-----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, GmJFtgkzu6OrpqPkDW0NHX8vbROGhNlQj/v4DeVXqXMQHM4T5wG0j/aZur4Y7Lcr IeDH/MkWB6Caryxf0BpxTA== 0000940180-98-001077.txt : 19981028 0000940180-98-001077.hdr.sgml : 19981028 ACCESSION NUMBER: 0000940180-98-001077 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19981027 SROS: NASD GROUP MEMBERS: BAY HARBOUR MANAGEMENT LC GROUP MEMBERS: DOUGLAS P. TEITELBAUM GROUP MEMBERS: STEVEN A. VAN DYKE GROUP MEMBERS: TOWER INVESTMENT GROUP, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AAON INC CENTRAL INDEX KEY: 0000824142 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 870448736 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-41516 FILM NUMBER: 98731297 BUSINESS ADDRESS: STREET 1: 900 PETROLEUM CLUB BUILDING STREET 2: 601 SOUTH BOULDER CITY: TULSA STATE: OK ZIP: 74119-1300 BUSINESS PHONE: 9185832266 MAIL ADDRESS: STREET 1: 2425 SOUTH YUKON STREET 2: 2425 SOUTH YUKON CITY: TULSA STATE: OK ZIP: 74107 FORMER COMPANY: FORMER CONFORMED NAME: DIAMOND HEAD RESOURCES INC DATE OF NAME CHANGE: 19900808 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BAY HARBOUR MANAGEMENT LC CENTRAL INDEX KEY: 0001049310 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 593418243 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 777 SOUTH HARBOUR ISLAND BLVD CITY: TAMPA STATE: FL ZIP: 33602 BUSINESS PHONE: 8132721992 MAIL ADDRESS: STREET 1: 777 SOUTH HARBOUR ISLAND BLVD CITY: TAMPA STATE: FL ZIP: 33602 SC 13D 1 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(a) AAON, INC. (NAME OF ISSUER) COMMON STOCK, $.004 PAR VALUE PER SHARE (TITLE OF CLASS OF SECURITIES) 000360206 (CUSIP NUMBER) STEVEN A. VAN DYKE TOWER INVESTMENT GROUP, INC. BAY HARBOUR MANAGEMENT, L.C. 777 SOUTH HARBOUR ISLAND BOULEVARD, SUITE 270 TAMPA, FLORIDA 33602 (813) 272-1992 DOUGLAS P. TEITELBAUM 885 Third Avenue 34th Floor New York, New York 10022 (212) 371-2211 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 27, 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(e), 13d-1(f) or 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(b) for other parties to whom copies are to be sent. (Continued on the following pages) (Page 1 of 9 Pages) CUSIP No. 000360206 13D Page 2 of 9 Pages
1 NAME OF REPORTING PERSON Steven A. Van Dyke I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A ----------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------------------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO, PF ----------------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] ----------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States ----------------------------------------------------------------------------------------- Number of Shares 7 SOLE VOTING POWER -0- ----------------------------------------------------------------------------------------- Beneficially 8 SHARED VOTING POWER 770,500 Owned by ----------------------------------------------------------------------------------------- Each Reporting 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------------------------------------------------- Person With 10 SHARED DISPOSITIVE POWER 770,500 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 770,500 - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ---------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.4% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN, HC - ---------------------------------------------------------------------------------------------------------
- --------------------------------- ----------------------------------- CUSIP No. 000360206 13D Page 3 of 9 Pages - --------------------------------- ------------------------------------
1 NAME OF REPORTING PERSON Douglas P. Teitelbaum I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A ----------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------------------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO ----------------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] ----------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States ----------------------------------------------------------------------------------------- Number of Shares 7 SOLE VOTING POWER -0- ----------------------------------------------------------------------------------------- Beneficially 8 SHARED VOTING POWER 770,500 Owned by ----------------------------------------------------------------------------------------- Each Reporting 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------------------------------------------------- Person With 10 SHARED DISPOSITIVE POWER 770,500 - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 770,500 - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.4% - ---------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN, HC - ---------------------------------------------------------------------------------------------------------
