SC 13D/A 1 form13da.htm FORM 13G/A FILED BY GLENHILL ADVISORS, LLC, ISSUER TLC VISION CORP 6-21-07 form13da.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)*


TLC Vision Corporation
-------------------------------------------------------------------------------
(Name of Issuer)


Common Stock
-------------------------------------------------------------------------------
(Title of Class of Securities)


872549100
----------------------------------------
(CUSIP Number)
 
Glenn J. Krevlin
Glenhill Advisors, LLC
598 Madison Avenue
12th Floor
New York, New York 10022
Tel. (646) 432-0600

With a copy to:
Stephen P. Wink, Esq.
Cahill/Wink LLP
5 Penn Plaza
23rd Floor
New York, NY 10001
(646) 378-2105
-------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)


June 18, 2007
-------------------------------------------------------------------------------
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 §240.13d -7(b) 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).
 

Page 1 of 7 pages
 
------------------------------------------------
CUSIP No. 872549100
------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1       Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
 
Glenhill Advisors, LLC
13-4153005
------------------------------------------------------------------------------------------------------------------------------
2       Check the Appropriate Box if a Member of a Group (See Instructions)
 
(a) [ ]
(b) [X]
------------------------------------------------------------------------------------------------------------------------------
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) [ ]
------------------------------------------------------------------------------------------------------------------------------
6       Citizen or Place of Organization
 
Delaware
------------------------------------------------------------------------------------------------------------------------------
Number of  7        Sole Voting Power        6,778,486
--------------------------------------------------------------------------------------------------------------
Shares
 
Beneficially   8        Shared Voting Power        0
--------------------------------------------------------------------------------------------------------------
Owned by
 
Each   9        Sole Dispositive Power      6,778,486
--------------------------------------------------------------------------------------------------------------
Reporting
 
Person With:     10        Shared Dispositive Power     0
------------------------------------------------------------------------------------------------------------------------------
 
11     Aggregate Amount Beneficially Owned by Each Reporting Person
 
      6,778,486
------------------------------------------------------------------------------------------------------------------------------
12     Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
13     Percent of Class Represented by Amount in Row (11)
 
   9.8%
------------------------------------------------------------------------------------------------------------------------------
14     Type of Reporting Person (See Instructions)
 
HC
---------------------------------------------------------------------------------------------------------------------------------


Page 2 of  7 pages
 
 
------------------------------------------------
CUSIP No. 872549100
------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1       Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
 
Glenn J. Krevlin
------------------------------------------------------------------------------------------------------------------------------
2       Check the Appropriate Box if a Member of a Group (See Instructions)
 
(a) [ ]
(b) [X]
------------------------------------------------------------------------------------------------------------------------------
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) [ ]
------------------------------------------------------------------------------------------------------------------------------
6       Citizen or Place of Organization
 
United States
------------------------------------------------------------------------------------------------------------------------------
Number of  7        Sole Voting Power        6,778,486
--------------------------------------------------------------------------------------------------------------
Shares
 
Beneficially   8        Shared Voting Power        0
--------------------------------------------------------------------------------------------------------------
Owned by
 
Each   9        Sole Dispositive Power      6,778,486
--------------------------------------------------------------------------------------------------------------
Reporting
 
Person With:     10        Shared Dispositive Power      0
------------------------------------------------------------------------------------------------------------------------------
 
11     Aggregate Amount Beneficially Owned by Each Reporting Person
 
      6,778,486
------------------------------------------------------------------------------------------------------------------------------
12  Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
13     Percent of Class Represented by Amount in Row (11)
 
   9.8%
------------------------------------------------------------------------------------------------------------------------------
14     Type of Reporting Person (See Instructions)
 
IN, HC
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Page 3 of  7 pages
 

------------------------------------------------
CUSIP No. 872549100
------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1       Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
 
Glenhill Capital Management, LLC
13-4146739
------------------------------------------------------------------------------------------------------------------------------
2       Check the Appropriate Box if a Member of a Group (See Instructions)
 
(a) [ ]
(b) [X]
------------------------------------------------------------------------------------------------------------------------------
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) [ ]
------------------------------------------------------------------------------------------------------------------------------
6       Citizen or Place of Organization
 
Delaware
------------------------------------------------------------------------------------------------------------------------------
Number of  7        Sole Voting Power            0
--------------------------------------------------------------------------------------------------------------
Shares
 
