-----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, Fecp51ro/+K36xAfORCzEN2RrvcLvnQgxzSuZL6ShsM57pg3ZfB6D3TyUkbbNUdx YPwpfcQBjG6gdEdUklvwEA== 0000909518-99-000112.txt : 19990217 0000909518-99-000112.hdr.sgml : 19990217 ACCESSION NUMBER: 0000909518-99-000112 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 19990216 GROUP MEMBERS: BARRY I. REGENSTEIN GROUP MEMBERS: DAVID A. LANGNER GROUP MEMBERS: FERNANDO DIBENEDETTO GROUP MEMBERS: HENRY A. SATINSKAS GROUP MEMBERS: LANGNER JAY B GROUP MEMBERS: MICHAEL RUBIN GROUP MEMBERS: NOAH E. ROCKOWITZ GROUP MEMBERS: PAUL R. POLLACK GROUP MEMBERS: RAYMOND J. REIDER GROUP MEMBERS: RICHARD D. SEGAL GROUP MEMBERS: RIVER ACQUISITION CORP. GROUP MEMBERS: ROCCO DALOIA GROUP MEMBERS: VIRGINIA E. LUPPESCU SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HUDSON GENERAL CORP CENTRAL INDEX KEY: 0000048948 STANDARD INDUSTRIAL CLASSIFICATION: AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581] IRS NUMBER: 131947395 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-07567 FILM NUMBER: 99542858 BUSINESS ADDRESS: STREET 1: 111 GREAT NECK RD CITY: GREAT NECK STATE: NY ZIP: 11021 BUSINESS PHONE: 5164878610 MAIL ADDRESS: STREET 1: P O BOX 355 CITY: GREAT NECK STATE: NY ZIP: 11022 FORMER COMPANY: FORMER CONFORMED NAME: HUDSON LEASING CORP DATE OF NAME CHANGE: 19711207 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: LANGNER JAY B CENTRAL INDEX KEY: 0001074149 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 111 GREAT NECK ROAD SUITE 600 STREET 2: P O BOX 355 CITY: GREAT NECK STATE: NY ZIP: 11022 BUSINESS PHONE: 5164878610 MAIL ADDRESS: STREET 1: 111 GREAT NECK ROAD STREET 2: SUITE 600 CITY: GREAT NECK STATE: NY ZIP: 11022 SC 13D/A 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934* HUDSON GENERAL CORPORATION - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK 443784 10 3 - -------------------------------------------------------------------------------- (Title of class of securities) (CUSIP number) RICHARD D. SEGAL JAY B. LANGNER C/O SEAVEST PARTNERS 111 GREAT NECK ROAD 707 WESTCHESTER AVENUE SUITE 600 WHITE PLAINS, NEW YORK 10604 GREAT NECK, NEW YORK 11021 (914) 681-4453 (516) 487-8610 - -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) FEBRUARY 9, 1999 - -------------------------------------------------------------------------------- (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 [_]. 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. 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, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section of the Exchange Act but shall be subject to all other provisions of the Exchange Act. *NOTE: THIS STATEMENT CONSTITUTES AMENDMENT NO. 2 TO THE REPORTING GROUP SCHEDULE 13D, AMENDMENT NO. 5 TO THE LANGNER SCHEDULE 13D, AND AMENDMENT NO. 10 TO THE SEGAL SCHEDULE 13D. (Continued on following page(s)) (Page 1 of 22 Pages) ================================================================================ NYFS10...:\80\57780\0003\1948\SCH2109J.450
- -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 2 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: JAY B. LANGNER S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: 00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 131,254 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 131,254 (1) REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 131,254 (1) REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.5% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Includes 10,000 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 3 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: RICHARD D. SEGAL S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: 00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 125,972 (1) OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 125,972 (1) - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 125,972 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.2% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Consists of (i) 27,590 shares owned by a partnership of which Mr. Segal is the managing partner, (ii) 37,321 shares owned by a partnership of which Mr. Segal is a co-trustee of certain of the partners thereof, (iii) 31,472 shares owned by Mr. Segal's wife as to which he is attorney-in-fact, (iv) an aggregate of 22,329 shares owned by other members of Mr. Segal's family, as to which he is attorney-in-fact, and (v) 7,260 shares owned by a trust of which he is a co-trustee. Mr. Segal disclaims beneficial ownership of all shares referred to in clauses (ii), (iii), (iv) and (v) of this footnote 1. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 4 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: ROCCO DALOIA S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: NOT APPLICABLE - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 5 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: FERNANDO DIBENEDETTO S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 1,010 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 1,010 (1) REPORTING) ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 1,010 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.1% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Includes 1,000 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 6 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: DAVID A. LANGNER S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 40,090 SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 40,090 REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 40,090 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.3% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 7 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: VIRGINIA E. LUPPESCU S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 38,118 SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 38,118 REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 38,118 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.2% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 8 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: PAUL R. POLLACK S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 10,140 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 10,140 (1) REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 10,140 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.6% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Includes 8,200 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 9 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: BARRY I. REGENSTEIN S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 2,600 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 2,600 (1) REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,600 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.1% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Consists of 2,600 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 10 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: RAYMOND J. RIEDER S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 2,900 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 2,900 (1) REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,900 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.2% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Consists of 2,900 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 11 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: NOAH E. ROCKOWITZ S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 1,800 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 1,800 (1) REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 1,800 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.1% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Consists of 1,800 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 12 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: MICHAEL RUBIN S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 8,430 (1) SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 8,430 (1) REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 8,430 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.5% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- (1) Includes 8,200 shares issuable upon the exercise of presently exercisable options. - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 13 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: HENRY A. SATINSKAS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: PF,00 - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 1,656 SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 1,656 REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 1,656 REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.1% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - --------------------------------------------------------------------------------------------------------- - -------------------------------------------------------- -------------------------------------- CUSIP No. 443784 10 3 13D Page 14 of 22 - -------------------------------------------------------- -------------------------------------- - --------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: RIVER ACQUISITION CORP. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): - --------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - --------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: BK - --------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_] PURSUANT TO ITEM 2(d) OR 2(e): - --------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF UNITED STATES ORGANIZATION: - --------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ---------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ---------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ---------------------------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0 (1) REPORTING PERSON: - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_] SHARES: - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - ---------------------------------------------------------------------------------------------------------
(1) Does not include shares which may be acquired by the Reporting Group pursuant to the Merger Agreement, subject to the conditions contained therein. See Items 3 and 4 of this Schedule 13D. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D/A (AMENDMENT NO. 2) Statement of JAY B. LANGNER RICHARD D. SEGAL ROCCO DALOIA FERNANDO DIBENEDETTO DAVID A. LANGNER VIRGINIA E. LUPPESCU PAUL R. POLLACK BARRY I. REGENSTEIN RAYMOND J. REIDER NOAH E. ROCKOWITZ MICHAEL RUBIN HENRY A. SATINSKAS and RIVER ACQUISITION CORP. Pursuant to Section 13(d) of the Securities Exchange Act of 1934 in respect of HUDSON GENERAL CORPORATION This Report on Schedule 13D relates to the common stock, par value $1.00 per share (the "Common Stock"), of Hudson General Corporation, a Delaware corporation (the "Company"). The Report on Schedule 13D originally filed by the Reporting Group (as defined below) on November 23, 1998, as amended and supplemented by an amendment thereto previously filed with the Securities Exchange Commission (collectively, the "Reporting Group Schedule 13D"), is hereby amended and supplemented to include the information contained herein, and this Report constitutes Amendment No. 2 to the Reporting Group Schedule 13D; the Report on Schedule 13D originally filed by Jay B. Langner on September 19, 1974, as amended and supplemented by the amendments thereto previously filed with the Securities Exchange Commission (collectively, the "Langner Schedule 13D"), is hereby amended and supplemented to include the information contained herein, and this Report constitutes Amendment No. 5 to the Langner Schedule 13D; and the Report on Schedule 13D originally filed by Richard D. Segal on June 29, 1982, as amended and supplemented by the amendments thereto previously filed with the Securities Exchange Commission (collectively, the "Segal Schedule 13D", and together with the Reporting Group 13D and the Langner 13D, the "Schedule 13D"), is hereby amended and supplemented to include the information contained herein, and this Report constitutes Amendment No. 10 to the Segal Schedule 13D. Jay B. Langner, Page 15 of 22 pages David A. Langner and Virginia E. Luppescu, together with Messrs. Segal, Daloia, DiBenedetto, Pollack, Regenstein, Rieder, Rockowitz, Rubin and Satinskas, and River Acquisition Corp. (each, a "Reporting Person") constitute a "group" for purposes of Rule 13d-5 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to their respective beneficial ownership of the Common Stock, and are collectively referred to as the "Reporting Group". The summary descriptions contained in this Report of certain agreements and documents are qualified in their entirety by reference to the complete texts of such agreements and documents filed as Exhibits hereto and incorporated herein by reference. Information contained herein with respect to each Reporting Person is given solely by such Reporting Person, and no other Reporting Person has responsibility for the accuracy or completeness of information supplied by such other Reporting Person. Page 16 of 22 pages ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The information set forth in Item 3 of the Langner Schedule 13D, the Segal Schedule 13D and the Reporting Group Schedule 13D is hereby amended and supplemented by adding the following information thereto (capitalized terms used but not otherwise defined in this Item 3 have the meanings ascribed to them in the Reporting Group Schedule 13D): On February 9, 1999, Newco and the Initial Lenders agreed to amend and restate the Commitment Letter (the "Amended and Restated Commitment Letter") to (i) increase, from $59,579,865 to $60,071,482, the aggregate commitment of the Lenders under the Facilities and (ii) increase the minimum equity capital contribution to Newco from 280,000 to 358,208 shares and retained options equivalent to shares of Common Stock of the Company. On February 9, 1999, Newco and the Company entered into an amendment to the Merger Agreement (the "Merger Amendment"), providing for an increase in the Merger Consideration from $57.25 to $61.00 per share. The Reporting Persons have calculated that, as a result of the Merger Amendment, approximately $86.5 million will be required to fund the aggregate Merger Consideration payable to stockholders and option holders of the Company at the closing of the Merger. The descriptions contained herein of the Merger Amendment and the Amended and Restated Commitment Letter are qualified in their entirety by reference to the complete text thereof, copies of which are filed as Exhibits hereto and incorporated by reference herein. The information set forth in Item 6 of this Schedule 13D and Item 3 of the Reporting Group Schedule 13D is hereby incorporated by reference herein. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. The information set forth in Item 6 of the Langner Schedule 13D, the Segal Schedule 13D and the Reporting Group Schedule 13D is hereby amended and supplemented by adding the following information thereto (capitalized terms used but not otherwise defined in this Item 6 have the meanings ascribed to them in the Reporting Group Schedule 13D): By letter dated February 9, 1999 (the "Equity Contribution Letter"), Messrs. Langner and Segal agreed, subject to the conditions set forth therein, to contribute to Newco an aggregate of 358,208 shares of Common Stock (subject to offset as set forth therein) upon consummation of the Merger. Pursuant to a Waiver Agreement, dated February 15, 1999 (the "Waiver Agreement"), between the Company and Newco, Newco agreed, subject to the terms and conditions specified therein, to waive until March 17, 1999 its right to terminate the Merger Agreement as a result of the Company entering into an Agreement and Plan of Merger, dated as of February 15, 1999 (the "GLGR Agreement"), with GLGR Acquisition Corp., a Delaware Corporation ("GLGR"). GLGR is a wholly owned subsidiary of GlobeGround GmbH, which in turn is a wholly owned subsidiary of Deutsche Lufthansa AG, a German corporation. Pursuant to the GLGR Agreement, GLGR is to make a tender offer to acquire all of the outstanding shares of Common Stock of the Company. The tender offer is to be followed as soon as possible by a second-step merger pursuant to which GLGR would merge with and into the Company, with the Company as the surviving corporation. The descriptions contained herein of the Equity Contribution Letter and the Waiver Agreement are qualified in their entirety by Page 17 of 22 pages reference to the complete text thereof, copies of which are filed as Exhibits hereto and incorporated by reference herein. The information set forth in Item 3 of this Schedule 13D and Item 4 of the Reporting Group Schedule 13D are hereby incorporated by reference herein. ITEM 7. MATERIALS TO BE FILED AS EXHIBITS. 