sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(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. )(1)
The Topps Company, Inc.
-----------------------
(Name of Issuer)
Common Stock, $.01 Par Value
----------------------------
(Title of Class of Securities)
890786106
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 10, 2006
------------
(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.
(Continued on following pages)
(Page 1 of 26 Pages)
---------------------
(1) 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).
---------------------- ----------------------
CUSIP No. 890786106 13D Page 2 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CRESCENDO PARTNERS II L.P., SERIES Y
--------------------------------------------------------------------------------
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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,953,900
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,953,900
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,953,900
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 3 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CRESCENDO INVESTMENTS II, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,953,900
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,953,900
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,953,900
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 4 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CRESCENDO ADVISORS LLC
--------------------------------------------------------------------------------
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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
100
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 5 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ERIC ROSENFELD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,954,100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,954,100
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,954,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 6 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PEMBRIDGE VALUE OPPORTUNITY FUND LP
--------------------------------------------------------------------------------
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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 328,000
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
328,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
328,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 7 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PEMBRIDGE CAPITAL MANAGEMENT LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 328,000
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
328,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
328,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT
---------------------- ----------------------
CUSIP No. 890786106 13D Page 8 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
TIMOTHY E. BROG
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 352,941
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
352,941
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
352,941
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 9 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARNAUD AJDLER
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 10 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JOHN J. JONES
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 11 of 26 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
TOPPS FULL VALUE COMMITTEE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
N/A
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,307,041
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,307,041
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,307,041
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 12 of 26 Pages
---------------------- ----------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. SECURITY AND ISSUER.
This statement relates to shares of the Common Stock, par value $.01
(the "Shares"), of The Topps Company, Inc. (the "Issuer"). The address of the
principal executive offices of the Issuer is One Whitehall Street, New York, NY
10004.
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by Crescendo Partners II L.P., Series Y, a
Delaware limited partnership ("Crescendo Partners II"), Crescendo Investments
II, LLC, a Delaware limited liability company ("Crescendo Investments II"),
Crescendo Advisors LLC, a Delaware limited liability company ("Crescendo
Advisors"), Eric Rosenfeld, Pembridge Value Opportunity Fund LP, a Delaware
limited partnership ("Pembridge Value"), Pembridge Capital Management LLC, a
Delaware limited liability company ("Pembridge Capital"), Timothy E. Brog,
Arnaud Ajdler, John J. Jones and the Topps Full Value Committee (the
"Committee"). Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." Each of the Reporting Persons is party
to that certain Joint Filing and Solicitation Agreement as further described in
Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule
13D.
Crescendo Investments II is the general partner of Crescendo Partners
II. The managing member of Crescendo Investments II and Crescendo Advisors is
Eric Rosenfeld. By virtue of his position with Crescendo Investments II and
Crescendo Advisors, Mr. Rosenfeld has the sole power to vote and dispose of the
Issuer's Shares owned by Crescendo Partners II and Crescendo Advisors,
respectively.
Pembridge Capital is the investment manager of Pembridge Value. The
sole manager of Pembridge Value is Mr. Brog. By virtue of his position with
Pembridge Value, Mr. Brog has the sole power to vote and dispose of the Issuer's
Shares owned by Pembridge Value.
The Committee is composed of Crescendo Partners II, Crescendo
Investments II, Crescendo Advisors, Pembridge Value, Pembridge Capital, Mr.
Rosenfeld, Mr. Brog, Mr. Ajdler and Mr. Jones. The Committee is not a business
entity and has no place of organization.
(b) The principal business address of Crescendo Partners II, Crescendo
Investments II, Crescendo Advisors, Mr. Rosenfeld and Mr. Ajdler is 10 East 53rd
Street, 35th Floor, New York, New York 10022.
The principal business address of Pembridge Value, Pembridge Capital
and Mr. Brog is 708 Third Avenue, 22nd Floor, New York, New York 10017.
The principal business address of Mr. Jones is 350 West 50th Street,
New York, New York 10019.
