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)
Reunion Industries, Inc.
------------------------
(Name of Issuer)
Common Stock, $.01 Par Value
----------------------------
(Title of Class of Securities)
761312 10 7
-----------
(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)
October 26, 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 /X/.
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 36 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. 761312 10 7 13D Page 2 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WEBFINANCIAL CORPORATION
--------------------------------------------------------------------------------
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 779,420
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
779,420
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
779,420
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 3 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS II, L.P.
--------------------------------------------------------------------------------
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 779,420
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
779,420
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
779,420
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 4 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS, L.L.C.
--------------------------------------------------------------------------------
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 779,420
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
779,420
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
779,420
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 5 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WARREN G. LICHTENSTEIN
--------------------------------------------------------------------------------
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 779,420
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
779,420
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
779,420
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 6 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JACK L. HOWARD
--------------------------------------------------------------------------------
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 58,900
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
58,900
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
58,900
--------------------------------------------------------------------------------
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. 761312 10 7 13D Page 7 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
J.L. HOWARD, INC.
--------------------------------------------------------------------------------
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
NEW YORK
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 14,300
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
14,300
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
14,300
--------------------------------------------------------------------------------
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*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 8 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LC CAPITAL MASTER FUND, LTD.
--------------------------------------------------------------------------------
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
CAYMAN ISLANDS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 9 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LC CAPITAL PARTNERS, LP
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN, HC
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 10 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LC CAPITAL SPV, LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO, HC
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 11 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LC CAPITAL OFFSHORE FUND, LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO, HC
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 12 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LC CAPITAL ADVISORS LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO, HC
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 13 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LAMPE, CONWAY & CO., LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 14 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LC CAPITAL INTERNATIONAL LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
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 - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO, IA
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 15 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEVEN G. LAMPE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, 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 55,000
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
55,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,974,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 16 of 36 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RICHARD F. CONWAY
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
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 1,919,055
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,919,055
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,919,055
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 17 of 36 Pages
---------------------- ----------------------
The following constitutes the Schedule 13D filed by WebFinancial
Corporation, Steel Partners II, L.P., Steel Partners, L.L.C., Warren G.
Lichtenstein, Jack L. Howard and J.L. Howard, Inc. (collectively, the "Steel
Parties") and LC Capital Master Fund, Ltd., LC Capital Partners, LP, LC Capital
SPV, Ltd., LC Capital Offshore Fund, Ltd., LC Capital Advisors LLC, Lampe,
Conway & Co., LLC, LC Capital International LLC, Steven G. Lampe and Richard F.
Conway (collectively, the "LC Parties") with the Securities and Exchange
Commission. Certain of the LC Parties had previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
and the LC Parties are filing this Schedule 13D pursuant to Rule 13d-1(e) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). This Schedule
13D is being filed to report a change in the investment intent of the LC Parties
and the formation of a group by the LC Parties and the Steel Parties.
The Reporting Persons (as defined in Item 2) have formed a group for
purposes of Section 13(d)(3) and Rule 13d-5(b)(1) of the Exchange Act. In the
aggregate, the Reporting Persons may be deemed to own beneficially 2,812,375
Shares (as defined in Item 1), constituting approximately 14.6% of the Shares
outstanding. The filing of this Schedule 13D and any future amendments by the
Reporting Persons, and the inclusion of information herein and therein, shall
not be considered an admission that any of such persons, for the purpose of
Section 13(d) of the Exchange Act, or otherwise, are the beneficial owners of
any Shares in which such persons do not have a pecuniary interest. Furthermore,
the Steel Parties specifically disclaim beneficial ownership of the Shares owned
by the LC Parties and the LC Parties specifically disclaim beneficial ownership
of the Shares owned by the Steel Parties.
Item 1. SECURITY AND ISSUER.
This statement relates to shares of the Common Stock, par
value $.01 (the "Shares"), of Reunion Industries, Inc. (the "Issuer"). The
address of the principal executive offices of the Issuer is 11 Stanwix Street,
Suite 1400, Pittsburgh, Pennsylvania 15222.
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by WebFinancial Corporation, a
Delaware corporation ("WebFinancial"), Steel Partners II, L.P., a Delaware
limited partnership ("Steel Partners II"), Steel Partners, L.L.C., a Delaware
limited liability company ("Partners LLC"), Warren G. Lichtenstein, Jack L.
