------------------
Nelson Obus, Individually