14. Amendment No. 1 to Agreement and Plan of Merger, dated as of February 9, 1998, between Hudson General Corporation and River Acquisition Corp. 15. Equity Contribution Letter, dated February 9, 1999, from Jay B. Langner and Richard D. Segal to Hudson General Corporation. 16. Amended and Restated Commitment Letter, dated February 9, 1999, among BankBoston, N.A., European American Bank, The Chase Manhattan Bank, BancBoston Robertson Stephens Inc., River Acquisition Corp. and Jay B. Langner. 17. Waiver Agreement, dated February 15, 1999, between Hudson General Corporation aand River Acquisition Corp. Page 18 of 22 pages SIGNATURE After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: February 16, 1999 /s/ Jay B. Langner ------------------------------------------- Jay B. Langner /s/ Richard D. Segal ------------------------------------------- Richard D. Segal /s/ Rocco Daloia ------------------------------------------- Rocco Daloia /s/ Fernando DiBenedetto ------------------------------------------- Fernando DiBenedetto /s/ David A. Langner ------------------------------------------- David A. Langner /s/ Virginia E. Luppescu ------------------------------------------- Virginia E. Luppescu /s/ Paul R. Pollack ------------------------------------------- Paul R. Pollack /s/ Barry Regenstein ------------------------------------------- Barry Regenstein /s/ Raymond J. Reider ------------------------------------------- Raymond J. Rieder /s/ Noah Rockowitz ------------------------------------------- Noah Rockowitz Page 19 of 22 pages /s/ Michael Rubin ------------------------------------------- Michael Rubin /s/ Henry A. Satinskas ------------------------------------------- Henry A. Satinskas RIVER ACQUISITION CORP. By: /s/ Michael Rubin ------------------------------------------- Michael Rubin Vice President Page 20 of 22 pages EXHIBIT INDEX 1. Proposal Letter, dated November 20, 1998, from Jay B. Langner and Richard D. Segal to the Special Committee of the Board of Directors of Hudson General Corporation.* 2. Agreement and Plan of Merger, dated as of November 22, 1998, between Hudson General Corporation and River Acquisition Corp.* 3. Contribution Letter, dated November 22, 1998, from Jay B. Langner and Richard D. Segal to Hudson General Corporation.* 4. Commitment Letter, dated November 20, 1998, among BankBoston, N.A., European American Bank, The Chase Manhattan Bank, BancBoston Robertson Stephens Inc., River Acquisition Corp. and Jay B. Langner.* 5. Confidentiality Agreement, dated June 30, 1998, between Hudson General Corporation and Jay B. Langner.* 6. Confidentiality Agreement, dated June 30, 1998, between Hudson General Corporation and Michael Rubin.* 7. Confidentiality Agreement, dated July 1, 1998, between Hudson General Corporation and Noah E. Rockowitz.* 8. Confidentiality Agreement, dated July 1, 1998, between Hudson General Corporation and Paul R. Pollack.* 9. Confidentiality Agreement, dated July 2, 1998, between Hudson General Corporation and Richard D. Segal.* 10. Confidentiality Agreement, dated July 6, 1998, between Hudson General Corporation and Barry I. Regenstein.* 11. Expense Reimbursement Letter, dated July 9, 1998, from Hudson General Corporation to Jay B. Langner and Richard D. Segal.* 12. Joint Filing Agreement, dated as of November 22, 1998, among Jay B. Langner, Richard D. Segal, Rocco Daloia, Fernando DiBenedetto, Paul R. Pollack, Barry I. Regenstein, Raymond J. Rieder, Noah E. Rockowitz, Michael Rubin, Henry A. Satinskas and River Acquisition Corp.* Page 21 of 22 pages 13. Amended and Restated Joint Filing Agreement, dated as of December 22, 1998, among Jay B. Langner, Richard D. Segal, Rocco Daloia, Fernando DiBenedetto, David A. Langner, Virginia E. Luppescu, Paul R. Pollack, Barry I. Regenstein, Raymond J. Rieder, Noah E. Rockowitz, Michael Rubin, Henry A. Satinskas and River Acquisition Corp.* 14. Amendment No. 1 to Agreement and Plan of Merger, dated as of February 9, 1998, between Hudson General Corporation and River Acquisition Corp. 15. Equity Contribution Letter, dated February 9, 1999, from Jay B. Langner and Richard D. Segal to Hudson General Corporation. 16. Amended and Restated Commitment Letter, dated February 9, 1999, among BankBoston, N.A., European American Bank, The Chase Manhattan Bank, BancBoston Robertson Stephens Inc., River Acquisition Corp. and Jay B. Langner. 17. Waiver Agreement, dated February 15, 1999, between Hudson General Corporation aand River Acquisition Corp. * Previously Filed. Page 22 of 22 pages EX-14 2 EXHIBIT 14 AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER Amendment No. 1 ("Amendment No. 1"), dated as of February 9, 1999, amending the Agreement and Plan of Merger, dated as of November 22, 1998 (the "Agreement"), between Hudson General Corporation, a Delaware corporation (the "Company"), and River Acquisition Corp., a Delaware corporation (the "Merger Sub"). WHEREAS, in accordance with Section 8.03 of the Agreement, the parties hereto desire to amend the Agreement to reflect the parties agreement that the Merger Consideration (as defined in the Agreement) has been increased from $57.25 per share in cash to $61.00 per share in cash; NOW, THEREFORE, in consideration of the mutual agreements herein contained and intending to be legally bound hereby, the parties hereto agree as follows: 1. Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meaning provided therefor in the Agreement. 2. Amendments to Agreement. The Agreement is hereby amended as set forth in this Section 2: (i) The first "WHEREAS" clause of the Agreement is amended to delete the number "$57.25" and replace it with the number "$61.00". (ii) The first sentence of Section 2.01(a) of the Agreement is hereby amended to read in its entirety as follows: "(a) Each share of the Common Stock issued and outstanding immediately prior to the Effective Time (other than any shares of Common Stock to be canceled pursuant to Section 2.01(b) and any Dissenting Shares (as defined below)) shall be converted into the right to receive $61.00 in cash, without interest (the "Merger Consideration")." 3. Miscellaneous. Except as expressly amended hereby, the terms and conditions of the Agreement shall continue in full force and effect. This Amendment No. 1 is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the Agreement or any of the documents referred to therein. Wherever "Agreement" is referred to in the Agreement or in any other agreements, documents and instruments, such reference shall be to the Agreement as amended hereby. 4. Counterparts. This Amendment No. 1 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 5. Governing Law. This Amendment No. 1 shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to the conflict of laws rules thereof. IN WITNESS WHEREOF, the Company and Merger Sub have caused this Amendment No. 1 to be executed as of the date first written above by their respective officers thereunto duly authorized. COMPANY: HUDSON GENERAL CORPORATION By: /s/ Michael Rubin ------------------------------------ Name: Michael Rubin Title: President MERGER SUB: RIVER ACQUISITION CORP. By: /s/ Jay B. Langner ------------------------------------ Name: Jay B. Langner Title: Chairman 2 EX-15 3 EXHIBIT 15 Jay B. Langner Richard D. Segal c/o Hudson General Corporation c/o Hudson General Corporation 111 Great Neck Road 111 Great Neck Road Great Neck, NY 11021 Great Neck, NY 11021 February 9, 1999 Hudson General Corporation 111 Great Neck Road Great Neck, New York 11021 Gentlemen: Reference is hereby made to Amendment No. 1, dated as of the date hereof, to the Agreement and Plan of Merger, dated as of November 22, 1998 (as amended by Amendment No. 1, being hereinafter referred to as the "Amended Merger Agreement") between Hudson General Corporation (the "Company") and River Acquisition Corp. (the "Merger Sub"). As of the Effective Time, subject to the satisfaction or waiver of all of the closing conditions contained in Article VII of the Amended Merger Agreement, we hereby agree, jointly and severally, to contribute 358,208 shares of Common Stock, par value $1.00 per share ("Common Stock"), of the Company to the Merger Sub; provided, however, that the number of shares contributed to Merger Sub shall be reduced on a share-for-share basis for (i) any shares of Common Stock that are contributed by other investors to Merger Sub and (ii) up to 35,000 options to purchase shares of Common Stock retained by other members of the Management Group in lieu of cancellation pursuant to the Merger. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Amended Merger Agreement. If the foregoing is acceptable to you, kindly acknowledge your agreement by countersigning this letter agreement below. Very truly yours, /s/ Jay B. Langner ----------------------------- Jay B. Langner /s/ Richard D. Segal ----------------------------- Richard D. Segal ACKNOWLEDGED AND AGREED: HUDSON GENERAL CORPORATION By: /s/ Michael Rubin --------------------------------- Name: Michael Rubin Title: President EX-16 4 EXHIBIT 16 February 9, 1999 River Acquisition Corp. Jay B. Langner Suite 600 111 Great Neck Road Great Neck, New York 11021 RE: AMENDED AND RESTATED RIVER ACQUISITION CORP. COMMITMENT LETTER -------------------------------------------------------------- Ladies and Gentlemen: We are pleased to confirm the commitments of each of BankBoston, N.A. ("BKB"), European American Bank ("EAB") and The Chase Manhattan Bank ("Chase" and together with BKB and EAB, the "Initial Lenders"), subject to the terms and conditions in this letter and in the Summary Terms and Conditions (as defined and referred to below), to provide a senior secured financing (the "Financing") in an aggregate amount not to exceed $60,071,482 or such lesser amount as is calculated in accordance with Annex X attached hereto depending upon the price per share for completion of the Recapitalization (as defined below) on a several, ratable basis according to the respective percentages set forth opposite our names on the signature pages hereto. The Financing will finance the payment by a newly formed special purpose acquisition vehicle (the "HGC Borrower") to be formed by Jay B. Langner and certain other individuals (collectively, the "Investors") of the merger consideration for the acquisition by the HGC Borrower of 100% of the capital stock of Hudson General Corporation, a Delaware corporation ("HGC") not otherwise contributed by the Investors to the HGC Borrower pursuant to the terms of a proposed cash-out merger transaction (the "Recapitalization"). The HGC Borrower will secure its obligations under the HGC Facility with substantially all of its assets, including, upon the consummation of the Recapitalization, the assets of HGC. All subsidiaries of the HGC Borrower and HGC (other than Hudson General LLC ("LLC"), Hudson Kohala, Inc. and other subsidiaries described as Excluded Subsidiaries in the Summary Terms and Conditions (as hereinafter defined)) will, contemporaneously with the consummation of the Recapitalization, guaranty the obligations of the HGC Borrower under the Financing and will secure their obligations under such guaranty with substantially all of their assets. BKB will act as agent (the "Agent") for itself, the other Initial Lenders and any other lending institutions which may become party to the Financing (collectively with BKB, the "Lenders"), and BancBoston Robertson Stephens Inc. ("BRS") will act as the exclusive arrangement agent and arranger for the Lenders (the "Arranger") with respect to the Financing. Based on our discussions and on the financial statements, projections and other information and documents previously furnished to us, we are enclosing herewith an outline of terms and conditions (the "Summary Terms and Conditions"), which set forth the principal terms on which each of the Initial Lenders is committing to provide its portion of the proposed Financing, and the Arranger is committing to act as the Arranger hereunder. This letter, along with the Summary Terms and Conditions, shall together be referred to as the "Commitment Letter". Although the Summary Terms and Conditions sets forth the principal terms of the Financing, you should understand that the Initial Lenders, the Agent and the Arranger reserve the right to propose, and you hereby agree to negotiate in good faith, terms in addition to these terms which will not substantially change or alter the terms of this commitment and the Summary Terms River Acquisition Corp. Jay B. Langner February 9, 1999 Page 2 and Conditions. Moreover, the Summary Terms and Conditions does not purport to include all of the covenant levels, customary representations, warranties, conditions, defaults, definitions and other terms which will be contained in the definitive documents for the transaction, all of which must be reasonably satisfactory in form and substance to us and our counsel and to you and your counsel prior to proceeding with the proposed Financing and which will not substantially change or alter the terms hereof. Our commitments to proceed with the proposed Financing are conditioned on there being no material misstatements in or omissions from the materials which have previously been furnished to us for our review in connection with the transactions contemplated hereby (taking into account all such information and materials) and on there being no material adverse change since the date of such materials in the assets, business or condition (financial or otherwise) or prospects of HGC, the HGC Borrower and their respective subsidiaries, that would impact the ability of any such entity to perform its respective obligations described in the Summary Terms and Conditions. In addition, the proposed Financing is subject to the conditions that no changes in governmental regulation or policy materially and adversely affecting our ability to perform our duties as described in the Commitment Letter or otherwise provide financing in connection with this transaction occur prior to the closing. By your signatures below, you represent and warrant to the Initial Lenders, the Agent and the Arranger that (a) all information that has been and will be made available by you or the HGC Borrower or on your or its behalf to the Initial Lenders, the Agent or the Arranger is and will be true and correct in all material respects and that any financial information included therein fairly presents in all material respects the financial condition (as of the dates thereof) and the results of operations (for the periods covered thereby) of the HGC Borrower, HGC and their respective subsidiaries, and (b) all financial projections concerning the HGC Borrower, HGC and their respective subsidiaries that have been or will be made available by you, the HGC Borrower, HGC or on your or their behalf to the Initial Lenders, the Agent or the Arranger have been and will be prepared in good faith based upon assumptions deemed reasonable by you at the time of preparation. You agree to revise, modify and supplement such information and projections from time to time through the completion of the arrangement process as necessary in order that such information continues to be true and correct in all material respects and that such projections remain in all material respects the Investors' good faith estimate of financial performance. You understand that the Initial Lenders, the Agent and the Arranger and potential Lenders will be using and relying on such information and projections without independent verification thereof and that the Initial Lenders', the Agent's and the Arranger's willingness to proceed with the proposed financing is conditioned upon, among other things, there being no material misstatement in or omissions from such information and projections. By your signatures below, you further agree to permit the Arranger, on or after closing, to publicize information in respect of the Financing (including the Agent's and the Arranger's role in the structuring and financing thereof) subject to your prior reasonable approval of the form and content thereof. You further agree that prior to or after the execution of the definitive documentation for the Financing, each of the Initial Lenders reserves the right to syndicate all or any portion of its commitment hereunder to one or more financial institutions after consultation with the Agent, the Arranger and you, and, upon the receipt of signed commitments from any Lender agreeing to become a party to the Financing with respect to a portion of the facilities, such Initial Lender shall be released from a portion of its commitment hereunder in an aggregate amount equal to the commitment of such Lender. River Acquisition Corp. Jay B. Langner February 9, 1999 Page 3 By your signatures below, you agree that you or the HGC Borrower shall pay all reasonable out-of-pocket costs and expenses (the "Expenses") incurred by (1) BKB, the Agent, the Arranger and their respective agents (including, without limitation, any consultants contemplated herein or in the Summary Terms and Conditions and engaged by BKB, the