SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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)
Marlton Technologies, Inc.
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
571263102
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(CUSIP Number)
Jeffrey K. Harrow
Marlton Technologies, Inc.
2828 Charter Road
Philadelphia, Pennsylvania 19154
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 19, 2003
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
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(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. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Redwood Acquisition Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein.
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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NUMBER OF 7 SOLE VOTING POWER 0
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 0
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jeffrey K. Harrow
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 4,030,734
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 4,030,734
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,030,734
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[x]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.1%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Scott J. Tarte
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 4,000,000
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 4,000,000
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[x]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert B. Ginsburg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 2,679,017
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 2,679,017
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,679,017
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[x]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.5%.
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Alan I. Goldberg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 1,300,772
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 1,300,722
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,300,772
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Seymour Hernes
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
See item 3 herein
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 63,672
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 63,672
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,672
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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 one percent
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald R. Sparks, Sr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
See item 3 herein.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 108,267
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 108,267
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,267
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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 one percent.
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles P. Stetson, Jr. ((a/k/a/ Lombard Associates)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 703,976
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 703,976
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
703,976
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FRED COHEN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See item 3 herein.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 119,213
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 119,213
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
119,213
--------------------------------------------------------------------------------
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 one percent
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
Introduction
This Schedule 13D is filed by Redwood Acquisition Corp. ("Redwood"),
Jeffrey K. Harrow ("Harrow"), Scott J. Tarte ("Tarte"), Robert Ginsburg
("Ginsburg"), Alan I. Goldberg ("Goldberg") (Ginsburg, Harrow, Tarte and
Goldberg collectively referred to as the "Initial Group"), Seymour Hernes
("Hernes"), Donald R. Sparks, Sr. ("Sparks"), Fred Cohen ("Cohen") and Charles
Stetson, Jr. (a/k/a Lombard Associates) ("Stetson"; Hernes, Sparks and Stetson
referred to as the "Second Group"; and the Initial Group and the Second Group
collectively referred to as the "Group"), pursuant to Rule 13d-1(a) promulgated
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Each
of the foregoing persons and entities is referred to individually as a "Member"
and are referred to collectively as the "Members" or the "Group". The Group does
not currently include Michael Tomkin who ceased being a Member in February/March
2003 (nor does this Schedule report information about Mr. Tomkin except as
otherwise expressly provided herein).
In February 2003, Redwood and the Company entered into a merger
agreement. The merger agreement contemplated that the Shares (as defined) owned
by all the Marlton shareholders (other than the Group (and Tomkin)) would be
converted into the right to receive $0.30 per share. At the completion of the
merger, the Group would have been the owners of Marlton. As a result of the
Proposed Acquisition (as defined), the Members may have been deemed, pursuant to
Section 13(d)(3) of the Exchange Act, to have formed a group. In June 2003, the
Company and Redwood terminated the merger agreement and in connection therewith,
each Member has disclaimed membership in the Group; thus, there is effectively
no more Group.
The filing by the Members of this Schedule 13D does not constitute an
acknowledgement that the Group continues in effect.
Item 1. Security and Issuer.
The securities to which this statement (the "Schedule 13D") relates are
the shares of common stock, no par value ("Shares"), of Marlton Technologies,
Inc. (the "Company"), a Pennsylvania corporation. The Company's principal
executive office is located at 2828 Charter Road, Philadelphia, Pennsylvania
19154.
Item 2. Identity and Background.
(a) The names of the persons filing this Schedule 13D are set forth in
the Introduction above and are incorporated herein by reference. Redwood is a
Pennsylvania corporation that does not engage in any operating activities; it
was organized to facilitate the transactions contemplated by the merger
agreement.
1
(b) The business address for each Member is 2828 Charter Road,
Philadelphia, Pennsylvania, 19154, except for Stetson whose business address is
115 East 62nd Street, New York, NY 10021.
(c) All the members of the Initial Group are employed by Marlton as
executive officers. Sparks is employed by a Marlton subsidiary, Cohen is a
consultant to the telecommunication and software industries, Hernes is retired
and Stetson is a principal at Private Equity Investors, an investment fund.
