0001251109-12-000040.txt : 20120224 0001251109-12-000040.hdr.sgml : 20120224 20120224130542 ACCESSION NUMBER: 0001251109-12-000040 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120224 DATE AS OF CHANGE: 20120224 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: 12636791 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: VALUE PARTNERS LTD /TX/ CENTRAL INDEX KEY: 0000926614 IRS NUMBER: 752291866 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O EWING & PARTNERS STREET 2: 4514 COLE AVE. #740 CITY: DALLAS STATE: TX ZIP: 75205 BUSINESS PHONE: 2145222100 MAIL ADDRESS: STREET 1: C/O EWING & PARTNERS STREET 2: 4514 COLE AVE. #740 CITY: DALLAS STATE: TX ZIP: 75205 SC 13D/A 1 teloscorpvp13da14.htm sc13d

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 14)*

Telos Corporation
(Name of Issuer)
12% Cumulative Exchangeable Redeemable Preferred Stock
(Title of Class of Securities)
87969B 20 0
(CUSIP Number)
Timothy G. Ewing
Value Partners, Ltd.
c/o Ewing & Partners
4514 Cole Avenue, Suite 740
Dallas, TX 75205
(214) 522-2100
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
February 22, 2012
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisiton that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-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 Section 240.13d-7(b) 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 the 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).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 
 

 
                     
CUSIP No.
  
87969B 20 0

           
1   NAMES OF REPORTING PERSONS:
   
   Value Partners, Ltd.
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)  [    ]
  (b)  [    ]
   
     
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):
   
    [   ]
   
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
   Texas
   
       
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING PERSON
WITH:
 7   SOLE VOTING POWER:
   
  281,798
   
     
8   SHARED VOTING POWER:
   
  0
   
     
9   SOLE DISPOSITIVE POWER:
   
  281,798
   
     
10   SHARED DISPOSITIVE POWER:
   
   0
   
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  281,798
   
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
   [   ]
   
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
   8.8%
   
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
    PN
     

 
                     
CUSIP No.
  
87969B 20 0

           
1   NAMES OF REPORTING PERSONS:
   
   Ewing & Partners
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)  [    ]
  (b)  [    ]
   
     
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):
   
    [   ]
   
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
   Texas
   
       
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING PERSON
WITH:
 7   SOLE VOTING POWER:
   
   281,798
   
     
8   SHARED VOTING POWER:
   
   0
   
     
9   SOLE DISPOSITIVE POWER:
   
  281,798
   
     
10   SHARED DISPOSITIVE POWER:
   
   0
   
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  281,798
   
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
   [   ]
   
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  8.8%
   
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
    PN
     

 
                     
CUSIP No.
  
87969B 20 0

           
1   NAMES OF REPORTING PERSONS:
   
   Ewing Asset Management, LLC
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)  [    ]
  (b)  [    ]
   
     
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):
   
    [   ]
   
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
   Texas
   
       
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING PERSON
WITH:
 7   SOLE VOTING POWER:
   
  281,798
   
     
8   SHARED VOTING POWER:
   
   0
   
     
9   SOLE DISPOSITIVE POWER:
   
  281,798
   
     
10   SHARED DISPOSITIVE POWER:
   
   0
   
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  281,798
   
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
   [   ]
   
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  8.8%
   
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
    OO (Limited Liability Company)
     

 
                     
CUSIP No.
  
87969B 20 0


           
1   NAMES OF REPORTING PERSONS:
   
   Timothy G. Ewing
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)  [    ]
  (b)  [    ]
   
     
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):
   
    [   ]
   
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
   United States
   
       
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING PERSON
WITH:
 7   SOLE VOTING POWER:
   
   281,798
   
     
8   SHARED VOTING POWER:
   
    0
   
     
9   SOLE DISPOSITIVE POWER:
   
  281,798
   
     
10   SHARED DISPOSITIVE POWER:
   
   0
   
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  281,798
   
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
   [   ]
   
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  8.8%
   
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
   IN
     

Amendment No. 14 to Schedule 13D

     This Amendment No. 14 to Schedule 13D is being filed on behalf of Value Partners, Ltd., a Texas limited partnership ("VP"), Ewing & Partners, a Texas general partnership ("E&P"), Ewing Asset Management, LLC, a Texas limited liability company ("EAM") and Timothy G. Ewing (all such persons collectively referred to herein as the "Reporting Persons"), as an amendment to the Statement on Schedule 13D relating to the 12% Cumulative Exchangeable Redeemable Preferred Stock, $.01 par value per share (the "Exchangeable Preferred Stock"), of Telos Corporation, a Maryland corporation (the "Issuer"), as previously filed with the Securities and Exchange Commission ("SEC") and as amended from time to time (the "Statement").  All defined terms refer to terms defined herein or in the Schedule as previously amended.