Agent or the Arranger) in connection with (a) the negotiation, preparation, execution and delivery of this Commitment Letter and the definitive loan and collateral security documentation for the Financing, and (b) the arrangement of the Financing, and (2) the fees of a single counsel engaged by EAB and Chase together, in each case, whether or not the transactions contemplated hereby are consummated. The Expenses shall include, without limitation, reasonable attorneys' fees and expenses, arrangement fees, fees of the Agent's commercial finance examiners, consultants' fees, asset appraisal fees, and other reasonable charges and disbursements and any other reasonable out-of-pocket costs and expenses. All such fees and expenses invoiced at or prior to closing shall be paid on or before the Closing Date. Further, in consideration of the commitments contained herein you agree to pay or to cause the HGC Borrower to pay to the Initial Lenders, the Agent and the Arranger the fees described in the separate letters enclosed herewith (one such letter issued in favor of the Initial Lenders and the other issued in favor of the Agent and the Arranger and together, the "River Acquisition Corp. Fee Letters") on the Closing Date or such other date(s) (including the date of your acceptance of this Commitment Letter) and in the amounts provided in the River Acquisition Corp. Fee Letters. By your signatures below, you further agree to indemnify and hold harmless each of the Initial Lenders, the Agent and the Arranger and their respective officers, directors, employees, affiliates, agents and controlling persons from and against any and all losses, claims, damages and liabilities to which any such person may become subject arising out of, or in connection with, this Commitment Letter, the transactions contemplated hereby or any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any of such indemnified persons is a party thereto, and to reimburse each of such indemnified persons, from time to time upon their demand, for any reasonable legal or other expenses incurred in connection with investigating or defending any of the foregoing, whether or not the transactions contemplated hereby are consummated, provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims, damages, liabilities or related expenses to the extent that they arise from the bad faith, willful misconduct or gross negligence of such indemnified person. Your obligations to indemnify and to pay or to cause the HGC Borrower to pay the Expenses as set forth in this letter shall remain effective until the initial funding of the Financing under the definitive loan and collateral security documents for the Financing; thereafter, such obligations shall be superseded by the expense reimbursement and indemnification provisions contained in such definitive documents, and you shall have no further such obligations hereunder. You agree that this Commitment Letter and the River Acquisition Corp. Fee Letters are for your confidential use only and that, without the prior written consent of the Agent, none of such agreements will be disclosed by you to any person (including any lender bidding for the financing contemplated by this Commitment Letter) other than (a) any of your respective employees, partners, accountants, attorneys, affiliates and other advisors who are or are expected to become engaged in evaluating, approving, structuring or administering the facilities or rendering legal advice in connection therewith, or (b) to HGC or a special committee of the Board of Directors of HGC in connection with your negotiation of the Recapitalization, and then, in each case, only in connection with the transactions contemplated hereby and on a confidential basis; provided that nothing herein shall prevent you from disclosing such information (i) upon the order of any court or administrative agency or upon the request of any administrative agency or authority, (ii) upon River Acquisition Corp. Jay B. Langner February 9, 1999 Page 4 the request or demand of any regulatory agency or authority, (iii) to the extent that such information has been generally disclosed to the public, other than as a result of a disclosure by you, or (iv) otherwise as required by law. Each of the Initial Lenders, the Agent and the Arranger agrees to keep any confidential information delivered or made available by you to it regarding the HGC Borrower confidential from anyone other than their respective employees, officers, attorneys and other advisors who are or are expected to become engaged in evaluating, approving, structuring or administering the facilities or rendering legal advice in connection therewith, and then, in each case, only in connection with the transactions contemplated hereby and on a confidential basis; provided that nothing herein shall prevent any of the Initial Lenders, the Agent or the Arranger from disclosing such information (a) to potential participants in and assignees of the facilities on a confidential basis and subject to written confidentiality agreements as provided above, (b) upon the order of any court or administrative agency or upon the request of any administrative agency or authority, (c) upon the request or demand of any regulatory agency or authority, (d) to the extent that such information has been generally disclosed to the public, other than as a result of a disclosure by such Initial Lender, the Agent or the Arranger, or (e) otherwise as required by law. This Commitment Letter shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. This Commitment Letter and the River Acquisition Corp. Fee Letters amend and restate our Commitment Letter dated November 20, 1998 and the River Acquisition Corp. Fee Letters (as defined herein) in their entirety and are the only agreements between you, on the one hand, and any or all of us, on the other hand, with respect to the Financing. This Commitment Letter shall not be assignable by you without the prior written consent of the Initial Lenders, the Agent and the Arranger and is intended solely for your benefit and is not intended to confer any benefits upon, or create any rights in favor of any person other than you. This Commitment Letter may not be amended or waived except by an instrument in writing signed by each party hereto. This Commitment Letter may be executed in any number of counterparts, which shall together constitute but one and the same agreement and which counterparts may be by facsimile (to be followed promptly by original counterparts) or by original counterparts. This Commitment Letter shall take effect as a sealed instrument as of the date first hereinabove written. This Commitment Letter is issued with the understanding that, until accepted by you and except as specifically set forth in the preceding paragraphs, it is not intended to give rise to any legal liability on the part of either you or any of the Initial Lenders, the Agent or the Arranger and that the proposal set forth herein shall be considered withdrawn if for any reason you fail to return to Michael J. Blake at BankBoston, N.A., 100 Federal Street, Boston, Massachusetts 02110 by 5:00 p.m. (Boston time) on February 12, 1999 (the "Expiration Date") the enclosed copy of this letter and the accompanying River Acquisition Corp. Fee Letters, signed by you, together with the fees required by the terms of such River Acquisition Corp. Fee Letters to be paid as of the date hereof. [Remainder of page intentionally left blank] River Acquisition Corp. Jay B. Langner February 9, 1999 Page 5 If the foregoing is in accordance with your understanding, please accept this letter in the space indicated below and return it to us on or prior to the Expiration Date. This letter supersedes all of our prior letters and communications to you regarding the subject matter of this letter, including our Commitment Letter dated as of November 20, 1998. Commitment Percentages Very truly yours, Term Loan A: 50% BANKBOSTON, N.A. Term Loan B: 50% Revolving Credit: 50% By: /s/ Michael J. Blake ------------------------------- Name: Michael J. Blake Title: Director EUROPEAN AMERICAN BANK Term Loan A: 25% Term Loan B: 25% Revolving Credit: 25% By: /s/ Pasqualina Coppola ------------------------------- Name: Pasqualina Coppola Title: Assistant Vice President THE CHASE MANHATTAN BANK Term Loan A: 25% Term Loan B: 25% Revolving Credit: 25% By: /s/ William DeMilt ------------------------------- Name: William DeMilt Title: Vice President BANCBOSTON ROBERTSON STEPHENS INC. By: /s/ Christopher G. Mathon ------------------------------- Name: Christopher G. Mathon Title: Director River Acquisition Corp. Jay B. Langner February 9, 1999 Page 6 AMENDED AND RESTATED RIVER ACQUISITION CORP. COMMITMENT LETTER, ACCEPTED AND AGREED TO AS OF THE 9th DAY OF FEBRUARY, 1999 RIVER ACQUISITION CORP. By: /s/ Jay B. Langner -------------------------------- Title: President /s/ Jay B. Langner - ------------------------------------ Jay B. Langner ANNEX X CALCULATION OF FINANCED AMOUNT ------------------------------
- ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- PRICE PER SHARE*+ TERM LOAN A TERM LOAN B REVOLVER TOTAL ----- --- ------- ---- ---- - ---- ---- - -------- ----- - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $61.00 $47,571,482 $7,500,000 $5,000,000 $60,071,482 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $60.50 $46,861,976 $7,500,000 $5,000,000 $59,361,976 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $59.50 $45,442,964 $7,500,000 $5,000,000 $57,942,964 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $58.50 $44,023,952 $7,500,000 $5,000,000 $56,523,952 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $57.50 $42,604,940 $7,500,000 $5,000,000 $55,104,940 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $56.50 $41,185,928 $7,500,000 $5,000,000 $53,685,928 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $55.50 $39,766,916 $7,500,000 $5,000,000 $52,266,916 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $54.50 $38,347,904 $7,500,000 $5,000,000 $50,847,904 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $53.50 $36,928,892 $7,500,000 $5,000,000 $49,428,892 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $52.50 $35,509,880 $7,500,000 $5,000,000 $48,009,880 - ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- $51.50 $34,090,868 $7,500,000 $5,000,000 $46,590,868 - ------------------------- ---------------------- ----------------------- ---------------------- ----------------------
* In the event that the price per share actually agreed upon is not a whole dollar amount plus fifty cents, the parties agree that the amount financed shall be modified proportionately to reflect the difference between the nearest whole dollar plus fifty cents share price and the actual price agreed upon. + In the event that the price per share is less than $51.50 per share, the parties agree that the amount financed (as reflected in the Term Loan A and Total columns in the table above) shall be reduced by $1,419,012 for every dollar which the final price per share falls below $51.50 per share. RIVER ACQUISITION CORP. SUMMARY OF TERMS AND CONDITIONS FOR UP TO $60,071,482 SENIOR SECURED CREDIT FACILITIES - -------------------------------------------------------------------------------- BORROWER: River Acquisition Corp., a special purpose acquisition vehicle formed by the Investors under the laws of Delaware and to be merged with HGC on the Closing Date. FACILITIES: (A) Up to $47,571,482 Term Loan A (B) Up to $7,500,000 Term Loan B (C) $5,000,000 Revolving Credit Calculation of the amount of Term Loan A is subject to the terms and conditions contained in Annex X to the Commitment Letter. USE OF PROCEEDS: (A) & (B) To finance the recapitalization of HGC in connection with a privatization transaction (the "Recapitalization") and to pay associated fees and expenses. (C) For working capital and general corporate purposes. AGENT: BankBoston, N. A. ("BankBoston" or the "Agent"). ARRANGER: BancBoston Robertson Stephens Inc. ("BRS"). LENDERS: BankBoston and a group of financial institutions reasonably acceptable to BankBoston, BRS and the Borrower. Notwithstanding the foregoing, the Facilities shall be arranged on a pro rata basis with the $20,000,000 Senior Secured Credit Facilities proposed for Hudson General LLC ("LLC") and its subsidiaries in the Commitment Letter and Summary Terms and Conditions dated as of the date hereof and pertaining to LLC (the "LLC Commitment Letter"). GUARANTORS: All direct and indirect present and future subsidiaries of the Borrower other than LLC, LLC's subsidiaries, Hudson Kohala, Inc. and any subsidiary which (i) has aggregate total assets or a net worth less than $100,000 and (ii) does not engage in business of any kind or nature (such subsidiaries, collectively with LLC and Hudson Kohala, Inc., the "Excluded Subsidiaries"). CLOSING DATE: A mutually agreeable date to be determined, but not later than April 30, 1999. FINAL MATURITY DATE: (A) & (C) 5 years from the Closing Date. (B) 6 years from the Closing Date. AVAILABILITY: (A) & (B) Loans must be borrowed in a single drawing on the Closing Date. (C) Loans may be borrowed repaid and reborrowed from the Closing Date through the Final Maturity Date, subject to compliance with all covenants and terms governing the Facilities. AMORTIZATION: (A) & (B) Subject to further due diligence, including review of the Borrower's financial projections, the Term Loans will amortize in quarterly payments aggregating the following amounts annually: Year Term Loan A Term Loan B ---- ----------- ----------- 1 $1,500,000 $0 2 2,000,000 0 3 2,500,000 0 4 32,000,000 0 5 9,571,482 0 ----------- 6 7,500,000 ----------- Total $47,571,482 $7,500,000 MANDATORY PREPAYMENTS: Mandatory prepayments from the following sources (which prepayments shall be subject to payment of breakage costs) will be applied initially to Term Loan A until repaid in full and thereafter to Term Loan B to reduce outstanding amounts under each facility in equal installments over each of the remaining years: o 100% of Excess Cash Flow (definition to be determined) in excess of $1,000,000 on an annual basis. o 100% of the net proceeds from asset sales (other than in the ordinary course of business) and equity or new debt offerings o 100% of the net cash proceeds to the Borrower from dividends, distributions and intercompany note collections (in a minimum amount of $9,500,000 within 30 days following the Closing Date) from LLC for the 1998 fiscal year. If any of such payments occur prior to the Closing Date, the minimum cash requirement specified in the Conditions Precedent section of this term sheet shall increase by the amount of such payments and the amount of Term Loan A shall decrease by a corresponding amount. o 100% of the net proceeds from the redemption of HGC's preferred interest in LLC. VOLUNTARY PREPAYMENTS: Permitted, subject to payment of breakage costs, if any, in the case of LIBOR Rate loans. Voluntary prepayments shall be applied first to Term Loan A until fully repaid and thereafter to Term Loan B. All prepayments shall be applied to reduce outstanding amounts in equal installments over each of the remaining years. SECURITY: The Revolving Credit, Term Loan A, Term Loan B and obligations to the Lenders under interest rate protection agreements will be collateralized by (a) a perfected first priority security interest in all tangible and intangible assets (subject to exceptions to be determined, which exceptions shall be reasonably acceptable to the Agent and the Lenders) of the Borrower and its subsidiaries (including HGC but excluding the Excluded Subsidiaries), now owned or hereafter acquired, including without limitation the Borrower's interests in the common ownership units of LLC and any preferential ownership in LLC and (b) a pledge of 100% of the equity interests in the Borrower. A double negative pledge will be provided on all assets of the Borrower and its subsidiaries (with exceptions satisfactory to the Borrower, the Agent and the Lenders to be negotiated) not included in the security package for the Lenders. INTEREST RATES: The Alternate Base Rate ("ABR") or the LIBOR Rate ("LIBOR") plus the Applicable Margin determined quarterly in accordance with the terms set forth on Annex A hereto. Alternate Base Rate shall mean the higher of the Agent's Base Rate as announced from time to time, or the Federal Funds rate plus 0.50%. INTEREST PAYMENTS: For Alternate Base Rate loans, at the end of each fiscal quarter. For LIBOR Rate loans, at the end of each Interest Period, or quarterly, if earlier. Interest will be calculated on an actual/365 day basis for Alternate Base Rate Loans and on an actual/360 day basis for LIBOR Rate loans. INTEREST PERIODS: For LIBOR Rate loans, 1, 2, 3 or 6 months, subject to availability. FEES: Per the Fee Letters. INTEREST RATE PROTECTION: Within 90 days following the Closing Date, the Borrower will obtain interest rate protection