<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>s3215613d.txt
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
American Locker Group Incorporated
----------------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
027284108
---------
(CUSIP Number)
Mr. James T. Vanasek & Mr. Patrick Donnell Noone
c/o VN Capital Fund I, L.P.
198 Broadway, Suite 406
New York, N.Y. 10038
(212) 393-1140
--------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
March 9, 2005
-------------
(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(e), 13d-1(f), or 13d-1(g), check the following
box: |_|.
1
<PAGE>
SCHEDULE 13D
CUSIP No. 027284108
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
VN Capital Fund I, L.P. 01-0578850
--------------------------------------------------------------------------------
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 ITEMS
2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 102,006
SHARES -----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 102,006
WITH -----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
102,006
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
2
<PAGE>
SCHEDULE 13D
CUSIP No. 027284108
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
VN Capital Management, LLC 01-0578848
--------------------------------------------------------------------------------
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 ITEMS
2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 102,006
SHARES -----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 102,006
WITH -----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6.6%
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
3
<PAGE>
SCHEDULE 13D
CUSIP No. 027284108
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joinville Capital Management, LLC 80-0031856
--------------------------------------------------------------------------------
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 ITEMS
2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 102,006
SHARES -----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 102,006
WITH -----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6.6%
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
4
<PAGE>
CUSIP No. 027284108
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James T. Vanasek
--------------------------------------------------------------------------------
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 ITEMS
2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 102,006
SHARES -----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 102,006
WITH -----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6.6%
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
5
<PAGE>
CUSIP No. 027284108
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Patrick Donnell Noone
--------------------------------------------------------------------------------
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 ITEMS
2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 102,006
SHARES -----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 102,006
WITH -----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6.6%
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
6
<PAGE>
Item 1. Security and Issuer.
-------------------
This Statement relates to the common stock, par value $1.00 per share
(the "Common Stock"), of American Locker Group Incorporated (the "Company"). The
principal executive offices of the Company is located at 608 Allen Street,
Jamestown, New York 14701.
Item 2. Identity and Background.
-----------------------
(a) - (c) This Statement is being filed by VN Capital Fund I, L.P., VN
Capital Management, LLC, Joinville Capital Management, LLC, James T. Vanasek and
Patrick Donnell Noone (each, a "Reporting Entity" and, collectively, the
"Reporting Entities").
As of the date of this filing, the Reporting Entities are the
beneficial owners of 102,006 shares of Common Stock, representing approximately
6.6% of the shares of Common Stock presently outstanding.
VN Capital Fund I, L.P. is a Delaware limited partnership formed to
engage in the business of acquiring, holding and disposing of investments in
various companies. The address of the principal offices of VN Capital Fund I,
L.P. is 198 Broadway, Suite 406, New York, New York 10038.
The general partners of VN Capital Fund I, L.P. are VN Capital
Management, LLC and Joinville Capital Management, LLC. VN Capital Management,
LLC and Joinville Capital Management, LLC are Delaware limited liability
companies formed to be the general partners of VN Capital Fund I, L.P. The
address of the principal offices of VN Capital Management, LLC and Joinville
Capital Management, LLC are 198 Broadway, Suite 406, New York, New York 10038.
James T. Vanasek and Patrick Donnell Noone are the Managing Members of VN
Capital Management, LLC and Joinville Capital Management, LLC. The business
address of Mr. Vanasek and Mr. Noone is c/o VN Capital Fund I, L.P., 198
Broadway, Suite 406, New York, New York 10038.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing it for
supplemental informational purposes only.
(d) - (e) During the last five years, neither the Reporting Entities
nor any other person identified in response to this Item 2 was convicted in a
criminal proceeding (excluding traffic violations and similar misdemeanors) or
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) Each natural person identified in Item 2 is a citizen of the United
States.
7
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
As of March 9, 2005, VN Capital Fund I, L.P. had acquired an aggregate
of 102,006 shares of Common Stock in open market transactions for an aggregate
(including broker's fees and commissions) of approximately $818,246.
All purchases of Common Stock referenced above were funded by working
capital, which may, at any given time, include margin loans made by brokerage
firms in the ordinary course of business. In certain instances, the Reporting
Entities do not believe that certain of the foregoing information is called for
by the Items of Schedule 13D and are disclosing it for supplemental
informational purposes only.
Item 4. Purpose of Transaction.