Beneficially   8        Shared Voting Power        6,778,486
--------------------------------------------------------------------------------------------------------------
Owned by
 
Each   9        Sole Dispositive Power          0
--------------------------------------------------------------------------------------------------------------
Reporting
 
Person With:     10        Shared Dispositive Power      6,778,486
------------------------------------------------------------------------------------------------------------------------------
 
11     Aggregate Amount Beneficially Owned by Each Reporting Person
 
    6,778,486
------------------------------------------------------------------------------------------------------------------------------
12     Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
13     Percent of Class Represented by Amount in Row (11)
 
   9.8%
------------------------------------------------------------------------------------------------------------------------------
14     Type of Reporting Person (See Instructions)
 
IA, HC
---------------------------------------------------------------------------------------------------------------------------------

Page 4 of  7 pages
 

------------------------------------------------
CUSIP No. 872549100
------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1       Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
 
Glenhill Capital LP
13-4149785
------------------------------------------------------------------------------------------------------------------------------
2       Check the Appropriate Box if a Member of a Group (See Instructions)
 
(a) [ ]
(b) [X]
------------------------------------------------------------------------------------------------------------------------------
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) [ ]
------------------------------------------------------------------------------------------------------------------------------
6       Citizen or Place of Organization
 
Delaware
------------------------------------------------------------------------------------------------------------------------------
Number of  7        Sole Voting Power            0
--------------------------------------------------------------------------------------------------------------
Shares
 
Beneficially   8        Shared Voting Power        3,867,273
--------------------------------------------------------------------------------------------------------------
Owned by
 
Each   9        Sole Dispositive Power          0
--------------------------------------------------------------------------------------------------------------
Reporting
 
Person With:     10        Shared Dispositive Power      3,867,273
------------------------------------------------------------------------------------------------------------------------------
 
11     Aggregate Amount Beneficially Owned by Each Reporting Person
 
      3,867,273
------------------------------------------------------------------------------------------------------------------------------
12     Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
13     Percent of Class Represented by Amount in Row (11)
 
5.6%
------------------------------------------------------------------------------------------------------------------------------
14     Type of Reporting Person (See Instructions)
 
PN
---------------------------------------------------------------------------------------------------------------------------------

Page 5 of  7 pages
 
 
    This Amendment No. 2 relates to and amends the Statement of Beneficial Ownership on Schedule 13D of Glenhill Advisors, LLC, a Delaware limited liability company (“Glenhill Advisors”), Glenn J. Krevlin, a citizen of the United States (“Krevlin”), Glenhill Capital Management, LLC, a Delaware limited liability company (“Glenhill Management”), and Glenhill Capital LP, a Delaware limited partnership (“Glenhill Capital” and, collectively with Glenhill Advisors, Krevlin and Glenhill Management, the “Reporting Persons”), initially filed jointly by the Reporting Persons with the Securities and Exchange Commission on March 16, 2007, as amended by Amendment No. 1 filed on April 4, 2007 (as hereby amended, the “Schedule 13D”), with respect to the Common Stock, without par value (the “Common Stock”), of TLC Vision Corporation, a corporation organized under the laws of New Brunswick, Canada (the “Issuer”).  All capitalized terms used and not expressly defined herein have the respective meanings ascribed to such terms in the Schedule 13D.

Item 3.      Source and Amount of Funds or Other Consideration.
 
        Item 3 of the Schedule 13D is supplemented as follows:
 
                           On June 18, 2007 and June 19, 2007, certain of the Reporting Persons sold shares of Common Stock in open market sales as set forth below in this Item 3.  The total consideration received from such sales, net of any commissions and related fees, is $16,513,800.
 
 
Trade
      
Fund
Date
Activity
Quantity
Price
Glenhill Capital, LP
6/18/2007
SELL
      31,900
    5.8678
Glenhill Capital Overseas Master Fund L.P.
6/18/2007
SELL
      17,700
    5.8678
Glenhill Capital LP
6/18/2007
SELL
       7,500
    5.8556
Glenhill Capital Overseas Master Fund L.P.
6/18/2007
SELL
       4,100
    5.8556
Glenhill Capital LP
6/18/2007
SELL
    728,005
    5.8505
Glenhill Capital Overseas Master Fund L.P.
6/18/2007
SELL
    405,000
    5.8505
Glenhill Capital LP
6/19/2007
SELL
      56,670
    5.8316
Glenhill Capital Overseas Master Fund L.P.
6/19/2007
SELL
      31,599
    5.8316
Glenhill Capital LP
6/19/2007
SELL
       1,500
    5.8441
Glenhill Capital Overseas Master Fund L.P.
6/19/2007
SELL
          800
    5.8441
Glenhill Capital LP
6/19/2007
SELL
      24,600
    5.8416
Glenhill Capital Overseas Master Fund L.P.
6/19/2007
SELL
      13,700
    5.8416
Glenhill Capital LP
6/19/2007
SELL
    970,940
    5.8281
Glenhill Capital Overseas Master Fund L.P.
6/19/2007
SELL
    541,600
    5.8281