Howard, J.L. Howard, Inc., a New York corporation ("J.L. Howard"), LC Capital
Master Fund, Ltd., a Cayman Islands exempted company ("LC Master Fund"), LC
Capital Partners, LP, a Delaware limited partnership ("LC Partners"), LC Capital
SPV, Ltd., a Cayman Islands exempted company ("LC SPV"), LC Capital Offshore
Fund, Ltd., a Cayman Islands exempted company ("LC Offshore Fund"), LC Capital
Advisors LLC, a Delaware limited liability company ("LC Advisors"), Lampe,
Conway & Co., LLC, a Delaware limited liability company ("LC&C"), LC Capital
International LLC, a Delaware limited liability company ("LC International"),
Steven G. Lampe and Richard F. Conway. Each of the foregoing is referred to as a
"Reporting Person" and collectively as the "Reporting Persons."
WebFinancial is a holding company that may be deemed
controlled by Steel Partners II by virtue of Steel Partners II's ownership of
approximately 75% of the outstanding capital stock of WebFinancial. Set forth in
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 18 of 36 Pages
---------------------- ----------------------
Schedule A annexed hereto is the name and present principal occupation or
employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted, of each of
WebFinancial's directors and executive officers, as of the date hereof.
Partners LLC is the general partner of Steel Partners II. The
sole executive officer and managing member of Partners LLC is Warren G.
Lichtenstein, who is Chairman of the Board, Chief Executive Officer and
Secretary. Accordingly, Partners LLC and Mr. Lichtenstein may be deemed to have
a beneficial interest in the Shares owned by Steel Partners II. Each of Partners
LLC and Mr. Lichtenstein disclaims beneficial ownership of the Shares owned by
Steel Partners II except to the extent of their respective pecuniary interests
therein.
J.L. Howard is a family-owned investment company controlled by
Jack Howard. Mr. Howard is the sole director and Chairman of the Board,
President and Chief Financial Officer of J.L. Howard. Mr. Howard may be deemed
to have a beneficial interest in the Shares owned by J.L. Howard. Mr. Howard
disclaims beneficial ownership of the Shares owned by J.L. Howard except to the
extent of his pecuniary interest therein.
Each of LC Partners and LC SPV may be deemed to control LC
Master Fund by virtue of their ownership of the outstanding shares of LC Master
Fund. LC Offshore Fund may also be deemed to control LC Master Fund by virtue of
its ownership of the outstanding shares of LC SPV. Accordingly, each of LC
Partners, LC SPV and LC Offshore Fund may be deemed to have a beneficial
interest in the Shares owned by LC Master Fund. In addition, since LC Advisors
is the sole general partner of LC Partners, LC Advisors may also be deemed to
have a beneficial interest in the Shares owned by LC Master Fund. Each of LC
Partners, LC SPV, LC Offshore Fund and LC Advisors disclaims beneficial
ownership of the Shares owned by LC Master Fund except to the extent of their
respective pecuniary interests therein. Set forth in Schedule A annexed hereto
is the name and present principal occupation or employment and the name,
principal business and address of any corporation or other organization in which
such employment is conducted, of the directors and executive officers of each of
LC Master Fund, LC SPV and LC Offshore Fund, as of the date hereof.
LC&C acts as investment manager to LC Partners, LC Offshore
Fund and LC Master Fund pursuant to certain investment management agreements.
Since LC&C shares voting and dispositive power over the Shares owned by LC
Master Fund by virtue of the aforementioned investment management agreements,
LC&C may be deemed to have a beneficial interest in the Shares owned by LC
Master Fund. LC&C disclaims beneficial ownership of the Shares owned by LC
Master Fund except to the extent of its pecuniary interest therein.
LC International acts as investment advisor to LC Master Fund
and LC Offshore Fund pursuant to investment advisory agreements. Since LC
International shares voting and dispositive power over the Shares owned by LC
Master Fund by virtue of the aforementioned investment advisory agreements, LC
International may be deemed to have a beneficial interest in the Shares owned by
LC Master Fund. LC International disclaims beneficial ownership of the Shares
owned by LC Master Fund except to the extent of its pecuniary interest therein.
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 19 of 36 Pages
---------------------- ----------------------
Steven G. Lampe and Richard F. Conway act as the sole managing
members of each of LC Advisors, LC&C and LC International and each of Mr. Lampe
and Mr. Conway may be deemed to control each such entity. Accordingly, each of
Mr. Lampe and Mr. Conway may be deemed to have a beneficial interest in the
Shares owned by LC Master Fund by virtue of LC Advisors' indirect deemed control
of LC Master Fund, LC&C's power to vote and/or dispose of the Shares owned by LC
Master Fund and LC International's power to vote and/or dispose of the Shares
owned by LC Master Fund. Each of Mr. Lampe and Mr. Conway disclaims beneficial
ownership of the Shares owned by LC Master Fund except to the extent of their
respective pecuniary interests therein.
