-----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, JTllIRCxdE8DkGbwkb81iLfKE3dlym76KWnC/B2wur2t0CFef8uTvepOSGsM98Ki ih+ow5TdGhfIJXrNPT+8jQ== 0000930413-03-002392.txt : 20030811 0000930413-03-002392.hdr.sgml : 20030811 20030811172635 ACCESSION NUMBER: 0000930413-03-002392 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20030811 GROUP MEMBERS: OTA LLC GROUP MEMBERS: TRIAGE ADVISORS, LLC GROUP MEMBERS: TRIAGE CAPITAL MANAGEMENT, L.P. GROUP MEMBERS: TRIAGE MANAGEMENT LLC GROUP MEMBERS: TRIAGE OFFSHORE FUND, LTD. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KASPER A S L LTD CENTRAL INDEX KEY: 0001037067 STANDARD INDUSTRIAL CLASSIFICATION: WOMEN'S, MISSES', AND JUNIORS OUTERWEAR [2330] IRS NUMBER: 223497645 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-50234 FILM NUMBER: 03835334 BUSINESS ADDRESS: STREET 1: 77 METRO WAY CITY: SECAUCUS STATE: NJ ZIP: 07094 BUSINESS PHONE: 2018640328 MAIL ADDRESS: STREET 1: 77 METRO WAY CITY: SECAUCUS STATE: NJ ZIP: 07094 FORMER COMPANY: FORMER CONFORMED NAME: SASSCO FASHIONS LTD /DE/ DATE OF NAME CHANGE: 19970714 FORMER COMPANY: FORMER CONFORMED NAME: SASSCO FASHIONS LTD DATE OF NAME CHANGE: 19970402 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TRIAGE MANAGEMENT LLC CENTRAL INDEX KEY: 0001225070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 401 CITY AVE. STREET 2: SUITE 526 CITY: BALA CYNWYD STATE: PA ZIP: 19004 BUSINESS PHONE: 6106680404 MAIL ADDRESS: STREET 1: 401 CITY AVE. STREET 2: SUITE 526 CITY: BALA CYNWYD STATE: PA ZIP: 19004 SC 13D/A 1 c29023_sc13da.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1) KASPER A.S.L., LTD. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 485808109 - -------------------------------------------------------------------------------- (CUSIP Number) Leon Frenkel c/o TRIAGE Management LLC 401 City Avenue Suite 526 Bala Cynwyd, PA 19004 (610) 668-0404 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 7, 2003 - -------------------------------------------------------------------------------- (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). CUSIP NO. 485808109 - ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Triage Management LLC - ------- ------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) - ------- ------------------------------------------------------------------------ 3 SEC USE ONLY - ------- ------------------------------------------------------------------------ 4 SOURCE OF FUNDS - ------- ------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) __ - ------- ------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------- ------------------------------------------------------------------------ 7 SOLE VOTING POWER 0 ------ ------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 222,000 OWNED BY ------ ------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ------ ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 222,000 - --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 222,000 - --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.26% - --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - --------- ---------------------------------------------------------------------- Page 2 CUSIP NO. 485808109 - ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) TRIAGE Capital Management, 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 OF ORGANIZATION Delaware - ------- ------------------------------------------------------------------------ 7 SOLE VOTING POWER 84,500 ------ ------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ------ ------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 84,500 WITH ------ ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 84,500 - --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |X| - --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.24% - --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - --------- ---------------------------------------------------------------------- Page 3 CUSIP NO. 485808109 - ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Triage Offshore Fund, Ltd. - ------- ------------------------------------------------------------------------ 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(e) OR 2(e) __ - ------- ------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ------- ------------------------------------------------------------------------ 7 SOLE VOTING POWER 64,000 ------ ------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ------ ------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 64,000 WITH ------ ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 64,000 - --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |X| - --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .94% - --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - --------- ---------------------------------------------------------------------- Page 