---------------------- ----------------------
CUSIP No. 890786106 13D Page 13 of 26 Pages
---------------------- ----------------------
(c) The principal business of Crescendo Partners II is investing in
securities. The principal business of Crescendo Investments II is acting as the
general partner of Crescendo Partners II. The principal occupation of Mr.
Rosenfeld is serving as the managing member of Crescendo Investments II and as
the managing member of the general partner of Crescendo Partners II. The
principal occupation of Mr. Ajdler is serving as managing director of Crescendo
Partners II. The principal business of Crescendo Advisors is investing in
securities.
The principal business of Pembridge Value is acquiring, holding and
disposing of investments in various companies. The principal business of
Pembridge Capital is serving as the investment manager of Pembridge Value. The
principal occupation of Mr. Brog is serving as the sole manager of Pembridge
Value and the President of Pembridge Capital.
The principal occupation of Mr. Jones is an attorney.
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) No Reporting Person has, during the last five years, been 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.
(f) Messrs. Rosenfeld, Jones and Brog are citizens of the United
States of America. Mr. Ajdler is a citizen of Belgium.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the 1,953,900 Shares owned by
Crescendo Partners II is $17,394,203.41, including brokerage commissions. The
Shares owned by Crescendo Partners II were acquired with partnership funds.
The aggregate purchase price of the 100 Shares owned by Crescendo
Advisors is $867.00, including brokerage commissions. The Shares owned by
Crescendo Advisors were acquired with working capital.
The aggregate purchase price of the 100 Shares held by Eric Rosenfeld
and Lisa Rosenfeld JTWROS is $867.00, including brokerage commissions. The
Shares owned by Mr. and Mrs. Rosenfeld were acquired with personal funds.
The aggregate purchase price of the 328,000 Shares owned by Pembridge
Value is $2,633,073.00, including brokerage commissions. The Shares owned by
Pembridge Value were acquired with partnership funds.
The aggregate purchase price of the 24,941 Shares owned by Mr. Brog is
$210,297.90, including brokerage commissions. The Shares owned by Mr. Brog were
acquired with personal funds.
---------------------- ----------------------
CUSIP No. 890786106 13D Page 14 of 26 Pages
---------------------- ----------------------
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons purchased the Shares based on the Reporting
Persons' belief that the Shares, when purchased, were undervalued and
represented an attractive investment opportunity. Depending upon overall market
conditions, other investment opportunities available to the Reporting Persons,
and the availability of Shares at prices that would make the purchase of
additional Shares desirable, the Reporting Persons may endeavor to increase
their position in the Issuer through, among other things, the purchase of Shares
on the open market or in private transactions or otherwise, on such terms and at
such times as the Reporting Persons may deem advisable.
On May 17, 2006, the Committee filed a preliminary proxy statement
with the Securities and Exchange Commission in connection with the Issuer's 2006
annual meeting of stockholders, or any other meeting of stockholders held in
lieu thereof, and any adjournments, postponements, reschedulings or
continuations thereof (the "Annual Meeting") soliciting proxies from the
Issuer's stockholders for the following:
1. To elect the Committee's slate of director nominees, Timothy E. Brog,
Arnaud Ajdler and John J. Jones (the "Nominees"), to serve as
directors of the Issuer for a term that expires at the annual meeting
of stockholders to be held in the year 2009;
2. To approve a non-binding proposal recommending that the Topps Board
amend the Restated Certificate of Incorporation of the Issuer (the
"COI") to declassify the Topps Board;
3. To approve a non-binding proposal recommending that the Topps Board
amend the COI to allow stockholders of the Issuer to call a special
meeting of stockholders; and
4. To approve a non-binding proposal recommending that the Topps Board
amend the Restated Bylaws of the Issuer (the "Bylaws") to allow
stockholders holding at least 15% of the outstanding capital stock of
the Issuer to call a special meeting of stockholders.