(b) The principal business address of each of the Steel
Parties is 590 Madison Avenue, 32nd Floor, New York, New York 10022.
The principal business address of each of the LC Parties,
other than LC Master Fund, LC SPV and LC Offshore Fund, is 680 Fifth Avenue,
Suite 1202, New York, New York 10019. The principal business address of LC
Master Fund, LC SPV and LC Offshore Fund is Queensgate House, South Church
Street, Georgetown, South Church Street, Cayman Islands.
(c) The principal business of WebFinancial is specialty
banking and finance. The principal business of Steel Partners II is investing in
the securities of small cap companies. The principal business of Partners LLC is
acting as the general partner of Steel Partners II. The principal occupation of
Mr. Lichtenstein is investing in the securities of small cap companies. The
principal occupation of Jack Howard is serving as a principal of Mutual
Securities, Inc., a registered broker dealer, and as the Vice Chairman and a
Vice President of Steel Partners, Ltd., a management and advisory company that
provides management services to Steel Partners II and its affiliates. The
principal business of J.L. Howard is investing in securities.
The principal business of LC Master Fund is investing in
securities. LC Partners is an investment partnership. The principal business of
LC SPV is serving as an investment advisor to LC Offshore Fund. The principal
business of LC Offshore Fund is investing in securities. The principal business
of LC Advisors is serving as an investment advisor to LC Master Fund. The
principal business of LC&C is providing investment advice. The principal
business of LC International is serving as investment advisor to LC Master Fund.
The principal occupation of Mr. Lampe and Mr. Conway is investment management.
(d) Neither the Reporting Persons nor any person listed in
Schedule A annexed hereto has, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) Neither the Reporting Persons nor any person listed in
Schedule A annexed hereto 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.
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 20 of 36 Pages
---------------------- ----------------------
(f) Messrs. Lichtenstein, Howard, Lampe and Conway are
citizens of the United States of America.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the 779,420 Shares owned
directly by WebFinancial is $7,794.20. These Shares were issued to WebFinancial
upon exercise of warrants previously issued to WebFinancial in connection with
loan arrangements with the Issuer as discussed in further detail in Item 6 and
in accordance with the anti-dilution provisions of warrants issued in connection
with the aforementioned loan arrangements. These Shares were acquired by
WebFinancial with its working capital.
The aggregate purchase price of the 44,600 Shares owned by
Jack Howard is $7,587. The Shares owned by Mr. Howard were purchased with his
personal funds. The aggregate purchase price of the 14,300 Shares owned by J.L.
Howard is $3,236. The Shares owned by J.L. Howard were purchased with its
working capital.
The aggregate purchase price of the 93,000 Shares owned
directly by LC Master Fund is approximately $41,655. The Shares owned directly
by LC Master Fund were acquired with its working capital. The warrants currently
owned by LC Master Fund that are exercisable into an aggregate of 1,826,055
Shares were issued to LC Master Fund either in connection with loan arrangements
with the Issuer as discussed in further detail in Item 6 or in accordance with
the anti-dilution provisions of warrants issued in connection with the
aforementioned loan arrangements. The aggregate purchase price of the 55,000
Shares owned directly by Steven G. Lampe is $68,980. The 55,000 Shares owned
directly by Mr. Lampe were purchased with personal funds.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons purchased their respective securities of
the Issuer for investment purposes. Depending upon overall market conditions,
other investment opportunities available to the Reporting Persons, and the
availability of securities of the Issuer at prices that would make the purchase
of such securities desirable, the Reporting Persons may endeavor to increase
their position in the Issuer through, among other things, open market or private
transactions or otherwise, on such terms and at such times as the Reporting
Persons may deem advisable.
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 herein or such as would occur
upon completion of any of the actions discussed above. The Reporting Persons
intend to review their respective investments in the Issuer on a continuing
basis and engage in discussions with management and the Board of Directors of
the Issuer concerning the business, operations and future plans of the Issuer
with a view towards protecting their investments in the Issuer. Depending on
various factors including, without limitation, the Issuer's financial position
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 21 of 36 Pages
---------------------- ----------------------
and investment strategy, conditions in the securities markets and general
economic and industry conditions, the Reporting Persons may in the future take
such actions, independently or in concert with one another, with respect to
their respective investments in the Issuer as they deem appropriate including,
without limitation, making an offer to acquire the Issuer, forming an ad hoc
committee of noteholders, delivering a notice of default or acceleration in
connection with their notes, commencing an involuntary bankruptcy proceeding
against the Issuer, moving for the appointment of a receiver, trustee, examiner
or the like, making proposals to the Issuer concerning changes to the
capitalization, ownership structure or operations of the Issuer, purchasing
additional debt and/or equity securities of the Issuer, selling some or all of
their securities of the Issuer, engaging in short selling of or any hedging or
similar transaction with respect to the securities of the Issuer or changing
their 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 17,419,019 Shares outstanding, which is the
total number of Shares outstanding as reported in the Issuer's Quarterly Report
on Form 10-Q for the quarter ended June 30, 2006, as filed with the Securities
and Exchange Commission on August 11, 2006. The Shares issuable upon exercise of
the warrants owned by LC Master Fund are also deemed to be outstanding for the
purpose of computing its percentage ownership of the Shares.
