-----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, WY/nvuO76URLwbcuTujtjWVHrPR0dL9QIfeQ7yca9xTVzjrRtfdG8MTHUNDe+ZAg F+GOUdiuI9TDO978OuFcAg== 0000922423-04-001860.txt : 20041112 0000922423-04-001860.hdr.sgml : 20041111 20041112080509 ACCESSION NUMBER: 0000922423-04-001860 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20041112 DATE AS OF CHANGE: 20041112 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BARINGTON CAPITAL GROUP L P CENTRAL INDEX KEY: 0000887762 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE 17TH FL CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129745400 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: STEVEN MADDEN, LTD. CENTRAL INDEX KEY: 0000913241 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] IRS NUMBER: 133588231 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-51567 FILM NUMBER: 041135182 BUSINESS ADDRESS: STREET 1: 52-16 BARNETT AVE CITY: LONG ISLAND CITY STATE: NY ZIP: 11104 BUSINESS PHONE: 7184461800 MAIL ADDRESS: STREET 1: 52-16 BARNETT AVENUE CITY: LONG ISLAND CITY STATE: NY ZIP: 11104 FORMER COMPANY: FORMER CONFORMED NAME: MADDEN STEVEN LTD DATE OF NAME CHANGE: 19931008 SC 13D/A 1 kl11041_sc13d-a.txt SCHEDULE 13D AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) (Amendment No. 1) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Steven Madden, Ltd. ------------------- (Name of Issuer) Common Stock, par value $0.0001 per share ----------------------------------------- (Title of Class of Securities) 556269108 --------- (CUSIP Number) Mr. James A. Mitarotonda c/o Barington Companies Equity Partners, L.P. 888 Seventh Avenue, 17th Floor New York, NY 10019 (212) 974-5700 -------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 10, 2004 ----------------- (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(e), 13d-1(f), or 13d-1(g), check the following box: |_|. SCHEDULE 13D CUSIP No. 556269108 - ------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Barington Companies Equity Partners, L.P. 13-4088890 - -------------------------------------------------------------------------------- 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 288,937 SHARES ---------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY none EACH ---------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON 288,937 WITH ---------------------------------------------------- 10) SHARED DISPOSITIVE POWER none - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 288,937 - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.21% - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 556269108 - ------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Barington Companies Offshore Fund, Ltd. (BVI) - -------------------------------------------------------------------------------- 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 British Virgin Islands - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF 43,535 SHARES ------------------------------------------------------ BENEFICIALLY 8) SHARED VOTING POWER OWNED BY none EACH ------------------------------------------------------ REPORTING 9) SOLE DISPOSITIVE POWER PERSON 43,535 WITH ------------------------------------------------------ 10) SHARED DISPOSITIVE POWER none - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 43,535 - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.33% - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 556269108 - ------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Parche, LLC 20-0870632 - -------------------------------------------------------------------------------- 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 100,376 SHARES -------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY none EACH -------------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON 100,376 WITH -------------------------------------------------------- 10) SHARED DISPOSITIVE POWER none - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 100,376 - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.77% - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 556269108 - ------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Starboard Value & Opportunity Fund, LLC 37-1484524 - -------------------------------------------------------------------------------- 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 526,972 SHARES ----------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY none EACH ----------------------------------------------------- REPORTING 9) SOLE DISPOSITIVE POWER PERSON 526,972 WITH ----------------------------------------------------- 10) SHARED DISPOSITIVE POWER none - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 526,972 - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.04% - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 556269108 - ------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON RJG Capital Partners, LP 20-0133443 - -------------------------------------------------------------------------------- 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 8,600 SHARES ------------------------------------------------------ BENEFICIALLY 8) SHARED VOTING POWER OWNED BY none EACH ------------------------------------------------------ REPORTING 9) SOLE DISPOSITIVE POWER PERSON 8,600 WITH ------------------------------------------------------ 10) SHARED DISPOSITIVE POWER none - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,600 - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.066% - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- This