     This amendment is being made to disclose the sale of Exchangeable Preferred Stock by Value Partners.

     Item 5 of the Statement is hereby amended and restated as follows:
 
    
Item 5
Interest in Securities of the Issuer
 
    

(a) As of the date of this filing the Reporting Persons may be deemed to beneficially own 281,798 shares of Exchangeable Preferred Stock of the Issuer, representing 8.8% of the 3,185,586 outstanding shares of Issuer's Exchangeable Preferred Stock (according to the Issuer's Quartetly Report on Form 10-Q for the quarter ending September 30, 2011 filed with the SEC on November 14, 2011). The filing of this statement shall not be construed as an admission that any of the Reporting Persons is a beneficial owner of such shares of Issuer's Exchangeable Preferred Stock for purposes of Sections 13(d) and 13(g) under the Securities Exchange Act of 1934 (the "1934 Act") or for any other purpose under any other provision of the 1934 Act or the rules and regulations promulgated thereunder.

(b) VP has the sole power to vote and dispose of the 281,798 shares of Exchangeable Preferred Stock beneficially owned by it. E&P, EAM and Mr. Ewing do not directly own any shares of Exchangeable Preferred Stock of the Issuer.  However, E&P, as general partner of VP, may direct the vote and disposition of the 281,798 shares of Exchangeable Preferred Stock owned by VP. Similarly, Mr. Ewing and EAM, as partners of E&P, may be deemed to have the power to direct the vote and dispostion of the 281,798 shares of Exchangeable Preferred Stock owned by VP.

(c) On February 22, 2012, VP sold 75,000 shares of Issuer's Exchangeable Preferred Stock in an open market transaction at $16.96 per share, net of broker's commission.

(d) No person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported in this Statement.

(e) Not Applicable.

   
     

 

 

 
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.
     
             
    Value Partners, Ltd.
    Date: February 24, 2012
 
            
    By:   Ewing & Partners, as General Partner
    By:   Timothy G. Ewing, Managing Partner
 
            
        By:   /s/ Beth N. Lowson
 
           
            Name: Beth N. Lowson
            Title: Attorney-In-Fact
            The Nelson Law Firm, LLC
            White Plains Plaza
            One North Broadway
            White Plains, NY 10601
             
    Ewing & Partners
    Date: February 24, 2012
 
            
    By:   Timothy G. Ewing, Managing Partner
             
        By:   /s/ Beth N. Lowson
 
           
            Name: Beth N. Lowson
            Title: Attorney-In-Fact
            The Nelson Law Firm, LLC
            White Plains Plaza
            One North Broadway
            White Plains, NY 10601
             
    Ewing Asset Management, LLC
    Date: February 24, 2012
 
            
    By:   Timothy G. Ewing, Member
 
            
        By:   /s/ Beth N. Lowson
 
           
            Name: Beth N. Lowson
            Title: Attorney-In-Fact
            The Nelson Law Firm, LLC
            White Plains Plaza
            One North Broadway
            White Plains, NY 10601
             
             
    Timothy G. Ewing
    Date: February 24, 2012
 
            
        By:   /s/ Beth N. Lowson
 
           
            Name: Beth N. Lowson
            Title: Attorney-In-Fact
            The Nelson Law Firm, LLC
            White Plains Plaza
            One North Broadway
            White Plains, NY 10601

 

POWER OF ATTORNEY
The undersigned does hereby constitute and appoint Stephen J. Nelson, Mary Anne Mayo, Scott M. Dubowsky, Beth N. Lowson and Sean W. McDowell, each of The Nelson Law Firm, LLC, White Plains Plaza, One North Broadway, White Plains, NY 10601, signing singly, with full power of substitution, as the true and lawful attorney of the undersigned, and authorizes and designates each of them to sign on behalf of the undersigned, and to file filings and any amendments thereto made by or on behalf of the undersigned in respect of the beneficial ownership of equity securities held by the undersigned, directly, indirectly or beneficially, pursuant to Sections 13(d), 13(g) and 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming any of the undersigned's responsibilities to comply with Sections 13(d), 13(g) or 16 of the Exchange Act.
This Power of Attorney shall remain in full force and effect until withdrawn by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 4th day of April, 2011.
     
 
By: /s/ Timothy G. Ewing
 
   
    Timothy G. Ewing