As of the close of business on October 25, 2006, WebFinancial
beneficially owned 779,420 Shares, constituting approximately 4.5% of the Shares
outstanding. By virtue of their relationships with WebFinancial discussed in
Item 2 above, each of Steel Partners II, Partners LLC and Warren Lichtenstein
may be deemed to beneficially own the 779,420 Shares owned by WebFinancial.
As of the close of business on October 25, 2006, Jack Howard
beneficially owned 58,900 Shares, constituting less than 1% of the Shares
outstanding. The 58,900 Shares beneficially owned by Mr. Howard consist of
44,600 Shares owned by Mr. Howard and 14,300 Shares owned by J.L. Howard. By
virtue of his relationship with J.L. Howard discussed in Item 2 above, Mr.
Howard may be deemed to beneficially own the 14,300 Shares owned by J.L. Howard.
As of the close of business on October 25, 2006, LC Master
Fund beneficially owned 1,919,055 Shares, constituting approximately 10.0% of
the Shares outstanding. The 1,919,055 Shares beneficially owned by LC Master
Fund consist of 93,000 Shares held directly by LC Master Fund and an aggregate
of 1,826,055 Shares issuable upon exercise of currently exercisable warrants
that were issued to LC Master Fund either in connection with loan arrangements
with the Issuer as discussed in further detail in Item 6 or in accordance with
the anti-dilution provisions of warrants issued in connection with the
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 22 of 36 Pages
---------------------- ----------------------
aforementioned loan arrangements. By virtue of their relationships with LC
Master Fund discussed in Item 2 above, each of LC Partners, LC SPV, LC Offshore
Fund, LC Advisors, LC&C, LC International, Steven G. Lampe and Richard F. Conway
may be deemed to beneficially own the 1,919,055 Shares owned by LC Master Fund.
Mr. Lampe directly owns 55,000 Shares which, together with the 1,919,055 Shares
owned by LC Master Fund, constitutes approximately 10.3% of the Shares
outstanding. Each of the other LC Parties specifically disclaims beneficial
ownership of such Shares directly held by Mr. Lampe.
The Reporting Persons have formed a group for purposes of
Section 13(d)(3) and Rule 13d-5(b)(1) of the Exchange Act. In the aggregate, the
Reporting Persons may be deemed to own beneficially 2,812,375 Shares,
constituting approximately 14.6% of the Shares outstanding. The filing of this
Schedule 13D and any future amendments by the Reporting Persons, and the
inclusion of information herein and therein, shall not be considered an
admission that any of such persons, for the purpose of Section 13(d) of the
Exchange Act, or otherwise, are the beneficial owners of any Shares in which
such persons do not have a pecuniary interest. Furthermore, the Steel Parties
specifically disclaim beneficial ownership of the Shares owned by the LC Parties
and the LC Parties specifically disclaim beneficial ownership of the Shares
owned by the Steel Parties.
(b) By virtue of their relationships with WebFinancial
discussed in Item 2 above, Steel Partners II, Partners LLC and Warren
Lichtenstein each has the sole power to vote and dispose of the Shares owned by
WebFinancial.
By virtue of his relationship with J.L. Howard discussed in
Item 2 above, Jack Howard has the sole power to vote and dispose of the Shares
owned by J.L. Howard.
By virtue of their relationships with LC Master Fund discussed
in Item 2 above, LC Partners, LC SPV, LC Offshore Fund, LC Advisors, LC&C, LC
International, Steven G. Lampe and Richard F. Conway each has shared power to
vote and dispose of the Shares owned by LC Master Fund. Mr. Lampe has the sole
power to vote and dispose of the 55,000 Shares he directly owns.
(c) There were no transactions in the Shares by the Reporting
Persons or any person named in Schedule A annexed hereto during the past sixty
days, other than the transfer on September 18, 2006 of 5,000 Shares from a joint
account maintained by Steven G. Lampe and his spouse to a personal account
maintained by Mr. Lampe.
(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.