Item 4.     Purpose of Transaction.
 
        Item 4 of the Schedule 13D is hereby supplemented as follows:
 
        The Reporting Persons have made the investment decision to become passive investors in the Issuer.  The Reporting Persons intend to file a Schedule 13G on the date hereof to indicate their transition to passive investor status.  In addition, the Reporting Persons have decreased their beneficial ownership through open market sales as described in Item 3 to this Amendment No. 2.
 
Item 5.                Interest in Securities of the Issuer.

(a)  As of the close of business on June 19, 2007, Glenn J. Krevlin, Glenhill Advisors, LLC, and Glenhill Capital Management, LLC were the beneficial owners of 6,778,486 shares of Common Stock, which constitute in the aggregate 9.8% of the outstanding shares of Common Stock of the Issuer based on 69,237,453 shares of Common Stock outstanding pursuant to the Form 10-Q for the quarterly period ending March 31, 2007 filed by the Issuer.

As of the close of business on June 19, 2007, Glenhill Capital LP was the beneficial owner of 3,867,273 shares of Common Stock, which constitute in the aggregate 5.6% of the outstanding shares of Common Stock of the Issuer based on 69,237,453 shares of Common Stock outstanding pursuant to the Form 10-Q for the quarterly period ending March 31, 2007 filed by the Issuer.

As of the close of business on June 19, 2007, Glenhill Capital Overseas Master Fund, LP and Glenhill Concentrated Long Master Fund, LLC were the beneficial owners of 2,161,213 and 750,000 shares of Common Stock, respectively, which, individually, constitute less than 5% of the outstanding shares of Common Stock of the Issuer based on 69,237,453 shares of Common Stock outstanding pursuant to the Form 10-Q for the quarterly period ending March 31, 2007 filed by the Issuer.

(b)  Each of Glenn J. Krevlin and Glenhill Advisors, LLC has the sole power to vote, direct the voting of, dispose of and direct the disposition of the Common Stock owned by it as described in Item 5(a) above.

Each of Glenhill Capital Management, LLC and Glenhill Capital LP has shared power to vote, direct the vote of, dispose of and direct the disposition of the Common Stock owned by it as described in Item 5(a) above.  Such power is shared with Glenhill Advisors, LLC and Glenn J. Krevlin.

(c)  There were no transactions in the Common Stock by the Reporting Persons effected in the last 60 days, except as described in Item 3 above.

(d)  The Reporting Persons 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 owned by them.

(e)  Not applicable.

 
Page 6 of  7 pages
 
 
 
 
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.


DATE:     June 21, 2007
                    GLENHILL ADVISORS, LLC
 
                    By: /s/ GLENN J. KREVLIN
 
                    Name: Glenn J. Krevlin
                    Title:   Managing Member
 
                    By: /s/ GLENN J. KREVLIN
 
                    Name: Glenn J. Krevlin
 
 
                    GLENHILL CAPITAL MANAGEMENT, LLC
 
                    By: GLENHILL ADVISORS, LLC
                                                           Managing Member
 
                                                  By:  /s/ GLENN J. KREVLIN
 
                    Name:  Glenn J. Krevlin
                    Title:  Managing Member
 
                    GLENHILL CAPITAL LP
 
                    By: GLENHILL CAPITAL MANAGEMENT, LLC
                          General Partner
 
                    By: GLENHILL ADVISORS, LLC
                          Managing Member
 
                    By: /s/ GLENN J. KREVLIN
 
                    Name:  Glenn J. Krevlin
                    Title:  Managing Member
 
 
 
                                                  
                                                      
 
                                                     
                                                     
 
                                                      
                                                     
                                               
 
                                                      
                                                 
 
                                                                                     
                                                 
                                                 
Page 7 of  7 pages