-----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, J6bxn6APC0f4VXiKofC5dGN+OR0vz35p2eauIVv8U+UWQfBfSh1LV9iXloBmIq5Y tv3cu2iI5wgoDsNOk9EVXA== 0001041885-03-000081.txt : 20031126 0001041885-03-000081.hdr.sgml : 20031126 20031126152045 ACCESSION NUMBER: 0001041885-03-000081 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20031126 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BNS CO CENTRAL INDEX KEY: 0000014637 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 050113140 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-13165 FILM NUMBER: 031026337 BUSINESS ADDRESS: STREET 1: 25 ENTERPRISE CENTER STREET 2: SUITE 103 CITY: MIDDLETOWN STATE: RI ZIP: 02842 BUSINESS PHONE: 401-848-6310 MAIL ADDRESS: STREET 1: 25 ENTERPRISE CENTER STREET 2: SUITE 103 CITY: MIDDLETOWN STATE: RI ZIP: 02842 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: INGALLS & SNYDER LLC CENTRAL INDEX KEY: 0001041885 IRS NUMBER: 135156620 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 61 BROADWAY STREET 2: C/O INGALLS & SNYDER CITY: NEW YORK STATE: NY ZIP: 100006 BUSINESS PHONE: 2122697812 MAIL ADDRESS: STREET 1: 61 BROADWAY CITY: NEW YORK STATE: NY ZIP: 100006 SC 13D 1 bns13d2003.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 1) BNS Co. - ----------------------------------------------------------------------------- (NAME OF ISSUER) Class A Common Stock - ----------------------------------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 055961304 - ----------------------------------------------------------------------------- (CUSIP NUMBER) Edward H. Oberst Ingalls & Snyder, LLC 61 Broadway New York, New York 10006 (212) 269-7800 - ----------------------------------------------------------------------------- (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS) November 24, 2003 - ----------------------------------------------------------------------------- (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. [ ] Note: Schedules filed in paper format shall include a signed original and five copies of the Schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. - ----------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Ingalls & Snyder, LLC - ----------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) [ ] (b) [X] - ----------------------------------------------------------------------------- 3. SEC USE ONLY - ----------------------------------------------------------------------------- 4. SOURCES OF FUNDS AF, OO - ----------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - ----------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION New York State - ----------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 36,400 SHARES -------------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER 0 OWNED BY -------------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER 36,400 REPORTING -------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 422,360 - ----------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 458,760 - ----------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * [ ] - ----------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.3% - ----------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* BD, IA - ----------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ----------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) William Reed Simmons - ----------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) [ ] (b) [X] - ----------------------------------------------------------------------------- 3. SEC USE ONLY - ----------------------------------------------------------------------------- 4. SOURCES OF FUNDS PF - ----------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - ----------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S. - ----------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 28,400 SHARES -------------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER 0 OWNED BY -------------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER 28,400 REPORTING -------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 381,360 - ----------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 409,760 - ----------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 13.7% - ----------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IN - ----------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ITEM 1 SECURITY AND ISSUER Title of Class of Securities Class A common stock $.01 par value per share (the "Shares") Name and Address of Issuer BNS Co. (the "Company" or the "Issuer") 25 Enterprise Center Suite 103 Middletown, RI 02842 ITEM 2 IDENTITY AND BACKGROUND This statement is being filed by Ingalls & Snyder, LLC, a New York limited liability company ("I&S"), and by William Reed Simmons (together, the "Reporting Persons"). I&S is a registered broker-dealer