SC 13G 1 c80684sc13g.htm SC 13G SC 13G
     
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

Point Blank Solutions, Inc.
(Name of Issuer)
Common Stock, $0.001 Par Value
(Title of Class of Securities)
730529104
(CUSIP Number)
December 31, 2008
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     þ Rule 13d-1(b)

     o Rule 13d-1(c)

     o Rule 13d-1(d)

* 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 the disclosures provided in a prior cover page.

The information required in 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.
 
730529104 
 

 

           
1   NAMES OF REPORTING PERSONS
Prescott Group Capital Management, L.L.C.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o
  (b)   o
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  State of Oklahoma
       
  5   SOLE VOTING POWER
     
NUMBER OF   2,790,231
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   2,790,231
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  2,790,231
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  5.4%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA
**SEE ITEM 4(b).

2


 

                     
CUSIP No.
 
730529104 
 

 

           
1   NAMES OF REPORTING PERSONS
Prescott Group Aggressive Small Cap, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o
  (b)   o
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  State of Oklahoma
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   2,790,231
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    2,790,231
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  2,790,231
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  5.4%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN
**SEE ITEM 4(b).

3


 

                     
CUSIP No.
 
730529104 
 

 

           
1   NAMES OF REPORTING PERSONS
Prescott Group Aggressive Small Cap II, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o
  (b)   o
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  State of Oklahoma
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   2,790,231
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    2,790,231
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  2,790,231
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  5.4%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN
**SEE ITEM 4(b).

4


 

                     
CUSIP No.
 
730529104 
 

 

           
1   NAMES OF REPORTING PERSONS
Phil Frohlich
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o
  (b)   o
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  U.S. Citizen
       
  5   SOLE VOTING POWER
     
NUMBER OF   2,790,231
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   2,790,231
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  2,790,231
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  5.4%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN
**SEE ITEM 4(b).

5


 

SCHEDULE 13G
This Schedule 13G (the “Schedule 13G”) is being filed on behalf of Prescott Group Capital Management, L.L.C., an Oklahoma limited liability company (“Prescott Capital”), Prescott Group Aggressive Small Cap, L.P., an Oklahoma limited partnership (“Prescott Small Cap”), Prescott Group Aggressive Small Cap II, L.P., an Oklahoma limited partnership (“Prescott Small Cap II” and, together with Prescott Small Cap, the “Small Cap Funds”) and Mr. Phil Frohlich the principal of Prescott Capital, relating to shares of Common Stock of Point Blank Solutions, Inc., a Delaware corporation (the “Issuer”).
This Schedule 13G relates to shares of Common stock, $0.001 Par Value, (the “Common Stock”) of the Issuer purchased by the Small Cap Funds through the account of Prescott Group Aggressive Small Cap Master Fund, G.P., an Oklahoma general partnership (“Prescott Master Fund”), of which the Small Cap Funds are general partners. Prescott Capital serves as the general partner of the Small Cap Funds and may direct the Small Cap Funds, the general partners of Prescott Master Fund, to direct the vote and disposition of the 2,790,231 shares of Common Stock held by the Master Fund. As the principal of Prescott Capital, Mr. Frohlich may direct the vote and disposition of the 2,790,231 shares of Common Stock held by Prescott Master Fund.
     
Item 1(a)
  Name of Issuer.
 
   
 
  Point Blank Solutions, Inc.
 
   
Item 1(b)
  Address of Issuer’s Principal Executive Offices.
 
   
 
  2102 SW 2nd St.
Pompano Beach, Florida 33069
 
   
Item 2(a)
  Name of Person Filing.
 
   
 
  Prescott Group Capital Management, L.L.C. (“Prescott Capital”), Prescott Group Aggressive Small Cap, L.P. (“Prescott Small Cap”), Prescott Group Aggressive Small Cap II, L.P. (“Prescott Small Cap II” and, together with Prescott Small Cap, the “Small Cap Funds”), and Mr. Phil Frohlich.
 
