-----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, L3WGGxdrxhSw4va6/mcT5qspyti5DwyzaFEGB1ld6pKe4z0fIivTFEMEDxJ9U4iF +Pg7DaM1pYHPiJla7tajiw== 0000892251-00-000075.txt : 20000224 0000892251-00-000075.hdr.sgml : 20000224 ACCESSION NUMBER: 0000892251-00-000075 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20000223 GROUP MEMBERS: JOFFE STEPHEN N GROUP MEMBERS: SANDRA F. W. JOFFE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: COLE NATIONAL CORP /DE/ CENTRAL INDEX KEY: 0000769644 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 341453189 STATE OF INCORPORATION: DE FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-43741 FILM NUMBER: 551638 BUSINESS ADDRESS: STREET 1: 5915 LANDERBROOK DR CITY: MAYFIELD HEIGHTS STATE: OH ZIP: 44124 BUSINESS PHONE: 2164494100 MAIL ADDRESS: STREET 1: 5915 LANDERBROOK DRIVE STREET 2: SUITE 300 CITY: CLEVELAND STATE: OH ZIP: 44124 FORMER COMPANY: FORMER CONFORMED NAME: CNC HOLDING CORP/DE DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JOFFE STEPHEN N CENTRAL INDEX KEY: 0001030711 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-NURSING & PERSONAL CARE FACILITIES [8050] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 7840 MONTGOMERY RD CITY: CINCINNATI STATE: OH ZIP: 45236 BUSINESS PHONE: 5137929292 MAIL ADDRESS: STREET 1: 7840 MONTGOMERY ROAD CITY: CINCINNATI STATE: OH ZIP: 45236 SC 13D/A 1 AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) COLE NATIONAL CORPORATION - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 193290103 - -------------------------------------------------------------------------------- (CUSIP Number) Gary P. Kreider, Esq. Keating, Muething & Klekamp, P.L.L. 1400 Provident Tower One East Fourth Street Cincinnati, Ohio 45202 (513)579-6411 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 22, 2000 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ]. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 193290103 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Stephen N. Joffe, M. D. - -------------------------------------------------------------------------------- 2 CHECK BOX IF A MEMBER OF A GROUP (a) [x] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * PF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----- -------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- BENEFICIALLY ---------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 1,000,000 - See Item 5.I(b) REPORTING ---------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 750,000 ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,000,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); 6.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. CUSIP No. 193290103 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Sandra F. W. Joffe - -------------------------------------------------------------------------------- 2 CHECK BOX IF A MEMBER OF A GROUP (a) [x] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * PF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----- -------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- BENEFICIALLY ------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 1,000,000 - See Item 5.II(b) REPORTING ------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 250,000 ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,000,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); 6.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. This Amendment No. 1 to Schedule 13D is being filed solely to amend Item 4. Item 4. Purpose of Transaction Item 4 is amended to supplement material previously filed as follows: On February 2, 2000, Dr. Joffe wrote the Board of Directors of Cole expressing his concern about the performance of the company's stock and its operations. He requested the Board to employ a nationally-recognized Wall Street investment banking firm to advise the Board on the strategic alternatives that are available to the Board to increase shareholder value. A copy of the letter is attached as Exhibit 10.2 to this Schedule 13D. Item 7. Material Required to be Filed as Exhibits 10.2 Letter dated February 22, 2000 from Dr. Joffe to Mr. Jeffrey Cole and the members of the Board of Directors of Cole National Corporation SIGNATURE After reasonable inquiry and to the best of their respective knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete, and correct. February 23, 2000 * -------------------------- Stephen N. Joffe * -------------------------- Sandra F.W. Joffe *By: /s/ Gary P. Kreider ----------------------- Gary P. Kreider Attorney-in-Fact EX-10 2 CORRESPONDENCE TO COLE NATIONAL CORPORATION EXHIBIT 10.2 STEPHEN N. JOFFE, M.D 8750 RED ROX LANE CINCINNATI, OH 45243 513-271-0670 fax 513-271-8470 February 22, 2000 Sent Via Federal Express Mr. Jeffrey Cole, Chairman Members of the Board of Directors Cole National Corporation Gentlemen: I am writing you on a matter of some urgency. As you know, I own over 5% of the outstanding stock of Cole National Corporation (Cole). I made my purchase because I believe that Cole has fundamental value. However, there is also a vast potential for the development of the value of the corporation that is not being realized. By this letter, I am requesting that Cole engage a nationally-recognized Wall Street investment banking firm to study the alternatives that are available to the Company to increase shareholder value. Alternatives I have in mind would include the possible redeployment of assets, sales of divisions of the Company, sale of all of the Company, strategic acquisitions or going private. I do not think the banking firm should be constrained in looking at possible alternatives, but rather should be encouraged to advise the Board on any and all alternatives that it believes are available to maximize shareholder value. I have been very disappointed in the performance of the Company over the last several years. I think it is reasonable to assume that most other investors share my belief. The past year particularly has been marked by declining earnings, a plummeting stock price and management turnover. There are warning signs that must be heeded. It is time for the Board to sit back and take a good, hard look at the long-term future of this Company. To that end, I am making this proposal that you engage a first-rank banking firm, such as Goldman Sachs, Morgan Stanley, Dean Witter, Credit Suisse First Boston, or Lehman Brothers, to advise the Board in this regard. I look forward to your response in the near future. With kindest regards, /s/ Stephen N. Joffe Stephen N. Joffe -----END PRIVACY-ENHANCED MESSAGE-----