-----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, D2LzCUaGtdK17ki1of0hVhQCwa6phnFPhsr0DedupX5Fmw6pflScSb1rY3si7CUd DTKDMIZQNO2VpYVgc55s8A== 0000950123-10-065847.txt : 20100716 0000950123-10-065847.hdr.sgml : 20100716 20100715215632 ACCESSION NUMBER: 0000950123-10-065847 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100716 DATE AS OF CHANGE: 20100715 GROUP MEMBERS: ADAM GRAY GROUP MEMBERS: BLACKWELL PARTNERS, LLC GROUP MEMBERS: CHRISTOPHER SHACKELTON GROUP MEMBERS: COLISEUM CAPITAL MANAGEMENT, LLC GROUP MEMBERS: COLISEUM CAPITAL PARTNERS, L.P. GROUP MEMBERS: COLISEUM CAPITAL, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BENIHANA INC CENTRAL INDEX KEY: 0000935226 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 650538630 STATE OF INCORPORATION: DE FISCAL YEAR END: 0330 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48717 FILM NUMBER: 10955196 BUSINESS ADDRESS: STREET 1: 8685 NW 53RD TERRACE CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 3055930770 MAIL ADDRESS: STREET 1: 8685 NW 53RD TERRACE CITY: MIAMI STATE: FL ZIP: 33166 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Coliseum Capital Management, LLC CENTRAL INDEX KEY: 0001409751 IRS NUMBER: 223918079 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 767 THIRD AVENUE STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-488-5555 MAIL ADDRESS: STREET 1: 767 THIRD AVENUE STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 c03544sc13dza.htm SCHEDULE 13D AMENDMENT Schedule 13D Amendment

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 4 )*

Benihana Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
082047200
(CUSIP Number)
Christopher Shackelton/Adam Gray
767 Third Avenue, 35th Floor
New York, NY 10017
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 15, 2010
(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 


 

                     
CUSIP No.
 
082047200 
   
   

 

           
1   NAMES OF REPORTING PERSONS

Coliseum Capital Management, LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   1,263,883
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    1,263,883
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1,263,883
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  12.9%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO, IA

Page 2 of 12 


 

                     
CUSIP No.
 
082047200 
 

 

           
1   NAMES OF REPORTING PERSONS

Coliseum Capital, LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   634,162
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    634,162
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  634,162
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  6.5%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

Page 3 of 12 


 

                     
CUSIP No.
 
082047200 
 

 

           
1   NAMES OF REPORTING PERSONS

Coliseum Capital Partners, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   634,162
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    634,162
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  634,162
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  6.5%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN

Page 4 of 12 


 

                     
CUSIP No.
 
082047200 
 

 

           
1   NAMES OF REPORTING PERSONS

Blackwell Partners, LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Georgia
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   629,721
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    629,721
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  629,721
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  6.4%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

Page 5 of 12 


 

                     
CUSIP No.
 
082047200 
 

 

           
1   NAMES OF REPORTING PERSONS

Adam Gray
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   1,263,883
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    1,263,883
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1,263,883
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  12.9%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

Page 6 of 12 


 

                     
CUSIP No.
 
082047200 
 

 

           
1   NAMES OF REPORTING PERSONS

Christopher Shackelton
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   1,263,883
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    1,263,883
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1,263,883
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  12.9%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

Page 7 of 12 


 

                     
CUSIP No.
 
082047200 
   
   
Explanatory Note: This Amendment No. 4 (this “Amendment”) amends and supplements the Schedule 13D (the “Initial 13D”) filed by the Filers (as defined below in Item 2) with the U.S. Securities and Exchange Commission (the “Commission”) on February 17, 2010, as amended and supplemented by Amendment No. 1 to the Initial 13D filed on April 15, 2010 (“Amendment No. 1”), Amendment No. 2 to the Initial 13D filed on May 26, 2010 (“Amendment No. 2”) and Amendment No. 3 to the Initial 13D filed on July 1, 2010 (“Amendment No. 3”). This Amendment relates to shares of Class A common stock, $0.10 par value per share (the “Class A Common Stock”) of Benihana Inc. (the “Issuer”). Since the filing of Amendment No. 3, the Filers have not acquired beneficial ownership over additional shares of the Issuer’s common stock, $0.10 par value per share (the “Common Stock”). The Filers do not beneficially own more than 5% of the Common Stock and do not have a separate reporting obligation under Section 13(d) of the Securities Exchange Act of 1934, as amended, with respect to the Common Stock. The Class A Common Stock and the Common Stock are collectively referred to herein as the “Stock.”
Item 1. Security and Issuer.
This statement relates to shares of Class A Common Stock of the Issuer. The principal executive office of the Issuer is located at 8685 Northwest 53rd Terrace, Miami, FL 33166.
Item 2. Identity and Background.
The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows:
  (a)   As used in this statement, the term “Filers” collectively refers to:
    Coliseum Capital Management, LLC, a Delaware limited liability company (“CCM”);
 
