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. 9)(1)
BAIRNCO CORPORATION
-------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
----------------------------
(Title of Class of Securities)
057097107
---------
(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)
February 23, 2007
-----------------
(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 16 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. 057097107 13D Page 2 of 16 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*
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 1,118,200 (1)
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 651,125 (1)
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,118,200 (1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,769,325 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.3% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) 651,125 of the shares of common stock reported to be beneficially owned
herein are being reported solely because the Reporting Person may be deemed to
have beneficial ownership of such shares as a result of the Tender and Support
Agreement described in Items 4 and 5 hereof (the "Tender and Support Shares").
Neither the filing of this Schedule 13D nor any of its contents shall be deemed
to constitute an admission by any Reporting Person that it is the beneficial
owner of the Tender and Support Shares for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended, or for any other purpose, and such
beneficial ownership is expressly disclaimed.
---------------------- ----------------------
CUSIP No. 057097107 13D Page 3 of 16 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*
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 1,118,200 (1)
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 651,125 (1)
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,118,200 (1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,769,325 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.3% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) 651,125 of the shares of common stock reported to be beneficially owned
herein are being reported solely because the Reporting Person may be deemed to
have beneficial ownership of such shares as a result of the Tender and Support
Agreement described in Items 4 and 5 hereof (the "Tender and Support Shares").
Neither the filing of this Schedule 13D nor any of its contents shall be deemed
to constitute an admission by any Reporting Person that it is the beneficial
owner of the Tender and Support Shares for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended, or for any other purpose, and such
beneficial ownership is expressly disclaimed.
---------------------- ----------------------
CUSIP No. 057097107 13D Page 4 of 16 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*
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
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,118,200 (1)
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 651,125 (1)
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,118,200 (1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,769,325 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.3% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) 651,125 of the shares of common stock reported to be beneficially owned
herein are being reported solely because the Reporting Person may be deemed to
have beneficial ownership of such shares as a result of the Tender and Support
Agreement described in Items 4 and 5 hereof (the "Tender and Support Shares").
Neither the filing of this Schedule 13D nor any of its contents shall be deemed
to constitute an admission by any Reporting Person that it is the beneficial
owner of the Tender and Support Shares for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended, or for any other purpose, and such
beneficial ownership is expressly disclaimed.
---------------------- ----------------------
CUSIP No. 057097107 13D Page 5 of 16 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BZ ACQUISITION CORP.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 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*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 057097107 13D Page 6 of 16 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HUGH F. CULVERHOUSE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 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. 057097107 13D Page 7 of 16 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JOHN J. QUICKE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 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. 057097107 13D Page 8 of 16 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ANTHONY BERGAMO
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 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. 057097107 13D Page 9 of 16 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HOWARD M. LEITNER
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 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. 057097107 13D Page 10 of 16 Pages
---------------------- ----------------------
The following constitutes Amendment No. 9 ("Amendment No. 9") to the
Schedule 13D filed by the undersigned. This Amendment No. 9 amends the Schedule
13D as specifically set forth.
Item 2 is hereby amended to add the following
On February 23, 2007, Steel Partners II and BZA entered into an
Agreement and Plan of Merger with the Issuer (the "Merger Agreement"), as more
fully described in Item 4. Accordingly, Steel Partners II has terminated and
withdrawn the Solicitation in connection with the solicitation of written
consents from the Issuer's stockholders to take certain actions without a
stockholders' meeting, including but not limited to, the removal of the Issuer's
current directors and the election of the Steel Nominees. As such, upon the
filing of this Amendment No. 9, Messrs. Culverhouse, Quicke, Bergamo and Leitner
shall cease to be Reporting Persons. The Reporting Persons have terminated the
Joint Filing and Solicitation Agreement and have entered into a Joint Filing
Agreement, as more fully described in Item 6.
Item 4 is hereby amended to add the following:
On February 23, 2007, Steel Partners II issued a press release
announcing that the Issuer, BZA and Steel Partners II have entered into the
Merger Agreement. The press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference. Pursuant to the terms of the Merger Agreement,
BZA will amend its existing Tender Offer for the Issuer to acquire all of the
outstanding shares of Common Stock of the Issuer not already owned by BZA, Steel
Partners II or its affiliates for an increased price of $13.50 per share in
cash. In addition, all shareholders of record on March 5, 2007 will continue to
be entitled to receive the declared first quarter dividend of $0.10 per share,
for total cash proceeds of $13.60 per share. The Merger Agreement is attached
hereto as 99.2 and is incorporated herein by reference.