-------------------- ------------------------------- CUSIP No. 000360206 13D Page 4 of 9 Pages - ---------------------- ------------------------------- 1 NAME OF REPORTING PERSON Tower Investment Group, Inc. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 59-2924229 ----------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------------------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO ----------------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] ----------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida ----------------------------------------------------------------------------------------- Number of Shares 7 SOLE VOTING POWER 770,500 ----------------------------------------------------------------------------------------- Beneficially 8 SHARED VOTING POWER -0- Owned by ----------------------------------------------------------------------------------------- Each Reporting 9 SOLE DISPOSITIVE POWER 770,500 ----------------------------------------------------------------------------------------- Person With 10 SHARED DISPOSITIVE POWER -0- - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 770,500 - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - --------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.4% - --------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON HC - ---------------------------------------------------------------------------------------------------------
- ------------------- ----------------------- CUSIP No. 000360206 13D Page 5 of 9 Pages - ------------------- ----------------------- 1 NAME OF REPORTING PERSON Bay Harbour Management, L.C. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 59-3418243 ----------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------------------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO ----------------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] ----------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida ----------------------------------------------------------------------------------------- Number of Shares 7 SOLE VOTING POWER 770,500 ----------------------------------------------------------------------------------------- Beneficially 8 SHARED VOTING POWER -0- Owned by ----------------------------------------------------------------------------------------- Each Reporting 9 SOLE DISPOSITIVE POWER 770,500 ----------------------------------------------------------------------------------------- Person With 10 SHARED DISPOSITIVE POWER -0- - --------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 770,500 - --------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ---------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.4% - ---------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IA - ---------------------------------------------------------------------------------------------------------
ITEM 1. SECURITY AND ISSUER. Common Stock, $.004 par value per share ("Aaon Common Stock") of Aaon, Inc., a Nevada corporation ("Aaon"). The principal executive offices of Aaon are located at 2425 Yukon, Tulsa, Oklahoma 74107. ITEM 2. IDENTITY AND BACKGROUND. Bay Harbour Management, L.C. ("Bay Harbour") is a Florida limited company and a registered investment adviser under the Investment Advisers Act of 1940, as amended. Tower Investment Group, Inc., a Florida corporation ("Tower"), is the majority stockholder of Bay Harbour. Steven A. Van Dyke, a resident of Florida and a United States citizen ("Van Dyke"), is a stockholder of Tower. Douglas P. Teitelbaum, a resident of New York and a United States citizen ("Teitelbaum" and, together with Bay Harbour, Tower and Van Dyke, the "Reporting Persons"), is a stockholder of Tower. The executive officers and directors of Bay Harbour and Tower are as follows:
Name Address Occupation Place of Employment Steven A. Van Dyke 777 South Harbour Island investment Bay Harbour Boulevard, Suite 270 management Management, L.C. Tampa, Florida 33602 Douglas P. Teitelbaum 885 Third Avenue investment Bay Harbour 34th Floor management Management, L.C. New York, New York 10022
The principal business address of each Reporting Person is 777 South Harbour Island Boulevard, Suite 270, Tampa, Florida 33602, except that the principal business office of Teitelbaum is 885 Third Avenue, 34th Floor, New York; New York 10022. No Reporting Person has during the last five years (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been 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. From May 1, 1997 through October 22, 1998, Bay Harbour purchased in secondary trades on the open-market for certain of its managed accounts, 770,500 shares of Aaon Common Stock (the "Shares"), for an aggregate purchase price of $7,463,690. The source of the funds used by Bay Harbour to purchase the Shares were the following investment accounts managed on a discretionary basis by Bay Harbour: -6- Bay Harbour Partners, Ltd. $1,274,246 Bay Harbour 90-1, Ltd. $1,037,092 Bay Harbour 98-1, Ltd. $ 76,503 Polaris Prime Orphans, L.P. $ 74,068 Trophy Hunter Investments, Ltd. $4,903,333 Trophy Hunter Partners, Ltd. $ 98,448
ITEM 4. PURPOSE OF TRANSACTION. The Reporting Persons acquired the Shares to obtain an equity position in Aaon. The Reporting Persons presently consider the Shares an attractive investment and intend to review their investment on an ongoing basis. Such continuing review may result in the Reporting Persons acquiring additional shares of Aaon Common Stock in the open-market or in privately negotiated transactions, maintaining their holdings at current levels or selling all or a portion of their holdings in the open-market or in privately negotiated transactions. Any such actions the Reporting Persons undertake will be dependent upon, among other things, the availability of shares of Aaon Common Stock for purchase and the price levels of such shares; general market and economic conditions; on-going evaluation of Aaon's business, financial