-----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, OSE3dXYnZ9LWlqh0y/c2ckdZDClx270BzVdKFLunRClLQhqucvMNByEl3SoJ5cpD cv6tMOFF/nfnqmG4ykXUEw== 0000891554-02-002055.txt : 20020416 0000891554-02-002055.hdr.sgml : 20020416 ACCESSION NUMBER: 0000891554-02-002055 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020412 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: REFAC CENTRAL INDEX KEY: 0000082788 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 131681234 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-39761 FILM NUMBER: 02609766 BUSINESS ADDRESS: STREET 1: 115 RIVER ROAD CITY: EDGEWATER STATE: NJ ZIP: 07020-1099 BUSINESS PHONE: 2019434400 MAIL ADDRESS: STREET 2: 122 EAST 42ND ST STE 4000 CITY: NEW YORK STATE: NY ZIP: 10168 FORMER COMPANY: FORMER CONFORMED NAME: REFAC INC DATE OF NAME CHANGE: 19720628 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCES & FACILITIES CORP DATE OF NAME CHANGE: 19740509 FORMER COMPANY: FORMER CONFORMED NAME: REFAC TECHNOLOGY DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PALISADE CAPITAL MANAGEMENT LLC/NJ CENTRAL INDEX KEY: 0001009006 IRS NUMBER: 223330049 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: ONE BRIDGE PLAZA STREET 2: SUITE 695 CITY: FORT LEE STATE: NJ ZIP: 07024 BUSINESS PHONE: 2015857733 MAIL ADDRESS: STREET 1: 1 BRIDGE PLAZA STREET 2: SUITE 695 CITY: FORT LEE STATE: NJ ZIP: 07024 SC 13D 1 d50355_sc13d.txt SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* REFAC TECHNOLOGY DEVELOPMENT CORPORATION (Name of Issuer) Common Stock (Title of Class of Securities) 758655104 (CUSIP Number) Ms. Stephney Costello Palisade Capital One Bridge Plaza Fort Lee, New Jersey 07024 (201) 585-7733 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) April 3, 2002 (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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d--1(g), check the following box [ ]. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7(b) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes) (Continued on the following pages) (Page 1 of 10 ) CUSIP No. 758655104 Page 2 of 10 - -------------------------------------------------------------------------------- 1 Name Of Reporting Person/I.R.S. Identification No. Of Above Person (Entities Only) Palisade Capital Management, L.L.C./I.R.S. Identification No. 22-3330049 - -------------------------------------------------------------------------------- 2 Check The Appropriate Box If A Member Of A Group (See Instructions): (a) (b) |X| - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source Of Funds (See Instructions): OO - -------------------------------------------------------------------------------- 5 Check Box If Disclosure Of Legal Proceedings Is Required Pursuant To Items 2(d) or 2(e) Not Applicable - -------------------------------------------------------------------------------- 6 Citizenship Or Place Of Organization: New Jersey - -------------------------------------------------------------------------------- Number Of 7 Sole Voting Power 208,600* Shares - -------------------------------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By - -------------------------------------------------------------------------------- Each 9 Sole Dispositive Power 208,600* Reporting - -------------------------------------------------------------------------------- Person With 10 Shared Dispositive Power - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 208,600* - -------------------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): Not Applicable - -------------------------------------------------------------------------------- 13 Percent Of Class Represented By Amount In Row (11) 5.5%* - -------------------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions): IA - -------------------------------------------------------------------------------- *The shares of the Issuer beneficially owned by the reporting person are held on behalf of the reporting person's client in an account over which the reporting person has complete investment discretion. No other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from, the sale of such shares. The principals of Palisade Capital Management, L.L.C. ("Palisade") and certain of their family members beneficially own in the aggregate 9,200 additional shares. Palisade does not beneficially own nor does it have voting or dispositive power over any of such 9,200 shares. Palisade, its principals and such family members disclaim any membership in a "group" for purposes of Rule 13d-5(b) of the Exchange Act. See Item 2. CUSIP No. 758655104 Page 3 of 10 - -------------------------------------------------------------------------------- 1 Name Of Reporting Person/I.R.S. Identification No. Of Above Person (Entities Only) Palisade Concentrated Equity Partnership, L.P./I.R.S. Identification No. 22-3699993 - -------------------------------------------------------------------------------- 2 Check The Appropriate Box If A Member Of A Group (See Instructions): (a) (b) |X| - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source Of Funds (See Instructions): WC - -------------------------------------------------------------------------------- 5 Check Box If Disclosure Of Legal Proceedings Is Required Pursuant To Items 2(d) or 2(e) Not Applicable - -------------------------------------------------------------------------------- 6 Citizenship Or Place Of Organization: Delaware - -------------------------------------------------------------------------------- Number Of 7 Sole Voting Power 208,600 Shares - -------------------------------------------------------------------------------- Beneficially 8 Shared Voting Power 0 Owned By - -------------------------------------------------------------------------------- Each 9 Sole Dispositive