On February 23, 2007, Steel Partners II entered into a Tender and
Support Agreement with Luke E. Fichthorn III, Kenneth L. Bayne, Gerald L.
DeGood, Charles T. Foley, Lawrence C. Maingot, Larry D. Smith, James A. Wolf and
William F. Yelverton (each, a "Securityholder," collectively, the
"Securityholders") (the "Tender and Support Agreement"), a copy of which is
attached hereto as 99.3 and is incorporated herein by reference. Pursuant to the
terms of the Tender and Support Agreement, each Securityholder has agreed to
tender his Shares in accordance with the terms of the Tender Offer. Pursuant to
the terms of the Tender and Support Agreement, each Securityholder has agreed to
vote his respective shares and has granted an irrevocable proxy to Steel
Partners II to vote such shares (to the extent that any of such Securityholder's
shares are not purchased in the Offer) (i) in favor of the adoption of the
Merger Agreement and the transactions contemplated thereby, (ii) against (A) any
agreement or Issuer action regarding any Company Takeover Proposal (as defined
in the Merger Agreement), (B) any liquidation, dissolution, recapitalization,
extraordinary dividend or other significant corporate reorganization of the
Issuer or any of its subsidiaries, (C) any agreement or Issuer action that would
result in a breach of any covenant, representation or warranty or any other
obligation or agreement of the Issuer under the Merger Agreement or (D) any
agreement or Issuer action that would reasonably be expected to prevent, impede,
interfere with or delay the transactions contemplated by the Merger Agreement or
that would reasonably be expected to dilute the benefits to Purchaser and its
---------------------- ----------------------
CUSIP No. 057097107 13D Page 11 of 16 Pages
---------------------- ----------------------
affiliates of the transactions contemplated by the Merger Agreement and (iii) in
favor of any other matter necessary for consummation of the transactions
contemplated by the Merger Agreement, which is considered at any such meeting of
stockholders.
In connection with the Tender and Support Agreement, Steel Partners
II may be deemed to beneficially own all of the Shares reported to be
beneficially owned by the Securityholders in the Tender and Support Agreement,
which total an aggregate of 651,125 Shares (the "Tender and Support Shares").
As described in Item 2 above, Steel Partners II has agreed to
terminate and withdraw the Solicitation.
The foregoing descriptions of the various agreements set forth above
are not complete and are qualified in their entirety by reference to the full
texts thereof, copies of which are filed herewith and are incorporated herein by
reference.
Item 5(a) is hereby amended and restated to read as follows:
(a) The aggregate percentage of Shares reported owned by each person
named herein is based upon 7,291,853 Shares outstanding as reported in the
Issuer's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006,
as filed with the Securities and Exchange Commission on November 13, 2006.
As of the close of business on February 23, 2007, Steel Partners II
beneficially owned 1,769,325 Shares, which includes the Tender and Support
Shares that Steel Partners II may be deemed to beneficially own, constituting
approximately 24.3% of the Shares outstanding. As the general partner of Steel
Partners II, Partners LLC may be deemed to beneficially own the 1,769,325 Shares
beneficially owned by Steel Partners II, constituting approximately 24.3% of the
Shares outstanding. As the sole executive officer and managing member of
Partners LLC, which in turn is the general partner of Steel Partners II, Mr.
Lichtenstein may be deemed to beneficially own the 1,769,325 Shares beneficially
owned by Steel Partners II, constituting approximately 24.3% of the Shares
outstanding. Mr. Lichtenstein has sole voting and dispositive power with respect
to 1,118,200 of the 1,769,325 Shares that Steel Partners II may be deemed to
beneficially own by virtue of his authority to vote and dispose of such Shares.
Mr. Lichtenstein has shared voting power with respect to the 651,125 Tender and
Support Shares that Steel Partners II may be deemed to beneficially own by
virtue of his authority to vote such Shares pursuant to the grant of the
irrevocable proxy to Steel Partners II under the Tender and Support Agreement.
Currently, none of BZA or Messrs. Culverhouse, Quicke, Bergamo or
Leitner beneficially owns any Shares.
The filing of this Statement by the Reporting Persons, and the
inclusion of information herein, 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
---------------------- ----------------------
CUSIP No. 057097107 13D Page 12 of 16 Pages
---------------------- ----------------------
have a pecuniary interest. Steel Partners II, Partners LLC and Mr. Lichtenstein
expressly disclaim beneficial ownership of the Shares except to the extent of
their respective pecuniary interest therein.
Item 6 is hereby amended to add the following:
As described above in Item 4, Steel Partners II, BZA and the Issuer
entered into the Merger Agreement.