   
Item 2(b)
  Address of Principal Business Office, or, if none, Residence.
 
   
 
  1924 South Utica, Suite 1120
Tulsa, Oklahoma 74104-6529
 
   
Item 2(c)
  Citizenship or Place of Organization.
 
   
 
  Prescott Capital is an Oklahoma limited liability company. The Small Cap Funds are Oklahoma limited partnerships. Mr. Phil Frohlich is the principal of Prescott Capital and is a U.S. citizen.

 

6


 

     
Item 2(d)
  Title of Class of Securities.
 
   
 
  Common Stock, $0.001 Par Value (the “Common Stock”).
 
   
Item 2(e)
  CUSIP Number.
 
   
 
  730529104
 
   
Item 3
  Reporting Person.
If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a:
  (a)  
o Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
 
  (b)  
o Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
 
  (c)  
o Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
 
  (d)  
o Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
 
  (e)  
þ An investment advisor in accordance with §240.13d-1(b)(1)(ii)(E).
 
  (f)  
o An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
 
  (g)  
o A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).
 
  (h)  
o A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
 
  (i)  
o A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
 
  (j)  
o Group, in accordance with §240.13d-1(b)(1)(ii)(J).
     
Item 4
  Ownership.
 
   
 
  (a)      Prescott Capital is the beneficial owner of 2,790,231 shares of Common Stock and Mr. Phil Frohlich is the beneficial owner of 2,790,231 shares of Common Stock.
 
   
 
  (b)      Prescott Capital and Mr. Phil Frohlich are the beneficial owners of 5.4% of the outstanding shares of Common Stock. This percentage is determined by dividing 2,790,231 by 51,346,602, the number of shares of Common Stock issued and outstanding as of November 14, 2008, as reported in the Issuer’s 10-Q filed on November 17, 2008.

 

7


 

     
 
  (c)      Prescott Capital, as the general partner of the Small Cap Funds, the general partners of Prescott Master Fund, may direct them to direct the vote and disposition of the 2,790,231 shares of Common Stock held by Prescott Master Fund. As the principal of Prescott Capital, Mr. Phil Frohlich may direct the vote and disposition of the 2,790,231 shares of Common Stock held by Prescott Master Fund.
 
   
Item 5
  Ownership of Five Percent or Less of a Class.
 
   
 
  Inapplicable.
 
   
Item 6
  Ownership of More Than Five Percent on Behalf of Another Person.
 
   
 
  Inapplicable.
 
   
Item 7
  Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.
 
   
 
  Inapplicable.
 
   
Item 8
  Identification and Classification of Members of the Group.
 
   
 
  Inapplicable.
 
   
Item 9
  Notice of Dissolution of Group.
 
   
 
  Inapplicable.
 
   
Item 10
  Certification.
 
   
 
  By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
   
Exhibits
  Exhibit 1
 
   
 
  Joint Filing Agreement dated February 9, 2009, between Prescott Capital, the Small Cap Funds and Mr. Phil Frohlich.

 

8


 

SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 9, 2009
         
  Prescott Group Capital Management, L.L.C.
 
 
  By:   /s/ Phil Frohlich    
    PHIL FROHLICH, Managing Member   
       
  Prescott Group Aggressive Small Cap, L.P.

By: Prescott Group Capital Management, L.L.C., its general partner
 
 
  By:   /s/ Phil Frohlich    
    PHIL FROHLICH, Managing Member   
       
  Prescott Group Aggressive Small Cap II, L.P.

By: Prescott Group Capital Management, L.L.C., its general partner
 
 
  By:   /s/ Phil Frohlich    
    PHIL FROHLICH, Managing Member   
     
  /s/ Phil Frohlich    
  Phil Frohlich   
     

 

9


 

         
EXHIBIT INDEX
Exhibit 1
Joint Filing Agreement dated February 9, 2009, between Prescott Capital, the Small Cap Funds and Mr. Phil Frohlich.

 

10