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 23 of 36 Pages
---------------------- ----------------------
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
WebFinancial and LC Master Fund have entered into loan
arrangements with the Issuer and received warrants to purchase Shares in
connection therewith, as described in further detail below:
PARTICIPATION INTERESTS IN WACHOVIA LOAN FACILITY
LC Master Fund has a junior participation interest in the
aggregate amount of $6.1 million in the Issuer's loan facility
with Wachovia Bank, National Association. LC Master Fund sold
a 50% interest, or an aggregate of $3,050,000, in this junior
participation interest to WebFinancial.
13% SENIOR NOTES
LC Master Fund owns $8,530,544 principal amount of the
Issuer's 13% Senior Notes.
WebFinancial owns $7,300,304 principal amount of the Issuer's
13% Senior Notes. 13% Senior Notes in the aggregate principal
amount of $6,886,704 were purchased by WebFinancial from LC
Master Fund on August 11, 2006.
PRIVATE CAPITAL FUND FINANCING
The Issuer borrowed an aggregate of $3.5 million from LC
Master Fund by executing a senior subordinated secured
promissory note due December 5, 2006 bearing interest at 10%
per annum.
WARRANTS
In connection with the foregoing loan arrangements, the Issuer
issued to LC Master Fund warrants to purchase an aggregate of
1,826,055 Shares (including adjustments to give effect to
anti-dilution provisions of such warrants), at an exercise
price of $.01 per Share. Under the terms of one of the
warrants issued by the Issuer to LC Master Fund, the Issuer
granted LC Master Fund the right to designate one person to be
a non-voting board observer to the Issuer's Board of
Directors, and not a director, for so long as LC Master Fund
holds that warrant, any substitute or replacement thereof, or
any Shares purchasable under such warrant. LC Master Fund has
not exercised such designation right.
In connection with the foregoing loan arrangements, the Issuer
issued to WebFinancial warrants to purchase an aggregate of
779,420 Shares (including adjustments to give effect to
anti-dilution provisions of such warrants), at an exercise
price of $.01 per Share. All of these warrants have been
exercised by WebFinancial.
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 24 of 36 Pages
---------------------- ----------------------
WebFinancial and LC Master Fund have acted jointly, and may
from time to time in the future act jointly, to purchase debt securities of the
Issuer in the open market.
Each of the Reporting Persons is a party to a Joint Filing
Agreement, dated as of October 26, 2006 (the "Joint Filing Agreement"), pursuant
to which the parties agreed to jointly file this Schedule 13D and any and all
amendments and supplements thereto with the Securities and Exchange Commission.
Each of the parties to the Joint Filing Agreement also agreed to be responsible
for the accuracy and completeness of the information that it provides or should
have been provided for inclusion in the Schedule 13D and to indemnify and hold
the other parties harmless from and against: (i) any out-of-pocket expenses
(such as reasonable fees and disbursements of counsel, fines, penalties and the
like) actually paid by such other party and (ii) any actual damages or
out-of-pocket expenses (including reasonable attorneys fees and disbursements of
counsel) incurred by such other party resulting from claims asserted by third
parties or governmental agencies, in each case as a result of any inaccuracy or
lack of completeness of the information provided or that should have been
provided by the Indemnifying Party or any failure to make any filing under
circumstances in which the Indemnifying Party failed to provide the information
that gives rise to the requirement of any party to file a Schedule 13D amendment
or any other schedule, notice, report or application pursuant to applicable law.
The Joint Filing Agreement is filed herewith as Exhibit 1 and incorporated
herein by reference.
The Reporting Persons have agreed in principle to act as a
group in connection with the actions described in Item 4 above. This arrangement
is not the subject of a written agreement among the Reporting Persons and may be
modified or terminated at any time at the sole discretion of the Reporting
Persons.
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 Agreement by and among WebFinancial
Corporation, Steel Partners II, L.P., Steel Partners,
L.L.C., Warren G. Lichtenstein, Jack Howard, J.L. Howard,
Inc., LC Capital Master Fund, Ltd., LC Capital Partners,
LP, LC Capital SPV, Ltd., LC Capital Offshore Fund, Ltd.,
LC Capital Advisors LLC, Lampe, Conway & Co., LLC, LC
Capital International LLC, Steven G. Lampe and Richard F.
Conway, dated October 26, 2006.
2. Powers of Attorney.
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 25 of 36 Pages
---------------------- ----------------------
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: October 26, 2006 WEBFINANCIAL CORPORATION
By: /s/ James Henderson
-----------------------------------------------
Name: James Henderson
Title: Chief Executive Officer
STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
its General Partner
By: /s/ Lauren Isenman
-----------------------------------------------
Lauren Isenman
as Attorney-In-Fact for Warren G. Lichtenstein,
Managing Member
STEEL PARTNERS, L.L.C.