----------------------
Each of the Reporting Entities acquired beneficial ownership of the
shares of Common Stock to which this Statement relates in order to obtain a
significant equity position in the Company, the Common Stock of which, in the
opinion of the Reporting Entities, is significantly undervalued. The Reporting
Entities intend to seek to meet with the Company's management and Board of
Directors to discuss measures to maximize stockholder value, including, but not
limited to, the following:
(a) Taking actions to preserve the Company's profitability in light of
the recent United States Postal Service contract loss, namely cutting fixed
costs, administrative overhead and streamlining operations at the Company's
Jamestown, New York facility.
(b) Reviewing management's marketing strategy and initiatives to
replace some of the lost postal service contract revenue with private sector
postal box sales.
(c) Concurrent with the above measures, exploring strategic discussions
to take the Company private thereby saving costs associated with Sarbanes/Oxley
compliance and public financial reporting obligations, along with examining
potential acquirers in order to determine whether the acquisition value of the
Company materially exceeds the current trading value.
Each of the Reporting Entities considers its equity position to be for
investment purposes. The Reporting Entities may consider seeking to obtain
representation on the Company's Board of Directors in the future.
Each of the Reporting Entities may acquire additional shares of the
Company or sell or otherwise dispose of any or all of the shares of the Company
beneficially owned by it. Each Reporting Entity may also take any other action
with respect to the Company or any of its debt or equity securities in any
manner permitted by law.
Except as set forth in this Item 4, none of the Reporting Entities has
any present plans or proposals that relate to or would result in any of the
actions specified in clauses (a) through (c) of the instructions to Item 4 of
Schedule 13D.
8
<PAGE>
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) As of the date hereof, the Reporting Entities beneficially own an
aggregate of 102,006 shares of Common Stock, representing approximately 6.6% of
the shares of Common Stock presently outstanding based upon the 1,534,146 shares
of Common Stock reported by the Company to be issued and outstanding as of
November 9, 2004 in its Form 10-Q filed with the SEC on November 12, 2004 (the
"Issued and Outstanding Shares").
As the general partner of VN Capital Fund I, L.P., VN Capital
Management, LLC and Joinville Capital Management, LLC may be deemed to
beneficially own the 102,006 shares of Common Stock owned by VN Capital Fund I,
L.P. As the Managing Members of VN Capital Management, LLC, and Joinville
Capital Management, LLC, Mr. Vanasek and Mr. Nooney may be deemed to
beneficially own the 102,006 shares of Common Stock owned by VN Capital Fund I,
L.P., constituting approximately 6.6% of the Issued and Outstanding Shares.
(b) Each of the Reporting Entities is deemed to have sole voting and
dispositive power over the shares of Common Stock reported as beneficially owned
by virtue of their respective positions as described in paragraph (a). Each of
the Reporting Entities are deemed to have sole voting and dispositive power with
respect to the shares each beneficially owns, regardless of the fact that
multiple Reporting Entities within the same chain of ownership are deemed to
have sole voting and dispositive power with respect to such shares. Each such
Reporting Entity reports sole voting and dispositive power with respect to such
shares based on its relationship to the other Reporting Entities within the same
chain of ownership.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing it for
supplemental informational purposes only.
(c) Except as set forth in Item 3 of this Statement and on Schedule A
hereto, no person identified in Item 2 hereof has effected any transaction in
shares of Common Stock during the 60 days preceding the filing of this
Statement, or thereafter and prior to the date hereof.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding or Relationships With
Respect to Securities of the Issuer.
--------------------------------
None.
Item 7. Material to be Filed as Exhibits.
--------------------------------
None.
9
<PAGE>
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: March 14, 2005
VN Capital Fund I, L.P.
By: VN Capital Management, LLC,
its general partner
By: /s/ James T. Vanasek
------------------------------------
Name: James T. Vanasek
Title: Managing Member
VN Capital Management, LLC
By: /s/ James T. Vanasek
------------------------------------
Name: James T. Vanasek
Title: Managing Member
Joinville Capital Management, LLC
By: /s/ James T. Vanasek
------------------------------------
Name: James T. Vanasek
Title: Managing Member
/s/ James T. Vanasek
------------------------------------
James T. Vanasek
/s/ Patrick Donnell Noone
------------------------------------
Patrick Donnell Noone
</TEXT>
</DOCUMENT>