    Coliseum Capital, LLC, a Delaware limited liability company (“CC”);
 
    Coliseum Capital Partners, L.P., a Delaware limited partnership (“CCP”);
 
    Blackwell Partners, LLC, a Georgia limited liability company (“Blackwell”):
 
    Adam Gray (“Gray”); and
 
    Christopher Shackelton (“Shackelton”).
  (b)   The address of the principal business and office of the Filers (other than Blackwell) is 767 Third Avenue, 35th Floor, New York, NY 10017. The address of the principal business and office of Blackwell is c/o DUMAC, LLC, 406 Blackwell Street, Suite 300, Durham, NC 27701.
 
  (c)   Present principal occupation or employment of the Filers and the name, principal business and address of any corporation or other organization in which such employment is conducted:
 
      CCM is the investment adviser to CCP, which is an investment limited partnership. CC is the General Partner of CCP, and Gray and Shackelton are the managers of CC. Blackwell is a separate account advisory client of CCM, and Gray and Shackelton are the managers of CCM. Blackwell has no voting or dispositive power with respect to the shares of Stock reported herein.
 
  (d)   During the last five years, none of the Filers has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
 
  (e)   During the last five years, none of the Filers was 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.

 

Page 8 of 12


 

                     
CUSIP No.
 
082047200 
   
   
  (f)   The citizenship or place of organization for each of the Filers is listed in Row 6 of the cover pages hereto.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is supplemented as follows:
The source and amount of funds used making the purchases of the Class A Common Stock described in Item 5 were as follows:
                 
Purchaser   Source of Funds     Amount  
Blackwell
  Working Capital   $ 201,420.95  
CCP
  Working Capital   $ 134,282.29  
Item 4. Purpose of Transaction.
Item 4 is supplemented as follows:
On July 15, 2010, CCM sent a letter to Richard Stockinger, President and CEO of the Issuer, stating, among other things, CCM’s intent to submit a formal nomination for membership on the Issuer’s board of directors over the next several days. A copy of this letter is filed as Exhibit C hereto and is incorporated herein by reference.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended and supplemented as follows:
Class A Common Stock
The information relating to the beneficial ownership of Class A Common Stock by each of the Filers set forth in Rows 7 through 13 of the cover pages hereto is incorporated herein by reference. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 9,795,111 shares of Class A Common Stock outstanding as disclosed in the Issuer’s Annual Report on Form 10-K for the fiscal year ended March 28, 2010, filed with the Commission on June 11, 2010 (the “Issuer’s 10-K”).
The Filers effected the following transactions in the Class A Common Stock in open market transactions on the dates indicated, and such transactions are the only transactions in the Class A Common Stock by the Filers since the filing of Amendment No. 3:
                                 
Name   Purchase or Sale     Date     Number of Shares     Price Per Share  
CCP
  P         7/2/2010       3,930       5.50  
Blackwell
  P         7/2/2010       2,620       5.50  
CCP
  P         7/6/2010       7,500       5.09  
Blackwell
  P         7/6/2010       5,000       5.09  
CCP
  P         7/7/2010       28,483       4.97  
Blackwell
  P         7/7/2010       18,989       4.97  

 

Page 9 of 12


 

                     
CUSIP No.
 
082047200 
   
   
Common Stock
The following table set forth the beneficial ownership for each of the Filing Persons related to the Common Stock. Each of the percentages set forth in the table are calculated based upon 5,649,139 shares of Common Stock outstanding as disclosed in the Issuer’s 10-K.
         
