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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. 22)*
FREQUENCY ELECTRONICS, INC.
(Name of Issuer)
Common Stock, Par Value $1.00
(Title of Class of Securities)
358-010106
(CUSIP Number)
Murray A. Indick
Richard C. Blum & Associates, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 5, 1997
(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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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
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 ("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).
Page 1 of 13
CUSIP NO. 358-010106 SCHEDULE 13D Page 2 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BK CAPITAL PARTNERS III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3091845
- ------------------------------------------------------------------------------
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 ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 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 PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 358-010106 SCHEDULE 13D Page 3 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON THE COMMON FUND
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 23-7037968
- ------------------------------------------------------------------------------
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 ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION New York
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 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. 358-010106 SCHEDULE 13D Page 4 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* Not Applicable
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 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 PN, IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 358-010106 SCHEDULE 13D Page 5 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* Not Applicable
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 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. 358-010106 SCHEDULE 13D Page 6 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* Not Applicable
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 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. 358-010106 SCHEDULE 13D Page 7 of 13
Item 1. Security and Issuer
- ----------------------------
This Amendment No. 22 (the "Amendment") to Schedule 13D relates to shares of
common stock, par value $1.00 (the "Common Stock") of Frequency Electronics,
Inc., a Delaware corporation (the "Issuer"). The principal executive office
and mailing address of the Issuer is 55 Charles Lindbergh Blvd., Mitchell
Field, NY 11553. This Amendment is being filed because of certain
dispositions of the Common Stock set forth in Item 5(c) below.
Item 2. Identity and Background
- --------------------------------
This Amendment is filed on behalf of BK Capital Partners III, L.P., a
California limited partnership ("BK III"); The Common Fund for the account of
its Equity Fund, a New York non-profit corporation ("The Common Fund");
Richard C. Blum & Associates, L.P., a California limited partnership ("RCBA
L.P."); Richard C. Blum & Associates, Inc., a California corporation ("RCBA
Inc."); and Richard C. Blum, the Chairman and a substantial shareholder of
RCBA Inc. (collectively, the "Reporting Persons").
RCBA L.P. is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing investment
advisory and financial consulting services. RCBA L.P. is a registered
investment adviser with the Securities and Exchange Commission and with the
State of California. The sole general partner of RCBA L.P. is RCBA Inc. The
principal business office address of RCBA L.P. and RCBA Inc. is 909 Montgomery
Street, Suite 400, San Francisco, California 94133. The names of the
executive officers and directors of RCBA Inc., their addresses, citizenship
and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman
President, Chairman Suite 400 RCBA L.P.
and Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Director
Managing Director Suite 400 RCBA L.P.
and Director San Francisco, CA 94133
Jeffrey W. Ubben 909 Montgomery St. USA Managing Director
Managing Director Suite 400 of Investments,
of Investments San Francisco, CA 94133 RCBA L.P.
George F. Hamel, Jr. 909 Montgomery St. USA Managing Director
Managing Director Suite 400 of Marketing,
of Marketing San Francisco, CA 94133 RCBA L.P.
CUSIP NO. 358-010106 SCHEDULE 13D Page 8 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- --------------------
Marc T. Scholvinck 909 Montgomery St. USA Managing Director
Managing Director Suite 400 and Chief Financial
and Chief Financial San Francisco, CA 94133 Officer,
Officer RCBA, L.P.
Thomas L. Kempner 40 Wall Street USA Chairman, Loeb
Director New York, NY 10005 Partners Corporation,
Investment Banking
Business
BK III is a California limited partnership whose principal business is
investing in securities. Its principal office is located at 909 Montgomery
Street, Suite 400, San Francisco, CA 94133. RCBA L.P. is the sole general
partner of BK III.
The Common Fund is a New York not-for-profit corporation principally engaged
in the business of managing investments for educational institutions. The
principal administrative office of The Common Fund is located at 450 Post Road
East, Westport, Connecticut 06881-0909. The name, business address and
present principal occupation of each of the trustees and executive officers of
The Common Fund is as follows (all are United States citizens):
Trustees
- --------
Paul J. Aslanian Robert D. Flanigan, Jr.
Vice President for Finance & Planning Vice President for Business and
Swarthmore College Financial Affairs & Treasurer
500 College Avenue Spelman College
Swarthmore, PA 19081-1397 350 Spelman Lane, S.W., Box 589
Atlanta, GA 30314-4399
Robert L. Bovinette
President Caspa L. Harris, Jr.
The Common Fund Consultant and Attorney
450 Post Road East 39109 John Wolford Road
Westport, CT 06881 Waterford, VA 20197
John B. Carroll Norman G. Herbert
President Associate Vice President
GTE Investment Management Corp. & Treasurer
Tresser Boulevard University of Michigan
Seventh Floor 5032 Fleming Administration Bldg.
Stamford, CT 06901 Ann Arbor, MI 48109-1340
Mayree C. Clark
Managing Director, Global Research
Morgan Stanley & Co., Inc.
1251 Avenue of the Americas
New York, NY 10020
CUSIP NO. 358-010106 SCHEDULE 13D Page 9 of 13
William C. Hromadka Robert D. Pavey
Treasurer and Assoc Sr Vice President General Partner
University of Southern California Morgenthaler Ventures
University Park, Treasurer's Office 629 Euclid Avenue, Suite 700
BKS 402 - Bookstore Building Cleveland, OH 44114
Los Angeles, CA 90089-2541
Andre F. Perold
David M. Lascell Sylvan C. Coleman Professor
Partner of Financial Management
Hallenbeck, Lascell, Norris & Zorn Harvard University Graduate School
One Exchange Street of Business
Rochester, NY 14614-1403 Morgan Hall, 367, Soldiers Field
Boston, MA 02163
John T. Leatham
Chairman and Chief Executive Officer Robert S. Salomon, Jr.