condition, operations and prospects; the relative attractiveness of alternative business and investment opportunities; the availability of funds for the purchase of additional shares of Aaon Common Stock; the actions of the management and Board of Directors of Aaon; and other future developments. The Reporting Persons also believe that it would be desirable for Aaon to explore the possibility of pursuing strategic transactions to enhance shareholder value, and has so advised the management of Aaon. Such transactions could involve the acquisition of all or part of Aaon or the sale of all or a material part of its assets. The Reporting Persons may hold discussions with other parties who might engage in such transactions with Aaon or, depending on its assessment of the factors listed above, may itself seek to engage in such a transaction with Aaon. There can be no assurance that the Reporting Persons (or any of their affiliates) will take any of the actions described above with respect to the Shares or Aaon. Although the foregoing reflects activities presently contemplated by the Reporting Persons with respect to Aaon, the foregoing is subject to change at any time. Except as set forth above, the Reporting Persons have no present plans or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Item 5. Interest in Securities of the Issuer. As of the filing date of this Statement, each Reporting Person beneficially owns 770,500 shares of Aaon Common Stock, which represent approximately 12.4% of Aaon Common Stock outstanding based upon 6,201,949 shares of Aaon Common Stock outstanding as of June 30, 1998 as set forth in a 10-Q filed on August 6, 1998 with the U.S. Securities & Exchange Commission. For purposes of disclosing the number of shares beneficially owned by each of the Reporting Persons, (A) Van Dyke and Teitelbaum are deemed to beneficially own all shares of Aaon Common Stock that are beneficially owned by Tower and Bay Harbour and (B) Tower is deemed to beneficially own all shares of Aaon Common Stock that are beneficially owned by Bay Harbour. -7- Each Reporting Person has (i) the sole power to vote or direct the vote of the 770,500 shares of Aaon Common Stock held by Bay Harbour; and (ii) the sole power to dispose of or to direct the disposition of such 770,500 shares of Aaon Common Stock; except that Van Dyke and Teitelbaum share with each other their voting and disposition power. Except for the purchase of the Shares, to the best knowledge and belief of the undersigned, no transactions involving Aaon Common Stock have been effected during the past 60 days by the Reporting Persons or by their directors, executive officers or controlling persons. The 770,500 shares of Aaon Common Stock held by Bay Harbour reported in this Statement are beneficially owned by Van Dyke, Teitelbaum, Tower and Bay Harbour for the benefit of certain investment partnerships and managed accounts over which Van Dyke, Teitelbaum, Tower and Bay Harbour control the power to (i) direct the voting of such shares of Aaon Common Stock and (ii) dispose of such shares of Aaon Common Stock. The limited partners of the investment partnerships and the investors in the managed accounts for which Bay Harbour acts as an investment adviser have the right to participate in the receipt of dividends from, or proceeds from the sale of, securities held by their funds or accounts, as the case may be. Other than Trophy Hunter Investments, Ltd., no such fund, single limited partner of any of such funds nor any investor in a managed account has the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, shares of Aaon Common Stock reported in this Schedule 13D representing more than five percent of the outstanding Aaon Common Stock. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. EXHIBIT I Joint Filing Agreement, by and among Bay Harbour, Tower, Van --------- Dyke and Teitelbaum. -8- SIGNATURES After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated as of: October 27, 1998 TOWER INVESTMENT GROUP, INC. By: /s/ Steven A. Van Dyke ---------------------------- Name: Steven A. Van Dyke Title: President BAY HARBOUR MANAGEMENT, L.C. By: /s/ Steven A. Van Dyke ---------------------------- Name: Steven A. Van Dyke Title: President /s/ Steven A. Van Dyke --------------------------------- STEVEN A. VAN DYKE /s/ Douglas P. Teitelbaum --------------------------------- DOUGLAS P. TEITELBAUM -9- Exhibit Index ------------- EXHIBIT I Joint Filing Agreement, by and among Bay Harbour, Tower, Van --------- Dyke and Teitelbaum. EX-99.1 2 JOINT FILING AGREEMENT Exhibit I Joint Filing Agreement The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that it knows or has reason to believe that such information is inaccurate. This Agreement may be executed in counterparts and each of such counterparts taken together shall constitute one and the same instrument. BAY HARBOUR MANAGEMENT, L.C. Date: October 27, 1998 By: /s/ Steven A. Van Dyke ------------------------------- Name: Steven A. Van Dyke Title: President TOWER INVESTMENT GROUP, INC. Date: October 27, 1998 By: /s/ Steven A. Van Dyke ------------------------------- Name: Steven A. Van Dyke Title: President /s/ Steven A. Van Dyke Date: October 27, 1998 ----------------------------------- Steven A. Van Dyke /s/ Douglas P. Teitelbaum Date: October 27, 1998 ----------------------------------- Douglas P. Teitelbaum -----END PRIVACY-ENHANCED MESSAGE-----