SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)
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)
October 18, 1996
(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 11 Pages
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 050757103 Page 2 of 11 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
954,012 (constitutes 954,012 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
954,012 (constitutes 954,012 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
954,012 (constitutes 954,012 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 3 of 11 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
505,311 (constitutes 505,311 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
505,311 (constitutes 505,311 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
505,311 (constitutes 505,311 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 4 of 11 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
954,012 (constitutes 954,012 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
954,012 (constitutes 954,012 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
954,012 (constitutes 954,012 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 5 of 11 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
1,464,972 (constitutes 1,464,972 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,464,972 (constitutes 1,464,972 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,464,972 (constitutes 1,464,972 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 6 of 11 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
5,649 (Includes 5,649 shares of underlying convertible debentures.)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,649 (Includes 5,649 shares of underlying convertible debentures.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,649 (Includes 5,649 shares of underlying convertible debentures.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.08%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 050757103 Page 7 of 11 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
1,464,972 (constitutes 1,464,972 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,464,972 (constitutes 1,464,972 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,464,972 (constitutes 1,464,972 shares of underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
Page 8 of 11 Pages
AMENDMENT
No. 5
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, 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 October 18, 1996, the Reporting
Persons, by virtue of the language of Rule 13d-3, may be deemed to own
beneficially in the aggregate the number and percentage 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 in the Issuer's
Form 10-Q as of September 30, 1996).
Page 9 of 11 Pages
==============================================================================
==
Name Shares Percentage
- --------------------------------------------------------------------------------
SC Fundamental Inc. 954,012 11.7
- --------------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 954,012 11.7
- --------------------------------------------------------------------------------
SC Fundamental
Value BVI, Inc. 505,311 6.5
- --------------------------------------------------------------------------------
Gary N. Siegler 1,464,972 16.8
- --------------------------------------------------------------------------------
Peter M. Collery 1,464,972* 16.8
- --------------------------------------------------------------------------------
Siegler, Collery &
Co.'s Employees'
Saving and Profit
Sharing Plan 5,649 .08%
================================================================================
(c) The following table sets forth transactions effected by the Fund,
and by BVI Inc. on behalf of BVI Ltd. in the last 60 days. Unless otherwise
noted, each of the transactions reflects a sale by means of trades on the
American Stock Exchange.
- ----------------
* Excludes 5,649 shares of underlying debentures of which, pursuant to a power
of attorney granted by a charitable organization for which Mr. Collery acts
as a Trustee, 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 10 of 11 Pages
Price Per
Debentures ($)
as Expressed BVI Inc, on
as a Percentage Behalf of BVI
Trade Date of Par Fund (Shares)(1) BVI, Ltd. (Shares) (1)
10/18/96 83 55,367 29,379
- -------------------
(1) Reflects shares into which debentures are presently convertible.
Page 11 of 11 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: October 23, 1996
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.
Page 11 of 11 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: October 23, 1996
SC FUNDAMENTAL INC.
By:
- ---------------------------------------
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:
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By:
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, Vice President*
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Gary N. Siegler*
- ---------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery*
SIEGLER, COLLERY & CO.'S EMPLOYEES' SAVING & PROFIT SHARING PLAN
By:
- -----------------------------------------------------------------
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 Gay 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.83621
