SC 13D: Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities
Published on October 7, 1997
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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. *)
Emcore Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
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290846104
(CUSIP Number)
Christopher J. Rupright, Esq.
Shartsis Friese & Ginsburg
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 26, 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 / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
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).
SEC 1746 (12-91)
SCHEDULE 13D
CUSIP No. 290846104 Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
West Highland Capital, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 432,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
432,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
432,300
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3
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14 TYPE OF REPORTING PERSON*
CO and IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
CUSIP No. 290846104 Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Estero Partners, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 358,809
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
358,809
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
358,809
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
CUSIP No. 290846104 Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Lang H. Gerhard
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 358,809
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
358,809
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
358,809
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
CUSIP No. 290846104 Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
West Highland Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 298,287
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
298,287
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
298,287
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
CUSIP No. 290846104 Page 6 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Buttonwood Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 60,522
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
60,522
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,522
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
CUSIP No. 290846104 Page 7 of 11 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Emcore
Corporation ("EMKR"). The principal executive office of EMKR is located at
394 Elizabeth Avenue, Somerset, New Jersey 08873
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and controlling
persons, and the information regarding them, is as follows:
(a) Lang H. Gerhard ("Gerhard"); West Highland Capital, Inc., a California
corporation ("WHC"); Estero Partners, LLC, a California limited
liability company ("LLC"); West Highland Partners, L.P., a California
limited partnership ("WHP"); Buttonwood Partners, L.P., a California
limited partnership ("BP").
(b) The business address of Gerhard, WHC, LLC, WHP and BP is 300 Drake's
Landing Road, Suite 290, Greenbrae, California 94904.
(c) Gerhard is the sole director and occupies all the executive offices of
WHC, which is an investment adviser. Gerhard is the sole manager of
LLC. WHC, LLC and Gerhard are the general partners of WHP and BP, which
are investment limited partnerships.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was a party to a civil
proceeding of a judicial or 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.
(f) Gerhard is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
WHC Funds Under Management(1) $8,479,667.76
WHP Working Capital $5,850,970.76
BP Working Capital $1,187,153.48
(1) Includes funds invested by WHP and BP in Stock.
SCHEDULE 13D
CUSIP No. 290846104 Page 8 of 11 Pages
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Stock reported herein was and is
for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
WHC 432,300 7.3 -0- 432,300 -0- 432,300
Gerhard 358,809 6.1 -0- 358,809 -0- 358,809
LLC 358,809 6.1 -0- 358,809 -0- 358,809
WHP 298,287 5.0 -0- 298,287 -0- 298,287
BP 60,522 1.0 -0- 60,522 -0- 60,522
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
by the persons filing this statement in the Stock since July 28, 1997:
Purchase Number Price
Name or Sale Date of Shares Per Share
