The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On June 7, 2012, Khrom Investments filed a complaint in the Court of Chancery of the State of Delaware (the “Complaint”) seeking an order directing the Issuer to conduct an annual meeting of stockholders for the election of directors. The Reporting Persons are concerned that the Issuer has not held an annual meeting of stockholders for the election of directors since May 22, 1997 and has not elected directors by written consent in lieu of an annual meeting since June 23, 2003. The Reporting Persons currently anticipate nominating one or more individuals for election to the Board of Directors of the Issuer at any such court-ordered annual meeting of stockholders.
Item 5. | Interest in Securities of the Issuer. |
Item 5(a) is hereby amended and restated to read as follows:
(a) The aggregate percentage of Shares reported owned by each person named herein is based upon 34,042,728 Shares outstanding as of May 11, 2012, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 14, 2012.
As of the close of business on June 7, 2012, BSC LP beneficially owned 3,094,884 Shares, constituting approximately 9.1% of the Shares outstanding. As the general partner of BSC LP, Baker Street Capital may be deemed to beneficially own the 3,094,884 Shares owned by BSC LP, constituting approximately 9.1% of the Shares outstanding. As the managing member of Baker Street Capital, which in turn is the general partner of BSC LP, Mr. Perelman may be deemed to beneficially own 3,094,884 Shares owned by BSC LP, constituting approximately 9.1% of the Shares outstanding. Mr. Perelman has sole voting and dispositive power with respect to the 3,094,884 Shares owned by BSC LP by virtue of his authority to vote and dispose of such Shares. Baker Street Capital and Mr. Perelman disclaim beneficial ownership of the Shares held by BSC LP, except to the extent of their pecuniary interest therein.
As of the close of business on June 7, 2012, Khrom Investments beneficially owned 1,366,119 Shares, constituting approximately 4.0% of the Shares outstanding. As of the close of business on June 7, 2012, 81,650 Shares were held in the Khrom Capital Accounts, constituting less than 1% of the Shares outstanding. As the general partner of Khrom Investments and the manager of the Khrom Capital Accounts, Khrom Capital may be deemed to beneficially own the 1,447,769 Shares owned in the aggregate by Khrom Investments and held in the Khrom Capital Accounts, constituting approximately 4.3% of the Shares outstanding. As the managing member of Khrom Capital, which in turn is the general partner of Khrom Investments and the manager of the Khrom Capital Accounts, Mr. Khrom may be deemed to beneficially own 1,447,769 Shares owned by Khrom Investments and held in the Khrom Capital Accounts, constituting approximately 4.3% of the Shares outstanding. Mr. Khrom has sole voting and dispositive power with respect to the 1,447,769 Shares owned by Khrom Investments and held in the Khrom Capital Accounts by virtue of his authority to vote and dispose of such Shares. Khrom Capital and Mr. Khrom disclaim beneficial ownership of the Shares held by Khrom Investments and in the Khrom Capital Accounts, except to the extent of their pecuniary interest therein.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: June 7, 2012 | BAKER STREET CAPITAL L.P. |
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| By: | Baker Street Capital Management, LLC General Partner |
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| By: | /s/ Vadim Perelman |
| Name: | Vadim Perelman |
| Title: | Managing Member |
| BAKER STREET CAPITAL MANAGEMENT, LLC |
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| By: | /s/ Vadim Perelman |
| Name: | Vadim Perelman |
| Title: | Managing Member |
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| /s/ Vadim Perelman |
| VADIM PERELMAN |
| KHROM INVESTMENTS FUND, LP |
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| By: | Khrom Capital Management, LLC General Partner |
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| By: | /s/ Eric Khrom |
| Name: | Eric Khrom |
| Title: | Managing Member |
| KHROM CAPITAL MANAGEMENT, LLC |
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| By: | /s/ Eric Khrom |
| Name: | Eric Khrom |
| Title: | Managing Member |
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| /s/ Eric Khrom |
| ERIC KHROM |