-----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, DMc+zWdqrJBghOtbJ+olFV1RkcxbMw1vE7cUA1ogqMrnT/om6fs3Rk3vM60AJOjp WJEDCfULto0I0NkaFeueeA== 0001019056-05-000619.txt : 20050611 0001019056-05-000619.hdr.sgml : 20050611 20050606092141 ACCESSION NUMBER: 0001019056-05-000619 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050606 DATE AS OF CHANGE: 20050606 GROUP MEMBERS: ANDREW R. SIEGEL GROUP MEMBERS: COSTA BRAVA PARTNERSHIP III, LP GROUP MEMBERS: ROARK, REARDEN & HAMOT, LLC GROUP MEMBERS: SETH W. HAMOT GROUP MEMBERS: WHITE BAY CAPITAL MANAGEMENT, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TELOS CORP CENTRAL INDEX KEY: 0000320121 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 520880974 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-34123 FILM NUMBER: 05879296 BUSINESS ADDRESS: STREET 1: 19886 ASHBURN ROAD CITY: ASHBURN STATE: VA ZIP: 20147 BUSINESS PHONE: 7034716000 MAIL ADDRESS: STREET 1: 19886 ASHBURN ROAD CITY: ASHBURN STATE: VA ZIP: 20147 FORMER COMPANY: FORMER CONFORMED NAME: C3 INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Costa Brava Partnership III LP CENTRAL INDEX KEY: 0001319959 IRS NUMBER: 043387028 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 68 HARVARD STREET CITY: BROOKLINE STATE: MA ZIP: 02445 BUSINESS PHONE: 617-264-2844 MAIL ADDRESS: STREET 1: 68 HARVARD STREET CITY: BROOKLINE STATE: MA ZIP: 02445 SC 13D/A 1 telos_13da2.txt SCHEDULE 13D/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 2)* TELOS CORPORATION ----------------------------------------------------------------------- (Name of Issuer) 12% Cumulative Exchangeable Redeemable Preferred Stock, $.01 par value ----------------------------------------------------------------------- (Title of Class of Securities) 8796B200 ----------------------------------------------------------------------- (CUSIP Number) Andrew R. Siegel c/o Costa Brava Partnership III, LP 237 Park Avenue, Suite 800 New York, New York 10017 (212) 692-6395 ----------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) June 2, 2005 ----------------------------------------------------------------------- (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: 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) Page 2 of 11 SCHEDULE 13D CUSIP NO. 8796B200 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Costa Brava Partnership III, LP - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 506,811 SHARES -------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 0 EACH -------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON 506,811 WITH -------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 506,811 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 3 of 11 SCHEDULE 13D CUSIP NO. 8796B200 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Roark, Rearden & Hamot, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 506,811 EACH -------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON 0 WITH -------------------------------------------- 10 SHARED DISPOSITIVE POWER 506,811 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 506,811 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 4 of 11 SCHEDULE 13D CUSIP NO. 8796B200 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Seth W. Hamot - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 506,811 EACH -------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON 0 WITH -------------------------------------------- 10 SHARED DISPOSITIVE POWER 506,811 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 506,811 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 5 of 11 SCHEDULE 13D CUSIP NO. 8796B200 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON White Bay Capital Management, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 506,811 EACH -------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON 0 WITH -------------------------------------------- 10 SHARED DISPOSITIVE POWER 506,811 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 506,811 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 6 of 11 SCHEDULE 13D CUSIP NO. 8796B200 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Andrew R. Siegel - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 14,476 SHARES -------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 506,811 EACH -------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON 14,476 WITH -------------------------------------------- 10 SHARED DISPOSITIVE POWER 506,811 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 521,287 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 7 of 11 AMENDMENT NO. 2 to SCHEDULE 13D This amendment ("Amendment No. 2") amends the Schedule 13D previously filed on March 25, 