By: /s/ Lauren Isenman
-----------------------------------------------
Lauren Isenman
as Attorney-In-Fact for Warren G. Lichtenstein,
Managing Member
/s/ Lauren Isenman
---------------------------------------------------
LAUREN ISENMAN
As Attorney-In-Fact for Warren G. Lichtenstein
J.L. HOWARD, INC.
By: /s/ Jack L. Howard
-----------------------------------------------
Jack L. Howard
President and Chief Financial Officer
/s/ Jack L. Howard
---------------------------------------------------
JACK L. HOWARD
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 26 of 36 Pages
---------------------- ----------------------
LC CAPITAL MASTER FUND, LTD.
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Director
LC CAPITAL PARTNERS, LP
By: LC Capital Advisors LLC
its General Partner
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
LC CAPITAL SPV, LTD.
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Director
LC CAPITAL OFFSHORE FUND, LTD.
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Director
LC CAPITAL ADVISORS LLC
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
LAMPE, CONWAY & CO., LLC
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 27 of 36 Pages
---------------------- ----------------------
LC CAPITAL INTERNATIONAL LLC
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
/s/ Richard F. Conway
---------------------------------------------------
RICHARD F. CONWAY
/s/ Steven G. Lampe
---------------------------------------------------
STEVEN G. LAMPE
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 28 of 36 Pages
---------------------- ----------------------
SCHEDULE A
----------
DIRECTORS AND EXECUTIVE OFFICERS OF
WEBFINANCIAL CORPORATION
NAME AND POSITION PRESENT PRINCIPAL BUSINESS
WITH WEBFINANCIAL OCCUPATION ADDRESS
----------------- ---------- -------
Jack L. Howard, Chairman of the Principal of Mutual Securities, c/o Mutual Securities, Inc.
Board and Vice President Inc., a registered broker-dealer, 590 Madison Avenue, 32nd Floor
and Vice Chairman and Vice New York, NY 10022
President of Steel Partners, Ltd.,
a management and advisory company
James R. Henderson, Vice President of Steel Partners, c/o Steel Partners, Ltd.
Director, Chief Executive Officer, Ltd., a management and advisory 590 Madison Avenue, 32nd Floor
Chief Operating Officer and company New York, NY 10022
President
Joseph L. Mullen, Director Managing Partner of Li Moran c/o Li Moran International
International, Inc., a management 611 Broadway, Suite 722
consulting company New York, NY 10012
Mark E. Schwarz, Director Managing Member of Newcastle c/o Newcastle Capital Management, LP
Capital Group, L.L.C., the General 200 Crescent Court, Suite 1400
Partner of Newcastle Capital Dallas, TX 75201
Management, L.P., the General
Partner of Newcastle Partners,
L.P., a private investment firm
Howard Mileaf, Director Director of Neuberger Berman Mutual 64 Brookdale Court
Funds Highland Park, NJ 08904
Glen Kassan, Vice President of Steel Partners, c/o Steel Partners, Ltd.
Vice President, Chief Financial Ltd., a management and advisory 590 Madison Avenue, 32nd Floor
Officer and Secretary company New York, NY 10022
DIRECTORS AND EXECUTIVE OFFICERS OF
LC CAPITAL MASTER FUND, LTD.
NAME AND POSITION PRESENT PRINCIPAL BUSINESS
WITH LC MASTER FUND OCCUPATION ADDRESS
------------------- ---------- -------
Richard F. Conway, Director Managing Member of c/o Lampe, Conway & Co., LLC
Lampe, Conway & Co., LLC 680 Fifth Avenue, Suite 1202
New York, NY 10019
Don Seymour, Director Fund Director c/o dms Management Limited
Cayman Financial Centre, 2nd Floor
Dr. Roy's Drive
George Town, Grand Cayman
Cayman Islands
Peter Young, Director Fund Director c/o Rothstein Kass & Co.
27 Hospital Road
George Town, Grand Cayman
Cayman Islands
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 29 of 36 Pages
---------------------- ----------------------
DIRECTORS AND EXECUTIVE OFFICERS OF
LC CAPITAL SPV, LTD.
NAME AND POSITION PRESENT PRINCIPAL BUSINESS
WITH LC SPV OCCUPATION ADDRESS
----------- ---------- -------
Don Seymour, Director Fund Director c/o dms Management Limited
Cayman Financial Centre, 2nd Floor
Dr. Roy's Drive
George Town, Grand Cayman
Cayman Islands
Peter Young, Director Fund Director c/o Rothstein Kass & Co.
