-----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, CrOlK1fkmgJI+oWm4FOJYPOdkTY/XLyV0jMeiScf0/uNNvu1IB3ZD/fmyI7ddKNp Pijt/yw1eIzCmMkJJkrBvQ== 0000950123-01-504498.txt : 20010720 0000950123-01-504498.hdr.sgml : 20010720 ACCESSION NUMBER: 0000950123-01-504498 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010719 GROUP MEMBERS: KENNETH R. WASIAK GROUP MEMBERS: ROBOTTI & COMPANY, INC. GROUP MEMBERS: ROBOTTI ROBERT GROUP MEMBERS: SUZANNE ROBOTTI GROUP MEMBERS: THE RAVENSWOOD INVESTMENT CO. GROUP MEMBERS: WILLIAM J. MAECK GROUP MEMBERS: WILMAC PARTNERSHIP, LTD. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SUNSOURCE INC CENTRAL INDEX KEY: 0001029831 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080] IRS NUMBER: 232874736 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-51703 FILM NUMBER: 1684584 BUSINESS ADDRESS: STREET 1: 3000 ONE LOAN SQ CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2156653650 MAIL ADDRESS: STREET 1: 2600 ONE LOAN SQUARE CITY: PHILADELPHIA STATE: PA ZIP: 19103 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ROBOTTI ROBERT CENTRAL INDEX KEY: 0001105838 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: C/O ROBOTTI & CO INC STREET 2: 52 VANDERBILT AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D 1 y51627bsc13d.txt SCHEDULE 13D 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------ SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 SunSource Inc. ----------------------------------------------------- (NAME OF ISSUER) Common Stock, par value $.01 per share ----------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 867948101 ----------------------------------------------------- (CUSIP NUMBER) Rory A. Greiss, Esq. Kaye Scholer LLP 425 Park Avenue New York, New York 10022 (212) 836-8261 (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS) July 11, 2001 ----------------------------------------------------- (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(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 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). (Continued on following pages) (Page 1 of 22) 2 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 2 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS The Ravenswood Investment Company, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 11-2474002 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * WC - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 118,125 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 0 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 118,125 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 118,125 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.72% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * IV, PN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 3 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 3 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS WILMAC Partnership, Ltd. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 82-6030301 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * WC, OO - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Idaho - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 84,050 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 0 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 84,050 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 84,050 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.22% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * IV, PN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 4 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 4 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS Suzanne Robotti I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * PF - -------------------------------------------------------------------------------- 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 of America - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 1,000 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 0 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,000 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .0145% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 5 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 5 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS Robotti & Company, Incorporated I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 11-2627501 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * WC - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 9,400 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 151,600 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 9,400 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 151,600 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 161,000 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.34% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * CO, IV, BD - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 6 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 6 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS Kenneth R. Wasiak I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * 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 of America - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 118,125 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 118,125 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 118,125 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.72% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 7 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 7 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS Robert Robotti I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * 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 of America - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 