in an amount and tenor satisfactory to the Borrower, the Agent and the Lenders and at a rate level satisfactory to the Borrower and the Agent. CONDITIONS PRECEDENT: Usual and customary in transactions of this type, including without limitation, the following: o Satisfactory representations and warranties and execution and delivery of satisfactory documentation including without limitation loan documentation, security documentation, merger agreements and any other agreements deemed necessary or appropriate by the Agent or the Lenders in connection with the proposed Facilities and the Recapitalization. o Satisfactory corporate and capital structure of the Recapitalization including without limitation (i) minimum equity capital contribution by the Investors of at least 358,208 shares and retained options equivalent to shares of HGC in the Recapitalization, at least 323,208 of which shall be shares of HGC, (ii) minimum cash of the Borrower of not less than $35,000,000 (or such greater amount as is necessary to complete the Recapitalization if fees and expenses incurred in connection therewith exceed those assumed in the calculation of Annex X) at the time of the Recapitalization, and (iii) satisfactory limitations on the types of investments to be made by HGC and all subsidiaries including LLC and its subsidiaries. o The Recapitalization shall be completed at a maximum share price of $61.00 per share to public shareholders. o The Agent's and the Lenders' satisfaction that the Recapitalization and the Financing comply with all applicable laws, including securities laws. o Successful completion (but for the funding of the Facilities) of the Recapitalization in accordance with applicable law and documentation satisfactory in form and substance to the Agent and the Lenders (which documentation shall not have been amended, waived or modified). o Receipt and review of unaudited consolidated financial statements of HGC and its subsidiaries for the fiscal period ended December 31, 1998, which financial statements shall be reasonably satisfactory in form and substance to the Agent and the Lenders. o The Lenders, the Agent and the Arranger having received all fees and expenses payable in connection with the Facilities described herein. o There being no material adverse change in the final financial projections received by the Agent and the Lenders on October 20, 1998 (other than variations resulting from seasonal weather conditions). o No material misstatements in or omissions from the materials previously furnished to the Agent and the Lenders for their review. The Agent and the Lenders must be satisfied that any financial statements delivered to them fairly present the business and financial condition of the Borrower or, as the case may be, HGC and its subsidiaries. o Absence of any material adverse change in the condition (financial or otherwise), operations, assets, and/or income of the Borrower, of HGC, of the Borrower and its subsidiaries taken as a whole, or of HGC and its subsidiaries taken as a whole; and absence of any default or event of default under any material contract or agreement. o Satisfactory review of all material pending or threatened litigation (with the Agent and the Lenders agreeing that they are satisfied with the status of the litigation disclosed in the June 30, 1998 10-K of HGC and the September 30, 1998 10-Q of HGC); absence of any material contingent liabilities; absence of actual or threatened litigation or other proceedings challenging the Recapitalization, the Financing or any transactions contemplated herewith or therewith, which could reasonably be expected to have a materially adverse effect on (a) the assets, liabilities, business, or business prospects of the Borrower, of HGC, of the Borrower and its subsidiaries taken as a whole, or of HGC and its subsidiaries taken as a whole; (b) the ability of the Borrower or its subsidiaries to perform its obligations under the loan or collateral security documents; or (c) the rights and remedies of the Agent or the Lenders under the loan or collateral security documents. o All governmental and third-party consents and approvals necessary or advisable in connection with the Facilities, the Recapitalization and the continuing operations of the Borrower and HGC shall have been obtained and shall be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose materially adverse conditions on the Borrower, the Recapitalization or any of the transactions contemplated in connection herewith or therewith. o The proposed financing is subject to the conditions that none of the Lenders shall have breached its obligations under this Commitment Letter or under the LLC Commitment Letter (it being understood that withdrawal of a commitment as a result of any of the conditions set forth in the Commitment Letter, this Summary of Terms and Conditions or any related fee letter not being satisfied shall not constitute a breach) and that no material changes in governmental regulations or policies affecting the Borrower, HGC, the Agent, Arranger or Lenders involved in this transaction occur prior to the Closing Date. o The contemporaneous closing of the $20,000,000 senior secured financing of LLC pursuant to the terms and conditions set forth in the LLC Commitment Letter, and the termination of HGC's and LLC's existing credit facilities, together with the release or assignment of all liens and security interests securing the obligations thereunder. o Other conditions precedent specific to this transaction and typical of facilities of this type, including the Agent's receipt of satisfactory applicable corporate and shareholder approval of the Financing and the Recapitalization, evidence of the completion of adequate corporate formalities, together with satisfactory legal opinions, a solvency opinion (after giving effect to the Recapitalization), UCC search results, and all filings, documents and items deemed necessary or appropriate by the Agent in order to ensure the first priority security interest of the Agent, for the benefit of the Lenders, in the collateral. REPORTING REQUIREMENTS: Periodic financial reporting with respect to the Borrower and its subsidiaries, including, but not limited to, the following: certified annual audited financials, quarterly financials, quarterly compliance certificates, annual budgets and other information that may from time to time be requested by the Agent, Arranger or any of the Lenders. FINANCIAL COVENANTS: Financial covenants, to be determined, will be satisfactory to the Agent and the Lenders and will be typical of those found in senior credit agreements of this type and will include without limitation the following: o Maximum Funded Debt/Adjusted EBITDA o Minimum Interest Coverage o Minimum Debt Service Coverage o Minimum Net Worth or equivalent OTHER TERMS AND CONDITIONS: Customary for facilities of this type, including without limitation, the following, in each case reasonably satisfactory in form and substance to the Agent and the Lenders: o Customary affirmative covenants. o Limitations on capital expenditures, dividends, redemptions, liens, indebtedness, negative pledges, contingent liabilities, investments, affiliate transactions, mergers, acquisitions, asset sales, sale leasebacks, etc. o Customary events of default including without limitation a cross-default to other indebtedness (including a cross-default to indebtedness of LLC) and a change in control default. o Restriction on material amendment or other modification of any of the organizational documents of the Borrower or its subsidiaries (other than such amendments as are completed on or prior to the Closing Date and are necessary to the accomplishment of the Recapitalization and are satisfactory to the Agent and the Lenders). ASSIGNMENTS AND PARTICIPATIONS: Usual and customary for transactions of this type and size. Each Lender may assign all or a portion of its loans and commitments under the Facilities, or sell participations therein, to another person or persons, provided that each such assignment shall be in a minimum amount of $2,500,000 (or if less, such Lender's entire commitment), shall only be permitted in connection with the acceptance by the applicable assignee of a pro rata portion of such Lender's interest in the facilities provided pursuant to the LLC Commitment Letter, and shall be subject to certain conditions, including but not limited to, the approval of the Borrower (so long as no Event of Default has