-----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, LWskEjEOf4rw/Tx2NGnv3xZy7H2aFChMWr7OGTiAsnvNlLVWlji+nqRTNnhrFqSN 8gDA31QKEQ9zOuzOPICaFw== 0000950123-06-006318.txt : 20060512 0000950123-06-006318.hdr.sgml : 20060512 20060512154012 ACCESSION NUMBER: 0000950123-06-006318 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20060512 DATE AS OF CHANGE: 20060512 GROUP MEMBERS: BENNETT OFFSHORE RESTRUCTURING FUND, INC. GROUP MEMBERS: BENNETT RESTRUCTURING FUND, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KAISER GROUP HOLDINGS INC CENTRAL INDEX KEY: 0000856200 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 542014870 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-41027 FILM NUMBER: 06834660 BUSINESS ADDRESS: STREET 1: 9300 LEE HIGHWAY CITY: FAIRFAX STATE: VA ZIP: 22031 BUSINESS PHONE: 703 934-3413 MAIL ADDRESS: STREET 1: 9300 LEE HIGHWAY CITY: FAIRFAX STATE: VA ZIP: 22031 FORMER COMPANY: FORMER CONFORMED NAME: KAISER GROUP INTERNATIONAL INC DATE OF NAME CHANGE: 19991220 FORMER COMPANY: FORMER CONFORMED NAME: ICF KAISER INTERNATIONAL INC DATE OF NAME CHANGE: 19930811 FORMER COMPANY: FORMER CONFORMED NAME: ICF INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BENNETT JAMES D CENTRAL INDEX KEY: 0001027829 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: 2033533101 MAIL ADDRESS: STREET 1: C/O BENNETT MANAGEMENT CORP STREET 2: 2 STAMFORD PLZ STE 1501 281 TRESSER BLVD CITY: STAMFORD STATE: CT ZIP: 06901 SC 13D/A 1 y21314a2sc13dza.txt AMENDMENT #2 TO SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 2) KAISER GROUP HOLDINGS, INC. (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE PER SHARE (Title of Class of Securities) 483059101 (CUSIP Number) JAMES D. BENNETT C/O BENNETT MANAGEMENT CORPORATION 2 STAMFORD PLAZA SUITE 1501 281 TRESSER BOULEVARD STAMFORD, CONNECTICUT 06901 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) N/A (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. [ ] (Continued on following pages) ================================================================================ CUSIP No. 483059101 ================================================================================ 1. NAME OF REPORTING PERSONS JAMES D. BENNETT I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC, AF - -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER NUMBER OF 0 SHARES ----------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 200,000 EACH ----------------------------------------------------- REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH: 0 ----------------------------------------------------- 10. SHARED DISPOSITIVE POWER 200,000 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000 - -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN, HC ================================================================================ 2 ================================================================================ CUSIP No. 483059101 ================================================================================ 1. NAME OF REPORTING PERSONS BENNETT RESTRUCTURING FUND, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) 13-3526877 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC, AF - -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE, USA - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 132,493 EACH ------------------------------------------------------- REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH: 0 ------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 132,493 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 132,493 - -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.4% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN ================================================================================ 3 ================================================================================ CUSIP No. 483059101 ================================================================================ 1. NAME OF REPORTING PERSONS BENNETT OFFSHORE RESTRUCTURING FUND, INC. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC, AF - -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS - -------------------------------------------------------------------------------- 7. SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 67,507 EACH ------------------------------------------------------- REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH: 0 ------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 67,507 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 67,507 - -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.8% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO ================================================================================ 4 ITEM 1. SECURITIES AND THE ISSUER. The name of the issuer is Kaiser Group Holdings, Inc. (the "Issuer"). The address of the Issuer's offices is 9300 Lee Highway, Fairfax, Virginia 22031-1207. This Amendment No. 2 to the Statement on Schedule 13D (the "Schedule 13D") relating to the Issuer's Common Stock, $0.01 par value per share, is being filed jointly by James D. Bennett, a United States citizen, Bennett Restructuring Fund, L.P., a Delaware limited partnership and Bennett Offshore Restructuring Fund, Inc., a Cayman Islands exempted company (the "Reporting Persons"), and supplements and amends the Statement on Schedule 13D originally filed with the Commission on May 10, 2001, as amended, by Amendment No. 1 filed with the Commission on September 6, 2005. ITEM 4. PURPOSE OF TRANSACTION. On April 25, 2006, the Issuer filed a Form 8-K disclosing that on April 21, 2006, its board of directors had directed its management to proactively explore "potential acquisition opportunities." The Reporting Persons have carefully considered the implications of this disclosure and have determined that they strongly object to the approach being considered. Accordingly, the Reporting Persons have decided to seek to persuade the Issuer's board of directors to refrain from the change in direction contemplated by the Form 8-K and instead to complete the process of winding up the Issuer's affairs with a view to implementing an orderly liquidation that would involve a substantial cash distribution to the Issuer's shareholders. Bennett Management Corporation has sent a letter to the Issuer's board of directors, a copy of which is attached as Exhibit 2 of this Schedule 13D. The board of directors has not responded to the letter, and accordingly the Reporting Persons are considering various possible courses of action that may be available to them. Those include, among others, continued communication with the Issuer's board; communication with other shareholders; acquiring additional shares of the Issuer; and selling some or all of the Issuer's shares owed by the Reporting Persons (in open market or negotiated transactions). ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Item 7 is hereby supplemented by adding the following exhibits: Exhibit No. Description - ----------- ----------- 1 Joint Filing Agreement. 2 Letter, dated April 28, 2006, addressed to the Board of Directors of Kaiser Group Holdings, Inc., from Bennett Management Corporation.
