SC 13D/A: Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities
Published on August 14, 2001
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
SunSource Inc.
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(NAME OF ISSUER)
Common Stock, par value $.01 per share
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(TITLE OF CLASS OF SECURITIES)
867948101
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(CUSIP NUMBER)
Matthew J. Day, Esq.
118 E. 25th Street, 8th Floor
New York, New York 10010
(212) 673-0484
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
August 13, 2001
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(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 12)
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CUSIP No. 867948101 Page 2 of 12 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JB Capital Partners L.P.
13-3726439
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH 510,975
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
510,975
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
510,975
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.42%
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14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 867948101 Page 3 of 12 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alan W. Weber
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 19,600
BENEFICIALLY -------------------------------------------------------------
OWNED BY EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH 510,975
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9 SOLE DISPOSITIVE POWER
19,600
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10 SHARED DISPOSITIVE POWER
510,975
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
530,575
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%
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14 TYPE OF REPORTING PERSON
IN
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CUSIP No. 867948101 Page 4 of 12 Pages
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STATEMENT ON SCHEDULE 13D
This Amendment No. 1 to the Schedule 13D is filed jointly on
behalf of JB Capital Partners L.P., a partnership formed under the laws of the
State of Delaware ("JB Capital"), and Alan W. Weber ("Weber") and relates to the
common stock, par value $.01 per share (the "Common Stock"), of SunSource Inc.,
a Delaware corporation (the "Issuer"). Except as specifically amended by this
Amendment No. 1, the Schedule 13D remains in full force and effect. The
Schedule 13D, as amended hereby, is referred to herein as the "Schedule 13D".
Item 4 is hereby amended to add the following:
ITEM 4. PURPOSE OF TRANSACTION
On August 13, 2001, JB Capital sent a letter (the "August 13
Letter") to Mr. Arnold S. Hoffman, Chairman of the Special Committee of the
Board of Directors of the Issuer (the "Special Committee"). In the August 13
Letter, JB Capital stated its belief that material mistakes were made in the
fairness opinion relating to the sale of the Issuer, that the process to sell
the Issuer was procedurally flawed, that the reasons given for the sale of the
Issuer at the offered price do not stand up to scrutiny and that the
consideration offered by Allied Capital Corporation ("Allied"), the acquirer, is
not fair value. Accordingly, JB Capital believes that the Special Committee of
the Board of Directors is obligated to obtain a new fairness opinion, review
updated financial results to determine a fair value for The Hillman Group, Inc.
(the largest operating business unit of the Issuer) and the Issuer - which JB
Capital believes will lead to a higher value for all shareholders - and
re-evaluate its reasons for the Merger. JB Capital further believes that the
Special Committee is then obligated to deal with Allied based upon the new
valuation. The August 13 Letter is filed as Exhibit 1 to the Schedule 13D and
is incorporated herein by reference.
Item 7 is hereby amended to add the following:
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
(1) Letter dated August 13, 2001 from JB Capital Partners L.P.
to Mr. Arnold S. Hoffman, Chairman of the Special Committee of the Board of
Directors of SunSource, Inc.
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CUSIP No. 867948101 Page 5 of 12 Pages
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: August 13, 2001
JB CAPITAL PARTNERS L.P.
By: /s/ Alan W. Weber
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Name: Alan W. Weber
Title: General Partner
/s/ Alan W. Weber
----------------------
Alan W. Weber
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CUSIP No. 867948101 Page 6 of 12 Pages
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EXHIBIT INDEX
EXHIBIT
PAGE
(1) Letter dated August 13, 2001 from JB Capital
Partners L.P. to Mr. Arnold S. Hoffman, Chairman of the
Special Committee of the Board of Directors of
SunSource, Inc. Page 7