SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)
Audiovox Corporation
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
050757103
(CUSIP Number)
Stephen M. Davis, Esq.
Werbel & Carnelutti
A Professional Corporation
711 Fifth Avenue, New York, New York 10022, (212) 832-8300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 15, 1997
(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 13-d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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 purposes 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).
Page 1 of 10 Pages
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 050757103 Page 2 of 10 Pages
- ------------------- ------------------
===============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The SC Fundamental Value Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
591,585
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
591,585
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
591,585
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 3 of 10 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SC Fundamental Value BVI, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
313,115
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
313,115
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
313,115
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 4 of 10 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SC Fundamental Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
591,585
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
591,585
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
591,585
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 5 of 10 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gary N. Siegler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
918,200
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
918,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
918,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
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CUSIP No. 050757103 Page 6 of 10 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Siegler, Collery & Co.'s Employees' Saving & Profit Sharing Plan
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
13,500
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.06%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 7 of 10 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter M. Collery
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
918,200
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
918,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
918,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
Page 8 of 10 Pages
AMENDMENT
NO. 8
TO THE
SCHEDULE 13D
The Reporting Persons consisting of SC Fundamental Inc., The SC
Fundamental Value Fund, L.P., SC Fundamental Value BVI, Inc., Siegler, Collery
& Co.'s Employees' Saving and Profit Sharing Plan (the "Profit Plan"), Gary N.
Siegler and Peter M. Collery, hereby amend their Schedule 13D relating to the
Common Stock, par value $0.01 per share, of Audiovox Corporation, ("the
Issuer"), as set forth herein.
Item 3. Source and Amount of Funds or Other Consideration
Not Applicable.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on January 22, 1997, the Reporting
Persons, by virtue of the language of Rule 13d-3, may be deemed to own
beneficially in the aggregate the numbers and percentages of the Issuer's
Common Stock set forth opposite their names below (based upon the number of
shares of the Issuer's Common Stock that were reported to be outstanding by
the Issuer).
==============================================================================
Name Shares Percentage
- --------------------------------------------------------------------------------
SC Fundamental Inc. 591,585 2.7
- --------------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 591,585 2.7
- --------------------------------------------------------------------------------
SC Fundamental
Value BVI, Inc. 313,115 1.4
- --------------------------------------------------------------------------------
Gary N. Siegler 918,200 4.2
- --------------------------------------------------------------------------------
Peter M. Collery 918,200* 4.2
- --------------------------------------------------------------------------------
Siegler, Collery &
Co.'s Employees'
Saving and Profit
Sharing Plan 13,500 .06
================================================================================
- ----------------
* Excludes 16,500 shares of the Issuer's Common Stock owned by a charitable
organization for which Mr. Collery is a Director. Mr. Collery may be deemed
to be the beneficial owner pursuant to Rule 13d-3; however, Mr. Collery
expressly disclaims personal beneficial ownership thereof.
Page 9 of 10 Pages
(c) The following table sets forth transactions effected by the Fund
and BVI Inc., on behalf of BVI Ltd., in the last 60 days or since the last
filing, whichever is more recent. Unless otherwise noted, each of the
transactions reflects a sale by means of trades on the American Stock Exchange.
==============================================================================
BVI Inc. on
Price per behalf of BVI
Trade Date Share ($) Fund (Shares) Ltd.
- --------------------------------------------------------------------------------
01/10/97 6.940 5,750* 3,050*
- -------------------------------------------------------------------------------
01/13/97 6.603 234,420* 124,080*
- --------------------------------------------------------------------------------
01/14/97 7.048 197,990* 104,810*
- --------------------------------------------------------------------------------
01/15/97 7.941 134,560 71,240
- --------------------------------------------------------------------------------
01/15/97 8.442 4,900* 2,600*
- --------------------------------------------------------------------------------
01/16/97 7.625 2,220 1,180
- -------------------------------------------------------------------------------
01/17/97 7.500 78,990 41,810
- --------------------------------------------------------------------------------
01/20/97 7.563 73,880 39,120
- --------------------------------------------------------------------------------
01/21/97 7.502 155,525 82,350
- --------------------------------------------------------------------------------
01/22/97 8.023 65,390 34,610
- --------------------------------------------------------------------------------
* Reflects a short sale.
On January 15, 1997 Fund, BVI Inc. and Profit Plan exchanged
$11,446,000, $6,059,000, $100,000, respectively, aggregate principal amount of
convertible debentures, for 1,545,210, 817,965 and 13,500, respectively, shares
of the Issuer's Common Stock pursuant to an exchange offer conducted by the
Issuer to certain holders of convertible debentures.
In addition, on January 24, 1997, Fund and BVI, Inc. utilized an
aggregate of 443,060 and 234,540 shares of the Issuer's Common Stock,
respectively, owned by them, solely to cover short positions.
On January 24, 1997, the Reporting Persons, in the aggregate, ceased
to be the beneficial owners of five percent or more of the Issuer's Common Stock.
This Amendment No. 8 is, therefore, a final filing.
Page 10 of 10 Pages
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: January 24, 1997
SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Peter M. Collery
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, Vice President*
/s/ Gary N. Siegler
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Gary N. Siegler*
/s/ Peter M. Collery
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery*
SIEGLER, COLLERY & CO.'S EMPLOYEES' SAVING & PROFIT SHARING PLAN
By: /s/ Peter M. Collery
- -----------------------------------------------------------------
Neil H. Koffler as Attorney-in-Fact for Peter M. Collery,
Trustee
* Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and
Gary N. Siegler. The Powers of Attorney for Peter M. Collery and Gary N.
Siegler appointing Neil H. Koffler as Attorney-in-Fact were filed by the
Reporting Persons as Exhibit A to Amendment No. 5 of Schedule 13D relating to
US Facilities Corporation on August 4, 1995 and is hereby incorporated herein
by reference.89189