Upon finalization of its proxy materials, the Committee intends to
solicit proxies from the stockholders of the Issuer in order to elect the
Nominees and to adopt the stockholder proposals.
No Reporting Person has any present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) - (j)
of Item 4 of Schedule 13D except as set forth in this Schedule 13D or such as
would occur upon completion of any of the actions discussed above. Each of the
Reporting Persons intends to review his/its investment in the Issuer on a
continuing basis and engage in discussions with management and the Board of the
Issuer concerning the business, operations and future plans of the Issuer.
Depending on various factors including, without limitation, the Issuer's
---------------------- ----------------------
CUSIP No. 890786106 13D Page 15 of 26 Pages
---------------------- ----------------------
financial position and investment strategy, the price levels of the Shares,
conditions in the securities markets and general economic and industry
conditions, each of the Reporting Persons may in the future take such actions
with respect to his/its investment in the Issuer as he/it deems appropriate
including, without limitation, making other proposals to the Issuer concerning
changes to the capitalization, ownership structure or operations of the Issuer,
purchasing additional Shares, selling some or all of his/its Shares, engaging in
short selling of or any hedging or similar transaction with respect to the
Shares or changing his/its intention with respect to any and all matters
referred to in Item 4.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The aggregate percentage of Shares reported owned by each person
named herein is based upon 39,380,471 Shares outstanding, which is the total
number of Shares reported to be outstanding in the Issuer's Annual Report on
Form 10-K, as filed with the Securities and Exchange Commission on May 10, 2006.
As of the close of business on May 18, 2006, Crescendo Partners II
beneficially owned 1,953,900 Shares, constituting approximately 5.0% of the
Shares outstanding. As the general partner of Crescendo Partners II, Crescendo
Investments II may be deemed to beneficially own the 1,953,900 Shares owned by
Crescendo Partners II, constituting approximately 5.0% of the Shares
outstanding. Crescendo Advisors beneficially owns 100 Shares, constituting less
than 1% of the Shares outstanding. As the managing member of Crescendo
Investments II, which in turn is the general partner of Crescendo Partners II,
Mr. Rosenfeld may be deemed to beneficially own (i) the 1,953,900 Shares owned
by Crescendo Partners II, (ii) 100 Shares by virtue of his position as managing
member of Crescendo Advisors and (iii) 100 Shares held by Mr. Rosenfeld and Lisa
Rosenfeld JTWROS, constituting approximately 5.0% of the Shares outstanding. Mr.
Rosenfeld has sole voting and dispositive power with respect to the 1,953,900
Shares owned by Crescendo Partners II and the 100 Shares owned by Crescendo
Advisors by virtue of his authority to vote and dispose of such Shares.
Crescendo Investments II and Mr. Rosenfeld disclaim beneficial ownership of the
Shares held by Crescendo Partners II, except to the extent of their pecuniary
interest therein.
As of the close of business on May 18, 2006, Pembridge Value
beneficially owned 328,000 Shares, constituting less than 1% of the Shares
outstanding. As the investment manager of Pembridge Value, Pembridge Capital may
be deemed to beneficially own the 328,000 Shares owned by Pembridge Value,
constituting less than 1% of the Shares outstanding. As the sole manager of
Pembridge Value, Mr. Brog may be deemed to beneficially own the 328,000 Shares
owned by Pembridge Value and the 24,941 shares held directly by Mr. Brog,
constituting less than 1% of the Shares outstanding. Mr. Brog has sole voting
and dispositive power with respect to the 328,000 Shares owned by Pembridge
Value by virtue of his authority to vote and dispose of such Shares. Pembridge
Capital and Mr. Brog disclaim beneficial ownership of the Shares held by
Pembridge Value, except to the extent of their pecuniary interest therein.
Currently, neither Mr. Ajdler nor Mr. Jones beneficially own any
Shares.
---------------------- ----------------------
CUSIP No. 890786106 13D Page 16 of 26 Pages
---------------------- ----------------------
(b) By virtue of his position with Crescendo Investments II, Mr.
