UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
Fab Industries, Inc.
--------------------
(Name of Issuer)
Common Stock, $.20 par value
----------------------------
(Title of Class of Securities)
302747100
---------
(CUSIP Number)
Mr. James Mitarotonda
c/o Barington Capital Group, L.P.
888 Seventh Avenue, 17th Floor
New York, N.Y. 10019
(212) 974-5700
--------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
February 27, 2003
-----------------
(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 which 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: |_|.
Page 1 of 14 pages
Exhibit Index appears on page 8
SCHEDULE 13D
CUSIP No. 302747100
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington Companies Equity Partners, L.P. 13-4088890
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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
------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
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6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7) SOLE VOTING POWER
NUMBER OF 109,775
SHARES ----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 109,775
WITH ----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
109,775
------------------------------------------------------------------------------
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)
2.1%
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14) TYPE OF REPORTING PERSON
PN
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2
SCHEDULE 13D
CUSIP No. 302747100
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jewelcor Management, Inc. 23-2331228
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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
ITEMS 2(d) OR 2(e) |_|
------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Nevada
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7) SOLE VOTING POWER
NUMBER OF 40,525
SHARES ---------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 40,525
WITH ---------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,525
------------------------------------------------------------------------------
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 1.0%
------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
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3
SCHEDULE 13D
CUSIP No. 302747100
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RCG Ambrose Master Fund, Ltd. 98-0212993
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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
ITEMS 2(d) OR 2(e) |_|
------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7) SOLE VOTING POWER
NUMBER OF 40,525
SHARES ---------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 40,525
WITH ---------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,525
------------------------------------------------------------------------------
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 1.0%
------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
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4
SCHEDULE 13D
CUSIP No. 302747100
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ramius Securities, LLC 58-2253019
-----------------------------------------------------------------------------
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
ITEMS 2(d) OR 2(e) |_|
------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 109,325
SHARES ---------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 109,325
WITH ---------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
109,325
------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
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5
Item 1. Security and Issuer.
This Statement on Schedule 13D (the "Statement") relates to the Common
Stock, $.20 par value (the "Common Stock"), of Fab Industries, Inc., a
Delaware corporation ("Fab Industries"). The principal executive offices of
Fab Industries, Inc. are located at 200 Madison Avenue, New York, New York
10016.
Item 2. Identity and Background.
(a) - (c) This statement is being filed by Barington Companies Equity
Partners, L.P., Ramius Securities, LLC, RCG Ambrose Master Fund, Ltd., and
Jewelcor Management, Inc. (collectively, the "Reporting Entities").
Barington Companies Equity Partners, L.P. is a Delaware limited
partnership formed to engage in the business of acquiring, holding and disposing
of investments in various companies. The address of the principal business and
principal offices of Barington Companies Equity Partners, L.P. is 888 Seventh
Avenue, 17th Floor, New York, New York 10019.
The general partner of Barington Companies Equity Partners, L.P. is
Barington Companies Investors, LLC. Barington Companies Investors, LLC is a
Delaware limited liability company formed to be the general partner of Barington
Companies Equity Partners, L.P. The address of the principal business and
principal offices of Barington Companies Investors, LLC is 888 Seventh Avenue,
17th Floor, New York, New York 10019. James Mitarotonda is the managing member
of Barington Companies Investors, LLC. The business address of Mr. Mitarotonda
is c/o Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York,
New York 10019.
Jewelcor Management, Inc. is a Nevada corporation primarily involved in
investment and management services. The address of the principal business and
principal offices of Jewelcor Management, Inc. is 100 North Wilkes Barre Blvd.,
Wilkes Barre, Pennsylvania 18702. The officers and directors of Jewelcor
Management, Inc. and their principal occupations and business addresses are set
forth on Schedule I attached to this Schedule 13D.