Amendment No. 1 amends and supplements the Schedule 13D (the "Statement") filed with the Securities and Exchange Commission on July 30, 2004 by and on behalf of Barington Companies Equity Partners, L.P., Barington Companies Offshore Fund, Ltd., Parche, LLC, Starboard Value & Opportunity Fund, LLC and RJG Capital Partners, LP (each, a "Reporting Entity" and, collectively, the "Reporting Entities") with respect to the common stock, par value $0.0001 per share (the "Common Stock"), of Steven Madden, Ltd., a Delaware corporation (the "Company"). The principal executive offices of the Company are located at 52-16 Barnett Avenue, Long Island City, New York 11104. Item 2. Identity and Background. ----------------------- The second paragraph under Item 2(a) - (c) of the Statement is hereby amended and restated as follows: As of the date of this filing, the Reporting Entities are the beneficial owners of, in the aggregate, 968,420 shares of Common Stock, representing approximately 7.4% of the shares of Common Stock presently outstanding. Item 3. Source and Amount of Funds or Other Consideration. ------------------------------------------------- The information contained in Item 3 of the Statement is hereby supplemented as follows: Since the filing of the Statement, the Reporting Entities purchased an aggregate of 155,700 shares of Common Stock. The amount of funds expended for such purchases was approximately $580,316.14 by Barington Companies Equity Partners, L.P., $149,658.04 by Barington Companies Offshore Fund Ltd. (BVI), $326,640.72 by Parche, LLC and $1,714,872.85 by Starboard Value & Opportunity Fund, LLC. All purchases of Common Stock by the Reporting Entities were made in open market transactions described in the attached Schedule. All such purchases of Common Stock were funded by working capital, which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business. Certain shares reported in the Statement as owned by Parche, LLC were acquired in private transactions with various transferors for which Ramius Capital Group, LLC or an affiliate serves as the investment manager, the managing member, or the managing member of the investment manager. Parche, LLC acquired from such transferors an aggregate of 59,444 shares of Common Stock on July 20, 2004 at a per share price of $19.00, equal to the last reported sales price on the NASDAQ National Market System on the date the transaction was completed, or an aggregate of $1,129,436. Ramius Capital Group, LLC is the sole member of Admiral Advisors, LLC, which is the managing member of each of Starboard Value & Opportunity Fund, LLC and Parche, LLC. The total of 59,444 shares transferred to Parche, LLC were initially acquired by the transferors for an aggregate of $1,138,572.26 (excluding commissions and other execution-related costs). Such transferors had, within the 60 days prior to the filing of the Statement, effected the following transactions in the Common Stock: 6/25/04 purchased 2,667 shares at a price per share of $19.4691; 7/1/04 purchased 3,285 shares at a price per share of $19.7835; 7/2/04 purchased 512 shares at a price per share of $19.7756; 7/6/04 purchased 1,200 shares at a price per share of $19.6035; 7/7/04 purchased 400 shares at a price per share of $19.5484; 7/8/04 purchased 1,200 shares at a price per share of $19.4420; 7/12/04 purchased 295 shares at a price per share of $19.5060; 7/13/04 purchased 480 shares at a price per share of $19.6910; 7/14/04 purchased 3,120 shares at a price per share of $19.9434; 7/15/04 purchased 7,088 shares at a price per share of $19.7000; 7/15/04 purchased 376 shares at a price per share of $19.6689; 7/16/04 purchased 4,000 shares at a price per share of $19.9000; 7/16/04 purchased 9,882 shares at a price per share of $19.2310; 7/19/04 purchased 6,120 shares at a price per share of $18.4187; 7/20/04 purchased 1,836 shares at a price per share of $18.9595; 7/20/04 sold 59,444 shares at a price per share of $19.0000. All purchases of Common Stock referenced above were funded by working capital, which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business. The Reporting Entities do not believe that the above information is called for by the Items of Schedule 13D and are disclosing it for supplemental informational purposes only. Item 4. Purpose of Transaction. ---------------------- The information contained in Item 4 of the Statement is hereby supplemented as follows: On November 5, 2004, James A. Mitarotonda, Chairman of Chief Executive Officer of Barington Capital Group, L.P., sent the letter attached hereto as Exhibit 99.2 to Jamieson A. Karson, the Vice Chairman and Chief Executive Officer of the Company. As of the date of the filing of this Amendment No. 1 to the Statement, the Company had not responded to the request of the Reporting Entities to meet with the Company's management and Board of Directors. Item 5. Interest in Securities of the Issuer. ------------------------------------ Item 5(a) is hereby amended and restated as follows: (a) As of the date hereof, Barington Companies Equity Partners, L.P. beneficially owns an aggregate of 288,937 shares of Common Stock, representing approximately 2.21% of the shares of Common Stock presently outstanding based upon based upon the 13,053,505 shares of Common Stock reported by the Company to be issued and outstanding as of November 3, 2004 in its Form 10-Q filed with the Securities and Exchange Commission on November 