-----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, JYxDyxk9RbgfeS7qIeXdXEunGTZI8upn/kW8fsuEWtprmWqxNzfQxcMQD/v2sMRR EFTW12doX6jOMHD9SULFcg== 0000932799-97-000133.txt : 19971006 0000932799-97-000133.hdr.sgml : 19971006 ACCESSION NUMBER: 0000932799-97-000133 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19971003 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ABC RAIL PRODUCTS CORP CENTRAL INDEX KEY: 0000913364 STANDARD INDUSTRIAL CLASSIFICATION: METAL FORGING & STAMPINGS [3460] IRS NUMBER: 363499749 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-44085 FILM NUMBER: 97690643 BUSINESS ADDRESS: STREET 1: 200 S MICHIGAN AVE STREET 2: STE 1300 CITY: CHICAGO STATE: IL ZIP: 60604-2402 BUSINESS PHONE: 3123220360 MAIL ADDRESS: STREET 1: 200 S MICHIGAN AVE STREET 2: 200 S MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60604 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DORCHESTER PARTNERS L P CENTRAL INDEX KEY: 0000946097 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 954341963 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 1999 AVE OF THE STARS STREET 2: SUITE 1950 CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3102017795 MAIL ADDRESS: STREET 1: 1999 AVE OF THE STARS STREET 2: SUITE 1950 CITY: LOS ANGELES STATE: CA ZIP: 90067 SC 13D 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 ABC RAIL PRODUCTS CORPORATION (Name of Issuer) Common Stock, Par Value, $0.01 Per Share (Title of Class of Securities) 000752105 (CUSIP Number) Michael J. Halpern 1999 Avenue of the Stars, Suite 1950 Los Angeles, California 90067 (310) 201-7795 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) September 24, 1997 (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 13-d-1(b)(3) or (4), check the following box [ ]. Page 1 of 11 Pages SCHEDULE 13D - ------------------- ----------------- CUSIP No. 000752105 Page 2 of 11 Pages - ------------------- ------------------ ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Dorchester Partners, L.P. - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 473,800 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 473,800 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 473,800 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ============================================================================== SCHEDULE 13D - ------------------- ----------------- CUSIP No. 000752105 Page 3 of 11 Pages - ------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Dorchester Advisors, Inc. - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - ------------------------------------------------------------------------------ NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ------------------------------------------------------------------------------ 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 473,800 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 473,800 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 473,800 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ============================================================================== SCHEDULE 13D - ------------------- ----------------- CUSIP No. 000752105 Page 4 of 11 Pages - ------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Michael J. Halpern - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ------------------------------------------------------------------------------ 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - ----------------------------------------------------------------------------- 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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 47,800 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 473,800 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 47,800 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 473,800 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 521,600 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.8% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ============================================================================== Page 5 of 11 Pages SCHEDULE 13D Item 1. Security and Issuer (a) Class of Securities: Common Stock, par value, $0.01 per share ("Common Stock") (b) Issuer: ABC Rail Products Corporation (the "Issuer") 200 South Michigan Avenue Chicago, Illinois 60604-2402 Item 2. Identity and Background (a) This statement is filed by (i) Dorchester Partners, L.P., a Delaware limited partnership ("Partners"), (ii) Dorchester Advisors, Inc., a California