Power 208,600 Reporting - -------------------------------------------------------------------------------- Person With 10 Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 208,600 - -------------------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): Not Applicable - -------------------------------------------------------------------------------- 13 Percent Of Class Represented By Amount In Row (11) 5.5% - -------------------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions): PN - -------------------------------------------------------------------------------- CUSIP No. 758655104 Page 4 of 10 - -------------------------------------------------------------------------------- 1 Name Of Reporting Person/I.R.S. Identification No. Of Above Person (Entities Only) Steven Berman/ I.R.S. Identification No. - -------------------------------------------------------------------------------- 2 Check The Appropriate Box If A Member Of A Group (See Instructions): (a) (b) |X| - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source Of Funds (See Instructions): PF - -------------------------------------------------------------------------------- 5 Check Box If Disclosure Of Legal Proceedings Is Required Pursuant To Items 2(d) or 2(e) Not Applicable - -------------------------------------------------------------------------------- 6 Citizenship Or Place Of Organization: USA - -------------------------------------------------------------------------------- Number Of 7 Sole Voting Power 7,900* Shares - -------------------------------------------------------------------------------- Beneficially 8 Shared Voting Power 208,600* Owned By - -------------------------------------------------------------------------------- Each 9 Sole Dispositive Power 7,900* Reporting - -------------------------------------------------------------------------------- Person With 10 Shared Dispositive Power 208,600* - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 216,500* - -------------------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): Not Applicable - -------------------------------------------------------------------------------- 13 Percent Of Class Represented By Amount In Row (11) 5.71%* - -------------------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions): IN - -------------------------------------------------------------------------------- * Mr. Berman, individually beneficially owns 7,900 shares. Mr. Berman has sole voting and dispositive power over such 7,900 shares. Mr. Berman, as a principal of Palisade, has shared voting and dispositive power over the 208,600 shares beneficially owned by Palisade. See Item 2. CUSIP No. 758655104 Page 5 of 10 - -------------------------------------------------------------------------------- 1 Name Of Reporting Person/I.R.S. Identification No. Of Above Person (Entities Only) Mark Hoffman Identification No. - -------------------------------------------------------------------------------- 2 Check The Appropriate Box If A Member Of A Group (See Instructions): (a) (b) |X| - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source Of Funds (See Instructions): PF - -------------------------------------------------------------------------------- 5 Check Box If Disclosure Of Legal Proceedings Is Required Pursuant To Items 2(d) or 2(e) Not Applicable - -------------------------------------------------------------------------------- 6 Citizenship Or Place Of Organization: USA - -------------------------------------------------------------------------------- Number Of 7 Sole Voting Power 1,300* Shares - -------------------------------------------------------------------------------- Beneficially 8 Shared Voting Power 208,600* Owned By - -------------------------------------------------------------------------------- Each 9 Sole Dispositive Power 1,300* Reporting - -------------------------------------------------------------------------------- Person With 10 Shared Dispositive Power 208,600* - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 209,900* - -------------------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): Not Applicable - -------------------------------------------------------------------------------- 13 Percent Of Class Represented By Amount In Row (11) 5.53%* - -------------------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions): IN - -------------------------------------------------------------------------------- *Mark Hoffman has sole voting and dispositive power over 1,300 shares held in custodial accounts for his children Russell Hoffman and Philip S. Hoffman. Mr. Hoffman, as a principal of Palisade, has shared voting and dispositive power over the 208,600 shares beneficially owned by Palisade. See Item 2. Item 1. Security and Issuer. This statement relates to the Common Stock of Refac Technology Development Corporation, whose principal executive offices are located at 115 River Road, Edgewater, New Jersey 07020. Item 2. Identity and Background. (1) Palisade Capital Management, L.L.C. ("Palisade") a) Palisade Capital Management, L.L.C. b) One Bridge Plaza, Fort Lee, NJ 07024 c) Principal Business: Investment Adviser d) Criminal Convictions: None e) Civil Proceedings: None f) Place of Organization: New Jersey (2) Palisade Concentrated Equity Partnership, L.P. a) Palisade Concentrated Equity Partnership, L.P. b) One Bridge Plaza, Fort Lee, NJ 07024 c) Principal Business: Investment Limited Partnership d) Criminal Convictions: None e) Civil Proceedings: None f) Place of Organization: Delaware (3) Steven Berman a) Steven Berman b) One Bridge Plaza, Fort Lee, NJ 07024 c) Investment Advisor; Palisade Capital Management, L.L.C., One Bridge Plaza, Fort Lee, NJ 07024 d) Criminal Convictions: None e) Civil Proceedings: None f) United States (4) Mark Hoffman a) Mark Hoffman b) One Bridge Plaza, Fort Lee, NJ 07024 c) Investment Advisor; Palisade Capital Management, L.L.C., One Bridge Plaza, Fort Lee, NJ 07024 d) Criminal Convictions: None e) Civil Proceedings: None f) United States The reporting persons are making a joint filing under Rule 13d-1(k) of the Securities Exchange Act of 1934. Palisade beneficially owns 208,600 shares which are held in the partnership, for which Palisade serves as the Investment Advisor. Individually, Steven Berman, a principal of Palisade, owns 7,900 shares. Mark Hoffman, a principal of Palisade, owns 1,300 shares in custodial accounts for his children. Each such individual reporting person has sole voting and dispositive power over their respective shares. None of such reporting persons beneficially own or have voting or dispositive power over any of the shares beneficially owned (in an individual capacity) by the other reporting persons. On a combined basis, the reporting persons beneficially own 217,800 or 5.74% of the outstanding shares. The reporting persons disclaim any membership in a "group" for purposes of Rule 13d-5(b) of the Exchange Act. There are no written or oral agreements among the reporting persons to act in concert with respect to the shares owned by such persons. Item 3. Source and Amount of Funds or Other Consideration. All funds used by Palisade to purchase the shares were from the assets of the Partnership. All funds used by the other reporting persons to purchase the shares beneficially owned by such persons were derived from the personal assets of such persons. Item 4. Purpose of Transaction. The Reporting Persons acquired their shares because the shares were viewed as an attractive investment and because the Reporting Persons are exploring the possibility of acquiring a controlling interest in the company. The Reporting Persons reserve the right to change their plans or intentions and to take any and all actions that they may deem appropriate to maximize the value of their investments, including, among other things, acquiring additional securities of the Company, disposing of any securities of the Company owned by them, meeting with management to discuss the possibility of acquiring a controlling interest in the Company, seeking representation on the Board, soliciting other shareholders with respect to any transactions proposed by the Reporting Persons, or formulating other plans or proposals regarding the Company or its securities to the extent deemed advisable by the Reporting Persons in light of their general investment policies, market conditions, subsequent developments affecting the Company and the general business and future prospects of the Company. Except as set forth above, the Reporting Persons do not have any current intention, plan or proposal with respect to: (a) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (d) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the Board; (e) any material change in the present capitalization or dividend policy of the Company; (f) any other material change in the Company's business or corporate structure; (g) changes in the Company's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person; (h) causing a class of securities of the Company to be delisted from a national securities exchange, if any, or cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Company becoming eligible for termination of a registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those enumerated above. Item 5. Interest in Securities of the Issuer. Based on the information contained in Refac's 10K for the period ending December 31, 2001, there are issued and outstanding 3,795,261 shares. Palisade beneficially owns 208,600 shares. Individually, Steven Berman and Mark Hoffman beneficially own 7,900 and 1,300 shares, respectively. Each such reporting person has sole voting and dispositive power over such person's shares. None of such reporting persons beneficially own or have voting or dispositive power over any of the shares beneficially owned (in an individual capacity) by the other reporting persons. On a combined basis, the reporting persons beneficially own 217,800 or 5.74% of the outstanding shares. The following table details the transactions by the reporting persons in the shares during the past sixty days: Date Quantity Price per Share Type of transaction - ---- -------- --------------- ------------------- March 26, 2002 79,500 3.247 Open Market Purchase March 27, 2002 5,500 3.30 Open Market Purchase March 28, 2002 15,200 3.30 Open Market Purchase April 1, 2002 9,500 3.30 Open Market Purchase April 2, 2020 31,900 3.2996 Open Market Purchase April 3, 2002 45,000 3.30 Open Market Purchase April 3, 2002 5,000 3.30 Open Market Purchase April 4, 2002 500 3.30 Open Market Purchase April 9, 2002 16,500 3.30 Open Market Purchase No other reporting person or entity controlled by the reporting persons has traded shares in the past 60 days. Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. None. Item 7. Material to be Filed as Exhibits. None. Signature After reasonable inquiry and to the best of the undersigned's knowledge and belief, the undersigned hereby certifies that the information set forth in this statement is true, complete and correct. April 12, 2002 Palisade Capital Management, L.L.C. By: /s/ Steven Berman ------------------------------ Steven Berman, Member Palisade Concentrated Equity Partnership, L.P. By: Palisade Concentrated Holdings, L.L.C., General Partner By: /s/ Steven Berman ------------------------------ Steven Berman, Member /s/ Steven Berman ------------------------------ Steven Berman /s/ Mark Hoffman ------------------------------ Mark Hoffman Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) -----END PRIVACY-ENHANCED MESSAGE-----