WHP P 8-21-97 12,075 22.8036
BP P 8-21-97 2,450 22.8036
WHC P 8-21-97 2,975 22.8036
WHP P 9-4-97 6,900 22.1563
BP P 9-4-97 1,400 22.1563
WHC P 9-4-97 1,700 22.1563
WHP P 9-8-97 15,525 20.8056
BP P 9-8-97 3,150 20.8056
WHC P 9-8-97 3,825 20.8056
WHP P 9-10-97 41,400 20.3750
BP P 9-10-97 8,400 20.3750
WHC P 9-10-97 10,200 20.3750
WHP P 9-11-97 3,450 20.6250
BP P 9-11-97 700 20.6250
WHC P 9-11-97 850 20.6250
WHP P 9-12-97 5,727 20.2500
BP P 9-12-97 1,162 20.2500
WHC P 9-12-97 1,411 20.2500
SCHEDULE 13D
CUSIP No. 290846104 Page 9 of 11 Pages
(Schedule continued from page 8)
Purchase Number Price
Name or Sale Date of Shares Per Share
WHP P 9-15-97 11,109 20.1553
BP P 9-15-97 2,254 20.1553
WHC P 9-15-97 2,737 20.1553
WHP P 9-16-97 3,450 19.5000
BP P 9-16-97 700 19.5000
WHC P 9-16-97 850 19.5000
WHP P 9-17-97 15,525 19.0833
BP P 9-17-97 3,150 19.0833
WHC P 9-17-97 3,825 19.0833
WHP P 9-18-97 10,350 18.2583
BP P 9-18-97 2,100 18.2583
WHC P 9-18-97 2,550 18.2583
WHP P 9-19-97 3,450 17.8750
BP P 9-19-97 700 17.8750
WHC P 9-19-97 850 17.8750
WHP P 9-22-97 276 17.5000
BP P 9-22-97 56 17.5000
WHC P 9-22-97 68 17.5000
WHP P 9-22-97 20,700 17.7500
BP P 9-22-97 4,200 17.7500
WHC P 9-22-97 5,100 17.7500
WHP P 9-24-97 34,500 19.8725
BP P 9-24-97 7,000 19.8725
WHC P 9-24-97 8,500 19.8725
WHP P 9-25-97 13,800 19.6250
BP P 9-25-97 2,800 19.6250
WHC P 9-25-97 3,400 19.6250
WHP P 9-26-97 79,350 19.1685
BP P 9-26-97 16,100 19.1685
WHC P 9-26-97 19,550 19.1685
WHP P 10-3-97 17,250 18.3750
BP P 10-3-97 3,500 18.3750
WHC P 10-3-97 4,250 18.3750
WHP P 10-3-97 3,450 18.3750
BP P 10-3-97 700 18.3750
WHC P 10-3-97 850 18.3750
All transactions were executed through the Nasdaq National Market System.
SCHEDULE 13D
CUSIP No. 290846104 Page 10 of 11 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Gerhard, WHC and LLC are the general partners of WHP and BP pursuant to
limited partnership agreements providing to Gerhard, WHC and LLC the
authority, among other things, to invest the funds of WHP and BP in Stock, to
vote and dispose of stock and to file this statement on behalf of WHP and BP.
Pursuant to such limited partnership agreements, the general partners of WHP
and BP are entitled to allocations based on assets under management and
realized and unrealized gains, if certain conditions are met. Pursuant to
investment management agreements, WHC is authorized, among other things, to
invest funds of its various investment advisory clients, and to vote and
dispose of those securities. Such investment management agreements may be
terminated by either party on notice as provided in such agreements and
provide for fees payable to WHC based on assets under management and realized
and unrealized gains.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(including power of attorney).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: October ___, 1997.
/s/ Lang H. Gerhard WEST HIGHLAND PARTNERS, L.P.
Lang H. Gerhard
WEST HIGHLAND CAPITAL, INC. By: /s/ Lang H. Gerhard
Lang H. Gerhard,
General Partner
By: /s/ Lang H. Gerhard
Lang H. Gerhard, President BUTTONWOOD PARTNERS, L.P.
ESTERO PARTNERS, LLC
By: /s/ Lang H. Gerhard
Lang H. Gerhard,
General Partner
By: /s/ Lang H. Gerhard
Lang H. Gerhard, Manager
SCHEDULE 13D
CUSIP No. 290846104 Page 11 of 11 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of securities of Emcore Corporation For that purpose, the
undersigned hereby constitute and appoint West Highland Capital, Inc., a
California corporation, as their true and lawful agent and attorney-in-fact,
with full power and authority for and on behalf of the undersigned to prepare
or cause to be prepared, sign, file with the SEC and furnish to any other
person all certificates, instruments, agreements and documents necessary to
comply with section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do and perform
every act necessary and proper to be done incident to the exercise of the
foregoing power, as fully as the undersigned might or could do if personally
present.
DATED: October ___, 1997.
/s/ Lang H. Gerhard WEST HIGHLAND PARTNERS, L.P.
Lang H. Gerhard
WEST HIGHLAND CAPITAL, INC. By: /s/ Lang H. Gerhard
Lang H. Gerhard,
General Partner
By: /s/ Lang H. Gerhard
Lang H. Gerhard, President BUTTONWOOD PARTNERS, L.P.
ESTERO PARTNERS, LLC
By: /s/ Lang H. Gerhard
Lang H. Gerhard,
General Partner
By: /s/ Lang H. Gerhard
Lang H. Gerhard, Manager
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