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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Franklin Capital Corp.
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(Name of Issuer)
Common Stock, $1.00 par value
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(Title of Class Securities)
35252P105
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(CUSIP Number)
Lynne Silverstein (310) 752-1442
Ault Glazer & Company Investment Management LLC,
100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications
May 13, 2004
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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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-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 Section 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.
The information required in 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 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.
Page 1 of 9 pages
CUSIP No. 35252P105
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Ault Glazer & Company Investment Management LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)|_|..................................................................
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(b)|_|..................................................................
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3. SEC Use Only............................................................
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4. Source of Funds (See Instructions) OO...................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)............................................................
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6. Citizenship or Place of Organization Delaware.......................
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7. Sole Voting Power 240,327..........................
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Number of ---------------------------------------------------------------
Shares 8. Shared Voting Power 0.............................
Beneficially ------------------------------------
Owned by Each ---------------------------------------------------------------
Reporting 9. Sole Dispositive Power 240,327.......................
Person With: ---------------------------------
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10. Shared Dispositive Power ..........................
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 240,327.
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) .................................................
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13. Percent of Class Represented by Amount in Row (11) 23.56%...........
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14. Type of Reporting Person (See Instructions)
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IA......................................................................
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Page 2 of 9 pages
CUSIP No. 35252P105
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Milton C. Ault, III
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)|_|..................................................................
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(b)|_|..................................................................
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3. SEC Use Only............................................................
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4. Source of Funds (See Instructions) OO...................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)............................................................
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6. Citizenship or Place of Organization USA............................
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7. Sole Voting Power 240,327..........................
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Number of ---------------------------------------------------------------
Shares 8. Shared Voting Power 0.............................
Beneficially ------------------------------------
Owned by Each ---------------------------------------------------------------
Reporting 9. Sole Dispositive Power 240,327.......................
Person With: ---------------------------------
---------------------------------------------------------------
10. Shared Dispositive Power 0..........................
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 240,327.
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) .................................................
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13. Percent of Class Represented by Amount in Row (11) 23.56%...........
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14. Type of Reporting Person (See Instructions)
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IN/HC...................................................................
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Page 3 of 9 pages
Page 4 of 9
Item 1 Security and Issuer
This statement relates to the Class A Common Stock, $1.00 par value
("Common Stock"), issued by Franklin Capital Corp. ("FCC"), a
Delaware Corporation. The address of the principal executive offices
of FCC is 450 Park Avenue, 29th Floor, New York, New York 10022.
Item 2 Identity and Background
Name: Ault Glazer & Company Investment Management LLC ("Adviser")
Place of Organization: Delaware
Principal Business: Investment Adviser
Address: 100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Milton C. Ault, III ("Ault")
Address: 100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States
Ault is the controlling and managing member of Adviser. Adviser's
beneficial ownership of the Common Stock is direct as a result of
Adviser's discretionary authority to buy, sell and vote shares of
such Common Stock for its investment advisory clients. Ault's
beneficial ownership of the Common Stock is indirect as a result of
Ault's control of Adviser.
Item 3 Source and amount of Funds or other Consideration
The aggregate amount of funds used by Adviser to purchase FCC shares
of Common Stock was approximately $1,073,243.50. Such amount was
derived from advisory client accounts.
Item 4 Purpose of Transaction
The Reporting Persons have concerns regarding the ability and
willingness of current FCC management to maximize shareholder value.
Adviser intends to recommend that FCC management work with Adviser to
unlock what Adviser believes to be the true shareholder value of FCC.
Adviser may recommend that FCC management effect one or more of the
following changes: an extraordinary corporate transaction (which
could include the sale or spinoff of one or more of FCC's business
lines); a change in the present board of directors or management of
FCC; a sale or transfer of a material amount of assets of FCC; a
material change in the present capitalization or dividend policy of
FCC, and a class of equity securities of FCC becoming eligible for
Page 5 of 9
termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934.
Subject to availability at prices deemed favorable, the Reporting
Persons may acquire additional shares of Common Stock of FCC from
time to time in the open market, in privately negotiated transactions
or otherwise. The Reporting Persons may dispose of shares of Common
Stock of FCC from time to time in the open market, in privately
negotiated transactions or otherwise.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to FCC and the
Common Stock, it should be noted that the possible activities of the
Reporting Persons are subject to change at any time.
Except as set forth above, the Reporting Persons has no present plans
or intentions that relate to or that would result in any of the
transactions described in clauses (a) through (j) of Item 4 of
Schedule 13D.
Item 5 Interest in Securities of the Issuer
(a) As of May 14, 2004, the Reporting Persons directly or indirectly
beneficially owned 240,327 shares, or 23.56%, of Common Stock of FCC
(the percentage of the shares of Common Stock owned is based on
1,020,100 shares of Common Stock outstanding as of March 9, 2004, as
reported by FCC in its Form 10-Q filed on March 30, 2004).
