ARGAN INC — Major Shareholding Notification 2001

Sep 10, 2001

SC 13D/A 1 form13d6pur01874_09052001.htm 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. 16)1 PUROFLOW INCORPORATED -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $.01 PAR VALUE -------------------------------------------------------------------------------- (Title of Class of Securities) 746375104 -------------------------------------------------------------------------------- (CUSIP Number) STEVEN WOLOSKY, ESQ. OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP 505 Park Avenue New York, New York 10022 (212) 753-7200 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 28, 2001 -------------------------------------------------------------------------------- (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) (Page 1 of 13 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. 746375104 13D Page 2 of 13 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) || (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 2,304,468 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,304,468 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,304,468 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 31.1% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 3 of 13 Pages ------------------------------ -------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WARREN LICHTENSTEIN -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) || (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 2,304,468 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,304,468 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,304,468 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES || -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 31.1% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 4 of 13 Pages ------------------------------ -------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) TRAVIS BRADFORD -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) || (b) || -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS -------------------------------------------------------------------------------- 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 REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------------------------- 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 IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 5 of 13 Pages ------------------------------ -------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) GLEN KASSAN -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) || (b) || -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS -------------------------------------------------------------------------------- 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 REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------------------------- 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 IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 6 of 13 Pages ------------------------------ -------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JOSHUA SCHECHTER -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) || (b) || -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS -------------------------------------------------------------------------------- 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 REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- ----------------------------------------------------------------- 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 IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 7 of 13 Pages ------------------------------ -------------------------------- The following constitutes Amendment No. 16 ("Amendment No. 16") to the Schedule 13D filed by the undersigned. This Amendment No. 16 amends the Schedule 13D as specifically set forth. Item 2 is hereby amended to add the following: At the 2001 Annual Meeting of Stockholders of the Issuer held on August 28, 2001, Warren Lichtenstein, Travis Bradford, Glen Kassan and Joshua Schechter were among the directors elected to the Issuer's Board of Directors. Messrs. Kassan and Schechter, employees of Steel Partners Services, Ltd., an affiliate of Steel Partners II, were nominated to be members of the Board of Directors of the Issuer at the request of Steel Partners II and, therefore, are Reporting Persons under this Schedule 13D. Mr. Kassan is an Executive Vice President of Steel Partners Services, Ltd. The principal business address of Mr. Kassan is 150 East 52nd Street, 21st Floor, New York, New York 10022. Mr. Kassan is a citizen of the United States of America. Mr. Schechter is an Associate with Steel Partners Services, Ltd. The principal business address of Mr. Schechter is 150 East 52nd Street, 21st Floor, New York, New York 10022. Mr. Schechter is a citizen of the United States of America. Item 3 is hereby amended to read as follows: Item 3. Source and Amount of Funds or Other Consideration. ------------------------------------------------- The aggregate purchase price of the 2,304,468 Shares of Common Stock owned by Steel Partners II is $1,776,719. The Shares of Common Stock owned by Steel Partners II were acquired with partnership funds. The second paragraph of Item 5(a) is hereby amended to read as follows: As of