27 Hospital Road
George Town, Grand Cayman
Cayman Islands
DIRECTORS AND EXECUTIVE OFFICERS OF
LC CAPITAL OFFSHORE FUND, LTD.
NAME AND POSITION PRESENT PRINCIPAL BUSINESS
WITH LC OFFSHORE FUND OCCUPATION ADDRESS
--------------------- ---------- -------
Don Seymour, Director Fund Director c/o dms Management Limited
Cayman Financial Centre, 2nd Floor
Dr. Roy's Drive
George Town, Grand Cayman
Cayman Islands
Peter Young, Director Fund Director c/o Rothstein Kass & Co.
27 Hospital Road
George Town, Grand Cayman
Cayman Islands
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 30 of 36 Pages
---------------------- ----------------------
EXHIBIT INDEX
-------------
Exhibit Page
------- ----
1. Joint Filing Agreement by and among WebFinancial 31 to 33
Corporation, Steel Partners II, L.P., Steel
Partners, L.L.C., Warren G. Lichtenstein, Jack L.
Howard, J.L. Howard, Inc., LC Capital Master Fund,
Ltd., LC Capital Partners, LP, LC Capital SPV,
Ltd., LC Capital Offshore Fund, Ltd., LC Capital
Advisors LLC, Lampe, Conway & Co., LLC, LC Capital
International LLC, Steven G. Lampe and Richard F.
Conway, dated October 26, 2006.
2. Powers of Attorney. 34 to 36
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 31 of 36 Pages
---------------------- ----------------------
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a Statement on Schedule 13D dated October 26, 2006
(including amendments thereto) with respect to the Common Stock of Reunion
Industries, Inc. Each party to the Schedule 13D (including amendments thereto)
is responsible for the accuracy and completeness of the information that it
provides or should have been provided for inclusion in the Schedule 13D and each
party (the "Indemnifying Party") agrees to indemnify and hold the other parties
harmless from and against: (i) any out-of-pocket expenses (such as reasonable
fees and disbursements of counsel, fines, penalties and the like) actually paid
by such other party and (ii) any actual damages or out-of-pocket expenses
(including reasonable attorneys fees and disbursements of counsel) incurred by
such other party resulting from claims asserted by third parties or governmental
agencies, in each case as a result of any inaccuracy or lack of completeness of
the information provided or that should have been provided by the Indemnifying
Party or any failure to make any filing under circumstances in which the
Indemnifying Party failed to provide the information that gives rise to the
requirement of any party to file a Schedule 13D amendment or any other schedule,
notice, report or application pursuant to applicable law. This Joint Filing
Agreement shall be filed as an Exhibit to such Statement.
Dated: October 26, 2006 WEBFINANCIAL CORPORATION
By: /s/ James Henderson
-----------------------------------------------
Name: James Henderson
Title: Chief Executive Officer
STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
its General Partner
By: /s/ Lauren Isenman
-----------------------------------------------
Lauren Isenman
as Attorney-In-Fact for Warren G. Lichtenstein,
Managing Member
STEEL PARTNERS, L.L.C.
By: /s/ Lauren Isenman
-----------------------------------------------
Lauren Isenman
as Attorney-In-Fact for Warren G. Lichtenstein,
Managing Member
/s/ Lauren Isenman
---------------------------------------------------
LAUREN ISENMAN
As Attorney-In-Fact for Warren G. Lichtenstein
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 32 of 36 Pages
---------------------- ----------------------
J.L. HOWARD, INC.
By: /s/ Jack L. Howard
-----------------------------------------------
Jack L. Howard
President and Chief Financial Officer
/s/ Jack L. Howard
---------------------------------------------------
JACK L. HOWARD
LC CAPITAL MASTER FUND, LTD.
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Director
LC CAPITAL PARTNERS, LP
By: LC Capital Advisors LLC
its General Partner
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
LC CAPITAL SPV, LTD.
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Director
LC CAPITAL OFFSHORE FUND, LTD.
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Director
LC CAPITAL ADVISORS LLC
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
---------------------- ----------------------
CUSIP No. 761312 10 7 13D Page 33 of 36 Pages
---------------------- ----------------------
LAMPE, CONWAY & CO., LLC
By: /s/ Richard F. Conway
-----------------------------------------------
Richard F. Conway
Managing Member
LC CAPITAL INTERNATIONAL LLC
By: /s/ Richard F. Conway
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Richard F. Conway
Managing Member
/s/ Richard F. Conway
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RICHARD F. CONWAY
/s/ Steven G. Lampe
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STEVEN G. LAMPE
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CUSIP No. 761312 10 7 13D Page 34 of 36 Pages
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POWER OF ATTORNEY
Know all by these presents, that each of the undersigned hereby
constitutes and appoints LAUREN ISENMAN signing singly, the undersigned's true
and lawful attorney-in-fact to:
1. execute for and on behalf of the undersigned all documents relating
to the business of Steel Partners II, L.P. including, but not limited to, all
filings with the Securities and Exchange Commission, any stock exchange and any
other regulatory, administrative or similar authority, and all memoranda,
correspondence, communications or the like, except that such attorney-in-fact
shall have no power to execute any document that has the effect of creating a
financial commitment or financial obligation of Steel Partners II, L.P. or its
affiliates.