RCG Ambrose Master Fund, Ltd. is a Cayman Islands corporation engaged in
investing in companies effecting extraordinary transactions. The address of the
principal business and principal officers of RCG Ambrose Master Fund, Ltd. is
Citco Fund Services (Cayman Islands) Ltd., Corporate Centre, West Bay Road, P.O.
Box 31106 SMB, Grand Cayman, Cayman Islands, British West Indies. The officers
and directors of RCG Ambrose Master Fund, Ltd. and their principal occupations
and business addresses are set forth on Schedule II attached to this Schedule
13D.
Ramius Securities, LLC is a Delaware limited liability company and a
registered broker-dealer. The address of the principal business and principal
offices of Ramius Securities, LLC is 666 Third Avenue, 26th Floor, New York, New
York 10017.
The Managing Member of Ramius Securities, LLC is Ramius Capital Group,
LLC. Ramius Capital Group, LLC is a Delaware limited liability company that is
engaged in money management and investment advisory services for third parties
and proprietary accounts. The
6
address of the principal business and principal offices of Ramius Capital Group,
LLC is 666 Third Avenue, 26th Floor, New York, New York 10017.
The Managing Member of Ramius Capital Group, LLC is C4S, LLC, a Delaware
limited liability company formed to be the managing member of Ramius Capital
Group, LLC. The address of the principal business and principal offices of C4S,
LLC is 666 Third Avenue, 26th Floor, New York, New York 10017. Each of Peter A.
Cohen, Morgan B. Stark and Thomas W. Strauss is a managing member of C4S, LLC.
The business address of each of Messrs. Cohen, Stark and Strauss is 666 Third
Avenue, 26th Floor, New York, New York 10017.
(d) - (e) During the last five years, none of the Reporting Entities or
any other person identified in response to this Item 2 was convicted in a
criminal proceeding (excluding traffic violations and similar misdemeanors) or
was 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.
(f) Each natural person identified in Item 2 is a citizen of the United
States.
Item 3. Source and Amount of Funds or Other Consideration.
All purchases of Common Stock by the Reporting Entities were made in the
open market and were funded by working capital, which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of business.
The amount of the funds expended by the Reporting Persons for such purchases was
$1,301,639.75 by Barington Companies Equity Partners, L.P.; $355,755.75 by
Jewelcor Management, Inc.; $355,755.75 by RCG Ambrose Master Fund, Ltd.; and
$1,324,595.75 by Ramius Securities, LLC.
Item 4. Purpose of Transaction.
Each of the Reporting Entities acquired beneficial ownership of the shares
of Common Stock to which this Statement relates for investment purposes and to
obtain a significant equity interest in Fab Industries.
Each of the Reporting Entities may acquire additional shares or other
securities of Fab Industries or sell or otherwise dispose of any or all of the
shares or other securities of Fab Industries beneficially owned by it. The
Reporting Entities may take any other action with respect to the Company or any
of its debt or equity securities in any manner permitted by law.
Except as set forth in this Item 4, none of the Reporting Entities have
any present plans or proposals that relate to or would result in any of the
actions specified in clauses (a) through (j) of the instructions to Item 4 of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, the Reporting Entities own an aggregate of
300,150 shares of Common Stock, representing approximately 5.8% of the
outstanding shares of Common Stock
7
based upon the 5,238,015 shares of Common Stock reported by Fab Industries to be
issued and outstanding as of February 11, 2003 in its Annual Report on Form 10-K
for the year ended November 30, 2002.
As of the date hereof, Barington Company Equities Partners, L.P.
beneficially owns an aggregate of 109,775 shares of Common Stock, representing
approximately 2.1% of the outstanding shares of Common Stock.
As of the date hereof, Jewelcor Management, Inc. beneficially owns an
aggregate of 40,525 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
As of the date hereof, RCG Ambrose Master Trust, Ltd. beneficially owns
an aggregate of 40,525 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
As of the date hereof, Ramius Securities, LLC beneficially owns an
aggregate of 109,325 shares of Common Stock, representing approximately 2.1% of
the outstanding shares of Common Stock.