2005, and amended by Amendment No. 1 filed on May 9, 2005 (collectively, the "Schedule"), by Costa Brava Partnership III, LP ("Costa Brava"), Roark, Rearden & Hamot, LLC ("Roark"), Seth W. Hamot ("Hamot"), White Bay Capital Management, LLC ("White Bay"), and Andrew R. Siegel ("Siegel") with the Securities and Exchange Commission with respect to the 12% Cumulative Exchangeable Redeemable Preferred Stock, $0.01 par value ("Redeemable Preferred Stock") of Telos Corporation, a Maryland corporation (the "Issuer"). All defined terms refer to terms defined herein or in the Schedule. This Amendment No. 2 speaks only as of its date. Costa Brava, Roark, Mr. Hamot, White Bay and Mr. Siegel are collectively referred to herein as the "Reporting Persons". ITEM 2 IDENTITY AND BACKGROUND Paragraph (b) of Item 2. Identity and Background appearing in the Schedule is amended in its entirety to read as follows: (b) The address of the principal business of each of Costa Brava, Roark and Mr. Hamot is 420 Boylston Street, 5F, Boston, Massachusetts 02116. The address of the principal business of White Bay and Mr. Siegel is c/o Costa Brava Partnership III, LP, 237 Park Avenue, Suite 800, New York, New York 10017. ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Item 3. Source and Amount of Funds or other Consideration is hereby amended and supplemented as follows: On June 2, 2005, Costa Brava acquired 70,000 shares of the Redeemable Preferred Stock at $7.85 per share in an open market transaction and paid a total of $549,500 for the shares. The source of funds was from Costa Brava's working capital. ITEM 5 INTEREST IN SECURITIES OF THE ISSUER Item 5. Interest in Securities of the Issuer is hereby amended and supplemented as follows: (a) Costa Brava is the direct beneficial owner of the 506,811 shares of the Redeemable Preferred Stock currently owned beneficially by Costa Brava, Roark, Mr. Hamot, White Bay and Mr. Siegel. Such shares represent approximately 15.9% of the outstanding Redeemable Preferred Stock, based upon the 3,185,586 shares of the Redeemable Preferred Stock outstanding as of March 31, 2005, as reported in the Issuer's Form 10-Q filed on May 16, 2005. Page 8 of 11 Mr. Siegel is the direct beneficial owner of the 14,476 shares of the Redeemable Preferred Stock currently owned by him. Such shares represent approximately 0.45% of the outstanding Redeemable Preferred Stock, based upon the 3,185,586 shares of the Redeemable Preferred Stock outstanding as of March 31, 2005, as reported in the Issuer's Form 10-Q filed on May 16, 2005. (c) The table below sets forth purchases of the shares of the Redeemable Preferred Stock by the Reporting Persons during the last 60 days. All of such purchases were effected in open market transactions by Costa Brava. Shares Date Purchased Price ------------ --------- ----- June 2, 2005 70,000 $7.85 ITEM 7 MATERIAL TO BE FILED AS EXHIBITS. Exhibit 1 Joint Filing Agreement Page 9 of 11 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Amendment No. 2 to the Schedule 13D is true, complete and correct. Dated: June 3, 2005 COSTA BRAVA PARTNERSHIP III, LP By: Roark, Rearden & Hamot, LLC Its General Partner By: /s/ SETH W. HAMOT ------------------------------------ Name: Seth W. Hamot Title: Manager ROARK, REARDEN & HAMOT, LLC By: /s/ SETH W. HAMOT ------------------------------------ Name: Seth W. Hamot Title: Manager /s/ SETH W. HAMOT ----------------------------------------- Seth W. Hamot WHITE BAY CAPITAL MANAGEMENT, LLC By: /s/ ANDREW R. SIEGEL ------------------------------------ Name: Andrew R. Siegel Title: Manager /s/ ANDREW R. SIEGEL ----------------------------------------- Andrew R. Siegel Page 10 of 11 EXHIBIT INDEX ------------- Exhibit 1 Joint Filing Agreement, dated as of June 3, 2005. Page 11 of 11 EXHIBIT 1 - JOINT FILING STATEMENT Pursuant to Rule 13d-1(k)(1), we, the undersigned, hereby express our agreement that the Amendment No. 2 to Schedule 13D for Telos Corporation is filed on behalf of each of us. This agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Dated: June 3, 2005 COSTA BRAVA PARTNERSHIP III, LP By: Roark, Rearden & Hamot, LLC Its General Partner By: /s/ SETH W. HAMOT ------------------------------------ Name: Seth W. Hamot Title: Manager ROARK, REARDEN & HAMOT, LLC By: /s/ SETH W. HAMOT ------------------------------------ Name: Seth W. Hamot Title: Manager /s/ SETH W. HAMOT ----------------------------------------- Seth W. Hamot WHITE BAY CAPITAL MANAGEMENT, LLC By: /s/ ANDREW R. SIEGEL ------------------------------------ Name: Andrew R. Siegel Title: Manager /s/ ANDREW R. SIEGEL ----------------------------------------- Andrew R. Siegel -----END PRIVACY-ENHANCED MESSAGE-----