Security Health Providers, Inc. Principal
Drake Oak Brook Plaza STI Management LLC
2215 York Road, Suite 206 36 Flying Cloud Road
Oak Brook, IL 60521 Stamford, CT 06902
David J. Meagher William T. Spitz
Vice President for Finance & Treasurer Treasurer
Loyola University of Chicago Vanderbilt University
840 North Wabash 102 Alumni Hall
Chicago, IL 60611 Nashville, TN 37240-0159
Louis W. Moelchert
Vice President for Business
and Finance
University of Richmond
Campus Drive, Room 202
Maryland Hall
Richmond, VA 23173
The executive officers of The Common Fund who are not Trustees are as follows
(the business address for each person is The Common Fund, 450 Post Road East,
Westport, CT 06881-0909):
Todd E. Petzel Curt R. Tobey
Executive Vice President Senior Vice President
and Chief Investment Officer
William P. Miller III
John S. Griswold, Jr. Senior Vice President and
Senior Vice President Independent Risk Oversight Officer
Maria L.C. Tapia Marita Wein
Senior Vice President Vice President and Secretary
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or similar
misdemeanors), nor been a party to a civil proceeding of a judicial or
CUSIP NO. 358-010106 SCHEDULE 13D Page 10 of 13
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
Item 3. Source and Amount of Funds or Other Consideration
- ----------------------------------------------------------
Not applicable.
Item 4. Purpose of Transaction
- -------------------------------
The Reporting Persons disposed of all of their Common Stock between
April 30, 1997 and May 7, 1997.
Item 5. Interest in Securities of the Issuer
- ---------------------------------------------
(a) After taking into account the transactions described in Item 5(c) below,
the following Reporting Persons report the following direct holdings and
corresponding percentage interests in the Common Stock:
Shares of Common Stock Percentage
Name Stock Owned Owned
- ---------------------- ------------------- -----------
BK III -0- 0%
The Common Fund -0- 0%
----- ---
Total -0- 0%
===== ===
(b) Not applicable.
(c) During the last 60 days, the Reporting Persons sold the following shares
of Common Stock in the open market:
Name Trade Date Shares Price/Share
- ------------------- ---------- ------- -----------
BK III 04-30-97 300 9.88
05-01-97 3,000 10.17
05-02-97 1,400 9.63
05-05-97 4,000 10.13
05-05-97 5,300 9.88
05-05-97 4,000 10.02
05-07-97 76,300 9.56
(continued)
CUSIP NO. 358-010106 SCHEDULE 13D Page 11 of 13
Name Trade Date Shares Price/Share
- ------------------- ---------- ------- -----------
The Common Fund 04-30-97 700 9.88
05-01-97 12,000 10.17
05-02-97 6,700 9.63
05-05-97 24,700 9.88
05-05-97 16,000 10.13
05-05-97 16,000 10.02
05-07-97 407,950 9.56
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
- ------------------------------------------------------------------------------
None.
Item 7. Material to be Filed as Exhibits
- -----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 358-010106 SCHEDULE 13D Page 12 of 13
SIGNATURES
After reasonable inquiry and to the best or our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: May 8, 1997
RICHARD C. BLUM & ASSOCIATES, L.P. RICHARD C. BLUM & ASSOCIATES, INC.
By /s/ Marc T. Scholvinck By /s/ Marc T. Scholvinck
------------------------------- -----------------------------------
Marc T. Scholvinck Marc T. Scholvinck
Managing Director and Managing Director and
Chief Financial Officer Chief Financial Officer
BK CAPITAL PARTNERS III, L.P. /s/ Marc T. Scholvinck
--------------------------------------
By Richard C. Blum & Associates, RICHARD C. BLUM
L.P., its General Partner
By Marc T. Scholvinck,
By /s/ Marc T. Scholvinck Attorney-in-Fact
--------------------------
Marc T. Scholvinck,
Managing Director and
Chief Financial Officer
THE COMMON FUND
By Richard C. Blum & Associates, L.P.,
its Investment Advisor
By /s/ Marc T. Scholvinck
-------------------------------
Marc T. Scholvinck,
Managing Director and
Chief Financial Officer
CUSIP NO. 358-010106 SCHEDULE 13D Page 13 of 13
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement of the
below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of
each such party.
Dated: May 8, 1997
RICHARD C. BLUM & ASSOCIATES, L.P. RICHARD C. BLUM & ASSOCIATES, INC.
By /s/ Marc T. Scholvinck By /s/ Marc T. Scholvinck
------------------------------- -----------------------------------
Marc T. Scholvinck Marc T. Scholvinck
Managing Director and Managing Director and
Chief Financial Officer Chief Financial Officer
BK CAPITAL PARTNERS III, L.P. /s/ Marc T. Scholvinck
--------------------------------------
By Richard C. Blum & Associates, RICHARD C. BLUM
L.P., its General Partner
By Marc T. Scholvinck,
By /s/ Marc T. Scholvinck Attorney-in-Fact
--------------------------
Marc T. Scholvinck,
Managing Director and
Chief Financial Officer
THE COMMON FUND
By Richard C. Blum & Associates, L.P.,
its Investment Advisor
By /s/ Marc T. Scholvinck
-------------------------------
Marc T. Scholvinck,
Managing Director and
Chief Financial Officer