(1) Adviser owned 240,327 shares (23.56%)
(2) Ault owned 240,327 shares (23.56%)
(b) The responses of the Reporting Persons to Items 7 through 11 of
the portions of the cover page of this Schedule 13D which relate to
beneficial ownership of shares of the Common Stock are incorporated
herein by reference.
(c) A list of transactions in the past 60 days.
--------------------- ------------ --------------- ------------- ---------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 200 4.930 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 400 4.970 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 300 4.990 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 8,100 5.000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 200 5.100 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 100 5.150 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 500 5.650 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 200 5.780 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 1,000 5.830 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 1,800 5.900 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 700 5.910 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/14/04 2,300 5.950 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 13,000 3.000 Open market
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Page 6 of 9
--------------------- ------------ --------------- ------------- ---------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 100 3.050 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,500 3.100 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 100 3.150 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 100 3.190 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 600 3.200 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 100 3.300 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,200 3.500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 3.530 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 3.600 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 300 3.650 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 6,000 3.730 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 3.850 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 3.970 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 3,000 3.990 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 5,900 4.000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 11,600 4.100 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 4.220 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 4.240 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 200 4.250 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 800 4.300 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 4.360 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,200 4.400 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 800 4.450 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,200 4.650 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 4.690 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,100 4.700 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,000 4.710 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,200 4.750 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,600 4.800 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 4.880 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,500 4.900 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 200 4.950 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 6,400 5.000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,000 5.010 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,500 5.050 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,600 5.100 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 200 5.120 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 1,500 5.200 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,300 5.250 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,500 5.260 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 300 5.270 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 300 5.280 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 3,100 5.290 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,800 5.300 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 3,700 5.350 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 10,000 5.400 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 900 5.450 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 700 5.480 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/13/04 2,627 5.500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 200 1.580 Open market
--------------------- ------------ --------------- ------------- ---------------
Page 7 of 9
--------------------- ------------ --------------- ------------- ---------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 400 1.620 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 400 1.700 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 400 1.780 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 200 1.790 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 200 1.820 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,300 2.400 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 100 2.450 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,000 2.500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 200 2.520 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 800 2.600 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 2.700 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 500 2.750 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 500 2.800 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 2.900 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,400 3.400 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 200 3.500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 400 3.510 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,700 3.600 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 400 3.700 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 500 3.730 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 3.740 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 3.750 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 3.800 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,000 3.810 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,500 3.850 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 500 3.950 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,200 4.050 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 5,000 4.100 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.200 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.220 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.240 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.250 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 3,000 4.300 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,000 4.350 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,800 4.400 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.420 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 3,200 4.480 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 4,000 4.600 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,900 4.700 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,600 4.800 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.820 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 3.850 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 500 3.950 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 600 4.000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,400 4.100 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 700 4.200 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 4.230 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,500 4.250 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 500 4.350 Open market
--------------------- ------------ --------------- ------------- ---------------
Page 8 of 9
--------------------- ------------ --------------- ------------- ---------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,000 4.900 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 5.150 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 5.250 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 2,000 5.350 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 5.500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 1,000 5.550 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 400 5.850 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 600 6.000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 300 4.320 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 24,100 3.8654 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/12/04 30,300 4.0266 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 500 1.3000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 4,500 1.4000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 20,000 1.5000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 200 1.1500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 600 1.2000 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 400 1.2500 Open market
--------------------- ------------ --------------- ------------- ---------------
Adviser 05/11/04 500 1.4500 Open market
--------------------- ------------ --------------- ------------- ---------------
(d) Not Applicable
(e) Not Applicable
Item 6 Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
Ault controls and manages the Adviser who makes voting and
dispositive decisions for its investment advisory clients.
Item 7 Material to Be Filed as Exhibits
Exhibit A: Joint Filing Agreement Pursuant to Rule 13d-1
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.
Date: May 18, 2004
Ault Glazer & Company Investment
Management LLC
/s/ Milton C. Ault
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Milton C. Ault, III, Managing Member
Milton C. Ault, III
/s/ Milton C. Ault
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Page 9 of 9
EXHIBIT A
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Joint Filing Agreement Pursuant to Rule 13d-1
---------------------------------------------
This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities and
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer." The Joint Filers agree that a statement
of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and
the Rules thereunder may be filed on each of their behalf on Schedule 13G or
Schedule 13D, as appropriate, and that said joint filing may thereafter be
amended by further joint filings. The Joint Filers state that they each satisfy
the requirements for making a joint filing under Rule 13d-1.
Dated: May 18, 2004
Ault Glazer & Company Investment
Management LLC
/s/ Milton C. Ault
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Milton C. Ault, III, Managing Member
Milton C. Ault, III
/s/ Milton C. Ault
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