-----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, VajEV4u43+a9e4errtTHm55z9TrMIxk5kj1ZqKuAgM1XMcbubNE4fyqWhFoGmVPW gkpfDB5BEkdkmDSON90fSQ== 0000921895-05-000489.txt : 20050415 0000921895-05-000489.hdr.sgml : 20050415 20050414213636 ACCESSION NUMBER: 0000921895-05-000489 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050415 DATE AS OF CHANGE: 20050414 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NOVOSTE CORP /FL/ CENTRAL INDEX KEY: 0001012131 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 592787476 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48367 FILM NUMBER: 05752019 BUSINESS ADDRESS: STREET 1: 3890 STEVE REYNOLDS BLVD CITY: NORCROSS STATE: GA ZIP: 30093 BUSINESS PHONE: 7707170904 MAIL ADDRESS: STREET 1: 3890 STEVE REYNOLDS BLVD. CITY: NORCROSS STATE: GA ZIP: 30093 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STEEL PARTNERS II LP CENTRAL INDEX KEY: 0000915653 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 590 MADISON AVENUE STREET 2: 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-758-3232 MAIL ADDRESS: STREET 1: 590 MADISON AVENUE, 32ND FLOOR CITY: NY STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: STEEL PARTNERS II L P DATE OF NAME CHANGE: 19950627 SC 13D/A 1 sc13da401874085_04042005.htm sec document 



                       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. 4)1

                               NOVOSTE CORPORATION
                               -------------------
                                (Name of Issuer)

                          COMMON STOCK, $0.01 PAR VALUE
                          -----------------------------
                         (Title of Class of Securities)

                                    67010C100
                                    ---------
                                 (CUSIP Number)

                              STEVEN WOLOSKY, ESQ.
                 OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
                                Park Avenue Tower
                               65 East 55th Street
                            New York, New York 10022
                                 (212) 451-2300
                                 --------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  April 4, 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 /_/.

     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.

                         (Continued on following pages)

                               (Page 1 of 8 Pages)


- --------

1    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 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. 67010C100                    13D                    Page 2 of 8 Pages
- --------------------------                                ----------------------


================================================================================
      1         NAME OF REPORTING PERSONS
                I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    STEEL PARTNERS II, L.P.
- --------------------------------------------------------------------------------
      2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*        / / (a)
                                                                         / / (b)
- --------------------------------------------------------------------------------
      3         SEC USE ONLY

- --------------------------------------------------------------------------------
      4         SOURCE OF FUNDS*
                    WC
- --------------------------------------------------------------------------------
      5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                PURSUANT TO ITEM 2(d) OR 2(e)                                / /
- --------------------------------------------------------------------------------
      6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    DELAWARE
- --------------------------------------------------------------------------------
  NUMBER OF        7      SOLE VOTING POWER
    SHARES
 BENEFICIALLY                  2,433,207
   OWNED BY
     EACH
  REPORTING
 PERSON WITH
                ----------------------------------------------------------------
                   8      SHARED VOTING POWER

                               - 0 -
                ----------------------------------------------------------------
                   9      SOLE DISPOSITIVE POWER

                               2,433,207
                ----------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

                               - 0 -
- --------------------------------------------------------------------------------
      11        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    2,433,207
- --------------------------------------------------------------------------------
      12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*                                                      / /
- --------------------------------------------------------------------------------
      13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    14.9%
- --------------------------------------------------------------------------------
      14        TYPE OF REPORTING PERSON*

                    PN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




- --------------------------                                ----------------------
CUSIP No. 67010C100                    13D                    Page 3 of 8 Pages
- --------------------------                                ----------------------


================================================================================
      1         NAME OF REPORTING PERSONS
                I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    STEEL PARTNERS, L.L.C.
- --------------------------------------------------------------------------------
      2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*        / / (a)
                                                                         / / (b)
- --------------------------------------------------------------------------------
      3         SEC USE ONLY

- --------------------------------------------------------------------------------
      4         SOURCE OF FUNDS*
                    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