Rosenfeld has the sole power to vote and dispose of the Shares beneficially
owned by Crescendo Partners II reported in this Schedule 13D. By virtue of his
position with Crescendo Advisors, Mr. Rosenfeld has the sole power to vote and
dispose of the Shares beneficially owned by Crescendo Advisors reported in this
Schedule 13D.
By virtue of his position with Pembridge Value, Mr. Brog has the sole
power to vote and dispose of the Shares beneficially owned by Pembridge Value
reported in this Schedule 13D.
(c) Schedule A annexed hereto lists all transactions in the Shares
during the past sixty days by the Reporting Persons. All of such transactions
were effected in the open market.
(d) No person other than the Reporting Persons is known to have the
right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Shares.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
On May 19, 2006, Crescendo Partners II, Crescendo Investments II,
Crescendo Advisors, Eric Rosenfeld, Pembridge Value, Pembridge Capital, Timothy
E. Brog, Arnaud Ajdler, John J. Jones and the Committee (collectively, the
"Group") entered into a Joint Filing and Solicitation Agreement in which, among
other things, the parties agreed to the joint filing on behalf of each of them
of statements on Schedule 13D with respect to the securities of the Issuer. A
copy of this agreement is attached hereto as Exhibit 1 and is incorporated
herein by reference.
Pursuant to a letter agreement dated May 1, 2006, Pembridge Value and
Crescendo Partners II have agreed to share certain expenses relating to the
proxy contest at the Annual Meeting. The percentage of the expenses to be paid
by Pembridge Value is based upon the number of Shares owned by Pembridge Value
divided by the aggregate number of Shares owned by Pembridge Value and Crescendo
Partners II, plus fifteen percent. The percentage of the expenses to be paid by
Crescendo Partners II is based upon the number of Shares owned by Crescendo
Partners II divided by the aggregate number of Shares owned by Pembridge Value
and Crescendo Partners II, minus fifteen percent. Legal fees and expenses
related to the preparation of the proxy statement and solicitation of votes at
Annual Meeting shall be paid by Crescendo Partners II. Pembridge Value and
Crescendo Partners II have further agreed not to sell any Shares of the Issuer
prior to the Annual Meeting without the consent of the other party. The parties
agreed to form the Committee for the purpose of soliciting proxies or written
consents for the election of their slate of directors at the Annual Meeting. The
parties also agreed that any SEC filing, press release or stockholder
communication proposed to be made or issued by the Committee shall be first
approved by the parties.
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CUSIP No. 890786106 13D Page 17 of 26 Pages
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Other than as described herein, there are no contracts, arrangements,
understandings or relationships among the Reporting Persons, or between the
Reporting Persons and any other person, with respect to the securities of the
Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing and Solicitation Agreement by and among Crescendo
Partners II, L.P., Series Y, Crescendo Investments II, LLC,
Crescendo Advisors LLC, Eric Rosenfeld, Pembridge Value
Opportunity Fund LP, Pembridge Capital Management LLC, Timothy E.
Brog, Arnaud Ajdler and John J. Jones, dated May 19, 2006.