occurred) and the Agent, such approvals not to be unreasonably withheld. Each assignment shall be subject to payment to the Agent by the assigning Lender of an assignment fee of $3,500. ARRANGEMENT: The Borrower or the Investors will provide all information (including pro forma financial projections), in a form reasonably acceptable to the Agent and Arranger, necessary for the preparation of an information memorandum describing the Borrower, HGC, the Facilities and any related transactions. Such package will be distributed on a confidential basis to selected financial institutions. In addition, the management of HGC and the Investors will, at the request of the Agent or Arranger, hold themselves and their advisors available at reasonable times to meet with potential lenders and to answer questions during the arrangement process. VOTING RIGHTS: Waivers and amendments must be approved by the Required Lenders provided, however, that increases of commitments, reductions in interest rates or fees, extensions of maturity, postponement of required principal payments, release of any guaranty or any substantial part of the collateral, or change to the definition of Required Lenders will require consent from 100% of the Lenders. Required Lenders means any two or more Lenders holding at least 66-2/3% of the outstanding Loans and unused Commitments. EXPENSES AND INDEMNIFICATION: Without limiting the Commitment Letter, Borrower will pay all reasonable fees and expenses incurred by the Agent and Arranger in connection with the preparation and execution of the Facilities. These will include, without limitation, legal, arrangement, collateral examination, tax consultant, appraisal, environmental survey and other direct out-of-pocket expenses. Without limiting the Commitment Letter, the Borrower will indemnify and hold harmless the Agent, Arranger and the Lenders (and their respective directors, officers, employees and agents) against any damages, loss, liability, cost or expense incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof (except to the extent resulting from the gross negligence or willful misconduct of the indemnified party). GOVERNING LAW: Commonwealth of Massachusetts. AGENT AND ARRANGER'S COUNSEL: Bingham Dana LLP. Annex A INTEREST RATE: Revolving Credit and Adjusted Term Loan A -------- ----------- Level EBITDA/Interest ABR + LIBOR + ----- --------------- ----- ------- I (less than) 1.50x 1.00% 3.00% II (greater than) = 1.50x 0.75% 2.75% III (greater than) = 2.00x 0.50% 2.50% IV (greater than) = 2.50x 0.25% 2.25% The Pricing Grid notwithstanding, pricing would not be lower than Level I until delivery of the compliance certificate for the period ending June 30, 1999. Adjusted EBITDA shall be measured on a rolling four quarter basis (including periods prior to the Recapitalization) and shall be adjusted to reflect cash earnings of the Borrower. Pricing for Term Loan B shall be LIBOR + 3.50% or ABR + 1.50% without reference to the Pricing Grid. DEFAULT PRICING: Upon the occurrence and continuance of an Event of Default, the Facilities will accrue interest at the Applicable Margin or spread over the Alternate Base Rate plus 2%. COMMITMENT FEE: 0.375% per annum on the unused portion of the Revolving Credit facility, payable quarterly in arrears. EX-17 5 EXHIBIT 17 WAIVER AGREEMENT Waiver Agreement, dated February 15, 1999, relating to the Agreement and Plan of Merger dated as of November 22, 1998 as amended by Amendment No. 1 thereto dated February 9, 1999 (the "Merger Agreement"), between Hudson General Corporation, a Delaware corporation (the "Company"), and River Acquisition Corp., a Delaware corporation ("River"). WHEREAS, the Company and River have entered into the Merger Agreement which contemplates the purchase by River of all of the outstanding shares of common stock of the Company for a price of $61.00 per share in cash; WHEREAS, GlobeGround GmbH, a German company ("GlobeGround"), has offered to purchase all of the outstanding shares of common stock of the Company for a price of $76.00 per share in cash; and WHEREAS, the Company and GLGR Acquisition Corp., a Delaware corporation ("GLGR") and a wholly-owned subsidiary of GlobeGround, propose to enter into an Agreement and Plan of Merger (the "GlobeGround Merger Agreement"), to be dated as of February 15, 1999, which contemplates the purchase by GLGR of all of the outstanding shares of common stock of the Company for a price of $76.00 per share in cash, subject to certain conditions. NOW, THEREFORE, in consideration of the mutual agreements herein contained and intending to be legally bound hereby and other good and valuable consideration, the parties hereto agree as follows: 1. Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meaning provided therefor in the Merger Agreement. 2. GlobeGround Merger Agreement. River agrees that notwithstanding any provisions to the contrary contained in the Merger Agreement, including without limitation the provisions of clauses (i) and (ii) of Section 8.01(f) of the Merger Agreement, River shall not exercise and hereby waives any and all rights it may have to terminate the Merger Agreement resulting from or arising out of any or all of the following: (a) the execution by the Company of the GlobeGround Merger Agreement; (b) any recommendation made by the Company's Board of Directors (the "Board") or the Special Committee of the Board (the "Special Committee") to the Company's stockholders or otherwise in support or favor of the GlobeGround Merger Agreement or the transactions contemplated thereby; (c) any withdrawal, modification or change by the Board or the Special Committee of their recommendation so that the Board or the Special Committee is not in favor of the Merger Agreement or the transactions contemplated thereby in connection with the GlobeGround Merger Agreement; or (d) any other actions taken by the Board or the Special Committee in support or furtherance of the GlobeGround Merger Agreement or the transactions contemplated thereby. In addition, River hereby agrees that no action or actions taken by the Company, the Board or the Special Committee in connection with or furtherance of the GlobeGround Merger Agreement or the transactions contemplated thereby shall operate as or constitute a breach of any of the terms, covenants, representations, warranties or conditions of the Merger Agreement. The foregoing notwithstanding, effective March 17, 1999 all rights which River may have had to terminate the Merger Agreement and which were hereby waived, shall be reinstated and again shall be in full force and effect if, and only if, as of such date, the GlobeGround Merger Agreement has not been terminated, including, without limitation, the right to receive a payment from the Company to reimburse River for Expenses as provided in Section 8.05(b) of the Merger Agreement in connection with a termination of the Merger Agreement by River pursuant to clauses (i) or (ii) of Section 8.01(f) thereof. Nothing contained herein shall in any way limit or restrict the Company's right or ability to at any time terminate the Merger Agreement in accordance with Section 8.01(g) thereof. No waiver or amendment is being given by River with respect to any transactions other than transactions contemplated by the GlobeGround Merger Agreement, or with respect to any bidder other than GlobeGround or GLGR, and nothing contained herein shall in any way limit or restrict River's ability to terminate the Merger Agreement in accordance with its terms except as specifically provided herein with respect to the GlobeGround Merger Agreement or the transactions contemplated thereby. 3. Effectiveness. This Waiver Agreement shall not be effective, and the provisions hereof shall be of no force or effect, unless and until the Company enters into the GlobeGround Merger Agreement. 4. Counterparts. This Waiver Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 5. Governing Law. This Waiver Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to the conflict of laws rules thereof. IN WITNESS WHEREOF, the Company and River have caused this Waiver Agreement to be executed by their respective officers thereunto duly authorized on this 15th day of February 1999. RIVER ACQUISITION CORP. By: /s/ Jay B. Langner ---------------------------- Name: Jay B. Langner Title: Chairman HUDSON GENERAL CORPORATION By: /s/ Michael Rubin ---------------------------- Name: Michael Rubin Title: President -----END PRIVACY-ENHANCED MESSAGE-----