9, 2004 (the "Issued and Outstanding Shares"). As of the date hereof, Barington Companies Offshore Fund, Ltd. (BVI) beneficially owns an aggregate of 43,535 shares of Common Stock, representing approximately 0.33% of the shares of Common Stock presently outstanding based upon the Issued and Outstanding Shares. As of the date hereof, Parche, LLC beneficially owns an aggregate of 100,376 shares of Common Stock, representing approximately 0.77% of the shares of Common Stock presently outstanding based upon the Issued and Outstanding Shares. As of the date hereof, Starboard Value & Opportunity Fund, LLC beneficially owns an aggregate of 526,972 shares of Common Stock, representing approximately 4.04% of the outstanding shares of Common Stock based upon the Issued and Outstanding Shares. As of the date hereof, RJG Capital Partners, LP beneficially owns an aggregate of 8,600 shares of Common Stock, representing approximately 0.066% of the outstanding shares of Common Stock based upon the Issued and Outstanding Shares. Item 7. Material to be Filed as Exhibits. -------------------------------- 99.2 Letter from James A. Mitarotonda of Barington Capital Group, L.P. to Jamieson A. Karson, Vice Chairman and Chief Executive Officer of Steven Madden, Ltd., dated November 5, 2004. SIGNATURES ---------- After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certify that the information set forth in this Statement is true, complete and correct. Dated: November 11, 2004 BARINGTON COMPANIES EQUITY PARTNERS, L.P. By: Barington Companies Investors, LLC, its general partner By: /s/ James A. Mitarotonda --------------------------------------- Name: James A. Mitarotonda Title: Manager BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI) By: /s/ James A. Mitarotonda -------------------------------------- Name: James A. Mitarotonda Title: Manager PARCHE, LLC By: Admiral Advisors, LLC, its managing member By: /s/ Jeffrey M. Solomon -------------------------------------- Name: Jeffrey M. Solomon Title: Authorized Signatory STARBOARD VALUE & OPPORTUNITY FUND, LLC By: Admiral Advisors, LLC, its managing member By: /s/ Jeffrey M. Solomon ------------------------------------- Name: Jeffrey M. Solomon Title: Authorized Signatory SCHEDULE This schedule sets forth information with respect to each purchase of Common Stock which was effectuated by a Reporting Entity since the filing of the Statement. All transactions were effectuated in the open market through a broker. Shares purchased by Barington Companies Equity Partners, L.P. Number of Date Shares Price Per Share Cost(1) - ---- --------- --------------- ----------- 9/17/04 3,240 $18.15 $58,806.00 9/20/04 4,601 $18.14 $83,462.14 9/24/04 16,200 $18.10 $293,220.00 9/28/04 8,100 $17.88 $144,828.00 - ---------- (1) Excludes commissions and other execution-related costs. Shares purchased by Barington Companies Offshore Fund, Ltd. Number of Date Shares Price Per Share Cost(2) - ---- --------- --------------- ----------- 9/17/04 360 $18.15 $6,534.00 9/20/04 511 $18.14 $9,269.54 9/24/04 1,800 $18.10 $32,580.00 9/28/04 900 $17.88 $16,092.00 11/10/04 5,000 $17.0365 $85,182.50 - ---------- (2) Excludes commissions and other execution-related costs. Shares purchased by Parche, LLC Number of Date Shares Price Per Share Cost(3) - ---- --------- --------------- ----------- 9/17/04 1024 $18.15 $18,585.60 9/20/04 1454 $18.14 $26,375.56 9/24/04 5120 $18.10 $92,672.00 9/28/04 2560 $17.88 $45,772.80 10/05/04 4000 $17.75 $71,000.00 11/10/04 4240 $17.0365 $72,234.76 - ---------- (3) Excludes commissions and other execution-related costs. Shares purchased by Starboard Value & Opportunity Fund, LLC Number of Date Shares Price Per Share Cost(4) - ---- --------- --------------- ----------- 9/17/04 5,376 $18.15 $97,574.40 9/20/04 7,634 $18.14 $138,480.76 9/24/04 26,880 $18.10 $486,528.00 9/28/04 13,440 $17.88 $240,307.20 10/5/04 21,000 $17.75 $372,750.00 11/10/04 22,260 $17.0365 $379,232.49 - ---------- (4) Excludes commissions and other execution-related costs. EX-99 2 kl11041_ex99-2.txt EXHIBIT 99.2 LETTER EXHIBIT 99.2 Barington Capital Group November 5, 2004 Jamieson A. Karson Vice Chairman and Chief Executive Officer Steven Madden, Ltd. 52-16 Barnett Avenue Long Island City, New York 11104 Dear Mr. Karson: As one of the largest investors in Steven Madden, Ltd., we have been concerned with the financial and share price performance of the Company. As you know, we disclosed our interest in meeting with management and the Board of Directors to discuss measures to maximize stockholder value in our Schedule 13D filing made over three months ago. Since that time, I have attempted to get in touch with you numerous times to schedule such a meeting without success. I am therefore writing you to once again request the opportunity to meet with you and the Company's Chief Operating Officer and Chief Financial Officer in order to understand your vision for the Company, the way in which the Company is being managed and your plans to improve the performance of the Company. Based on our extensive experience working with companies in your industry, we believe that we can also offer suggestions of ways that the Company might improve shareholder value, and would appreciate the opportunity to share these suggestions with you. Thank you. I look forward to meeting with you and your management team at your earliest available opportunity. Very truly yours, /s/ James A. Mitarotonda James A. Mitarotonda -----END PRIVACY-ENHANCED MESSAGE-----