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CUSIP No. 890786106 13D Page 18 of 26 Pages
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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: May 19, 2006 CRESCENDO PARTNERS II, L.P., SERIES Y
By: Crescendo Investments II, LLC
General Partner
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Managing Member
CRESCENDO INVESTMENTS II, LLC
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Managing Member
CRESCENDO ADVISORS LLC
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Managing Member
/s/ Eric Rosenfeld
--------------------------------------------
ERIC ROSENFELD
PEMBRIDGE VALUE OPPORTUNITY FUND LP
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Portfolio Manager
PEMBRIDGE CAPITAL MANAGEMENT LLC
By: /s/ Timothy E. Brog
----------------------------------------
Name: Timothy E. Brog
Title: President
/s/ Timothy E. Brog
--------------------------------------------
TIMOTHY E. BROG
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CUSIP No. 890786106 13D Page 19 of 26 Pages
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/s/ Arnaud Ajdler
--------------------------------------------
ARNAUD AJDLER
/s/ John J. Jones
--------------------------------------------
JOHN J. JONES
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CUSIP No. 890786106 13D Page 20 of 26 Pages
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SCHEDULE A
Transactions in the Shares During the Past 60 Days
--------------------------------------------------
Shares of Common Stock Price Per Date of
Purchased/(sold) Share ($) Purchase / Sale
---------------- --------- ---------------
CRESCENDO PARTNERS II, L.P., SERIES Y
645,000 8.7468 4/27/06
66,000 8.7841 4/28/06
156,800 8.8366 5/01/06
114,000 8.9698 5/02/06
98,600 8.9940 5/03/06
311,100 8.9923 5/4/06
5,400 9.0014 5/5/06
33,000 9.0000 5/8/06
85,000 8.9966 5/9/06
105,700 9.1092 5/10/06
28,500 9.0477 5/11/06
65,100 8.9617 5/12/06
43,400 9.0151 5/15/06
103,200 8.9948 5/16/06
63,100 8.7466 5/17/06
30,000 8.8260 5/18/06
CRESCENDO INVESTMENTS II, LLC
None
CRESCENDO ADVISORS LLC
100 8.5200 4/25/06
ERIC ROSENFELD
100 8.5200 4/25/06
PEMBRIDGE VALUE OPPORTUNITY FUND LP
5,943 8.0557 3/13/06
7,000 8.0029 3/14/06
5,800 8.3703 3/15/06
(11,656) 8.2341 3/15/06
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CUSIP No. 890786106 13D Page 21 of 26 Pages
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7,800 8.4197 3/22/06
(5,800) 8.5700 3/22/06
(2,250) 8.6504 3/29/06
4,842 8.4400 3/30/06
(17,946) 9.2237 4/03/06
3,000 8.7600 4/06/06
4,300 8.7317 4/07/06
45,000 8.0565 4/10/06
20,000 7.6158 4/11/06
10,700 7.7011 4/17/06
PEMBRIDGE CAPITAL MANAGEMENT LLC
None
TIMOTHY E. BROG
2,000 7.7510 4/11/06
500 8.8740 5/15/06
2,500 8.7180 5/17/06
ARNAUD AJDLER
None
JOHN J. JONES
None
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CUSIP No. 890786106 13D Page 22 of 26 Pages
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EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement by and among Crescendo Partners II, 23 to 26
L.P., Series Y, Crescendo Investments II, LLC, Crescendo
Advisors LLC, Eric Rosenfeld, Pembridge Value Opportunity
Fund LP, Pembridge Capital Management LLC, Timothy E. Brog,
Arnaud Ajdler and John J. Jones, dated May 19, 2006.
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CUSIP No. 890786106 13D Page 23 of 26 Pages
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JOINT FILING AND SOLICITATION AGREEMENT
WHEREAS, certain of the undersigned are stockholders, direct or
beneficial, of The Topps Company, Inc., a Delaware corporation (the "Company");
WHEREAS, Crescendo Partners II, L.P., Series Y, a Delaware limited
partnership ("Crescendo Partners II"), Crescendo Investments II, LLC, a Delaware
limited liability company ("Crescendo Investments II"), Crescendo Advisors LLC,
a Delaware limited liability company ("Crescendo Advisors"), Eric Rosenfeld,
Pembridge Value Opportunity Fund LP, a Delaware limited partnership ("Pembridge
Value"), Pembridge Capital Management LLC, a Delaware limited liability company
("Pembridge Capital"), Timothy E. Brog, Arnaud Ajdler and John J. Jones wish to
form a group for the purpose of (a) soliciting proxies at the Company's 2006
annual meeting of stockholders (the "Annual Meeting") to elect the Committee's
slate of director nominees, approve a non-binding proposal recommending that the
Topps Board amend the Restated Certificate of Incorporation (the "COI") to
declassify the Topps Board, approve a non-binding proposal recommending that the
Topps Board amend the COI to allow stockholders of the Company to call a special
meeting of stockholders and approve a non-binding proposal recommending that the
Topps Board amend the Restated Bylaws of the Company (the "Bylaws") to allow
stockholders holding at least 15% of the outstanding capital stock of the
Company to call a special meeting of shareholders and (b) taking all other
action necessary to achieve the foregoing.