4 CUSIP NO. 485808109 - ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Triage Advisors, LLC - ------- ------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) - ------- ------------------------------------------------------------------------ 3 SEC USE ONLY - ------- ------------------------------------------------------------------------ 4 SOURCE OF FUNDS - ------- ------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) __ - ------- ------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------- ------------------------------------------------------------------------ 7 SOLE VOTING POWER 0 ------ ------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 64,000 OWNED BY ------ ------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ------ ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 64,000 - --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 64,000 - --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |X| - --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .94% - --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - --------- ---------------------------------------------------------------------- Page 5 CUSIP NO. 485808109 - ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) OTA LLC - ------- ------------------------------------------------------------------------ 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 OF ORGANIZATION Delaware - ------- ------------------------------------------------------------------------ 7 SOLE VOTING POWER 73,500 ------ ------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ------ ------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 73,500 WITH ------ ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 73,500 - --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |X| - --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.08% - --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON BD - --------- ---------------------------------------------------------------------- Page 6 This first amendment (the "First Amendment") amends and supplements the Statement on Schedule 13D, dated May 2, 2003, previously filed with the Securities and Exchange Commission by the Reporting Persons (as defined in Item 2 below) with respect to their beneficial ownership of common stock, par value $0.01 per share (the "Common Stock"), of Kasper A.S.L, LTD., a Delaware corporation (the "Issuer"). ITEM 2. IDENTITY AND BACKGROUND The persons filing this First Amendment are Triage Management LLC, a Delaware limited liability company ("TM"), Triage Capital Management, L.P., a Delaware limited partnership ("TCML"), Triage Offshore Fund, Ltd., a Cayman Islands limited corporation ("TOF"), TRIAGE Advisors, LLC, a Delaware limited liability company ("TA"), and OTA LLC, a Delaware limited liability company ("OTA", and together with TM, TCML, TOF and TA, the "Reporting Persons"). The Reporting Persons together may be deemed a "group" in accordance with Section 13(d)(3) of the Act. Set forth below is certain information relating to the Reporting Persons and, with respect to such Reporting Persons, information relating to their respective members, directors and executive officers: TM -- (a) Name: Triage Management LLC. (b) Address: 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. (c) Principal Business: General Partner of TCML. (d), (e) Certain Proceedings: During the past five (5) years, TM has not been the subject of any type of proceeding specified in Items 2(d) and 2(e) of Schedule 13D. (f) Citizenship: Delaware. Leon Frenkel ("Frenkel"), a United States Citizen, is the managing member of TM. His business address is 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. During the past five (5) years, Frenkel has not been the subject of any type of legal proceeding specified in Items 2(d) and 2(e) of this First Amendment. His business occupation is investment manager. Page 7 TCML ---- (a) Name: Triage Capital Management, L.P. (b) Address: 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. (c) Principal Business: Investing in securities. (d), (e) Certain Proceedings: During the past five (5) years, TCML has not been the subject of any type of proceeding specified in Items 2(d) and 2(e) of Schedule 13D. (f) Citizenship: Delaware. TM is the general partner of TCML. TM's business address 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. During the past five (5) years, TM has not been the subject of any type of legal proceeding specified in Items 2(d) and 2(e) of Schedule 13D. TOF --- (a) Name: Triage Offshore Fund, Ltd. (b) Address: c/o I.F.A, 48 Par La Ville Road, Suite 464, Hamilton HW11, Bermuda. (c) Principal Business: Investing in securities. (d), (e) Certain Proceedings: During the past five (5) years, TOF has not been the subject of any type of proceeding specified in Items 2(d) and 2(e) of Schedule 13D. (f) Citizenship: Cayman Islands. TA is the investment manger for TOF. TA's business address is 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. During the past five (5) years, TA has not been the subject of any type of legal proceeding specified in Items 2(d) and 2(e) of Schedule 13D. TA -- (a) Name: Triage Advisors, LLC. (b) Address: 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. (c) Principal Business: Investment manager of TOF. (d), (e) Certain Proceedings: During the past five (5) years, TA has not been the subject of any type of proceeding specified in Items 2(d) and 2(e) of Schedule 13D. Page 8 (f) Citizenship: Delaware. Frenkel, a United States citizen, is the managing member of TA. Frenkel's business address is 401 City Avenue, Suite 526, Bala Cynwyd, Pennsylvania 19004. During the past five (5) years, Frenkel has not been the subject of any type of legal proceeding specified in Items 2(d) and 2(e) of this First Amendment. His principal business occupation is investment manager. OTA --- (a) Name: OTA LLC. (b) Address: One Manhattanville Road, Purchase, New York, 10577. (c) Principal Business: Broker dealer. (d), (e) Certain Proceedings: During the past five (5) years, OTA has not been the subject of any type of proceeding specified in Items 2(d) and 2(e) of this First Amendment. (f) Citizenship: Delaware. Ira Leventhal, a United States citizen, may be deemed to be the controlling person of OTA. His business address is One Manhattanville Road, Purchase, New York, 10577. During the past five (5) years, Ira Leventhal has not been the subject of any type of legal proceeding specified in Items 2(d) and 2(e) of Schedule 13D. His business occupation is managing director of OTA. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER As of August 7, 2003 the Reporting Persons have ceased to be the beneficial owners of more than 5% percent of the Issuer's securities. The dates and amount of each transaction of the shares of the Issuer's Common Stock owned by the Reporting Persons, the aggregate of which reduced the Reporting Persons' beneficial ownership of the Issuer's securities below 5% percent, are listed on Exhibit A hereto. Page 9 ITEM 7. MATERIAL TO BE FILED AS EXHIBITS The following document is filed as an Exhibit to this First Amendment: Exhibit A: As described in Item 5. --------- Page 10 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this First Amendment is true, complete and correct. Dated: August 11, 2003 TRIAGE Management LLC By: /s/ Leon Frenkel ------------------------------ Name: Leon Frenkel Title: Managing Member Dated: August 11, 2003 TRIAGE Capital Management, L.P. By: /s/ Leon Frenkel ------------------------------ Name: Leon Frenkel Title: Senior Managing Member Dated: August 11, 2003 TRIAGE Offshore Fund, Ltd. By: /s/ Leon Frenkel ------------------------------ Name: Leon Frenkel Title: Senior Managing Member Dated: August 11, 2003 TRIAGE Advisors, LLC By: /s/ Leon Frenkel ------------------------------ Name: Leon Frenkel Title: Managing Member Dated: August 11, 2003 OTA LLC By: /s/ Richard Cayne ------------------------------ Name: Richard Cayne Title: General Counsel Page 11 EX-99.1 3 c29023_ex99-1.txt Exhibit 99.1 EXHIBIT A SCHEDULE OF TRANSACTIONS BY OTA LLC DATE OF (SALE) NUMBER OF SHARES OF AGGREGATE COMMON STOCK (SOLD) PRICE PER SHARE - -------------------------------------------------------------------------------- 8/7/03 (2,374) $3.05 8/7/03 (594) $3.16 8/7/03 (5,343) $3.15 8/7/03 (2,968) $3.06 8/7/03 (2,077) $3.03 8/7/03 (2,968) $3.12 8/7/03 (1,187) $3.11 8/7/03 (11,870) $3.09 8/7/03 (594) $3.08 8/7/03 (2,968) $2.75 Page 1-A SCHEDULE OF TRANSACTIONS BY TRIAGE OFFSHORE FUND, LTD. NUMBER OF SHARES OF DATE OF COMMON STOCK AGGREGATE PURCHASE/(SALE) PURCHASED/(SOLD) PRICE PER SHARE - -------------------------------------------------------------------------------- 8/5/03 30,000 $1.26 8/7/03 (11,008) $3.05 8/7/03 (2,752) $3.16 8/7/03 (24,766) $3.15 8/7/03 (13,759) $3.06 8/7/03 (9,631) $3.03 8/7/03 (13,759) $3.12 8/7/03 (5,504) $3.11 8/7/03 (55,036) $3.09 8/7/03 (3,027) $3.08 8/7/03 (13,759) $2.75 SCHEDULE OF TRANSACTIONS BY TRIAGE CAPITAL MANAGEMENT, L.P. DATE OF (SALE) NUMBER OF SHARES OF AGGREGATE COMMON STOCK (SOLD) PRICE PER SHARE - -------------------------------------------------------------------------------- 8/7/03 (6,618) $3.05 8/7/03 (1,655) $3.16 8/7/03 (14,893) $3.15 8/7/03 (8,274) $3.06 8/7/03 (5,791) $3.03 8/7/03 (8,274) $3.12 8/7/03 (3,309) $3.11 8/7/03 (33,093) $3.09 8/7/03 (1,820) $3.08 8/7/03 (8,274) $2.75 Page 2-A -----END PRIVACY-ENHANCED MESSAGE-----