                    DELAWARE
- --------------------------------------------------------------------------------
  NUMBER OF        7      SOLE VOTING POWER
    SHARES
 BENEFICIALLY                  2,433,207
   OWNED BY
     EACH
  REPORTING
 PERSON WITH
                ----------------------------------------------------------------
                   8      SHARED VOTING POWER

                               - 0 -
                ----------------------------------------------------------------
                   9      SOLE DISPOSITIVE POWER

                               2,433,207
                ----------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

                               - 0 -
- --------------------------------------------------------------------------------
      11        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    2,433,207
- --------------------------------------------------------------------------------
      12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*                                                      / /
- --------------------------------------------------------------------------------
      13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    14.9%
- --------------------------------------------------------------------------------
      14        TYPE OF REPORTING PERSON*

                    OO
=============== ================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




- --------------------------                                ----------------------
CUSIP No. 67010C100                    13D                    Page 4 of 8 Pages
- --------------------------                                ----------------------


================================================================================
      1         NAME OF REPORTING PERSONS
                I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    WARREN G. LICHTENSTEIN
- --------------------------------------------------------------------------------
      2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*        / / (a)
                                                                         / / (b)
- --------------------------------------------------------------------------------
      3         SEC USE ONLY

- --------------------------------------------------------------------------------
      4         SOURCE OF FUNDS*
                    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

                    USA
- --------------------------------------------------------------------------------
  NUMBER OF        7      SOLE VOTING POWER
    SHARES
 BENEFICIALLY                  2,433,207
   OWNED BY
     EACH
  REPORTING
 PERSON WITH
                ----------------------------------------------------------------
                   8      SHARED VOTING POWER

                               - 0 -
                ----------------------------------------------------------------
                   9      SOLE DISPOSITIVE POWER

                               2,433,207
                ----------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

                               - 0 -
- --------------------------------------------------------------------------------
      11        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                PERSON

                    2,433,207
- --------------------------------------------------------------------------------
      12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*                                                      / /
- --------------------------------------------------------------------------------
      13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    14.9%
- --------------------------------------------------------------------------------
      14        TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!





- --------------------------                                ----------------------
CUSIP No. 67010C100                    13D                    Page 5 of 8 Pages
- --------------------------                                ----------------------



            The following constitutes Amendment No. 4 ("Amendment No. 4") to the
Schedule 13D filed by the undersigned.  This Amendment No. 4 amends the Schedule
13D as specifically set forth.

     Item 4 is hereby amended to add the following:

            On April 4, 2005, Steel Partners II delivered a letter to the Issuer
expressing  its  disapproval  of the Issuer's  proposed  plan to  liquidate  its
vascular  brachytherapy  products business, its only remaining line of business.
Steel Partners II states in the letter that in the event a liquidation  proposal
is put to a vote of  shareholders,  Steel  Partners  II will vote all its Shares
against  such  proposal.   Steel  Partners  II  strongly  opposes  any  plan  of
liquidation  and believes the Issuer  should  retain its cash and net  operating
loss  carryforwards  and  continue as a going  concern.  Steel  Partners II also
states in the  letter  that it  believes  the  Issuer  should  appoint a new and
smaller Board (to be selected with significant  input from the shareholders) who
would seek to redeploy the Issuer's capital.  The letter is filed as Exhibit No.
3 to this Amendment No. 4 and is incorporated herein by reference.

            Depending on various  factors  including,  without  limitation,  the
Issuer's  financial  position and investment  strategy,  the price levels of the
Shares,  conditions in the securities  markets and general economic and industry
conditions,  Steel  Partners II may in the future take such actions with respect
to its  investment  in the  Issuer as it deems  appropriate  including,  without
limitation,  seeking  Board  representation,  making  proposals  to  the  Issuer
concerning changes to the  capitalization,  ownership structure or operations of
the Issuer,  purchasing  additional  Shares,  selling some or all of its Shares,
engaging in short selling of or any hedging or similar  transaction with respect
to the Shares or  changing  its  intention  with  respect to any and all matters
referred to in Item 4.