corporation ("Advisors"), and (iii) Michael J. Halpern, an individual ("Halpern"), (collectively, the "Reporting Persons"). Partners is a private investment partnership engaging in the purchase and sale of securities for investment for its own account. Advisors is the sole general partner of Partners. Halpern is the sole stockholder, officer and director of Advisors. Halpern is in a position to determine the investment and voting decisions made by Advisors and, consequently, by Partners. In addition, Halpern is the sole stockholder, officer and director of Granamax Capital, Inc., a California corporation, which, through an investment advisory contract with Dorchester Offshore Fund, Inc., a Cayman Islands corporation (the "Managed Account"), controls the investment and voting decisions with respect to the shares of the Issuer owned by the Managed Account. Therefore, Halpern is the beneficial owner of the shares acquired by Partners and the Managed Account, and the Reporting Persons may be deemed to be a "group" within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934 (the "Act") with respect to the shares acquired by Partners and the Managed Account. (b) The business address of each of Partners, Advisors and Halpern is: 1999 Avenue of the Stars, Suite 1950 Los Angeles, California 90067 (c) The present principal occupation or employment of each of the Reporting Persons is as follows: Partners: private investment Partnership Advisors: general partner of Partners Halpern: Chief Executive Officer, Chief Financial Officer, and Secretary of Advisors (d) During the last five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). Page 6 of 11 Pages (e) During the last five years, none of the Reporting Persons have been a party in a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in its or his being subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Halpern is a citizen of the United States of America. Item 3. Source and Amount of Funds of Other Consideration The aggregate purchase prices of the shares of the Issuer's Common Stock ("Shares") purchased by the Reporting Persons as reported in Item 5(c) of this Schedule 13D were as follows: Name of Aggregate Reporting Person Purchase Price Partners $ 7,577,531 Managed Account $ 767,439 The Reporting Persons listed above purchased the Shares reported herein as beneficially owned by them with working investment capital of Partners and Managed Account. Item 4. Purpose of Transaction The Shares reported herein were acquired for investment purposes. Depending upon the Reporting Persons' continuing evaluation of the Issuer's business and prospects, alternative investment opportunities and any other factors Reporting Persons deem relevant, the Reporting Persons may, from time to time, purchase additional Shares on the open market or in privately negotiated transactions or otherwise. The Reporting Persons have no present intention of selling any Shares, but reserve the right to do so, in whole or in part, at any time, in open market transactions, privately negotiated transactions or otherwise. The Reporting Persons have no plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (b) through (j), inclusive, of Item 4 of Schedule 13D. However, as a part of their ongoing review of investment alternatives, the Reporting Persons have not excluded the possibility of considering such matters in the future, and, from time to time, the Reporting Persons may seek to hold discussions with other stockholders of the Issuer and other third parties, including competitors or potential competitors of the Issuer, regarding possible transactions described in paragraphs (b) through (j) of Item 4 of Schedule 13D. The Reporting Persons may also seek to have discussions with management of the Issuer and may make suggestions and/or recommendations to management of the Issuer with respect to the business of the Issuer. The Reporting Persons may, at any time and from time to time, review or reconsider their position with respect to the Issuer, and formulate plans or proposals with respect to any of such matters. Page 7 of 11 Pages Item 5. Interest in Securities of the Issuer (a) As of the close of business on October 1, 1997, the Reporting Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to own beneficially in the aggregate the number and percentage of the Issuer's Common Stock set forth opposite their names below (based upon the number of Shares that were reported to be outstanding in the Issuer's Form 10-Q as of May 30, 1997).