CCM
       
Sole Voting Power
    0  
Shared Voting Power
    232,483  
Sole Dispositive Power
    0  
Shared Dispositive Power
    232,483  
Percent of Class
    4.1 %
CCP
       
Sole Voting Power
    0  
Shared Voting Power
    116,041  
Sole Dispositive Power
    0  
Shared Dispositive Power
    116,041  
Percent of Class
    2.1 %
Blackwell
       
Sole Voting Power
    0  
Shared Voting Power
    116,442  
Sole Dispositive Power
    0  
Shared Dispositive Power
    116,442  
Percent of Class
    2.1 %
CC
       
Sole Voting Power
    0  
Shared Voting Power
    116,041  
Sole Dispositive Power
    0  
Shared Dispositive Power
    116,041  
Percent of Class
    2.1 %
Gray
       
Sole Voting Power
    0  
Shared Voting Power
    232,483  
Sole Dispositive Power
    0  
Shared Dispositive Power
    232,483  
Percent of Class
    4.1 %
Shackelton
       
Sole Voting Power
    0  
Shared Voting Power
    232,483  
Sole Dispositive Power
    0  
Shared Dispositive Power
    232,483  
Percent of Class
    4.1 %
The Filers have not effected any transactions in the Common Stock since the filing of Amendment No. 3.
Item 6. Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer.
CCM is an investment adviser whose clients, including CCP and Blackwell, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock. CC is the general partner of CCP. Gray and Shackelton are the managers of CC and CCM.
Item 7. Material to Be Filed as Exhibits.
Item 7 is supplemented as follows:
Letter, dated July 15, 2010, from Coliseum Capital Management, LLC to Richard Stockinger, President and CEO of Benihana, Inc., set forth in Exhibit C.

 

Page 10 of 12


 

                     
CUSIP No.
 
082047200 
   
   
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 15, 2010
                 
COLISEUM CAPITAL MANAGEMENT, LLC       BLACKWELL PARTNERS, LLC
 
               
 
           By:   Coliseum Capital Management, LLC,
Attorney-in-fact
 
               
 By:
  /s/ Christopher Shackelton       By:   /s/ Adam Gray
 
               
 
  Christopher Shackelton, Manager           Adam Gray, Manager
             
COLISEUM CAPITAL PARTNERS, L.P.
      CHRISTOPHER SHACKELTON
 
By:
  Coliseum Capital, LLC, General Partner        
 
By:
  /s/ Adam Gray       /s/ Christopher Shackelton
 
           
 
  Adam Gray, Manager       Christopher Shackelton
 
           
COLISEUM CAPITAL, LLC       ADAM GRAY
 
           
By:
  /s/ Adam Gray       /s/ Adam Gray
 
           
 
  Adam Gray, Manager       Adam Gray

 

Page 11 of 12


 

EXHIBIT C
Coliseum Capital Management, LLC
July 15, 2010
Richard Stockinger, President and CEO
Benihana, Inc.
8685 N.W. 53rd Terrace
Miami, FL 33166
Dear Rich:
We read with interest your Tuesday announcement regarding the Company’s decision to engage a formal review of strategic alternatives, including a possible sale.
While we are glad that the Company has decided to take a hard look at its business — and to seek advice in doing so — we believe this move increases, rather than decreases, the need for new, independent voices on the board of directors.
In short, we believe the Company is massively undervalued, and that it has substantial opportunities to improve its business and increase shareholder value — whether or not a sale is pursued. We consider it critical at this juncture that the shareholders have strong and continuing input as to how the strategic alternative review process is constructed, how advisors are selected and incentivized, and how the alternatives are evaluated and implemented.
We believe this can best be accomplished by adding a new, independent director with significant industry experience, with credentials highly relevant to Benihana’s specific circumstances, and whose interests are squarely aligned with those of Benihana’s shareholders.
We intend to submit a formal nomination for board membership over the next several days. It continues to be our hope that the Company will react favorably to that nomination, particularly in light of the Company’s current challenges, rather than instigate a costly and distracting election contest.
We appreciate your attention to this matter and look forward to our continued discussions.
Sincerely yours,
         
     
/s/ Adam Gray      
Adam Gray     
     
On Behalf of Coliseum Capital Management, LLC
As its Managing Directors
767 Third Avenue, 35th Floor New York, NY 10017
Tel: (212) 488-5555 Fax: (212) 644-1001

 

Page 12 of 12

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