SC 13G/A 1 y56502a1sc13ga.txt AMENDMENT NO. 1 TO SCHEDULE 13G SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) (Amendment No. 1)(1) BANGOR HYDRO ELECTRIC COMPANY (Name of Issuer) Common Stock (Title of Class of Securities) 060077104 (CUSIP Number) Milton Arbitrage Partners, L.L.C. 56 Mason Street Greenwich, Connecticut 06830 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) - with copies to - Michael G. Tannenbaum, Esq. Tannenbaum Helpern Syracuse & Hirschtritt LLP 900 Third Avenue - 13th Floor New York, New York 10022 (212) 508-6700 December 31, 2001 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1-(b) [X] Rule 13d-1-(c) [ ] Rule 13d-1-(d) (1) 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. Page 1 of 6 Pages CUSIP No. 060077104 13G Page 2 of 6 Pages 1. Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (entities only) Milton Arbitrage Partners, L.L.C. - 061519218 -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] 3. SEC Use Only ------------------------------------------------------------ 4. Citizenship or Place of Organization: Delaware ------------------------------------ 5. Sole Voting Power 0 -------------------------- Number of Shares Beneficially 6. Shared Voting Power 0 Owned by ----------------------- Each Reporting 7. Sole Dispositive Power 0 Person --------------------- With 8. Shared Dispositive Power 0 ------------------ 9. Aggregate Amount Beneficially Owned by Each Reporting Person 0 ------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ---------------------------------------------------- 11. Percent of Class Represented by Amount in Row 9 0% ------------------------ 12. Type of Reporting Person (See Instructions) OO ----------------------------- Page 2 of 6 Pages CUSIP No. 060077104 ITEM 1(a) NAME OF ISSUER: Bangor Hydro Electric Company (the "Issuer") ITEM 1(b) ADDRESS OF ISSUER: 33 State Street P.O. Box 932 Bangor, ME 04401 ITEM 2(a) NAME OF PERSON FILING: Milton Arbitrage Partners, L.L.C. ("Milton") ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the reporting person is: 56 Mason Street Greenwich, Connecticut 06830 ITEM 2(c) CITIZENSHIP: Delaware, USA ITEM 2(d) TITLE OF CLASS OF SECURITIES: Common Stock ITEM 2(e) CUSIP NUMBER: 060077104 ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR 13d-2(c) PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, CHECK WHETHER THE FILING PERSON IS A: Page 3 of 6 Pages CUSIP No. 060077104 a. [ ] Broker or dealer registered under Section 15 of the Act, b. [ ] Bank as defined in Section 3(a)(6) of the Act, c. [ ] Insurance Company as defined in Section 3(a)(19) of the Act, d. [ ] Investment Company registered under Section 8 of the Investment Company Act, e. [ ] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E), f. [ ] Employee Benefit Plan, or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F), g. [ ] Parent Holding Company or Control Person, in accordance with Rule 13d-1(b)(ii)(G); (Note: see Item 7) h. [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); i. [ ] 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; j. [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). ITEM 4 OWNERSHIP: (a) AMOUNT BENEFICIALLY OWNED: 0 (b) PERCENTAGE OF CLASS: 0% (c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS: (i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE: 0 (ii) SHARED POWER TO VOTE OR DIRECT THE VOTE: 0 Page 4 of 6 Pages CUSIP No. 060077104 (iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: 0 (iv) SHARED POWER TO DISPOSE OR DIRECT THE DISPOSITION OF: 0 ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]. ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: Not applicable. ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: Not applicable ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: Not applicable ITEM 9 NOTICE OF DISSOLUTION OF GROUP: Not applicable 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. Page 5 of 6 Pages CUSIP No. 060077104 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. January 9, 2002 ---------------------------------- DATE /s/ James E. Buck, II ---------------------------------- SIGNATURE James E. Buck, II, Managing Member ---------------------------------- NAME/TITLE Page 6 of 6 Pages