2. do and perform any and all acts for and on behalf of the undersigned
that may be necessary or desirable to complete and execute any such document,
complete and execute any amendment or amendments thereto, and timely file such
document with the appropriate authority.
3. take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights
and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this Power of Attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming any of the undersigned's responsibilities to comply
with any rules or regulations including federal securities laws.
This Power of Attorney shall remain in full force and effect until
December 31, 2006 unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 16th day of December, 2005.
STEEL PARTNERS II, L.P. STEEL PARTNERS, L.L.C.
By: Steel Partners, L.L.C. By: /s/ Warren G. Lichtenstein
General Partner --------------------------------
Warren G. Lichtenstein
By: /s/ Warren G. Lichtenstein Managing Member
--------------------------------
Warren G. Lichtenstein /s/ Warren G. Lichtenstein
Managing Member ------------------------------------
Warren G. Lichtenstein
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CUSIP No. 761312 10 7 13D Page 35 of 36 Pages
---------------------- ----------------------
POWER OF ATTORNEY
Know all by these presents, that each of the undersigned hereby
constitutes and appoints JACK L. HOWARD signing singly, the undersigned's true
and lawful attorney-in-fact to:
1. execute for and on behalf of the undersigned all documents relating
to the business of Steel Partners II, L.P. including, but not limited to, all
filings with the Securities and Exchange Commission, any stock exchange and any
other regulatory, administrative or similar authority, and all memoranda,
correspondence, communications or the like, except that such attorney-in-fact
shall have no power to execute any document that has the effect of creating a
financial commitment or financial obligation of Steel Partners II, L.P. or its
affiliates.
2. do and perform any and all acts for and on behalf of the undersigned
that may be necessary or desirable to complete and execute any such document,
complete and execute any amendment or amendments thereto, and timely file such
document with the appropriate authority.
3. take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights
and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this Power of Attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming any of the undersigned's responsibilities to comply
with any rules or regulations including federal securities laws.
This Power of Attorney shall remain in full force and effect until
December 31, 2006 unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 16th day of December, 2005.
STEEL PARTNERS II, L.P. STEEL PARTNERS, L.L.C.
By: Steel Partners, L.L.C. By: /s/ Warren G. Lichtenstein
General Partner --------------------------------
Warren G. Lichtenstein
By: /s/ Warren G. Lichtenstein Managing Member
--------------------------------
Warren G. Lichtenstein /s/ Warren G. Lichtenstein
Managing Member ------------------------------------
Warren G. Lichtenstein
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CUSIP No. 761312 10 7 13D Page 36 of 36 Pages
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POWER OF ATTORNEY
Know all by these presents, that each of the undersigned hereby
constitutes and appoints STEVEN WOLOSKY signing singly, the undersigned's true
and lawful attorney-in-fact to:
1. execute for and on behalf of the undersigned all documents relating
to the business of Steel Partners II, L.P. including, but not limited to, all
filings with the Securities and Exchange Commission, any stock exchange and any
other regulatory, administrative or similar authority, and all memoranda,
correspondence, communications or the like, except that such attorney-in-fact
shall have no power to execute any document that has the effect of creating a
financial commitment or financial obligation of Steel Partners II, L.P. or its
affiliates.
2. do and perform any and all acts for and on behalf of the undersigned
that may be necessary or desirable to complete and execute any such document,
complete and execute any amendment or amendments thereto, and timely file such
document with the appropriate authority.
3. take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights
and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this Power of Attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming any of the undersigned's responsibilities to comply
with any rules or regulations including federal securities laws.
This Power of Attorney shall remain in full force and effect until
December 31, 2006 unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 16th day of December, 2005.
STEEL PARTNERS II, L.P. STEEL PARTNERS, L.L.C.
By: Steel Partners, L.L.C. By: /s/ Warren G. Lichtenstein
General Partner --------------------------------
Warren G. Lichtenstein
By: /s/ Warren G. Lichtenstein Managing Member
--------------------------------
Warren G. Lichtenstein /s/ Warren G. Lichtenstein
Managing Member ------------------------------------
Warren G. Lichtenstein