5 SIGNATURES 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 May 12, 2006 JAMES D. BENNETT* By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett BENNETT RESTRUCTURING FUND, L.P.* By: Restructuring Capital Associates, L.P. General Partner By: Bennett Capital Corporation General Partner By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett Title: President BENNETT OFFSHORE RESTRUCTURING FUND, INC.* By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett Title: Director - ---------------------------- * The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interest therein. 6 INDEX TO EXHIBITS Exhibit No. Description - ----------- ----------- 1 Joint Filing Agreement. 2 Letter, dated April 28, 2006, addressed to the Board of Directors of Kaiser Group Holdings, Inc., from Bennett Management Corporation.
7 EX-99.1 2 y21314a2exv99w1.txt EX-99.1: JOINT FILLING AGREEMENT Exhibit 1 AGREEMENT OF JOINT FILING James D. Bennett, Bennett Restructuring Fund, L.P. and Bennett Offshore Restructuring Fund, Inc. hereby agree that the Amendment No. 2 to the Statement on Schedule 13D to which this agreement is attached as an exhibit, as well as all future amendments to such Statement, shall be filed jointly on behalf of each of them. This agreement is intended to satisfy the requirements of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended. Dated May 12, 2006 JAMES D. BENNETT By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett BENNETT RESTRUCTURING FUND, L.P.* By: Restructuring Capital Associates, L.P. General Partner By: Bennett Capital Corporation General Partner By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett Title: President BENNETT OFFSHORE RESTRUCTURING FUND, INC. By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett Title: Director EX-99.2 3 y21314a2exv99w2.txt EX-99.2: LETTER EXHIBIT 2 Bennett Management Corporation 2 Stamford Plaza - Suite 1501 281 Tresser Boulevard Stamford, CT 06901 Telephone: (203) 353-3101 Fax: (203) 353-3113 To: Board of Directors Kaiser Group Holdings, Inc. c/o Mr. Douglas W. McMinn, Chief Executive Officer Kaiser Group Holdings, Inc. 9300 Lee Highway Fairfax, VA 22031 Fax: (703) 934-3199 April 28, 2006 Gentlemen: I write on behalf of Bennett Management Corporation to register our strong objections, and communicate our concern, regarding the recent announcement by Kaiser Group Holdings, Inc. ("Kaiser") that it may seek "potential acquisition opportunities". This cryptic statement quite astonishingly seems to contemplate converting Kaiser into some kind of publicly-held buy-out or venture capital fund. This novel strategy is a likely destroyer of shareholder value and should not be pursued. As you know, Bennett and its affiliates manage funds that together own 200,000 shares (approximately 11.2%) of Kaiser's common stock. We have been a significant shareholder of Kaiser since its exit from Chapter 11 in late 2000. Kaiser has been in liquidation since that time. Our investment thesis, which we believe is shared by many of Kaiser's shareholders, is that the only rational course of action for Kaiser, having reached the final stages of that liquidation, is for Kaiser to distribute its value to its shareholders. Until your recent announcement, in a Form 8-K filed with the SEC on April 25, 2006, no one reviewing Kaiser's public pronouncements reasonably could believe that Kaiser would do anything other than liquidate. Kaiser no longer has any businesses or core competencies that reasonably could form a basis for building significant value. Certainly, its management team does not appear to have the background, depth or aptitude to support an attempt to convert Kaiser into a buy-out fund. As the financial press repeatedly has pointed out, the marketplace is full of buy-out funds of all difference types and sizes, which are actively and aggressively touring the business world for acquisition opportunities. Many of those funds are assisted in this activity by extraordinarily talented and experienced professionals. Without meaning any disrespect whatsoever to Kaiser's current management team, it begs credulity to think they could compete in this marketplace. More importantly, perhaps, even if you believe this management team truly is in fact capable of turning Kaiser into a mini-KKR, fact of the matter is, that's not what the current shareholders bought into, and it's not what many of us want. We believe it is inconsistent with your fiduciary obligations to condone such an abrupt and fundamental change in corporate direction without at the very least arranging a fair-value exit for the shareholders who do not wish to hold the fundamentally different security you apparently propose to create. We hope you will reconsider the foolhardy course of action announced in your recent Form 8-K. If you are unable to do so, we will have no alternative but to consider the various options available to us. Sincerely, /s/ John V. Koerber - ------------------------------- John V. Koerber Managing Director, Bennett Management Corporation -----END PRIVACY-ENHANCED MESSAGE-----