(d) - (f) Each Member (other than Redwood which is a
Pennsylvania corporation) is a citizen of the United States
and none of the Members, during the last five years has been
(i) convicted in a criminal proceeding (excluding traffic
violations and similar misdemeanors) nor (ii) a party to a
civil proceeding of a judicial or administrative body of
competent jurisdiction as the result of which proceeding such
person 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.
Item 3. Source and Amount of Funds or Other Consideration.
Each Member had acquired their Shares (including the Rights (as
defined)) prior to the formation of the Group and did not acquire their Shares
in connection with the Proposed Acquisition (as defined) .
Each Member currently anticipates that any future purchase of Shares by
such member, if any will be paid for by such Member's personal funds.
Item 4. Purpose of Transaction.
The Group had intended to acquire the Company (the "Proposed
Acquisition") and in connection therewith the Company and Redwood entered into a
merger agreement dated as of February 20, 2003 pursuant to which the Shares
owned by all persons (other than the Group) would be converted in the merger
into the right to receive $0.30 per share. At the completion of the merger, the
Group would have been the owners of Marlton. The completion of the merger would
have resulted in the occurrence of one or more of the events described in
paragraph (a) - (j) of Item 4 of Schedule 13D.
In June 2003, the Company issued a press release announcing that the
Company had agreed to a proposal by Redwood to terminate the merger agreement
and that the merger agreement had been terminated pursuant to the Termination
Agreement. A copy of the Termination Agreement is filed as an exhibit to this
Schedule 13D and the terms of such agreement are incorporated herein by this
reference. As a result, the going private transaction contemplated by the merger
agreement will not proceed. As each of the Members disclaims any participation
or membership in the Group, there is no longer a Group. Each Member may, from
2
time to time, acquire or dispose of Shares in public or private transactions
though, except as otherwise provided herein, none of the Members currently has
any plans that would result in the occurrence of one or more of the events
described in paragraphs (a) - (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) Set forth below is a table reflecting the shares of
Marlton common stock beneficially owned by each Member immediately following the
termination of the Group:
Number of Number of Ownership Percentage
Name Shares(2) Rights (2) Total Ownership(3)
---- --------- ---------- ---------- - -----------
Harrow 2,005,000 2,025,734 4,030,734 27.1%
Tarte 2,000,000 2,000,000 4,000,000 26.9%
Goldberg 404,551(1) 896,221 1,300,772 9.4%
Ginsburg 1,048,996(1) 1,630,021 2,679,017 18.5%
Sparks 108,267 --- 108,267 *
Cohen 89,213 30,000 119,213 *
Hernes 32,473 31,999 63,672 *
Stetson 703,926 --- 703,926 5.5%
Redwood 0 0 0 *
--------------------------------------------------------------------------------
* Less than one percent
(1) Excludes 110,674 shares held by the Company's 401(k) plan of which
such person is a trustee. Such person disclaims beneficial
ownership of the Shares held by such plan, except for those Shares
held for his direct benefit as a participant in such plan.
(2) The term Shares refers to shares of Marlton common stock excluding
share issuable pursuant to Rights. The term "Rights" refers to
options, warrants and other rights to acquire Shares within 60 days
of the date hereof.
(3) Percentage ownership is calculated pursuant to Rule 13d-3(d)
promulgated under the Exchange Act and on the basis, as indicated
in the Company's Annual Report on Form 10-Q for the period ended
March 31, 2003, that 12,845,096 shares of Common Stock are
outstanding.