and investment adviser registered with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended. The Managing Directors of I&S, each of whom is a U.S. citizen, are as follows (the "Managing Directors"): Lawton S. Lamb, William Reed Simmons, Thomas O. Boucher, Jr., John J. Dougherty, Steven M. Foote, Robert Belknap, H. Shepard Boone, Thomas P. DiTosto, Christopher R. Siege and Edward H. Oberst. Each of the Managing Directors, other than Mr. Oberst, is a stockbroker with I&S. Mr. Oberst is the administrative officer of I&S. The principal business address of I&S and each of the Managing Directors is Ingalls & Snyder, LLC, 61 Broadway, New York, NY 10006. During the past five years neither I&S nor any of the Managing Directors has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of which any of the foregoing 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 Shares "beneficially owned" by I&S were acquired for accounts of customers of I&S over which Simmons and other employees hold discretionary investment authority including accounts of members of Mr. Simmons's immediate family. The amount of funds used to purchase such Shares totaled $1,813,982.10 (including brokerage commissions), consisting of $1,696,354 from such customer accounts and $117,628.10 from accounts of Mr. Simmons and his immediate family. Some of the funds used for such purchases were borrowed from I&S pursuant to normal margin account terms. ITEM 4 PURPOSE OF TRANSACTION The Shares were acquired for investment purposes. The Reporting Persons may, depending upon market conditions and other factors, choose to acquire additional Shares or dispose of Shares in the future through open market or privately negotiated transactions or effect other transactions which relate to or would result in any of the actions specified in clauses (a) through (j) of Item 4 to Schedule 13D. Moreover, the Reporting Persons have held and intend to hold discussions with various parties, including, but not limited to, the Issuer's management, its board of directors and other shareholders, focused on developing and implementing strategies to maximize shareholder value, which may, in the future, result in one or more of the actions specified in clauses (a) through (j) of Item 4 to Schedule 13D. ITEM 5 INTEREST IN SECURITIES OF THE ISSUER I&S "beneficially owns" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) 458,760 Shares, or 15.3% of the 3,000,341 Shares outstanding as of September 30, 2003. 422,360 of these shares are held in accounts of customers of I&S where employees of I&S including Simmons hold discretionary investment authority. 36,400 shares are owned by an investment partnership managed by I&S where I&S holds voting authority. Simmons may be deemed to be the "beneficial owner" of 381,360 Shares held in accounts of customers of I&S by virtue of his discretionary investment authority over such accounts. Simmons owns 28,400 shares. Since September 25, 2003, I&S has effected the following disposition of Shares in a privately negotiated block transaction: Date No. of Shares Price per share (including commissions) 11/24/03 100,000 $5.52 Of the Shares sold on 11/24/03, 400 were sold for accounts of members of the immediate family of Mr. Simmons. Each of the customers of I&S in whose account Shares are held has the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, the Shares held in such customer's account. ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER Simmons and other I&S employees have been granted discretionary authority to dispose of Shares held in the accounts of customers of I&S. I&S has the power to vote or to direct the vote of 36,400 Shares held in the account of a customer that is a limited partnership by virtue of its controlling interest in the general partner of such limited partnership. ITEM 7 MATERIAL TO BE FILED AS EXHIBITS INDEX TO EXHIBITS PAGE ----------------- ---- EXHIBIT 1 Agreement to Make a Joint Filing 7 EXHIBIT 1 TO SCHEDULE 13G ------------------------- NOVEMBER 20, 2003 ------------------------- The undersigned hereby agree that this Schedule 13g is filed on behalf of each of the parties. Date: 11/20/2003 INGALLS & SNYDER LLC BY: /s/ EDWARD H. OBERST - ---------------------------------- (Signature)* EDWARD H. OBERST MANAGING DIRECTOR - ---------------------------------- Date: 11/20/2003 /s/ ROBERT L. GIPSON - ---------------------------------- (Signature)* ROBERT L. GIPSON 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. Dated: November 25, 2003 Ingalls & Snyder, LLC By: /s/ Edward H. Oberst -------------------------------- Name: Edward H. Oberst Title: Managing Director 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. Dated: November 25, 2003 /s/ William Reed Simmons -------------------------------- William Reed Simmons -----END PRIVACY-ENHANCED MESSAGE-----