(b) As of the date hereof, each of the Reporting Entities has sole
voting and dispositive power over the shares of Common Stock beneficially owned
by such Reporting Entity.
(c) Except as set forth above or in the attached Schedule III, no person
identified in Item 2 hereof has effected any transaction in shares of such
Common Stock during the 60 days preceding the date hereof.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Not Applicable.
Item 7. Material to be Filed as Exhibits.
Exhibit No. Description
---------- -------------
1. Agreement of Joint Filing among Barington Companies Equity Partners,
L.P., Jewelcor Management, Inc., RCG Ambrose Master Fund, Ltd., and
Ramius Securities, LLC dated March 7, 2003.
8
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Schedule 13D is true, complete and correct.
Dated: March 7, 2003
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
By Barington Companies Investors, LLC, its
general partner
By /s/ Ronald Gross
----------------------------
Name: Ronald Gross
Title: Executive Vice President
JEWELCOR MANAGEMENT, INC.
By /s/ Richard Huffsmith
----------------------------
Name: Richard Huffsmith
Title: Vice President and General Counsel
RCG AMBROSE MASTER FUND, LTD.
By /s/ Morgan B. Stark
----------------------------
Name: Morgan B. Stark
Title: Investment Manager
RAMIUS SECURITIES, LLC
By Ramius Capital Group, LLC, its managing member
By /s/ Morgan B. Stark
---------------------------
Name: Morgan B. Stark
Title: Managing Member
9
SCHEDULE I
Directors and Officers of Jewelcor Management, Inc.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Seymour Holtzman, Chairman and Chief 100 North Wilkes Barre Blvd.
Chairman Executive Officer, Wilkes Barre, Pennsylvania 18702
Jewelcor Management, Inc.
Richard Huffsmith, Vice Vice President/General 100 North Wilkes Barre Blvd.
President/General Counsel Counsel Wilkes Barre, Pennsylvania 18702
Maria Sciandra, Corporate Corporate Secretary 100 North Wilkes Barre Blvd.
Secretary and Director Wilkes Barre, Pennsylvania 18702
Joseph Litchman, Vice Vice President/Treasurer 100 North Wilkes Barre Blvd.
President/Treasurer and Wilkes Barre, Pennsylvania 18702
Director
10
SCHEDULE II
Directors and Officers of RCG Ambrose Master Fund, Ltd.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
CFS Company Ltd, Nominee Company P.O. Box 31106 SMB
Director Grand Cayman, Cayman Islands
Marran H. Ogilvie, General Counsel, 666 Third Avenue, 26th Floor
Director Ramius Capital Group, LLC New York, NY 10017
Andrew M. Strober, Chief Financial Officer, 666 Third Avenue, 26th Floor
Director Ramius Capital Group, LLC New York, NY 10017
CSS Corporation, Ltd., Nominee Company 666 Third Avenue, 26th Floor
Secretary New York, NY 10017
11
SCHEDULE III
Shares purchased by Barington Companies Equity Partners, L.P.
Date Number of Shares Price per Share Cost(1)
