0001104659-13-065616.txt : 20130822 0001104659-13-065616.hdr.sgml : 20130822 20130822161902 ACCESSION NUMBER: 0001104659-13-065616 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20130822 DATE AS OF CHANGE: 20130822 GROUP MEMBERS: ECF VALUE FUND II, L.P. GROUP MEMBERS: ECF VALUE FUND INTERNATIONAL, LTD GROUP MEMBERS: ECF VALUE FUND, L.P. GROUP MEMBERS: GATES CAPITAL PARTNERS, L.P. GROUP MEMBERS: JEFFREY L. GATES SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RICHARDSON ELECTRONICS LTD/DE CENTRAL INDEX KEY: 0000355948 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 362096643 STATE OF INCORPORATION: DE FISCAL YEAR END: 0601 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-36031 FILM NUMBER: 131055466 BUSINESS ADDRESS: STREET 1: 40W267 KESLINGER RD STREET 2: PO BOX 393 CITY: LAFOX STATE: IL ZIP: 60147 BUSINESS PHONE: 630 208-2200 MAIL ADDRESS: STREET 1: 40W267 KESLINGER ROAD STREET 2: P.O. BOX 393 CITY: LAFOX STATE: IL ZIP: 60147 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Gates Capital Management, Inc. CENTRAL INDEX KEY: 0001312908 IRS NUMBER: 133886865 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 1177 AVE. OF THE AMERICAS STREET 2: 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-626-1421 MAIL ADDRESS: STREET 1: 1177 AVE. OF THE AMERICAS STREET 2: 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: Gates Capital Management Inc. DATE OF NAME CHANGE: 20041228 SC 13D 1 a13-19162_1sc13d.htm SC 13D

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934
(Amendment No.     )*

 

Richardson Electronics, Ltd.

(Name of Issuer)

 

Common Stock, par value of $0.05 per share

(Title of Class of Securities)

 

763165107

(CUSIP Number)

 

Jeffrey L. Gates

c/o Gates Capital Management, Inc.

1177 Avenue of the Americas, 32nd Floor

New York, New York 10036

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

August 20, 2013

(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 that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. x

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.   763165107

 

 

1.

Names of Reporting Persons
Gates Capital Management, Inc.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware Corporation

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power
2,594,178

 

9.

Sole Dispositive Power
0

 

10.

Shared Dispositive Power
2,594,178

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
2,594,178

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
21.4%

 

 

14.

Type of Reporting Person (See Instructions)
CO, HC

 

2



 

CUSIP No.   763165107

 

 

1.

Names of Reporting Persons
Gates Capital Partners, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware Limited Partnership

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power
2,594,178

 

9.

Sole Dispositive Power
0

 

10.

Shared Dispositive Power
2,594,178

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
2,594,178

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
21.4%

 

 

14.

Type of Reporting Person (See Instructions)
PN, HC

 

3



 

CUSIP No.  763165107

 

 

1.

Names of Reporting Persons
ECF Value Fund, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware Limited Partnership

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power
2,594,178

 

9.

Sole Dispositive Power
0

 

10.

Shared Dispositive Power
2,594,178

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
2,594,178

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
21.4%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

4



 

CUSIP No.  763165107

 

 

1.

Names of Reporting Persons
ECF Value Fund II, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware Limited Partnership

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power
2,594,178

 

9.

Sole Dispositive Power
0

 

10.

Shared Dispositive Power
2,594,178

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
2,594,178

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
21.4%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

5



 

CUSIP No.  763165107

 

 

1.

Names of Reporting Persons
ECF Value Fund International, Ltd.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
British Virgin Islands Company

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power
2,594,178

 

9.

Sole Dispositive Power
0

 

10.

Shared Dispositive Power
2,594,178

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
2,594,178

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
21.4%

 

 

14.

Type of Reporting Person (See Instructions)
CO

 

6



 

CUSIP No.  763165107

 

 

1.

Names of Reporting Persons
Jeffrey L. Gates

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
United States Citizen

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power
2,594,178

 

9.

Sole Dispositive Power
0

 

10.

Shared Dispositive Power
2,594,178

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
2,594,178

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
21.4%

 

 

14.

Type of Reporting Person (See Instructions)
IN, HC

 

7



 

Item 1.

Security and Issuer

 

This statement on Schedule 13D relates to the Common Stock, $0.05 par value per share (the “Shares”), of Richardson Electronics, Ltd., a Delaware corporation, (the “Issuer”).  The address of the executive offices of the issuer is 40W267 Keslinger Road, P.O. Box 393, La Fox, Illinois 60147-0393.

 

 

Item 2.

Identity and Background

 

(a-f) This Schedule 13D is being filed by Gates Capital Management, Inc. (the “Management Company”), Jeffrey L. Gates, (“Mr. Gates”), ECF Value Fund, L.P. (“ECF I”), ECF Value Fund II, L.P. (“ECF II”), ECF Value Fund International, Ltd., (“ECF INTL”, and together with ECF I, ECF II, the “Funds”), Gates Capital Partners, L.P (“GCP”, and together with the Management Company, Mr. Gates, ECF I, ECF II, ECF INTL, the “Reporting Persons”).