As described above in Item 4, Steel Partners II and the
Securityholders entered into the Tender and Support Agreement.
On February 23, 2007, the Reporting Persons entered into a Joint
Filing Agreement (the "Joint Filing Agreement") in which the parties agreed to
the joint filing on behalf of each of them of statements on Schedule 13D with
respect to the securities of the Issuer to the extent required by applicable
law. The Joint Filing Agreement is attached as Exhibit 99.4 hereto and is
incorporated herein by reference.
Item 7 is hereby amended to add the following exhibits:
99.1 Press Release dated February 23, 2007. Agreement and Plan
of Merger, dated as of February 23, 2007, by and among
Steel Partners II, L.P., BZ Acquisition Corp. and Bairnco
Corporation.
99.2 Agreement and Plan of Merger, dated as of February 23,
2007, by and among Steel Partners II, L.P., BZ Acquisition
Corp. and Bairnco Corporation.
99.3 Tender and Support Agreement, dated as of February 23,
2007, among Steel Partners II, L.P., Luke E. Fichthorn III,
Kenneth L. Bayne, Gerald L. DeGood, Charles T. Foley,
Lawrence C. Maingot, Larry D. Smith, James A. Wolf and
William F. Yelverton.
99.4 Joint Filing Agreement, dated February 23, 2007.
---------------------- ----------------------
CUSIP No. 057097107 13D Page 13 of 16 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: February 26, 2007 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
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
BZ ACQUISITION CORP.
By: /s/ Lauren Isenman
----------------------------------------
Lauren Isenman
as Attorney in Fact for Warren G. Lichtenstein,
President
/s/ Lauren Isenman
--------------------------------------------
LAUREN ISENMAN
as Attorney in Fact for Warren G.
Lichtenstein, Individually
/s/ Hugh F. Culverhouse
--------------------------------------------
HUGH F. CULVERHOUSE
/s/ John J. Quicke
--------------------------------------------
JOHN J. QUICKE
---------------------- ----------------------
CUSIP No. 057097107 13D Page 14 of 16 Pages
---------------------- ----------------------
/s/ Anthony Bergamo
-----------------------------------------
ANTHONY BERGAMO
/s/ Howard M. Leitner
-----------------------------------------
HOWARD M. LEITNER
---------------------- ----------------------
CUSIP No. 057097107 13D Page 15 of 16 Pages
---------------------- ----------------------
EXHIBIT INDEX
Exhibit Exhibit #
------- ---------
1. Joint Filing Agreement by and between Steel Partners --
II, L.P. and Warren G. Lichtenstein, dated as of
February 14, 2001 (previously filed).
2. Joint Filing Agreement by and among Steel Partners II,
L.P., Steel Partners, L.L.C. and Warren G.
Lichtenstein, dated as of September 8, 2004
(previously filed). --
3. Powers of Attorney of Steel Partners II, L.P., Steel --
Partners, L.L.C. and Warren G. Lichtenstein
(previously filed).
4. Press Release, dated June 15, 2006 (previously filed). --
5. Letter, dated June 15, 2006, to Luke E. Fichthorn, --
III, Chairman and Chief Executive Officer of the
Issuer (previously filed).
6. Powers of Attorney of Steel Partners II, L.P., Steel --
Partners, L.L.C. and Warren G. Lichtenstein
(previously filed).
7. Joint Filing and Solicitation Agreement by and among --
Steel Partners II, L.P., Steel Partners, L.L.C., BZ
Acquisition Corp., Warren G. Lichtenstein, Hugh F.
Culverhouse, John J. Quicke, Anthony Bergamo and
Howard M. Leitner dated as of December 29, 2006
(previously filed).
8. Form of Indemnification Letter Agreement(previously --
filed).
9. Powers of Attorney of BZ Acquisition Corp (previously --
filed).
10. Press Release dated February 23, 2007. Exhibit 99.1
11. Agreement and Plan of Merger, dated as of February 23, Exhibit 99.2
2007, by and among Steel Partners II, L.P., BZ
Acquisition Corp. and Bairnco Corporation.
12. Tender and Support Agreement, dated as of February 23, Exhibit 99.3
2007, among Steel Partners II, L.P., Luke E. Fichthorn
---------------------- ----------------------
CUSIP No. 057097107 13D Page 16 of 16 Pages
---------------------- ----------------------
III, Kenneth L. Bayne, Gerald L. DeGood, Charles T.
Foley, Lawrence C. Maingot, Larry D. Smith, James A.
Wolf and William F. Yelverton.
13. Joint Filing Agreement, dated February 23, 2007 Exhibit 99.4