============================================================================== Name Shares of Common Stock Percentage - ----------------------------------------------------------------------------- Partners 473,800 5.3% - ----------------------------------------------------------------------------- Advisors(1) 473,800 5.3% - ----------------------------------------------------------------------------- Halpern(2) 521,600 5.8% - -----------------------------------------------------------------------------
(1) By virtue of its position as the general partner of Partners, Advisors may be deemed to beneficially own the shares of Common Stock held by Partners. (2) The Managed Account is the direct, beneficial owner of 47,800 shares of Common Stock, which constitutes .5% of the outstanding shares of Common Stock. Halpern does not directly own any Common Stock, but, by virtue of his control over the investment and voting decisions of Advisors (and therefore, Partners) and the Managed Account, Halpern may be deemed to own beneficially the Shares held by Partners and the Managed Account. (b) Partners, Advisors and Halpern may be deemed to share the power to vote or to direct the vote and to dispose or to direct the disposition of the Shares held by Partners. Halpern may be deemed to have sole power to vote or to direct the vote and to dispose or to direct the disposition of the Shares held by the Managed Account. (c) The following table sets forth the transactions effected by each of the Reporting Persons listed in Item 5(a) during the past sixty days. Except as otherwise indicated below, each of the transactions set forth below reflects a purchase effected by means of over-the-counter trading. (* reflects a sale). Page 8 of 11 Pages
Price Per Managed Trade Date Share ($) Partners Account - ----------------------------------------------------------------------------- 7/24/97 18.8750 900 100 - ---------------------------------------------------------------------------- 7/29/97 18.7500 1,900 200 - ----------------------------------------------------------------------------- 7/30/97 18.5000 4,500 500 - ----------------------------------------------------------------------------- 8/20/97 18.0000 2,300 200 - ----------------------------------------------------------------------------- 8/27/97 17.8750 900 100 - ----------------------------------------------------------------------------- 9/02/97 17.5000 900* 100* - ----------------------------------------------------------------------------- 9/04/97 17.7500 900 100 - ----------------------------------------------------------------------------- 9/05/97 17.5000 7,800* 700* - ----------------------------------------------------------------------------- 9/08/97 18.2500 1,000 ---- - ------------------------------------------------------------------------------ 9/12/97 18.1250 2,300 200 - ----------------------------------------------------------------------------- 9/15/97 19.7500 1,800 200 - ----------------------------------------------------------------------------- 9/16/97 19.6250 2,700 300 - ----------------------------------------------------------------------------- 9/16/97 19.8214 6,400 600 - ------------------------------------------------------------------------------ 9/17/97 19.4688 1,800 200 - ----------------------------------------------------------------------------- 9/22/97 19.0000 1,800 200 - ----------------------------------------------------------------------------- 9/23/97 19.6667 2,800 200 - ---------------------------------------------------------------------------- 9/24/97 18.0000 800 200 - ------------------------------------------------------------------------------ 9/24/97 19.0000 9,100 900 - ----------------------------------------------------------------------------- 9/24/97 17.2500 29,500 3,000 - ----------------------------------------------------------------------------- 9/25/97 17.5000 4,600 400 - ---------------------------------------------------------------------------- 9/29/97 17.0000 900 100 - ---------------------------------------------------------------------------- - ------------
Page 9 of 11 Pages
Price Per Managed Trade Date Share ($) Partners Account - ----------------------------------------------------------------------------- 9/30/97 18.250 7,500 700 - ------------------------------------------------------------------------------ 9/30/97 18.375 9,100 900 - ----------------------------------------------------------------------------- 9/30/97 17.625 27,300 2,700 - ----------------------------------------------------------------------------- 10/01/97 18.625 1,800 200 - ---------------------------------------------------------------------------- - ------------
(d) The Managed Account has the right to receive and the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares of the Issuer owned by the Managed Account. To the best of Reporting Person's knowledge, 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, any Shares of the Issuer which the Reporting Persons may be deemed to own beneficially. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of Issuer None. Item 7. Material to be filed as Exhibits Exhibit A -- Joint Acquisition Statement dated October 3, 1997. Page 10 of 11 Pages After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Dated: October 3, 1997 DORCHESTER ADVISORS, INC. By: /s/ Michael J. Halpern ---------------------------------- Michael J. Halpern President DORCHESTER PARTNERS, L.P. By: DORCHESTER ADVISORS, INC. as General Partner By: /s/ Michael J. Halpern ----------------------------------- Michael J. Halpern President /s/ Michael J. Halpern - ------------------------------- Michael J. Halpern Page 11 of 11 Pages EXHIBIT A JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(f)(1) The undersigned acknowledges and agrees that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledges that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein, but shall not be responsible for the completeness and accuracy of the information concerning the other, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: October 3, 1997 DORCHESTER ADVISORS, INC. By: /s/ Michael J. Halpern Michael J. Halpern President DORCHESTER PARTNERS, L.P. By: Dorchester Advisors, Inc. General Partner By: /s/ Michael J. Halpern Michael J. Halpern President By: /s/ Michael J. Halpern MICHAEL J. HALPERN 104794 -----END PRIVACY-ENHANCED MESSAGE-----