---- ---------------- --------------- -------
3/5/01 100 $11.50 $1,150.00
3/6/01 1,500 $11.80 $17,700.00
3/6/01 100 $11.72 $1,172.00
3/7/01 250 $11.80 $2,950.00
3/13/01 750 $12.25 $9,187.50
4/5/01 1,000 $13.75 $13,750.00
4/11/01 2,000 $13.50 $27,000.00
4/11/01 2,000 $13.73 $27,460.00
4/12/01 2,250 $13.65 $30,712.50
4/25/01 300 $12.99 $3,897.00
4/30/01 2,000 $12.75 $25,500.00
4/30/01 2,000 $12.85 $25,700.00
5/29/01 500 $13.99 $6,995.00
6/1/01 500 $14.00 $7,000.00
6/6/01 300 $14.10 $4,230.00
6/6/01 800 $14.05 $11,240.00
6/8/01 3,500 $14.00 $49,000.00
6/20/01 1,500 $14.00 $21,000.00
6/20/01 500 $13.95 $6,975.00
6/26/01 12,500 $13.80 $172,500.00
6/27/01 31,500 $13.80 $434,700.00
7/25/01 1,000 $13.80 $13,800.00
8/7/01 1,000 $13.80 $13,800.00
10/19/01 500 $13.80 $6,900.00
11/19/01 900 $12.85 $11,565.00
2/11/03 625 $8.70 $5,437.50
2/27/03 39,775 $8.78 $349,224.50
2/28/03 125 $8.75 $1,093.75
--------------------
1 Excludes commissions and other execution-related costs.
12
Shares purchased by Jewelcor Management, Inc.
Date Number of Shares Price per Share Cost(2)
---- ---------------- --------------- -------
2/11/03 625 $8.70 $5,437.50
2/27/03 39,775 $8.78 $349,224.50
2/28/03 125 $8.75 $1,093.75
Shares purchased by RCG Ambrose Master Trust, Ltd.
Date Number of Shares Price per Share Cost(3)
---- ---------------- --------------- ------
2/11/03 625 $8.70 $5,437.50
2/27/03 39,775 $8.78 $349,224.50
2/28/03 125 $8.75 $1,093.75
Shares purchased by Ramius Securities LLC
Date Number of Shares Price per Share Cost(4)
---- ---------------- --------------- -------
3/6/01 1,250 $11.80 $17,700.00
3/6/01 100 $11.72 $1,172.00
3/7/01 250 $11.80 $2,950.00
3/13/01 750 $12.25 $9,187.50
4/5/01 1,000 $13.75 $13,750.00
4/11/01 2,000 $13.50 $27,000.00
4/11/01 2,000 $13.73 $27,460.00
4/12/01 2,250 $13.65 $30,712.50
4/30/01 2,000 $12.85 $25,700.00
5/31/01 500 $14.00 $7,000.00
6/1/01 500 $14.00 $7,000.00
6/6/01 300 $14.10 $4,230.00
6/8/01 3,500 $14.00 $49,000.00
6/14/01 200 $13.90 $2,780.00
6/20/01 1,500 $14.00 $21,000.00
6/25/01 400 $13.80 $5,520.00
6/26/01 12,400 $13.80 $171,120.00
6/27/01 31,400 $13.80 $433,320.00
8/13/01 500 $13.80 $6,900.00
12/7/01 6,000 18.05 $108,288.00
2/11/03 625 $8.70 $5,437.50
2/27/03 39,775 $8.78 $349,224.50
2/28/03 125 $8.75 $1,093.75
-------------------
2 Excludes commissions and other execution-related costs.
3 Excludes commissions and other execution-related costs.
4 Excludes commissions and other execution-related costs.
13
EXHIBIT 1
Agreement of Joint Filing
Pursuant to 13d-1(f) promulgated under the Securities Exchange Act
of 1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission the Statement on Schedule 13D (the "Schedule
13D") to which this Agreement is attached as an exhibit, and agree that such
Schedule 13D, as so filed, is filed on behalf of each of them.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: March 7, 2003
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
By Barington Companies Investors, LLC, its general
partner
By /s/ Ronald Gross
-------------------------------
Name: Ronald Gross
Title: Executive Vice President
JEWELCOR MANAGEMENT, INC.
By /s/ Richard Huffsmith
-------------------------------
Name: Richard Huffsmith
Title: Vice President and General Counsel
RCG AMBROSE MASTER FUND, LTD.
By /s/ Morgan B. Stark
-------------------------------
Name: Morgan B. Stark
Title: Investment Manager
RAMIUS SECURITIES, LLC
By Ramius Capital Group, LLC, its managing member
By /s/ Morgan B. Stark
-------------------------------
Name: Morgan B. Stark
Title: Managing Member
14