-----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, JdYtJBMKwLY3NbROMVrRF1s3ak8BQ3i3fpR3DoR2AxRKevqoRMuoNFEeQAjphdmK DRVdGy21AdSLMT2LzhsbyA== 0000930413-02-003272.txt : 20021119 0000930413-02-003272.hdr.sgml : 20021119 20021119171056 ACCESSION NUMBER: 0000930413-02-003272 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20021119 GROUP MEMBERS: GRAND SLAM GENERAL PARTNERS, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TFC ENTERPRISES INC CENTRAL INDEX KEY: 0000913958 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 541306895 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45236 FILM NUMBER: 02833632 BUSINESS ADDRESS: STREET 1: 5425 ROBINHOOD ROAD SUITE 101A CITY: NORFOLK STATE: VA ZIP: 23513 BUSINESS PHONE: 8004661222 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GRAND SLAM CAPITAL PARTNERS LP CENTRAL INDEX KEY: 0001180952 IRS NUMBER: 223779125 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: ONE BRIDGE PLZ STREET 2: C/O GRAND SLAM CAPITAL PARTNERS LP CITY: FORT LEE STATE: NJ ZIP: 07024 BUSINESS PHONE: 2013464335 MAIL ADDRESS: STREET 1: ONE BRIDGE PLZ STREET 2: C/O GRAND SLAM CAPITAL PARTNERS LP CITY: FORT LEE STATE: NJ ZIP: 07024 SC 13D/A 1 c26205_sc13d-a.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (AMENDMENT NO. 2) TFC Enterprises, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 872388103 -------------------------------------------------------------- (CUSIP Number) Mitchell Sacks Grand Slam Capital Partners, LP One Bridge Plaza Fort Lee, New Jersey 07024 (201) 346-4335 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 14, 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 Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7 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). SEC 1746 (12-91) Page 1
CUSIP No. 872388103 AMENDMENT NO. 2 TO SCHEDULE 13D - ------- ------------------------------------------------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Grand Slam Capital Partners, LP IRS # 22-3779125 - ------- ------------------------------------------------------------------------------------------------------------------------ 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 RE- QUIRED 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 ------ ------------------------------------------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH REPORTING 895,800 PERSON WITH ------ ------------------------------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- ------ ------------------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 895,800 - --------- ---------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 895,800 - --------- ---------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - --------- ---------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.76% - --------- ---------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - --------- ----------------------------------------------------------------------------------------------------------------------
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CUSIP No. 872388103 AMENDMENT NO. 2 TO SCHEDULE 13D - ------- ------------------------------------------------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Grand Slam General Partners, LLC. IRS # 22-3779105 - ------- ------------------------------------------------------------------------------------------------------------------------ 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 RE- QUIRED 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 OWNED BY ------ ------------------------------------------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON 895,800 WITH ------ ------------------------------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- ------ ------------------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 895,800 - --------- ---------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 895,800 - --------- ---------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - --------- ---------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.76% - --------- ---------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON HC - --------- ----------------------------------------------------------------------------------------------------------------------
Page 3 This amends and supplements the Statement on Schedule 13D, dated August 19, 2002 (the "Statement"), previously filed with the Securities and Exchange Commission (the "Commission") by Grand Slam Capital Partners, LP, a Delaware limited partnership ("Grand Slam Capital Partners"), and by Grand Slam General Partners, LLC, a Delaware limited liability company ("Grand Slam General Partners," together with Grand Slam Capital Partners, the "Reporting Persons"), with respect to their beneficial ownership of common stock, par value $0.01 per share (the "Common Stock"), of TFC Enterprises, Inc., a Delaware corporation (the "Issuer"). Item 1. SECURITY AND ISSUER The title of the class of equity securities to which this second amendment to the Statement on Schedule 13D (the "Second Amendment") relates is the Common Stock and is being filed pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The principal offices of the Issuer are located at 5425 Robin Hood Road, Suite 101 B, Norfolk, Virginia 23513. Item 2. IDENTITY AND BACKGROUND (a) This Second Amendment being filed by Grand Slam Capital Partners for and on behalf of itself. Grand Slam Capital Partners was organized for the purpose of acquiring and managing assets. This Second Amendment also is being filed by Grand Slam General Partners, which serves as the general partner of Grand Slam Capital Partners. As such, Grand Slam General Partners may be deemed to control, directly or indirectly, Grand Slam Capital Partners and to beneficially own the shares of Common Stock being reported on this Second Amendment (the "New Shares") by Grand Slam Capital Partners. (b) Response unchanged. (c) Response unchanged. (d) Response unchanged. (e) Response unchanged. (f) Response unchanged. Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION The funds for the purchase of the shares of Common Stock set forth on EXHIBIT A hereto (the "New Shares") have come from the working capital of Grand Slam Capital Partners. The aggregate amount of funds used in making the purchases of the New Shares is $192,915.40. . Page 4 Item 4. PURPOSE OF TRANSACTION The Reporting Persons have acquired shares of Common Stock of the Issuer, as described in the Statement and in this Second Amendment, in order to obtain a substantial equity position in the Issuer based on the Reporting Persons' belief that the Common Stock at current market prices is undervalued and represent an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of shares of Common Stock at prices that would make the purchase of additional shares desirable, the Reporting Persons may endeavor to increase their position in the Issuer through, among other things, the purchase of shares of Common Stock on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. Grand Slam Capital Partners anticipates that, from time to time, communicating with the Issuer regarding its business and strategic opportunities, identifying to the Issuer strategic opportunities and alternatives to be considered by the Issuer, Grand Slam Capital Partners may propose, propose to arrange, or identify to the Issuer sources of capital. Other than as set forth herein, neither of Grand Slam Capital Partners, nor Grand Slam General Partners, nor Mitchell Sacks, nor Erik Volfing has any current plans or proposals that relate to or would result in any of the results specified in paragraphs (a) through (j) of Item 4 of this Second Amendment. Item 5. INTEREST IN SECURITIES OF THE ISSUER (a) The Reporting Persons beneficially own an aggregate of 895,800 shares of Common Stock (the "Shares"), representing approximately 7.76% of the issued and outstanding shares of Common Stock of the Issuer. The percentage ownership of the Reporting Persons in the Issuer's capital stock is based on 11,541,033 issued and outstanding shares of the Common Stock as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended September 30 2002, filed with the Commission. The executive officers and managers of Grand Slam General Partners do not beneficially own any shares of Common Stock. Since Grand Slam General Partners may be deemed to control, directly or indirectly, Grand Slam Capital Partners, Grand Slam General Partners may be deemed to have the power to direct the vote or disposition of the Shares, and accordingly, may be deemed, for purposes of determining beneficial ownership pursuant to Rule 13d-3 under the Exchange Act, to beneficially own the Shares held by Grand Slam Capital Partners. (b) Response unchanged. (c) The dates and amount of each acquisition of the New Shares is listed on EXHIBIT A hereto. Except as set forth in EXHIBIT A hereto, there have been no transactions in shares of Common Stock since the date of the filing of the Statement by Grand Slam Capital Partners, Grand Slam General Partners, Mitchell Sacks or Erik Volfing. (d) Response unchanged. Page 5 (e) Response unchanged. Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER Response unchanged. Page 6 Item 7. MATERIAL TO BE FILED AS EXHIBITS The following materials are filed as Exhibits to the Statement, as amended by this Second Amendment: EXHIBIT A: As described in Item 5. EXHIBIT B: Joint Filing Agreement. Page 7 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Second Amendment is true, complete and correct. Dated: November 19, 2002 Grand Slam Capital Partners, LP By: /s/ Mitchell Sacks ---------------------------------- Name: Mitchell Sacks Title: Managing Partner Dated: November 19, 2002 Grand Slam General Partners, LLC By: /s/ Mitchell Sacks ---------------------------------- Name: Mitchell Sacks Title: Principal Page 8 EX-99.A 3 c26205_ex99a.txt EXHIBIT A SCHEDULE OF TRANSACTIONS BY GRAND SLAM CAPITAL PARTNERS, LP NUMBER OF SHARES OF COMMON STOCK DATE OF PURCHASE PURCHASED ON NASDAQ PRICE PER SHARE - -------------------------------------------------------------------------------- 10/1/02 4,100 1.5251 10/3/02 2,400 1.5724 10/4/02 2,000 1.5430 10/7/02 5,000 1.5996 10/8/02 16,400 1.5483 10/9/02 7,200 1.6191 10/10/02 5,800 1.5484 10/11/02 28,500 1.6252 10/15/02 2,500 1.7354 10/16/02 100 1.8500 10/17/02 200 1.7750 10/21/02 8,000 1.7418 10/22/02 100 1.8800 10/23/02 2,600 1.7584 10/24/02 9,600 1.7279 10/25/02 700 1.7671 10/30/02 8,400 1.6807 10/31/02 2,500 1.7064 11/1/02 1,000 1.7050 11/5/02 200 1.7600 11/7/02 100 1.8100 11/8/02 100 1.8200 11/11/02 3,100 1.6613 11/12/02 1,400 1.7014 11/13/02 5,100 1.6733 11/14/02 600 1.6733 11/15/02 100 1.8000 ----------------------------------------------------------- Total 117,800 Page 9 EX-99.B 4 c26205_ex99b.txt EXHIBIT B JOINT FILING AGREEMENT The undersigned agree that this Amendment No. 2 to the Schedule 13D, dated November 19, 2002, relating to the Common Stock of TFC Enterprises, Inc. shall be filed on behalf of the undersigned. Dated: November 19, 2002 Grand Slam Capital Partners, LP By: /s/ Mitchell Sacks ---------------------------------- Name: Mitchell Sacks Title: Managing Partner Dated: November 19, 2002 Grand Slam General Partners, LLC By: /s/ Mitchell Sacks ---------------------------------- Name: Mitchell Sacks Title: Principal Page 10 -----END PRIVACY-ENHANCED MESSAGE-----