9,400 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 353,775 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 9,400 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 353,775 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 363,175 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.27% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 8 - ------------------- ------------------ CUSIP NO. 867948101 SCHEDULE 13D PAGE 8 OF 22 PAGES - ------------------- ------------------ - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS William J. Maeck I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS * WC, OO - -------------------------------------------------------------------------------- 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 of America - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY -------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING 84,050 PERSON WITH -------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 84,050 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 84,050 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.22% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! 9 SCHEDULE 13D This Schedule 13D, dated July 19, 2001 (this "Statement"), is filed on behalf of The Ravenswood Investment Company, L.P., a limited partnership formed under the laws of the State of New York ("Ravenswood"), WILMAC Partnership, Ltd., a limited partnership formed under the laws of the State of Idaho ("WILMAC"), Suzanne Robotti ("Suzanne Robotti") and Robotti & Company, Incorporated, a New York corporation ("Robotti" and, together with Ravenswood, WILMAC and Suzanne Robotti, the "Reporting Persons"), and relates to the common stock, par value $.01 per share (the "Common Stock"), of SunSource Inc., a Delaware corporation (the "Company"). ITEM 1. SECURITY AND ISSUER This Statement relates to the Common Stock of the Company. The address of the Company's principal executive offices and principal business is 3000 One Logan Square, Philadelphia, PA 19103. ITEM 2. IDENTITY AND BACKGROUND This Statement is being filed on behalf of the following Reporting Persons: The Ravenswood Investment Company, L.P., a New York State limited partnership 52 Vanderbilt Avenue New York, NY 10017 Ravenswood is an investment partnership. WILMAC Partnership, Ltd., an Idaho uniform limited partnership P.O. Box 50966 Idaho Falls, ID 83405 WILMAC is an investment partnership. Suzanne Robotti, a United States citizen 333 East 55th Street New York, NY 10022 Suzanne Robotti does not currently hold a full-time position of employment. Suzanne Robotti does, from time to time, engage in freelance writing and magazine/website consulting. Robotti & Company, Incorporated, a New York corporation Page 9 of 22 Pages 10 52 Vanderbilt Avenue New York, NY 10017 Robotti is a registered broker-dealer. Kenneth R. Wasiak, a United States citizen 515 Madison Avenue New York, NY 10022 Wasiak's principal occupation is as a partner in the accounting firm of Pustorino, Puglisi & Company, P.C., located at 515 Madison Avenue, New York, NY 10022. Wasiak is also a general partner of Ravenswood. Robert Robotti, a United States citizen 52 Vanderbilt Avenue New York, NY 10017 Robert Robotti's principal occupation is as a director and the president and treasurer of Robotti. Robert Robotti is also a general partner of Ravenswood and WILMAC. William J. Maeck, a United States citizen P.O. Box 50966 Idaho Falls, ID 83405 Maeck's principal occupation is as a general partner of WILMAC. The (i) name, (ii) residence or business address, (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted and (iv) citizenship of each of the partners, members, executive officers, directors or other persons controlling the Reporting Persons and each partner, member, executive officer and director of any corporation or other person ultimately in control of the Reporting Persons are set forth on Exhibit 1 hereto. Neither the Reporting Persons nor the persons listed on Exhibit 1 hereto, to the best knowledge of the Reporting Persons or any of the persons listed in Exhibit 1 hereto have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or 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. Page 10 of 22 Pages 11 ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Ravenswood and Robotti utilized their working capital in making each of their respective purchases of Common Stock. The Common Stock purchased by Suzanne Robotti was purchased from her personal funds. WILMAC utilized its working capital as well as a margin account with Pershing & Co. to purchase its shares of Common Stock. Robert Robotti claims beneficial ownership of his shares of Common Stock by virtue of his positions with Robotti, Ravenswood and WILMAC, each of which purchased its shares of Common Stock with funds as described above. Wasiak and Maeck claim beneficial ownership of their shares of Common Stock by virtue of their positions with Ravenswood and WILMAC, respectively. ITEM 4. PURPOSE OF TRANSACTION The beneficial ownership of the Common Stock reported herein is for investment purposes. Based upon information contained in a Schedule 13e-3 and Schedule 14A filed by the Company with the Securities and Exchange Commission on July 11, 2001 in which the Company announced a proposed merger transaction (the "Transaction"), pursuant to which $10.375 per share will be offered for each share of Common Stock, the Reporting Persons believe that the per share price to be offered in connection with the Transaction does not accurately reflect the value of the Common Stock and that the Common Stock represents an attractive investment opportunity. The Reporting Persons intend to request open communications