(b) Except as described below, and after giving effect
to the cessation of the Group, each Member has sole voting power and sole
dispositive power with respect to the Shares reflected as owned by them in Item
5(a). Ginsburg, Tarte and Harrow may be deemed, in certain respects, to share
beneficial ownership of their respective Shares (which shared ownership is not
3
reflected in the cover sheet for this Amendment nor the table set forth in Item
5(a)) as a result of the stockholders agreement dated as of November 20, 2001 by
and among such persons and the Company (the "Stockholders Agreement"), which
provides, among other things, with certain exceptions, that
o Harrow and Tarte shall have the right to designate that number
of individuals as nominees (which nominees shall include
Harrow and Tarte) for election as directors as shall represent
a majority of the board of directors.
o Harrow, Tarte and Ginsburg (collectively, the "Stockholders")
will vote their Shares in favor of Harrow's and Tarte's
designees and Ginsburg.
o Without the prior written consent of Ginsburg, Harrow and
Tarte will agree that until November 2008, they will not vote
any of their Shares in favor of (i) the merger of the Company,
(ii) the sale of substantially all of the Company's assets, or
(iii) the sale of all the Shares, in the event that in
connection with such transaction the Shares are valued at less
than $2.00 per share.
o The Stockholders will recommend to the board of directors that
it elect Tarte as the Vice Chairman of the Board of the
Company and as the Chief Executive Officer of each subsidiary
of the Company, Ginsburg as the President and Chief Executive
Officer of the Company and Harrow as the Chairman of the Board
of the Company.
o The Stockholders shall have a right of first refusal with
respect to one another in connection with any sale of the
Shares held by them.
As a result of the Stockholders Agreement, each of Harrow, Tarte and
Ginsburg may be deemed to share voting and dispositive power over the Shares
beneficially owned by such other Members though each of such persons disclaims
beneficial ownership of the securities reflected in the table set forth in Item
5(a) as owned by the other Members.
(c) No transactions were effected in the Shares by any of the Members
since April 1, 2003.
(d) Not applicable.
(e) Each of Hernes, Cohen, Sparks and Redwood ceased to be a member of
the Group in June, 2003 when the merger agreement was terminated and
accordingly, such persons ceased at such time to be the beneficial owner of more
than five percent of the Shares.
4
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Other than as described in Items 4 and 5, none of the Members is a
party to any oral or written contract, arrangement, understanding or
relationship with respect to any securities of the Company, including but not
limited to transfer or voting of any of the securities, finder's fees, joint
ventures, loan or option agreements, puts or calls, guarantees of profits,
divisions of profits or losses or the giving or withholding of proxies.
Item 7. Material to be filed as Exhibits
(a) Press release dated June 20, 2003.
(b) Termination Agreement dated as of June 19, 2003 by and between
Marlton and Redwood.
In addition, the Members hereby incorporate by reference the exhibits
previously filed with respect to the Schedule 13D originally filed by each
member of the Initial Group, as amended from time to time, to the extent such
exhibit is responsive to this item.
5
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: July 2, 2003
Marlton Technologies, Inc.
By: /s/ Jeffrey K. Harrow
-------------------
Jeffrey K. Harrow
Chairman of the Board
Redwood Acquisistion Corp.
July 2, 2003 By: /s/ Scott J. Tarte
--------------
Scott J. Tarte
President
July 2, 2003 /s/ Jeffrey K. Harrow
-----------------
Jeffrey K. Harrow
July 2, 2003 /s/ Scott J. Tarte
--------------
Scott J. Tarte
July 2, 2003 /s/ Robert B. Ginsburg
------------------
Robett B. Ginsburg
July 2, 2003 /s/ Alan I. Goldberg
----------------
Alan I. Goldberg
July 7, 2003 /s/ Donald R. Sparks
----------------
Donald R. Sparks
July 8, 2003 /s/ Fred Cohen
----------
Fred Cohen
July 7, 2003 /s/ Charles P. Stetson, Jr.
-------------------
Charles P. Stetson, Jr.
aka Lombard Associates
July , 2003 /s/ Seymour Hernes
--------------
Seymour Hernes