NOW, IT IS AGREED, this 19th day of May 2006 by the parties hereto:
1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), each of the undersigned
(collectively, the "Group") agrees to the joint filing on behalf of each of them
of statements on Schedule 13D with respect to the securities of the Company to
the extent required under applicable securities laws. Each of the undersigned
agrees to the joint filing of any necessary amendments to the Schedule 13D. Each
member of the Group shall be responsible for the accuracy and completeness of
his/its own disclosure therein, and is not responsible for the accuracy and
completeness of the information concerning the other members, unless such member
knows or has reason to know that such information is inaccurate.
2. So long as this Agreement is in effect, each of the undersigned
shall provide written notice to Olshan Grundman Frome Rosenzweig & Wolosky
LLP ("Olshan") and to the other parties of (a) any of their purchases or sales
of securities of the Company or (b) any securities of the Company over which
they acquire or dispose of beneficial ownership. Notice shall be given no later
than 24 hours after each such transaction.
3. The relationship of the parties hereto shall be limited to carrying
on the business of the Group in accordance with the terms of this Agreement.
Such relationship shall be construed and deemed to be for the sole and limited
purpose of carrying on such business as described herein. Nothing herein shall
be construed to authorize any party to act as an agent for any other party, or
to create a joint venture or partnership, or to constitute an indemnification.
Nothing herein shall restrict any party's right to purchase securities of the
Company, as he/it deems appropriate, in his/its sole discretion.
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CUSIP No. 890786106 13D Page 24 of 26 Pages
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4. This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which, taken together, shall constitute but one
and the same instrument, which may be sufficiently evidenced by one counterpart.
5. In the event of any dispute arising out of the provisions of this
Agreement, the parties hereto consent and submit to the exclusive jurisdiction
of the Federal and State Courts in the State of New York.
6. Any party hereto may terminate his/its obligations under this
Agreement only after the first business day following the conclusion of the 2006
Annual Meeting.
7. Each party acknowledges that Olshan shall act as counsel for both
the Group and Crescendo Partners.
8. Each of the undersigned parties hereby agrees that this Agreement
shall be filed as an exhibit to the Schedule 13D pursuant to Rule
13d-1(k)(1)(iii) under the Exchange Act.
[REST OF PAGE INTENTIONALLY LEFT BLANK]
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CUSIP No. 890786106 13D Page 25 of 26 Pages
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.
CRESCENDO PARTNERS II, L.P., SERIES Y
By: Crescendo Investments II, LLC
General Partner
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Managing Member
CRESCENDO INVESTMENTS II, LLC
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Managing Member
CRESCENDO ADVISORS LLC
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Managing Member
/s/ Eric Rosenfeld
--------------------------------------------
ERIC ROSENFELD
PEMBRIDGE VALUE OPPORTUNITY FUND LP
By: /s/ Eric Rosenfeld
----------------------------------------
Name: Eric Rosenfeld
Title: Portfolio Manager
PEMBRIDGE CAPITAL MANAGEMENT LLC
By: /s/ Timothy E. Brog
----------------------------------------
Name: Timothy E. Brog
Title: President
/s/ Timothy E. Brog
--------------------------------------------
TIMOTHY E. BROG
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CUSIP No. 890786106 13D Page 26 of 26 Pages
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/s/ Arnaud Ajdler
--------------------------------------------
ARNAUD AJDLER
/s/ John J. Jones
--------------------------------------------
JOHN J. JONES