     Item 7 is hereby amended to add the following exhibit:

            3.   Letter from Steel  Partners  II,  L.P. to Novoste  Corporation,
                 dated April 4, 2005.




- --------------------------                                ----------------------
CUSIP No. 67010C100                    13D                    Page 6 of 8 Pages
- --------------------------                                ----------------------

                                   SIGNATURES

     After reasonable inquiry and to the best of his knowledge and belief,  each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.


Dated:  April 14, 2005                  STEEL PARTNERS II, L.P.

                                        By:  Steel Partners, L.L.C.
                                             General Partner


                                        By: /s/ Warren G. Lichtenstein
                                           -------------------------------------
                                           Warren G. Lichtenstein
                                           Managing Member


                                        STEEL PARTNERS, L.L.C.


                                        By: /s/ Warren G. Lichtenstein
                                           -------------------------------------
                                           Warren G. Lichtenstein
                                           Managing Member


                                        /s/ Warren G. Lichtenstein
                                        ----------------------------------------
                                        WARREN G. LICHTENSTEIN





- --------------------------                                ----------------------
CUSIP No. 67010C100                    13D                    Page 7 of 8 Pages
- --------------------------                                ----------------------


                                  EXHIBIT INDEX
                                  -------------


Exhibit                                                                     Page
- -------                                                                     ----

1.   Joint  Filing  Agreement  by and among Steel  Partners  II, L.P.,       --
     Steel  Partners,   L.L.C.  and  Warren  G.  Lichtenstein,   dated
     September 26, 2003 (previously filed).

2.   Confidentiality  and Standstill  Agreement by and between Novoste       --
     Corporation and Steel Partners II, L.P.,  dated November 10, 2004
     (previously filed).

3.   Letter from Steel Partners II, L.P. to Novoste Corporation, dated        8
     April 4, 2005.






- --------------------------                                ----------------------
CUSIP No. 67010C100                    13D                    Page 8 of 8 Pages
- --------------------------                                ----------------------



                              STEEL PARTNERS, LTD.
                               590 MADISON AVENUE
                                   32ND FLOOR
                            NEW YORK, NEW YORK 10022
                                  -------------
                               TEL (212) 758-3232
                               FAX (212) 758-5789

April 4, 2005


To the Board of Directors
Novoste Corporation
4350-C International Blvd.
Norcross, GA  30093

Gentlemen:

Based on public filings and  conversations  with you, we understand that Novoste
Corporation  ("Novoste")  is moving  forward with a plan to liquidate  Novoste's
vascular  brachytherapy  products business, its only remaining line of business.
In the event a liquidation proposal is put to a vote of the shareholders,  Steel
Partners  II, L.P.  will vote its  2,433,207  shares of common  stock of Novoste
(representing  14.9% of the outstanding common stock) against such proposal.  We
strongly oppose any plan of liquidation. In our experience, this structure is an
inefficient way to return funds to shareholders. Professional trustees generally
do a poor job of protecting shareholders' interests and maximizing value.

We  believe  that it  would be in  Novoste's  best  interest  to  liquidate  its
operating  assets,  retain its cash and net  operating  loss  carryforwards  and
continue as a going  concern.  The company should then appoint a new and smaller
Board (to be selected with significant  input from the  shareholders)  who would
seek to redeploy  the  company's  capital.  Steel  Partners  would be willing to
recommend two qualified individuals to serve as directors of the new Board.

We do not believe the existing  Board should enter into any merger  agreement or
binding  obligations that would utilize Novoste's  existing assets without first
publicly announcing such proposal and give shareholders the opportunity to voice
their concerns.  Under no circumstances  should any merger  agreement  contain a
break-up fee  provision.  We also believe  Novoste  should issue a press release
before the Board approves any proposal to liquidate the company in order to also
give shareholders the opportunity to voice any concerns.  This would prevent the
unnecessary  expense of preparing a full proxy  statement to approve the plan of
liquidation or merger when it is clear the shareholders will vote against it.

I look forward to hearing from you.

Sincerely,

/s/ Warren G. Lichtenstein
- --------------------------
Warren G. Lichtenstein
-----END PRIVACY-ENHANCED MESSAGE-----