with or may attempt to influence the Company's management to ensure that stockholders receive the full value of their investment in the Company. Such communications or influence may include proposals for a merger, sale or liquidation of some or all of the Company's business or assets, a strategic alliance, a going-private transaction, a distribution to stockholders, a stock repurchase instituted by the Company or other similar transaction directed at stockholders receiving the full value of their investment in the Company. The Reporting Persons intend to continue to evaluate the Company's business, financial condition, operating results, capital structure, management, stock market performance, competitive outlook and other relevant factors. As part of such evaluations, the Reporting Persons may seek the views of, hold discussions with and respond to inquiries from representatives of the Company and other persons regarding the Company's affairs. Depending on such evaluations, the Reporting Persons may, at any time and from time to time, purchase additional shares of Common Stock or may dispose of any and all shares of Common Stock held by them. In the interest of maximizing stockholder value, the Reporting Persons may from time to time develop plans respecting, or propose changes in, the management, policies, operations, capital structure or business of the Company. Such plans or proposals may include or relate to one or more of the transactions specified in subparagraphs (a) through (j) of Item 4 of Schedule 13D, including, without limitation, a merger, disposition, sale of the Company's assets or changes in the Company's capitalization. Page 11 of 22 Pages 12 Except as set forth above, the Reporting Persons have no current plan or proposal which relates to, or would result in, any of the actions enumerated in subparagraphs (a) through (j) of Item 4 of Schedule 13D. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As of July 19, 2001, (i) Ravenswood beneficially owns 118,125 shares of Common Stock, representing 1.72% of the issued and outstanding shares of Common Stock; (ii) WILMAC beneficially owns 84,050 shares of Common Stock, representing 1.22% of the issued and outstanding shares of Common Stock; (iii) Suzanne Robotti beneficially owns 1,000 shares of Common Stock, representing .0145% of the issued and outstanding shares of Common Stock; (iv) Robotti beneficially owns 161,000 shares of Common Stock, representing 2.34% of the issued and outstanding shares of Common Stock; (v) Wasiak beneficially owns 118,125 shares of Common Stock, representing 1.72% of the issued and outstanding shares of Common Stock; (vi) Robert Robotti beneficially owns 363,175 shares of Common Stock, representing 5.27% of the issued and outstanding shares of Common Stock; and (vii) Maeck beneficially owns 84,050 shares of Common Stock, representing 1.22% of the issued and outstanding shares of Common Stock. Robert Robotti is a director and the president and treasurer of Robotti. Robert Robotti is also a general partner of both Ravenswood and WILMAC and is married to Suzanne Robotti. Wasiak is a general partner of Ravenswood. Maeck is a general partner of WILMAC. The Reporting Persons, together with J.B. Capital Partners L.P. ("JB Capital") and Alan Weber ("Weber" and, together with JB Capital, the "JB Capital Group"; the JB Capital Group, together with the Reporting Persons, the "Group"), may be deemed to be a group within the meaning of Section 13d-3 of the Securities Exchange Act of 1934, as amended (the "Act"). Weber is the general partner of JB Capital and is currently employed by Robotti as an analyst. The JB Capital Group has concurrently made a separate filing on Schedule 13D with respect to the shares of Common Stock it beneficially owns. As of July 19, 2001, as reported on the JB Capital Group's Schedule 13D, JB Capital beneficially owns 510,975 shares of Common Stock, representing 7.42% of the issued and outstanding shares of Common Stock and Weber beneficially owns 530,575 shares of Common Stock representing 7.7% of the issued and outstanding shares of Common Stock. (b) Each of Ravenswood, WILMAC and Suzanne Robotti have the sole power to vote or direct the vote, and sole power to dispose or to direct the disposition of each of their respective shares of Common Stock. Robotti shares the power to vote or direct the vote, and shares the power to dispose or to direct the disposition of 151,600 shares of Common Stock which Robotti has purchased in the ordinary course of business as a broker-dealer on behalf of its customers. Robert Robotti shares the power to vote or direct the vote, and shares the power to dispose or to direct the disposition of 151,600 shares of Common Stock, which include shares of Common Stock Robotti has purchased in the ordinary course of business as a broker-dealer on behalf of its customers and which Robotti claims beneficial ownership of by virtue of his position as a director and the president and treasurer of Robotti. Robert Robotti shares the power to vote or direct the vote, and shares the power to dispose or to direct the disposition of 118,125 shares of Common Stock, which Robert Robotti Page 12 of 22 Pages 13 claims beneficial ownership of by virtue of his position as a general partner of Ravenswood, with Wasiak. Robert Robotti shares the power to vote or direct the vote, and shares the power to dispose or to direct the disposition of 84,050 shares of Common Stock, which Robert Robotti claims beneficial ownership of by virtue of his position as a general partner of WILMAC, with Maeck. Wasiak shares the power to vote or direct the vote, and shares the power to dispose or to direct the disposition of 118,125 shares of Common Stock, which Wasiak claims beneficial ownership of by virtue of his position as a general partner of Ravenswood, with Robert Robotti. Maeck shares the power to vote or direct the vote, and shares the power to dispose or to direct the disposition of 84,050 shares of Common Stock, which Maeck claims beneficial ownership of by virtue of his position as a general partner of WILMAC, with Robert Robotti. (c) Other than Robotti, who in the ordinary course of business as a broker-dealer may have purchased and sold shares of Common Stock on behalf of its customers and as described in the table below, none of the Reporting Persons have had any transactions in shares of Common Stock in the past 60 days. The following table lists all transactions in the shares of Common Stock in the last 60 days by Robotti:
Shares of Common Stock Purchased Price Per Share Date of Purchase ---------------------- --------------- ---------------- 900* $3.93 5/21/01 600* $3.95 5/21/01 1,100* $3.93 5/21/01 1,100* $3.93 5/21/01 2,300* $3.93 5/21/01 4,400 $9.00 6/20/01 5,000 $9.35 6/29/01
- ----------------- * Represents purchases by Robotti for managed accounts over which Robotti has investment control. (d) No person other than the Reporting Persons is known to have the right to receive nor the power to direct the receipt of dividends from, or the proceeds from the sale of, such shares of Common Stock beneficially owned by the Reporting Persons, other than customers of Robotti over whose shares of Common Stock Robotti may have investment discretion. (e) Not applicable. Page 13 of 22 Pages 14 ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER The Reporting Persons and the JB Capital Group may be deemed to be a group within the meaning of Section 13d-3 of the Act. While no formal contract, arrangement or relationship exists between the Reporting Persons and the JB Capital Group, the Group may attempt to act in concert to influence the Company's management to ensure that stockholders receive the full value of the Common Stock. Such influence may include proposals for a merger, sale or liquidation of some or all of the Company's business or assets, a strategic alliance, a going-private transaction, a distribution to stockholders, a stock repurchase instituted by the Company or other similar transaction directed at stockholders receiving the full value of their investment in the Company. Please see Item 5 of this Schedule 13D for a discussion of the relationship between the Reporting Persons and the JB Capital Group. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Not Applicable. Page 14 of 22 Pages 15 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. Date: July 19, 2001 THE RAVENSWOOD INVESTMENT COMPANY, L.P By: /s/ Robert Robotti ------------------------------------ Name: Robert Robotti Title: General Partner Page 15 of 22 Pages 16 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. Date: July 19, 2001 WILMAC PARTNERSHIP, LTD. By: /s/ William J. Maeck ------------------------------------ Name: William J. Maeck Title: General Partner Page 16 of 22 Pages 17 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. Date: July 19, 2001 ROBOTTI & COMPANY, INCORPORATED By: /s/ Robert Robotti ------------------------------------ Name: Robert Robotti Title: President & Treasurer Page 17 of 22 Pages 18 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. Date: July 19, 2001 /s/ Suzanne Robotti --------------------------------------- Suzanne Robotti Page 18 of 22 Pages 19 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. Date: July 19, 2001 /s/ Kenneth R. Wasiak --------------------------------------- Kenneth R. Wasiak Page 19 of 22 Pages 20 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. Date: July 19, 2001 /s/ Robert Robotti -------------------------------------- Robert Robotti Page 20 of 22 Pages 21 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. Date: July 19, 2001 /s/ William J. Maeck -------------------------------------- William J. Maeck Page 21 of 22 Pages 22 Exhibit 1 INFORMATION WITH RESPECT TO PARTNERS, MEMBERS, EXECUTIVE OFFICERS, DIRECTORS OR PERSONS CONTROLLING A REPORTING PERSON AND EACH PARTNER, MEMBER, EXECUTIVE OFFICER AND DIRECTOR OF ANY CORPORATION OR OTHER PERSON ULTIMATELY IN CONTROL OF A REPORTING PERSON RAVENSWOOD
Name and Address Present Principal Occupation Citizenship ---------------- ---------------------------- ----------- Kenneth R. Wasiak, General Partner Partner of Pustorino, Puglisi & United States of America 515 Madison Avenue Company, P.C., a public New York, NY 10022 accounting firm Robert Robotti, General Partner Director, President and Treasurer United States of America 52 Vanderbilt Avenue of Robotti New York, NY 10017 WILMAC Name and Address Present Principal Occupation Citizenship ---------------- ---------------------------- ----------- William J. Maeck General Partner of WILMAC United States of America P.O. Box 50966 Idaho Falls, Idaho 83405 Robert Robotti, General Partner Director, President and Treasurer United States of America 52 Vanderbilt Avenue of Robotti New York, NY 10017 ROBOTTI Name and Address Present Principal Occupation Citizenship ---------------- ---------------------------- ----------- Robert Robotti, Director, President Director, President and Treasurer United States of America and Treasurer of Robotti 52 Vanderbilt Avenue New York, NY 10017 Kenneth R. Wasiak, Director Partner of Pustorino, Puglisi & United States of America 515 Madison Avenue Company, P.C., a public New York, NY 10022 accounting firm Joseph E. Reilly, Director and Director and Corporate Secretary United States of America Corporate Secretary of Robotti 52 Vanderbilt Avenue New York, NY 10017
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