-----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, P0YaLKRuWd1jUYwDzgTVcSQnztenQIxtr7KH4ndrmjcJjFc9bsWCdDR3jI9YfsG+ dr3IS3I3QLtxA65cBpt7nw== 0000921895-98-000745.txt : 19980915 0000921895-98-000745.hdr.sgml : 19980915 ACCESSION NUMBER: 0000921895-98-000745 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980914 SROS: NONE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PUROFLOW INC CENTRAL INDEX KEY: 0000100591 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 131947195 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-06692 FILM NUMBER: 98709145 BUSINESS ADDRESS: STREET 1: 16559 SATICOY STREET CITY: VAN NUYS STATE: CA ZIP: 91406 BUSINESS PHONE: 8187561388 MAIL ADDRESS: STREET 1: 16559 SATICOY STREET CITY: VAN NUYS STATE: CA ZIP: 91406 FORMER COMPANY: FORMER CONFORMED NAME: ULTRA DYNAMICS CORP DATE OF NAME CHANGE: 19830522 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STEEL PARTNERS II L P CENTRAL INDEX KEY: 0000915653 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 750 LEXINGTON AVE 27TH FL CITY: NEW YORK STATE: NY ZIP: 10022 MAIL ADDRESS: STREET 1: 150 EAST 52ND STREET, 21ST FLOOR CITY: NY STATE: NY ZIP: 10022 SC 13D/A 1 SCHEDULE 13D - AMENDMENT NO. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)(1) Puroflow Incorporated - -------------------------------------------------------------------------------- (Name of issuer) COMMON STOCK, $.01 PAR VALUE - -------------------------------------------------------------------------------- (Title of class of securities) 746 375 104 - -------------------------------------------------------------------------------- (CUSIP number) STEVEN WOLOSKY, ESQ. OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP 505 Park Avenue New York, New York 10022 (212) 753-7200 - -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) September 10, 1998 - -------------------------------------------------------------------------------- (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(b)(3) or (4), check the following box / /. Note. six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 8 Pages) - -------- (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 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 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. 746 375 104 13D Page 2 of 8 Pages - ---------------------------- ----------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS STEEL PARTNERS II, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 844,600 OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER -0- ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 844,600 ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 844,600 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------------- ----------------------- CUSIP No. 746 375 104 13D Page 3 of 8 Pages - ---------------------------- ----------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS WARREN LICHTENSTEIN - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OR ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 844,600 OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER - 0 - ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 844,600 ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 844,600 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------------- ----------------------- CUSIP No. 746 375 104 13D Page 4 of 8 Pages - ---------------------------- ----------------------- The following constitutes Amendment No. 1 ("Amendment No. 1") to the Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule 13D as specifically set forth. Item 4 is hereby amended by adding the following: Item 4. Purpose of Transaction. On September 10, 1998, the Warren G. Lichtenstein sent a letter (the "Letter") to Reuben Siwek, the Issuer's Chief Executive Officer, in which, among other things, Mr. Lichtenstein expressed his concern and dismay over the recent actions taken by the Issuer regarding the sale by the Issuer of one million Shares of Common Stock to members of the Board of Directors, officers and employees of the Issuer as disclosed in the Form 8-K filed by the Issuer on August 24, 1998. In the Letter, Mr. Lichtenstein interpreted these actions as a breach of the Board of Director's fiduciary duty and requested that the action be either rescinded immediately or extended on the same terms to all of the shareholders of the Issuer. In addition, on September 10, 1998 the Reporting Persons issued a press release (the "Press Release") expressing the same concerns and attaching a copy of the Letter as an exhibit. The descriptions of the Letter and the Press Release contained herein do not purport to be complete, and are qualified in their entirety by reference to the Letter and the Press Release, which are filed as Exhibit 2 and Exhibit 3, respectively, to this Amendment No. 1. Item 7 is hereby amended as follows: Item 7. Material to be Filed as Exhibits. 1. Joint Filing Agreement (previously filed) 2. Press Release dated September 10, 1998 3. Letter to Reuben Siwek from Warren G. Lichtenstein dated September 10, 1998 - ---------------------------- ----------------------- CUSIP No. 746 375 104 13D Page 5 of 8 Pages - ---------------------------- ----------------------- SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: September 14, 1998 STEEL PARTNERS II, L.P. By: Steel Partners, L.L.C. General Partner By:/s/ Warren G. Lichtenstein ----------------------------- Warren G. Lichtenstein Chief Executive Officer /s/ Warren G. Lichtenstein -------------------------------- WARREN G. LICHTENSTEIN - ---------------------------- ----------------------- CUSIP No. 746 375 104 13D Page 6 of 8 Pages - ---------------------------- ----------------------- EXHIBIT INDEX Exhibit Page - ------- ---- 1. Joint Filing Agreement (previously filed) 2. Press Release dated September 10, 1998 7 3. Letter to Reuben Siwek from Warren G. Lichtenstein dated September 10, 1998 8 - ---------------------------- ----------------------- CUSIP No. 746 375 104 13D Page 7 of 8 Pages - ---------------------------- ----------------------- Exhibit 2. STEEL PARTNERS, L.L.C. 150 EAST 52ND STREET 21ST FLOOR NEW YORK, NEW YORK 10022 TEL (212) 813-1500 FAX: (212) 813-2198 FOR IMMEDIATE RELEASE Contact: Warren Lichtenstein Steel Partners, L.L.C. (212) 813-1500 New York, New York -- September 10, 1998 - Steel Partners, L.L.C., (the owner of approximately 12% of Puroflow) today sent a letter to the Chairman of Puroflow Inc. (OTC:PURO) criticizing the insider transaction between the Company and certain employees concerning the sale of up to one million shares of Puroflow stock. Steel Partners believes this offering represents a breach of fiduciary duties by Puroflow's Board. Steel Partners' letter demands that the transaction be immediately rescinded or extended to all Puroflow's shareholders rather than just members of the Company Board, officers and employees. The transaction was disclosed in a Form 8-K recently filed by the Company. [Complete text of letter follows] - ---------------------------- ----------------------- CUSIP No. 746 375 104 13D Page 8 of 8 Pages - ---------------------------- ----------------------- Exhibit 3. September 10, 1998 Reuben Siwek Puroflow Inc. 16559 Saticoy St. Van Nuys, CA 91406-1739 Dear Reuben, I have recently reviewed the Puroflow's Form 8-K which was filed with the Securities and Exchange Commission on August 24, 1998 regarding the sale of one million shares to members of the Board of Directors, officers and employees of Puroflow. As you know, Steel Partners owns approximately 12% of Puroflow and purchased our shares for investment purposes. We were deeply concerned and dismayed to see that Puroflow and the Board would move forward in offering certain individuals the opportunity to purchase shares at 75 cents per share, and only have to put down 20% of the purchase price, with the balance of the money being provided by a non-recourse three year note from Puroflow at a below average interest rate. We believe that making this offer was a breach of the Board's fiduciary duties at the expense of all other shareholders. Accordingly, we believe this action should be rescinded immediately or this offer should be extended to all of the shareholders of Puroflow, not just the members of the Board, the officers and the employees of Puroflow. Please feel free to call me at your earliest convenience if you would like to discuss this matter. We have, over the past couple of weeks, spoken to other significant shareholders who feel the same way that we do. Thank you. Sincerely, Warren Lichtenstein -----END PRIVACY-ENHANCED MESSAGE-----