 

The Management Company is a Delaware corporation that has its principal office at 1177 Avenue of the Americas, 32nd Floor, New York, New York 10036.  The principal business of the Management Company is to serve as the investment manager to GCP and the Funds, investing and trading their securities.

 

GCP is the general partner of ECF I and ECF II and has its principal office at 1177 Avenue of the Americas, 32nd Floor, New York, New York 10036. The principle business of GCP is to make the final investment decisions for ECF I and ECF II as their general partner.

 

Mr. Gates, a citizen of the United States of America, has a business address of 1177 Avenue of the Americas, 32nd Floor, New York, New York 10036.  His principal occupation is serving as the President of the Management Company.

 

ECF I and ECF II are organized under the laws of Delaware.  ECF INTL is organized under the laws of the British Virgin Islands.  The business address of ECF I and ECF II is 1177 Avenue of the Americas, 32nd Floor, New York, New York 10036.  The business address of ECF INTL is ECF Value Fund International, Ltd., c/o Harneys Westwood & Riegels, Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands.  The principal business of the Funds is to invest and trade in securities and other financial instruments.

 

During the past five years, none of the Reporting Persons have been convicted in a criminal proceeding, nor were such person a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is 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

 

 

Item 3.

Source and Amount of Funds or Other Consideration

 

As of the date hereof, the Reporting Persons may be deemed to beneficially own 2,594,178 shares of Common Stock purchased with approximately $31,757,081 of their own investment capital.

 

The source of funding for such transactions was derived from the respective capital of the Reporting Persons.

 

 

Item 4.

Purpose of Transaction

 

The Reporting Persons acquired the Shares reported by the Issuer for investment purposes only.

 

The Reporting Persons have no plan or proposal which relates to, is similar to, or would result in, any of the actions enumerated in Item 4 of the instructions to Schedule 13D.

 

 

Item 5.

Interest in Securities of the Issuer

 

As of the date of this 13D, the Reporting Persons beneficially own an aggregate of 2,594,178 Shares, which represent 21.4% of the Issuer’s common stock, based upon the 12,116,669 shares of common stock issued and outstanding in the Form 10-K of the Issuer filed July 26, 2013.

 

Please see Exhibit A for a schedule of transactions.

 

 

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

 

The Reporting Persons do not have any contract, arrangements, understandings, or relationships with any person with respect to the Shares.

 

 

Item 7.

Material to be Filed as Exhibits

 

Exhibit A: Schedule of Transactions

 

8



 

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.

 

 

8/20/13

 

Date

 

 

 

Gates Capital Management, Inc.

 

 

 

/s/ Jeffrey L. Gates

 

Signature

 

 

 

Jeffrey L. Gates, President

 

Name/Title

 

 

 

Gates Capital Partners, L.P.
By: Gates Capital Management, Inc.
Its Investment Manager

 

 

 

/s/ Jeffrey L. Gates

 

Signature

 

 

 

Jeffrey L. Gates, President

 

Name/Title

 

 

 

ECF Value Fund, L.P.
By: Gates Capital Partners, L.P.
Its General Partner
By: Gates Capital Management, Inc.
Its Investment Manager

 

 

 

/s/ Jeffrey L. Gates

 

Signature

 

 

 

Jeffrey L. Gates, President

 

Name/Title

 

 

 

ECF Value Fund II, L.P.
By: Gates Capital Partners, L.P.
Its General Partner
By: Gates Capital Management, Inc.
Its Investment Manager

 

 

 

/s/ Jeffrey L. Gates

 

Signature

 

 

 

Jeffrey L. Gates, President

 

Name/Title

 

9



 

 

ECF Value Fund International, Ltd.
By: Gates Capital Management, Inc.
Its Investment Manager

 

 

 

/s/ Jeffrey L. Gates

 

Signature

 

 

 

Jeffrey L. Gates, President

 

Name/Title

 

 

 

Jeffrey L. Gates

 

 

 

/s/ Jeffrey L. Gates

 

Signature

 

 

 

Jeffrey L. Gates

 

Name

 

 

ATTENTION

 

Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).

 

10



 

Exhibit A: Schedule of Transactions

 

Transactions in the Shares by the Reporting Persons during the Past 60 Days:

 

Trade Date

 

Type

 

Quantity

 

Price per
Share

 

June 26, 2013

 

Buy

 

6,706

 

$

11.82

 

July 2, 2013

 

Buy

 

45,821

 

$

11.91

 

July 23, 2013

 

Buy

 

25,300

 

$

11.98

 

August 1, 2013

 

Buy

 

600

 

$

11.39

 

August 2, 2013

 

Buy

 

9,435

 

$

11.35

 

August 5, 2013

 

Buy

 

5,182

 

$

11.43

 

August 6, 2013

 

Buy

 

1,452

 

$

11.44

 

August 7, 2013

 

Buy

 

819

 

$

11.56

 

August 14, 2013

 

Buy

 

5,297

 

$

11.39

 

August 16, 2013

 

Buy

 

23,913

 

$

11.36

 

August 20, 2013

 

Buy

 

7,263

 

$

11.36

 

 

11