-----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, LkNZWjo6NAG4XU/Fb46rJh9QIq712m1skYfF9apOGHeeBE6vZffJJitDI00LfGxM PJWt6QuW4V8WGoXSyz+X6w== 0001010549-05-000736.txt : 20051017 0001010549-05-000736.hdr.sgml : 20051017 20051017102010 ACCESSION NUMBER: 0001010549-05-000736 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20051017 DATE AS OF CHANGE: 20051017 GROUP MEMBERS: LIPTON FINANCIAL SERVICES, INC. GROUP MEMBERS: RHL ASSOCIATES, L.P. FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: LIPTON ROGER CENTRAL INDEX KEY: 0001071193 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: 8005196080 MAIL ADDRESS: STREET 1: C/O LIPTON FINANCIAL SERVICES STREET 2: 983 PARK AVE. CITY: NEW YORK STATE: NY ZIP: 10022 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON RESTAURANT ASSOCIATES INC CENTRAL INDEX KEY: 0000926295 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 611162263 STATE OF INCORPORATION: DE FISCAL YEAR END: 0425 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49225 FILM NUMBER: 051140190 BUSINESS ADDRESS: STREET 1: 999 BROADWAY STREET 2: SUITE 400 CITY: SAUGUS STATE: MA ZIP: 01906-3209 BUSINESS PHONE: 7812317575 MAIL ADDRESS: STREET 1: 999 BROADWAY STREET 2: SUITE 400 CITY: SAUGUS STATE: MA ZIP: 01906-3206 SC 13D/A 1 bostonsc13dlipton101005.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ---------------- SCHEDULE 13D/A Amendment No. 2 (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) (Amendment No. 2)(*) Boston Restaurant Associates, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $.01 Par Value - -------------------------------------------------------------------------------- (Title of Class of Securities) 101122109 - -------------------------------------------------------------------------------- (CUSIP Number) Roger Lipton, 780 Third Avenue, 43rd Floor, New York, NY 10017 1-800-519-6080 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 10, 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 that 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 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). ________________________________________________________________________________ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Roger Lipton ###-##-#### Lipton Financial Services, Inc.("Lipton Financial") 13-3694835 RHL Associates, L.P. ('RHL Associates") 13-3694837 ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [Xx] (b) [_] ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* N/A ________________________________________________________________________________ 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 Citizen, Delaware Corporation and Delaware Limited Partnership ________________________________________________________________________________ 7 SOLE VOTING POWER COMMON STOCK COMMON STOCK OPTIONS Roger Lipton -0- 80,000 RHL Associates -0- NUMBER Lipton Foundation -0- Estate of Solomon Lipton -0- OF _________________________________________________________________ 8 SHARED VOTING POWER COMMON STOCK COMMON STOCK OPTIONS SHARES Mary Lipton -0- BENEFICIALLY Leslie Lipton -0- _________________________________________________________________ OWNED 9 SOLE DISPOSITIVE POWER COMMON STOCK COMMON STOCK OPTIONS BY EACH Roger Lipton -0- 80,000 RHL Associates -0- REPORTING Lipton Foundation -0- Estate of Solomon Lipton -0- OWNER _________________________________________________________________ 10 SHARED DISPOSITIVE POWER Mary Lipton -0- Leslie Lipton -0- ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock Common Stock Options Mary Lipton -0- 80,000 Roger Lipton -0- RHL Associates -0- Lipton Foundation -0- Leslie Lipton -0- Estate of Solomon Lipton -0- ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) The Reporting Persons no longer hold any of the Issuer's Common Stock ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* IN, CO, PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------------------------------------------------------------- Item 1. Security and Issuer. Boston Restaurant Associates, Inc; Common Stock $.01 par value - -------------------------------------------------------------------------------- Item 2. Identity and Background. (a) Roger Lipton ("Lipton"), RHL Asociates, L.P. ("RHL"), Lipton Financial Services, Inc. ("Lipton Financial") (b) 780 Third Avenue, 43rd Floor, New York, NY 10017 for all (c) Lipton is the President and Director of Lipton Financial, a Delaware corporation, which is the general partner of RHL, a Delaware corporation. RHL is a private investment fund which purchases and sells securities for its own account. Lipton is also a registed representative Axiom Capital Management, Inc., a registered broker-dealer with offices at 780 Third Avenue, New York, NY 10022. (d) None of Lipton, RHL or Lipton Financial have been convicted during the last five years in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) None of Liption, RHL or Lipton Financial, during the last five years, were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction which resulted in or cause him or it to to be 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 a violation with respect to such laws. (f) Lipton is a U.S.citizen. - -------------------------------------------------------------------------------- Item 3. Source and Amount of Funds or Other Consideration. N/A - -------------------------------------------------------------------------------- Item 4. Purpose of Transaction. N/A - -------------------------------------------------------------------------------- Item 5. Interest in Securities of the Issuer. On October 11, 2005, Lipton, Mary Lipton and RHL Associates, L.P. (the Sellers) entered into an agreement with Dolphin Direct Equity Partners, L.P., a Delaware limited partnership ("Dolphin") to sell 1,717,223 shares of the Issuer's Common Stock (previously reported by the Sellers in a Schedule 13D)in a private transaction. A copy of the stock purchase agreement, filed as an exhibit to the Schedule 13D of Dolphin dated October 11, 2005 is incorporated herein by reference. The closing of the purchase is scheduled to take place on October 12, 2005, or such other time as the parties may agree.The purchase price for the shares is $0.50, subject to a purchase price adjustment based on a subsequent resale of the shares within one year under certain circumstances. Pursuant to his agreement, the Sellers also granted to Dolphin an irrevocable proxy and right to vote and provide consent with respect to the shares. By virtue of this agreement, the Sellers, who scted on behalf of all previously reporting parties, nno longer have an interest in the Common Stock of the Issuer, although Lipton owns options to purchase 80,000 shares of the Issuer's Common Stock. 91,000 shares of the Issuer's Common Stock, previously reported as being part of the Issuer's shares owned by the Estate of Solomon Lipton were previously transferred to a legatee of that estate. - -------------------------------------------------------------------------------- Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. N/A - -------------------------------------------------------------------------------- Item 7. Material to be Filed as Exhibits. See Item 5. - -------------------------------------------------------------------------------- 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. 10/12/05 ---------------------------------------- (Date) /s/ Roger Lipton ---------------------------------------- (Signature) Roger Lipton Individually and as President of Lipton Financial Services, Inc. ---------------------------------------- (Name/Title) Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). -----END PRIVACY-ENHANCED MESSAGE-----