the close of business on September 5, 2001, Steel Partners II beneficially owned 2,304,468 Shares of Common Stock, constituting approximately 31.1% of the Shares outstanding. Mr. Lichtenstein beneficially owned 2,304,468 Shares, constituting approximately 31.1% of the Shares outstanding. Mr. Lichtenstein has sole voting and dispositive power with respect to the 2,304,468 Shares owned by Steel Partners II by virtue of his authority to vote and dispose of such Shares. All of such Shares were acquired in open-market transactions, except for 16,500 Shares which were transferred to Steel Partners II directly from the account of a domestic investment fund which was previously managed on a discretionary basis by Steel Partners Services, Ltd., an affiliate ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 8 of 13 Pages ------------------------------ -------------------------------- of Steel Partners II, pursuant to an investment management agreement. Currently, none of Messrs. Bradford, Kassan or Schechter own any Shares of Common Stock of the Issuer. ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 9 of 13 Pages ------------------------------ -------------------------------- Item 5(c) is hereby amended to add the following: (c) Steel Partners II engaged in the following transactions in the Shares during the past 60 days: Shares of Common Date of Purchase Stock Purchased Price Per Share($) ---------------- --------------- ------------------ 7/10/01 4,500 .60000 7/13/01 12,000 .56350 7/31/01 9,500 .54500 8/07/01 16,500 .52303 8/21/01 27,468 .54720 8/28/01 15,500 .53000 Item 7 is hereby amended to add the following exhibit: 10. Amendment No. 2 to Joint Filing Agreement among Steel Partners II, Warren G. Lichtenstein, Travis Bradford, Glen Kassan and Joshua Schechter dated September 5, 2001. ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 10 of 13 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: September 5, 2001 STEEL PARTNERS II, L.P. By: Steel Partners, L.L.C. General Partner By: /s/ Warren G. Lichtenstein ---------------------------- Warren G. Lichtenstein Chief Executive Officer /s/ Warren G. Lichtenstein ------------------------------- WARREN G. LICHTENSTEIN /s/ Travis Bradford ------------------------------- TRAVIS BRADFORD /s/ Glen Kassan ------------------------------- GLEN KASSAN /s/ Joshua Schecther ------------------------------- JOSHUA SCHECHTER ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 11 of 13 Pages ------------------------------ -------------------------------- Exhibit Page ------- ---- 1. Joint Filing Agreement among Steel -- Partners II and Warren G. Lichtenstein. 2. Joint Filing Agreement among Steel -- Partners II, Warren G. Lichtenstein, Robert Frankfurt, James Benenson, Jr. and Steven Wolosky. 3. Preliminary Proxy Statement. -- 4. Letter to the Board of Directors of -- Puroflow Incorporated dated June 3, 1999. 5. Letter to the Board of Directors of -- Puroflow Incorporated dated August 9, 1999. 6. Letter from Puroflow Incorporated to -- Steel Partners II dated August 12, 1999. 7 Settlement Agreement and Release dated -- as of September 16, 1999 by and among Puroflow Incorporated, Reuben M. Siwek, Michael H. Figoff, Robert A. Smith, Tracy Kent Pugmire, Steel Partners II, Warren G. Lichtenstein, Steven Wolosky, James Benenson, Jr., Robert Frankfurt, Steel Partners, L.L.C., and the Full Value Committee. 8. Joint Press Release dated September -- 16, 1999. 9. Amendment No. 1 to Joint Filing -- Agreement among Steel Partners II, Warren G. Lichtenstein, Robert Frankfurt and Travis Bradford dated February 1, 2001. 10. Amendment No. 2 to Joint Filing 12 to 13 Agreement among Steel Partners II, Warren G. Lichtenstein, Travis Bradford, Glen Kassan and Joshua Schechter dated September 5, 2001. ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 12 of 13 Pages ------------------------------ -------------------------------- AMENDMENT NO. 2 TO JOINT FILING AGREEMENT WHEREAS, Steel Partners II, L.P. ("Steel"), Warren G. Lichtenstein and Travis Bradford are parties to the Joint Filing Agreement dated April 30, 1999, as amended (the "Agreement"); WHEREAS, Glen Kassan and Joshua Schechter, employees of Steel, have been elected to the Board of Directors of Puroflow Incorporated. NOW, THEREFORE, BE IT RESOLVED, the Agreement is hereby amended as follows: 1. The definition of "Group" is hereby amended to include Glen Kassan and Joshua Schechter. 2. Except as amended hereby, the Agreement remains in full force and effect. ------------------------------ -------------------------------- CUSIP No. 746375104 13D Page 13 of 13 Pages ------------------------------ -------------------------------- IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be executed as of September 5, 2001. STEEL PARTNERS II, L.P. 150 East 52nd Street New York, NY 10022 By: Steel Partners, L.L.C. General Partner By: /s/ Warren G. Lichtenstein ---------------------------- Warren G. Lichtenstein Managing Member /s/ Warren G. Lichtenstein ------------------------------- WARREN G. LICHTENSTEIN /s/ Travis Bradford ------------------------------- TRAVIS BRADFORD /s/ Glen Kassan ------------------------------- GLEN KASSAN /s/ Joshua Schecther ------------------------------- JOSHUA SCHECHTER